Schedule

of

Portfolio

Investments

April

30,

2026

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

1

(Unaudited)

Security

Description

Principal

Amount

(000)

a

Value

(000)

Asset-Backed

Securities

(2.8%)

ABS

Auto

(1.4%):

American

Credit

Acceptance

Receivables

Trust

.................................

Series

2024-3,

Class

D,

6.04%,

7/12/30,

Callable

10/12/27

@

100(a)

..............

$

100

$

102

Series

2025-2,

Class

D,

5.50%,

8/12/31,

Callable

7/12/28

@

100(a)

...............

170

171

Series

2025-4,

Class

D,

5.25%,

9/12/31,

Callable

6/12/28

@

100(a)

...............

100

100

Avis

Budget

Rental

Car

Funding

AESOP

LLC

..................................

Series

2024-1A,

Class

B,

5.85%,

6/20/30,

Callable

6/20/29

@

100(a)

..............

100

102

Series

2024-1A,

Class

C,

6.48%,

6/20/30,

Callable

6/20/29

@

100(a)

..............

120

123

Drive

Auto

Receivables

Trust,

Series

2025-1,

Class

D,

5.41%,

9/15/32,

Callable

10/15/28

@

100

.............................................................

400

404

Exeter

Automobile

Receivables

Trust

.........................................

Series

2023-5A,

Class

D,

7.13%,

2/15/30,

Callable

7/15/28

@

100

................

400

412

Series

2024-3A,

Class

D,

5.98%,

9/16/30,

Callable

12/15/28

@

100

...............

230

234

Series

2024-4A,

Class

D,

5.81%,

12/16/30,

Callable

12/15/28

@

100

..............

780

795

Series

2024-5A,

Class

D,

5.06%,

2/18/31,

Callable

10/15/28

@

100

...............

190

191

Series

2025-3A,

Class

D,

5.57%,

10/15/31,

Callable

5/15/29

@

100

...............

390

393

GLS

Auto

Receivables

Issuer

Trust

..........................................

Series

2023-4A,

Class

D,

7.18%,

8/15/29,

Callable

6/15/28

@

100(a)

..............

160

165

Series

2024-2A,

Class

D,

6.19%,

2/15/30,

Callable

8/15/28

@

100(a)

..............

160

164

Series

2024-3A,

Class

D,

5.53%,

2/18/31,

Callable

11/15/28

@

100(a)

.............

530

535

Series

2025-2A,

Class

D,

5.59%,

1/15/31,

Callable

5/15/29

@

100(a)

..............

100

101

GLS

Auto

Select

Receivables

Trust,

Series

2024-4A,

Class

D,

5.28%,

10/15/31,

Callable

12/15/28

@

100(a)

..................................................

100

100

Hertz

Vehicle

Financing

III

LLC

............................................

Series

2024-1A,

Class

C,

6.70%,

1/25/29,

Callable

1/25/28

@

100(a)

..............

100

102

Series

2024-2A,

Class

C,

6.70%,

1/27/31,

Callable

1/25/30

@

100(a)

..............

110

113

Merchants

Fleet

Funding

LLC

..............................................

Series

2024-1A,

Class

C,

6.18%,

4/20/37,

Callable

2/20/27

@

100(a)

..............

240

242

Series

2024-1A,

Class

D,

6.85%,

4/20/37,

Callable

2/20/27

@

100(a)

..............

220

222

Series

2025-1A,

Class

A,

4.49%,

1/20/39

,

Callable

5/20/29

@

100(a)

..............

110

110

Prestige

Auto

Receivables

Trust

............................................

Series

2024-2A,

Class

D,

5.15%,

7/15/30,

Callable

9/15/28

@

100(a)

..............

140

139

Series

2025-1A,

Class

D,

6.02%,

7/15/31,

Callable

3/15/29

@

100(a)

..............

120

120

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2024-A,

Class

E,

7.76%,

6/15/32,

Callable

7/15/28

@

100(a)

...................................................

134

136

Santander

Drive

Auto

Receivables

Trust

.......................................

Series

2024-2,

Class

D,

6.28%,

8/15/31,

Callable

1/15/28

@

100

.................

160

164

Series

2024-4,

Class

D,

5.32%,

12/15/31,

Callable

2/15/28

@

100

................

390

393

Tricolor

Auto

Securitization

Trust

...........................................

Series

2024-2A,

Class

C,

0.00%,

4/17/28(a)(b)

..............................

100

61

Series

2024-3A,

Class

C,

0.00%,

12/15/28

,

Callable

10/15/27

@

100(a)(b)

..........

100

38

Veros

Auto

Receivables

Trust,

Series

2026-1,

Class

A,

4.53%,

8/15/28(a)

...............

77

77

VStrong

Auto

Receivables

Trust,

Series

2023-A,

Class

D,

9.31%,

2/15/30,

Callable

7/15/28

@

100(a)

...........................................................

100

108

Westlake

Automobile

Receivables

Trust,

Series

2024-2A,

Class

D,

5.91%,

4/15/30,

Callable

1/15/28

@

100(a)

...................................................

280

285

6,402

ABS

Card

(0.1%):

Continental

Finance

Credit

Card

ABS

Master

Trust,

Series

2024-A,

Class

A,

5.78%,

12/15/32,

Callable

9/15/27

@

100(a)

............................................

100

101

Mission

Lane

Credit

Card

Master

Trust

.......................................

Series

2024-B,

Class

A,

5.88%,

1/15/30(a)

.................................

230

231

Series

2024-B,

Class

B,

6.32%,

1/15/30(a)

.................................

150

150

482

ABS

Home

(0.1%):

GS

Mortgage-Backed

Securities

Trust,

Series

2025-CES1,

Class

A1A,

5.57%,

5/25/55,

Callable

3/25/28

@

100(a)(c)

..........................................

151

152

Vista

Point

Securitization

Trust,

Series

2024-CES1,

Class

A1,

6.68%,

5/25/54,

Callable

5/25/27

@

100(a)(c)

.......................................................

176

177

329

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

2

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Principal

Amount

(000)

a

Value

(000)

ABS

Other

(1.2%):

Accelerated

Assets

LLC,

Series

2021-1H,

Class

C,

2.35%,

10/20/40,

Callable

4/15/28

@

100(a)

...........................................................

$

29

$

27

ACHM

Trust,

Series

2024-HE2,

Class

A,

5.35%,

10/25/39,

Callable

2/25/30

@

100(a)

.....

122

123

Amur

Equipment

Finance

Receivables

XI

LLC,

Series

2022-2A,

Class

D,

7.25%,

5/21/29,

Callable

8/20/26

@

100(a)

............................................

300

302

Amur

Equipment

Finance

Receivables

XII

LLC,

Series

2023-1A,

Class

C,

6.36%,

12/20/29,

Callable

6/20/27

@

100(a)

............................................

100

102

Amur

Equipment

Finance

Receivables

XIV

LLC,

Series

2024-2A,

Class

D,

5.97%,

10/20/31,

Callable

8/20/28

@

100(a)

............................................

