<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0000802716</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000053568</seriesId>
        <classId>C000168359</classId>
        <classId>C000168360</classId>
        <classId>C000168362</classId>
        <classId>C000168361</classId>
      </seriesClassInfo>

    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Victory Portfolios</regName>
      <regFileNumber>811-04852</regFileNumber>
      <regCik>0000802716</regCik>
      <regLei>549300V07N3HJP1EW330</regLei>
      <regStreet1>4900 Tiedeman Road 4th Floor</regStreet1>
      <regCity>Brooklyn</regCity>
      <regStateConditional regCountry="US" regState="US-OH"/>
      <regZipOrPostalCode>44144</regZipOrPostalCode>
      <regPhone>800-539-3863</regPhone>
      <seriesName>Victory Global Natural Resources Fund</seriesName>
      <seriesId>S000053568</seriesId>
      <seriesLei>549300X50UTTG6F4HI95</seriesLei>
      <repPdEnd>2019-12-31</repPdEnd>
      <repPdDate>2019-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>161482029.56</totAssets>
      <totLiabs>10466767.42</totLiabs>
      <netAssets>151015262.14</netAssets>
      <assetsAttrMiscSec>0</assetsAttrMiscSec>
      <assetsInvested>0</assetsInvested>
      <amtPayOneYrBanksBorr>0</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0</amtPayAftOneYrOther>
      <delayDeliv>0</delayDeliv>
      <standByCommit>0</standByCommit>
      <liquidPref>0</liquidPref>
      <cshNotRptdInCorD>5102951.77</cshNotRptdInCorD>
      <curMetrics>
        <curMetric>
          <curCd>GBP</curCd>
          <intrstRtRiskdv01 period10Yr="0" period1Yr="0" period30Yr="0" period3Mon="0" period5Yr="0"/>
          <intrstRtRiskdv100 period10Yr="0" period1Yr="0" period30Yr="0" period3Mon="0" period5Yr="0"/>
        </curMetric>
        <curMetric>
          <curCd>USD</curCd>
          <intrstRtRiskdv01 period10Yr="0" period1Yr="0" period30Yr="0" period3Mon="0" period5Yr="0"/>
          <intrstRtRiskdv100 period10Yr="0" period1Yr="0" period30Yr="0" period3Mon="0" period5Yr="0"/>
        </curMetric>
        <curMetric>
          <curCd>CAD</curCd>
          <intrstRtRiskdv01 period10Yr="0" period1Yr="0" period30Yr="0" period3Mon="0" period5Yr="0"/>
          <intrstRtRiskdv100 period10Yr="0" period1Yr="0" period30Yr="0" period3Mon="0" period5Yr="0"/>
        </curMetric>
      </curMetrics>
      <creditSprdRiskInvstGrade period10Yr="0" period1Yr="0" period30Yr="0" period3Mon="0" period5Yr="0"/>
      <creditSprdRiskNonInvstGrade period10Yr="0" period1Yr="0" period30Yr="0" period3Mon="0" period5Yr="0"/>
      <borrowers>
        <borrower aggrVal="0" lei="KB1H1DSPRFMYMCUFXT09" name="WELLS FARGO BANK NA"/>
        <borrower aggrVal="0" lei="T6FIZBDPKLYJKFCRVK44" name="UBS SECURITIES LLC"/>
        <borrower aggrVal="5022284.60999999" lei="MBNUM2BPBDO7JBLYG310" name="CITIGROUP GLOBAL MARKETS INC"/>
        <borrower aggrVal="670563.48" lei="571474TGEMMWANRLN572" name="STATE STREET BANK AND TRUST CO"/>
        <borrower aggrVal="356004" lei="9R7GPTSO7KV3UQJZQ078" name="MORGAN STANLEY &amp; CO. LLC"/>
        <borrower aggrVal="0" lei="OXTKY6Q8X53C9ILVV871" name="NOMURA SECURITIES INTL INC"/>
        <borrower aggrVal="0" lei="549300BLWPABP1VNME36" name="SCOTIA CAPITAL USA INC."/>
        <borrower aggrVal="164424" lei="VYVVCKR63DVZZN70PB21" name="WELLS FARGO SECURITIES LLC"/>
        <borrower aggrVal="0" lei="MP6I5ZYZBEU3UXPYFY54" name="H.S.B.C.  BANK PLC"/>
        <borrower aggrVal="1650843" lei="L3I9ZG2KFGXZ61BMYR72" name="THE BANK OF NOVA SCOTIA TOR"/>
        <borrower aggrVal="613201.08" lei="AC28XWWI3WIBK2824319" name="BARCLAYS CAPITAL INC"/>
        <borrower aggrVal="240204" lei="ZI8Q1A8EI8LQFJNM0D94" name="PERSHING LLC"/>
        <borrower aggrVal="0" lei="1V8Y6QCX6YMJ2OELII46" name="CREDIT SUISSE SEC (USA) LLC"/>
        <borrower aggrVal="732037.5" lei="ZBUT11V806EZRVTWT807" name="J.P. MORGAN SECURITIES LLC"/>
      </borrowers>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000168362" rtn1="-7.31000000" rtn2="0.52000000" rtn3="30.32000000"/>
          <monthlyTotReturn classId="C000168360" rtn1="-7.37000000" rtn2="0.45000000" rtn3="30.19000000"/>
          <monthlyTotReturn classId="C000168359" rtn1="-7.38000000" rtn2="0.54000000" rtn3="30.34000000"/>
          <monthlyTotReturn classId="C000168361" rtn1="-7.41000000" rtn2="0.43000000" rtn3="30.30000000"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <foreignExchgContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </foreignExchgContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="-20885924.32" netUnrealizedAppr="9079823.00"/>
        <othMon2 netRealizedGain="-588761.76" netUnrealizedAppr="1765252.48"/>
        <othMon3 netRealizedGain="-39278124.12" netUnrealizedAppr="76815503.10"/>
      </returnInfo>
      <mon1Flow redemption="-20374197.11000000" reinvestment="0.00000000" sales="5299239.36000000"/>
      <mon2Flow redemption="-11389340.66000000" reinvestment="0.00000000" sales="2861516.50000000"/>
      <mon3Flow redemption="-17003530.97000000" reinvestment="250255.01000000" sales="2549115.33000000"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>SRC Energy Inc.</name>
        <lei>549300RFZV39PJ73PH67</lei>
