# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0001004726-25-002155
**Filing Date:** 2025-11
**Character Count:** 44521
**Document Hash:** 607eef7809134a865db855d361343157
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-25-002155.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001004726-25-002155

**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:** 251520058

**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-Cap Value Fund (Series ID: S000046393)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000144977 | Class A      | VSCVX           |
| C000144978 | Class C      | MCVSX           |
| C000144979 | Class R      | MRVSX           |
| C000144980 | Class R6     | MVSSX           |
| C000144981 | Class Y      | VSVIX           |

## 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 Integrity Small-Cap Value Fund

- **b. EDGAR series identifier (if any):** S000046393

- **c. LEI of Series:** 5493000LV00VJ8XBPX24

**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:** $1071602670.05

**Total Liabilities:** $32209985.20

**Net Assets:** $1039392684.85

**Cash Not Reported:** $13151884.62

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000144980 | 2.11%                | 8.71%                | -0.37%               |
| Class ID C000144977 | 2.10%                | 8.66%                | -0.40%               |
| Class ID C000144981 | 2.14%                | 8.67%                | -0.37%               |
| Class ID C000144978 | 2.02%                | 8.57%                | -0.47%               |
| Class ID C000144979 | 2.06%                | 8.60%                | -0.39%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2543018.69              | $20074131.12                               |
| Month 2  | $3355877.46              | $79904301.74                               |
| Month 3  | $3711690.07              | $-9218592.28                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LADDER CAPITAL CORP                            | LADDER CAPITAL CORP                   | CUSIP: 505743104<br>LEI: 549300Q6LLV2QCV67C06 | Long             | EC               | CORP              | US        |    734000 | NS      | $8007940.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| SALLY BEAUTY HOLDINGS, INC.                    | SALLY BEAUTY HOLDINGS INC             | CUSIP: 79546E104<br>LEI: 529900VXW6E8ONDIQ271 | Long             | EC               | CORP              | US        |    727000 | NS      | $11835560.00  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHWEST BANCSHARES, INC.                     | NORTHWEST BANCSHARES INC              | CUSIP: 667340103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    876000 | NS      | $10853640.00  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ICU MEDICAL, INC.                              | ICU MEDICAL INC                       | CUSIP: 44930G107<br>LEI: 5493003NRW7LS2QZRH60 | Long             | EC               | CORP              | US        |     64063 | NS      | $7684997.48   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| THE GREENBRIER COMPANIES, INC.                 | GREENBRIER COS INC THE                | CUSIP: 393657101<br>LEI: 5493001GAGGFR30BP390 | Long             | EC               | CORP              | US        |    147376 | NS      | $6804349.92   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWELL BRANDS INC.                             | NEWELL BRANDS INC                     | CUSIP: 651229106<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | EC               | CORP              | US        |   1156000 | NS      | $6057440.00   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| STEWART INFORMATION SERVICES CORPORATION       | STEWART INFORMATION SERVICES          | CUSIP: 860372101<br>LEI: 529900TV1XI0PLKENU10 | Long             | EC               | CORP              | US        |    128000 | NS      | $9384960.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Signet Jewelers Limited                        | SIGNET JEWELERS LTD                   | CUSIP: G81276100<br>LEI: 549300N3XPGE91WV7M22 | Long             | EC               | CORP              | BM        |    100300 | NS      | $9620776.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| PATTERSON-UTI ENERGY, INC.                     | PATTERSON UTI ENERGY INC              | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |    886000 | NS      | $4589480.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHWESTERN ENERGY GROUP, INC.                | NORTHWESTERN CORP                     | CUSIP: 668074305<br>LEI: 254900N1WG46G1VMDM34 | Long             | EC               | CORP              | US        |    167400 | NS      | $9811314.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| BRUNSWICK CORPORATION                          | BRUNSWICK CORP                        | CUSIP: 117043109<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EC               | CORP              | US        |    105100 | NS      | $6646524.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF HAWAII CORPORATION                     | BANK OF HAWAII CORP                   | CUSIP: 062540109<br>LEI: 5493006Q8BQ8AD8M2U33 | Long             | EC               | CORP              | US        |    173000 | NS      | $11355720.00  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SKYWEST, INC.                                  | SKYWEST INC                           | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |     98201 | NS      | $9880984.62   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| LIVANOVA PLC                                   | LIVANOVA PLC                          | CUSIP: G5509L101<br>LEI: 2138001K2FX6SHK2B339 | Long             | EC               | CORP              | GB        |    172000 | NS      | $9009360.00   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERIS BANCORP                                 | AMERIS BANCORP                        | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |    188500 | NS      | $13818935.00  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| MAXLINEAR, INC.                                | MAXLINEAR INC                         | CUSIP: 57776J100<br>LEI: 549300EMOI0SM2IY4F64 | Long             | EC               | CORP              | US        |    405000 | NS      | $6512400.00   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| ENVISTA HOLDINGS CORPORATION                   | ENVISTA HOLDINGS CORP                 | CUSIP: 29415F104<br>LEI: 549300BX623VURJZ5269 | Long             | EC               | CORP              | US        |    367948 | NS      | $7495100.76   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| GLACIER BANCORP, INC.                          | GLACIER BANCORP INC                   | CUSIP: 37637Q105<br>LEI: 549300SMJAUKZB5D7V74 | Long             | EC               | CORP              | US        |    293000 | NS      | $14260310.00  | 1.37%             |  |  |  | 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        |   7793690 | NS      | $7793690.48   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| CVB FINANCIAL CORP.                            | CVB FINANCIAL CORP                    | CUSIP: 126600105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    548500 | NS      | $10372135.00  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CHEFS' WAREHOUSE, INC.                     | CHEFS WAREHOUSE INC THE               | CUSIP: 163086101<br>LEI: 549300JYEDC8C547E980 | Long             | EC               | CORP              | US        |    168500 | NS      | $9828605.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| ESSENTIAL PROPERTIES REALTY TRUST, INC.        | ESSENTIAL PROPERTIES REALTY TRUST INC | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |    331000 | NS      | $9850560.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| VALMONT INDUSTRIES, INC.                       | VALMONT INDUSTRIES INC                | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               | CORP              | US        |     23800 | NS      | $9227974.00   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| NBT BANCORP INC.                               | N B T BANCORP INC                     | CUSIP: 628778102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    248000 | NS      | $10356480.00  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHSTATE BANK CORPORATION                    | SOUTHSTATE BANK CORP                  | CUSIP: 84472E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    125800 | NS      | $12437846.00  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| VIRTUS INVESTMENT PARTNERS, INC.               | VIRTUS INVESTMENT PARTNERS INC        | CUSIP: 92828Q109<br>LEI: 549300HWF93HB8BDM648 | Long             | EC               | CORP              | US        |     45900 | NS      | $8722377.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| CORE NATURAL RESOURCES, INC.                   | CORE NATURAL RESOURCES INC            | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |    107100 | NS      | $8940708.00   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| TRI POINTE HOMES, INC.                         | TRI POINTE HOMES INC                  | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    236000 | NS      | $8016920.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| HUB GROUP, INC.                                | HUB GROUP INC CL A                    | CUSIP: 443320106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    209600 | NS      | $7218624.00   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| SCORPIO TANKERS INC.                           | SCORPIO TANKERS INC                   | CUSIP: Y7542C130<br>LEI: 549300NVJUH16NXG8K87 | Long             | EC               | CORP              | MH        |    178500 | NS      | $10004925.00  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| ESSENT GROUP LTD                               | ESSENT GROUP LTD                      | CUSIP: G3198U102<br>LEI: 254900QUO860OUT6ZF83 | Long             | EC               | CORP              | BM        |    207500 | NS      | $13188700.00  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CURBLINE PROPERTIES CORP.                      | CURBLINE PROPERTIES CORP              | CUSIP: 23128Q101<br>LEI: 529900PGR41LH0I81I15 | Long             | EC               | CORP              | US        |    428500 | NS      | $9555550.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| DYNEX CAPITAL, INC.                            | DYNEX CAPITAL INC                     | CUSIP: 26817Q886<br>LEI: 5CIJ4S9HAEBWILA19B65 | Long             | EC               | CORP              | US        |    642000 | NS      | $7890180.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: —       |
