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        <name>Equillium Inc</name>
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      <invstOrSec>
        <name>ZENDESK, INC.</name>
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        <name>10X Genomics Inc</name>
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        <name>KLA Corporation</name>
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        <name>Centogene NV</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Adaptive Biotechnologies Corp</name>
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        <name>Matinas BioPharma Holdings Inc</name>
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        <name>Scholar Rock Holding Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MyoKardia Inc</name>
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        <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>SKYWORKS SOLUTIONS, INC.</name>
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        <name>Homology Medicines Inc</name>
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        <name>FACEBOOK, INC.</name>
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        <name>Bicycle Therapeutics PLC</name>
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        <name>Arco Platform Ltd</name>
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        <name>Athenex Inc</name>
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        <name>INVITAE CORPORATION</name>
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        <name>MICROSOFT CORPORATION</name>
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        <name>CytomX Therapeutics Inc</name>
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        <name>DOCUSIGN, INC.</name>
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        <name>EURONET WORLDWIDE, INC.</name>
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        <name>APELLIS PHARMACEUTICALS, INC.</name>
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        <name>Kura Oncology Inc</name>
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        <name>ARENA PHARMACEUTICALS, INC.</name>
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        <title>ARENA PHARMACEUTICALS INC</title>
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      <invstOrSec>
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        <name>QUOTIENT LIMITED</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MARVELL TECHNOLOGY GROUP LTD.</name>
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        <name>ROGERS CORPORATION</name>
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        <name>AVROBIO Inc</name>
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        <name>Crinetics Pharmaceuticals Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>EXACT SCIENCES CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Mirati Therapeutics Inc</name>
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        <name>MacroGenics Inc</name>
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        <name>PAYCOM SOFTWARE, INC.</name>
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        <name>RINGCENTRAL, INC.</name>
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        <name>Aimmune Therapeutics Inc</name>
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        <name>Domo Inc</name>
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        <name>Editas Medicine Inc</name>
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        <name>BLUEBIRD BIO, INC.</name>
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        <name>Zymeworks Inc</name>
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        <name>Ascendis Pharma A/S</name>
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        <name>ADVERUM BIOTECHNOLOGIES, INC.</name>
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        <name>NETFLIX, INC.</name>
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        <name>Replimune Group Inc</name>
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        <name>MONOLITHIC POWER SYSTEMS, INC.</name>
        <lei>529900TB7O85LSZ1XU31</lei>
        <title>MONOLITHIC POWER SYSTEMS INC</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Precision BioSciences Inc</name>
        <lei>549300I5QGRS3BLHZH41</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>VEEVA SYSTEMS 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>GODADDY 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>INPHI 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>Beigene Ltd</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TWITTER, 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>Albireo Pharma 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>GLOBAL PAYMENTS 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>MATCH GROUP, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Evelo Biosciences Inc</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Cryoport Inc</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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

        <fairValLevel>1</fairValLevel>
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        <name>COHU, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FAIR ISAAC CORPORATION</name>
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        <fairValLevel>1</fairValLevel>
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        <name>LAM RESEARCH CORPORATION</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Autolus Therapeutics PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>KEYSIGHT TECHNOLOGIES, INC.</name>
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        <name>Stoke Therapeutics Inc</name>
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        <name>Dropbox Inc</name>
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        <name>Botanix Pharmaceuticals Ltd</name>
        <lei>N/A</lei>
        <title>BOTANIX PHARMACEUTICALS LTD</title>
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        <name>GW PHARMACEUTICALS PLC</name>
        <lei>213800ISBN5CNUZMHZ39</lei>
        <title>GW PHARMACEUTICALS PLC</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Celyad SA</name>
        <lei>549300ORR0M8XF56OI64</lei>
        <title>CELYAD -SPON ADR</title>
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        <invCountry>BE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>Kezar Life Sciences Inc</name>
        <lei>549300EV1V8GXBV18004</lei>
        <title>KEZAR LIFE SCIENCES INC</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>SAGE THERAPEUTICS, INC.</name>
        <lei>5493000JX4BJS9W6CN35</lei>
        <title>SAGE THERAPEUTICS INC</title>
        <cusip>78667J108</cusip>
        <identifiers>
          <isin value="US78667J1088"/>
        </identifiers>
        <balance>22790.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1645210.10000000</valUSD>
        <pctVal>0.561499338424</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="1364219.03999999"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BOINGO WIRELESS, INC.</name>
        <lei>54930058LPWPZZCRMC04</lei>
        <title>BOINGO WIRELESS, INC.</title>
        <cusip>09739C102</cusip>
        <identifiers>
          <isin value="US09739C1027"/>
        </identifiers>
        <balance>306650.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3357817.50000000</valUSD>
        <pctVal>1.146000930093</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="470880"/>
        </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>6942962.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6942962.06999999</valUSD>
        <pctVal>2.369587087394</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="6942962.06999999" 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>7637796.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7637796.30999999</valUSD>
        <pctVal>2.606729423241</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="7637796.30999999" 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>348432.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>348432.00000000</valUSD>
        <pctVal>0.118917539763</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="348432" 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>2086115.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2086115.33000000</valUSD>
        <pctVal>0.711977380683</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="2086115.33" 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>11493003.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11493002.96999999</valUSD>
        <pctVal>3.922485987755</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="11493002.969999989" 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>15275072.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15275071.64999999</valUSD>
        <pctVal>5.213281042864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="15275071.649999989" 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>
