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      <invstOrSec>
        <name>AerCap Ireland Capital Designated Activity Company</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AerCap Ireland Capital Designated Activity Company</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SUMISHO AIR LEASE CORPORATION</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ALGONQUIN POWER &amp; UTILITIES CORP.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ALIMENTATION COUCHE-TARD INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>BARCLAYS PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>BARCLAYS PLC</name>
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        <name>BAYVIEW COMMERCIAL ASSET TRUST 2007 2</name>
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        <name>BOF URSA FUNDING TRUST</name>
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        <name>BHG SECURITIZATION TRUST</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Freddie Mac</name>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <name>Freddie Mac</name>
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        <name>Freddie Mac</name>
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        <name>Freddie Mac</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Freddie Mac</name>
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        <name>Morgan Stanley Bank, National Association</name>
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        <name>T-MOBILE USA, INC.</name>
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        <name>UNITED AUTO CREDIT SECURITIZATION TRUST</name>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SETANTA AIRCRAFT LEASING DESIGNATED ACTIVITY COMPANY</name>
        <lei>N/A</lei>
        <title>SETANTA AIRCRAFT LEASING DAC</title>
        <cusip>G8057JAC0</cusip>
        <identifiers>
          <isin value="XAG8057JAC09"/>
          <other otherDesc="Internal" value="G8057JAC0"/>
        </identifiers>
        <balance>94500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>95171.80000000</valUSD>
        <pctVal>0.009703124862</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.45000000</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>PHOENIX GUARANTOR INC.</name>
        <lei>254900JIOIDL3GSUFE55</lei>
        <title>PHOENIX GUARANTOR INC</title>
        <cusip>71913BAK8</cusip>
        <identifiers>
          <isin value="US71913BAK89"/>
          <other otherDesc="Internal" value="71913BAK8"/>
        </identifiers>
        <balance>234041.90500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>234627.01000000</valUSD>
        <pctVal>0.023921110814</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-21</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.15000000</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>OUTFRONT MEDIA CAPITAL LLC</name>
        <lei>N/A</lei>
        <title>OUTFRONT MEDIA CAPITAL LLC</title>
        <cusip>BL5229218</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="BL5229218"/>
        </identifiers>
        <balance>213557.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>214458.00000000</valUSD>
        <pctVal>0.021864803983</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.36000000</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>LAMAR MEDIA CORP.</name>
        <lei>N/A</lei>
        <title>LAMAR MEDIA CORP</title>
        <cusip>513076BE8</cusip>
        <identifiers>
          <isin value="US513076BE87"/>
          <other otherDesc="Internal" value="513076BE8"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>502500.00000000</valUSD>
        <pctVal>0.051231774994</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.11000000</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>ELANCO ANIMAL HEALTH INCORPORATED</name>
        <lei>549300SHPNDCE059M934</lei>
        <title>ELANCO ANIMAL HEALTH INC</title>
        <cusip>28414BAJ5</cusip>
        <identifiers>
          <isin value="US28414BAJ52"/>
          <other otherDesc="Internal" value="28414BAJ5"/>
        </identifiers>
        <balance>256666.67440000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>257468.76000000</valUSD>
        <pctVal>0.026249913593</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-28</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.37000000</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>ELEMENT SOLUTIONS</name>
        <lei>N/A</lei>
        <title>ELEMENT SOLUTIONS</title>
        <cusip>72766TAK5</cusip>
        <identifiers>
          <isin value="US72766TAK51"/>
          <other otherDesc="Internal" value="72766TAK5"/>
        </identifiers>
        <balance>524907.30060000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>527744.42000000</valUSD>
        <pctVal>0.053805539065</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.37000000</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>UPSTREAM NEWCO, INC.</name>
        <lei>549300Q4K2W4R1EBTH48</lei>
        <title>UPSTREAM NEWCO INC</title>
        <cusip>91678HAJ1</cusip>
        <identifiers>
          <isin value="US91678HAJ14"/>
          <other otherDesc="Internal" value="91678HAJ1"/>
        </identifiers>
        <balance>240603.05110000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>228472.57000000</valUSD>
        <pctVal>0.023293642385</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.19000000</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>LEVEL 3 FINANCING, INC.</name>
        <lei>254900AE5FEFIJOXWL19</lei>
        <title>LEVEL 3 FINANCING INC</title>
        <cusip>52729KAV8</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="52729KAV8"/>
        </identifiers>
        <balance>75128.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>75566.22000000</valUSD>
        <pctVal>0.007704261851</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.38000000</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>SOTERA HEALTH HOLDINGS, LLC</name>
        <lei>549300OVT7MBXFLOFU20</lei>
        <title>SOTERA HEALTH HOLDINGS LLC</title>
        <cusip>83600VAJ0</cusip>
        <identifiers>
          <isin value="US83600VAJ08"/>
          <other otherDesc="Internal" value="83600VAJ0"/>
        </identifiers>
        <balance>234523.91790000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>235183.40000000</valUSD>
        <pctVal>0.023977836878</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.87000000</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>THOPAS RE 2020 12 31 26</name>
        <lei>N/A</lei>
        <title>THOPAS RE 2020 12 31 26</title>
        <cusip>S00171925</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="S00171925"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2550.00000000</valUSD>
        <pctVal>0.000259982141</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>THOPAS RE 2021 12 31 26</name>
        <lei>N/A</lei>
        <title>THOPAS RE 2021 12 31 26</title>
        <cusip>S00265550</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="S00265550"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3850.00000000</valUSD>
        <pctVal>0.000392522057</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>THOPAS RE 2022</name>
        <lei>N/A</lei>
        <title>THOPAS RE 2022</title>
        <cusip>S00393836</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="S00393836"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1570.00000000</valUSD>
        <pctVal>0.000160067436</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>ALTURAS RE 2022 2 12 31 2027</name>
        <lei>N/A</lei>
        <title>ALTURAS RE 2022 2 12 31 2027</title>
        <cusip>S00393837</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="S00393837"/>
        </identifiers>
        <balance>185015.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3983.92000000</valUSD>
        <pctVal>0.000406175707</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly total returns reported under item B.5.a do not include any sales or redemption charges, as applicable." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios IV</ncom:nameOfApplicant>
      <ncom:signature>Carol D. Trevino</ncom:signature>
      <ncom:signerName>Carol D. Trevino</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
