# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0001752724-23-041267
**Filing Date:** 2023-2
**Character Count:** 49334
**Document Hash:** a48cd56297d8322a6e96500755db9876
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-041267.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-041267

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VICTORY PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000802716
- **IRS NUMBER:** 316364605
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04852
- **FILM NUMBER:** 23671067

**BUSINESS ADDRESS:**
- **STREET 1:** 4900 TIEDEMAN ROAD
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144
- **BUSINESS PHONE:** 6144708000

**MAIL ADDRESS:**
- **STREET 1:** 4900 TIEDEMAN ROAD
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOCIETY FUNDS
- **DATE OF NAME CHANGE:** 19940906

## Series and Classes Contracts Data

### Victory High Yield Fund (Series ID: S000053572)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168374 | Class A      | GUHYX           |
| C000168375 | Class C      | RHYCX           |
| C000168376 | Class R      | RHYKX           |
| C000168377 | Class Y      | RSYYX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Victory Portfolios

- **b. Investment Company Act file number:** 811-04852

- **c. CIK number of Registrant:** 0000802716

- **d. LEI of Registrant:** 549300V07N3HJP1EW330

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 4900 Tiedeman Road 4th Floor

  - **City:** Brooklyn

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 44144

  - **Telephone number:** 800-539-3863

**Item A.2. Information about the Series.**

- **a. Name of Series:** Victory High Yield Fund

- **b. EDGAR series identifier (if any):** S000053572

- **c. LEI of Series:** 549300YO611MKRHL4648

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $271161048.54

**Total Liabilities:** $26459748.62

**Net Assets:** $244701299.92

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -2.45957308 | **1-Year:** -134.21125155 | **5-Year:** -562.48450179 | **10-Year:** -201.53250790 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -423.38173884 | **1-Year:** -15157.44948556 | **5-Year:** -51048.31099191 | **10-Year:** -14657.00801599 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000168375 | 1.98%                | 0.64%                | -1.75%               |
| Class ID C000168374 | 2.24%                | 0.70%                | -1.88%               |
| Class ID C000168376 | 2.02%                | 0.67%                | -1.72%               |
| Class ID C000168377 | 2.08%                | 0.73%                | -1.69%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $233388.94               | $3307837.45                                |
| Month 2  | $-2186114.19             | $2502183.75                                |
| Month 3  | $-448445.66              | $-6028137.97                               |

