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      <regStreet1>4900 Tiedeman Road 4th Floor</regStreet1>
      <regCity>Brooklyn</regCity>
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        <name>DELTA AIR LINES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>VOYAGER PARENT, LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>FLUTTER ENTERTAINMENT PUBLIC LIMITED COMPANY</name>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>TRONOX INCORPORATED</name>
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        <name>MARRIOTT OWNERSHIP RESORTS INC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>U.S. ACUTE CARE SOLUTIONS, LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CUMULUS MEDIA NEW HOLDINGS INC.</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>PROJECT ALPHA INTERMEDIATE HOLDING, INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LSF12 BADGER BIDCO, LLC</name>
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        <name>BW NHHC HOLDCO INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FIRST ADVANTAGE HOLDINGS, LLC</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ACRISURE, LLC</name>
        <lei>549300R0Z1Q47XRTGO22</lei>
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        <name>Invesco Senior Loan ETF</name>
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      <invstOrSec>
        <name>PROOFPOINT, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CLYDESDALE ACQUISITION HOLDINGS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CAMELOT U.S. ACQUISITION LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HARSCO CORP</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>NOVAE LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-22</maturityDt>
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        <name>LBM ACQUISITION, LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>AZZ INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>NEPTUNE BIDCO US INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-11</maturityDt>
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        <name>AHLSTROM HOLDING 3 OY</name>
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        <invCountry>FI</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>COVIS EQUITY B</name>
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        <fairValLevel>3</fairValLevel>
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        <name>IXS HOLDINGS, INC.</name>
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        <name>LES SCHWAB TIRE CENTERS</name>
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        <name>HARBOR FREIGHT TOOLS USA, INC.</name>
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        <name>CLOUD SOFTWARE GROUP, INC.</name>
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        <name>THE HERTZ CORPORATION</name>
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        <name>CCO HOLDINGS, LLC</name>
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        <name>FITNESS INTERNATIONAL LLC</name>
        <lei>N/A</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>McGraw-Hill Education, Inc.</name>
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        <name>AIR METHODS CORPORATION</name>
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        <name>LIFEPOINT HEALTH, INC.</name>
        <lei>549300G8ZVHRTBBBSZ90</lei>
        <title>LIFEPOINT HEALTH</title>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Anchor Packaging, LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

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        <isRestrictedSec>N</isRestrictedSec>

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        <name>CLEAR CHANNEL OUTDOOR HOLDINGS, INC.</name>
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        <name>PETCO HEALTH AND WELLNESS COMPANY, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DS PARENT, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NORTHRIVER MIDSTREAM FINANCE LP</name>
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        <assetCat>LON</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>IMC GLOBAL HOLDINGS LLC</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-02</maturityDt>
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      <invstOrSec>
        <name>LIFESCAN GLOBAL CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FIRST QUANTUM MINERALS LTD.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>AMERICAN AUTO AUCTION GROUP, LLC</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CUMULUS MEDIA NEW HOLDINGS INC.</name>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-31</maturityDt>
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      <invstOrSec>
        <name>WHITE CAP SUPPLY HOLDINGS, LLC</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-19</maturityDt>
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      <invstOrSec>
        <name>GOAT HOLDCO, LLC</name>
        <lei>N/A</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-12-09</maturityDt>
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      <invstOrSec>
        <name>DIAMOND FOREIGN ASSET COMPANY</name>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ARSENAL AIC PARENT LLC</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HOUGHTON MIFFLIN HARCOURT CO</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>COMMSCOPE LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ADAPTHEALTH, LLC</name>
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        <name>GRAHAM PACKAGING COMPANY INC.</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ORION US FINCO</name>
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        <title>ORION US FINCO</title>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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        <name>CHARIOT BUYER LLC</name>
        <lei>25490092IFNOZBRVE539</lei>
        <title>CHARIOT BUYER LLC</title>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.58000000</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>UNITI GROUP LP</name>
        <lei>N/A</lei>
        <title>UNITI GROUP LP UNITI GROUP FINANCE INC</title>
        <cusip>91327TAA9</cusip>
        <identifiers>
          <isin value="US91327TAA97"/>
          <other otherDesc="Internal" value="91327TAA9"/>
        </identifiers>
        <balance>784000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>830677.06000000</valUSD>
        <pctVal>0.206957496029</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.50000000</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>THE HERTZ CORPORATION</name>
        <lei>549300PD0C69OJ0NLB27</lei>
        <title>HERTZ CORP THE</title>
        <cusip>42804VBC4</cusip>
        <identifiers>
          <isin value="US42804VBC46"/>
          <other otherDesc="Internal" value="42804VBC4"/>
        </identifiers>
        <balance>203453.86000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>168612.39000000</valUSD>
        <pctVal>0.042008621297</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.04000000</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>JANUS INTERNATIONAL GROUP, LLC</name>
        <lei>549300EG57ZJJG8NC776</lei>
        <title>JANUS INTERNATIONAL GROUP LLC</title>
        <cusip>47102DAN9</cusip>
        <identifiers>
          <isin value="US47102DAN93"/>
          <other otherDesc="Internal" value="47102DAN9"/>
        </identifiers>
        <balance>3555200.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3540979.20000000</valUSD>
        <pctVal>0.882210697770</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.78000000</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>GIP PILOT ACQUISITION PARTNERS, L.P.</name>
        <lei>254900NQOAOPPA12X060</lei>
        <title>GIP PILOT ACQUISITION PARTNERS L P</title>
        <cusip>31773HAE2</cusip>
        <identifiers>
          <isin value="US31773HAE27"/>
          <other otherDesc="Internal" value="31773HAE2"/>
        </identifiers>
        <balance>2769860.61000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2772159.59000000</valUSD>
        <pctVal>0.690664561436</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-04</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.29000000</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>ARCHES BUYER INC.</name>
        <lei>2549009ADY4208OH2Y47</lei>
        <title>ARCHES BUYER INC</title>
        <cusip>03952HAD6</cusip>
        <identifiers>
          <isin value="US03952HAD61"/>
          <other otherDesc="Internal" value="03952HAD6"/>
        </identifiers>
        <balance>1974226.81000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1947811.66000000</valUSD>
        <pctVal>0.485283924766</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.68000000</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>MEN S WEARHOUSE INC</name>
        <lei>N/A</lei>
        <title>MEN S WEARHOUSE INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="LX191420             00001"/>
        </identifiers>
        <balance>32607.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>652140.00000000</valUSD>
        <pctVal>0.162476211225</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</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>
