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      <regStreet1>4900 Tiedeman Road 4th Floor</regStreet1>
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      <invstOrSec>
        <name>EMCOR GROUP, INC.</name>
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      <invstOrSec>
        <name>VERINT SYSTEMS INC.</name>
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        <name>PATTERSON COMPANIES, INC.</name>
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        <name>Edgewell Personal Care Company</name>
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        <name>ADVANCED ENERGY INDUSTRIES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>BANK OF HAWAII CORPORATION</name>
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        <name>MUELLER INDUSTRIES, INC.</name>
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        <name>UNIVERSAL FOREST PRODUCTS, INC.</name>
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        <name>ASSOCIATED BANC-CORP</name>
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        <name>CABOT CORPORATION</name>
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        <name>CORE-MARK HOLDING COMPANY, INC.</name>
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        <name>URSTADT BIDDLE PROPERTIES INC.</name>
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        <name>ALAMO GROUP INC.</name>
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        <name>ASTEC INDUSTRIES, INC.</name>
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        <name>Renasant Corporation</name>
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        <name>SCANSOURCE, INC.</name>
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        <name>NATUS MEDICAL INCORPORATED</name>
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        <name>WATTS WATER TECHNOLOGIES, INC.</name>
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        <name>EAGLE BANCORP, INC.</name>
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        <name>OXFORD INDUSTRIES INC</name>
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        <name>CHOICE HOTELS INTERNATIONAL, INC.</name>
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        <name>iShares Russell 2000 Value ETF</name>
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        <name>SAIA, INC.</name>
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        <title>SAIA INC</title>
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      <invstOrSec>
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        <name>CRANE CO.</name>
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        <name>COLUMBIA PROPERTY TRUST, INC.</name>
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        <name>FORWARD AIR CORPORATION</name>
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        <name>ICU MEDICAL, INC.</name>
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        <name>STEWART INFORMATION SERVICES CORPORATION</name>
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        <name>HYATT HOTELS CORPORATION</name>
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        <name>JPMORGAN PRIME MONEY MARKET FUND</name>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7955657.59000000</valUSD>
        <pctVal>0.170204742139</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="7955657.59000000" 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>997306.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>997306.42999999</valUSD>
        <pctVal>0.021336549723</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="997306.42999999" 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>1999278.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1999278.14000000</valUSD>
        <pctVal>0.042772909270</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1999278.14000000" 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>35770189.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>35770188.62999999</valUSD>
        <pctVal>0.765273726675</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="35770188.62999999" 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>13902935.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13902935.07999999</valUSD>
        <pctVal>0.297441846070</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="13902935.07999999" 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>45779593.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>45779592.66000000</valUSD>
        <pctVal>0.979416682506</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="45779592.66000000" 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>2020-06-01</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>
