# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0001004726-25-002158
**Filing Date:** 2025-11
**Character Count:** 24452
**Document Hash:** 902b5fece8640b9d2412a7117dfed05d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-25-002158.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001004726-25-002158

**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**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04852
- **FILM NUMBER:** 251520061

**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 Investment Grade Convertible Fund, formerly Victory INCORE Investment Grade Convertible Fund (Series ID: S000000786)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002332 | Class A      | SBFCX           |
| C000052112 | Class I      | VICIX           |
| C000219861 | Member Class | SBFMX           |

## 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 Investment Grade Convertible Fund

- **b. EDGAR series identifier (if any):** S000000786

- **c. LEI of Series:** 549300ZE7EDX9F7SCK90

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

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

- **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:** $261400611.71

**Total Liabilities:** $3161488.34

**Net Assets:** $258239123.37

**Cash Not Reported:** $2033916.96

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -599.33638604 | **1-Year:** -5978.29011960 | **5-Year:** -9097.18064561 | **10-Year:** -1189.19367898 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -11.53325623 | **1-Year:** -414.36830102 | **5-Year:** -2842.22868002 | **10-Year:** -3584.21555975 | **30-Year:** -8619.66317693

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000002332 | 2.06%                | 0.71%                | 0.51%                |
| Class ID C000219861 | 2.07%                | 0.73%                | 0.53%                |
| Class ID C000052112 | 2.05%                | 0.76%                | 0.54%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2371231.51              | $2398212.78                                |
| Month 2  | $146912.18               | $1186607.47                                |
| Month 3  | $-530025.60              | $1506988.74                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BIOMARIN PHARMACEUTICAL INC.                   | BIOMARIN PHARMACEUTICAL       | CUSIP: 09061GAK7<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | DBT              | CORP              | US        |    250000 | PA      | $237283.72    | 0.09%             | 2027-05-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERGY, INC.                       | CENTERPOINT ENERGY INC        | CUSIP: 15189TBD8<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |   4245000 | PA      | $4708527.91   | 1.82%             | 2026-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC                             | HAT HOLDINGS I LLC HAT        | CUSIP: 418751AJ2<br>LEI: 254900YE1WH1XG7Y4E44 | Long             | DBT              | CORP              | US        |    520000 | PA      | $650789.80    | 0.25%             | 2028-08-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| HSBC US GOVERNMENT MONEY MARKET FUND           | HSBC US GOVT MMKT-I           | CUSIP: 40428X107<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    726988 | NS      | $726987.50    | 0.28%             |  |  |  | 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        |    726988 | NS      | $726987.50    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| DEXCOM, INC.                                   | DEXCOM INC                    | CUSIP: 252131AM9<br>LEI: 549300YSK3QDSFR5EU59 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1367648.30   | 0.53%             | 2028-05-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| VENTAS REALTY, LIMITED PARTNERSHIP             | VENTAS REALTY LP              | CUSIP: 92277GAZ0<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |   6620000 | PA      | $8518755.80   | 3.30%             | 2026-06-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Evergy, Inc.                                   | EVERGY INC                    | CUSIP: 30034WAD8<br>LEI: 549300PGTHDQY6PSUI61 | Long             | DBT              | CORP              | US        |   2520000 | PA      | $3158552.20   | 1.22%             | 2027-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ENVISTA HOLDINGS CORPORATION                   | ENVISTA HOLDINGS CORP         | CUSIP: 29415FAD6<br>LEI: 549300BX623VURJZ5269 | Long             | DBT              | CORP              | US        |   9050000 | PA      | $8538191.36   | 3.31%             | 2028-08-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| BOSTON PROPERTIES LIMITED PARTNERSHIP          | BOSTON PROPERTIES LP          | CUSIP: 10112RBM5<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    855000 | PA      | $852446.47    | 0.33%             | 2030-10-01      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| WEC ENERGY GROUP INC.                          | WEC ENERGY GROUP INC          | CUSIP: 92939UAP1<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |   1680000 | PA      | $2013683.10   | 0.78%             | 2027-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                               | WELLTOWER OP LLC              | CUSIP: 95041AAB4<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |   4920000 | PA      | $9212377.55   | 3.57%             | 2028-05-15      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| DUKE ENERGY CORPORATION                        | DUKE ENERGY CORP              | CUSIP: 26441CBY0<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   5340000 | PA      | $5726461.35   | 2.22%             | 2026-04-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| KITE REALTY GROUP, L.P.                        | KITE REALTY GROUP LP          | CUSIP: 49803XAB9<br>LEI: 549300X6R2GYI8Y3OD81 | Long             | DBT              | CORP              | US        |   5415000 | PA      | $5532654.19   | 2.14%             | 2027-04-01      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| DIGITAL REALTY TRUST, L.P.                     | DIGITAL REALTY TRUST LP       | CUSIP: 25389JAX4<br>LEI: CD4SPTZ3YBTHY0C1AH38 | Long             | DBT              | CORP              | US        |   3225000 | PA      | $3390600.87   | 1.31%             | 2029-11-15      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF GOVERNMENT-INST         | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    726988 | NS      | $726987.50    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC ENERGY GROUP INC.                          | WEC ENERGY GROUP INC          | CUSIP: 92939UAR7<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |   1310000 | PA      | $1608414.46   | 0.62%             | 2029-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| VISHAY INTERTECHNOLOGY, INC.                   | VISHAY INTERTECHNOLOGY        | CUSIP: 928298AR9<br>LEI: 5493009O8F3QQJTCQR75 | Long             | DBT              | CORP              | US        |   7740000 | PA      | $7026070.21   | 2.72%             | 2030-09-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORPORATION                     | MERITAGE HOMES CORP           | CUSIP: 59001ABF8<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |   7385000 | PA      | $7557673.17   | 2.93%             | 2028-05-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: —       |
| THE SOUTHERN COMPANY                           | SOUTHERN CO                   | CUSIP: 842587DP9<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   6410000 | PA      | $7226259.19   | 2.80%             | 2025-12-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| THE BOEING COMPANY                             | BOEING CO THE                 | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |     10000 | NS      | $695700.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY                          | WELLS FARGO CO                | CUSIP: 949746804<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |     10884 | NS      | $13434012.36  | 5.20%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT DEFENSE PROPERTIES, L.P.                  | COPT DEFENSE PROP LP          | CUSIP: 22003BAQ9<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2586202.53   | 1.00%             | 2028-09-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| ALBEMARLE CORPORATION                          | ALBEMARLE CORP PFD            | CUSIP: 012653200<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EP               | CORP              | US        |     47050 | NS      | $1782254.00   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| THE SOUTHERN COMPANY                           | SOUTHERN CO                   | CUSIP: 842587DZ7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   1590000 | PA      | $1769280.52   | 0.69%             | 2027-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PARSONS CORPORATION                            | PARSONS CORP                  | CUSIP: 70202LAD4<br>LEI: 549300ZXH0VRBSEPX752 | Long             | DBT              | CORP              | US        |   7250000 | PA      | $8275557.31   | 3.20%             | 2029-03-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: —       |
| BARCLAYS BANK PLC                              | BARCLAYS BANK PLC             | CUSIP: 06744EDH7<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | DBT              | RF                | GB        |   8990000 | PA      | $10164268.52  | 3.94%             | 2029-02-16      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN WATER CAPITAL CORP.                   | AMERICAN WATER CAPITAL        | CUSIP: 03040WBE4<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |   8060000 | PA      | $8071102.63   | 3.13%             | 2026-06-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                    | BANK OF AMERICA CORP          | CUSIP: 060505682<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     11450 | NS      | $14656000.00  | 5.68%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLIANT ENERGY CORPORATION                     | ALLIANT ENERGY CORP           | CUSIP: 018802AD0<br>LEI: 5493009ML300G373MZ12 | Long             | DBT              | CORP              | US        |   3290000 | PA      | $3393079.79   | 1.31%             | 2028-05-30      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| EURONET WORLDWIDE, INC.                        | EURONET WORLDWIDE INC         | CUSIP: 298736AM1<br>LEI: YG3575C4DSHJPA5KET68 | Long             | DBT              | CORP              | US        |   3320000 | PA      | $3195888.73   | 1.24%             | 2030-10-01      | Fixed         | 0.62%                 | Yes           |                  2 | On Loan: No      |
| REXFORD INDUSTRIAL REALTY, L.P.                | REXFORD INDUSTRIAL REALT      | CUSIP: 76169XAD6<br>LEI: 549300028US163ELJN70 | Long             | DBT              | CORP              | US        |    640000 | PA      | $642207.40    | 0.25%             | 2027-03-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                             | FORD MOTOR COMPANY            | CUSIP: 345370CZ1<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   8295000 | PA      | $8408410.88   | 3.26%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW MOUNTAIN FINANCE CORPORATION               | NEW MOUNTAIN FINANCE COR      | CUSIP: 647551AE0<br>LEI: 549300L1MPTT1H7SES77 | Long             | DBT              | CORP              | US        |   6565000 | PA      | $6567778.57   | 2.54%             | 2025-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE MORTGAGE TRUST, INC.                | BLACKSTONE MORTGAGE TR        | CUSIP: 09257WAE0<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |    965000 | PA      | $952428.63    | 0.37%             | 2027-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EXPEDIA GROUP, INC.                            | EXPEDIA GROUP INC             | CUSIP: 30212PBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3628000 | PA      | $3659333.38   | 1.42%             | 2026-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY, INC.                           | NEXTERA ENERGY INC            | CUSIP: 65339F119<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EP               | CORP              | US        |     96039 | NS      | $4516714.17   | 1.75%             |  |  |  | No            |                  1 | On Loan: —       |
| CAPITAL SOUTHWEST CORPORATION.                 | CAPITAL SOUTHWEST CORP        | CUSIP: 140501AE7<br>LEI: 54930023YZ4YEJEDBO56 | Long             | DBT              | CORP              | US        |   2620000 | PA      | $2603371.40   | 1.01%             | 2029-11-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY, INC.                           | NEXTERA ENERGY INC PFD        | CUSIP: 65339F663<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EP               | CORP              | US        |    171420 | NS      | $8548715.40   | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE FINANCIAL COMPANY LLC           | JP MORGAN CHASE FINANCIAL LLC | CUSIP: 48133DL24<br>LEI: 549300NJFDJOFYVV6789 | Long             | DBT              | RF                | US        |   1760000 | PA      | $2039564.68   | 0.79%             | 2027-06-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| ALLIANT ENERGY CORPORATION                     | ALLIANT ENERGY CORP           | CUSIP: 018802AC2<br>LEI: 5493009ML300G373MZ12 | Long             | DBT              | CORP              | US        |   3435000 | PA      | $3696670.61   | 1.43%             | 2026-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AKAMAI TECHNOLOGIES, INC.                      | AKAMAI TECHNOLOGIES INC       | CUSIP: 00971TAN1<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | DBT              | CORP              | US        |   1715000 | PA      | $1612547.74   | 0.62%             | 2029-02-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| CMS ENERGY CORPORATION                         | CMS ENERGY CORP               | CUSIP: 125896BX7<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |   2455000 | PA      | $2690282.67   | 1.04%             | 2028-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| REXFORD INDUSTRIAL REALTY, L.P.                | REXFORD INDUSTRIAL REALT      | CUSIP: 76169XAE4<br>LEI: 549300028US163ELJN70 | Long             | DBT              | CORP              | US        |   1669000 | PA      | $1686356.78   | 0.65%             | 2029-03-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| UBER TECHNOLOGIES, INC.                        | UBER TECHNOLOGIES INC         | CUSIP: 90353TAM2<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |   9070000 | PA      | $13347612.67  | 5.17%             | 2028-12-01      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| PPL CAPITAL FUNDING, INC.                      | PPL CAPITAL FUNDING INC       | CUSIP: 69352PAS2<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |   6755000 | PA      | $7717412.41   | 2.99%             | 2028-03-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                               | WELLTOWER OP LLC              | CUSIP: 95041AAD0<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |    860000 | PA      | $1261805.99   | 0.49%             | 2029-07-15      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC.                           | GLOBAL PAYMENTS INC           | CUSIP: 37940XAU6<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |   7512000 | PA      | $6868248.11   | 2.66%             | 2031-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT, INC.                 | APOLLO GLOBAL MANAGEMENT PFD  | CUSIP: 03769M304<br>LEI: 254900LMFT1CY9IYB476 | Long             | EP               | CORP              | US        |    160025 | NS      | $11246557.00  | 4.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ARES MANAGEMENT CORPORATION                    | ARES MANAGEMENT CORP          | CUSIP: 03990B309<br>LEI: 529900JUV61FH7B8VW38 | Long             | EP               | CORP              | US        |    167610 | NS      | $8328540.90   | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL REALTY OP LP                           | FEDERAL REALTY OP LP          | CUSIP: 313747BD8<br>LEI: 549300LI6XZ51GOCJ427 | Long             | DBT              | CORP              | US        |   2880000 | PA      | $2927787.13   | 1.13%             | 2029-01-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| ON SEMICONDUCTOR CORPORATION                   | ON SEMICONDUCTOR CORP         | CUSIP: 682189AS4<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |    735000 | PA      | $837217.46    | 0.32%             | 2027-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: —       |
| CENTERPOINT ENERGY, INC.                       | CENTERPOINT ENERGY INC        | CUSIP: 15189TBQ9<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |    665000 | PA      | $675205.85    | 0.26%             | 2028-08-01      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO          | INVESCO GVT & AGNCY-INST      | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    726988 | NS      | $726987.50    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & CO. INC.                                 | KKR CO INC                    | CUSIP: 48251W500<br>LEI: 54930013V5I303TF9571 | Long             | EP               | CORP              | US        |    171995 | NS      | $9003938.25   | 3.49%             |  |  |  | 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