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        <name>ABBVIE INC.</name>
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        <name>CACI INTERNATIONAL INC.</name>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KEURIG DR PEPPER INC.</name>
        <lei>DYTQ8KRTKO7Y2BVU5K74</lei>
        <title>KEURIG DR PEPPER INC</title>
        <cusip>49271V100</cusip>
        <identifiers>
          <isin value="US49271V1008"/>
          <other otherDesc="Internal" value="49271V100"/>
        </identifiers>
        <balance>182450.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5971588.50000000</valUSD>
        <pctVal>1.077464491217</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>Mondelez International, Inc.</name>
        <lei>549300DV9GIB88LZ5P30</lei>
        <title>MONDELEZ INTERNATIONAL INC</title>
        <cusip>609207105</cusip>
        <identifiers>
          <isin value="US6092071058"/>
          <other otherDesc="Internal" value="609207105"/>
        </identifiers>
        <balance>135590.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7842525.60000000</valUSD>
        <pctVal>1.415041049037</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>AMAZON.COM, INC.</name>
        <lei>ZXTILKJKG63JELOEG630</lei>
        <title>AMAZON COM INC</title>
        <cusip>023135106</cusip>
        <identifiers>
          <isin value="US0231351067"/>
          <other otherDesc="Internal" value="023135106"/>
        </identifiers>
        <balance>97950.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23345403.00000000</valUSD>
        <pctVal>4.212253199573</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>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>479130.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16232924.40000000</valUSD>
        <pctVal>2.928935848412</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>EQUITY LIFESTYLE PROPERTIES, INC.</name>
        <lei>529900PEQG66LENB6798</lei>
        <title>EQUITY LIFESTYLE PROPERTIES INC</title>
        <cusip>29472R108</cusip>
        <identifiers>
          <isin value="US29472R1086"/>
          <other otherDesc="Internal" value="29472R108"/>
        </identifiers>
        <balance>155710.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10035509.50000000</valUSD>
        <pctVal>1.810725092247</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>44650.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5067328.50000000</valUSD>
        <pctVal>0.914307227312</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>LEIDOS HOLDINGS, INC.</name>
        <lei>549300IUTGTP6EJP8124</lei>
        <title>LEIDOS HOLDINGS INC</title>
        <cusip>525327102</cusip>
        <identifiers>
          <isin value="US5253271028"/>
          <other otherDesc="Internal" value="525327102"/>
        </identifiers>
        <balance>62080.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6392377.60000000</valUSD>
        <pctVal>1.153388228015</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>ENTERPRISE PRODUCTS PARTNERS L.P.</name>
        <lei>K4CDIF4M54DJZ6TB4Q48</lei>
        <title>ENTERPRISE PRODUCTS PARTNERS LP</title>
        <cusip>293792107</cusip>
        <identifiers>
          <isin value="US2937921078"/>
          <other otherDesc="Internal" value="293792107"/>
        </identifiers>
        <balance>372150.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13680234.00000000</valUSD>
        <pctVal>2.468349312171</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="UNITS"/>
        <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>APPLE INC.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>APPLE INC</title>
        <cusip>037833100</cusip>
        <identifiers>
          <isin value="US0378331005"/>
          <other otherDesc="Internal" value="037833100"/>
        </identifiers>
        <balance>72990.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21120386.40000000</valUSD>
        <pctVal>3.810789438486</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>RTX CORPORATION</name>
        <lei>I07WOS4YJ0N7YRFE7309</lei>
        <title>RTX CORP</title>
        <cusip>75513E101</cusip>
        <identifiers>
          <isin value="US75513E1010"/>
          <other otherDesc="Internal" value="75513E101"/>
        </identifiers>
        <balance>50362.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9555182.26000000</valUSD>
        <pctVal>1.724058781387</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>NEWMONT CORPORATION</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>NEWMONT CORP</title>
        <cusip>651639106</cusip>
        <identifiers>
          <isin value="US6516391066"/>
          <other otherDesc="Internal" value="651639106"/>
        </identifiers>
        <balance>70570.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6591238.00000000</valUSD>
        <pctVal>1.189268968912</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>DOVER CORPORATION</name>
        <lei>549300FMC2ALGA7N9E80</lei>
        <title>DOVER CORP</title>
        <cusip>260003108</cusip>
        <identifiers>
          <isin value="US2600031080"/>
          <other otherDesc="Internal" value="260003108"/>
        </identifiers>
        <balance>45630.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10233896.40000000</valUSD>
        <pctVal>1.846520398684</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>
