# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0001752724-23-041041
**Filing Date:** 2023-2
**Character Count:** 47752
**Document Hash:** 4431884c5f108c3da15fc8b33288de09
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-041041.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-041041

**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:** 23670830

**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 Integrity Small/Mid-Cap Value Fund (Series ID: S000046398)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000144993 | Class A      | MAISX           |
| C000144994 | Class Y      | MYISX           |
| C000155526 | Class R6     | MIRSX           |
| C000219864 | Member Class | MMMSX           |

## 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 Integrity Small/Mid-Cap Value Fund

- **b. EDGAR series identifier (if any):** S000046398

- **c. LEI of Series:** 549300BZ2CQ68TGCQK29

**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:** $233720916.25

**Total Liabilities:** $1687381.69

**Net Assets:** $232033534.56

**Cash Not Reported:** $8079753.77

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000144994 | 11.35%               | 6.59%                | -5.68%               |
| Class ID C000155526 | 11.36%               | 6.56%                | -5.62%               |
| Class ID C000219864 | 11.38%               | 6.56%                | -5.67%               |
| Class ID C000144993 | 11.38%               | 6.53%                | -5.64%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $420976.16               | $22993611.67                               |
| Month 2  | $2060415.59              | $13132472.72                               |
| Month 3  | $-83327.79               | $-13730739.38                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| KINSALE CAPITAL GROUP, INC.                     | KINSALE CAPITAL GROUP INC          | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |      5758 | NS      | $1505832.16   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| BELDEN INC.                                     | BELDEN INC                         | CUSIP: 077454106<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | EC               | CORP              | US        |     23102 | NS      | $1661033.80   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST AMERICAN FINANCIAL CORPORATION            | FIRST AMERICAN FINANCIAL CORP      | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |     27228 | NS      | $1425113.52   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties, Inc.             | GAMING AND LEISURE PROPERTIE       | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |     42473 | NS      | $2212418.57   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| ARTISAN PARTNERS ASSET MANAGEMENT INC.          | ARTISAN PARTNERS ASSET MA A        | CUSIP: 04316A108<br>LEI: 549300T1FUI6JF63XU51 | Long             | EC               | CORP              | US        |     51700 | NS      | $1535490.00   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| RALPH LAUREN CORPORATION                        | RALPH LAUREN CORP                  | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |     21977 | NS      | $2322309.59   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DIODES INCORPORATED                             | DIODES INC                         | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               | CORP              | US        |     18500 | NS      | $1408590.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| HIGHWOODS PROPERTIES, INC.                      | HIGHWOODS PROPERTIES INC           | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |     65555 | NS      | $1834228.90   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO INTERNATIONAL, INC.                       | WESCO INTERNATIONAL                | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |     13550 | NS      | $1696460.00   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| SELECT MEDICAL HOLDINGS CORPORATION             | SELECT MEDICAL HOLDINGS CORP       | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47205 | NS      | $1172100.15   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| VOYA FINANCIAL, INC.                            | VOYA FINANCIAL INC                 | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |     29072 | NS      | $1787637.28   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| BRUNSWICK CORPORATION                           | BRUNSWICK CORP                     | CUSIP: 117043109<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EC               | CORP              | US        |     20000 | NS      | $1441600.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| IRONWOOD PHARMACEUTICALS, INC.                  | IRONWOOD PHARMACEUTICALS INC       | CUSIP: 46333X108<br>LEI: 549300PC8MR6QHH6P296 | Long             | EC               | CORP              | US        |    145950 | NS      | $1808320.50   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| THE HANOVER INSURANCE GROUP, INC.               | HANOVER INSURANCE GROUP INC        | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |     11089 | NS      | $1498456.57   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| SITE CENTERS CORP.                              | SITE CENTERS CORP                  | CUSIP: 82981J109<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EC               | CORP              | US        |    125360 | NS      | $1712417.60   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI INTERNATIONAL INC.                         | CACI INTERNATIONAL INC CLASS A     | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |      6007 | NS      | $1805644.13   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corporation                                | OLIN CORP                          | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |     42720 | NS      | $2261596.80   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| CHORD ENERGY CORPORATION                        | CHORD ENERGY CORP                  | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |     10379 | NS      | $1419950.99   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| BLOOMIN' BRANDS, INC.                           | BLOOMIN BRANDS INC                 | CUSIP: 094235108<br>LEI: E1UJ2GO305B5FXGV7N04 | Long             | EC               | CORP              | US        |     90471 | NS      | $1820276.52   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| VALLEY NATIONAL BANCORP                         | VALLEY NATIONAL BANCORP            | CUSIP: 919794107<br>LEI: 549300ET52S1UBIB9762 | Long             | EC               | CORP              | US        |    170599 | NS      | $1929474.69   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST INDUSTRIAL REALTY TRUST, INC.             | FIRST INDUSTRIAL REALTY TRUST      | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55729 | NS      | $2689481.54   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI CORPORATION                                 | UGI CORP                           | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |     53440 | NS      | $1981020.80   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| KIRBY CORPORATION                               | KIRBY CORP                         | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |     26900 | NS      | $1731015.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLETE, INC.                                    | ALLETE INC                         | CUSIP: 018522300<br>LEI: 549300NNLSIMY6Z8OT86 | Long             | EC               | CORP              | US        |     31277 | NS      | $2017679.27   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC INVESTMENT CORPORATION                     | MGIC INVESTMENT CORP               | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |    107500 | NS      | $1397500.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ'S WHOLESALE CLUB HOLDINGS, INC.              | BJ S WHOLESALE CLUB HOLDINGS INC   | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |     21396 | NS      | $1415559.36   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| WINTRUST FINANCIAL CORPORATION                  | WINTRUST FINANCIAL CORP            | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |     23172 | NS      | $1958497.44   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| ARAMARK                                         | ARAMARK                            | CUSIP: 03852U106<br>LEI: 549300MR6PG2DWZUIL39 | Long             | EC               | CORP              | US        |     51820 | NS      | $2142238.80   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.       | KNIGHT SWIFT TRANSPORTATION        | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35249 | NS      | $1847400.09   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| VERINT SYSTEMS INC.                             | VERINT SYSTEMS INC                 | CUSIP: 92343X100<br>LEI: 549300KEQJS5FRVUCO94 | Long             | EC               | CORP              | US        |     49646 | NS      | $1801156.88   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| MACY'S, INC.                                    | MACY S INC                         | CUSIP: 55616P104<br>LEI: 529900NZQ81TIOW3CW52 | Long             | EC               | CORP              | US        |     67280 | NS      | $1389332.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACK HILLS CORPORATION                         | BLACK HILLS CORP                   | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |     23879 | NS      | $1679648.86   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| IAA, INC.                                       | IAA INC                            | CUSIP: 449253103<br>LEI: 549300PZCOPC5178W747 | Long             | EC               | CORP              | US        |     36400 | NS      | $1456000.00   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTEON CORPORATION                             | VISTEON CORP                       | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |     15140 | NS      | $1980766.20   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| HOWMET AEROSPACE INC.                           | HOWMET AEROSPACE INC               | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |     58227 | NS      | $2294726.07   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| CURTISS-WRIGHT CORPORATION                      | CURTISS WRIGHT CORP                | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |     12987 | NS      | $2168699.13   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS INSTRUMENTS, INC.                           | MKS INSTRUMENTS INC                | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |     21994 | NS      | $1863551.62   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXSTAR MEDIA GROUP, INC.                       | NEXSTAR MEDIA GROUP INC            | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |      9480 | NS      | $1659284.40   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| AECOM                                           | AECOM                              | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |     24098 | NS      | $2046643.14   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| DXC TECHNOLOGY COMPANY                          | DXC TECHNOLOGY CO                  | CUSIP: 23355L106<br>LEI: 549300DOVZ3EDJB7O259 | Long             | EC               | CORP              | US        |     77200 | NS      | $2045800.