### Schedule of Portfolio Investments

| Name                                           | Title                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| TELESAT CANADA                                 | TELESAT CANADA TELESAT LLC                  | CUSIP: 87952VAR7<br>LEI: 5493004V5GLBY6SO5Y34 | Long             | DBT              | CORP              | CA        |   6050000 | PA      | $2827588.50   | 1.16%             | 2026-12-06      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: —       |
| Life Time Inc.                                 | LIFE TIME INC                               | CUSIP: 53190FAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3728560.00   | 1.52%             | 2026-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| HSBC US GOVERNMENT MONEY MARKET FUND           | HSBC US GOVT MMKT-I                         | CUSIP: 40428X107<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   6018634 | NS      | $6018633.94   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| BCPE CYCLE MERGER SUB II, INC.                 | BCPE CYCLE MERGER SUB II                    | CUSIP: 07335BAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4390000 | PA      | $922646.30    | 0.38%             | 2027-07-15      | Fixed         | 10.62%                | Yes           |                  2 | On Loan: No      |
| ARAMARK SERVICES, INC.                         | ARAMARK SERVICES INC                        | CUSIP: 038522AR9<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $990160.00    | 0.40%             | 2025-05-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| DIAMOND SPORTS GROUP, LLC                      | DIAMOND SPORTS GROUP LLC                    | CUSIP: 25277BAG3<br>LEI: 5493002K6DHWNZH8YA34 | Long             | DBT              | CORP              | US        |   7021938 | PA      | $842632.50    | 0.34%             | 2026-08-24      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| TEGNA INC.                                     | TEGNA INC                                   | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2840040.00   | 1.16%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRAVERSE MIDSTREAM PARTNERS LLC                | TRAVERSE MIDSTREAM PARTNERS LLC             | CUSIP: 89435TAB0<br>LEI: 549300DHTM8B2X5QMJ22 | Long             | DBT              | CORP              | US        |   1751585 | PA      | $1745559.59   | 0.71%             | 2024-09-27      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND | GLDMN SCHS FIN SQ GV-FST                    | CUSIP: 38141W273<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   6018634 | NS      | $6018633.94   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ENVISION HEALTHCARE CORPORATION                | ENVISION HEALTHCARE CORP                    | CUSIP: 29373UAE1<br>LEI: 549300OL60X0LPKY8N60 | Long             | DBT              | CORP              | US        |    311954 | PA      | $276469.52    | 0.11%             | 2027-07-22      | Floating      | 12.46%                | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                             | FORD MOTOR CO                               | CUSIP: 345370DB3<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2316150.00   | 0.95%             | 2032-08-19      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| MADISON IAQ LLC                                | MADISON IAQ LLC                             | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |   2800000 | PA      | $1925952.00   | 0.79%             | 2029-06-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Post Holdings, Inc.                            | POST HOLDINGS INC                           | CUSIP: 737446AR5<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $844660.00    | 0.35%             | 2031-09-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| MEN S WEARHOUSE INC                            | MEN S WEARHOUSE INC                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     31563 | NS      | $226212.02    | 0.09%             |  |  |  | No            |                  3 | On Loan: No      |
| JO-ANN STORES, LLC                             | JO ANN STORES LLC                           | CUSIP: 47759DAE5<br>LEI: 549300GM65RR2EMGLI48 | Long             | DBT              | CORP              | US        |   1566635 | PA      | $1052261.95   | 0.43%             | 2028-06-30      | Floating      | 9.08%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR RENTAL, LLC                    | AVIS BUDGET CAR FINANCE                     | CUSIP: 053773BF3<br>LEI: XN8R4HH1TVC1XOCL5P21 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1717200.00   | 0.70%             | 2029-03-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: —       |
| KNIGHT HEALTH HOLDINGS LLC                     | KNIGHT HEALTH HOLDINGS LLC                  | CUSIP: 49902TAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3970000 | PA      | $2312525.00   | 0.95%             | 2028-12-17      | Floating      | 9.63%                 | No            |                  2 | On Loan: No      |
| THE MICHAELS COMPANIES, INC.                   | MAGIC MERGERCO INC                          | CUSIP: 55916AAB0<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |   2350000 | PA      | $1585991.50   | 0.65%             | 2029-05-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: —       |