230

233

Blackbird

Capital

II

Aircraft

Lease

Ltd.,

Series

2021-1A,

Class

A,

2.44%,

7/15/46,

Callable

7/15/28

@

100(a)

...................................................

152

145

Cascade

MH

Asset

Trust

..................................................

Series

2019-MH1,

Class

A,

4.00%,

11/25/44,

Callable

5/25/26

@

100(a)

(c)

.........

96

92

Series

2021-MH1,

Class

M1,

2.99%,

2/25/46,

Callable

6/25/36

@

100(a)

...........

150

120

CFMT

LLC

...........................................................

Series

2022-HB9,

Class

M3,

3.25%,

9/25/37,

Callable

9/25/27

@

100(a)(c)

.........

130

125

Series

2024-HB13,

Class

A,

3.00%,

5/25/34,

Callable

12/25/26

@

100(a)(c)

.........

82

81

Series

2024-HB13,

Class

M2,

3.00%,

5/25/34,

Callable

12/25/26

@

100(a)(c)

.......

100

97

CoreVest

American

Finance

Trust,

Series

2020-3,

Class

A,

1.36%,

8/15/53,

Callable

7/15/30

@

100(a)

...........................................................

5

5

Crockett

Partners

Equipment

Co.

IIA

LLC,

Series

2024-1C,

Class

A,

6.05%,

1/20/31,

Callable

4/20/29

@

100(a)

...................................................

130

131

DataBank

Issuer,

Series

2024-1A,

Class

A2,

5.30%,

1/26/54,

Callable

1/25/27

@

100(a)

....

170

167

Dell

Equipment

Finance

Trust,

Series

2024-1,

Class

D,

6.12%,

9/23/30,

Callable

11/22/26

@

100(a)

...........................................................

100

101

FIGRE

Trust

..........................................................

Series

2024-HE3,

Class

A,

5.94%,

7/25/54,

Callable

4/25/27

@

100(a)(c)

...........

298

301

Series

2024-HE6,

Class

A,

5.72%,

12/25/54,

Callable

11/25/27

@

100(a)(c)

.........

485

488

Series

2025-HE1,

Class

A,

5.83%,

1/25/55,

Callable

2/25/28

@

100(a)(c)

...........

244

246

Series

2025-HE2,

Class

A,

5.78%,

3/25/55,

Callable

10/25/27

@

100(a)(c)

..........

113

114

Series

2025-HE5,

Class

A,

5.29%,

8/25/55,

Callable

2/25/28

@

100(a)(c)

...........

381

380

Series

2025-HE8,

Class

A,

5.21%,

11/25/55,

Callable

3/25/31

@

100(a)(c)

..........

134

134

Foundation

Finance

Trust,

Series

2021-1A,

Class

A,

1.27%,

5/15/41,

Callable

2/15/28

@

100(a)

...........................................................

17

17

GS

Mortgage-Backed

Securities

Trust

........................................

Series

2025-HE1,

Class

A1,

5.20%

(SOFR30A+155bps),

10/25/55,

Callable

7/25/28

@

100(a)(d)

.........................................................

91

91

Series

2025-SL1,

Class

A1,

5.85%,

11/25/67

,

Callable

3/25/28

@

100(a)(c)

.........

182

183

Home

Partners

of

America

Trust

............................................

Series

2019-1,

Class

D,

3.41%,

9/17/39,

Callable

5/17/26

@

100(a)(e)

.............

114

112

Series

2019-2,

Class

E,

3.32%,

10/19/39,

Callable

5/17/26

@

100(a)(e)

............

165

160

HPEFS

Equipment

Trust,

Series

2024-2A,

Class

D,

5.82%,

4/20/32,

Callable

1/20/28

@

100(a)

100

101

Libra

Solutions

LLC,

Series

2024-1A,

Class

A,

5.88%,

9/30/38(a)

....................

250

249

Mosaic

Solar

Loan

Trust

..................................................

Series

2019-2A,

Class

A,

2.88%,

9/20/40,

Callable

3/20/31

@

100(a)

..............

27

24

Series

2020-1A,

Class

A,

2.10%,

4/20/46(a)

................................

60

53

Nelnet

Student

Loan

Trust,

Series

2021-A,

Class

B1,

2.85%,

4/20/62,

Callable

8/20/31

@

100(a)

...........................................................

150

136

NMEF

Funding

LLC

....................................................

Series

2022-B,

Class

C,

8.54%,

6/15/29,

Callable

8/15/26

@

100(a)

...............

100

101

Series

2024-A,

Class

C,

6.33%,

12/15/31,

Callable

1/15/28

@

100(a)

..............

230

234

Pagaya

AI

Debt

Grantor

Trust,

Series

2024-10,

Class

A,

5.18%,

6/15/32,

Callable

11/15/26

@

100(a)

...........................................................

36

36

Reach

ABS

Trust,

Series

2026-1A,

Class

A,

4.32%,

2/15/33,

Callable

5/15/30

@

100(a)

....

89

88

ReadyCap

Lending

Small

Business

Loan

Trust,

Series

2023-3,

Class

A,

6.82%

(PRIME+7bps),

4/25/48,

Callable

4/25/27

@

100(a)(d)

....................................

111

112

Regional

Management

Issuance

Trust,

Series

2024-2,

Class

A,

5.11%,

12/15/33,

Callable

12/15/26

@

100(a)

..................................................

130

130

SCF

Equipment

Leasing

LLC

..............................................

Series

2024-1A,

Class

D,

6.58%,

6/21/33,

Callable

3/20/29

@

100(a)

..............

100

102

Series

2025-2A,

Class

D,

5.33%,

6/20/36,

Callable

10/20/31

@

100(a)

.............

100

98

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

3

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Principal

Amount

(000)

a

Value

(000)

SpringCastle

America

Funding

LLC,

Series

2020-AA,

Class

A,

1.97%,

9/25/37,

Callable

5/25/26

@

100(a)

...................................................

$

31

$

29

Tricon

American

Homes

Trust,

Series

2020-SFR2,

Class

E1,

2.73%,

11/17/39(a)(e)

........

120

115

VFI

ABS

LLC,

Series

2023-1A,

Class

C,

9.26%,

12/24/29,

Callable

6/24/26

@

100(a)

.....

105

106

5,791

Total

Asset-Backed

Securities

(Cost

$13,049)

a

a

a

13,004

Collateralized

Loan

Obligations

(0.4%)

Cash

Flow

CLO

(0.4%):

Arbor

Realty

Collateralized

Loan

Obligation

Ltd.,

Series

2025-BTR1,

Class

AS,

6.29%

(TSFR1M+264bps),

1/20/41,

Callable

5/20/27

@

100(a)(d)

.....................

240

241

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.,

Series

2022-FL1,

Class

C,

5.94%

(SOFR30A+230bps),

1/15/37,

Callable

5/15/26

@

100(a)(d)

....................

250

250

Carlyle

US

CLO

Ltd.,

Series

2019-4A,

Class

CR,

6.87%

(TSFR3M+320bps),

4/15/35,

Callable

7/15/26

@

100(a)(d)

.................................................

250

247

Dwight

Issuer

LLC,

Series

2025-FL1,

Class

A,

5.32%

(TSFR1M+166bps),

6/18/42,

Callable

7/18/27

@

100(a)(d)

.................................................

