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        <name>EBAY INC.</name>
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        <name>RESMED INC.</name>
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        <name>EXLSERVICE HOLDINGS, INC.</name>
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        <name>BGC GROUP, INC.</name>
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        <name>AUTODESK, INC.</name>
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        <name>SHAKE SHACK INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>EXPEDIA GROUP, INC.</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>KEYSIGHT TECHNOLOGIES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ZSCALER, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MCKESSON CORPORATION</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>AVERY DENNISON CORPORATION</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INTAPP, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LIFE TIME GROUP HOLDINGS, INC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>PERFORMANCE FOOD GROUP COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>SBA COMMUNICATIONS CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>EVERCORE INC.</name>
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        <name>INGREDION INCORPORATED</name>
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        <name>Shift4 Payments Inc</name>
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        <name>UNIVERSAL HEALTH SERVICES, INC.</name>
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        <name>ATMOS ENERGY CORPORATION</name>
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        <name>TENCENT MUSIC ENTERTAINMENT GROUP</name>
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        <title>TENCENT MUSIC ENTERTAINMENT</title>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>ABERCROMBIE &amp; FITCH CO.</name>
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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>CHARTER COMMUNICATIONS, INC.</name>
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        <name>BAKER HUGHES COMPANY</name>
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        <title>BAKER HUGHES CO</title>
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        <name>ROYAL CARIBBEAN CRUISES LTD.</name>
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        <title>ROYAL CARIBBEAN CRUISES LTD</title>
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        <invCountry>LR</invCountry>

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      <invstOrSec>
        <name>VERTIV HOLDINGS CO</name>
        <lei>549300KTTIRAOGXCRV69</lei>
        <title>VERTIV HOLDINGS CO</title>
        <cusip>92537N108</cusip>
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        <name>INTERACTIVE BROKERS GROUP, INC.</name>
        <lei>5493004DT6DCDUZNDM53</lei>
        <title>INTERACTIVE BROKERS GROUP INC</title>
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        <invCountry>US</invCountry>

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        <name>AFFILIATED MANAGERS GROUP, INC.</name>
        <lei>2JE75BUE3T1BLCYYGK54</lei>
        <title>AFFILIATED MANAGERS GROUP INC</title>
        <cusip>008252108</cusip>
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        <name>GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND</name>
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        <name>CHIPOTLE MEXICAN GRILL, INC.</name>
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        <name>CHURCH &amp; DWIGHT CO., INC.</name>
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        <name>BROWN &amp; BROWN, INC.</name>
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        <name>THE BANCORP, INC.</name>
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        <name>UNUM GROUP</name>
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        <name>TRANE TECHNOLOGIES PLC</name>
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        <name>NISOURCE INC.</name>
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        <name>The Bank of New York Mellon Corporation</name>
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        <name>HCA HEALTHCARE, INC.</name>
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        <name>ONEOK, INC.</name>
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        <name>CORPAY, INC.</name>
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        <name>JD.COM, INC.</name>
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        <name>ADDUS HOMECARE CORPORATION</name>
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        <name>SPDR S&amp;P MidCap 400 ETF Trust</name>
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        <name>EMCOR GROUP, INC.</name>
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        <name>MSILF Government Portfolio</name>
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        <name>CASEY'S GENERAL STORES, INC.</name>
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        <name>CACI INTERNATIONAL INC.</name>
        <lei>SYRPI2D1O9WRTS2WX210</lei>
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        <name>ROSS STORES, INC.</name>
        <lei>549300ENZFLPGRDFZQ60</lei>
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        <name>COREBRIDGE FINANCIAL, INC.</name>
        <lei>549300XY1661QCIA7J65</lei>
        <title>COREBRIDGE FINANCIAL INC</title>
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        <name>ALKAMI TECHNOLOGY, INC.</name>
        <lei>254900FCNYU4HNEV9L47</lei>
        <title>ALKAMI TECHNOLOGY INC</title>
        <cusip>01644J108</cusip>
        <identifiers>
          <isin value="US01644J1088"/>
          <other otherDesc="Internal" value="01644J108"/>
        </identifiers>
        <balance>36200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1091068.00000000</valUSD>
        <pctVal>0.381608462716</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>SPROUTS FARMERS MARKET, INC.</name>
        <lei>529900P8F4G77Q52XE24</lei>
        <title>SPROUTS FARMERS MARKET INC</title>
        <cusip>85208M102</cusip>
        <identifiers>
          <isin value="US85208M1027"/>
          <other otherDesc="Internal" value="85208M102"/>
        </identifiers>
        <balance>10300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1695792.00000000</valUSD>
        <pctVal>0.593114799634</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>FABRINET</name>
        <lei>5493004TETZ6IYF7CV44</lei>
        <title>FABRINET</title>
        <cusip>G3323L100</cusip>
        <identifiers>
          <isin value="KYG3323L1005"/>
          <other otherDesc="Internal" value="G3323L100"/>
        </identifiers>
        <balance>13900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4096052.00000000</valUSD>
        <pctVal>1.432622079401</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIRSTCASH HOLDINGS, INC.</name>
        <lei>N/A</lei>
        <title>FIRSTCASH HOLDINGS INC</title>
        <cusip>33768G107</cusip>
        <identifiers>
          <isin value="US33768G1076"/>
          <other otherDesc="Internal" value="33768G107"/>
        </identifiers>
        <balance>13000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1756820.00000000</valUSD>
        <pctVal>0.614459758209</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>FREEPORT-MCMORAN INC.</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>FREEPORT MCMORAN INC</title>
        <cusip>35671D857</cusip>
        <identifiers>
          <isin value="US35671D8570"/>
          <other otherDesc="Internal" value="35671D857"/>
        </identifiers>
        <balance>58000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2514300.00000000</valUSD>
        <pctVal>0.879393546331</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>CLEAR SECURE, INC.</name>
        <lei>N/A</lei>
        <title>CLEAR SECURE INC</title>
        <cusip>18467V109</cusip>
        <identifiers>
          <isin value="US18467V1098"/>
          <other otherDesc="Internal" value="18467V109"/>
        </identifiers>
        <balance>68300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1896008.00000000</valUSD>
        <pctVal>0.663141709021</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>CENCORA, INC.</name>
        <lei>AI8GXW8LG5WK7E9UD086</lei>
        <title>CENCORA INC</title>
        <cusip>03073E105</cusip>
        <identifiers>
          <isin value="US03073E1055"/>
          <other otherDesc="Internal" value="03073E105"/>
        </identifiers>
        <balance>16400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4917540.00000000</valUSD>
        <pctVal>1.719943101391</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>2025-07-30</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>
</edgarSubmission>
