# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0001752724-23-041253
**Filing Date:** 2023-2
**Character Count:** 28893
**Document Hash:** c640a8d0a9ce877364f6c55265956e18
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-041253.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-041253

**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**: 20221231

**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:** 23671053

**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 International Fund (Series ID: S000053564)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168344 | Class A      | GUBGX           |
| C000168345 | Class C      | RIGCX           |
| C000168346 | Class R      | RIGKX           |
| C000168347 | Class Y      | RSIGX           |
| C000213174 | Class R6     | RSIRX           |

## 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 International Fund

- **b. EDGAR series identifier (if any):** S000053564

- **c. LEI of Series:** 549300JEPV6NYZT1OP94

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

- **a. Date of fiscal year-end:** 2022-12-31

- **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:** $338192200.52

**Total Liabilities:** $2370460.73

**Net Assets:** $335821739.79

**Cash Not Reported:** $2941461.89

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000168346 | 4.87%                | 13.84%               | -2.03%               |
| Class ID C000168344 | 4.90%                | 13.93%               | -2.09%               |
| Class ID C000168345 | 4.82%                | 13.79%               | -2.07%               |
| Class ID C000168347 | 4.97%                | 13.83%               | -2.03%               |
| Class ID C000213174 | 4.94%                | 13.91%               | -2.01%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2013542.32             | $16738608.49                               |
| Month 2  | $-1125299.62             | $44319386.22                               |
| Month 3  | $-402672.55              | $-6979716.85                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| HSBC US GOVERNMENT MONEY MARKET FUND           | HSBC US GOVT MMKT-I                 | CUSIP: 40428X107<br>LEI: N/A            | Long             | STIV             | RF                | US        |    503573 | NS      | $503573.37    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Fujitsu Limited                                | FUJITSU LTD                         | CUSIP: N/A<br>LEI: 3538000246DHJLRTUZ24 | Long             | EC               | CORP              | JP        |     27100 | NS      | $3613458.86   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| ARKEMA SA                                      | ARKEMA SA                           | CUSIP: N/A<br>LEI: 9695000EHMS84KKP2785 | Long             | EC               | CORP              | FR        |     50233 | NS      | $4517557.61   | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Heavy Industries, Ltd.              | MITSUBISHI HEAVY INDUSTRIES LT      | CUSIP: N/A<br>LEI: 353800TJ98PCAZROVE69 | Long             | EC               | CORP              | JP        |     99300 | NS      | $3924591.74   | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| AKER BP ASA                                    | AKER BP ASA                         | CUSIP: N/A<br>LEI: 549300NFTY73920OYK69 | Long             | EC               | CORP              | NO        |     39534 | NS      | $1230362.86   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| LEGAL & GENERAL GROUP PLC                      | LEGAL GENERAL GROUP PLC             | CUSIP: N/A<br>LEI: 213800JH9QQWHLO99821 | Long             | EC               | CORP              | GB        |    587809 | NS      | $1761955.71   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| ULVAC,Inc.                                     | ULVAC INC                           | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     75100 | NS      | $3130255.24   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                                    | NOVARTIS AG                         | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     93193 | NS      | $8436010.18   | 2.51%             |  |  |  | No            |                  2 | On Loan: No      |
| ASM International N.V.                         | ASM INTERNATIONAL NV                | CUSIP: N/A<br>LEI: 7245001I22ND6ZFHX623 | Long             | EC               | CORP              | NL        |     12153 | NS      | $3083197.46   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke KPN N.V.                           | KONINKLIJKE KPN NV                  | CUSIP: N/A<br>LEI: 549300YO0JZHAL7FVP81 | Long             | EC               | CORP              | NL        |   1744260 | NS      | $5398161.54   | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| ING Groep N.V.                                 | ING GROEP NV                        | CUSIP: N/A<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |    457837 | NS      | $5576191.53   | 1.66%             |  |  |  | No            |                  2 | On Loan: No      |
| CSL LIMITED                                    | CSL LTD                             | CUSIP: N/A<br>LEI: 529900ECSECK5ZDQTE14 | Long             | EC               | CORP              | AU        |     33822 | NS      | $6593619.30   | 1.96%             |  |  |  | No            |                  2 | On Loan: No      |