310

311

FS

Rialto

Issuer

LLC,

Series

2025-FL10,

Class

A,

5.05%

(TSFR1M+139bps),

8/19/42,

Callable

8/19/27

@

100(a)(d)(e)

........................................

240

240

STWD

Ltd.,

Series

2022-FL3,

Class

B,

5.59%

(SOFR30A+195bps),

11/15/38,

Callable

5/15/26

@

100(a)(d)

.......................................................

325

325

1,614

Total

Collateralized

Loan

Obligations

(Cost

$1,613)

a

a

a

1,614

Collateralized

Mortgage

Obligations

(2.5%)

Agency

CMO

Floating

(0.0%):(f)

Federal

Home

Loan

Mortgage

Corporation

REMICs

..............................

Series

2006-104,

Class

GF,

4.08%

(SOFR30A+43bps),

11/25/36(d)

...............

9

9

Series

3868,

Class

FA,

4.15%

(SOFR30A+51bps),

5/15/41(d)

...................

9

9

Federal

National

Mortgage

Association

REMICs

................................

Series

2006-23,

Class

FP,

4.06%

(SOFR30A+41bps),

4/25/36(d)

.................

11

11

Series

2007-93,

Class

FD,

4.31%

(SOFR30A+66bps),

9/25/37(d)

................

5

5

Series

2011-63,

Class

FG,

4.21%

(SOFR30A+56bps),

7/25/41(d)

.................

32

32

66

Agency

CMO

IO

(0.1%):

Federal

Home

Loan

Mortgage

Corporation

REMICs

..............................

Series

4091,

Class

SH,

2.80%

(SOFR30A+644bps),

8/15/42(d)(e)

................

76

11

Series

4601,

Class

NI,

3.50%,

9/15/45(e)

..................................

68

8

Series

4999,

Class

QI,

4.00%,

5/25/50(e)

..................................

63

13

Series

5067,

Class

GI,

4.00%,

12/25/50(e)

.................................

81

17

Federal

National

Mortgage

Association

REMICs

................................

Series

2019-59,

Class

AI,

4.00%,

10/25/39(e)

...............................

35

5

Series

2020-83,

Class

EI,

4.00%,

11/25/50(e)

...............................

53

11

Series

2021-78,

Class

CI,

4.50%,

11/25/51(e)

...............................

58

13

Government

National

Mortgage

Association

....................................

Series

2019-159,

Class

CI,

3.50%,

12/20/49(e)

..............................

231

37

Series

2020-34,

Class

IO,

5.00%,

12/20/39(e)

...............................

287

53

Series

2020-9,

Class

SA

(TSFR1M+324bps),

1/20/50(d)(e)(g)

...................

192

2

Series

2021-140,

Class

IO,

2.50%,

8/20/51(e)

...............................

269

26

Series

2021-146,

Class

QI,

3.00%,

8/20/51(e)

...............................

65

11

Series

2021-96,

Class

BI,

3.50%,

6/20/51(e)

................................

96

17

Series

2023-168,

Class

ID,

2.50%,

3/20/51(e)

...............................

173

20

Series

2023-70,

Class

IO,

4.00%,

6/20/50(e)

................................

196

40

Series

2024-206,

Class

IO,

2.50%,

10/20/51(e)

..............................

278

28

Series

2024-24,

Class

AI,

2.50%,

8/20/51(e)

................................

224

22

Series

2025-120,

Class

IC,

4.50%,

1/20/50(e)

...............................

232

52

Series

2025-173,

Class

AI,

2.50%,

10/20/51(e)

..............................

870

89

475

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

4

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Principal

Amount

(000)

a

Value

(000)

Agency

Commercial

MBS

(0.0%):(f)

Government

National

Mortgage

Association,

Series

2017-21,

Class

IO,

0.59%,

10/16/58,

Callable

6/16/43

@

100(c)(e)

..........................................

$

710

$

22

Commercial

MBS

(0.8%):

Benchmark

Mortgage

Trust

................................................

Series

2018-B8,

Class

A4,

3.96%,

1/15/52

,

Callable

12/15/28

@

100

..............

300

298

Series

2022-B34,

Class

AM,

3.95%,

4/15/55,

Callable

4/15/32

@

100(c)

...........

200

176

Citigroup

Commercial

Mortgage

Trust,

Series

2018-C5,

Class

A3,

3.96%,

6/10/51,

Callable

6/10/28

@

100

.....................................................

204

202

COMM

Mortgage

Trust,

Series

2024-WCL1,

Class

A,

5.50%

(TSFR1M+184bps),

6/15/41(a)

(d)(e)

...........................................................

350

350

FREMF

Mortgage

Trust

..................................................

Series

2017-KW03,

Class

B,

4.22%,

7/25/27(a)(c)

...........................

100

99

Series

2019-KF64,

Class

B,

6.07%

(SOFR30A+241

bps),

6/25/26,

Callable

5/25/26

@

100(a)(d)

.........................................................

110

110

Series

2019-KF66,

Class

B,

6.17%

(SOFR30A+251bps),

7/25/29(a)(d)

............

106

100

FREMF

Trust,

Series

2018-KW04,

Class

B,

4.07%,

9/25/28(a)(c)

....................

250

232

Hilt

Commercial

Mortgage

Trust,

Series

2024-ORL,

Class

A,

5.20%

(TSFR1M+154bps),

5/15/37(a)(d)(e)

....................................................

220

220

HTL

Commercial

Mortgage

Trust,

Series

2024-T53,

Class

B,

6.77%,

5/10/39(a)(c)(e)

......

100

101

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2018-WPT,

Class

AFX,

4.25%,

7/5/33(a)(e)

.................................................

375

355

JPMDB

Commercial

Mortgage

Securities

Trust

.................................

Series

2018-C8,

Class

A4,

4.21%,

6/15/51,

Callable

6/15/28

@

100

...............

250

248

Series

2018-C8,

Class

XB,

0.20%,

6/15/51,

Callable

3/15/28

@

100(c)(e)

...........

2,450

7

Key

Commercial

Mortgage

Securities

Trust,

Series

2019-S2,

Class

A3,

3.47%,

6/15/52,

Callable

6/15/29

@

100(a)

............................................

214

206

Morgan

Stanley

Capital

I

Trust,

Series

2018-MP,

Class

A,

4.42%,

7/11/40(a)(c)(e)

.........

300

281

Soho

Trust,

Series

2021-SOHO,

Class

A,

2.79%,

8/10/38(a)(c)(e)

....................

125

104

Velocity

Commercial

Capital

Loan

Trust

......................................

Series

2024-6,

Class

A,

5.81%,

12/25/54,

Callable

1/25/31

@

100(a)(c)

............

131

131

Series

2025-1,

Class

A,

6.03%,

2/25/55,

Callable

2/25/30

@

100(a)(c)

.............

110

111

VRTX

Trust

...........................................................

Series

2025-HQ,

Class

C,

6.12%,

8/5/42(a)(c)(e)

............................

140

139

Series

2025-HQ,

Class

D,

6.82%,

8/5/42(a)(c)(e)

............................

