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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>iRhythm Technologies Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Health Catalyst Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Regis Corporation</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Blueprint Medicines Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>

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

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

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fate Therapeutics Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>APELLIS PHARMACEUTICALS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>GENERAC HOLDINGS INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Varonis Systems Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>STEVEN MADDEN, LTD.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>RINGCENTRAL, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>EPIZYME, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AARON'S, INC.</name>
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        <name>SPX CORPORATION</name>
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        <name>TREX COMPANY, INC.</name>
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        <name>IMMUNOMEDICS, INC.</name>
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        <name>ALBANY INTERNATIONAL CORP.</name>
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        <title>ALBANY INTERNATIONAL CORP</title>
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        <name>Ascendis Pharma A/S</name>
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        <title>ASCENDIS PHARMA A/S - ADR</title>
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        <name>InterXion Holding N.V.</name>
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        <title>INTERXION HOLDING NV</title>
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        <name>Arco Platform Ltd</name>
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        <title>ARCO PLATFORM LTD</title>
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        <name>Silk Road Medical Inc</name>
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        <name>AMICUS THERAPEUTICS, INC.</name>
        <lei>549300MRD1SMUTNBPQ53</lei>
        <title>AMICUS THERAPEUTICS, INC.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

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        <fairValLevel>1</fairValLevel>
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        <name>ESSENT GROUP LTD</name>
        <lei>254900QUO860OUT6ZF83</lei>
        <title>ESSENT GROUP LTD</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>ESCO TECHNOLOGIES INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Nomad Foods Limited</name>
        <lei>5493000ZZ1837DS2SI43</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MASIMO CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEWPARK RESOURCES, INC.</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>BLUEBIRD BIO, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WIX.COM LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>

