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        <name>COLUMBIA BANKING SYSTEM, INC.</name>
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        <name>GMS Inc.</name>
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        <name>Apple Hospitality REIT, Inc.</name>
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        <name>ADVANSIX INC.</name>
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        <name>ONE GAS, INC.</name>
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        <name>Cognyte Software Ltd</name>
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        <name>BLACK HILLS CORPORATION</name>
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        <name>FOUR CORNERS PROPERTY TRUST, INC.</name>
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        <name>VICTORIA GOLD CORP.</name>
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        <name>MSILF PRIME PORTFOLIO</name>
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        <title>Morgan Stanley Institutional Liquidity Fund - MPFXX 0.25% 7/31/2020 - Extendable</title>
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        <name>COMSTOCK RESOURCES, INC.</name>
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        <name>SUMMIT MATERIALS, INC.</name>
        <lei>549300XNOLX5GIOSO108</lei>
        <title>SUMMIT MATERIALS INC CLASS A</title>
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        <name>ALLEGHANY CORPORATION</name>
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      <invstOrSec>
        <name>GRAPHIC PACKAGING HOLDING COMPANY</name>
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        <fairValLevel>1</fairValLevel>
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        <name>WELLDOC INC SERIES B PREFERRED STOCK</name>
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        <name>KENNEDY-WILSON HOLDINGS, INC.</name>
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        <name>SYNOVUS FINANCIAL CORP.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Olin Corporation</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PRIMORIS SERVICES CORPORATION</name>
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        <name>FIDELITY GOVERNMENT PORTFOLIO</name>
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        <name>SouthState Corporation</name>
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        <name>BANK OF N.T. BUTTERFIELD &amp; SON LIMITED (THE)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>THE ENSIGN GROUP, INC.</name>
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        <name>MCGRATH RENTCORP</name>
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        <name>KEMPER CORPORATION</name>
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        <name>TEMPFUND</name>
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        <name>ZimVie Inc</name>
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        <name>PLAINS GP HOLDINGS, L.P</name>
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        <name>VERINT SYSTEMS INC.</name>
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        <name>DANA INCORPORATED</name>
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        <name>JPMORGAN PRIME MONEY MARKET FUND</name>
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        <name>PRIMERICA, INC.</name>
        <lei>254900621R686KJR7022</lei>
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        <name>EASTERN BANKSHARES, INC.</name>
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          <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"/>
        </identifiers>
        <balance>289520.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8161568.80000000</valUSD>
        <pctVal>2.102200572800</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="1329636.00000000"/>
        </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>2022-05-02</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios</ncom:nameOfApplicant>
      <ncom:signature>Allan Shaer</ncom:signature>
      <ncom:signerName>Allan Shaer</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
