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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HSBC US GOVERNMENT MONEY MARKET FUND</name>
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          <isin value="US40428X1072"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>KLA CORPORATION</name>
        <lei>549300H0BF5JCG96TJ81</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>VICI PROPERTIES INC.</name>
        <lei>254900RKH6RY9KCJQH63</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>JPMORGAN CHASE &amp; CO.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>VERTEX PHARMACEUTICALS INCORPORATED</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>FABRINET</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>BROWN &amp; BROWN, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>GEN DIGITAL INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Taiwan Semiconductor Manufacturing Co., Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>RAYMOND JAMES FINANCIAL, INC.</name>
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        <name>MSILF Government Portfolio</name>
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        <name>BELLRING BRANDS, INC.</name>
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        <name>EBAY INC.</name>
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        <name>CACI INTERNATIONAL INC.</name>
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        <name>BROADCOM INC.</name>
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        <name>AMERIPRISE FINANCIAL, INC.</name>
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        <name>LINDE PUBLIC LIMITED COMPANY</name>
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        <title>NEW LINDE PLC</title>
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        <name>ADDUS HOMECARE CORPORATION</name>
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        <name>CADENCE DESIGN SYSTEMS, INC.</name>
        <lei>GCT7RXJOGLXPV0NXZY22</lei>
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        <name>CBRE GROUP, INC.</name>
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        <name>NOVO NORDISK A/S</name>
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        <name>GENERAL MOTORS COMPANY</name>
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        <name>EXPEDIA GROUP, INC.</name>
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        <name>INGREDION INCORPORATED</name>
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        <name>FEDERAL SIGNAL CORPORATION</name>
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        <name>NVIDIA CORPORATION</name>
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        <name>ARCHROCK INC.</name>
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        <name>THE WALT DISNEY COMPANY</name>
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        <name>ASTRAZENECA PLC</name>
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        <name>MCKESSON CORPORATION</name>
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        <name>TRANE TECHNOLOGIES PLC</name>
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        <name>FISERV, INC.</name>
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        <name>CASEY'S GENERAL STORES, INC.</name>
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        <name>NETFLIX, INC.</name>
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        <name>ONEOK, INC.</name>
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        <name>CLEAR SECURE, INC.</name>
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        <name>HALOZYME THERAPEUTICS, INC.</name>
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        <name>INTERACTIVE BROKERS GROUP, INC.</name>
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        <name>QUANTA SERVICES, INC.</name>
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        <name>KIRBY CORPORATION</name>
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        <name>Nu Holdings Ltd</name>
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        <title>NU HOLDINGS LTD CAYMAN ISLANDS</title>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VISA INC.</name>
        <lei>549300JZ4OKEHW3DPJ59</lei>
        <title>VISA INC CLASS A</title>
        <cusip>92826C839</cusip>
        <identifiers>
          <isin value="US92826C8394"/>
          <other otherDesc="Internal" value="B2PZN04"/>
        </identifiers>
        <balance>18471.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6473346.66000000</valUSD>
        <pctVal>2.116990433694</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>DIAMONDBACK ENERGY, INC.</name>
        <lei>549300R22LSX6OHWEN64</lei>
        <title>DIAMONDBACK ENERGY INC</title>
        <cusip>25278X109</cusip>
        <identifiers>
          <isin value="US25278X1090"/>
          <other otherDesc="Internal" value="B7Y8YR3"/>
        </identifiers>
        <balance>12512.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2000418.56000000</valUSD>
        <pctVal>0.654200551481</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>ELI LILLY AND COMPANY</name>
        <lei>FRDRIPF3EKNDJ2CQJL29</lei>
        <title>ELI LILLY CO</title>
        <cusip>532457108</cusip>
        <identifiers>
          <isin value="US5324571083"/>
          <other otherDesc="Internal" value="2516152"/>
        </identifiers>
