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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>CHOBANI, LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>TRAVEL + LEISURE CO.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FIRST STUDENT BIDCO INC.</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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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>SELECT MEDICAL CORPORATION</name>
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        <fairValLevel>2</fairValLevel>
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        <name>OAK-EAGLE ACQUIRECO, INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <curCd>USD</curCd>
        <valUSD>888683.17000000</valUSD>
        <pctVal>0.442679968076</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-21</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>19715.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>246.44000000</valUSD>
        <pctVal>0.000122759218</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>UNITED STATES DOLLARS</name>
        <lei>N/A</lei>
        <title>UNITED STATES DOLLARS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="CCTUSD"/>
        </identifiers>
        <balance>11986834.43000000</balance>
        <units>OU</units>
        <descOthUnits>Contract Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-13538.35000000</valUSD>
        <pctVal>-0.00674386164</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency Forward" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <amtCurSold>11986834.43000000</amtCurSold>
            <curSold>MXN</curSold>
            <amtCurPur>669522.85000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-06-26</settlementDt>
            <unrealizedAppr>-13538.35000000</unrealizedAppr>
          </fwdDeriv>
        </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>2026-06-01</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>
</edgarSubmission>
