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        <fairValLevel>3</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLENEAGLES RE 2022</name>
        <lei>N/A</lei>
        <title>GLENEAGLES RE 2022</title>
        <cusip>S00397026</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="S00397026"/>
        </identifiers>
        <balance>17548844.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>621229.08000000</valUSD>
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        <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>WALTON HEATH RE 2022</name>
        <lei>N/A</lei>
        <title>WALTON HEATH RE 2022</title>
        <cusip>S00446763</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="S00446763"/>
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        <curCd>USD</curCd>
        <valUSD>301893.07000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PORTSALON RE 2022</name>
        <lei>N/A</lei>
        <title>PORTSALON RE 2022</title>
        <cusip>S00446790</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="S00446790"/>
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        <curCd>USD</curCd>
        <valUSD>535350.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VIRIBUS RE 2023</name>
        <lei>N/A</lei>
        <title>VIRIBUS RE 2023</title>
        <cusip>S00499836</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="S00499836"/>
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        <balance>23750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THOPAS RE 2023</name>
        <lei>N/A</lei>
        <title>THOPAS RE 2023</title>
        <cusip>S00500687</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="S00500687"/>
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        <balance>45672917.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THOPAS RE 2024</name>
        <lei>N/A</lei>
        <title>THOPAS RE 2024</title>
        <cusip>S00596492</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="S00596492"/>
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        <balance>45672917.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>211577.44000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GAMBOGE RE 2024</name>
        <lei>N/A</lei>
        <title>GAMBOGE RE 2024</title>
        <cusip>S00625882</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="S00625882"/>
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        <balance>14250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2288709.71000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THOPAS RE 2025</name>
        <lei>N/A</lei>
        <title>THOPAS RE 2025</title>
        <cusip>S00687660</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="S00687660"/>
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        <balance>48350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2454855.82000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MERION RE 2025 1</name>
        <lei>N/A</lei>
        <title>MERION RE 2025 1</title>
        <cusip>S00688253</cusip>
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          <isin value="XILS00688253"/>
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        <balance>12650000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GAMBOGE RE 2025</name>
        <lei>N/A</lei>
        <title>GAMBOGE RE 2025</title>
        <cusip>S00716878</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="S00716878"/>
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        <balance>16250000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DARTMOUTH RE 2025</name>
        <lei>N/A</lei>
        <title>DARTMOUTH RE 2025</title>
        <cusip>S00718987</cusip>
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          <isin value="N/A"/>
          <other otherDesc="Internal" value="S00718987"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4153084.38000000</valUSD>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PI0050 BANBURY RE</name>
        <lei>N/A</lei>
        <title>PI0050 BANBURY RE</title>
        <cusip>S00721681</cusip>
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          <isin value="N/A"/>
          <other otherDesc="Internal" value="S00721681"/>
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        <balance>15552120.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PI0051 CHELTENHAM RE 2025</name>
        <lei>N/A</lei>
        <title>PI0051 CHELTENHAM RE 2025</title>
        <cusip>S00727668</cusip>
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          <isin value="N/A"/>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>PANGAEA RE 2025 3</name>
        <lei>N/A</lei>
        <title>PANGAEA RE 2025 3</title>
        <cusip>S00733082</cusip>
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          <isin value="N/A"/>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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          <couponKind>None</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>MERION RE 2025 2</name>
        <lei>N/A</lei>
        <title>MERION RE 2025 2</title>
        <cusip>S00735401</cusip>
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          <isin value="XILS00735401"/>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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          <couponKind>None</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>PI0047 RE 2025</name>
        <lei>N/A</lei>
        <title>PI0047 RE 2025</title>
        <cusip>S00736826</cusip>
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          <isin value="N/A"/>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-30</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BANTRY RE 2025 2</name>
        <lei>N/A</lei>
        <title>BANTRY RE 2025 2</title>
        <cusip>S00737494</cusip>
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          <isin value="N/A"/>
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        <balance>38030369.00000000</balance>
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        <valUSD>44366607.41000000</valUSD>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ROSAPENNA RE 2025</name>
        <lei>N/A</lei>
        <title>ROSAPENNA RE 2025</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>BERWICK RE LTD</name>
        <lei>N/A</lei>
        <title>BERWICK RE LTD</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>GULLANE RE LTD</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>CLEARWATER RE LTD</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>BANTRY RE LTD</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>PANGAEA RE LTD</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>OLD HEAD RE</name>
        <lei>N/A</lei>
        <title>OLD HEAD RE</title>
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          <isin value="N/A"/>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>TOMTIT RE 2026</name>
        <lei>N/A</lei>
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          <isin value="N/A"/>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>PINE VALLEY RE LTD</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>THOPAS RE 2026</name>
        <lei>N/A</lei>
        <title>THOPAS RE 2026</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>MERION RE 2026 1</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>CARNOUSTIE RE 2026</name>
        <lei>N/A</lei>
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          <isin value="N/A"/>
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        <fairValLevel>3</fairValLevel>
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        <name>AMARANTH RE 2026</name>
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        <fairValLevel>3</fairValLevel>
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        <name>LLANDUDNO RE</name>
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        <fairValLevel>3</fairValLevel>
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        <name>KINGSTON HEATH RE 2026</name>
        <lei>N/A</lei>
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        <fairValLevel>3</fairValLevel>
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        <name>KIRKHAM RE 2026</name>
        <lei>N/A</lei>
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        <cusip>S00816148</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>MACCLESFIELD RE 2026</name>
        <lei>N/A</lei>
        <title>MACCLESFIELD RE 2026</title>
        <cusip>S00817947</cusip>
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          <isin value="BMG0510BAC56"/>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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          <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>CLEARWATER RE 2026 2</name>
        <lei>N/A</lei>
        <title>CLEARWATER RE 2026 2</title>
        <cusip>S00830069</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="S00830069"/>
        </identifiers>
        <balance>26509694.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26714016.30000000</valUSD>
        <pctVal>3.248137505396</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-31</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>300000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Contract Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-5453.02000000</valUSD>
        <pctVal>-0.00066302867</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>300000.00000000</amtCurSold>
            <curSold>EUR</curSold>
            <amtCurPur>347585.82000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-06-30</settlementDt>
            <unrealizedAppr>-5453.02000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <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>6001131.83000000</balance>
        <units>OU</units>
        <descOthUnits>Contract Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-109130.17000000</valUSD>
        <pctVal>-0.01326905674</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>6001131.83000000</amtCurSold>
            <curSold>EUR</curSold>
            <amtCurPur>6952978.55000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-06-30</settlementDt>
            <unrealizedAppr>-109130.17000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <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>