        <title>SRC ENERGY INC</title>
        <cusip>78470V108</cusip>
        <identifiers>
          <isin value="US78470V1089"/>
        </identifiers>
        <balance>1715980.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7069837.60000000</valUSD>
        <pctVal>4.681538474863</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>EOG RESOURCES, INC.</name>
        <lei>XWTZDRYZPBUHIQBKDB46</lei>
        <title>EOG RESOURCES, INC.</title>
        <cusip>26875P101</cusip>
        <identifiers>
          <isin value="US26875P1012"/>
        </identifiers>
        <balance>36358.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3045346.08000000</valUSD>
        <pctVal>2.016581659923</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>TURQUOISE HILL RESOURCES LTD.</name>
        <lei>N/A</lei>
        <title>TURQUOISE HILL RESOURCES LTD</title>
        <cusip>900435108</cusip>
        <identifiers>
          <isin value="CA9004351081"/>
        </identifiers>
        <balance>35290952.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25981198.86000000</valUSD>
        <pctVal>17.20435305135</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="732037.5"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BERRY PETROLEUM CORPORATION</name>
        <lei>N/A</lei>
        <title>BERRY PETROLEUM CORP</title>
        <cusip>08579X101</cusip>
        <identifiers>
          <isin value="US08579X1019"/>
        </identifiers>
        <balance>381078.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3593565.54000000</valUSD>
        <pctVal>2.379604212896</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>RANGE RESOURCES CORPORATION</name>
        <lei>H3Y3WLYCX0BTO1TRW162</lei>
        <title>RANGE RESOURCES CORP.</title>
        <cusip>75281A109</cusip>
        <identifiers>
          <isin value="US75281A1097"/>
        </identifiers>
        <balance>4628554.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22448486.90000000</valUSD>
        <pctVal>14.86504514966</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>ARC RESOURCES LTD.</name>
        <lei>FIR47I6FEYKYNJBYW622</lei>
        <title>ARC RESOURCES LTD</title>
        <cusip>00208D408</cusip>
        <identifiers>
          <isin value="CA00208D4084"/>
        </identifiers>
        <balance>819970.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.29840000"/>
        <valUSD>5165861.52000000</valUSD>
        <pctVal>3.420754595791</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="5022284.60999999"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANTERO RESOURCES CORPORATION</name>
        <lei>APVBKPOULHUX7YZLKU17</lei>
        <title>ANTERO RESOURCES CORP</title>
        <cusip>03674X106</cusip>
        <identifiers>
          <isin value="US03674X1063"/>
        </identifiers>
        <balance>2309278.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6581442.30000000</valUSD>
        <pctVal>4.358130566895</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>NEWMONT GOLDCORP CORPORATION</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>NEWMONT GOLDCORP CORP</title>
        <cusip>651639106</cusip>
        <identifiers>
          <isin value="US6516391066"/>
        </identifiers>
        <balance>98334.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4272612.30000000</valUSD>
        <pctVal>2.829258605689</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>CENTENNIAL RESOURCE DEVELOPMENT, INC.</name>
        <lei>529900NXUJPOKU7OJ511</lei>
        <title>CENTENNIAL RESOURCE DEVELOPMENT INC</title>
        <cusip>15136A102</cusip>
        <identifiers>
          <isin value="US15136A1025"/>
        </identifiers>
        <balance>1606911.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7423928.82000000</valUSD>
        <pctVal>4.916012272400</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="240204"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LAREDO PETROLEUM, INC</name>
        <lei>549300X0PTWU2QSLSL14</lei>
        <title>LAREDO PETROLEUM INC.</title>
        <cusip>516806106</cusip>
        <identifiers>
          <isin value="US5168061068"/>
        </identifiers>
        <balance>797690.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2289370.30000000</valUSD>
        <pctVal>1.515986045091</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>TOURMALINE OIL CORP.</name>
        <lei>N/A</lei>
        <title>TOURMALINE OIL CORP</title>
        <cusip>89156V106</cusip>
        <identifiers>
          <isin value="CA89156V1067"/>
        </identifiers>
        <balance>398615.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.29840000"/>
        <valUSD>4672612.68000000</valUSD>
        <pctVal>3.094132747767</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RIO TINTO PLC</name>
        <lei>213800YOEO5OQ72G2R82</lei>
        <title>RIO TINTO PLC-SPON ADR</title>
        <cusip>767204100</cusip>
        <identifiers>
          <isin value="US7672041008"/>
        </identifiers>
        <balance>65859.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3909390.24000000</valUSD>
