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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>AS MILEAGE PLAN IP LTD.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GENESEE &amp; WYOMING INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SCIL USA HOLDINGS LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>SUNRISE FINANCING PARTNERSHIP</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>REYNOLDS CONSUMER PRODUCTS LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Vitality RE XIV Limited</name>
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        <name>KARMAN HOLDINGS INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AHLSTROM HOLDING 3 OY</name>
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      <invstOrSec>
        <name>JAZZ PHARMACEUTICALS PUBLIC LIMITED COMPANY</name>
        <lei>635400GAUMJCLEZRRV50</lei>
        <title>JAZZ FINANCING LUX SARL</title>
        <cusip>G5080AAJ1</cusip>
        <identifiers>
          <isin value="XAG5080AAJ16"/>
          <other otherDesc="Internal" value="G5080AAJ1"/>
        </identifiers>
        <balance>1114131.37160000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1118270.37000000</valUSD>
        <pctVal>0.547835987714</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.98000000</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>VENTURE GLOBAL CALCASIEU PASS, LLC</name>
        <lei>549300GKHS6RS20NLH85</lei>
        <title>VENTURE GLOBAL CALCASIEU PASS LLC</title>
        <cusip>92328MAA1</cusip>
        <identifiers>
          <isin value="US92328MAA18"/>
          <other otherDesc="Internal" value="92328MAA1"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>475483.10000000</valUSD>
        <pctVal>0.232937186496</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</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>PIONEER OPCO, LLC</name>
        <lei>254900MLGLU5YE2NRP61</lei>
        <title>PIONEER OPCO LLC</title>
        <cusip>72382UAC4</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="72382UAC4"/>
        </identifiers>
        <balance>186925.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>188243.76000000</valUSD>
        <pctVal>0.092219832481</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.00000000</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>ORION MIDCO LTD</name>
        <lei>N/A</lei>
        <title>ORION US FINCO</title>
        <cusip>68631KAB5</cusip>
        <identifiers>
          <isin value="US68631KAB52"/>
          <other otherDesc="Internal" value="68631KAB5"/>
        </identifiers>
        <balance>495757.50000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>498059.30000000</valUSD>
        <pctVal>0.243997172665</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.26000000</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>2026-08-31</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>
