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        <name>STOCK YARDS BANCORP, INC.</name>
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        <name>Onespaworld Holdings Ltd</name>
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        <name>RYMAN HOSPITALITY PROPERTIES, INC.</name>
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        <name>KULICKE AND SOFFA INDUSTRIES, INC.</name>
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        <name>LITTELFUSE, INC.</name>
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        <name>THE TIMKEN COMPANY</name>
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        <name>APOGEE ENTERPRISES, INC.</name>
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        <name>AXIS CAPITAL HOLDINGS LIMITED</name>
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        <name>LYFT, INC.</name>
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        <name>BOYD GAMING CORPORATION</name>
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        <name>Lazard, Inc.</name>
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        <name>MATADOR RESOURCES COMPANY</name>
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        <name>H.B. FULLER COMPANY</name>
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        <name>EAGLE MATERIALS INC.</name>
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        <name>THE CHEESECAKE FACTORY INCORPORATED</name>
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        <name>OLD NATIONAL BANCORP</name>
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        <name>LIGAND PHARMACEUTICALS INCORPORATED</name>
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        <name>STIFEL FINANCIAL CORP.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Renasant Corporation</name>
        <lei>549300OVE6OZHW2UUH81</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>VIAVI SOLUTIONS INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CIVITAS RESOURCES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UNITED BANKSHARES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SIRIUSPOINT LTD.</name>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>COMMERCIAL METALS COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>BANNER CORPORATION</name>
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        <name>NCR ATLEOS CORPORATION</name>
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        <name>GATES INDUSTRIAL CORPORATION PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MGE ENERGY, INC.</name>
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        <name>ENVISTA HOLDINGS CORPORATION</name>
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        <name>FOUR CORNERS PROPERTY TRUST, INC.</name>
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        <name>CENTRAL GARDEN &amp; PET COMPANY</name>
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        <name>Ralliant Corp</name>
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        <name>INVESCO GOVERNMENT &amp; AGENCY PORTFOLIO</name>
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        <name>THE CHEFS' WAREHOUSE, INC.</name>
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        <name>THE GORMAN- RUPP COMPANY</name>
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        <name>THE ENSIGN GROUP, INC.</name>
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        <name>JBT MAREL CORPORATION</name>
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        <name>FEDERATED HERMES, INC.</name>
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        <name>ALBANY INTERNATIONAL CORP.</name>
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        <name>iShares Trust - iShares Russell 2000 Value ETF</name>
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        <title>ISHARES RUSSELL 2000 VALUE ETF</title>
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      <invstOrSec>
        <name>MUELLER INDUSTRIES, INC.</name>
        <lei>5493005IZFE4VJLLYG84</lei>
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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>Evertec, Inc.</name>
        <lei>N/A</lei>
        <title>EVERTEC INC</title>
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        <assetCat>EC</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HUB GROUP, INC.</name>
        <lei>N/A</lei>
        <title>HUB GROUP INC CL A</title>
        <cusip>443320106</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UMB FINANCIAL CORPORATION</name>
        <lei>549300MGEH3N3CUCV828</lei>
        <title>UMB FINANCIAL CORP</title>
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        <curCd>USD</curCd>
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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>LOUISIANA-PACIFIC CORPORATION</name>
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          <isin value="US5463471053"/>
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        <curCd>USD</curCd>
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        <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>EXTREME NETWORKS, INC.</name>
        <lei>549300WRECW11X94UB57</lei>
        <title>EXTREME NETWORKS INC</title>
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          <isin value="US30226D1063"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DOLE PUBLIC LIMITED COMPANY</name>
        <lei>635400JUG5XJXOPPJJ47</lei>
        <title>DOLE PLC</title>
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          <isin value="IE0003LFZ4U7"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SANDISK CORPORATION</name>
        <lei>N/A</lei>
        <title>SANDISK CORP DE</title>
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        <curCd>USD</curCd>
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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>IDACORP, INC.</name>
        <lei>N134NUJDWN8UEFA8B673</lei>
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        <curCd>USD</curCd>
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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>COLLIERS INTERNATIONAL GROUP INC.</name>
        <lei>D3O8K13PHLEXXD1DT480</lei>
        <title>COLLIERS INTL GROUP</title>
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          <isin value="CA1946931070"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PHOTRONICS, INC.</name>
        <lei>549300OK5JVNIBNY6F63</lei>
        <title>PHOTRONICS INC</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>WALKER &amp; DUNLOP, INC.</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>STEWART INFORMATION SERVICES CORPORATION</name>
        <lei>529900TV1XI0PLKENU10</lei>
        <title>STEWART INFORMATION SERVICES</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>VISTEON CORPORATION</name>
        <lei>549300MOVLYHRW4GGW78</lei>
        <title>VISTEON CORP</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HERITAGE FINANCIAL CORPORATION</name>
        <lei>N/A</lei>
        <title>HERITAGE FINANCIAL CORP WA</title>
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        <fairValLevel>1</fairValLevel>
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        <name>HSBC US GOVERNMENT MONEY MARKET FUND</name>
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        <title>HSBC US GOVT MMKT-I</title>