140

140

Wells

Fargo

Commercial

Mortgage

Trust

......................................

Series

2016-LC24,

Class

XA,

1.68%,

10/15/49,

Callable

9/15/26

@

100(c)(e)

........

2,548

4

Series

2026-1250B,

Class

B,

5.14%,

3/10/41(a)(c)(e)

.........................

100

99

3,713

Private

CMO

Floating

(0.5%):

Connecticut

Avenue

Securities

Trust

.........................................

Series

2022-R02,

Class

2M2,

6.65%

(SOFR30A+300bps),

1/25/42

,

Callable

1/25/27

@

100(a)(d)

.........................................................

143

144

Series

2024-R03,

Class

2M2,

5.60%

(SOFR30A+195bps),

3/25/44,

Callable

3/25/29

@

100(a)(d)

.........................................................

100

101

Series

2024-R05,

Class

2M2,

5.35%

(SOFR30A+170bps),

7/25/44,

Callable

7/25/29

@

100(a)(d)

.........................................................

87

87

Eagle

Re

Ltd.,

Series

2023-1,

Class

M1B,

7.60%

(SOFR30A+395bps),

9/26/33,

Callable

9/25/28

@

100(a)(d)

.................................................

210

215

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Credit

Risk

Trust

.......

Series

2021-MN1,

Class

M1,

5.65%

(SOFR30A+200bps),

1/25/51,

Callable

1/25/29

@

100(a)(d)

.........................................................

3

3

Series

2021-MN3,

Class

M2,

7.65%

(SOFR30A+400bps),

11/25/51,

Callable

7/25/36

@

100(a)(d)

.........................................................

550

569

Federal

Home

Loan

Mortgage

Corporation

STACR

REMIC

Trust

....................

Series

2021-HQA3,

Class

B1,

7.00%

(SOFR30A+335bps),

9/25/41,

Callable

9/25/26

@

100(a)(d)

.........................................................

485

488

Series

2021-HQA3,

Class

M2,

5.75%

(SOFR30A+210bps),

9/25/41,

Callable

9/25/26

@

100(a)(d)

.........................................................

400

401

Series

2024-DNA3,

Class

A1,

4.70%

(SOFR30A+105bps),

10/25/44,

Callable

10/25/29

@

100(a)(d)

.......................................................

116

116

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

5

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Principal

Amount

(000)

a

Value

(000)

Radnor

Re

Ltd.,

Series

2023-1,

Class

M1A,

6.35%

(SOFR30A+270bps),

7/25/33,

Callable

7/25/28

@

100(a)(d)

.................................................

$

15

$

15

Towd

Point

Mortgage

Trust,

Series

2019-HY1,

Class

B2,

5.92%

(TSFR1M+226bps),

10/25/48,

Callable

1/25/30

@

100(a)(d)

..........................................

140

145

Triangle

Re

Ltd.,

Series

2023-1,

Class

M1A,

7.05%

(SOFR30A+340bps),

11/25/33,

Callable

7/25/28

@

100(a)(d)

.................................................

64

64

2,348

Private

CMO

Other

(1.1%):

BINOM

Securitization

Trust,

Series

2022-RPL1,

Class

M2,

3.00%,

2/25/61

,

Callable

5/25/26

@

100(a)(c)

.......................................................

425

328

Bunker

Hill

Loan

Depositary

Trust,

Series

2020-1,

Class

A3,

3.25%,

2/25/55,

Callable

5/25/26

@

100(a)(c)

.......................................................

100

98

CFMT

LLC

...........................................................

Series

2024-HB14,

Class

M1,

3.00%,

6/25/34,

Callable

6/25/27

@

100(a)(c)

........

100

97

Series

2024-HB14,

Class

M2,

3.00%,

6/25/34,

Callable

6/25/27

@

100(a)(c)

........

100

97

Series

2024-HB15,

Class

M2,

4.00%,

8/25/34(a)(c)

..........................

100

98

Citigroup

Mortgage

Loan

Trust,

Series

2018-RP3,

Class

M3,

3.25%,

3/25/61,

Callable

2/25/49

@

100(a)(c)

.......................................................

500

436

Federal

Home

Loan

Mortgage

Corporation

Seasoned

Credit

Risk

Transfer

Trust,

Series

2018-4,

Class

M,

4.75%,

3/25/58,

Callable

6/25/51

@

100(a)

..........................

383

377

GS

Mortgage-Backed

Securities

Trust,

Series

2022-PJ1,

Class

A4,

2.50%,

5/28/52,

Callable

1/25/37

@

100(a)(c)

.................................................

251

206

Imperial

Fund

Mortgage

Trust

..............................................

Series

2021-NQM2,

Class

B1,

3.30%,

9/25/56,

Callable

5/25/26

@

100(a)(c)

........

100

75

Series

2021-NQM2,

Class

M1,

2.49%,

9/25/56,

Callable

5/25/26

@

100(a)(c)

........

100

73

IMS

Ecuadorian

Mortgage

Trust,

Series

2021-1,

Class

GA,

3.40%,

8/18/43(a)

...........

181

174

J.P.

Morgan

Mortgage

Trust

...............................................

Series

2021-INV1,

Class

B1,

2.95%,

10/25/51,

Callable

11/25/40

@

100(a)(c)

.......

114

96

Series

2022-8,

Class

B2,

4.68%,

1/25/53,

Callable

7/25/44

@

100(a)(c)

............

629

575

Series

2022-LTV1,

Class

M1,

3.51%,

7/25/52,

Callable

9/25/44

@

100(a)(c)

........

250

174

Mello

Mortgage

Capital

Acceptance,

Series

2021-INV2,

Class

A15,

2.50%,

8/25/51,

Callable

9/25/46

@

100

(a)(c)

.................................................

285

234

MFA

Trust,

Series

2020-NQM1,

Class

A3,

3.30%,

8/25/49,

Callable

5/25/26

@

100(a)(c)

...

16

16

Onity

Loan

Investment

Trust,

Series

2024-HB2,

Class

M2,

5.00%,

8/25/37,

Callable

8/25/27

@

100(a)(c)

.........................................................

140

138

PRMI

Securitization

Trust,

Series

2021-1,

Class

B1,

2.48%,

4/25/51,

Callable

4/25/44

@

100(a)(c)

.........................................................

519

423

Provident

Funding

Mortgage

Trust,

Series

2021-2,

Class

A9,

2.25%,

4/25/51,

Callable

3/25/45

@

100(a)(c)

.......................................................

233

189

RCKT

Mortgage

Trust,

Series

2021-3,

Class

A25,

2.50%,

7/25/51,

Callable

11/25/43

@

100(a)

(c)

.............................................................

267

219

RMF

Proprietary

Issuance

Trust,

Series

2019-1,

Class

A,

2.75%,

10/25/63(a)(c)

..........

27

26

UWM

Mortgage

Trust

...................................................

Series

2021-INV1,

Class

A5,

2.50%,

8/25/51,

Callable

9/25/45

@

100(a)(c)

.........

400

272

Series

2021-INV2,

Class

A5,

2.50%,

9/25/51,

Callable

12/25/45

@

100(a)(c)

........