| CLEAR CHANNEL OUTDOOR HOLDINGS, INC.           | CLEAR CHANNEL OUTDOOR HOLDINGS INC          | CUSIP: 18452RAD7<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   2750000 | PA      | $2499557.50   | 1.02%             | 2026-08-21      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAINMENT, INC.                    | COLT MERGER SUB INC                         | CUSIP: 28470RAK8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   2505000 | PA      | $2463567.30   | 1.01%             | 2027-07-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| LIFEPOINT HEALTH, INC.                         | LIFEPOINT HEALTH INC                        | CUSIP: 53219LAU3<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $1981455.00   | 0.81%             | 2029-01-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| RADIOLOGY PARTNERS, INC.                       | RADIOLOGY PARTNERS INC                      | CUSIP: 75041EAB8<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1672500.00   | 0.68%             | 2025-07-09      | Floating      | 8.64%                 | No            |                  2 | On Loan: No      |
| NEXSTAR ESCROW, INC.                           | NEXSTAR ESCROW INC                          | CUSIP: 65343HAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1836900.00   | 0.75%             | 2027-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| DIAMOND SPORTS GROUP, LLC                      | DIAMOND SPORTS GROUP LLC                    | CUSIP: 25277BAE8<br>LEI: 5493002K6DHWNZH8YA34 | Long             | DBT              | CORP              | US        |    521005 | PA      | $491916.87    | 0.20%             | 2026-05-25      | Floating      | 12.63%                | No            |                  2 | On Loan: No      |
| PREMIER ENTERTAINMENT SUB, LLC                 | PREMIER ENTERTAINMENT SUB LLC               | CUSIP: 74052HAB0<br>LEI: 549300KRDMIL2NJVZ267 | Long             | DBT              | CORP              | US        |   4800000 | PA      | $3386256.00   | 1.38%             | 2031-09-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| TEAM HEALTH HOLDINGS, INC.                     | TEAM HEALTH HOLDINGS INC                    | CUSIP: 87817JAG3<br>LEI: 549300PVTQ4UDTTMQT11 | Long             | DBT              | CORP              | US        |   2290102 | PA      | $1711851.34   | 0.70%             | 2027-02-17      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| TALOS PRODUCTION INC.                          | TALOS PRODUCTION INC                        | CUSIP: 87485LAC8<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2109840.00   | 0.86%             | 2026-01-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| RADIOLOGY PARTNERS, INC.                       | RADIOLOGY PARTNERS INC                      | CUSIP: 75041VAA2<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |   3685000 | PA      | $2072296.60   | 0.85%             | 2028-02-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| CUMULUS MEDIA NEW HOLDINGS INC.                | CUMULUS MEDIA NEW HLDGS                     | CUSIP: 23110AAA4<br>LEI: 5493001D9VBAVY1OKJ46 | Long             | DBT              | CORP              | US        |   4960000 | PA      | $4165656.00   | 1.70%             | 2026-07-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: —       |
| ENVISION HEALTHCARE CORPORATION                | ENVISION HEALTHCARE CORP                    | CUSIP: 29373UAG6<br>LEI: 549300OL60X0LPKY8N60 | Long             | DBT              | CORP              | US        |    868064 | PA      | $217016.02    | 0.09%             | 2027-03-31      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES, INC.                        | AMERICAN AIRLINES INC                       | CUSIP: 023771S58<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3765440.00   | 1.54%             | 2025-07-15      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| SINCLAIR BROADCAST GROUP, INC.                 | SINCLAIR BROADCAST GROUP A                  | CUSIP: 829226109<br>LEI: 529900879GWQV880PQ28 | Long             | EC               | CORP              | US        |     17500 | NS      | $271425.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| WHITE CAP PARENT, LLC                          | WHITE CAP PARENT LLC                        | CUSIP: 96351CAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2100000 | PA      | $1814421.00   | 0.74%             | 2026-03-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| GRAY TELEVISION, INC.                          | GRAY ESCROW INC                             | CUSIP: 389284AA8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2664600.00   | 1.09%             | 2027-05-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Trinseo Materials Operating S.C.A.             | TRINSEO MATERIALS OPERATING SCA             | CUSIP: 89668QAF5<br>LEI: 549300WNMXD3KV7LO256 | Long             | DBT              | CORP              | LU        |   3900000 | PA      | $2528760.00   | 1.03%             | 2029-04-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: —       |
| AIR METHODS CORPORATION                        | AIR METHODS CORPORATION                     | CUSIP: 00912YAL6<br>LEI: 54930081QGNZXVDOZF63 | Long             | DBT              | CORP              | US        |   1943590 | PA      | $1083551.25   | 0.44%             | 2024-04-21      | Floating      | 8.23%                 | No            |                  2 | On Loan: No      |
| AUDACY CAPITAL CORP.                           | ENTERCOM MEDIA CORP                         | CUSIP: 29365DAA7<br>LEI: 549300S5JUSXRHNCHD80 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $664370.00    | 0.27%             | 2027-05-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| TRIUMPH GROUP, INC.                            | TRIUMPH GROUP INC                           | CUSIP: 896818AQ4<br>LEI: 5493007L6S47Q14SL582 | Long             | DBT              | CORP              | US        |   3525000 | PA      | $3332147.25   | 1.36%             | 2024-09-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: —       |
