# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0001752724-25-210066
**Filing Date:** 2025-8
**Character Count:** 31022
**Document Hash:** 4c4c2e5375f887ec7f40795bf36868d9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-210066.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-210066

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20251231

**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:** 251268237

**BUSINESS ADDRESS:**
- **STREET 1:** 4900 TIEDEMAN ROAD
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144
- **BUSINESS PHONE:** 6144708000

**MAIL ADDRESS:**
- **STREET 1:** 4900 TIEDEMAN ROAD
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOCIETY FUNDS
- **DATE OF NAME CHANGE:** 19940906

## Series and Classes Contracts Data

### Victory RS Science and Technology Fund (Series ID: S000053582)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168412 | Class A      | RSIFX           |
| C000168413 | Class C      | RINCX           |
| C000168415 | Class Y      | RIFYX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Victory Portfolios

- **b. Investment Company Act file number:** 811-04852

- **c. CIK number of Registrant:** 0000802716

- **d. LEI of Registrant:** 549300V07N3HJP1EW330

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 4900 Tiedeman Road 4th Floor

  - **City:** Brooklyn

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 44144

  - **Telephone number:** 800-539-3863

**Item A.2. Information about the Series.**

- **a. Name of Series:** Victory RS Science & Technology Fund

- **b. EDGAR series identifier (if any):** S000053582

- **c. LEI of Series:** 549300YNZR8S7NDWVW17

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**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:** $206893679.81

