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      <regStreet1>4900 Tiedeman Road 4th Floor</regStreet1>
      <regCity>Brooklyn</regCity>
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        <name>CHOICE HOTELS INTERNATIONAL, INC.</name>
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        <name>COHU, INC.</name>
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        <name>COLLIERS INTERNATIONAL GROUP INC.</name>
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        <name>COLUMBIA SPORTSWEAR COMPANY</name>
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        <name>COLUMBUS MCKINNON CORPORATION</name>
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        <name>COMFORT SYSTEMS USA, INC.</name>
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        <name>Core &amp; Main Inc</name>
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        <name>CORPORATE OFFICE PROPERTIES TRUST</name>
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        <name>CRANE CO.</name>
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        <name>DELEK US HOLDINGS, INC.</name>
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        <name>EAGLE BANCORP, INC.</name>
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        <name>EAGLE MATERIALS INC.</name>
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        <name>Edgewell Personal Care Company</name>
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        <name>FIRST AMERICAN FINANCIAL CORPORATION</name>
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        <name>FIRST INDUSTRIAL REALTY TRUST, INC.</name>
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        <name>FORWARD AIR CORPORATION</name>
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        <name>FOUR CORNERS PROPERTY TRUST, INC.</name>
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        <name>FRONTIER GROUP HOLDINGS, INC.</name>
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        <name>INDEPENDENT BANK CORP.</name>
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        <name>iShares Russell 2000 Value ETF</name>
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        <name>LITTELFUSE, INC.</name>
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        <name>MGE ENERGY, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>MYR GROUP INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>THE MANITOWOC COMPANY, INC.</name>
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        <name>MANTECH INTERNATIONAL CORPORATION</name>
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        <name>MARTEN TRANSPORT, LTD.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>MATTEL, INC.</name>
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        <name>MAXIMUS, INC.</name>
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        <name>MCGRATH RENTCORP</name>
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        <name>MINERALS TECHNOLOGIES INC.</name>
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        <name>MUELLER INDUSTRIES, INC.</name>
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        <name>MURPHY USA INC.</name>
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        <name>NATUS MEDICAL INCORPORATED</name>
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        <name>NETGEAR, INC.</name>
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        <name>ONE GAS, INC.</name>
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        <name>PDC ENERGY, INC.</name>
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        <name>PERFORMANCE FOOD GROUP COMPANY</name>
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        <name>PLEXUS CORP.</name>
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        <name>RAYONIER INC.</name>
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        <name>Renasant Corporation</name>
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        <name>Ryan Specialty Group Holdings Inc</name>
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        <name>SCANSOURCE, INC.</name>
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        <name>THE E.W. SCRIPPS COMPANY</name>
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        <title>E W SCRIPPS CO</title>
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        <name>SILGAN HOLDINGS INC.</name>
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        <name>STEWART INFORMATION SERVICES CORPORATION</name>
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        <name>UMB Financial Corporation</name>
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        <name>UFP INDUSTRIES, INC.</name>
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        <name>VALMONT INDUSTRIES, INC.</name>
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        <name>VERINT SYSTEMS INC.</name>
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        <name>WATTS WATER TECHNOLOGIES, INC.</name>
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        <name>WERNER ENTERPRISES, INC.</name>
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        <name>TEMPFUND</name>
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        <name>FIDELITY GOVERNMENT PORTFOLIO</name>
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        <title>FIDELITY GOVERNMENT PORTFOLIO FRGXX 0.01% 11/12/2021 - Extendable</title>
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        <name>CUSHMAN &amp; WAKEFIELD PLC</name>
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        <name>FABRINET</name>
        <lei>5493004TETZ6IYF7CV44</lei>
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        <name>HELEN OF TROY LIMITED</name>
        <lei>N/A</lei>
        <title>HELEN OF TROY LTD</title>
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        <fairValLevel>1</fairValLevel>
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        <name>RENAISSANCERE HOLDINGS LTD.</name>
        <lei>EK6GB9U3U58PDI411C94</lei>
        <title>RENAISSANCERE HOLDINGS LTD</title>
        <cusip>G7496G103</cusip>
        <identifiers>
          <isin value="BMG7496G1033"/>
        </identifiers>
        <balance>158300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22719216.00000000</valUSD>
        <pctVal>0.360789944770</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SIGNET JEWELERS LIMITED</name>
        <lei>549300N3XPGE91WV7M22</lei>
        <title>SIGNET JEWELERS LTD</title>
        <cusip>G81276100</cusip>
        <identifiers>
          <isin value="BMG812761002"/>
        </identifiers>
        <balance>580000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>40716000.00000000</valUSD>
        <pctVal>0.646585841310</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="42881256.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS FINANCIAL SQUARE PRIME OBLIGATIONS FUND</name>
        <lei>N/A</lei>
        <title>Goldman Sachs Financial Sq Prime Obligations- FPOXX 0.2% 7/30/2020 - Extendable</title>
        <cusip>38141W364</cusip>
        <identifiers>
          <ticker value="FPOXX"/>
        </identifiers>
        <balance>1178238.11000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1178238.11000000</valUSD>
        <pctVal>0.018710877287</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1178238.11000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMORGAN PRIME MONEY MARKET FUND</name>
        <lei>N/A</lei>
        <title>JPMorgan Prime Money Market Fund - CJPXX 1.67% 1/31/2020 - Extendable</title>
        <cusip>4812A0367</cusip>
        <identifiers>
          <ticker value="CJPXX"/>
        </identifiers>
        <balance>9394904.77000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9394904.76999999</valUSD>
        <pctVal>0.149194724549</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="9394904.76999999" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cognyte Software Ltd</name>
        <lei>2549006L803IRJC67B33</lei>
        <title>COGNYTE SOFTWARE LTD</title>
        <cusip>M25133105</cusip>
        <identifiers>
          <isin value="IL0011691438"/>
        </identifiers>
        <balance>3179800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21559044.00000000</valUSD>
        <pctVal>0.342365964303</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>MSILF PRIME PORTFOLIO</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Institutional Liquidity Fund - MPFXX 0.25% 7/31/2020 - Extendable</title>
        <cusip>61747C715</cusip>
        <identifiers>
          <ticker value="MPFXX"/>
        </identifiers>
        <balance>42241324.74000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>42241324.74000000</valUSD>
        <pctVal>0.670808588640</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="42241324.74000000" isCashCollateral="Y"/>
          <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>2022-05-31</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>
</edgarSubmission>