675

457

Wells

Fargo

Mortgage

Backed

Securities

Trust,

Series

2020-5,

Class

B2,

2.91%,

9/25/50,

Callable

7/25/45

@

100(a)(c)

..........................................

336

293

5,171

Total

Collateralized

Mortgage

Obligations

(Cost

$12,582)

a

a

a

11,795

Shares

Common

Stocks

(66.7%)

Communication

Services

(9.2%):

Alphabet,

Inc.,

Class

A

...................................................

99,264

38,197

Netflix,

Inc.(h)

.........................................................

50,544

4,731

42,928

Consumer

Discretionary

(7.9%):

Amazon.com,

Inc.(h)

....................................................

73,949

19,601

eBay,

Inc.

............................................................

55,577

5,751

The

TJX

Cos.,

Inc.

......................................................

47,736

7,483

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

6

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Shares

a

Value

(000)

Ulta

Beauty,

Inc.(h)

.....................................................

7,858

$

4,223

37,058

Consumer

Staples

(2.7%):

BJ's

Wholesale

Club

Holdings,

Inc.(h)

........................................

39,130

3,674

Glanbia

PLC

..........................................................

118,659

2,755

Mondelez

International,

Inc.,

Class

A

.........................................

101,165

6,215

12,644

Energy

(2.1%):

Phillips

66

Co.

.........................................................

27,454

4,919

Shell

PLC,

ADR

.......................................................

56,108

5,087

10,006

Financials

(7.1%):

Bank

of

America

Corp.

...................................................

120,565

6,445

Capital

One

Financial

Corp.

...............................................

25,490

4,876

Chubb

Ltd.

...........................................................

13,947

4,561

Citizens

Financial

Group,

Inc.

..............................................

73,009

4,749

Huntington

Bancshares,

Inc.

...............................................

324,866

5,445

State

Street

Corp.

.......................................................

45,592

6,968

33,044

Health

Care

(6.8%):

AbbVie,

Inc.

..........................................................

30,337

6,411

Bristol-Myers

Squibb

Co.

.................................................

56,150

3,402

Cardinal

Health,

Inc.

....................................................

31,839

6,141

Eli

Lilly

&

Co.

.........................................................

7,552

7,058

Intuitive

Surgical,

Inc.(h)

.................................................

7,911

3,620

Vertex

Pharmaceuticals,

Inc.(h)

.............................................

11,700

5,001

31,633

Industrials

(7.0%):

Deere

&

Co.

..........................................................

5,322

3,139

Emerson

Electric

Co.

....................................................

28,204

3,961

Ferguson

Enterprises,

Inc.

.................................................

19,313

5,170

Johnson

Controls

International

PLC

..........................................

40,393

5,899

Rockwell

Automation,

Inc.

................................................

9,081

3,714

United

Rentals,

Inc.

.....................................................

4,635

4,449

Vertiv

Holdings

Co.,

Class

A

...............................................

19,758

6,490

32,822

Information

Technology

(20.3%):

Applied

Materials,

Inc.

...................................................

19,201

7,575

Cirrus

Logic,

Inc.(h)

.....................................................

18,515

3,019

Cisco

Systems,

Inc.

.....................................................

113,484

10,384

Intel

Corp.(h)

..........................................................

83,415

7,881

International

Business

Machines

Corp.

........................................

23,093

5,334

Keysight

Technologies,

Inc.(h)

.............................................

21,754

7,612

Marvell

Technology,

Inc.

.................................................

27,621

4,562

Microsoft

Corp.

........................................................

37,509

15,295

Motorola

Solutions,

Inc.

..................................................

9,219

4,047

NetApp,

Inc.

..........................................................

22,129

2,451

NVIDIA

Corp.

.........................................................

4,551

908

QUALCOMM,

Inc.

.....................................................

21,097

3,788

Ralliant

Corp.

.........................................................

139,384

6,334

Samsung

Electronics

Co.

Ltd.,

Registered

Shares,

GDR

...........................

2,107

7,889

Texas

Instruments,

Inc.

...................................................

27,579

7,752

94,831

Materials

(1.4%):

CRH

PLC

............................................................

27,414

3,246

Reliance,

Inc.

..........................................................

9,273

3,362

6,608

Real

Estate

(1.4%):

Digital

Realty

Trust,

Inc.

..................................................

18,685

3,755

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

7

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Shares

a

Value

(000)

SL

Green

Realty

Corp.

...................................................

62,143

$

2,635

6,390

Utilities

(0.8%):

Eversource

Energy

......................................................

49,840

3,524

Total

Common

Stocks

(Cost

$182,376)

a

a

a

311,488

Preferred

Stocks

(0.1%)

Financials

(0.1%):

Bank

of

America

Corp.,

Series

LL,

5.00%(i)

....................................

4,907

101

Capital

One

Financial

Corp.,

Series

L,

4.38%(i)

.................................

1,113

19

JPMorgan

Chase

&

Co.,

Series

MM,

4.20%(i)

..................................

12,431

224

KeyCorp,

Series

G,

5.63%(i)

...............................................

1,984

42

Morgan

Stanley,

Series

O,

4.25%(i)

..........................................

8,198

143

State

Street

Corp.,

Series

G,

5.35%(i)

........................................

1,265

28

U.S.

Bancorp,

Series

L,

3.75%(i)

............................................

1,204

18

Wells

Fargo

&

Co.,

Series

DD,

4.25%(i)

......................................

4,991

87

662

Total

Preferred

Stocks

(Cost

$669)

a

a

a

662

Principal

Amount

(000)

Senior

Secured

Loans

(0.0%)(f)

Financials

(0.0%):(f)

Iron

Mountain

Information

Management

LLC,

Amendment

No.1

Incremental

Term

B

Loan,

5.65%

(SOFR01M+200bps),

1/31/31(d)

...................................

$

161

161

LC

Ahab

US

Bidco

LLC,

Second

Amendment

Incremental

Term

Loan,

First

Lien,

6.15%

(SOFR01M+250bps),

5/1/31(d)

.........................................

34

35

196

Total

Senior

Secured

Loans

(Cost

$195)

a

a

a

196

Corporate

Bonds

(7.2%)

Communication

Services

(0.2%):

Alphabet,

Inc.,

5.30%,

5/15/65,

Callable

11/15/64

@

100

..........................

115

105

Oak-Eagle

Acquireco,

Inc.,

7.25%,

7/1/33,

Callable

7/1/29

@

103.63(a)

................

35

36

Omnicom

Group,

Inc.,

5.00%,

6/2/33,

Callable

4/2/33

@

100

.......................

280

275

T-Mobile

USA,

Inc.,

2.55%,

2/15/31,

Callable

11/15/30

@

100

......................

350

318

734

Consumer

Discretionary

(0.5%):

Avis

Budget

Car

Rental

LLC/Avis

Budget

Finance,

Inc.,

8.38%,

6/15/32,

Callable

6/15/28

@

104.19(a)

.........................................................

25

25

Best

Buy

Co.,

Inc.,

1.95%,

10/1/30,

Callable

7/1/30

@

100

.........................

