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        <name>HSBC US GOVERNMENT MONEY MARKET FUND</name>
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        <name>ELI LILLY AND COMPANY</name>
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        <name>TRIMBLE INC.</name>
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        <name>Arvinas Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Coherent Corp.</name>
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        <name>Monday.Com Ltd</name>
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        <name>Revolution Medicines Inc</name>
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        <name>TAKE-TWO INTERACTIVE SOFTWARE, INC.</name>
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        <name>Avidity Biosciences Inc</name>
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        <name>NATERA, INC.</name>
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        <name>MSILF Government Portfolio</name>
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        <name>Apogee Therapeutics Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Arcellx Inc</name>
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        <name>VISA INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>IDEAYA Biosciences Inc</name>
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        <name>Dyne Therapeutics Inc</name>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INVESCO GOVERNMENT &amp; AGENCY PORTFOLIO</name>
        <lei>N/A</lei>
        <title>INVESCO GVT &amp; AGNCY-INST</title>
        <cusip>825252885</cusip>
        <identifiers>
          <isin value="US8252528851"/>
        </identifiers>
        <balance>930910.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>930910.00000000</valUSD>
        <pctVal>0.551333494393</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="930910.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REGULUS THERAPEUTICS WRT</name>
        <lei>N/A</lei>
        <title>REGULUS THERAPEUTICS WRT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <ticker value="RGLS US"/>
        </identifiers>
        <balance>132636.7000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.13</valUSD>
        <pctVal>0.000000076992</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</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>2025-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios</ncom:nameOfApplicant>
      <ncom:signature>Carol Trevino</ncom:signature>
      <ncom:signerName>Carol Trevino</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
