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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MADISON IAQ LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MILEAGE PLUS HOLDINGS, LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>Post Holdings, Inc.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MEN S WEARHOUSE INC</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>JO-ANN STORES, LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KNIGHT HEALTH HOLDINGS LLC</name>
        <lei>N/A</lei>
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          <isin value="US49902TAB89"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>THE MICHAELS COMPANIES, INC.</name>
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        <title>MAGIC MERGERCO INC</title>
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          <isin value="US55916AAB08"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CAESARS ENTERTAINMENT, INC.</name>
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        <title>COLT MERGER SUB INC</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>LIFEPOINT HEALTH, INC.</name>
        <lei>549300G8ZVHRTBBBSZ90</lei>
        <title>LIFEPOINT HEALTH INC</title>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-15</maturityDt>
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        <name>RADIOLOGY PARTNERS, INC.</name>
        <lei>549300SFTAG2177WUZ08</lei>
        <title>RADIOLOGY PARTNERS INC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>NEXSTAR ESCROW, INC.</name>
        <lei>N/A</lei>
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        <name>DIAMOND SPORTS GROUP, LLC</name>
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        <name>PREMIER ENTERTAINMENT SUB, LLC</name>
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        <name>TEAM HEALTH HOLDINGS, INC.</name>
        <lei>549300PVTQ4UDTTMQT11</lei>
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        <name>RANGE RESOURCES CORPORATION</name>
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        <name>RADIOLOGY PARTNERS, INC.</name>
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        <name>CUMULUS MEDIA NEW HOLDINGS INC.</name>
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        <title>CUMULUS MEDIA NEW HLDGS</title>
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        <name>AADVANTAGE LOYALTY IP LTD.</name>
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        <name>THE HERTZ CORPORATION</name>
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        <name>HUSKY INJECTION MOLDING SYSTEMS LTD.</name>
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        <name>Pike Corporation</name>
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        <name>IHEARTCOMMUNICATIONS, INC.</name>
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        <name>MAUSER PACKAGING SOLUTIONS HOLDING COMPANY</name>
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        <name>ADAMS HOMES, INC.</name>
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        <name>AIR METHODS CORPORATION</name>
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        <name>BAUSCH HEALTH COMPANIES INC.</name>
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        <name>Life Time Inc.</name>
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        <name>GOLDMAN SACHS FINANCIAL SQUARE PRIME OBLIGATIONS FUND</name>
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        <name>VIKING CRUISES LTD</name>
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        <valUSD>2564670.00000000</valUSD>
        <pctVal>0.938445822557</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-27</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.07</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMSTOCK RESOURCES, INC.</name>
        <lei>I03QQGEA4SS774AURI46</lei>
        <title>COMSTOCK RESOURCES INC</title>
        <cusip>205768AS3</cusip>
        <identifiers>
          <isin value="US205768AS39"/>
        </identifiers>
        <balance>4776000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4288609.20000000</valUSD>
        <pctVal>1.569257404782</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AHERN RENTALS, INC.</name>
        <lei>N/A</lei>
        <title>AHERN RENTALS INC</title>
        <cusip>008674AH6</cusip>
        <identifiers>
          <isin value="US008674AH66"/>
        </identifiers>
        <balance>1450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1119603.00000000</valUSD>
        <pctVal>0.409677174167</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GRAY ESCROW II, INC.</name>
        <lei>N/A</lei>
        <title>GRAY ESCROW II INC</title>
        <cusip>389286AA3</cusip>
        <identifiers>
          <isin value="US389286AA34"/>
        </identifiers>
        <balance>1950000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1562047.50000000</valUSD>
        <pctVal>0.571573321718</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BOMBARDIER INC.</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
        <title>BOMBARDIER INC</title>
        <cusip>097751BT7</cusip>
        <identifiers>
          <isin value="US097751BT78"/>
        </identifiers>
        <balance>4500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3745440.00000000</valUSD>
        <pctVal>1.370504790729</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2708946.73999999"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CVR PARTNERS, LP</name>
        <lei>529900LE0OS06MYQRP11</lei>
        <title>CVR PARTNERS LP CVR NITROGEN FINANCE CORP</title>
        <cusip>12663QAC9</cusip>
        <identifiers>
          <isin value="US12663QAC96"/>
        </identifiers>
        <balance>1800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1648566.00000000</valUSD>
        <pctVal>0.603231556461</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MIDAS OPCO HOLDINGS LLC</name>
        <lei>N/A</lei>
        <title>MIDAS OPCO HOLDINGS LLC</title>
        <cusip>59565JAA9</cusip>
        <identifiers>
          <isin value="US59565JAA97"/>
        </identifiers>
        <balance>2250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1804770.00000000</valUSD>
        <pctVal>0.660388614199</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <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>2022-08-01</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>