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Lions Gate Entertainment Corp.                  | LIONS GATE ENTERTAINMENT           | CUSIP: 535919500<br>LEI: 5493000JSMHPHZURLM72 | Long             | EC               | CORP              | CA        |    110030 | NS      | $597462.90    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| MGP INGREDIENTS, INC.                           | MGP INGREDIENTS INC                | CUSIP: 55303J106<br>LEI: 2549006OMHFVZ4MS8538 | Long             | EC               | CORP              | US        |     14250 | NS      | $1515915.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERATED HERMES, INC.                          | FEDERATED HERMES INC               | CUSIP: 314211103<br>LEI: R05X5UQ874RGFF7HHD84 | Long             | EC               | CORP              | US        |     32300 | NS      | $1172813.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTERO RESOURCES CORPORATION                    | ANTERO RESOURCES CORP              | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |     47707 | NS      | $1478439.93   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| CIENA CORPORATION                               | CIENA CORP                         | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |     42600 | NS      | $2171748.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| SIGNET JEWELERS LIMITED                         | SIGNET JEWELERS LTD                | CUSIP: G81276100<br>LEI: 549300N3XPGE91WV7M22 | Long             | EC               | CORP              | BM        |     28010 | NS      | $1904680.00   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| CRANE HOLDINGS, CO.                             | CRANE HOLDINGS CO                  | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Long             | EC               | CORP              | US        |     17751 | NS      | $1783087.95   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| PERRIGO COMPANY PUBLIC LIMITED COMPANY          | PERRIGO CO PLC                     | CUSIP: G97822103<br>LEI: 549300IFOQS6R1QLY196 | Long             | EC               | CORP              | IE        |     64000 | NS      | $2181760.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| HUDSON PACIFIC PROPERTIES, INC.                 | HUDSON PACIFIC PROPERTIES INC      | CUSIP: 444097109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     99400 | NS      | $967162.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| W. R. BERKLEY CORPORATION                       | WR BERKLEY CORP                    | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |     18695 | NS      | $1356696.15   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL REALTY INVESTMENT TRUST                 | FEDERAL REALTY INVESTMENT TRUST    | CUSIP: 313745101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23884 | NS      | $2413239.36   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| EnPro Industries, Inc.                          | ENPRO INDUSTRIES INC               | CUSIP: 29355X107<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | EC               | CORP              | US        |     14928 | NS      | $1622524.32   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| PENTAIR PUBLIC LIMITED COMPANY                  | PENTAIR PLC                        | CUSIP: G7S00T104<br>LEI: 549300EVR9D56WPSRP15 | Long             | EC               | CORP              | IE        |     38300 | NS      | $1722734.00   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| AXCELIS TECHNOLOGIES, INC.                      | AXCELIS TECHNOLOGIES INC           | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |     16814 | NS      | $1334359.04   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION | WABTEC CORP                        | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |     15069 | NS      | $1504036.89   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| JUNIPER NETWORKS, INC.                          | JUNIPER NETWORKS INC               | CUSIP: 48203R104<br>LEI: AUHIXNGG7U2U7JEHM527 | Long             | EC               | CORP              | US        |     73425 | NS      | $2346663.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHSTATE CORPORATION                          | SOUTHSTATE CORP                    | CUSIP: 840441109<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               | CORP              | US        |     30849 | NS      | $2355629.64   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TENET HEALTHCARE CORPORATION                    | TENET HEALTHCARE CORP              | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |     32854 | NS      | $1602946.66   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| CINEMARK HOLDINGS, INC.                         | CINEMARK HOLDINGS INC              | CUSIP: 17243V102<br>LEI: 549300LL2QMPTYIE0K55 | Long             | EC               | CORP              | US        |     86000 | NS      | $744760.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| RELIANCE STEEL & ALUMINUM CO.                   | RELIANCE STEEL ALUMINUM COMPANY    | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |      8316 | NS      | $1683491.04   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| TAPESTRY, INC.                                  | TAPESTRY INC                       | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |     56299 | NS      | $2143865.92   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| EAST WEST BANCORP, INC.                         | EAST WEST BANCORP INC              | CUSIP: 27579R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28078 | NS      | $1850340.20   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDICAL PROPERTIES TRUST, INC.                  | MEDICAL PROPERTIES TRUST INC       | CUSIP: 58463J304<br>LEI: 254900U6E39J1MQCCY14 | Long             | EC               | CORP              | US        |    141965 | NS      | $1581490.10   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| SAIA, INC.                                      | SAIA INC                           | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |      8918 | NS      | $1869926.24   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| FTI CONSULTING, INC.                            | FTI CONSULTING INC                 | CUSIP: 302941109<br>LEI: 549300K17GM8EQD0FQ48 | Long             | EC               | CORP              | US        |     11904 | NS      | $1890355.20   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| BUILDERS FIRSTSOURCE, INC.                      | BUILDERS FIRSTSOURCE INC           | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |     22158 | NS      | $1437611.04   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| UNUM GROUP                                      | UNUM GROUP                         | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |     56368 | NS      | $2312779.04   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTRA CORP.                                    | VISTRA CORP                        | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |     72788 | NS      | $1688681.60   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR, INC.                                       | KBR INC                            | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |     33700 | NS      | $1779360.00   | 0.77%             |  |  |  | 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        |    340649 | NS      | $340648.63    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| TRAVEL + LEISURE CO.                            | TRAVEL LEISURE CO                  | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |     34119 | NS      | $1241931.60   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| HOST HOTELS & RESORTS, INC.                     | HOST HOTELS RESORTS INC            | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |    123700 | NS      | $1985385.00   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| STIFEL FINANCIAL CORP.                          | STIFEL FINANCIAL CORP              | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |     26000 | NS      | $1517620.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| FLEX LTD.                                       | FLEX LTD                           | CUSIP: Y2573F102<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               | CORP              | SG        |    114483 | NS      | $2456805.18   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CIVITAS RESOURCES, INC.                         | CIVITAS RESOURCES INC              | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |     24963 | NS      | $1446106.59   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ORGANON & CO.                                   | ORGANON CO                         | CUSIP: 68622V106<br>LEI: 549300AMCKY57OK2CO56 | Long             | EC               | CORP              | US        |     75993 | NS      | $2122484.49   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSOL ENERGY INC.                              | CONSOL ENERGY INC                  | CUSIP: 20854L108<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |     27367 | NS      | $1778855.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| PULTEGROUP, INC.                                | PULTEGROUP INC                     | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41241 | NS      | $1877702.73   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| PDC ENERGY, INC.                                | PDC ENERGY INC                     | CUSIP: 69327R101<br>LEI: 5493008W8H2T511J5Y59 | Long             | EC               | CORP              | US        |     21122 | NS      | $1340824.56   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN ALLIANCE BANCORPORATION                 | WESTERN ALLIANCE BANCORP           | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |     37454 | NS      | $2230760.24   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCOSA, INC.                                    | ARCOSA INC                         | CUSIP: 039653100<br>LEI: 549300WFHLTCZV7D6V29 | Long             | EC               | CORP              | US        |      3140 | NS      | $170627.60    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ITT INC.                                        | ITT INC                            | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               | CORP              | US        |     26372 | NS      | $2138769.20   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| FORMFACTOR, INC.                                | FORMFACTOR INC                     | CUSIP: 346375108<br>LEI: 549300YCEEO6SZD1ZR61 | Long             | EC               | CORP              | US        |     59496 | NS      | $1322596.08   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP, INC.                   | ASBURY AUTOMOTIVE GROUP INC        | CUSIP: 043436104<br>LEI: 549300JH4DTA7U42GL91 | Long             | EC               | CORP              | US        |      9523 | NS      | $1706997.75   | 0.74%             |  |  |  | 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        |    340649 | NS      | $340648.63    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIS RESIDENTIAL, INC.                         | Veris Residential Inc              | CUSIP: 554489104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64300 | NS      | $1024299.