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      <invstOrSec>
        <name>Four Lakes Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WELLS FARGO BANK NA</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AVOLON HOLDINGS FUNDING LIMITED</name>
        <lei>635400ZRKEX9L1BKCH30</lei>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CDX CDX NAHYS45V1 5Y</name>
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          <isin value="N/A"/>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>JP MORGAN</counterpartyName>
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      <invstOrSec>
        <name>FREDDIE MAC SEASONED CREDIT RISK TRANSFER TRUST</name>
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      <invstOrSec>
        <name>PEPSICO INC</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MERRILL LYNCH BV</name>
        <lei>N/A</lei>
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          <isin value="XS2887845829"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>Bridge Street Re Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ING Groep N.V.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>WINDSTREAM SERVICES LLC</name>
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        <name>FREDDIE MAC SEASONED CREDIT RISK TRANSFER TRUST</name>
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        <name>CAPITAL ONE FINANCIAL CORPORATION</name>
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        <name>FREDDIE MAC STACR REMIC TRUST</name>
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        <title>FREDDIE MAC STACR REMIC TRUST 2025 HQA1</title>
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        <name>AVIANCA MIDCO 2 PLC</name>
        <lei>N/A</lei>
        <title>AVIANCA MIDCO 2 PLC</title>
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      <invstOrSec>
        <name>VIRIBUS RE 2019 12 31 26</name>
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        <title>VIRIBUS RE 2019 12 31 26</title>
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        <name>VENTURE GLOBAL PLAQUEMINES LNG, LLC</name>
        <lei>549300TKP4I6OJ02BF90</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-06-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MIZUHO MARKETS CAYMAN LP</name>
        <lei>N/A</lei>
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          <isin value="XS3180538046"/>
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        <balance>4800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>187833.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.54000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>THE DAI-ICHI LIFE INSURANCE COMPANY, LIMITED.</name>
        <lei>3538001235ACEIORUV72</lei>
        <title>DAI ICHI LIFE INSURANCE CO LTD THE</title>
        <cusip>23381LAA2</cusip>
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          <isin value="US23381LAA26"/>
          <other otherDesc="Internal" value="23381LAA2"/>
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        <balance>510000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>531580.65000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2199-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.20000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ROYAL BANK OF CANADA</name>
        <lei>N/A</lei>
        <title>ROYAL BANK OF CANADA</title>
        <cusip>C79875172</cusip>
        <identifiers>
          <isin value="USC798751726"/>
          <other otherDesc="Internal" value="C79875172"/>
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        <balance>1100.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>290295.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>14.81000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Estados Unidos Mexicanos</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>UNITED MEXICAN STATES</title>
        <cusip>91087BBR0</cusip>
        <identifiers>
          <isin value="US91087BBR06"/>
          <other otherDesc="Internal" value="91087BBR0"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>202470.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-02-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Republica Federativa do Brasil</name>
        <lei>254900ZFY40OYEADAP90</lei>
        <title>BRAZILIAN GOVERNMENT INTERNATIONAL BOND</title>
        <cusip>105756CQ1</cusip>
        <identifiers>
          <isin value="US105756CQ19"/>
          <other otherDesc="Internal" value="105756CQ1"/>
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        <balance>570000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>574389.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Highwoods Realty Limited Partnership</name>
        <lei>JUJNVZX73BIYHLR58F51</lei>
        <title>HIGHWOODS REALTY LP</title>
        <cusip>431282AV4</cusip>
        <identifiers>
          <isin value="US431282AV41"/>
          <other otherDesc="Internal" value="431282AV4"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>35210.02000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.35000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Wynn Macau, Limited</name>
        <lei>254900NMDQ8ENTHU1I31</lei>
        <title>WYNN MACAU LTD</title>
        <cusip>98313RAL0</cusip>
        <identifiers>
          <isin value="US98313RAL06"/>
          <other otherDesc="Internal" value="98313RAL0"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>202717.97000000</valUSD>
        <pctVal>0.420594819021</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>European Bank for Reconstruction and Development</name>
        <lei>549300HTGDOVDU6OGK19</lei>
        <title>EUROPEAN BANK FOR RECONSTRUCTION DEVELOPMENT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2438631710"/>
          <other otherDesc="Internal" value="BS44BP5"/>
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        <balance>3565000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="BRL" exchangeRt="5.12650000"/>
        <valUSD>364395.38000000</valUSD>
        <pctVal>0.756039580029</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Supranational" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-02</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>1261229 B.C. LTD.</name>
        <lei>N/A</lei>
        <title>1261229 BC LTD</title>
        <cusip>C6903HAB0</cusip>
        <identifiers>
          <isin value="XAC6903HAB06"/>
          <other otherDesc="Internal" value="C6903HAB0"/>
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        <balance>233825.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>228466.43000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.92000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VENTURE GLOBAL PLAQUEMINES LNG, LLC</name>
        <lei>549300TKP4I6OJ02BF90</lei>
        <title>VENTURE GLOBAL PLAQUEMINES LNG LLC</title>
        <cusip>922966AD8</cusip>
        <identifiers>
          <isin value="US922966AD85"/>
          <other otherDesc="Internal" value="922966AD8"/>
