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        <fairValLevel>2</fairValLevel>
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        <name>FUCHSIA 2025-1 LONDON BR</name>
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        <fairValLevel>2</fairValLevel>
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        <name>VITALITY RE XVI LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SOLOMON RE LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FLOODSMART RE LTD</name>
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        <name>NATURE COAST RE LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>MERNA REINSURANCE II LTD</name>
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        <fairValLevel>3</fairValLevel>
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        <name>BONANZA RE LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>3264 RE LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>CITRUS RE LTD</name>
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        <name>NATURE COAST RE LTD</name>
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        <name>AQUILA RE LTD 2024-1</name>
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        <name>MATTERHORN RE LTD</name>
        <lei>549300QRZ77PO1BYWT39</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>MAYFLOWER RE LTD</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>MAYFLOWER RE LTD</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>TITANIA RE LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FOUR LAKES RE LTD</name>
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        <title>Four Lakes Re Ltd</title>
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        <fairValLevel>2</fairValLevel>
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        <name>TOMONI RE PTE LTD</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>CITRUS RE LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CHARTWELL RE LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MAYFLOWER RE LTD</name>
        <lei>N/A</lei>
        <title>Mayflower Re Ltd</title>
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        <fairValLevel>2</fairValLevel>
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        <name>URSA RE II LTD</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>PURPLE RE LTD</name>
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        <title>Purple Re Ltd</title>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-07</maturityDt>
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        <name>BLUEBONNET RE LTD</name>
        <lei>2549007DQLA6K2ACFN15</lei>
        <title>Bluebonnet RE Ltd</title>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>FOUNDATION RE IV LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FOUR LAKES RE LTD</name>
        <lei>549300MG4RRU6DT7MN54</lei>
        <title>Four Lakes Re Ltd</title>
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        <fairValLevel>2</fairValLevel>
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        <name>BLUEBONNET RE LTD</name>
        <lei>2549007DQLA6K2ACFN15</lei>
        <title>Bluebonnet RE Ltd</title>
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        <fairValLevel>2</fairValLevel>
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        <name>MONTOYA RE LTD</name>
        <lei>N/A</lei>
        <title>Montoya Re Ltd</title>
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        <fairValLevel>2</fairValLevel>
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        <name>MYSTIC RE IV LTD</name>
        <lei>N/A</lei>
        <title>Mystic Re IV Ltd</title>
        <cusip>62865LAG2</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>NAKAMA RE PTE LTD</name>
        <lei>N/A</lei>
        <title>Nakama Re Pte Ltd</title>
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        <invCountry>SG</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>MONA LISA RE LTD</name>
        <lei>549300R6SO6XBFDC7M25</lei>
        <title>Mona Lisa Re Ltd</title>
        <cusip>608800AM0</cusip>
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          <isin value="US608800AM06"/>
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        <balance>15000000.00000000</balance>
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        <valUSD>14955000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-08</maturityDt>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Mangrove 2025-E</name>
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        <name>VITALITY RE XVI LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WHITE HERON RE 2025</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>MONA LISA RE LTD</name>
        <lei>549300R6SO6XBFDC7M25</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>CITRUS RE LTD</name>
        <lei>549300VWWT5SE805NK88</lei>
        <title>Citrus Re Ltd</title>
        <cusip>177510AL8</cusip>
        <identifiers>
          <isin value="US177510AL87"/>
        </identifiers>
        <balance>2450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2489200.00000000</valUSD>
        <pctVal>0.136498036162</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.15000000</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>RESIDENTIAL REIN 2024</name>
        <lei>N/A</lei>
        <title>Residential Reinsurance 2004 Ltd</title>
        <cusip>76112AAE2</cusip>
        <identifiers>
          <isin value="US76112AAE29"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5151500.00000000</valUSD>
        <pctVal>0.282488202351</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.95000000</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>TORREY PINES RE LTD</name>
        <lei>N/A</lei>
        <title>Torrey Pines Re Ltd</title>
        <cusip>89141WAL6</cusip>
        <identifiers>
          <isin value="US89141WAL63"/>
        </identifiers>
        <balance>8250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8481825.00000000</valUSD>
        <pctVal>0.465110258547</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.31000000</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>CAPE LOOKOUT RE LTD</name>
        <lei>N/A</lei>
        <title>Cape Lookout Re Ltd</title>
        <cusip>13947LAE2</cusip>
        <identifiers>
          <isin value="US13947LAE20"/>
        </identifiers>
        <balance>11500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11638000.00000000</valUSD>
        <pctVal>0.638182606806</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-28</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.72200000</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>BONANZA RE LTD</name>
        <lei>5493003F0CXUQ2C83105</lei>
        <title>Bonanza RE Ltd</title>
        <cusip>09785EAP6</cusip>
        <identifiers>
          <isin value="US09785EAP60"/>
        </identifiers>
        <balance>9750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9816300.00000000</valUSD>
        <pctVal>0.538287671695</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.37200000</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 returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
      <explntrNote note="ISO country code not reported for supranationals." noteItem="C.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-04-01</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>
  <documents>XXXX</documents>
</edgarSubmission>
