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        <name>VEEVA SYSTEMS INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>OLD DOMINION FREIGHT LINE, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>ROBERT HALF INTERNATIONAL INC.</name>
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        <name>CONCENTRIX CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>CROWDSTRIKE HOLDINGS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>WESCO INTERNATIONAL, INC.</name>
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        <name>EXPEDIA GROUP, INC.</name>
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        <name>FREEPORT-MCMORAN INC.</name>
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        <name>AVERY DENNISON CORPORATION</name>
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        <fairValLevel>1</fairValLevel>
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        <name>U.S. SILICA HOLDINGS, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HORIZON THERAPEUTICS PUBLIC LIMITED COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>MSILF PRIME PORTFOLIO</name>
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        <title>Morgan Stanley Institutional Liquidity Fund - MPFXX 0.25% 7/31/2020 - Extendable</title>
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        <fairValLevel>1</fairValLevel>
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        <name>LEAR CORPORATION</name>
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        <name>OSHKOSH CORPORATION</name>
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        <name>TAKE-TWO INTERACTIVE SOFTWARE, INC.</name>
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        <name>SOUTHWEST AIRLINES CO.</name>
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        <title>SOUTHWEST AIRLINES CO.</title>
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        <name>RADIAN GROUP INC.</name>
        <lei>54930005OUP720S5U385</lei>
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        <name>AMPHENOL CORPORATION</name>
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        <name>CHOICE HOTELS INTERNATIONAL, INC.</name>
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        <name>MSCI INC.</name>
        <lei>549300HTIN2PD78UB763</lei>
        <title>MSCI INC. COMMON</title>
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        <name>ETSY, INC.</name>
        <lei>54930089Q7XT501AEA40</lei>
        <title>ETSY INC</title>
        <cusip>29786A106</cusip>
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        <name>KLA CORPORATION</name>
        <lei>549300H0BF5JCG96TJ81</lei>
        <title>KLA CORP</title>
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        <fairValLevel>1</fairValLevel>
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        <name>MICROCHIP TECHNOLOGY INCORPORATED</name>
        <lei>5493007PTFULNYZJ1R12</lei>
        <title>MICROCHIP TECHNOLOGY, INC.</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>SIMON PROPERTY GROUP, INC.</name>
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        <name>CLEAN HARBORS, INC.</name>
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        <name>RENT-A-CENTER, INC.</name>
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        <name>AGILENT TECHNOLOGIES, INC.</name>
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        <name>OWENS CORNING</name>
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        <name>LOUISIANA-PACIFIC CORPORATION</name>
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        <name>VIACOMCBS INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FIDELITY GOVERNMENT PORTFOLIO</name>
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        <name>DIGITAL REALTY TRUST, INC.</name>
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        <name>DARLING INGREDIENTS INC.</name>
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        <name>NVR, Inc.</name>
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        <name>SBA Communications Corporation</name>
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        <name>EDWARDS LIFESCIENCES CORPORATION</name>
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        <name>JACOBS ENGINEERING GROUP INC.</name>
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        <name>GENERAC HOLDINGS INC.</name>
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        <name>SYNCHRONY FINANCIAL</name>
        <lei>549300RS7EWPM9MA6C78</lei>
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        <name>Copa Holdings, S.A.</name>
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        <name>SYNNEX CORPORATION</name>
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        <name>W. R. BERKLEY CORPORATION</name>
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        <name>BRUKER CORPORATION</name>
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        <name>BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO</name>
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        <name>LIVE NATION ENTERTAINMENT, INC.</name>
        <lei>5493007B9BM9ZXJINO78</lei>
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        <name>THE MIDDLEBY CORPORATION</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>EVERCORE INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>IQVIA HOLDINGS INC</name>