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        <balance>140000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>149129.54000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Republica de Colombia</name>
        <lei>549300MHDRBVRF6B9117</lei>
        <title>COLOMBIA GOVERNMENT INTERNATIONAL BOND</title>
        <cusip>195325EU5</cusip>
        <identifiers>
          <isin value="US195325EU55"/>
          <other otherDesc="Internal" value="195325EU5"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>199530.00000000</valUSD>
        <pctVal>0.413980488455</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ALBERTSONS COMPANIES, INC.</name>
        <lei>549300YKWOC0AOR16R51</lei>
        <title>ALBERTSONS COS INC</title>
        <cusip>01309QAD0</cusip>
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          <isin value="US01309QAD07"/>
          <other otherDesc="Internal" value="01309QAD0"/>
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        <valUSD>154229.31000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-03-31</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>RGA GLOBAL FUNDING</name>
        <lei>549300Y22K5FOEBMSK42</lei>
        <title>RGA GLOBAL FUNDING</title>
        <cusip>76209PAJ2</cusip>
        <identifiers>
          <isin value="US76209PAJ21"/>
          <other otherDesc="Internal" value="76209PAJ2"/>
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        <balance>105000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>106863.87000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-25</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Lightning Re Ltd.</name>
        <lei>N/A</lei>
        <title>LIGHTNING RE SERIES</title>
        <cusip>532242AA2</cusip>
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          <isin value="US532242AA24"/>
          <other otherDesc="Internal" value="532242AA2            08850"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>251700.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-31</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>14.89642734</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GENERAL MOTORS FINANCIAL COMPANY, INC.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>GENERAL MOTORS FINANCIAL CO</title>
        <cusip>37045XFC5</cusip>
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          <isin value="US37045XFC56"/>
          <other otherDesc="Internal" value="37045XFC5"/>
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        <balance>440000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>462477.95000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.90000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VORNADO REALTY L.P.</name>
        <lei>549300BMOJ05INE4YK86</lei>
        <title>VORNADO REALTY LP</title>
        <cusip>929043AN7</cusip>
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          <isin value="US929043AN77"/>
          <other otherDesc="Internal" value="929043AN7"/>
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        <balance>35000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>35511.45000000</valUSD>
        <pctVal>0.073678381279</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KOREAN WON</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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        <name>Baldwin Re Ltd.</name>
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        <name>Total Play Telecomunicaciones S.A.P.I. de C.V.</name>
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        <name>CONNECTICUT AVENUE SECURITIES TRUST</name>
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        <name>Spire Inc.</name>
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        <name>LOANCORE ISSUER LTD</name>
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        <name>Galileo Re Ltd.</name>
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        <name>Corporacion Nacional del Cobre de Chile</name>
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        <name>Transocean International Limited</name>
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        <name>THE TORONTO-DOMINION BANK</name>
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        <balance>210000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>215264.55000000</valUSD>
        <pctVal>0.446626189325</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.03700000</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>Kilimanjaro II Re Limited</name>
        <lei>N/A</lei>
        <title>KILIMANJARO II RE LTD</title>
        <cusip>49407QAQ1</cusip>
        <identifiers>
          <isin value="US49407QAQ10"/>
          <other otherDesc="Internal" value="49407QAQ1"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>257825.00000000</valUSD>
        <pctVal>0.534929681932</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-08</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.23773978</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>HYUNDAI CAPITAL AMERICA</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>HYUNDAI CAPITAL AMERICA</title>
        <cusip>44891ADM6</cusip>
        <identifiers>
          <isin value="US44891ADM62"/>
          <other otherDesc="Internal" value="44891ADM6"/>
        </identifiers>
        <balance>290000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>301647.98000000</valUSD>
        <pctVal>0.625852644223</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.30000000</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>CDX CDX NAHYS45V2 5Y</name>
        <lei>N/A</lei>
        <title>CDX CDX NAHYS45V2 5Y</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <ticker value="CDX"/>
          <other otherDesc="Internal" value="3363633"/>
        </identifiers>
        <balance>-2970000</balance>
        <units>OU</units>
        <descOthUnits>Notional</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>200974.26</valUSD>
        <pctVal>0.416977007576</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerConditional desc="CDX.NA.HY" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>JP MORGAN</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CDX CDX NAHYS45V2 5Y</indexName>
                <indexIdentifier>N/A</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">CDX CDX NAHYS45V2 5Y</otherRecDesc>
            <fixedPmntDesc amount="-2970000" curCd="USD" fixedOrFloating="Fixed" fixedRt="5.0"/>
            <terminationDt>2030-12-20</terminationDt>
            <upfrontPmnt>265369.50</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>2940300.00</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-60815.21</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <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>2026-03-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios IV</ncom:nameOfApplicant>
      <ncom:signature>Carol Trevino</ncom:signature>
      <ncom:signerName>Carol Trevino</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
