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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>TOLL BROTHERS, INC.</name>
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      <invstOrSec>
        <name>RTX CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>ALPHABET INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>KEURIG DR PEPPER INC.</name>
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      <invstOrSec>
        <name>US FOODS HOLDING CORP.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>SS&amp;C TECHNOLOGIES HOLDINGS, INC.</name>
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        <name>ENTERPRISE PRODUCTS PARTNERS L.P.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>JOHNSON &amp; JOHNSON</name>
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        <name>PACCAR INC</name>
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        <name>SEALED AIR CORPORATION</name>
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        <name>MERCK &amp; CO., INC.</name>
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        <name>CBOE GLOBAL MARKETS, INC.</name>
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        <name>EQUITY LIFESTYLE PROPERTIES, INC.</name>
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        <name>GENERAL DYNAMICS CORPORATION</name>
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        <name>Mondelez International, Inc.</name>
        <lei>549300DV9GIB88LZ5P30</lei>
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        <name>LKQ CORPORATION</name>
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        <name>APPLIED MATERIALS, INC.</name>
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        <name>THE CIGNA GROUP</name>
        <lei>549300VIWYMSIGT1U456</lei>
        <title>CIGNA GROUP THE</title>
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        <name>FAIRFAX FINANCIAL HOLDINGS LIMITED</name>
        <lei>GLS7OQD0WOEDI8YAP031</lei>
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        <name>UNITEDHEALTH GROUP INCORPORATED</name>
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        <name>FEDEX CORPORATION</name>
        <lei>549300E707U7WNPZN687</lei>
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        <name>JOHNSON CONTROLS INTERNATIONAL PLC</name>
        <lei>549300XQ6S1GYKGBL205</lei>
        <title>JOHNSON CONTROLS INTERNATIONAL PLC</title>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>VALERO ENERGY CORPORATION</name>
        <lei>549300XTO5VR8SKV1V74</lei>
        <title>VALERO ENERGY CORP</title>
        <cusip>91913Y100</cusip>
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          <other otherDesc="Internal" value="2041364"/>
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        <balance>48960.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6466147.20000000</valUSD>
        <pctVal>1.221627418025</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>CAMDEN PROPERTY TRUST</name>
        <lei>5493002MYX22OHYJBD89</lei>
        <title>CAMDEN PROPERTY TRUST</title>
        <cusip>133131102</cusip>
        <identifiers>
          <isin value="US1331311027"/>
          <other otherDesc="Internal" value="2166320"/>
        </identifiers>
        <balance>79790.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9758317.00000000</valUSD>
        <pctVal>1.843605973119</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>JPMORGAN CHASE &amp; CO.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMORGAN CHASE CO</title>
        <cusip>46625H100</cusip>
        <identifiers>
          <isin value="US46625H1005"/>
          <other otherDesc="Internal" value="2190385"/>
        </identifiers>
        <balance>45210.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11090013.00000000</valUSD>
        <pctVal>2.095198814382</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>MATTEL, INC.</name>
        <lei>549300VELLG24KHTJ564</lei>
        <title>MATTEL INC</title>
        <cusip>577081102</cusip>
        <identifiers>
          <isin value="US5770811025"/>
          <other otherDesc="Internal" value="2572303"/>
        </identifiers>
        <balance>335050.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6510021.50000000</valUSD>
        <pctVal>1.229916441793</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>TAKE-TWO INTERACTIVE SOFTWARE, INC.</name>
        <lei>BOMSTHHJK882EWYX3334</lei>
        <title>TAKE TWO INTERACTIVE SOFTWARE</title>
        <cusip>874054109</cusip>
        <identifiers>
          <isin value="US8740541094"/>
          <other otherDesc="Internal" value="2122117"/>
        </identifiers>
        <balance>51400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10652650.00000000</valUSD>
        <pctVal>2.012569295458</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>CORPAY, INC.</name>
        <lei>549300DG6RR0NQSFLN74</lei>
        <title>CORPAY INC</title>
        <cusip>219948106</cusip>
        <identifiers>
          <isin value="US2199481068"/>
          <other otherDesc="Internal" value="BMX5GK7"/>
        </identifiers>
        <balance>30650.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10688268.00000000</valUSD>
        <pctVal>2.019298484267</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>MEDTRONIC PUBLIC LIMITED COMPANY</name>
        <lei>549300GX3ZBSQWUXY261</lei>
        <title>MEDTRONIC PLC</title>
        <cusip>G5960L103</cusip>
        <identifiers>
          <isin value="IE00BTN1Y115"/>
          <other otherDesc="Internal" value="BTN1Y11"/>
        </identifiers>
        <balance>118970.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10690644.20000000</valUSD>
        <pctVal>2.019747411732</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>SALESFORCE, INC.</name>
        <lei>RCGZFPDMRW58VJ54VR07</lei>
        <title>SALESFORCE INC</title>
        <cusip>79466L302</cusip>
        <identifiers>
          <isin value="US79466L3024"/>
          <other otherDesc="Internal" value="2310525"/>
        </identifiers>
        <balance>24780.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6649960.80000000</valUSD>
        <pctVal>1.256354702546</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>AMPHENOL CORPORATION</name>
        <lei>549300D3L3G0R4U4VT04</lei>
        <title>AMPHENOL CORP CLASS A</title>
        <cusip>032095101</cusip>
        <identifiers>
          <isin value="US0320951017"/>
          <other otherDesc="Internal" value="2145084"/>
        </identifiers>
        <balance>63980.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4196448.20000000</valUSD>
        <pctVal>0.792820828366</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>Regal Rexnord Corporation</name>
        <lei>QH78R09VCJGQKPBPYU33</lei>
        <title>REGAL REXNORD CORP</title>
        <cusip>758750103</cusip>
        <identifiers>
          <isin value="US7587501039"/>
          <other otherDesc="Internal" value="2730082"/>
        </identifiers>
        <balance>47040.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5355504.00000000</valUSD>
        <pctVal>1.011797337949</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="BDV82B8"/>
        </identifiers>
        <balance>46020.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6209938.80000000</valUSD>
        <pctVal>1.173222827705</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>
