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        <fairValLevel>1</fairValLevel>
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        <name>Atmus Filtration Technologies Inc</name>
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        <name>BELDEN INC.</name>
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        <name>THE ST. JOE COMPANY</name>
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        <name>H2O AMERICA</name>
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        <name>KILROY REALTY CORPORATION</name>
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        <name>GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND</name>
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        <name>HSBC US GOVERNMENT MONEY MARKET FUND</name>
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        <name>TITAN MACHINERY INC.</name>
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        <name>THE ENSIGN GROUP, INC.</name>
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        <title>ENSIGN GROUP INC THE</title>
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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>GARRETT MOTION INC.</name>
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        <name>WELLDOC INC SERIES B PREFERRED STOCK</name>
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        <name>TIDEWATER INC.</name>
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        <name>The Bank of N.T. Butterfield &amp; Son Limited</name>
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        <name>THE TIMKEN COMPANY</name>
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        <name>NEOGEN CORPORATION</name>
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        <name>ACI WORLDWIDE, INC.</name>
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          <other otherDesc="Internal" value="004498101"/>
        </identifiers>
        <balance>258750.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13012537.50000000</valUSD>
        <pctVal>1.913765742547</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>PRIMERICA, INC.</name>
        <lei>254900621R686KJR7022</lei>
        <title>PRIMERICA INC</title>
        <cusip>74164M108</cusip>
        <identifiers>
          <isin value="US74164M1080"/>
          <other otherDesc="Internal" value="74164M108"/>
        </identifiers>
        <balance>44093.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12531230.60000000</valUSD>
        <pctVal>1.842979498367</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>DIODES INCORPORATED</name>
        <lei>549300XP2X1ARVH3BX23</lei>
        <title>DIODES INC</title>
        <cusip>254543101</cusip>
        <identifiers>
          <isin value="US2545431015"/>
          <other otherDesc="Internal" value="254543101"/>
        </identifiers>
        <balance>58060.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6354086.40000000</valUSD>
        <pctVal>0.934501274444</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>TEREX CORPORATION</name>
        <lei>YAWJZJYEQ7M1SYMOS462</lei>
        <title>TEREX CORPORATION</title>
        <cusip>880779103</cusip>
        <identifiers>
          <isin value="US8807791038"/>
          <other otherDesc="Internal" value="880779103"/>
        </identifiers>
        <balance>126940.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9189186.60000000</valUSD>
        <pctVal>1.351462043199</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>NORTHERN OIL AND GAS, INC.</name>
        <lei>OKFF0PIZDDMNH4UCYE51</lei>
        <title>NORTHERN OIL AND GAS INC</title>
        <cusip>665531307</cusip>
        <identifiers>
          <isin value="US6655313079"/>
          <other otherDesc="Internal" value="665531307"/>
        </identifiers>
        <balance>274820.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4987983.00000000</valUSD>
        <pctVal>0.733587203096</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>TELEFLEX INCORPORATED</name>
        <lei>UUL85LWXB4NGSWWXIQ25</lei>
        <title>TELEFLEX INC</title>
        <cusip>879369106</cusip>
        <identifiers>
          <isin value="US8793691069"/>
          <other otherDesc="Internal" value="879369106"/>
        </identifiers>
        <balance>87630.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11107978.80000000</valUSD>
        <pctVal>1.633660559778</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>Renasant Corporation</name>
        <lei>549300OVE6OZHW2UUH81</lei>
        <title>RENASANT CORP</title>
        <cusip>75970E107</cusip>
        <identifiers>
          <isin value="US75970E1073"/>
          <other otherDesc="Internal" value="75970E107"/>
        </identifiers>
        <balance>266060.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11318192.40000000</valUSD>
        <pctVal>1.664576865402</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>