| TRANSDIGM INC.                                 | TRANSDIGM INC                               | CUSIP: 893647BP1<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   3325000 | PA      | $2921611.00   | 1.19%             | 2029-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ANTERO RESOURCES CORPORATION                   | ANTERO RESOURCES CORP                       | CUSIP: 03674XAQ9<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2532450.00   | 1.03%             | 2029-02-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| THE E.W. SCRIPPS COMPANY                       | SCRIPPS ESCROW II INC                       | CUSIP: 81105DAB1<br>LEI: 549300U1OW41QPKYW028 | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2092454.00   | 0.86%             | 2031-01-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: —       |
| SRS DISTRIBUTION INC.                          | SRS DISTRIBUTION INC                        | CUSIP: 78471RAC0<br>LEI: 549300ZQ3XP75BCYM468 | Long             | DBT              | CORP              | US        |   1125000 | PA      | $913106.25    | 0.37%             | 2029-07-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| BEAZER HOMES USA, INC.                         | BEAZER HOMES USA                            | CUSIP: 07556QBR5<br>LEI: 549300DUPYT2T0F60I45 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1763780.00   | 0.72%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TIBCO SOFTWARE INC.                            | PICARD MIDCO INC                            | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $1905187.50   | 0.78%             | 2029-03-31      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| LIFESCAN GLOBAL CORPORATION                    | LIFESCAN GLOBAL CORP                        | CUSIP: 53227PAC4<br>LEI: 549300VL0F83S4LR4105 | Long             | DBT              | CORP              | US        |   3727313 | PA      | $2672259.76   | 1.09%             | 2024-10-01      | Floating      | 10.75%                | No            |                  2 | On Loan: No      |
| SCIENTIFIC GAMES HOLDINGS LP                   | SCIENTIFIC GAMES HOLDINGS LP                | CUSIP: 80874DAA4<br>LEI: 549300W5GPFXXB6TQ330 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2533230.00   | 1.04%             | 2030-03-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| AUDACY CAPITAL CORP.                           | ENTERCOM MEDIA CORP                         | CUSIP: 29365DAB5<br>LEI: 549300S5JUSXRHNCHD80 | Long             | DBT              | CORP              | US        |   4200000 | PA      | $743064.00    | 0.30%             | 2029-03-31      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: —       |
| Clarios Global LP                              | PANTHER BF AGGREGATOR 2                     | CUSIP: 69867DAC2<br>LEI: 549300474L1ZLXZY2P98 | Long             | DBT              | CORP              | CA        |   3000000 | PA      | $2934960.00   | 1.20%             | 2027-05-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| PETSMART LLC                                   | PETSMART INC PETSMART FINANCE CORP          | CUSIP: 71677KAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3600000 | PA      | $3358440.00   | 1.37%             | 2029-02-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| PBF HOLDING COMPANY LLC                        | PBF HOLDING CO LLC PBF FINANCE CORP         | CUSIP: 69318FAJ7<br>LEI: 549300TILVIIV9FLL461 | Long             | DBT              | CORP              | US        |   3750000 | PA      | $3318825.00   | 1.36%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| UNIVISION COMMUNICATIONS INC.                  | UNIVISION COMMUNICATIONS INC                | CUSIP: 914906AS1<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2381650.00   | 0.97%             | 2025-02-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| ACADEMY, LTD.                                  | ACADEMY LTD                                 | CUSIP: 00401YAA8<br>LEI: 549300BN53IR80C35Z14 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1728990.00   | 0.71%             | 2027-11-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| ION TRADING TECHNOLOGIES S.a r.l.              | ION TRADING TECHNOLOGIES SARL               | CUSIP: 46205YAA9<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | DBT              | CORP              | LU        |   2500000 | PA      | $2086800.00   | 0.85%             | 2028-05-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: —       |
| CINEMARK USA, INC.                             | CINEMARK USA INC                            | CUSIP: 172441BF3<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2228340.00   | 0.91%             | 2028-07-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| CALLON PETROLEUM COMPANY                       | CALLON PETROLEUM CO                         | CUSIP: 13123XBD3<br>LEI: 549300EFOWPEB0WLZW21 | Long             | DBT              | CORP              | US        |   1223000 | PA      | $1160785.99   | 0.47%             | 2028-08-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: —       |
| SWF HOLDINGS I CORP.                           | SWF HOLDINGS I CORP                         | CUSIP: 78489HAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2338250 | PA      | $1904504.63   | 0.78%             | 2028-10-06      | Floating      | 8.75%                 | No            |                  2 | On Loan: No      |
| INTELSAT JACKSON HOLDINGS S.A.                 | INTELSAT JACKSON HOLDINGS SA                | CUSIP: L5137LAQ8<br>LEI: 8XJ8KF85PBKK1TLMFN29 | Long             | DBT              | CORP              | LU        |   3818141 | PA      | $3679045.90   | 1.50%             | 2029-02-01      | Floating      | 7.19%                 | No            |                  2 | On Loan: No      |
