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        <name>MacroGenics Inc</name>
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        <name>SAGE THERAPEUTICS, INC.</name>
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        <name>ZENDESK, INC.</name>
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        <name>APELLIS PHARMACEUTICALS, INC.</name>
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        <name>FABRINET</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Twist Bioscience Corp</name>
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        <name>Constellation Pharmaceuticals Inc</name>
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        <name>Aimmune Therapeutics Inc</name>
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        <name>Airgain Inc</name>
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        <name>ADVERUM BIOTECHNOLOGIES, INC.</name>
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        <name>Albireo Pharma Inc</name>
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        <name>Crinetics Pharmaceuticals Inc</name>
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        <name>Kaleido Biosciences Inc</name>
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        <name>ULTRA CLEAN HOLDINGS, INC.</name>
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        <name>Myovant Sciences Ltd</name>
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        <name>FACEBOOK, INC.</name>
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        <name>DOCUSIGN, INC.</name>
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        <name>Precision BioSciences Inc</name>
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        <name>Replimune Group Inc</name>
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        <name>TAKE-TWO INTERACTIVE SOFTWARE, INC.</name>
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        <name>PAYCOM SOFTWARE, INC.</name>
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        <name>BOINGO WIRELESS, INC.</name>
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        <name>Arco Platform Ltd</name>
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        <name>Ascendis Pharma A/S</name>
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        <name>Iovance Biotherapeutics Inc</name>
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        <name>Beam Therapeutics Inc</name>
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        <name>LENDINGTREE, INC.</name>
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        <name>Rapt Therapeutics Inc</name>
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        <name>Zymeworks Inc</name>
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        <name>Surface Oncology Inc</name>
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        <name>LATTICE SEMICONDUCTOR CORPORATION</name>
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        <name>Revolution Medicines Inc</name>
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        <name>Atreca Inc</name>
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        <name>NVIDIA CORPORATION</name>
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        <name>Centogene NV</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>MARVELL TECHNOLOGY GROUP LTD.</name>
        <lei>8DF36O58U3QIHUCGZB18</lei>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>QUOTIENT LIMITED</name>
        <lei>549300BOTHGGT8D81659</lei>
        <title>QUOTIENT LTD</title>
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          <isin value="JE00BLG2ZQ72"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VIAVI SOLUTIONS INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MICROSOFT CORPORATION</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
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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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        <name>NEUROCRINE BIOSCIENCES, INC.</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VEEVA SYSTEMS INC.</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <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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        <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>Bicycle Therapeutics PLC</name>
        <lei>N/A</lei>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MACOM TECHNOLOGY SOLUTIONS HOLDINGS, 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>DermTech Inc</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cryoport Inc</name>
        <lei>N/A</lei>
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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>Kezar Life Sciences Inc</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>AVROBIO Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LUMENTUM HOLDINGS INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>AVAYA HOLDINGS CORP.</name>
        <lei>549300NZS2OZN6Q63A60</lei>
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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>

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        <name>COHU, INC.</name>
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        <name>Athenex Inc</name>
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        <name>Gritstone Oncology Inc</name>
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        <name>GW PHARMACEUTICALS PLC</name>
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        <name>EPIZYME, INC.</name>
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        <name>Exagen Inc</name>
        <lei>549300JV2CYDOME5OO17</lei>
        <title>EXAGEN INC</title>
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        <name>COUPA SOFTWARE INCORPORATED</name>
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        <invCountry>US</invCountry>

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        <name>WIX.COM LTD</name>
        <lei>5493008P6N29Q1AG9464</lei>
        <title>WIX.COM LTD</title>
        <cusip>M98068105</cusip>
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      <invstOrSec>
        <name>Equillium Inc</name>
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      <invstOrSec>
        <name>BLUEBIRD BIO, INC.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TWILIO INC.</name>
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        <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>ROGERS CORPORATION</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ARENA PHARMACEUTICALS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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

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

        <fairValLevel>1</fairValLevel>
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        <name>Matinas BioPharma Holdings Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

