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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Flywire Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>ZIPRECRUITER, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Intra-Cellular Therapies Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>LIVANOVA PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>SURGERY PARTNERS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SMARTSHEET INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>BOOT BARN HOLDINGS, INC.</name>
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        <name>ADVANCED ENERGY INDUSTRIES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>SUMMIT MATERIALS, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Shockwave Medical Inc</name>
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        <name>GOLDMAN SACHS FINANCIAL SQUARE PRIME OBLIGATIONS FUND</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>SILICON LABORATORIES INC.</name>
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        <name>Equillium Inc</name>
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        <name>Porch Group, Inc.</name>
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        <name>JAMF HOLDING CORP.</name>
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        <name>Axonics Inc</name>
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        <name>PAYA HOLDINGS INC.</name>
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        <name>IMPINJ, INC.</name>
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        <name>VARONIS SYSTEMS, INC.</name>
        <lei>549300SHIVNRRH7STS26</lei>
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        <name>Inspire Medical Systems Inc</name>
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        <name>FRESHPET, INC.</name>
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        <title>FRESHPET INC</title>
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        <name>WNS (HOLDINGS) LIMITED</name>
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        <title>WNS HOLDINGS LTD</title>
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        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>MATADOR RESOURCES COMPANY</name>
        <lei>549300CI3Q2UUK5R4G79</lei>
        <title>MATADOR RESOURCES CO</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>WINGSTOP INC.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Kezar Life Sciences Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>NEVRO CORP.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>PAPA JOHN'S INTERNATIONAL, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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

        <fairValLevel>1</fairValLevel>
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        <name>PLANET FITNESS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>PRA GROUP, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>SiTime Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>WALKER &amp; DUNLOP, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Compass Pathways PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>TELOS CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MSILF PRIME PORTFOLIO</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>HEALTHEQUITY, INC.</name>
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        <name>THE BEAUTY HEALTH COMPANY</name>
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        <title>BEAUTY HEALTH CO THE</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Customers Bancorp, Inc.</name>
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        <name>ACI WORLDWIDE, INC.</name>
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        <name>SAIA, INC.</name>
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        <name>YETI HOLDINGS, INC.</name>
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        <name>HOUGHTON MIFFLIN HARCOURT COMPANY</name>
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        <name>TEMPFUND</name>
        <lei>N/A</lei>
        <title>Blackrock Liquidity Funds Temp Fund Portfolio - TMPXX 1.67% 1/30/2020 - Extendable</title>
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        <name>ACUSHNET HOLDINGS CORP.</name>
        <lei>529900W5FI106H543E43</lei>
        <title>ACUSHNET HOLDINGS CORP</title>
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        <name>Scholar Rock Holding Corp</name>
        <lei>549300Z1FLPGL4OWJ459</lei>
        <title>SCHOLAR ROCK HOLDING CORP</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>FOCUS FINANCIAL PARTNERS INC.</name>
        <lei>5493006FFJCGLZ246V12</lei>
        <title>FOCUS FINANCIAL PARTNERS INC</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      </invstOrSec>
      <invstOrSec>
        <name>Beam Therapeutics Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PROG Holdings, Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SpringWorks Therapeutics Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>E.L.F. BEAUTY, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>AVAYA HOLDINGS CORP.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>DermTech Inc</name>
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        <name>LATTICE SEMICONDUCTOR CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>JPMORGAN PRIME MONEY MARKET FUND</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>CRYOPORT, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Paymentus Holdings Inc</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Bicycle Therapeutics PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>FIDELITY GOVERNMENT PORTFOLIO</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FATE THERAPEUTICS, INC.</name>
        <lei>549300L14Q4UHOODLA90</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>DigitalOcean Holdings, Inc.</name>
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        <name>Q2 HOLDINGS, INC.</name>
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        <name>Codexis Inc</name>
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        <name>AVIENT CORPORATION</name>
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        <name>Ranger Oil Corporation</name>
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        <name>ZURN WATER SOLUTIONS CORPORATION</name>
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        <name>NATIONAL STORAGE AFFILIATES TRUST</name>
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        <title>NATIONAL STORAGE AFFILIATES TRUST</title>
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        <name>APELLIS PHARMACEUTICALS, INC.</name>
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        <name>SEAWORLD ENTERTAINMENT, INC.</name>
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        <title>SEAWORLD ENTERTAINMENT INC</title>
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        <name>GENTHERM INCORPORATED</name>
        <lei>HKM6YX1U5JS60TCUB219</lei>
        <title>GENTHERM INC</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>OPTHEA LIMITED</name>
        <lei>549300Q5FMFDLP46SF83</lei>
        <title>OPTHEA LTD SPON ADR</title>
        <cusip>68386J208</cusip>
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        <curCd>USD</curCd>
        <valUSD>4714221.00000000</valUSD>
        <pctVal>0.289400771810</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="ADR"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TENABLE HOLDINGS, INC.</name>
        <lei>5493004S5OMPESF0EF83</lei>
        <title>TENABLE HOLDINGS INC</title>
        <cusip>88025T102</cusip>
        <identifiers>
          <isin value="US88025T1025"/>
        </identifiers>
        <balance>233810.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13511879.90000000</valUSD>
        <pctVal>0.829479244115</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>WINTRUST FINANCIAL CORPORATION</name>
        <lei>Q774KI4AW80FHFW33O61</lei>
        <title>WINTRUST FINANCIAL CORP</title>
        <cusip>97650W108</cusip>
        <identifiers>
          <isin value="US97650W1080"/>
        </identifiers>
        <balance>229460.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21323717.80000000</valUSD>
        <pctVal>1.309039264216</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>JOHN BEAN TECHNOLOGIES CORPORATION</name>
        <lei>5493007CT6ATBZ2L6826</lei>
        <title>JOHN BEAN TECHNOLOGIES CORPORATION</title>
        <cusip>477839104</cusip>
        <identifiers>
          <isin value="US4778391049"/>
        </identifiers>
        <balance>106680.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12638379.60000000</valUSD>
        <pctVal>0.775856034470</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>
    </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>2022-05-02</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>