| Covis Finco S.a r.l.                           | COVIS FINCO SARL                            | CUSIP: L3680LAH4<br>LEI: 549300NNIZ3SBBEUQM24 | Long             | DBT              | CORP              | LU        |   2681250 | PA      | $1447875.00   | 0.59%             | 2027-02-14      | Floating      | 11.08%                | No            |                  2 | On Loan: No      |
| 19TH HOLDINGS GOLF, LLC                        | 19TH HOLDINGS DELAWARE INC                  | CUSIP: 68250XAB7<br>LEI: 549300INS30LLUJP0S18 | Long             | DBT              | CORP              | US        |   2244375 | PA      | $2053603.13   | 0.84%             | 2029-01-27      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| PETCO HEALTH AND WELLNESS COMPANY, INC.        | PETCO ANIMAL SUPPLIES INC                   | CUSIP: 71601HAB2<br>LEI: 2549007TYGV6RVSE9M61 | Long             | DBT              | CORP              | US        |   1442570 | PA      | $1398542.58   | 0.57%             | 2028-02-25      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| SRS DISTRIBUTION INC.                          | SRS DISTRIBUTION INC                        | CUSIP: 78471RAD8<br>LEI: 549300ZQ3XP75BCYM468 | Long             | DBT              | CORP              | US        |   4100000 | PA      | $3279098.00   | 1.34%             | 2029-12-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| SURGERY PARTNERS, INC.                         | SURGERY PARTNERS INC                        | CUSIP: 86881A100<br>LEI: 549300LC82HG33S19I03 | Long             | EC               | CORP              | US        |      9390 | NS      | $261605.40    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares iBoxx $ High Yield Corporate Bond Fund | ISHARES IBOXX HIGH YIELD CORPORATE BOND ETF | CUSIP: 464288513<br>LEI: N/A                  | Long             |  | RF                | US        |     13450 | NS      | $990323.50    | 0.40%             |  |  |  | No            |                  1 | On Loan: —       |
| CORNERSTONE BUILDING BRANDS, INC.              | CORNERSTONE BUILDING                        | CUSIP: 21925DAA7<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2114670.00   | 0.86%             | 2029-01-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| THE MICHAELS COMPANIES, INC.                   | MICHAELS COS INC THE                        | CUSIP: 59408UAB3<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |   3953712 | PA      | $3402406.73   | 1.39%             | 2028-04-15      | Floating      | 8.98%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS HOLDINGS, LLC          | FRONTIER COMMUNICATIONS CORP                | CUSIP: 35906ABF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3250000 | PA      | $2834065.00   | 1.16%             | 2028-05-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN AXLE & MANUFACTURING, INC.            | AMERICAN AXLE MANUFACTURING INC             | CUSIP: 02406PBB5<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |   4100000 | PA      | $3288528.00   | 1.34%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| UNITED RENTALS (NORTH AMERICA), INC.           | UNITED RENTALS NORTH AMERICA INC            | CUSIP: 911365BQ6<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1990000.00   | 0.81%             | 2029-12-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| ATI Inc.                                       | ALLEGHENY TECHNOLOGIES INC                  | CUSIP: 01741RAM4<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2632230.00   | 1.08%             | 2031-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORPORATION                   | TENET HEALTHCARE CORP                       | CUSIP: 88033GDJ6<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3589480.00   | 1.47%             | 2028-10-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| GRAY TELEVISION, INC.                          | GRAY TELEVISION INC                         | CUSIP: 389375AL0<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $1627987.50   | 0.67%             | 2030-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROUP, INC.                | SINCLAIR TELEVISION GROU                    | CUSIP: 829259AY6<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $2450035.00   | 1.00%             | 2030-03-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: —       |
| TECHNIPFMC PLC                                 | TECHNIPFMC PLC                              | CUSIP: 87854XAE1<br>LEI: 549300D5I93QWCJTCK36 | Long             | DBT              | CORP              | GB        |   1800000 | PA      | $1758618.00   | 0.72%             | 2026-02-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| TEAM HEALTH HOLDINGS, INC.                     | TENNESSEE MERGER SUB INC                    | CUSIP: 88047PAA2<br>LEI: 549300PVTQ4UDTTMQT11 | Long             | DBT              | CORP              | US        |   3250000 | PA      | $1877817.50   | 0.77%             | 2025-02-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: —       |
| UNITED AIRLINES, INC.                          | UNITED AIRLINES INC                         | CUSIP: 90932RAJ3<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |   1977500 | PA      | $1948944.90   | 0.80%             | 2028-04-21      | Floating      | 8.11%                 | No            |                  2 | On Loan: No      |