**Total Liabilities:** $3876384.24

**Net Assets:** $203017295.57

**Cash Not Reported:** $880551.76

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000168412 | 3.93%                | 8.91%                | 9.15%                |
| Class ID C000168415 | 3.96%                | 8.97%                | 9.16%                |
| Class ID C000168413 | 3.87%                | 8.87%                | 9.04%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-413648.83              | $7076384.09                                |
| Month 2  | $1448102.88              | $14245386.45                               |
| Month 3  | $1874163.06              | $15423581.04                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Samsara Inc                                    | SAMSARA INC                        | CUSIP: 79589L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7990 | NS      | $317842.20    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Krystal Biotech Inc                            | KRYSTAL BIOTECH INC                | CUSIP: 501147102<br>LEI: 549300YONUY68210OE41 | Long             | EC               | CORP              | US        |      5460 | NS      | $750531.60    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CAMP4 Therapeutics Corp                        | CAMP4 THERAPEUTICS CORP            | CUSIP: 13463J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59540 | NS      | $86333.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| MADRIGAL PHARMACEUTICALS, INC.                 | MADRIGAL PHARMACEUTICALS INC       | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |      2720 | NS      | $823180.80    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM, INC.                               | AMAZON COM INC                     | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     35420 | NS      | $7770793.80   | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIDGEBIO PHARMA, INC.                         | BRIDGEBIO PHARMA INC               | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |     25020 | NS      | $1080363.60   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| GUARDANT HEALTH, INC.                          | GUARDANT HEALTH INC                | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |     58030 | NS      | $3019881.20   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Biohaven Ltd                                   | BIOHAVEN LTD                       | CUSIP: G1110E107<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |     25940 | NS      | $366013.40    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Shift4 Payments Inc                            | SHIFT4 PAYMENTS INC CLASS A        | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20260 | NS      | $2007968.60   | 0.99%             |  |  |  | No            |                  1 | On Loan: —       |
| APPLOVIN CORPORATION                           | APPLOVIN CORP                      | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |     26390 | NS      | $9238611.20   | 4.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Viridian Therapeutics Inc                      | VIRIDIAN THERAPEUTICS INC          | CUSIP: 92790C104<br>LEI: 549300C775BNYF550E70 | Long             | EC               | CORP              | US        |     64850 | NS      | $906603.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| INSMED INCORPORATED                            | INSMED INC                         | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     27260 | NS      | $2743446.40   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Janux Therapeutics Inc                         | JANUX THERAPEUTICS INC             | CUSIP: 47103J105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15657 | NS      | $361676.70    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuvalent Inc                                   | NUVALENT INC                       | CUSIP: 670703107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15430 | NS      | $1177309.00   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Disc Medicine Inc                              | DISC MEDICINE INC                  | CUSIP: 254604101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23950 | NS      | $1268392.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVANTA INC.                                   | NOVANTA INC                        | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      6050 | NS      | $780026.50    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| VARONIS SYSTEMS, INC.                          | VARONIS SYSTEMS INC                | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |    110780 | NS      | $5622085.00   | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| WIX.COM LTD                                    | WIX COM LTD                        | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |      9760 | NS      | $1546569.60   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| SNOWFLAKE INC.                                 | SNOWFLAKE INC CLASS A              | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |     19430 | NS      | $4347851.10   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTA NETWORKS, INC.                          | ARISTA NETWORKS INC                | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |     19840 | NS      | $2029830.40   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPINJ, INC.                                   | IMPINJ INC                         | CUSIP: 453204109<br>LEI: 549300M26VGKSMMWWN17 | Long             | EC               | CORP              | US        |      7730 | NS      | $858571.10    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Crinetics Pharmaceuticals Inc                  | CRINETICS PHARMACEUTICALS INC      | CUSIP: 22663K107<br>LEI: 549300Q1CNFXK5P31D28 | Long             | EC               | CORP              | US        |     37290 | NS      | $1072460.40   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultragenyx Pharmaceutical Inc                  | ULTRAGENYX PHARMACEUTICAL INC      | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |     27020 | NS      | $982447.20    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TRADE DESK, INC.                           | THE TRADE DESK INC CLASS A         | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |     29980 | NS      | $2158260.20   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORPORATION                             | NVIDIA CORP                        | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    118950 | NS      | $18792910.50  | 9.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Twist Bioscience Corp                          | TWIST BIOSCIENCE CORP              | CUSIP: 90184D100<br>LEI: 549300T23BL59LCOH584 | Long             | EC               | CORP              | US        |     21820 | NS      | $802757.80    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| MoonLake Immunotherapeutics                    | MOONLAKE IMMUNOTHERAPEUTICS        | CUSIP: 61559X104<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     18880 | NS      | $891136.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                           | META PLATFORMS INC                 | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     24100 | NS      | $17787969.00  | 8.76%             |  |  |  | No            |                  1 | On Loan: No      |
| DYNATRACE, INC.                                | DYNATRACE INC                      | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |     26070 | NS      | $1439324.70   | 0.71%             |  |  |  | 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        |    910749 | NS      | $910748.69    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MARVELL TECHNOLOGY, INC                        | MARVELL TECHNOLOGY INC             | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42530 | NS      | $3291822.00   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| CONFLUENT, INC.                                | CONFLUENT INC                      | CUSIP: 20717M103<br>LEI: 254900MRZ83YWUV7SN74 | Long             | EC               | CORP              | US        |     82700 | NS      | $2061711.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY AND COMPANY                          | ELI LILLY CO                       | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      4630 | NS      | $3609223.90   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIR ISAAC CORPORATION                         | FAIR ISAAC CORP                    | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |      2780 | NS      | $5081728.80   | 2.50%             |  |  |  | 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        |    910749 | NS      | $910748.69    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| TRIMBLE INC.                                   | TRIMBLE INC                        | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |     42890 | NS      | $3258782.20   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Zymeworks Inc                                  | ZYMEWORKS INC                      | CUSIP: 98985Y108<br>LEI: 894500AHOYAGYLYZJL67 | Long             | EC               | CORP              | US        |     21670 | NS      | $271958.50    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                          | MICROSOFT CORP                     | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     34600 | NS      | $17210386.00  | 8.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Protagonist Therapeutics Inc                   | PROTAGONIST THERAPEUTICS INC       | CUSIP: 74366E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20230 | NS      | $1118112.10   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| MAXLINEAR, INC.                                | MAXLINEAR INC                      | CUSIP: 57776J100<br>LEI: 549300EMOI0SM2IY4F64 | Long             | EC               | CORP              | US        |    138720 | NS      | $1971211.20   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Credo Technology Group Holding Ltd             | CREDO TECHNOLOGY GROUP HOLDING LTD | CUSIP: G25457105<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     42370 | NS      | $3923038.30   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp.                                 | COHERENT CORP                      | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |     29800 | NS      | $2658458.00   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyra Biosciences Inc                           | TYRA BIOSCIENCES INC               | CUSIP: 90240B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27770 | NS      | $265758.90    | 0.13%             |  |  |  | No            |                  1 | On Loan: —       |