        <pctVal>2.588738505367</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="ADR"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1650843"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANTOFAGASTA PLC</name>
        <lei>213800MY6QVH4FVLD628</lei>
        <title>ANTOFAGASTA PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0000456144"/>
        </identifiers>
        <balance>304201.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75506000"/>
        <valUSD>3693633.31000000</valUSD>
        <pctVal>2.445867561767</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PEYTO EXPLORATION &amp; DEVELOPMENT CORP.</name>
        <lei>549300WZKJ63UJDWP310</lei>
        <title>PEYTO EXPLORATION &amp; DEV CORP</title>
        <cusip>717046106</cusip>
        <identifiers>
          <isin value="CA7170461064"/>
        </identifiers>
        <balance>1657515.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.29840000"/>
        <valUSD>4851014.33000000</valUSD>
        <pctVal>3.212267595511</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NOBLE ENERGY, INC.</name>
        <lei>02VFQXG2D1LR5ZH3K186</lei>
        <title>NOBLE ENERGY, INC.</title>
        <cusip>655044105</cusip>
        <identifiers>
          <isin value="US6550441058"/>
        </identifiers>
        <balance>125551.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3118686.84000000</valUSD>
        <pctVal>2.065146790997</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>CONCHO RESOURCES INC.</name>
        <lei>SYHS7HRDXLL4I0IQ8776</lei>
        <title>CONCHO RESOURCES INC.</title>
        <cusip>20605P101</cusip>
        <identifiers>
          <isin value="US20605P1012"/>
        </identifiers>
        <balance>52177.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4569139.89000000</valUSD>
        <pctVal>3.025614646660</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>COVIA HOLDINGS CORPORATION</name>
        <lei>213800IE4YGTGVTQ1806</lei>
        <title>COVIA HOLDINGS CORP</title>
        <cusip>22305A103</cusip>
        <identifiers>
          <isin value="US22305A1034"/>
        </identifiers>
        <balance>1836803.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3747078.12000000</valUSD>
        <pctVal>2.481257898639</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="1804192.55999999"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WHITECAP RESOURCES INC.</name>
        <lei>5493004AMPGZA0JO5Q37</lei>
        <title>WHITECAP RESOURCES INC</title>
        <cusip>96467A200</cusip>
        <identifiers>
          <isin value="CA96467A2002"/>
        </identifiers>
        <balance>2686845.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.29840000"/>
        <valUSD>11484896.60000000</valUSD>
        <pctVal>7.605123109578</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIRST QUANTUM MINERALS LTD.</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
        <title>FIRST QUANTUM MINERALS LTD.</title>
        <cusip>335934105</cusip>
        <identifiers>
          <isin value="CA3359341052"/>
        </identifiers>
        <balance>1385429.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.29840000"/>
        <valUSD>14052757.19000000</valUSD>
        <pctVal>9.305521171080</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHENIERE ENERGY, INC.</name>
        <lei>MIHC87W9WTYSYZWV1J40</lei>
        <title>CHENIERE ENERGY INC</title>
        <cusip>16411R208</cusip>
        <identifiers>
          <isin value="US16411R2085"/>
        </identifiers>
        <balance>56852.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3471951.64000000</valUSD>
        <pctVal>2.299073345832</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>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>81042.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>81041.66999998</valUSD>
        <pctVal>0.053664556053</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="81041.66999998" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </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>1614861.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1614861.02999999</valUSD>
        <pctVal>1.069336308871</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1614861.02999999" 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>1776472.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1776472.24999998</valUSD>
        <pctVal>1.176352790324</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1776472.24999998" 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>2673153.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2673153.34000000</valUSD>
        <pctVal>1.770121312322</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="2673153.34" 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>485209.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>485208.79999999</valUSD>
        <pctVal>0.321297856338</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="485208.79999999" 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>3552823.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3552823.31999999</valUSD>
        <pctVal>2.352625337104</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="3552823.31999999" 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>