| ALTICE USA, INC.                               | ALTICE USA INC                              | CUSIP: 02156K103<br>LEI: 54930064K3612MGCER95 | Long             | EC               | CORP              | US        |     38825 | NS      | $178595.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| THE HERTZ CORPORATION                          | HERTZ CORP THE                              | CUSIP: 428040DB2<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $3792250.00   | 1.55%             | 2029-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| HUSKY INJECTION MOLDING SYSTEMS LTD.           | TITAN ACQ CO BORROWER                       | CUSIP: 88827AAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $1806020.00   | 0.74%             | 2026-04-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| MIWD HOLDCO II LLC                             | MIWD HOLDCO II LLC MIWD FINANCE CORP        | CUSIP: 55337PAA0<br>LEI: 254900X3SPV5RVFJEY72 | Long             | DBT              | CORP              | US        |    900000 | PA      | $723177.00    | 0.30%             | 2030-02-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| LBM ACQUISITION, LLC                           | LBM ACQUISITION LLC                         | CUSIP: 05552BAA4<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |   3550000 | PA      | $2302388.00   | 0.94%             | 2029-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| SIMMONS FOODS, INC.                            | SIMMONS FOODS INC SIMMONS                   | CUSIP: 82873MAA1<br>LEI: 5493002Z1TVWRIL6NM97 | Long             | DBT              | CORP              | US        |   1370000 | PA      | $1120975.10   | 0.46%             | 2029-03-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| IHEARTMEDIA, INC.                              | IHEARTMEDIA INC                             | CUSIP: 45174J509<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30500 | NS      | $186965.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Pike Corporation                               | PIKE CORP                                   | CUSIP: 721283AA7<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1748200.00   | 0.71%             | 2028-09-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PARTNERS LP                   | ANTERO MIDSTREAM PARTNERS LP                | CUSIP: 03690AAH9<br>LEI: 529900HFO1BDEIT4QU11 | Long             | DBT              | CORP              | US        |   3450000 | PA      | $3155818.50   | 1.29%             | 2029-06-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS, INC.                     | IHEARTCOMMUNICATIONS INC                    | CUSIP: 45174HBD8<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |   4510000 | PA      | $3841167.00   | 1.57%             | 2027-05-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: —       |
| MAUSER PACKAGING SOLUTIONS HOLDING COMPANY     | MAUSER PACKAGING SOLUTIONS HOLDING CO       | CUSIP: 12429TAD6<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |   2700000 | PA      | $2626992.00   | 1.07%             | 2024-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ADAMS HOMES, INC.                              | ADAMS HOMES INC                             | CUSIP: 00623PAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3371000 | PA      | $2861136.25   | 1.17%             | 2025-02-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| AIR METHODS CORPORATION                        | ASP AMC MERGER SUB                          | CUSIP: 00215JAA7<br>LEI: 54930081QGNZXVDOZF63 | Long             | DBT              | CORP              | US        |   3125000 | PA      | $178625.00    | 0.07%             | 2025-05-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| MGM RESORTS INTERNATIONAL                      | MGM RESORTS INTL                            | CUSIP: 552953CF6<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |   3475000 | PA      | $3229943.00   | 1.32%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COMPANIES INC.                   | BAUSCH HEALTH COS INC                       | CUSIP: 071734AJ6<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |   2250000 | PA      | $1086997.50   | 0.44%             | 2030-01-30      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| VISTAJET MALTA FINANCE P.L.C.                  | VISTAJET MALTA XO MGMT                      | CUSIP: 92840JAB5<br>LEI: 5299001UK94VGT0CPQ36 | Long             | DBT              | CORP              | MT        |   4750000 | PA      | $3815675.00   | 1.56%             | 2030-02-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| WABASH NATIONAL CORPORATION                    | WABASH NATIONAL CORP                        | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2543850.00   | 1.04%             | 2028-10-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| AMWINS GROUP, INC.                             | AMWINS GROUP INC                            | CUSIP: 031921AB5<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1287855.00   | 0.53%             | 2029-06-30      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYSTEMS, INC.             | CHS COMMUNITY HEALTH SYSTEMS INC            | CUSIP: 12543DBL3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   5450000 | PA      | $2744184.00   | 1.12%             | 2030-04-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: —       |
