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      <regCik>0000802716</regCik>
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      <regStreet1>15935 La Cantera Parkway Building Two</regStreet1>
      <regCity>San Antonio</regCity>
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      <repPdEnd>2026-12-31</repPdEnd>
      <repPdDate>2026-06-30</repPdDate>
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    </fundInfo>
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        <fairValLevel>N/A</fairValLevel>
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        <fairValLevel>N/A</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SK hynix Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>REXEL SA</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BAWAG Group AG</name>
        <lei>529900S9YO2JHTIIDG38</lei>
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          <isin value="AT0000BAWAG2"/>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>INDONESIAN RUPIAH</name>
        <lei>N/A</lei>
        <title>INDONESIA RUPEE</title>
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          <isin value="N/A"/>
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        <invCountry>ID</invCountry>
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        <fairValLevel>N/A</fairValLevel>
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      <invstOrSec>
        <name>HOYA CORPORATION</name>
        <lei>353800X4VR3BHEUCJB42</lei>
        <title>HOYA CORP</title>
        <cusip>N/A</cusip>
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          <isin value="JP3837800006"/>
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        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ASML Holding N.V.</name>
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        <invCountry>NL</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NVIDIA CORPORATION</name>
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        <title>NVIDIA CORP</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SIMON PROPERTY GROUP, INC.</name>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UNICREDIT, SOCIETA PER AZIONI</name>
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          <isin value="IT0005239360"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IT</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>SOUTH AFRICAN RAND</name>
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          <isin value="N/A"/>
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        <invCountry>ZA</invCountry>
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        <fairValLevel>N/A</fairValLevel>
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      <invstOrSec>
        <name>Chubb Limited</name>
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        <title>CHUBB LIMITED</title>
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          <isin value="CH0044328745"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BOOKING HOLDINGS INC.</name>
        <lei>FXM8FAOHMYDIPD38UZ17</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Avolta AG</name>
        <lei>549300X53WDBVW7TIF57</lei>
        <title>DUFRY AG REG</title>
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        <invCountry>CH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>EIFFAGE SA</name>
        <lei>969500OQXKE5WDM9M994</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>RIO TINTO PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>DISCO CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>JAPANESE YEN</name>
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        <fairValLevel>N/A</fairValLevel>
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        <name>Logitech international S.A.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>FISHER &amp; PAYKEL HEALTHCARE CORPORATION LIMITED</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>CONOCOPHILLIPS</name>
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        <title>CONOCOPHILLIPS</title>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>DELTA AIR LINES, INC.</name>
        <lei>Q2CCMS6R0AS67HJMBN42</lei>
        <title>DELTA AIR LINES INC</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PULTEGROUP, INC.</name>
        <lei>N/A</lei>
        <title>PULTEGROUP INC</title>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
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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>2</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>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>ATCO LTD.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>PT Telkom Indonesia (Persero) Tbk</name>
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        <name>Aritzia Inc.</name>
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        <name>JOHNSON &amp; JOHNSON</name>
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        <name>GREAT BRITISH POUND</name>
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        <name>INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED</name>
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        <name>THE PNC FINANCIAL SERVICES GROUP, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>N/A</fairValLevel>
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        <name>MICRON TECHNOLOGY, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Open House Group Co.,LTD.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>JACKSON FINANCIAL INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Banco Bilbao Vizcaya Argentaria, S.A.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>FUJI ELECTRIC CO., LTD.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>CONSTELLATION ENERGY CORPORATION.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>SYNCHRONY FINANCIAL</name>
        <lei>549300RS7EWPM9MA6C78</lei>
        <title>SYNCHRONY FINANCIAL</title>
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        <name>COLGATE-PALMOLIVE COMPANY</name>
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        <name>APPLE INC.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
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        <name>GAZTRANSPORT ET TECHNIGAZ SA</name>
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        <name>Samsung Electronics Co., Ltd.</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>SAMSUNG ELECTRONICS CO LTD</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>ELI LILLY AND COMPANY</name>
        <lei>FRDRIPF3EKNDJ2CQJL29</lei>
        <title>ELI LILLY CO</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Atlas Copco Aktiebolag</name>
        <lei>213800T8PC8Q4FYJZR07</lei>
        <title>ATLAS COPCO AB</title>
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        <invCountry>SE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>NEXT PLC</name>
        <lei>213800WQD8ECPZP9PH98</lei>
        <title>NEXT PLC</title>
        <cusip>N/A</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Pepsico, Inc.</name>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Carnival Corporation Ltd.</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>CARNIVAL CORP LTD</title>
        <cusip>G2004J103</cusip>
        <identifiers>
          <isin value="BMG2004J1036"/>
          <other otherDesc="Internal" value="G2004J103"/>
        </identifiers>
        <balance>374468.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10698550.76000000</valUSD>
        <pctVal>0.538482493868</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DEXCOM, INC.</name>
        <lei>549300YSK3QDSFR5EU59</lei>
        <title>DEXCOM INC</title>
        <cusip>252131107</cusip>
        <identifiers>
          <isin value="US2521311074"/>
          <other otherDesc="Internal" value="252131107"/>
        </identifiers>
        <balance>131557.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8860363.95000000</valUSD>
        <pctVal>0.445962353538</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>S&amp;P GLOBAL INC.</name>
        <lei>Y6X4K52KMJMZE7I7MY94</lei>
        <title>S P GLOBAL INC</title>
        <cusip>78409V104</cusip>
        <identifiers>
          <isin value="US78409V1044"/>
          <other otherDesc="Internal" value="78409V104"/>
        </identifiers>
        <balance>32699.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13316994.74000000</valUSD>
        <pctVal>0.670274759572</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>2026-07-30</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>
</edgarSubmission>