| RIO TINTO PLC                                  | RIO TINTO PLC                       | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |     98828 | NS      | $6954434.90   | 2.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Yusen Kabushiki Kaisha                  | NIPPON YUSEN KK                     | CUSIP: N/A<br>LEI: 353800YPW4XM0ZN5I149 | Long             | EC               | CORP              | JP        |     85000 | NS      | $2004660.41   | 0.60%             |  |  |  | No            |                  2 | On Loan: —       |
| IMPERIAL BRANDS PLC                            | IMPERIAL BRANDS PLC                 | CUSIP: N/A<br>LEI: 549300DFVPOB67JL3A42 | Long             | EC               | CORP              | GB        |    239803 | NS      | $5972495.48   | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Shionogi & Co., Ltd.                           | SHIONOGI CO LTD                     | CUSIP: N/A<br>LEI: 35380049VXDTHZI3DY35 | Long             | EC               | CORP              | JP        |     64900 | NS      | $3238558.34   | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanwa Holdings Corporation                     | SANWA HOLDINGS CORP                 | CUSIP: N/A<br>LEI: 5299003X6BCA4ROO5A70 | Long             | EC               | CORP              | JP        |    395500 | NS      | $3641910.10   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| MISUMI GROUP INC                               | MISUMI GROUP INC                    | CUSIP: J43293109<br>LEI: N/A            | Long             | EC               | CORP              | JP        |    122800 | NS      | $2669380.47   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| CVS GROUP PLC                                  | CVS GROUP PLC                       | CUSIP: N/A<br>LEI: 213800J41XDQ2NX48O05 | Long             | EC               | CORP              | GB        |     40703 | NS      | $949220.41    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Allianz SE                                     | ALLIANZ SE                          | CUSIP: N/A<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |     28895 | NS      | $6169871.77   | 1.84%             |  |  |  | No            |                  2 | On Loan: No      |
| RWE Aktiengesellschaft                         | RWE AG                              | CUSIP: N/A<br>LEI: 529900GB7KCA94ACC940 | Long             | EC               | CORP              | DE        |     95300 | NS      | $4212394.94   | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| GAZTRANSPORT ET TECHNIGAZ SA                   | GAZTRANSPORT ET TECHNIGAZ SA        | CUSIP: N/A<br>LEI: 969500BVOHVZUUFWDT54 | Long             | EC               | CORP              | FR        |     18791 | NS      | $2007935.44   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Melexis NV                                     | MELEXIS NV                          | CUSIP: N/A<br>LEI: 549300QRPSGOJRPUFO80 | Long             | EC               | CORP              | BE        |     31108 | NS      | $2707439.72   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                               | ROCHE HOLDING AG                    | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     35866 | NS      | $11273492.21  | 3.36%             |  |  |  | No            |                  2 | On Loan: No      |
| SAFRAN SA                                      | SAFRAN SA                           | CUSIP: N/A<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |     44176 | NS      | $5532430.35   | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Realty & Development Co., Ltd.        | SUMITOMO REALTY DEVELOPMENT         | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     92400 | NS      | $2178009.78   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Limited                              | AIA GROUP LTD                       | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |    495400 | NS      | $5471211.62   | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF GOVERNMENT-INST               | CUSIP: 61747C707<br>LEI: N/A            | Long             | STIV             | RF                | US        |    503573 | NS      | $503573.37    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Volkswagen Aktiengesellschaft                  | VOLKSWAGEN AG                       | CUSIP: N/A<br>LEI: 529900NNUPAGGOMPXZ31 | Long             | EC               | CORP              | DE        |     23345 | NS      | $2895526.64   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION JAPAN                       | ORACLE CORP JAPAN                   | CUSIP: N/A<br>LEI: 529900MIMKY9RU60Z323 | Long             | EC               | CORP              | JP        |     51300 | NS      | $3336112.31   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.           | MITSUBISHI UFJ FINANCIAL GROUP INC  | CUSIP: N/A<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |    807300 | NS      | $5420567.23   | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| SHELL PLC                                      | SHELL PLC                           | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    291940 | NS      | $8228277.21   | 2.45%             |  |  |  | No            |                  2 | On Loan: No      |
| FUJI ELECTRIC CO., LTD.                        | FUJI ELECTRIC CO LTD                | CUSIP: N/A<br>LEI: 5299000HVNGZZTYYM906 | Long             | EC               | CORP              | JP        |    112900 | NS      | $4261414.18   | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| DIAGEO PLC                                     | DIAGEO PLC                          | CUSIP: N/A<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |    158018 | NS      | $6915273.23   | 2.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle S.A.                                    | NESTLE SA                           | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |    120325 | NS      | $13902431.49  | 4.14%             |  |  |  | No            |                  2 | On Loan: No      |