| CSC HOLDINGS, LLC                              | CSC HOLDINGS LLC                            | CUSIP: 126307BA4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   5500000 | PA      | $3109810.00   | 1.27%             | 2030-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC.                          | NEPTUNE BIDCO US INC                        | CUSIP: 64069JAC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1335945.00   | 0.55%             | 2029-04-11      | Floating      | 9.64%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION, INC.                       | WESCO DISTRIBUTION INC                      | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2281162.50   | 0.93%             | 2028-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| BLACK KNIGHT INFOSERV, LLC                     | BLACK KNIGHT INFOSERV LL                    | CUSIP: 092174AA9<br>LEI: 549300H5PS5C68DAUX66 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1090000.00   | 0.45%             | 2028-09-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| CITGO HOLDING, INC.                            | CITGO HOLDING INC                           | CUSIP: 17302WAB4<br>LEI: 549300NYHOALWZ2BSL72 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3510395.00   | 1.43%             | 2024-08-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| CITGO PETROLEUM CORPORATION                    | CITGO PETROLEUM CORP                        | CUSIP: 17302XAK2<br>LEI: YX52P86PXMLYDOTUQ225 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2443775.00   | 1.00%             | 2025-06-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| CHART INDUSTRIES, INC.                         | CHART INDUSTRIES INC                        | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |   1125000 | PA      | $1129668.75   | 0.46%             | 2030-01-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| INTERNATIONAL GAME TECHNOLOGY PLC              | INTERNATIONAL GAME TECHNOLOGY PLC           | CUSIP: 460599AE3<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |   2000000 | PA      | $1877240.00   | 0.77%             | 2029-01-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| NESCO HOLDINGS II, INC.                        | NESCO HOLDINGS II INC                       | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |   2050000 | PA      | $1807587.50   | 0.74%             | 2029-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| COMPASS GROUP DIVERSIFIED HOLDINGS LLC         | COMPASS GROUP DIVERSIFIE                    | CUSIP: 20451RAB8<br>LEI: 549300I6PTUQPX21TE93 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $1886610.00   | 0.77%             | 2029-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| CP ATLAS BUYER, INC.                           | CP ATLAS BUYER INC                          | CUSIP: 12658HAG7<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | DBT              | CORP              | US        |   1980426 | PA      | $1729307.81   | 0.71%             | 2027-11-23      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| CALPINE CORPORATION                            | CALPINE CORP                                | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4475650.00   | 1.83%             | 2028-03-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| VICTORS MERGER CORPORATION                     | VICTORS MERGER CORP                         | CUSIP: 92641PAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4800000 | PA      | $2654160.00   | 1.08%             | 2029-05-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: —       |
| VIKING CRUISES LTD                             | VIKING CRUISES LTD                          | CUSIP: 92676XAE7<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |   2700000 | PA      | $2862054.00   | 1.17%             | 2025-05-15      | Fixed         | 13.00%                | Yes           |                  2 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF GOVERNMENT-INST                       | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   6018634 | NS      | $6018633.93   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| PREMIER ENTERTAINMENT SUB, LLC                 | PREMIER ENTERTAINMENT SUB LLC               | CUSIP: 74052HAA2<br>LEI: 549300KRDMIL2NJVZ267 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1471580.00   | 0.60%             | 2029-09-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| BAUSCH HEALTH COMPANIES INC.                   | BAUSCH HEALTH COS INC                       | CUSIP: C9413PBD4<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |   2962500 | PA      | $2241634.88   | 0.92%             | 2027-02-01      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES, INC.                       | COMSTOCK RESOURCES INC                      | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |   4776000 | PA      | $4312011.60   | 1.76%             | 2029-03-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO          | INVESCO GVT & AGNCY-INST                    | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   6018634 | NS      | $6018633.94   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAY ESCROW II, INC.                           | GRAY ESCROW II INC                          | CUSIP: 389286AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1950000 | PA      | $1411312.50   | 0.58%             | 2031-11-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| BOMBARDIER INC.                                | BOMBARDIER INC                              | CUSIP: 097751BT7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   4500000 | PA      | $4381065.00   | 1.79%             | 2027-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| CVR PARTNERS, LP                               | CVR PARTNERS LP CVR NITROGEN FINANCE CORP   | CUSIP: 12663QAC9<br>LEI: 529900LE0OS06MYQRP11 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1617606.00   | 0.66%             | 2028-06-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| MIDAS OPCO HOLDINGS LLC                        | MIDAS OPCO HOLDINGS LLC                     | CUSIP: 59565JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3250000 | PA      | $2679267.50   | 1.09%             | 2029-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** Victory Portfolios

**Signature:** Allan Shaer

**Name of Signer:** Allan Shaer

**Title:** Treasurer