| Oric Pharmaceuticals Inc                       | ORIC PHARMACEUTICALS INC           | CUSIP: 68622P109<br>LEI: 54930033FJRNEYBW0L25 | Long             | EC               | CORP              | US        |     93500 | NS      | $949025.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| monday.com Ltd                                 | MONDAY COM LTD                     | CUSIP: M7S64H106<br>LEI: 984500MDAFVD86E3B328 | Long             | EC               | CORP              | IL        |      4190 | NS      | $1317671.20   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Navitas Semiconductor Corp                     | NAVITAS SEMICONDUCTOR CORP         | CUSIP: 63942X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    202150 | NS      | $1324082.50   | 0.65%             |  |  |  | No            |                  1 | On Loan: —       |
| Revolution Medicines Inc                       | REVOLUTION MEDICINES INC           | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |     39680 | NS      | $1459827.20   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| TAKE-TWO INTERACTIVE SOFTWARE, INC.            | TAKE TWO INTERACTIVE SOFTWARE      | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |     12750 | NS      | $3096337.50   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| MONOLITHIC POWER SYSTEMS, INC.                 | MONOLITHIC POWER SYSTEMS INC       | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |      5930 | NS      | $4337083.40   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| AnaptysBio Inc                                 | ANAPTYSBIO INC                     | CUSIP: 032724106<br>LEI: 529900HH4WQT03IG1A12 | Long             | EC               | CORP              | US        |     58110 | NS      | $1290042.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: —       |
| Avidity Biosciences Inc                        | AVIDITY BIOSCIENCES INC            | CUSIP: 05370A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9960 | NS      | $282864.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CYBERARK SOFTWARE LTD.                         | CYBERARK SOFTWARE LTD              | CUSIP: M2682V108<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |      6270 | NS      | $2551137.60   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NATERA, INC.                                   | NATERA INC                         | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13840 | NS      | $2338129.60   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF GOVERNMENT-INST              | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    910749 | NS      | $910748.68    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Kymera Therapeutics Inc                        | KYMERA THERAPEUTICS INC            | CUSIP: 501575104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6920 | NS      | $301988.80    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| LAM RESEARCH CORPORATION                       | LAM RESEARCH CORP                  | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     17090 | NS      | $1663540.60   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Therapeutics Inc                        | APOGEE THERAPEUTICS INC            | CUSIP: 03770N101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25280 | NS      | $1097910.40   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Replimune Group Inc                            | REPLIMUNE GROUP INC                | CUSIP: 76029N106<br>LEI: 549300AY704NEIRC4K64 | Long             | EC               | CORP              | US        |     54740 | NS      | $508534.60    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICENOW, INC.                               | SERVICENOW INC                     | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      5460 | NS      | $5613316.80   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Absci Corp                                     | ABSCI CORP                         | CUSIP: 00091E109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     94970 | NS      | $244072.90    | 0.12%             |  |  |  | No            |                  1 | On Loan: —       |
| GitLab Inc                                     | GITLAB INC                         | CUSIP: 37637K108<br>LEI: 9845004Y40FACG81ED49 | Long             | EC               | CORP              | US        |     18990 | NS      | $856638.90    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| REDDIT INC.                                    | REDDIT INC                         | CUSIP: 75734B100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13810 | NS      | $2079371.70   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Nurix Therapeutics Inc                         | NURIX THERAPEUTICS INC             | CUSIP: 67080M103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21140 | NS      | $240784.60    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ATHENEX INC                                    | ATHENEX INC                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |   1346518 | NS      | $0.01         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Arcellx Inc                                    | ARCELLX INC                        | CUSIP: 03940C100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16370 | NS      | $1077964.50   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Merus NV                                       | MERUS NV                           | CUSIP: N5749R100<br>LEI: 549300W8GPUWU8QNU293 | Long             | EC               | CORP              | NL        |     10300 | NS      | $541780.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC.                                      | VISA INC CLASS A                   | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     12050 | NS      | $4278352.50   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| FABRINET                                       | FABRINET                           | CUSIP: G3323L100<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | KY        |      6070 | NS      | $1788707.60   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSTRATEGY INCORPORATED                     | MICROSTRATEGY INC CLASS A          | CUSIP: 594972408<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EC               | CORP              | US        |      3500 | NS      | $1414805.00   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX, INC.                                  | NETFLIX INC                        | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      6510 | NS      | $8717736.30   | 4.29%             |  |  |  | No            |                  1 | On Loan: No      |
| SALESFORCE, INC.                               | SALESFORCE INC                     | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      6290 | NS      | $1715220.10   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Spyre Therapeutics Inc                         | SPYRE THERAPEUTICS INC             | CUSIP: 00773J202<br>LEI: 52990017AIJPRH3HQH40 | Long             | EC               | CORP              | US        |     20018 | NS      | $299669.46    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Olema Pharmaceuticals Inc                      | OLEMA PHARMACEUTICALS INC          | CUSIP: 68062P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     66530 | NS      | $283417.80    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC.      | MACOM TECHNOLOGY SOLUTIONS HOL     | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36890 | NS      | $5285968.10   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMTECH CORPORATION                            | SEMTECH CORP                       | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |     58870 | NS      | $2657391.80   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| VEEVA SYSTEMS INC.                             | VEEVA SYSTEMS INC                  | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |      4250 | NS      | $1223915.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Vaxcyte Inc                                    | VAXCYTE INC                        | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |     19890 | NS      | $646623.90    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTEX PHARMACEUTICALS INCORPORATED            | VERTEX PHARAMACEUTICALS INC        | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      4270 | NS      | $1901004.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEAYA Biosciences Inc                         | IDEAYA BIOSCIENCES INC             | CUSIP: 45166A102<br>LEI: 549300ULW08F62IJML11 | Long             | EC               | CORP              | US        |     30480 | NS      | $640689.60    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Dyne Therapeutics Inc                          | DYNE THERAPEUTICS INC              | CUSIP: 26818M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26970 | NS      | $256754.40    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Klaviyo Inc                                    | KLAVIYO INC                        | CUSIP: 49845K101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     68110 | NS      | $2287133.80   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO          | INVESCO GVT & AGNCY-INST           | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    910749 | NS      | $910748.69    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** Victory Portfolios

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer