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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>RUBRIK, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>FTAI Aviation Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Waystar Holding Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>NEXTPOWER INC.</name>
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        <name>Coherent Corp.</name>
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        <name>MSILF Government Portfolio</name>
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        <name>WINGSTOP INC.</name>
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        <name>ONTO INNOVATION INC.</name>
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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>FIVE BELOW, INC.</name>
        <lei>529900AAXP5Z6BGI7418</lei>
        <title>FIVE BELOW</title>
        <cusip>33829M101</cusip>
        <identifiers>
          <isin value="US33829M1018"/>
          <other otherDesc="Internal" value="33829M101"/>
        </identifiers>
        <balance>5320.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>956482.80000000</valUSD>
        <pctVal>1.048968080057</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>PERMIAN RESOURCES CORPORATION</name>
        <lei>N/A</lei>
        <title>PERMIAN RESOURCES CORP COM</title>
        <cusip>71424F105</cusip>
        <identifiers>
          <isin value="US71424F1057"/>
          <other otherDesc="Internal" value="71424F105"/>
        </identifiers>
        <balance>33660.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>619680.60000000</valUSD>
        <pctVal>0.679599433707</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>