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        <name>GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND</name>
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        <name>ATKORE INC</name>
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        <name>Titan America SA</name>
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        <title>TITAN AMERICA SA</title>
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        <name>COHEN &amp; STEERS, INC.</name>
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        <title>COHEN STEERS INC</title>
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        <name>PEDIATRIX MEDICAL GROUP, INC.</name>
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        <name>WARRIOR MET COAL, INC.</name>
        <lei>549300152B1S9YKBYV79</lei>
        <title>WARRIOR MET COAL INC</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MADISON SQUARE GARDEN SPORTS CORP.</name>
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        <title>MADISON SQ GARDEN SPORTS</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>WATTS WATER TECHNOLOGIES, INC.</name>
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          <isin value="US9427491025"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>WERNER ENTERPRISES, INC.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PRICESMART, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GULFPORT ENERGY CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SILGAN HOLDINGS INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>SOUTHSTATE BANK CORPORATION</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>COHU, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ETSY, INC.</name>
        <lei>54930089Q7XT501AEA40</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SERVISFIRST BANCSHARES, INC.</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>MSILF Government Portfolio</name>
        <lei>N/A</lei>
        <title>MSILF GOVERNMENT-INST</title>
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        <assetCat>STIV</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>DONALDSON COMPANY, INC.</name>
        <lei>OZE6KXY9QQPR8EJ8WL20</lei>
        <title>DONALDSON CO INC</title>
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        <fairValLevel>1</fairValLevel>
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        <name>UNIFIRST CORPORATION</name>
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      <invstOrSec>
        <name>BOWHEAD SPECIALTY HOLDINGS INC.</name>
        <lei>N/A</lei>
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        <name>GROUP 1 AUTOMOTIVE, INC.</name>
        <lei>549300US8QAZJLWYAF63</lei>
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        <name>ALAMO GROUP INC.</name>
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        <name>EVERUS CONSTRUCTION GROUP, INC.</name>
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        <name>ASTEC INDUSTRIES, INC.</name>
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        <name>INNOSPEC INC.</name>
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        <name>MAGNOLIA OIL &amp; GAS CORPORATION</name>
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        <name>MCGRATH RENTCORP</name>
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        <title>MCGRATH RENTCORP</title>
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        <name>GIBRALTAR INDUSTRIES, INC.</name>
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        <name>URBAN OUTFITTERS, INC.</name>
        <lei>549300N3DUFR5U6NRN38</lei>
        <title>URBAN OUTFITTERS INC</title>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INGRAM MICRO HOLDING CORPORATION</name>
        <lei>9845008639BC538AB065</lei>
        <title>INGRAM MICRO HOLDING CORP</title>
        <cusip>457152106</cusip>
        <identifiers>
          <isin value="US4571521065"/>
          <other otherDesc="Internal" value="457152106"/>
        </identifiers>
        <balance>1830000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>39326700.00000000</valUSD>
        <pctVal>0.714629785016</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="319200.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SENSIENT TECHNOLOGIES CORPORATION</name>
        <lei>CMMZHMFZQG86EI7WZU92</lei>
        <title>SENSIENT TECHNOLOGIES CORP</title>
        <cusip>81725T100</cusip>
        <identifiers>
          <isin value="US81725T1007"/>
          <other otherDesc="Internal" value="81725T100"/>
        </identifiers>
        <balance>350000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32847500.00000000</valUSD>
        <pctVal>0.596892235130</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>TOWER SEMICONDUCTOR LTD</name>
        <lei>54930086ZSNXZOUX0C54</lei>
        <title>TOWER SEMICONDUCTOR LTD</title>
        <cusip>M87915274</cusip>
        <identifiers>
          <isin value="IL0010823792"/>
          <other otherDesc="Internal" value="M87915274"/>
        </identifiers>
        <balance>1050000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>75915000.00000000</valUSD>
        <pctVal>1.379498410227</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <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>CRANE NXT, CO.</name>
        <lei>549300EXNPSXEWUD3N21</lei>
        <title>CRANE NXT CO</title>
        <cusip>224441105</cusip>
        <identifiers>
          <isin value="US2244411052"/>
          <other otherDesc="Internal" value="224441105"/>
        </identifiers>
        <balance>1050000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>70423500.00000000</valUSD>
        <pctVal>1.279708967828</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>Qiagen N.V.</name>
        <lei>54930036WK3GMCN17Z57</lei>
        <title>QIAGEN NV</title>
        <cusip>N72482206</cusip>
        <identifiers>
          <isin value="NL0015002CX3"/>
          <other otherDesc="Internal" value="N72482206"/>
        </identifiers>
        <balance>1229000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>54911720.00000000</valUSD>
        <pctVal>0.997834821087</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="5973906.64000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WEATHERFORD INTERNATIONAL PUBLIC LIMITED COMPANY</name>
        <lei>529900LPBDSCQDJKHQ39</lei>
        <title>WEATHERFORD INTERNATIONAL PLC</title>
        <cusip>G48833118</cusip>
        <identifiers>
          <isin value="IE00BLNN3691"/>
          <other otherDesc="Internal" value="G48833118"/>
        </identifiers>
        <balance>745000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>50980350.00000000</valUSD>
        <pctVal>0.926395465689</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Apple Hospitality REIT, Inc.</name>
        <lei>549300EVZAR0FBZO4F16</lei>
        <title>APPLE HOSPITALITY REIT INC</title>
        <cusip>03784Y200</cusip>
        <identifiers>
          <isin value="US03784Y2000"/>
          <other otherDesc="Internal" value="03784Y200"/>
        </identifiers>
        <balance>4575000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>54945750.00000000</valUSD>
        <pctVal>0.998453201261</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>2025-10-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios</ncom:nameOfApplicant>
      <ncom:signature>Carol Trevino</ncom:signature>
      <ncom:signerName>Carol Trevino</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