| SCENTRE GROUP                                  | SCENTRE GROUP                       | CUSIP: N/A<br>LEI: N/A                  | Long             |  | RF                | AU        |   1766413 | NS      | $3437662.72   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Wolters Kluwer N.V.                            | WOLTERS KLUWER NV                   | CUSIP: N/A<br>LEI: 724500TEM53I0U077B74 | Long             | EC               | CORP              | NL        |     50634 | NS      | $5297347.83   | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                              | HSBC HOLDINGS PLC                   | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |    945107 | NS      | $5856091.09   | 1.74%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                         | SAP SE                              | CUSIP: N/A<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |     50246 | NS      | $5186693.18   | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Coca-Cola HBC AG                               | COCA COLA HBC AG                    | CUSIP: N/A<br>LEI: 549300EFP3TNG7JGVE49 | Long             | EC               | CORP              | CH        |    132288 | NS      | $3126464.91   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| ASHTEAD GROUP PUBLIC LIMITED COMPANY           | ASHTEAD GROUP PLC                   | CUSIP: N/A<br>LEI: 2138007UTBN8X9K1A235 | Long             | EC               | CORP              | GB        |     80844 | NS      | $4591350.03   | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| BP P.L.C.                                      | BP PLC                              | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |    733756 | NS      | $4232829.08   | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| LA FRANCAISE DES JEUX SA                       | LA FRANCAISE DES JEUX SAEM          | CUSIP: N/A<br>LEI: 969500R4CLSQFTYYI535 | Long             | EC               | CORP              | FR        |    109843 | NS      | $4419290.39   | 1.32%             |  |  |  | Yes           |                  2 | On Loan: No      |
| CAPGEMINI SE                                   | CAPGEMINI SA                        | CUSIP: N/A<br>LEI: 96950077L0TN7BAROX36 | Long             | EC               | CORP              | FR        |     24169 | NS      | $4039904.45   | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Pandora A/S                                    | PANDORA A S                         | CUSIP: N/A<br>LEI: 5299007OWYZ6I1E46843 | Long             | EC               | CORP              | DK        |     40744 | NS      | $2880344.32   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| TOYO SUISAN KAISHA, LTD.                       | TOYO SUISAN KAISHA LTD              | CUSIP: 892306101<br>LEI: N/A            | Long             | EC               | CORP              | JP        |     93000 | NS      | $3583461.20   | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Partners Group Holding AG                      | PARTNERS GROUP HOLDING AG           | CUSIP: N/A<br>LEI: 549300I3IVVWZWDHI788 | Long             | EC               | CORP              | CH        |      4488 | NS      | $3975126.11   | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Aktiengesellschaft                     | SIEMENS AG                          | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |     49707 | NS      | $6851197.08   | 2.04%             |  |  |  | No            |                  2 | On Loan: No      |
| CRODA INTERNATIONAL PUBLIC LIMITED COMPANY     | CRODA INTERNATIONAL PLC             | CUSIP: N/A<br>LEI: 2138004WCNBFJEEOXV26 | Long             | EC               | CORP              | GB        |     47376 | NS      | $3769313.24   | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| ZOZO, Inc.                                     | ZOZO INC                            | CUSIP: N/A<br>LEI: 549300GC7XPQMZA0OW13 | Long             | EC               | CORP              | JP        |    140800 | NS      | $3477692.55   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Group AG                                   | UBS GROUP AG                        | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |    265085 | NS      | $4928262.36   | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| CAPCOM CO., LTD.                               | CAPCOM CO LTD                       | CUSIP: N/A<br>LEI: 529900JJWQKXS3TC8744 | Long             | EC               | CORP              | JP        |    112000 | NS      | $3575640.51   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| NOVO NORDISK A/S                               | NOVO NORDISK A S                    | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |     84235 | NS      | $11442400.47  | 3.41%             |  |  |  | No            |                  2 | On Loan: No      |
| NIBE Industrier AB                             | NIBE INDUSTRIER AB                  | CUSIP: N/A<br>LEI: 549300ZQH0FIF1P0MX67 | Long             | EC               | CORP              | SE        |    305176 | NS      | $2850016.61   | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria, S.A.          | BANCO BILBAO VIZCAYA ARGENTARIA SA  | CUSIP: N/A<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | EC               | CORP              | ES        |   1012749 | NS      | $6099188.13   | 1.82%             |  |  |  | No            |                  2 | On Loan: No      |