565

505

Daimler

Truck

Finance

North

America

LLC

4.15%,

1/12/29,

Callable

12/12/28

@

100(a)

...............................

150

148

4.65%,

10/12/30,

Callable

9/12/30

@

100(a)

...............................

150

149

Darden

Restaurants,

Inc.,

6.30%,

10/10/33,

Callable

7/10/33

@

100

...................

289

310

Expedia

Group,

Inc.,

5.50%,

4/15/36,

Callable

1/15/36

@

100

.......................

310

304

General

Motors

Financial

Co.,

Inc.

5.75%,

2/8/31,

Callable

12/8/30

@

100

...................................

90

93

3.10%,

1/12/32,

Callable

10/12/31

@

100

.................................

165

149

Hilton

Grand

Vacations

Borrower

LLC/Hilton

Grand

Vacations

Borrower,

Inc.,

6.63%,

1/15/32,

Callable

1/15/27

@

103.31(a)

..........................................

150

152

HOA

RoyaltyCo

LLC,

0.00%,

11/22/55,

Callable

6/4/26

@

100(a)(b)

..................

195

41

Lowe's

Cos.,

Inc.,

3.75%,

4/1/32,

Callable

1/1/32

@

100

...........................

280

266

Marriott

International,

Inc.,

4.90%,

4/15/29,

Callable

3/15/29

@

100

..................

405

410

2,552

Consumer

Staples

(0.3%):

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC

5.50%,

3/31/31,

Callable

11/15/27

@

102.75(a)

.............................

65

65

5.75%,

3/31/34,

Callable

11/15/28

@

102.88(a)

.............................

170

165

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

8

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Principal

Amount

(000)

a

Value

(000)

Dollar

Tree,

Inc.,

2.65%,

12/1/31

,

Callable

9/1/31

@

100

...........................

$

335

$

299

Smithfield

Foods,

Inc.

5.20%,

4/1/29,

Callable

1/1/29

@

100(a)

..................................

4

4

3.00%,

10/15/30,

Callable

7/15/30

@

100(a)

...............................

155

142

2.63%,

9/13/31,

Callable

6/13/31

@

100(a)

................................

215

190

Sysco

Corp.,

4.40%,

7/25/31,

Callable

6/25/31

@

100

.............................

160

156

The

Procter

&

Gamble

Co.,

4.10%,

11/3/32

....................................

330

325

1,346

Energy

(0.6%):

Archrock

Services

LP/Archrock

Partners

Finance

Corp.,

6.00%,

2/1/34,

Callable

2/1/29

@

103(a)

...........................................................

35

35

Columbia

Pipelines

Holding

Co.

LLC

5.10%,

10/1/31,

Callable

8/1/31

@

100(a)

.................................

125

126

5.00%,

11/17/32,

Callable

9/17/32

@

100

(a)

................................

150

149

Enerflex,

Inc.,

6.88%,

1/15/31,

Callable

1/15/28

@

103.44(a)

........................

40

41

Hess

Midstream

Operations

LP,

5.88%,

3/1/28,

Callable

5/15/26

@

102.94(a)

............

45

45

Hilcorp

Energy

I

LP/Hilcorp

Finance

Co.

6.88%,

5/15/34,

Callable

5/15/29

@

103.44(a)

..............................

215

216

7.25%,

2/15/35,

Callable

2/15/30

@

103.63(a)

..............................

90

92

Kodiak

Gas

Services

LLC,

5.88%,

4/1/31,

Callable

4/1/28

@

102.94(a)

................

35

35

MPLX

LP

5.50%,

6/1/34,

Callable

3/1/34

@

100

....................................

245

248

5.30%,

4/1/36,

Callable

1/1/36

@

100

....................................

135

133

NGPL

PipeCo

LLC,

3.25%,

7/15/31,

Callable

4/15/31

@

100(a)

.....................

180

165

Phillips

66

Co.,

3.75%,

3/1/28

,

Callable

12/1/27

@

100

............................

400

396

Shell

Finance

US,

Inc.,

4.75%,

1/6/36,

Callable

10/6/35

@

100

......................

310

305

The

Williams

Cos.,

Inc.

7.75%,

6/15/31

....................................................

242

274

5.75%,

6/24/44,

Callable

12/24/43

@

100

.................................

205

201

Valero

Energy

Corp.

5.15%,

2/15/30,

Callable

1/15/30

@

100

..................................

95

97

6.63%,

6/15/37

....................................................

162

178

Venture

Global

Plaquemines

LNG

LLC,

6.50%,

1/15/34,

Callable

7/15/33

@

100(a)

.......

90

94

2,830

Financials

(2.8%):

Affiliated

Managers

Group,

Inc.,

5.50%,

2/15/36,

Callable

11/15/35

@

100

..............

435

430

Ally

Financial,

Inc.

6.18%

(SOFR+229bps),

7/26/35,

Callable

7/26/34

@

100(d)

....................

120

122

6.65%

(H15T5Y+245bps),

1/17/40,

Callable

10/19/34

@

100

(d)

.................

205

202

American

Honda

Finance

Corp.

5.05%,

7/10/31,

MTN

................................................

345

347

4.85%,

10/23/31

....................................................

275

274

5.10%,

1/8/36

.....................................................

305

298

Bank

of

America

Corp.,

2.57%

(SOFR+121bps),

10/20/32,

Callable

10/20/31

@

100(d)

....

335

298

BMW

US

Capital

LLC,

5.40%,

3/21/35,

Callable

12/21/34

@

100(a)

..................

395

400

Brown

&

Brown,

Inc.,

4.20%,

3/17/32,

Callable

12/17/31

@

100

.....................

185

176

Capital

One

Financial

Corp.

2.36%

(SOFR+134bps),

7/29/32

,

Callable

7/29/31

@

100(d)

....................

290

250

6.18%

(SOFR+204bps),

1/30/36,

Callable

1/30/35

@

100(d)

....................

95

97

Citadel

Securities

Global

Holdings

LLC,

6.20%,

6/18/35,

Callable

3/18/35

@

100(a)

.......

330

337

Citigroup,

Inc.,

2.52%

(SOFR+

118bps),

11/3/32,

Callable

11/3/31

@

100(d)

.............

220

195

Citizens

Financial

Group,

Inc.

5.84%

(SOFR+201bps),

1/23/30,

Callable

1/23/29

@

100(d)

....................

135

139

5.25%

(SOFR+126bps),

3/5/31,

Callable

3/5/30

@

100(d)

......................

40

40

5.72%

(SOFR+191bps),

7/23/32,

Callable

7/23/31

@

100(d)

....................

135

139

5.30%

(H15T5Y+145bps),

1/29/36,

Callable

1/29/31

@

100(d)

..................

15

15

CNO

Financial

Group,

Inc.,

6.45%,

6/15/34,

Callable

3/15/34

@

100

..................

75

78

CNO

Global

Funding

4.88%,

12/10/27(a)

..................................................

30

30

2.65%,

1/6/29(a)

...................................................

435

413

Farmers

Exchange

Capital

III,

5.45%

(TSFR3M+372bps),

10/15/54,

Callable

10/15/34

@

100(a)(d)

.........................................................

