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        <name>Credo Technology Group Holding Ltd</name>
        <lei>N/A</lei>
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        <name>SPX TECHNOLOGIES, INC.</name>
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        <name>RADNET, INC.</name>
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        <name>PRIMORIS SERVICES CORPORATION</name>
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        <name>CONFLUENT, INC.</name>
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        <name>Nextracker Inc</name>
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        <name>MoonLake Immunotherapeutics</name>
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        <name>Twist Bioscience Corp</name>
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        <name>VARONIS SYSTEMS, INC.</name>
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        <name>Merus NV</name>
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        <name>MSILF Government Portfolio</name>
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        <name>KORN FERRY</name>
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        <name>Krystal Biotech Inc</name>
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        <name>AvePoint Inc</name>
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        <name>Phreesia Inc</name>
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      <invstOrSec>
        <name>IONQ Inc</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>LANTHEUS HOLDINGS, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AAON, INC.</name>
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        <name>OLLIE'S BARGAIN OUTLET HOLDINGS, INC.</name>
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        <name>Hinge Health Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Tecnoglass Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Revolution Medicines Inc</name>
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        <name>PERMIAN RESOURCES CORPORATION</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HALOZYME THERAPEUTICS, INC.</name>
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        <name>CYBERARK SOFTWARE LTD.</name>
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        <name>BOX, INC.</name>
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        <name>CLEARWATER ANALYTICS HOLDINGS, INC.</name>
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        <name>Disc Medicine Inc</name>
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        <name>Onespaworld Holdings Ltd</name>
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        <name>WATTS WATER TECHNOLOGIES, INC.</name>
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        <name>MUELLER WATER PRODUCTS, INC.</name>
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        <name>WISDOMTREE, INC.</name>
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        <name>MOOG INC.</name>
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        <name>COMMVAULT SYSTEMS, INC.</name>
        <lei>65T5VRP62VXG39YFML83</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Braze Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Titan America SA</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>EURONET WORLDWIDE, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FTAI Aviation Ltd,</name>
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        <isRestrictedSec>N</isRestrictedSec>

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

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Payoneer Global Inc</name>
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      <invstOrSec>
        <name>AEROVIRONMENT, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>SI-BONE Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>POWELL INDUSTRIES, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HSBC US GOVERNMENT MONEY MARKET FUND</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Waystar Holding Corp</name>
        <lei>N/A</lei>
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        <name>Q2 HOLDINGS, INC.</name>
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        <title>Q2 HOLDINGS INC</title>
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        <name>INVESCO GOVERNMENT &amp; AGENCY PORTFOLIO</name>
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        <name>AVIENT CORPORATION</name>
        <lei>SM8L9RZYIB34LNTWO040</lei>
        <title>AVIENT CORP</title>
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        <name>ZURN ELKAY WATER SOLUTIONS CORPORATION</name>
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        <name>Natural Grocers by Vitamin Cottage Inc</name>
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        <title>NATURAL GROCERS BY VITAMIN COTTAGE INC</title>
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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>GUARDANT HEALTH, INC.</name>
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        <name>NOVANTA INC.</name>
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        <name>MIRION TECHNOLOGIES, INC.</name>
        <lei>549300BNTOWVWFNVTJ65</lei>
        <title>MIRION TECHNOLOGIES INC</title>
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        <name>WINTRUST FINANCIAL CORPORATION</name>
        <lei>Q774KI4AW80FHFW33O61</lei>
        <title>WINTRUST FINANCIAL CORP</title>
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        <name>CHAMPION HOMES, INC</name>
        <lei>N/A</lei>
        <title>CHAMPION HOMES INC</title>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIVE BELOW, INC.</name>
        <lei>529900AAXP5Z6BGI7418</lei>
        <title>FIVE BELOW</title>
        <cusip>33829M101</cusip>
        <identifiers>
          <isin value="US33829M1018"/>
          <other otherDesc="Internal" value="33829M101"/>
        </identifiers>
        <balance>38540.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5055677.20000000</valUSD>
        <pctVal>1.278528479894</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>2025-07-30</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>
</edgarSubmission>
