# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0001752724-23-041038
**Filing Date:** 2023-2
**Character Count:** 36735
**Document Hash:** 954d29ad99efce4a1e6b051dfd8b3149
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-041038.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-041038

**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:** 23670827

**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 THB US Small Opportunities Fund (Series ID: S000071168)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000225921 | Class A      | THBVX           |
| C000225922 | Class I      | THBIX           |

## 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 THB US Small Opportunities Fund

- **b. EDGAR series identifier (if any):** S000071168

- **c. LEI of Series:** 549300WEL0N7GXM70021

**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:** $73182064.94

**Total Liabilities:** $310362.89

**Net Assets:** $72871702.05

**Cash Not Reported:** $615331.72

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000225921 | 11.78%               | 2.13%                | -5.41%               |
| Class ID C000225922 | 11.83%               | 2.18%                | -5.34%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-433785.39              | $8764877.60                                |
| Month 2  | $-92882.75               | $1981772.41                                |
| Month 3  | $-322964.44              | $-3922816.55                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| COASTAL FINANCIAL CORPORATION                  | COASTAL FINANCIAL CORP WA                | CUSIP: 19046P209<br>LEI: 549300XG5L36T6IU0B47 | Long             | EC               | CORP              | US        |     13760 | NS      | $653875.20    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| HERITAGE FINANCIAL CORPORATION                 | HERITAGE FINANCIAL CORP WA               | CUSIP: 42722X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38595 | NS      | $1182550.80   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| LANTHEUS HOLDINGS, INC.                        | LANTHEUS HOLDINGS INC                    | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |      9371 | NS      | $477546.16    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| ICHOR HOLDINGS, LTD.                           | ICHOR HOLDINGS LTD                       | CUSIP: G4740B105<br>LEI: 529900PS8R2JVLJ2H892 | Long             | EC               | CORP              | KY        |     50990 | NS      | $1367551.80   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| MYR GROUP INC.                                 | MYR GROUP INC                            | CUSIP: 55405W104<br>LEI: 529900G1IMMZHOQ17I54 | Long             | EC               | CORP              | US        |      7381 | NS      | $679568.67    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON OUTDOORS INC.                          | JOHNSON OUTDOORS INC                     | CUSIP: 479167108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16070 | NS      | $1062548.40   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEAN ENERGY FUELS CORP.                       | CLEAN ENERGY FUELS CORP                  | CUSIP: 184499101<br>LEI: 549300MTQB4VUAOPMF71 | Long             | EC               | CORP              | US        |    169990 | NS      | $883948.00    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| IMMERSION CORPORATION                          | IMMERSION CORPORATION                    | CUSIP: 452521107<br>LEI: 529900AKNC1UAMQ2YB35 | Long             | EC               | CORP              | US        |    205040 | NS      | $1441431.20   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| PERFICIENT, INC.                               | PERFICIENT INC                           | CUSIP: 71375U101<br>LEI: 549300HTBXKL2755T650 | Long             | EC               | CORP              | US        |     10460 | NS      | $730421.80    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VERICEL CORPORATION                            | VERICEL CORP                             | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |     28570 | NS      | $752533.80    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNOPTA INC.                                   | SUNOPTA INC                              | CUSIP: 8676EP108<br>LEI: 54930010CP0KEPPRPA40 | Long             | EC               | CORP              | CA        |     24840 | NS      | $209649.60    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ULTRA CLEAN HOLDINGS, INC.                     | ULTRA CLEAN HOLDINGS INC                 | CUSIP: 90385V107<br>LEI: 5493007L6LS7QX18PE75 | Long             | EC               | CORP              | US        |     36063 | NS      | $1195488.45   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| PREFORMED LINE PRODUCTS COMPANY                | PREFORMED LINE PRODUCTS CO               | CUSIP: 740444104<br>LEI: 549300EYH53XDJID2098 | Long             | EC               | CORP              | US        |     11290 | NS      | $940344.10    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| THE GREENBRIER COMPANIES, INC.                 | GREENBRIER COS INC THE                   | CUSIP: 393657101<br>LEI: 5493001GAGGFR30BP390 | Long             | EC               | CORP              | US        |     34670 | NS      | $1162485.10   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| QUEST RESOURCE HOLDING CORPORATION             | QUEST RESOURCE HOLDING CORP              | CUSIP: 74836W203<br>LEI: 54930088J62L2GTB0F58 | Long             | EC               | CORP              | US        |     72030 | NS      | $440103.30    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Karat Packaging Inc                            | KARAT PACKAGING INC                      | CUSIP: 48563L101<br>LEI: 549300JYUKCQP3P8D632 | Long             | EC               | CORP              | US        |     19650 | NS      | $282370.50    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| LIMBACH HOLDINGS, INC.                         | LIMBACH HOLDINGS INC                     | CUSIP: 53263P105<br>LEI: 254900EW8KXT5ZTWQI30 | Long             | EC               | CORP              | US        |     53160 | NS      | $553395.60    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| LEMAITRE VASCULAR, INC.                        | LEMAITRE VASCULAR INC                    | CUSIP: 525558201<br>LEI: 549300FZUBUB7MHY8R17 | Long             | EC               | CORP              | US        |     33096 | NS      | $1523077.92   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CRYOPORT, INC.                                 | CRYOPORT INC                             | CUSIP: 229050307<br>LEI: 9845004D8538BT8JF626 | Long             | EC               | CORP              | US        |     26160 | NS      | $453876.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| CEVA, INC                                      | CEVA INC                                 | CUSIP: 157210105<br>LEI: 529900G9T7CVU2J2VU73 | Long             | EC               | CORP              | US        |     18540 | NS      | $474253.20    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLIED MOTION TECHNOLOGIES INC.                | ALLIED MOTION TECHNOLOGIES INC           | CUSIP: 019330109<br>LEI: 549300I2LHAWYGNBPM97 | Long             | EC               | CORP              | US        |     36637 | NS      | $1275333.97   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| M/I HOMES, INC.                                | M I HOMES INC                            | CUSIP: 55305B101<br>LEI: 5299005M71FH9CCSFB69 | Long             | EC               | CORP              | US        |     17445 | NS      | $805610.10    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| U. S. PHYSICAL THERAPY, INC.                   | US PHYSICAL THERAPY INC                  | CUSIP: 90337L108<br>LEI: 529900KL1UXQYFIOMY96 | Long             | EC               | CORP              | US        |      8350 | NS      | $676600.50    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| BAYCOM CORP                                    | BAYCOM CORP                              | CUSIP: 07272M107<br>LEI: 549300UOLS54Q5ONIG33 | Long             | EC               | CORP              | US        |     36276 | NS      | $688518.48    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| ADDUS HOMECARE CORPORATION                     | ADDUS HOMECARE CORP                      | CUSIP: 006739106<br>LEI: 52990090ZT33AKPDBX62 | Long             | EC               | CORP              | US        |     10011 | NS      | $995994.39    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| TWIN DISC, INCORPORATED                        | TWIN DISC INC                            | CUSIP: 901476101<br>LEI: 549300FR8EHCY14BLP32 | Long             | EC               | CORP              | US        |     47460 | NS      | $461311.20    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Koppers Holdings Inc.                          | KOPPERS HOLDINGS INC                     | CUSIP: 50060P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28257 | NS      | $796847.40    | 1.09%             |  |  |  | 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        |     13356 | NS      | $13356.25     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SLEEP NUMBER CORPORATION                       | SLEEP NUMBER CORP                        | CUSIP: 83125X103<br>LEI: 529900W0TZQLBT2DSS66 | Long             | EC               | CORP              | US        |      4980 | NS      | $129380.40    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawkins, Inc.                                  | HAWKINS INC                              | CUSIP: 420261109<br>LEI: 549300VL3IJ23OWX1Y34 | Long             | EC               | CORP              | US        |      9610 | NS      | $370946.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| NVE Corporation                                | NVE CORP                                 | CUSIP: 629445206<br>LEI: 5299003C1ATTWX8X0112 | Long             | EC               | CORP              | US        |     10510 | NS      | $680522.50    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| THE SHYFT GROUP, INC.                          | SHYFT GROUP INC                          | CUSIP: 825698103<br>LEI: 549300YY0TB51BGRV994 | Long             | EC               | CORP              | US        |     17216 | NS      | $427989.76    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHWEST PIPE COMPANY                         | NORTHWEST PIPE CO                        | CUSIP: 667746101<br>LEI: 54930056VW2CRCZ9RE54 | Long             | EC               | CORP              | US        |     25970 | NS      | $875189.00    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CLIMB GLOBAL SOLUTIONS, INC.                   | CLIMB GLOBAL SOLUTIONS INC               | CUSIP: 946760105<br>LEI: 549300LKM16VX2FG7J68 | Long             | EC               | CORP              | US        |     21330 | NS      | $672534.90    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| CATALYST PHARMACEUTICALS, INC.                 | CATALYST PHARMACEUTICALS INC             | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |     40330 | NS      | $750138.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AVANOS MEDICAL, INC.                           | AVANOS MEDICAL INC                       | CUSIP: 05350V106<br>LEI: 549300YCXWOM7NEWMQ58 | Long             | EC               | CORP              | US        |     27680 | NS      | $749020.80    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCRAFT BOAT HOLDINGS, INC.                | MASTERCRAFT BOAT HOLDINGS INC            | CUSIP: 57637H103<br>LEI: 549300IXWX41555YJ117 | Long             | EC               | CORP              | US        |     25980 | NS      | $672102.60    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| VANDA PHARMACEUTICALS INC.                     | VANDA PHARMACEUTICALS INC                | CUSIP: 921659108<br>LEI: 529900AY8VOOQBKJ0O70 | Long             | EC               | CORP              | US        |     27820 | NS      | $205589.80    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTURY COMMUNITIES, INC.                      | CENTURY COMMUNITIES INC                  | CUSIP: 156504300<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | EC               | CORP              | US        |     15640 | NS      | $782156.40    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Profire Energy Inc                             | PROFIRE ENERGY INC                       | CUSIP: 74316X101<br>LEI: 5299000Z8I499RSMID74 | Long             | EC               | CORP              | US        |    163200 | NS      | $171360.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CHUY'S HOLDINGS, INC.                          | CHUY S HOLDINGS INC                      | CUSIP: 171604101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23354 | NS      | $660918.20    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Bowman Consulting Group Ltd                    | BOWMAN CONSULTING GROUP LTD              | CUSIP: 103002101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44030 | NS      | $962055.50    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| INSTEEL INDUSTRIES, INC.                       | INSTEEL INDUSTRIES INC                   | CUSIP: 45774W108<br>LEI: 52990026LKY4MOX3L174 | Long             | EC               | CORP              | US        |     35945 | NS      | $989206.40    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| OLD SECOND BANCORP, INC.                       | OLD SECOND BANCORP INC                   | CUSIP: 680277100<br>LEI: 549300XVJC1MPUT81C04 | Long             | EC               | CORP              | US        |     59482 | NS      | $954091.28    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Vital Farms Inc                                | VITAL FARMS INC                          | CUSIP: 92847W103<br>LEI: 549300S6NYY7ER3XOT61 | Long             | EC               | CORP              | US        |     54380 | NS      | $811349.60    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| LIQUIDITY SERVICES, INC.                       | LIQUIDITY SERVICES INC                   | CUSIP: 53635B107<br>LEI: 5299002AZ4ULSAXN0G81 | Long             | EC               | CORP              | US        |     13610 | NS      | $191356.60    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| RICHARDSON ELECTRONICS, LTD.                   | RICHARDSON ELECTRONICS LTD UNITED STATES | CUSIP: 763165107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21640 | NS      | $461581.20    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| ARTIVION, INC.                                 | ARTIVION INC                             | CUSIP: 228903100<br>LEI: 549300YTKV8DMSMG6K81 | Long             | EC               | CORP              | US        |     31965 | NS      | $387415.80    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| OVERSTOCK.COM, INC.                            | OVERSTOCK COM INC                        | CUSIP: 690370101<br>LEI: 549300ACR0DL9U7EI710 | Long             | EC               | CORP              | US        |     34150 | NS      | $661144.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CERENCE INC.                                   | CERENCE INC                              | CUSIP: 156727109<br>LEI: 5493002WL2W5WMS89568 | Long             | EC               | CORP              | US        |     20860 | NS      | $386535.80    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| MESA LABORATORIES, INC.                        | MESA LABORATORIES INC                    | CUSIP: 59064R109<br>LEI: 549300ZCG738WLX8ZW79 | Long             | EC               | CORP              | US        |      2723 | NS      | $452589.83    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| OPTIMIZERx Corp                                | OPTIMIZERX CORP                          | CUSIP: 68401U204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37400 | NS      | $628320.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVERSAL TECHNICAL INSTITUTE, INC.            | UNIVERSAL TECHNICAL INSTITUTE INC        | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |    154080 | NS      | $1035417.60   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| JAMES RIVER GROUP HOLDINGS, LTD.               | JAMES RIVER GROUP HOLDINGS LTD           | CUSIP: G5005R107<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     19100 | NS      | $399381.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST BUSEY CORPORATION                        | FIRST BUSEY CORP                         | CUSIP: 319383204<br>LEI: 549300X4ZNLYSX7GUY60 | Long             | EC               | CORP              | US        |     58821 | NS      | $1454055.12   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NAPCO SECURITY TECHNOLOGIES, INC.              | NAPCO SEC SYS INC                        | CUSIP: 630402105<br>LEI: 529900KV21J4YY9YST76 | Long             | EC               | CORP              | US        |     55720 | NS      | $1531185.60   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ'S RESTAURANTS, INC.                         | BJ S RESTAURANTS INC                     | CUSIP: 09180C106<br>LEI: 5299000EOW66I1OJNQ23 | Long             | EC               | CORP              | US        |     27864 | NS      | $735052.32    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PAR TECHNOLOGY CORPORATION                     | PAR TECHNOLOGY CORP                      | CUSIP: 698884103<br>LEI: 549300HYPTHBJQINVG57 | Long             | EC               | CORP              | US        |     31776 | NS      | $828400.32    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| GLADSTONE LAND CORPORATION                     | GLADSTONE LAND CORP                      | CUSIP: 376549101<br>LEI: 54930002B3Q17H38FG74 | Long             | EC               | CORP              | US        |     23200 | NS      | $425720.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| EPLUS INC.                                     | EPLUS INC                                | CUSIP: 294268107<br>LEI: 529900FFY8AAFJ21NE91 | Long             | EC               | CORP              | US        |     37722 | NS      | $1670330.16   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSCAT, INC.                                 | TRANSCAT INC                             | CUSIP: 893529107<br>LEI: 54930081E40TSSHUOS40 | Long             | EC               | CORP              | US        |     31701 | NS      | $2246649.87   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| P10 Inc                                        | P10 INC                                  | CUSIP: 69376K106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36050 | NS      | $384653.50    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| LAZYDAYS HOLDINGS, INC.                        | LAZYDAYS HOLDINGS INC                    | CUSIP: 52110H100<br>LEI: 5493006PPWVM3TDVJH23 | Long             | EC               | CORP              | US        |     56590 | NS      | $675684.60    | 0.93%             |  |  |  | No            |                  1 | On Loan: —       |
| BASSETT FURNITURE INDUSTRIES, INCORPORATED     | BASSETT FURNITURE INDUSTRIES INC         | CUSIP: 070203104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53190 | NS      | $924442.20    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOLIFE SOLUTIONS, INC.                        | BIOLIFE SOLUTIONS INC                    | CUSIP: 09062W204<br>LEI: 549300G2IVCMC2TJDW72 | Long             | EC               | CORP              | US        |     53774 | NS      | $978686.80    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BEAUTY HEALTH COMPANY                      | BEAUTY HEALTH CO THE                     | CUSIP: 88331L108<br>LEI: 5493001Z2JZQT4C63C50 | Long             | EC               | CORP              | US        |     56530 | NS      | $514423.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| ARC DOCUMENT SOLUTIONS, INC.                   | ARC DOCUMENT SOLUTIONS INC               | CUSIP: 00191G103<br>LEI: 529900E4UQREZKXE7O60 | Long             | EC               | CORP              | US        |    233850 | NS      | $685180.50    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| APOLLO MEDICAL HOLDINGS, INC.                  | APOLLO MEDICAL HOLDINGS INC              | CUSIP: 03763A207<br>LEI: 5493008O4R82Q4STJ936 | Long             | EC               | CORP              | US        |     19220 | NS      | $568719.80    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO          | INVESCO GVT & AGNCY-INST                 | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     13356 | NS      | $13356.25     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| RANPAK HOLDINGS CORP                           | RANPAK HOLDINGS CORP                     | CUSIP: 75321W103<br>LEI: 5493000Z9EZR9DCYOO86 | Long             | EC               | CORP              | US        |     48930 | NS      | $282326.10    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPRO GROUP HOLDINGS N.V.                      | EXPRO GROUP HOLDINGS NV                  | CUSIP: N3144W105<br>LEI: 724500LJYA8QIT73H017 | Long             | EC               | CORP              | NL        |     58416 | NS      | $1059082.08   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SELECT ENERGY SERVICES, INC.                   | SELECT ENERGY SERVICES INC               | CUSIP: 81617J301<br>LEI: 54930094OK8LA3QDW486 | Long             | EC               | CORP              | US        |     94210 | NS      | $870500.40    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Latham Group Inc                               | LATHAM GROUP INC                         | CUSIP: 51819L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100360 | NS      | $323159.20    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY RECOVERY, INC.                          | ENERGY RECOVERY INC                      | CUSIP: 29270J100<br>LEI: 549300ZEQL52Z525WJ22 | Long             | EC               | CORP              | US        |     26350 | NS      | $539911.50    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| GRID DYNAMICS HOLDINGS, INC.                   | GRID DYNAMICS HOLDINGS INC               | CUSIP: 39813G109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    103080 | NS      | $1156557.60   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| TETRA TECHNOLOGIES, INC.                       | TETRA TECHNOLOGIES INC                   | CUSIP: 88162F105<br>LEI: 549300T5W131705EK832 | Long             | EC               | CORP              | US        |    565550 | NS      | $1956803.00   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| GOPRO, INC                                     | GOPRO INC                                | CUSIP: 38268T103<br>LEI: 549300CQJMLT21SZFL16 | Long             | EC               | CORP              | US        |     73090 | NS      | $363988.20    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| RPC, INC.                                      | RPC INC                                  | CUSIP: 749660106<br>LEI: 549300ZDXAFBC3SB4918 | Long             | EC               | CORP              | US        |    222980 | NS      | $1982292.20   | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Joint Corp                                     | JOINT CORP THE                           | CUSIP: 47973J102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24587 | NS      | $343726.26    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| COLONY BANKCORP, INC.                          | COLONY BANKCORP INC                      | CUSIP: 19623P101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19360 | NS      | $245678.40    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| THE YORK WATER COMPANY                         | YORK WATER CO THE                        | CUSIP: 987184108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20610 | NS      | $927037.80    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CONCRETE PUMPING HOLDINGS, INC.                | CONCRETE PUMPING HOLDINGS INC            | CUSIP: 206704108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     75530 | NS      | $441850.50    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| RUTH'S HOSPITALITY GROUP, INC.                 | RUTH S HOSPITALITY GROUP INC             | CUSIP: 783332109<br>LEI: 529900JQW9JP41OHOD14 | Long             | EC               | CORP              | US        |     66610 | NS      | $1031122.80   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIGHTSPHERE INVESTMENT GROUP INC..            | BRIGHTSPHERE INVESTMENT GROUP            | CUSIP: 10948W103<br>LEI: 5493004FTLQNQTBOP608 | Long             | EC               | CORP              | US        |     48580 | NS      | $999776.40    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| HOLLEY INC.                                    | HOLLEY INC                               | CUSIP: 43538H103<br>LEI: 254900EEM9JI9G1A4D88 | Long             | EC               | CORP              | US        |     68420 | NS      | $145050.40    | 0.20%             |  |  |  | No            |                  1 | On Loan: —       |
| PARK AEROSPACE CORP.                           | PARK AEROSPACE CORP                      | CUSIP: 70014A104<br>LEI: 5299004AG0G7IB636095 | Long             | EC               | CORP              | US        |     41560 | NS      | $557319.60    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP TECHNOLOGIES, INC.                         | UFP TECHNOLOGIES INC                     | CUSIP: 902673102<br>LEI: 549300RJ8LY41HS70C91 | Long             | EC               | CORP              | US        |     13030 | NS      | $1536106.70   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ATRION CORPORATION                             | ATRION CORPORATION                       | CUSIP: 049904105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1194 | NS      | $667983.30    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| LUNA INNOVATIONS INCORPORATED                  | LUNA INNOVATIONS INC                     | CUSIP: 550351100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    151430 | NS      | $1331069.70   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| MOVADO GROUP, INC.                             | MOVADO GROUP INC                         | CUSIP: 624580106<br>LEI: 549300WCGCGPWGHVXM59 | Long             | EC               | CORP              | US        |     32950 | NS      | $1062637.50   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF GOVERNMENT-INST                    | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     13356 | NS      | $13356.25     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NATURAL GAS SERVICES GROUP, INC.               | NATURAL GAS SERVICES GROUP INC           | CUSIP: 63886Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31078 | NS      | $356153.88    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CIRCOR INTERNATIONAL, INC.                     | CIRCOR INTERNATIONAL INC                 | CUSIP: 17273K109<br>LEI: 5493007701O01N3FQM69 | Long             | EC               | CORP              | US        |     38790 | NS      | $929408.40    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Solaris Oilfield Infrastructure Inc            | SOLARIS OILFIELD INFRAST A               | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |     54510 | NS      | $541284.30    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| THE FIRST BANCSHARES, INC.                     | FIRST BANCSHARES INC THE                 | CUSIP: 318916103<br>LEI: 5493006DL5RXJODMAF36 | Long             | EC               | CORP              | US        |     20617 | NS      | $659950.17    | 0.91%             |  |  |  | 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        |     13356 | NS      | $13356.25     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DYNAVAX TECHNOLOGIES CORPORATION               | DYNAVAX TECHNOLOGIES CORP                | CUSIP: 268158201<br>LEI: 549300T5URIXWDILX594 | Long             | EC               | CORP              | US        |     52210 | NS      | $555514.40    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| ARGAN, INC.                                    | ARGAN INC                                | CUSIP: 04010E109<br>LEI: 529900E4KZWBV9KGBS83 | Long             | EC               | CORP              | US        |      9560 | NS      | $352572.80    | 0.48%             |  |  |  | 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