250

227

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

9

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Principal

Amount

(000)

a

Value

(000)

Farmers

Insurance

Exchange

4.75%

(US0003M+323bps),

11/1/57,

Callable

11/1/37

@

100(a)(d)

...............

$

385

$

319

7.00%

(H15T10Y+386bps),

10/15/64,

Callable

7/15/54

@

100(a)(d)

..............

150

149

Fidelity

National

Information

Services,

Inc.,

4.80%,

3/10/31,

Callable

2/10/31

@

100

......

70

70

Fifth

Third

Bank

NA,

5.33%

(SOFR+261bps),

8/25/33,

Callable

8/25/32

@

100(d)

........

375

377

Freedom

Mortgage

Holdings

LLC

9.13%,

5/15/31,

Callable

5/15/27

@

104.56(a)

..............................

185

192

8.38%,

4/1/32,

Callable

4/1/28

@

104.19(a)

................................

30

30

Huntington

Bancshares,

Inc.,

5.27%

(SOFR+128bps),

1/15/31,

Callable

1/15/30

@

100(d)

...

115

117

HUT

8

DC

LLC,

6.19%,

11/15/42,

Callable

5/15/42

@

100(a)

.......................

100

101

Hyundai

Capital

America

5.30%,

1/8/30,

Callable

12/8/29

@

100(a)

.................................

200

203

5.80%,

4/1/30,

Callable

2/1/30

@

100(a)

..................................

285

295

6.20%,

9/21/30,

Callable

7/21/30

@

100(a)

................................

125

131

JPMorgan

Chase

&

Co.

5.04%

(SOFR+119bps),

1/23/28,

Callable

1/23/27

@

100(d)

....................

300

301

2.55%

(SOFR+118bps),

11/8/32,

Callable

11/8/31

@

100(d)

....................

275

245

4.59%

(SOFR+180bps),

4/26/33,

Callable

4/26/32

@

100(d)

....................

90

89

5.77%

(SOFR+149bps),

4/22/35,

Callable

4/22/34

@

100(d)

....................

215

224

5.19%

(SOFR+130bps),

2/5/37,

Callable

2/5/36

@

100(d)

......................

100

98

KeyCorp,

5.12%

(SOFRINDX+123bps),

4/4/31

,

Callable

4/4/30

@

100(d)

..............

135

136

Liberty

Mutual

Insurance

Co.,

7.70%,

10/15/97(a)

...............................

508

551

Lincoln

Financial

Global

Funding,

4.20%,

1/12/29(a)

.............................

50

49

Lincoln

National

Corp.,

5.35%,

11/15/35,

Callable

8/15/35

@

100

....................

55

53

LPL

Holdings,

Inc.,

5.70%,

5/20/27,

Callable

4/20/27

@

100

........................

120

121

Mercedes-Benz

Finance

North

America

LLC,

4.85%,

1/11/29(a)

.....................

325

328

MetLife,

Inc.,

5.85%

(H15T5Y+182bps),

3/15/56,

Callable

3/15/36

@

100(d)

............

120

118

Morgan

Stanley

5.65%

(SOFR+101bps),

4/13/28,

Callable

4/13/27

@

100(d)

....................

70

71

5.17%

(SOFR+145bps),

1/16/30,

Callable

1/16/29

@

100(d)

....................

175

177

5.95%

(H15T5Y+243bps),

1/19/38,

Callable

1/19/33

@

100(d)

..................

65

67

5.94%

(H15T5Y+180bps),

2/7/39,

Callable

2/7/34

@

100(d)

....................

180

185

MSCI,

Inc.,

5.25%,

9/1/35,

Callable

6/1/35

@

100

...............................

70

69

Mutual

of

Omaha

Cos.

Global

Funding

5.00%,

4/1/30(a)

...................................................

155

156

4.55%,

1/13/31(a)

..................................................

265

262

Northern

Trust

Corp.,

5.12%

(H15T5Y+105bps),

11/19/40,

Callable

11/19/35

@

100(d)

....

85

83

Old

National

Bancorp,

5.77%

(TSFR3M+220bps),

2/15/36,

Callable

2/15/31

@

100(d)

.....

25

25

OneMain

Finance

Corp.

6.13%,

5/15/30

,

Callable

11/15/29

@

100

..................................

10

10

4.00%,

9/15/30,

Callable

6/4/26

@

102

...................................

305

281

Primerica,

Inc.,

2.80%,

11/19/31,

Callable

8/19/31

@

100

..........................

79

71

Prudential

Financial,

Inc.

3.88%,

3/27/28,

Callable

12/27/27

@

100

,

MTN

.............................

163

162

3.00%,

3/10/40,

Callable

9/10/39

@

100,

MTN

.............................

305

231

Rocket

Cos.,

Inc.,

6.50%,

8/1/29,

Callable

8/1/26

@

103.25(a)

.......................

140

143

Santander

Holdings

USA,

Inc.

6.12%

(SOFR+123bps),

5/31/27,

Callable

5/31/26

@

100(d)

....................

65

65

2.49%

(SOFR+125bps),

1/6/28,

Callable

1/6/27

@

100(d)

......................

195

192

Starwood

Property

Trust,

Inc.,

5.75%,

1/15/31,

Callable

7/15/30

@

100(a)

..............

50

50

Synchrony

Financial,

5.94%

(SOFRINDX+213bps),

8/2/30,

Callable

8/2/29

@

100(d)

.....

110

112

Teachers

Insurance

&

Annuity

Association

of

America,

6.85%,

12/16/39(a)

.............

20

22

The

Goldman

Sachs

Group,

Inc.

4.22%

(TSFR3M+156bps),

5/1/29,

Callable

5/1/28

@

100(d)

...................

140

139

2

.65%

(SOFR+126bps),

10/21/32,

Callable

10/21/31

@

100(d)

..................

210

187

The

PNC

Financial

Services

Group,

Inc.

5.30%

(SOFR+134bps),

1/21/28,

Callable

1/21/27

@

100(d)

....................

65

65

5.42%

(H15T5Y+117bps),

1/25/41,

Callable

1/25/36

@

100(d)

..................

55

54

Toyota

Motor

Credit

Corp.,

4.60%,

3/11/33

....................................

195

192

Truist

Financial

Corp.

7.16%

(SOFR+245bps),

10/30/29,

Callable

10/30/28

@

100,

MTN(d)

.............

200

212

5.44%

(SOFR+162bps),

1/24/30,

Callable

1/24/29

@

100(d)

....................

60

61

4.60%

(SOFR+97bps),

1/27/32,

Callable

1/27/31

@

100(d)

.....................

105

104

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

10

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Principal

Amount

(000)

a

Value

(000)

U.S.

Bancorp

5.38%

(SOFR+156bps),

1/23/30,

Callable

1/23/29

@

100(d)

....................

$

80

$

82

2.49%

(H15T5Y+95bps),

11/3/36,

Callable

11/3/31

@

100(d)

...................

530

461

Velocity

Vehicle

Group

LLC,

8.00%,

6/1/29,

Callable

6/4/26

@

104(a)

.................