| NEXT PLC                                       | NEXT PLC                            | CUSIP: N/A<br>LEI: 213800WQD8ECPZP9PH98 | Long             | EC               | CORP              | GB        |     34266 | NS      | $2400534.09   | 0.71%             |  |  |  | No            |                  2 | 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        |    503573 | NS      | $503573.37    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS PLC                                   | BARCLAYS PLC                        | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | RF                | GB        |   2207130 | NS      | $4198861.83   | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| HOYA CORPORATION                               | HOYA CORP                           | CUSIP: N/A<br>LEI: 353800X4VR3BHEUCJB42 | Long             | EC               | CORP              | JP        |     54200 | NS      | $5191990.50   | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| BHP GROUP LIMITED                              | BHP GROUP LIMITED                   | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |    264276 | NS      | $8184636.88   | 2.44%             |  |  |  | No            |                  2 | On Loan: No      |
| LVMH MOET HENNESSY LOUIS VUITTON SE            | LVMH MOET HENNESSY LOUIS VUITTON SA | CUSIP: N/A<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |     15115 | NS      | $10997512.97  | 3.27%             |  |  |  | No            |                  2 | On Loan: No      |
| OKUMA Corporation                              | OKUMA CORP                          | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     58900 | NS      | $2086664.88   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO          | INVESCO GVT & AGNCY-INST            | CUSIP: 825252885<br>LEI: N/A            | Long             | STIV             | RF                | US        |    503573 | NS      | $503573.37    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SPAREBANK 1 SMN                                | SPAREBANK 1 SMN                     | CUSIP: N/A<br>LEI: 7V6Z97IO7R1SEAO84Q32 | Long             | EC               | CORP              | NO        |    201661 | NS      | $2622920.64   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| MACQUARIE GROUP LIMITED                        | MACQUARIE GROUP LTD                 | CUSIP: N/A<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | EC               | CORP              | AU        |     41126 | NS      | $4641614.33   | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokio Marine Holdings, Inc.                    | TOKIO MARINE HOLDINGS INC           | CUSIP: N/A<br>LEI: 5299009QN2NZ191KLS29 | Long             | EC               | CORP              | JP        |    240000 | NS      | $5127755.93   | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED | FISHER PAYKEL HEALTHCARE CORP LTD   | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               | CORP              | NZ        |    159763 | NS      | $2285179.68   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| TENCENT HOLDINGS LIMITED                       | TENCENT HOLDINGS LTD                | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     67700 | NS      | $2870670.13   | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Kakaku.com Inc                                 | KAKAKU COM INC                      | CUSIP: N/A<br>LEI: 353800KA15Y0DCPWYY65 | Long             | EC               | CORP              | JP        |    171400 | NS      | $2750644.63   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CORPORATION                       | TOYOTA MOTOR CORP                   | CUSIP: N/A<br>LEI: 5493006W3QUS5LMH6R84 | Long             | EC               | CORP              | JP        |    546800 | NS      | $7460880.88   | 2.22%             |  |  |  | No            |                  2 | On Loan: No      |
| CK ASSET HOLDINGS LIMITED                      | CK ASSET HOLDINGS LIMITED           | CUSIP: N/A<br>LEI: 5299006GJZSGP78B8S35 | Long             | EC               | CORP              | KY        |    641000 | NS      | $3931591.46   | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares MSCI EAFE ETF                          | ISHARES MSCI EAFE ETF               | CUSIP: 464287465<br>LEI: N/A            | Long             |  | RF                | US        |      5223 | NS      | $342837.72    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubu Electric Power Company, Incorporated     | CHUBU ELECTRIC POWER CO INC         | CUSIP: N/A<br>LEI: 529900A76GOP0PGNHT63 | Long             | EC               | CORP              | JP        |    220700 | NS      | $2282493.74   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| ARISTOCRAT LEISURE LIMITED                     | ARISTOCRAT LEISURE LTD              | CUSIP: N/A<br>LEI: 529900TE2HO3OZKYKC27 | Long             | EC               | CORP              | AU        |    143344 | NS      | $2953059.82   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco Aktiebolag                         | ATLAS COPCO AB                      | CUSIP: N/A<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |    580692 | NS      | $6199196.46   | 1.85%             |  |  |  | No            |                  2 | On Loan: No      |
| SNAM S.P.A.                                    | SNAM SPA                            | CUSIP: N/A<br>LEI: 8156002278562044AF79 | Long             | EC               | CORP              | IT        |    832144 | NS      | $4034356.85   | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Victory Portfolios

**Signature:** Allan Shaer

**Name of Signer:** Allan Shaer

**Title:** Treasurer