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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>THE SCOTTS MIRACLE-GRO COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ADVANCED DRAINAGE SYSTEMS, INC.</name>
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        <name>ALLY FINANCIAL INC.</name>
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        <name>NANOSTRING TECHNOLOGIES, INC.</name>
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        <name>ZOETIS INC.</name>
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        <name>CRISPR Therapeutics AG</name>
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        <fairValLevel>1</fairValLevel>
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        <name>IDEXX LABORATORIES, INC.</name>
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        <name>INSULET CORPORATION</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SPDR S&amp;P Midcap 400 ETF</name>
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        <name>GOLDMAN SACHS FINANCIAL SQUARE PRIME OBLIGATIONS FUND</name>
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        <name>CSX Corporation</name>
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        <name>DIAMONDBACK ENERGY, INC.</name>
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        <name>SYNOPSYS, INC.</name>
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        <name>LUMENTUM HOLDINGS INC.</name>
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        <name>LITHIA MOTORS, INC.</name>
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        <name>FIVE BELOW, INC.</name>
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        <name>FIDELITY NATIONAL INFORMATION SERVICES, INC.</name>
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        <name>JPMORGAN PRIME MONEY MARKET FUND</name>
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        <name>CDW CORPORATION</name>
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        <name>Franco-Nevada Corporation</name>
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        <title>FRANCO-NEVADA CORP</title>
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        <valUSD>4090974.00000000</valUSD>
        <pctVal>0.703280799556</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="4025409.30000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TFI International Inc.</name>
        <lei>5493007R9W7KO7SJN678</lei>
        <title>TFI INTERNATIONAL INC</title>
        <cusip>87241L109</cusip>
        <identifiers>
          <isin value="CA87241L1094"/>
        </identifiers>
        <balance>84200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7678198.00000000</valUSD>
        <pctVal>1.319961756928</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>ATMOS ENERGY CORPORATION</name>
        <lei>QVLWEGTD2S8GJMO8D383</lei>
        <title>ATMOS ENERGY CORPORATION</title>
        <cusip>049560105</cusip>
        <identifiers>
          <isin value="US0495601058"/>
        </identifiers>
        <balance>28000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2691080.00000000</valUSD>
        <pctVal>0.462624522685</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>TREX COMPANY, INC.</name>
        <lei>N/A</lei>
        <title>TREX INC</title>
        <cusip>89531P105</cusip>
        <identifiers>
          <isin value="US89531P1057"/>
        </identifiers>
        <balance>64300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6572103.00000000</valUSD>
        <pctVal>1.129812570943</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>MARRIOTT VACATIONS WORLDWIDE CORPORATION</name>
        <lei>549300WA6BT5H4F7IO94</lei>
        <title>MARRIOTT VACATIONS WORLDWIDE CORP.</title>
        <cusip>57164Y107</cusip>
        <identifiers>
          <isin value="US57164Y1073"/>
        </identifiers>
        <balance>34121.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5435475.30000000</valUSD>
        <pctVal>0.934414497611</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>KRATOS DEFENSE &amp; SECURITY SOLUTIONS, INC.</name>
        <lei>5493000EKBN0UY1F3F88</lei>
        <title>KRATOS DEFENSE &amp; SECURITY SOLUTIONS, INC</title>
        <cusip>50077B207</cusip>
        <identifiers>
          <isin value="US50077B2079"/>
        </identifiers>
        <balance>214000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6096860.00000000</valUSD>
        <pctVal>1.048113377298</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>GLOBAL PAYMENTS INC.</name>
        <lei>549300NOMHGVQBX6S778</lei>
        <title>GLOBAL PAYMENTS, INC.</title>
        <cusip>37940X102</cusip>
        <identifiers>
          <isin value="US37940X1028"/>
        </identifiers>
        <balance>22000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4125880.00000000</valUSD>
        <pctVal>0.709281502466</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>BIOCRYST PHARMACEUTICALS, INC.</name>
        <lei>549300Z0INP1Z5NP6J59</lei>
        <title>BIOCRYST PHARMACEUTICALS INC</title>
        <cusip>09058V103</cusip>
        <identifiers>
          <isin value="US09058V1035"/>
        </identifiers>
        <balance>354900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5610969.00000000</valUSD>
        <pctVal>0.964583682175</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="5210076.98999999"/>
        </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>2021-07-30</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>