| DOUGLAS EMMETT, INC.                           | DOUGLAS EMMETT INC                    | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    635000 | NS      | $9886950.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TIMKEN COMPANY                             | TIMKEN CO                             | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |     83350 | NS      | $6266253.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED NATURAL FOODS, INC.                     | UNITED NATURAL FOODS INC              | CUSIP: 911163103<br>LEI: 549300GKGW6WPZ282D40 | Long             | EC               | CORP              | US        |    203900 | NS      | $7670718.00   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| PORTLAND GENERAL ELECTRIC COMPANY              | PORTLAND GENERAL ELECTRIC CO          | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |    209386 | NS      | $9212984.00   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| MARRIOTT VACATIONS WORLDWIDE CORPORATION       | MARRIOTT VACATIONS WORLDWIDE CORP     | CUSIP: 57164Y107<br>LEI: 549300WA6BT5H4F7IO94 | Long             | EC               | CORP              | US        |    115500 | NS      | $7687680.00   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| HANCOCK WHITNEY CORPORATION                    | HANCOCK WHITNEY CORP                  | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               | CORP              | US        |    208500 | NS      | $13054185.00  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ATKORE INC                                     | ATKORE INC                            | CUSIP: 047649108<br>LEI: 52990002TI38AM4RPV48 | Long             | EC               | CORP              | US        |    115478 | NS      | $7245089.72   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| KNOWLES CORPORATION                            | KNOWLES CORP                          | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |    440750 | NS      | $10273882.50  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| BELDEN INC.                                    | BELDEN INC                            | CUSIP: 077454106<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | EC               | CORP              | US        |     73150 | NS      | $8797750.50   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMERCIAL METALS COMPANY                      | COMMERCIAL METALS COMPANY             | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |    181599 | NS      | $10401990.72  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GULFPORT ENERGY CORPORATION                    | GULFPORT ENERGY CORP                  | CUSIP: 402635502<br>LEI: 254900DJRGZBUZ3F5038 | Long             | EC               | CORP              | US        |     38750 | NS      | $7012975.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHWEST GAS HOLDINGS, INC.                   | SOUTHWEST GAS HOLDINGS INC            | CUSIP: 844895102<br>LEI: 254900LKF9EV0CUKNE09 | Long             | EC               | CORP              | US        |    129900 | NS      | $10176366.00  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| BANNER CORPORATION                             | BANNER CORP                           | CUSIP: 06652V208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    101600 | NS      | $6654800.00   | 0.64%             |  |  |  | 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        |   7793690 | NS      | $7793690.48   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| MURPHY OIL CORPORATION                         | MURPHY OIL CORP                       | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |    347300 | NS      | $9866793.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNAPTICS INCORPORATED                         | SYNAPTICS INCORPORATED                | CUSIP: 87157D109<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | EC               | CORP              | US        |    148800 | NS      | $10168992.00  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKDALE SENIOR LIVING INC.                   | BROOKDALE SENIOR LIVING INC           | CUSIP: 112463104<br>LEI: LH7MQB13NWY7CJ9VC445 | Long             | EC               | CORP              | US        |    752000 | NS      | $6369440.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BRINK'S COMPANY                            | BRINK S CO THE                        | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               | CORP              | US        |    107000 | NS      | $12504020.00  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| FLAGSTAR FINANCIAL, INC.                       | FLAGSTAR FINANCIAL INC                | CUSIP: 649445400<br>LEI: 529900HVXOTLY61GL030 | Long             | EC               | CORP              | US        |   1174900 | NS      | $13570095.00  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| SANMINA CORPORATION                            | SANMINA CORP                          | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |     67800 | NS      | $7804458.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BUCKLE, INC.                               | BUCKLE INC THE                        | CUSIP: 118440106<br>LEI: 5299007IU0461T3GDL34 | Long             | EC               | CORP              | US        |    120500 | NS      | $7068530.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| TALOS ENERGY INC.                              | TALOS ENERGY INC                      | CUSIP: 87484T108<br>LEI: 549300OKFHZ84SFJFT95 | Long             | EC               | CORP              | US        |    619007 | NS      | $5936277.13   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| PENN Entertainment, Inc.                       | PENN ENTERTAINMENT INC                | CUSIP: 707569109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    294787 | NS      | $5677597.62   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust - iShares Russell 2000 Value ETF | ISHARES RUSSELL 2000 VALUE ETF        | CUSIP: 464287630<br>LEI: 549300WJAJCAZZLTQD63 | Long             |  | RF                | US        |     69000 | NS      | $12199890.00  | 1.17%             |  |  |  | No            |                  1 | On Loan: —       |
