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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Altria Group, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>RUSSIA GOVT BOND OFZ</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>MIZUHO MARKETS CAYMAN LP</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WELLS FARGO BANK NA</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PFIZER INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>BNP PARIBAS ISSUANCE BV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>REDWOOD TRUST, INC.</name>
        <lei>DRBV4N1ERQLEMIF11G78</lei>
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          <isin value="US7580754023"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HSBC BANK PLC</name>
        <lei>N/A</lei>
        <title>HSBC BANK PLC</title>
        <cusip>G4644N213</cusip>
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        <curCd>USD</curCd>
        <valUSD>1157663.50000000</valUSD>
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        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>BNP PARIBAS</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>MIZUHO MARKETS CAYMAN LP</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>MAGNIT PJSC</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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        <name>AMCOR PLC</name>
        <lei>549300GSODGFCDQ3DI89</lei>
        <title>AMCOR PLC</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Grupo Financiero Banorte, S.A.B. de C.V.</name>
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        <name>GOLDMAN SACHS BANK USA</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>BRIGHTSTAR LOTTERY PLC</name>
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        <title>BRIGHTSTAR LOTTERY PLC</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>WELLS FARGO BANK NA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BW LPG Limited</name>
        <lei>5493006WBEME88YFDW23</lei>
        <title>BW LPG LTD</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>TCS GROUP HOLDINGS GDR REG S</name>
        <lei>N/A</lei>
        <title>TCS GROUP HOLDINGS GDR REG S</title>
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        <invCountry>CY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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        <name>CITIGROUP GLOBAL MARKETS</name>
        <lei>N/A</lei>
        <title>CITIGROUP GLOBAL MARKETS</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
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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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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>ROYAL BANK OF CANADA</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>SOCIETE GENERALE</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>HSBC BANK PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>MERRILL LYNCH INTERNATIONAL CO CV</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>JP MORGAN STRUCTURED PRODUCTS BV</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>N/A</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>JP MORGAN STRUCTURED PRODUCTS BV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SOCIETE GENERALE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BXP, INC.</name>
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        <name>CITIGROUP GLOBAL MARKETS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ACCENTURE PUBLIC LIMITED COMPANY</name>
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        <name>MIZUHO MARKET CAYMAN LP</name>
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        <name>MERRILL LYNCH</name>
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        <name>AGNC INVESTMENT CORP.</name>
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        <name>TORONTO DOMINION BANK THE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WHITEHAWK MINERALS CORP.</name>
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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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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>CITIGROUP GLOBAL MARKETS</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>N/A</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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    </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>2026-08-31</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>
