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      <regCity>San Antonio</regCity>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HILTON WORLDWIDE HOLDINGS INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>OLLIE'S BARGAIN OUTLET HOLDINGS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CHENIERE ENERGY, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>NOVANTA INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PENUMBRA, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>HUNTINGTON BANCSHARES INCORPORATED</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PERMIAN RESOURCES CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CELSIUS HOLDINGS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CHAMPION HOMES, INC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PLANET FITNESS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>HUBSPOT, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>COMFORT SYSTEMS USA, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ASCENDIS PHARMA A/S</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>AMERIPRISE FINANCIAL, INC.</name>
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        <name>PINTEREST, INC.</name>
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        <name>IONIS PHARMACEUTICALS, INC.</name>
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        <name>DATADOG, INC.</name>
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        <name>BWX TECHNOLOGIES, INC.</name>
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        <name>WINGSTOP INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>DYNATRACE, INC.</name>
        <lei>6488T0Z33CE9L61EX904</lei>
        <title>DYNATRACE INC</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <fairValLevel>1</fairValLevel>
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        <name>INVESCO GOVERNMENT &amp; AGENCY PORTFOLIO</name>
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        <fairValLevel>1</fairValLevel>
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        <name>IDEXX LABORATORIES, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Coherent Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>QUANTA SERVICES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>TARGA RESOURCES CORP.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>INSMED INCORPORATED</name>
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        <name>AFFIRM HOLDINGS, INC.</name>
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        <name>Waystar Holding Corp.</name>
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        <name>BURLINGTON STORES, INC.</name>
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        <name>Maplebear Inc</name>
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        <name>ROYAL CARIBBEAN CRUISES LTD.</name>
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        <name>REDDIT, INC.</name>
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        <title>REDDIT INC</title>
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        <fairValLevel>1</fairValLevel>
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        <name>MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC.</name>
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        <title>MACOM TECHNOLOGY SOLUTIONS HOL</title>
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        <name>BUILDERS FIRSTSOURCE, INC.</name>
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        </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>