| UFP INDUSTRIES, INC.                           | UFP INDUSTRIES INC                    | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |     94500 | NS      | $8834805.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| BOK FINANCIAL CORPORATION                      | BOK FINANCIAL CORP                    | CUSIP: 05561Q201<br>LEI: GRI2NT5QHYW751NMR949 | Long             | EC               | CORP              | US        |     91100 | NS      | $10152184.00  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| AVIENT CORPORATION                             | AVIENT CORP                           | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |    215800 | NS      | $7110610.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| BREAD FINANCIAL HOLDINGS, INC.                 | BREAD FINANCIAL HOLDINGS              | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |    141400 | NS      | $7885878.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA RESOURCES CORPORATION               | CALIFORNIA RESOURCES CORP             | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |    198000 | NS      | $10529640.00  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF GOVERNMENT-INST                 | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   7793690 | NS      | $7793690.46   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLAS ENERGY SOLUTIONS INC.                    | NEW ATLAS HOLDCO INC                  | CUSIP: 642045108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    412719 | NS      | $4692615.03   | 0.45%             |  |  |  | No            |                  1 | On Loan: —       |
| KORN FERRY                                     | KORN FERRY                            | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |    127000 | NS      | $8887460.00   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| DHT HOLDINGS, INC.                             | DHT HOLDINGS INC                      | CUSIP: Y2065G121<br>LEI: 549300SMD6IVZYT74K40 | Long             | EC               | CORP              | MH        |    448000 | NS      | $5353600.00   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| STEVEN MADDEN, LTD.                            | STEVEN MADDEN LTD                     | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |    270000 | NS      | $9039600.00   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| MINERALS TECHNOLOGIES INC.                     | MINERALS TECHNOLOGIES INC             | CUSIP: 603158106<br>LEI: 549300D3I1QU67GP6403 | Long             | EC               | CORP              | US        |    110700 | NS      | $6876684.00   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP INDUSTRIAL TRUST                           | LXP INDUSTRIAL TRUST                  | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |   1078000 | NS      | $9658880.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXSTAR MEDIA GROUP, INC.                      | NEXSTAR MEDIA GROUP INC               | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |     39700 | NS      | $7850278.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| KULICKE AND SOFFA INDUSTRIES, INC.             | KULICKE SOFFA INDUSTRIES INC          | CUSIP: 501242101<br>LEI: 529900H6BEIRBF429744 | Long             | EC               | CORP              | US        |    182200 | NS      | $7404608.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG INDUSTRIAL, INC.                          | STAG INDUSTRIAL INC                   | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |    181000 | NS      | $6387490.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| SEALED AIR CORPORATION                         | SEALED AIR CORP                       | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |    236000 | NS      | $8342600.00   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| BLUELINX HOLDINGS INC.                         | BLUELINX HOLDINGS INC                 | CUSIP: 09624H208<br>LEI: 549300YSX7GU28F5I540 | Long             | EC               | CORP              | US        |     68444 | NS      | $5001887.52   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| LIONSGATE STUDIOS CORP.                        | LIONSGATE STUDIOS CORP                | CUSIP: 53626N102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    685000 | NS      | $4726500.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO          | INVESCO GVT & AGNCY-INST              | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   7793690 | NS      | $7793690.48   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| RESIDEO TECHNOLOGIES, INC.                     | RESIDEO TECHNOLOGIES INC              | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |    320500 | NS      | $13839190.00  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| VERITEX HOLDINGS, INC.                         | VERITEX HOLDINGS INC                  | CUSIP: 923451108<br>LEI: 549300F3SMOML02SC814 | Long             | EC               | CORP              | US        |    331000 | NS      | $11098430.00  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| VALLEY NATIONAL BANCORP                        | VALLEY NATIONAL BANCORP               | CUSIP: 919794107<br>LEI: 549300ET52S1UBIB9762 | Long             | EC               | CORP              | US        |   1325000 | NS      | $14045000.00  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SILA REALTY TRUST, INC.                        | SILA REALTY TRUST INC                 | CUSIP: 146280508<br>LEI: 549300HXH142HWKKSW59 | Long             | EC               | CORP              | US        |    294000 | NS      | $7379400.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| EXTREME NETWORKS, INC.                         | EXTREME NETWORKS INC                  | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |    482481 | NS      | $9963232.65   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| CUSHMAN & WAKEFIELD PLC                        | CUSHMAN WAKEFIELD PLC                 | CUSIP: G2717B108<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |    861000 | NS      | $13707120.00  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| TEREX CORPORATION                              | TEREX CORPORATION                     | CUSIP: 880779103<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | EC               | CORP              | US        |    193425 | NS      | $9922702.50   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| SUPERNUS PHARMACEUTICALS, INC.                 | SUPERNUS PHARMACEUTICALS INC          | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |    177900 | NS      | $8501841.00   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Collegium Pharmaceutical, Inc.                 | COLLEGIUM PHARMACEUTICAL INC          | CUSIP: 19459J104<br>LEI: 54930049FXZMTLW8D496 | Long             | EC               | CORP              | US        |    148000 | NS      | $5178520.00   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC INVESTMENT CORP.                          | AGNC INVESTMENT CORP                  | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               | CORP              | US        |    769000 | NS      | $7528510.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: —       |
| SABRA HEALTH CARE REIT, INC.                   | SABRA HEALTH CARE REIT INC            | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |    438181 | NS      | $8167693.84   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| RYERSON HOLDING CORPORATION                    | RYERSON HOLDING CORP                  | CUSIP: 783754104<br>LEI: 549300JMA41B3ZHOVE45 | Long             | EC               | CORP              | US        |    243600 | NS      | $5568696.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| EASTERLY GOVERNMENT PROPERTIES, INC.           | EASTERLY GOVERNMENT PROPERTIES INC    | CUSIP: 27616P301<br>LEI: 549300ERMCEFC6S8HL77 | Long             | EC               | CORP              | US        |    292500 | NS      | $6707025.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| PROSPERITY BANCSHARES, INC.                    | PROSPERITY BANCSHARES INC             | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    137000 | NS      | $9089950.00   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| ARTISAN PARTNERS ASSET MANAGEMENT INC.         | ARTISAN PARTNERS ASSET MA A           | CUSIP: 04316A108<br>LEI: 549300T1FUI6JF63XU51 | Long             | EC               | CORP              | US        |    188000 | NS      | $8159200.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| PLEXUS CORP.                                   | PLEXUS CORP                           | CUSIP: 729132100<br>LEI: 549300W7HCBI5YT25I79 | Long             | EC               | CORP              | US        |     56200 | NS      | $8131578.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO FINANCIAL GROUP, INC.                      | CNO FINANCIAL GROUP INC               | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |    232000 | NS      | $9175600.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL FUEL GAS COMPANY                      | NATIONAL FUEL GAS CO                  | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |     70868 | NS      | $6546077.16   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| VEECO INSTRUMENTS INC.                         | VEECO INSTRUMENTS INC                 | CUSIP: 922417100<br>LEI: 5493004201F72ADDZW04 | Long             | EC               | CORP              | US        |    278200 | NS      | $8465626.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST MERCHANTS CORPORATION                    | FIRST MERCHANTS CORP                  | CUSIP: 320817109<br>LEI: TZTBT0OTGQ2FEK6XMX94 | Long             | EC               | CORP              | US        |    287000 | NS      | $10819900.00  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| THE GOODYEAR TIRE & RUBBER COMPANY             | GOODYEAR TIRE RUBBER CO THE           | CUSIP: 382550101<br>LEI: 5493002BI0S2ZQUY3437 | Long             | EC               | CORP              | US        |    906590 | NS      | $6781293.20   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| QCR HOLDINGS, INC.                             | QCR HOLDINGS INC                      | CUSIP: 74727A104<br>LEI: 549300MWKWM7KWJVQO33 | Long             | EC               | CORP              | US        |     98000 | NS      | $7412720.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| CARETRUST REIT, INC.                           | CARETRUST REIT INC                    | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |    297600 | NS      | $10320768.00  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| TAYLOR MORRISON HOME CORPORATION               | TAYLOR MORRISON HOME CORP             | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |    196352 | NS      | $12961195.52  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST BANCORP                                  | FIRST BANCORP                         | CUSIP: 318910106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    204500 | NS      | $10816005.00  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIS RESIDENTIAL, INC.                        | Veris Residential Inc                 | CUSIP: 554489104<br>LEI: 254900KTVBRYJCQU2J23 | Long             | EC               | CORP              | US        |    496000 | NS      | $7539200.00   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| PERRIGO COMPANY PUBLIC LIMITED COMPANY         | PERRIGO CO PLC                        | CUSIP: G97822103<br>LEI: 549300IFOQS6R1QLY196 | Long             | EC               | CORP              | IE        |    198000 | NS      | $4409460.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| TITAN INTERNATIONAL, INC.                      | TITAN INTERNATIONAL INC               | CUSIP: 88830M102<br>LEI: 254900CXRGBE7C4B5A06 | Long             | EC               | CORP              | US        |    654079 | NS      | $4944837.24   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| INGEVITY CORPORATION                           | INGEVITY CORP                         | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               | CORP              | US        |    158800 | NS      | $8764172.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| RYDER SYSTEM, INC.                             | RYDER SYSTEM INC                      | CUSIP: 783549108<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | EC               | CORP              | US        |     55000 | NS      | $10375200.00  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADSTONE NET LEASE, INC.                     | BROADSTONE NET LEASE INC              | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        |    584000 | NS      | $10436080.00  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| V2X, INC.                                      | V2X INC                               | CUSIP: 92242T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    146800 | NS      | $8527612.00   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIGHTHOUSE FINANCIAL, INC.                    | BRIGHTHOUSE FINANCIAL INC             | CUSIP: 10922N103<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EC               | CORP              | US        |    148000 | NS      | $7855840.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMMIT HOTEL PROPERTIES, INC.                  | SUMMIT HOTEL PROPERTIES INC           | CUSIP: 866082100<br>LEI: 254900OBQWJK6X20LS71 | Long             | EC               | CORP              | US        |    948000 | NS      | $5204520.00   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCBEST CORPORATION                            | ARCBEST CORP                          | CUSIP: 03937C105<br>LEI: 5493006S3KBNE8ZS3J23 | Long             | EC               | CORP              | US        |     80370 | NS      | $5615451.90   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDROCK HOSPITALITY COMPANY                | DIAMONDROCK HOSPITALITY CO            | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |    700000 | NS      | $5572000.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| SURGERY PARTNERS, INC.                         | SURGERY PARTNERS INC                  | CUSIP: 86881A100<br>LEI: 549300LC82HG33S19I03 | Long             | EC               | CORP              | US        |    303786 | NS      | $6573929.04   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTEON CORPORATION                            | VISTEON CORP                          | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |     80820 | NS      | $9687085.20   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| ONE GAS, INC.                                  | ONE GAS INC                           | CUSIP: 68235P108<br>LEI: 549300HXDWI0LATTX840 | Long             | EC               | CORP              | US        |    122300 | NS      | $9898962.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| VICTORIA'S SECRET & CO.                        | VICTORIA S SECRET CO                  | CUSIP: 926400102<br>LEI: 5493006T3O70U3UWVF17 | Long             | EC               | CORP              | US        |    365000 | NS      | $9906100.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| SENSATA TECHNOLOGIES HOLDING PLC               | SENSATA TECHNOLOGIES HOLDING          | CUSIP: G8060N102<br>LEI: 529900MS7KFYCY9MS037 | Long             | EC               | CORP              | GB        |    257000 | NS      | $7851350.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| FLUOR CORPORATION.                             | FLUOR CORP                            | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |    132000 | NS      | $5553240.00   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST INTERSTATE BANCSYSTEM, INC.              | FIRST INTERSTATE BANCSYS A            | CUSIP: 32055Y201<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | EC               | CORP              | US        |    359250 | NS      | $11449297.50  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| TTM TECHNOLOGIES, INC.                         | TTM TECHNOLOGIES                      | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |    179400 | NS      | $10333440.00  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| INDEPENDENT BANK CORP.                         | INDEPENDENT BANK CORP                 | CUSIP: 453836108<br>LEI: 549300C5K3W8THR3GE10 | Long             | EC               | CORP              | US        |    157211 | NS      | $10874284.87  | 1.05%             |  |  |  | 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