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

        <fairValLevel>1</fairValLevel>
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        <name>AMAZON.COM, INC.</name>
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        <name>EXACT SCIENCES CORPORATION</name>
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        <name>ICAD, INC.</name>
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        <name>Homology Medicines Inc</name>
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        <name>Blueprint Medicines Corp</name>
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        <name>MyoKardia Inc</name>
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        <name>GODADDY INC.</name>
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        <name>DOLBY LABORATORIES, INC.</name>
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        <name>TWITTER, INC.</name>
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        <name>Passage Bio Inc</name>
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        <name>Botanix Pharmaceuticals Ltd</name>
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        <name>KEYSIGHT TECHNOLOGIES, INC.</name>
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        <name>Kalvista Pharmaceuticals Inc</name>
        <lei>529900Q7IDA3WUGRZA51</lei>
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        <assetCat>EC</assetCat>
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        <name>SERVICENOW, INC.</name>
        <lei>549300HJTQM36M0E1G39</lei>
        <title>SERVICENOW INC</title>
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          <isin value="US81762P1021"/>
        </identifiers>
        <balance>18370.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5264474.60000000</valUSD>
        <pctVal>2.240936570688</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>MKS INSTRUMENTS, INC.</name>
        <lei>549300KEQATBHAGVF505</lei>
        <title>MKS INSTRUMENTS, INC.</title>
        <cusip>55306N104</cusip>
        <identifiers>
          <isin value="US55306N1046"/>
        </identifiers>
        <balance>34530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2812468.50000000</valUSD>
        <pctVal>1.197187562755</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="116116.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Beigene Ltd</name>
        <lei>549300JFUK6FRD5MH739</lei>
        <title>BEIGENE LTD- ADR</title>
        <cusip>07725L102</cusip>
        <identifiers>
          <isin value="US07725L1026"/>
        </identifiers>
        <balance>6980.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>859307.80000000</valUSD>
        <pctVal>0.365782802807</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="ADR"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="413787.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gossamer Bio Inc</name>
        <lei>549300ZOC0N2W6PSFR58</lei>
        <title>GOSSAMER BIO INC</title>
        <cusip>38341P102</cusip>
        <identifiers>
          <isin value="US38341P1021"/>
        </identifiers>
        <balance>62340.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>632751.00000000</valUSD>
        <pctVal>0.269344039771</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>Turning Point Therapeutics Inc</name>
        <lei>N/A</lei>
        <title>TURNING POINT THERAPEUTICS INC</title>
        <cusip>90041T108</cusip>
        <identifiers>
          <isin value="US90041T1088"/>
        </identifiers>
        <balance>17500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>781550.00000000</valUSD>
        <pctVal>0.332683526827</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>MONOLITHIC POWER SYSTEMS, INC.</name>
        <lei>529900TB7O85LSZ1XU31</lei>
        <title>MONOLITHIC POWER SYSTEMS INC</title>
        <cusip>609839105</cusip>
        <identifiers>
          <isin value="US6098391054"/>
        </identifiers>
        <balance>19530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3270493.80000000</valUSD>
        <pctVal>1.392155859319</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>IMMUNOMEDICS, INC.</name>
        <lei>5493007ZU7DDO8PSIM59</lei>
        <title>IMMUNOMEDICS INC</title>
        <cusip>452907108</cusip>
        <identifiers>
          <isin value="US4529071080"/>
        </identifiers>
        <balance>41680.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>561846.40000000</valUSD>
        <pctVal>0.239161975417</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>MATCH GROUP, INC.</name>
        <lei>549300BIJKT86CPCKK96</lei>
        <title>MATCH GROUP INC</title>
        <cusip>57665R106</cusip>
        <identifiers>
          <isin value="US57665R1068"/>
        </identifiers>
        <balance>38760.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2559710.40000000</valUSD>
        <pctVal>1.089595654185</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="2558261.23999999"/>
        </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>5782585.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5782585.37999999</valUSD>
        <pctVal>2.461481541039</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="5782585.37999999" 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 1.67% 1/31/2020 - Extendable</title>
        <cusip>4812A0367</cusip>
        <identifiers>
          <ticker value="CJPXX"/>
        </identifiers>
        <balance>3308961.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3308960.95000000</valUSD>
        <pctVal>1.408530227087</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="3308960.95000000" 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 1.67% 1/30/2020 - Extendable</title>
        <cusip>09248U619</cusip>
        <identifiers>
          <ticker value="TMPXX"/>
        </identifiers>
        <balance>831551.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>831550.77999999</valUSD>
        <pctVal>0.353967431676</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="831550.77999999" 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 1.51% 2/11/2020 - Extendable</title>
        <cusip>1849969A6</cusip>
        <identifiers>
          <ticker value="FRGXX"/>
        </identifiers>
        <balance>10109539.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10109539.23999999</valUSD>
        <pctVal>4.303342292833</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="10109539.23999999" 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>14877734.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14877733.96999999</valUSD>
        <pctVal>6.333026688427</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="14877733.96999999" 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 1.66% 1/29/2020 - Extendable</title>
        <cusip>31607A208</cusip>
        <identifiers>
          <ticker value="FIPXX"/>
        </identifiers>
        <balance>414805.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>414805.19000000</valUSD>
        <pctVal>0.176570729391</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="414805.19000000" 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>2020-04-30</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>
  <documents>XXXX</documents>
</edgarSubmission>