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

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Gossamer Bio Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LHC GROUP, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>WATTS WATER TECHNOLOGIES, INC.</name>
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        <title>WATTS WATER TECHNOLOGIES INC. - A</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>CORNERSTONE ONDEMAND, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>SITEONE LANDSCAPE SUPPLY, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>GW PHARMACEUTICALS PLC</name>
        <lei>213800ISBN5CNUZMHZ39</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>LIVERAMP HOLDINGS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>HOSTESS BRANDS, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AZUL S.A.</name>
        <lei>549300Z0MWZ57Q9RR205</lei>
        <title>AZUL SA</title>
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        <name>Cryoport Inc</name>
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        <name>CARDLYTICS, INC.</name>
        <lei>549300JETJBH94EIPC66</lei>
        <title>CARDLYTICS INC</title>
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        <name>HEALTHEQUITY, INC.</name>
        <lei>529900LRJU1RAFQHM467</lei>
        <title>HEALTHEQUITY INC</title>
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        <name>ELDORADO RESORTS, INC.</name>
        <lei>5299000BKFWWVND5L441</lei>
        <title>ELDORADO RESORTS INC</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>BANDWIDTH INC.</name>
        <lei>N/A</lei>
        <title>BANDWIDTH INC</title>
        <cusip>05988J103</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>DINE BRANDS GLOBAL, INC.</name>
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        <name>Equillium Inc</name>
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      <invstOrSec>
        <name>SILICON LABORATORIES INC.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FTI CONSULTING, INC.</name>
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        <name>LENDINGTREE, INC.</name>
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        <name>ACI WORLDWIDE, INC.</name>
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        <name>BELLRING BRANDS, INC.</name>
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        <name>WESTERN ALLIANCE BANCORPORATION</name>
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        <name>EVERBRIDGE, INC.</name>
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        <name>WNS (HOLDINGS) LIMITED</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>INVITAE CORPORATION</name>
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        <name>ITRON, INC.</name>
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        <name>MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC.</name>
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        <name>HANGER, INC.</name>
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        <name>Aimmune Therapeutics Inc</name>
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        <name>NEVRO CORP.</name>
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        <name>BJ'S WHOLESALE CLUB HOLDINGS, INC.</name>
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        <name>Freshpet Inc</name>
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        <name>MONOLITHIC POWER SYSTEMS, INC.</name>
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        <name>AXON ENTERPRISE, INC.</name>
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        <name>LATTICE SEMICONDUCTOR CORPORATION</name>
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        <title>LATTICE SEMICONDUCTOR</title>
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        <name>Inspire Medical Systems Inc</name>
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        <name>STRATEGIC EDUCATION, INC.</name>
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        <name>INGEVITY CORPORATION</name>
        <lei>5493009UTFC4B5IMGF87</lei>
        <title>INGEVITY CORP</title>
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        <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>Iovance Biotherapeutics Inc</name>
        <lei>N/A</lei>
        <title>IOVANCE BIOTHERAPEUTICS INC</title>
        <cusip>462260100</cusip>
        <identifiers>
          <isin value="US4622601007"/>
        </identifiers>
        <balance>1139215.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>31533471.20000000</valUSD>
        <pctVal>1.374715626437</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="2294384.39999999"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CABOT MICROELECTRONICS CORPORATION</name>
        <lei>31F6V1MN00ZW3XWB4J69</lei>
        <title>CABOT MICROELECTRONICS CORP</title>
        <cusip>12709P103</cusip>
        <identifiers>
          <isin value="US12709P1030"/>
        </identifiers>
        <balance>235360.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>33967155.20000000</valUSD>
        <pctVal>1.480813157007</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="387045"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Myovant Sciences Ltd</name>
        <lei>N/A</lei>
        <title>MYOVANT SCIENCES LTD</title>
        <cusip>G637AM102</cusip>
        <identifiers>
          <isin value="BMG637AM1024"/>
        </identifiers>
        <balance>1160830.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18016081.60000000</valUSD>
        <pctVal>0.785419047133</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="1245630.45"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIRSTCASH, INC.</name>
        <lei>549300V2X3UU7K0DG350</lei>
        <title>FIRSTCASH INC.</title>
        <cusip>33767D105</cusip>
        <identifiers>
          <isin value="US33767D1054"/>
        </identifiers>
        <balance>510280.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>41143876.40000000</valUSD>
        <pctVal>1.793685492490</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>MONRO, INC.</name>
        <lei>N/A</lei>
        <title>MONRO INC</title>
        <cusip>610236101</cusip>
        <identifiers>
          <isin value="US6102361010"/>
        </identifiers>
        <balance>357960.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27992472.00000000</valUSD>
        <pctVal>1.220344199880</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="1401565.92"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS FINANCIAL SQUARE PRIME OBLIGATIONS FUND</name>
        <lei>N/A</lei>
        <title>Goldman Sachs Financial Sq Prime Obligations- FPOXX Victory 1.62% 2/28/2018 - Extendable</title>
        <cusip>38141W364</cusip>
        <identifiers>
          <ticker value="FPOXX"/>
        </identifiers>
        <balance>45582924.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>45582924.24999999</valUSD>
        <pctVal>1.987207747214</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="45582924.249999993" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIDELITY PRIME MONEY MARKET PORTFOLIO</name>
        <lei>N/A</lei>
        <title>Fidelity Prime Money Market Portfolio - FIPXX 1.22% 10/27/2017 - Extendable</title>
        <cusip>31607A208</cusip>
        <identifiers>
          <ticker value="FIPXX"/>
        </identifiers>
        <balance>2287575.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2287575.46000000</valUSD>
        <pctVal>0.099727864134</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="2287575.46" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO</name>
        <lei>N/A</lei>
        <title>Blackrock Liquidity Funds Temp Fund Portfolio - TMPXX 1.58% 3/22/2018 - Extendable</title>
        <cusip>09248U619</cusip>
        <identifiers>
          <ticker value="TMPXX"/>
        </identifiers>
        <balance>13696062.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13696061.74000000</valUSD>
        <pctVal>0.597085870287</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="13696061.74" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY INSTITUTIONAL LIQUIDITY FUNDS - PRIME PORTFOL</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Institutional Liquidity Fund - MPFXX 2.0073% 6/18/2018 - Extendable</title>
        <cusip>61747C715</cusip>
        <identifiers>
          <ticker value="MPFXX"/>
        </identifiers>
        <balance>100286078.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>100286077.64999999</valUSD>
        <pctVal>4.372015918742</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="100286077.64999999" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIDELITY GOVERNMENT PORTFOLIO</name>
        <lei>N/A</lei>
        <title>FIDELITY GOVERNMENT PORTFOLIO FRGXX 1.85% 8/24/2018 - Extendable</title>
        <cusip>1849969A6</cusip>
        <identifiers>
          <ticker value="FRGXX"/>
        </identifiers>
        <balance>75455501.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>75455501.28000000</valUSD>
        <pctVal>3.289515957580</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="75455501.28" 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 1.2184% 11/24/2017 - Extendable</title>
        <cusip>4812A0367</cusip>
        <identifiers>
          <ticker value="CJPXX"/>
        </identifiers>
        <balance>50144749.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>50144748.95999999</valUSD>
        <pctVal>2.186082513463</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="50144748.959999993" 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>2020-01-30</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>