        <balance>10324.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8526694.84000000</valUSD>
        <pctVal>2.788500655905</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>TEXAS ROADHOUSE, INC.</name>
        <lei>5299002Y1CNRPDGXTQ75</lei>
        <title>TEXAS ROADHOUSE INC</title>
        <cusip>882681109</cusip>
        <identifiers>
          <isin value="US8826811098"/>
          <other otherDesc="Internal" value="B033TJ7"/>
        </identifiers>
        <balance>24198.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4032112.74000000</valUSD>
        <pctVal>1.318629226348</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>BOOZ ALLEN HAMILTON HOLDING CORPORATION</name>
        <lei>529900JPV47PIUWMA015</lei>
        <title>BOOZ ALLEN HAMILTON HOLDINGS</title>
        <cusip>099502106</cusip>
        <identifiers>
          <isin value="US0995021062"/>
          <other otherDesc="Internal" value="B5367T7"/>
        </identifiers>
        <balance>23809.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2489945.22000000</valUSD>
        <pctVal>0.814291353147</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>TESLA, INC.</name>
        <lei>54930043XZGB27CTOV49</lei>
        <title>TESLA INC</title>
        <cusip>88160R101</cusip>
        <identifiers>
          <isin value="US88160R1014"/>
          <other otherDesc="Internal" value="B616C79"/>
        </identifiers>
        <balance>8942.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2317408.72000000</valUSD>
        <pctVal>0.757866425031</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>AVERY DENNISON CORPORATION</name>
        <lei>549300PW7VPFCYKLIV37</lei>
        <title>AVERY DENNISON CORP</title>
        <cusip>053611109</cusip>
        <identifiers>
          <isin value="US0536111091"/>
          <other otherDesc="Internal" value="2066408"/>
        </identifiers>
        <balance>10495.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1867795.15000000</valUSD>
        <pctVal>0.610828474409</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>RESMED INC.</name>
        <lei>529900T3QE5253CCXF22</lei>
        <title>RESMED INC</title>
        <cusip>761152107</cusip>
        <identifiers>
          <isin value="US7611521078"/>
          <other otherDesc="Internal" value="2732903"/>
        </identifiers>
        <balance>13978.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3128975.30000000</valUSD>
        <pctVal>1.023274532522</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>AFFILIATED MANAGERS GROUP, INC.</name>
        <lei>2JE75BUE3T1BLCYYGK54</lei>
        <title>AFFILIATED MANAGERS GROUP INC</title>
        <cusip>008252108</cusip>
        <identifiers>
          <isin value="US0082521081"/>
          <other otherDesc="Internal" value="2127899"/>
        </identifiers>
        <balance>16482.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2769470.46000000</valUSD>
        <pctVal>0.905705005179</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>ROYAL GOLD, INC.</name>
        <lei>5493001NGRU6SFL04184</lei>
        <title>ROYAL GOLD INC</title>
        <cusip>780287108</cusip>
        <identifiers>
          <isin value="US7802871084"/>
          <other otherDesc="Internal" value="2755706"/>
        </identifiers>
        <balance>9642.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1576563.42000000</valUSD>
        <pctVal>0.515586427477</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>ALPHABET INC.</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>ALPHABET INC CLASS C</title>
        <cusip>02079K107</cusip>
        <identifiers>
          <isin value="US02079K1079"/>
          <other otherDesc="Internal" value="BYY88Y7"/>
        </identifiers>
        <balance>67869.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10603173.87000000</valUSD>
        <pctVal>3.467575402426</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>MICROSOFT CORPORATION</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>MICROSOFT CORP</title>
        <cusip>594918104</cusip>
        <identifiers>
          <isin value="US5949181045"/>
          <other otherDesc="Internal" value="2588173"/>
        </identifiers>
        <balance>45412.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17047210.68000000</valUSD>
        <pctVal>5.574980582106</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>SPDR S&amp;P 500 ETF Trust</name>
        <lei>549300NZAMSJ8FXPQQ63</lei>
        <title>SPDR S P 500 ETF TRUST</title>
        <cusip>78462F103</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <other otherDesc="Internal" value="2840215"/>
        </identifiers>
        <balance>8367.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4680416.13000000</valUSD>
        <pctVal>1.530645073304</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="ETF"/>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COREBRIDGE FINANCIAL, INC.</name>
        <lei>549300XY1661QCIA7J65</lei>
        <title>COREBRIDGE FINANCIAL INC</title>
        <cusip>21871X109</cusip>
        <identifiers>
          <isin value="US21871X1090"/>
          <other otherDesc="Internal" value="BMTX0G9"/>
        </identifiers>
        <balance>110293.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3481950.01000000</valUSD>
        <pctVal>1.138708499472</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>2025-04-30</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>