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| REINSURANCE GROUP OF AMERICA, INCORPORATED      | REINSURANCE GROUP OF AMERICA INC   | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |     12012 | NS      | $1706785.08   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| PROSPERITY BANCSHARES, INC.                     | PROSPERITY BANCSHARES INC          | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36890 | NS      | $2681165.20   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ALASKA AIR GROUP, INC.                          | ALASKA AIR GROUP INC               | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |     35400 | NS      | $1520076.00   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| BERRY GLOBAL GROUP, INC.                        | BERRY GLOBAL GROUP INC             | CUSIP: 08579W103<br>LEI: 549300G6KKUMMXM8NH73 | Long             | EC               | CORP              | US        |     34450 | NS      | $2081813.50   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| JAZZ PHARMACEUTICALS PUBLIC LIMITED COMPANY     | JAZZ PHARMACEUTICALS PLC           | CUSIP: G50871105<br>LEI: 635400GAUMJCLEZRRV50 | Long             | EC               | CORP              | IE        |     12156 | NS      | $1936572.36   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| CACTUS, INC.                                    | CACTUS INC                         | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |     34618 | NS      | $1739900.68   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF HAWAII CORPORATION                      | BANK OF HAWAII CORP                | CUSIP: 062540109<br>LEI: 5493006Q8BQ8AD8M2U33 | Long             | EC               | CORP              | US        |     29042 | NS      | $2252497.52   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX TECHNOLOGIES, INC.                          | BWX TECHNOLOGIES INC               | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |     33765 | NS      | $1961071.20   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| MOLSON COORS BEVERAGE COMPANY                   | MOLSON COORS BEVERAGE CO           | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |     34600 | NS      | $1782592.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| PRESTIGE CONSUMER HEALTHCARE INC.               | PRESTIGE CONSUMER HEALTHCARE INC   | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19100 | NS      | $1195660.00   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| STEEL DYNAMICS, INC.                            | STEEL DYNAMICS INC                 | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     22355 | NS      | $2184083.50   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| VICTORIA'S SECRET & CO.                         | VICTORIA S SECRET CO               | CUSIP: 926400102<br>LEI: 5493006T3O70U3UWVF17 | Long             | EC               | CORP              | US        |     34932 | NS      | $1249866.96   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| STEVEN MADDEN, LTD.                             | STEVEN MADDEN LTD                  | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |     46915 | NS      | $1499403.40   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOVUS FINANCIAL CORP.                         | SYNOVUS FINANCIAL CORP             | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               | CORP              | US        |     81797 | NS      | $3071477.35   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| NORWEGIAN CRUISE LINE HOLDINGS LTD.             | NORWEGIAN CRUISE LINE HOLDINGS LTD | CUSIP: G66721104<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |    107997 | NS      | $1321883.28   | 0.57%             |  |  |  | No            |                  1 | On Loan: —       |
| EMCOR GROUP, INC.                               | EMCOR GROUP INC                    | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |     11100 | NS      | $1644021.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| ENCOMPASS HEALTH CORPORATION                    | ENCOMPASS HEALTH CORP              | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     32414 | NS      | $1938681.34   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| APARTMENT INCOME REIT CORP.                     | APARTMENT INCOME REIT CORP         | CUSIP: 03750L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     70002 | NS      | $2401768.62   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PERFORMANCE FOOD GROUP COMPANY                  | PERFORMANCE FOOD GROUP CO          | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |     32271 | NS      | $1884303.69   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| GREEN PLAINS INC.                               | GREEN PLAINS INC                   | CUSIP: 393222104<br>LEI: VJ5WLTHARBSDR14KIZ98 | Long             | EC               | CORP              | US        |     45900 | NS      | $1399950.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON INGALLS INDUSTRIES, INC.             | HUNTINGTON INGALLS INDUSTRIES INC  | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               | CORP              | US        |      6100 | NS      | $1407148.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                      | MSILF GOVERNMENT-INST              | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    340649 | NS      | $340648.61    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO           | INVESCO GVT & AGNCY-INST           | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    340649 | NS      | $340648.63    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| FOOT LOCKER, INC.                               | FOOT LOCKER INC                    | CUSIP: 344849104<br>LEI: 549300X383CBNP6MTV94 | Long             | EC               | CORP              | US        |     43170 | NS      | $1631394.30   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVAR SOLUTIONS INC.                           | UNIVAR SOLUTIONS INC               | CUSIP: 91336L107<br>LEI: 549300VSXHFQVR770L55 | Long             | EC               | CORP              | US        |     56439 | NS      | $1794760.20   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| OSHKOSH CORPORATION                             | OSHKOSH CORP                       | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |     17344 | NS      | $1529567.36   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| LIVANOVA PLC                                    | LIVANOVA PLC                       | CUSIP: G5509L101<br>LEI: 2138001K2FX6SHK2B339 | Long             | EC               | CORP              | GB        |     32485 | NS      | $1804216.90   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| PVH CORP.                                       | PVH CORP                           | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |     25447 | NS      | $1796303.73   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTLAKE CORPORATION                            | Westlake Corp                      | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |     19689 | NS      | $2018910.06   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TIMKEN COMPANY                              | TIMKEN CO                          | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |     23551 | NS      | $1664349.17   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| EURONET WORLDWIDE, INC.                         | EURONET WORLDWIDE INC              | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |     20216 | NS      | $1907986.08   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| JABIL INC.                                      | JABIL INC                          | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |     28789 | NS      | $1963409.80   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| PACKAGING CORPORATION OF AMERICA                | PACKAGING CORP OF AMERICA          | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |     15900 | NS      | $2033769.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| PROGRESS SOFTWARE CORPORATION                   | PROGRESS SOFTWARE CORPORATION      | CUSIP: 743312100<br>LEI: 549300R65B3JG6972S24 | Long             | EC               | CORP              | US        |     33234 | NS      | $1676655.30   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLANTIC UNION BANKSHARES CORPORATION           | ATLANTIC UNION BANKSHARES          | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     58799 | NS      | $2066196.86   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| FORMULA ONE GROUP                               | LIBERTY MEDIA GROUP CLASS C        | CUSIP: 531229854<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | EC               | CORP              | US        |     25800 | NS      | $1542324.00   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| COTY INC.                                       | COTY INC CL A                      | CUSIP: 222070203<br>LEI: 549300BO9IWPF3S48F93 | Long             | EC               | CORP              | US        |    260021 | NS      | $2225779.76   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| THE GREENBRIER COMPANIES, INC.                  | GREENBRIER COS INC THE             | CUSIP: 393657101<br>LEI: 5493001GAGGFR30BP390 | Long             | EC               | CORP              | US        |     43451 | NS      | $1456912.03   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKSTONE MORTGAGE TRUST, INC.                 | BLACKSTONE MORTGAGE TRUST INC      | CUSIP: 09257W100<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | EC               | CORP              | US        |     77300 | NS      | $1636441.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN FINANCIAL GROUP, INC.                  | AMERICAN FINANCIAL GROUP INC       | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |     15495 | NS      | $2127153.60   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| CAESARS ENTERTAINMENT, INC.                     | CAESARS ENTERTAINMENT INC          | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |     26337 | NS      | $1095619.20   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| NUVASIVE, INC.                                  | NUVASIVE INC                       | CUSIP: 670704105<br>LEI: 549300C5ZB4NZ6TWM881 | Long             | EC               | CORP              | US        |     31035 | NS      | $1279883.40   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| O-I GLASS, INC.                                 | O I GLASS INC                      | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    114500 | NS      | $1897265.00   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| ATKORE INC                                      | ATKORE INC                         | CUSIP: 047649108<br>LEI: 52990002TI38AM4RPV48 | Long             | EC               | CORP              | US        |      9584 | NS      | $1087017.28   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEAN HARBORS, INC.                             | CLEAN HARBORS INC                  | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |     16278 | NS      | $1857645.36   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| FORWARD AIR CORPORATION                         | FORWARD AIR CORP                   | CUSIP: 349853101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12052 | NS      | $1264134.28   | 0.54%             |  |  |  | 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