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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TEVA PHARMACEUTICAL INDUSTRIES LIMITED</name>
        <lei>549300BAFGM4RC74ZJ94</lei>
        <title>TEVA PHARMACEUTICAL INDUSTRIES LTD</title>
        <cusip>881624209</cusip>
        <identifiers>
          <isin value="US8816242098"/>
          <other otherDesc="Internal" value="881624209"/>
        </identifiers>
        <balance>79390.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2391226.80000000</valUSD>
        <pctVal>3.320729056237</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="ADR"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LONDON STOCK EXCHANGE GROUP PLC</name>
        <lei>213800QAUUUP6I445N30</lei>
        <title>LONDON STOCK EXCHANGE GROUP PLC</title>
        <cusip>54211Y107</cusip>
        <identifiers>
          <isin value="US54211Y1073"/>
          <other otherDesc="Internal" value="54211Y107"/>
        </identifiers>
        <balance>75820.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2261710.60000000</valUSD>
        <pctVal>3.140868154464</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="ADR"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TFI International Inc.</name>
        <lei>5493007R9W7KO7SJN678</lei>
        <title>TFI INTERNATIONAL INC</title>
        <cusip>87241L109</cusip>
        <identifiers>
          <isin value="CA87241L1094"/>
          <other otherDesc="Internal" value="87241L109"/>
        </identifiers>
        <balance>15240.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1655521.20000000</valUSD>
        <pctVal>2.299044721336</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE ST. JOE COMPANY</name>
        <lei>529900XVHOT3BF8PWG49</lei>
        <title>ST JOE CO</title>
        <cusip>790148100</cusip>
        <identifiers>
          <isin value="US7901481009"/>
          <other otherDesc="Internal" value="790148100"/>
        </identifiers>
        <balance>54480.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3421344.00000000</valUSD>
        <pctVal>4.751266769084</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLOBE LIFE INC.</name>
        <lei>5493001JFHKQOPP6XA71</lei>
        <title>GLOBE LIFE INC</title>
        <cusip>37959E102</cusip>
        <identifiers>
          <isin value="US37959E1029"/>
          <other otherDesc="Internal" value="37959E102"/>
        </identifiers>
        <balance>26560.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3696355.20000000</valUSD>
        <pctVal>5.133178548691</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNUM GROUP</name>
        <lei>549300E32YFDO6TZ8R31</lei>
        <title>UNUM GROUP</title>
        <cusip>91529Y106</cusip>
        <identifiers>
          <isin value="US91529Y1064"/>
          <other otherDesc="Internal" value="91529Y106"/>
        </identifiers>
        <balance>30730.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2244211.90000000</valUSD>
        <pctVal>3.116567472681</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Matson Inc</name>
        <lei>549300OI5H3Y0I9I4I12</lei>
        <title>MATSON INC</title>
        <cusip>57686G105</cusip>
        <identifiers>
          <isin value="US57686G1058"/>
          <other otherDesc="Internal" value="57686G105"/>
        </identifiers>
        <balance>11560.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1895146.40000000</valUSD>
        <pctVal>2.631815483292</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MARKETAXESS HOLDINGS INC.</name>
        <lei>5493002U1CA1XJOVID83</lei>
        <title>MARKETAXESS HOLDINGS INC</title>
        <cusip>57060D108</cusip>
        <identifiers>
          <isin value="US57060D1081"/>
          <other otherDesc="Internal" value="57060D108"/>
        </identifiers>
        <balance>21780.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3593264.40000000</valUSD>
        <pctVal>4.990014957939</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CORPAY, INC.</name>
        <lei>549300DG6RR0NQSFLN74</lei>
        <title>CORPAY INC</title>
        <cusip>219948106</cusip>
        <identifiers>
          <isin value="US2199481068"/>
          <other otherDesc="Internal" value="219948106"/>
        </identifiers>
        <balance>7950.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2313370.50000000</valUSD>
        <pctVal>3.212608957541</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly total returns reported under item B.5.a do not include any sales or redemption charges, as applicable." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios</ncom:nameOfApplicant>
      <ncom:signature>Carol D. Trevino</ncom:signature>
      <ncom:signerName>Carol D. Trevino</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