30

30

Wells

Fargo

&

Co.,

5.24%

(SOFR+111bps),

1/24/31,

Callable

1/24/30

@

100(d)

..........

100

102

Willis

North

America,

Inc.,

2.95%,

9/15/29,

Callable

6/15/29

@

100

..................

40

38

12,965

Health

Care

(0.4%):

AbbVie,

Inc.,

4.05%,

11/21/39,

Callable

5/21/39

@

100

...........................

117

103

Amgen,

Inc.,

5.25%,

3/2/33,

Callable

12/2/32

@

100

.............................

165

169

Baxter

International,

Inc.,

4.90%,

12/15/30

,

Callable

11/15/30

@

100

..................

35

35

CVS

Health

Corp.

5.25%,

1/30/31,

Callable

11/30/30

@

100

..................................

40

41

5.25%,

2/21/33,

Callable

11/21/32

@

100

..................................

250

254

Dentsply

Sirona

,

Inc.,

8.38%

(H15T5Y+438bps),

9/12/55

,

Callable

6/12/30

@

100(d)

......

259

260

Elevance

Health,

Inc.

5.15%,

6/15/29,

Callable

5/15/29

@

100

..................................

100

102

5.38%,

6/15/34,

Callable

3/15/34

@

100

..................................

70

71

Eli

Lilly

&

Co.,

5.55%,

10/15/55,

Callable

4/15/55

@

100

..........................

75

74

GE

Healthcare

Technologies,

Inc.,

5.50%,

6/15/35,

Callable

3/15/35

@

100

.............

110

112

HCA,

Inc.,

5.50%,

3/1/32,

Callable

1/1/32

@

100

................................

180

184

Health

Care

Service

Corp.

A

Mutual

Legal

Reserve

Co.,

5.20%,

6/15/29,

Callable

5/15/29

@

100(a)

...........................................................

80

81

Highmark,

Inc.,

5.75%,

5/15/36,

Callable

2/15/36

@

100(a)

.........................

80

79

Humana,

Inc.,

5.38%,

4/15/31,

Callable

2/15/31

@

100

............................

75

76

Novartis

Capital

Corp.,

4.60%,

3/18/33,

Callable

1/18/33

@

100

.....................

115

114

Zoetis,

Inc.,

5.00%,

8/17/35,

Callable

5/17/35

@

100

.............................

170

169

1,924

Industrials

(0.5%):

AECOM,

6.00%,

8/1/33,

Callable

8/1/28

@

103

(a)

...............................

220

222

Cummins,

Inc.,

5.30%,

5/9/35,

Callable

2/9/35

@

100

.............................

229

234

Delta

Air

Lines,

Inc./SkyMiles

IP

Ltd.,

4.75%,

10/20/28(a)

.........................

55

55

GE

Vernova,

Inc.,

4.88%,

2/4/36,

Callable

11/4/35

@

100

..........................

120

119

Herc

Holdings,

Inc.,

7.25%,

6/15/33,

Callable

6/15/28

@

103.63(a)

...................

65

68

Johnsonville

Aeroderivative

Combustion

Turbine

Generation

LLC,

5.08%,

10/1/54

........

182

170

Komatsu

Finance

America,

Inc.,

4.20%,

9/18/30,

Callable

8/18/30

@

100

(a)

.............

200

197

Penske

Truck

Leasing

Co.

LP/PTL

Finance

Corp.

4.40%,

7/1/27,

Callable

6/1/27

@

100(a)

..................................

98

98

5.55%,

5/1/28,

Callable

4/1/28

@

100(a)

..................................

255

259

6.05%,

8/1/28,

Callable

7/1/28

@

100(a)

..................................

35

36

Regal

Rexnord

Corp.,

6.30%,

2/15/30,

Callable

12/15/29

@

100

.....................

125

131

Trans-Allegheny

Interstate

Line

Co.,

5.00%,

1/15/31,

Callable

12/15/30

@

100(a)

.........

50

51

United

Airlines

Holdings,

Inc.

4.88%,

3/1/29,

Callable

12/1/28

@

100

...................................

200

197

5.38%,

3/1/31,

Callable

9/1/30

@

100

....................................

40

39

United

Airlines

Pass

Through

Trust,

5.45%,

2/15/37

..............................

113

115

Verisk

Analytics,

Inc.

4.45%,

3/15/31,

Callable

2/15/31

@

100

..................................

50

49

5.25%,

3/15/35

,

Callable

12/15/34

@

100

.................................

85

84

2,124

Information

Technology

(0.8%):

Broadcom,

Inc.

5.05%,

7/12/29,

Callable

6/12/29

@

100

..................................

210

214

4.60%,

7/15/30,

Callable

6/15/30

@

100

..................................

150

151

4.15%,

4/15/32,

Callable

1/15/32

@

100(a)

................................

125

121

4.30%,

11/15/32,

Callable

8/15/32

@

100

..................................

60

58

3.19%,

11/15/36,

Callable

8/15/36

@

100(a)

................................

391

328

Core

Scientific

Finance

I

LLC,

7.75%,

5/15/31,

Callable

5/15/28

@

103.88(a)

...........

85

85

CoreWeave,

Inc.,

9.00%,

2/1/31,

Callable

2/1/28

@

104.5(a)

........................

225

223

ERP

Operating

LP,

4.95%,

6/15/32,

Callable

4/15/32

@

100

........................

75

76

ESC

Gab,

8/20/51(g)

....................................................

200

—

Foundry

JV

Holdco

LLC,

5.90%,

1/25/30

,

Callable

12/25/29

@

100(a)

................

206

214

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

11

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Principal

Amount

(000)

a

Value

(000)

Intel

Corp.,

5.30%,

5/15/36,

Callable

2/15/36

@

100

..............................

$

95

$

94

Microchip

Technology,

Inc.,

5.05%,

2/15/30,

Callable

1/25/30

@

100

..................

195

197

Oracle

Corp.

5.95%,

9/26/55

,

Callable

3/26/55

@

100

..................................

244

204

6.70%,

2/4/56,

Callable

8/4/55

@

100

....................................

715

659

6.85%,

2/4/66,

Callable

8/4/65

@

100

....................................

185

170

Qnity

Electronics,

Inc.

5.75%,

8/15/32,

Callable

8/15/28

@

102.88(a)

..............................

70

71

6

.25%,

8/15/33,

Callable

8/15/28

@

103.13(a)

..............................

70

72

Roper

Technologies,

Inc.

4.75%,

2/15/32,

Callable

12/15/31

@

100

.................................

125

124

4.90%,

10/15/34,

Callable

7/15/34

@

100

.................................

205

199

Skyworks

Solutions,

Inc.,

3.00%,

6/1/31,

Callable

3/1/31

@

100

.....................

269

242

3,502

Materials

(0.2%):

Celanese

US

Holdings

LLC,

7.20%,

11/15/33,

Callable

8/15/33

@

100

.................

245

265

Cleveland-Cliffs,

Inc.

7.00%,

3/15/32,

Callable

3/15/27

@

103.5(a)

...............................

100

100

7.63%,

1/15/34,

Callable

1/15/29

@

103.81(a)

..............................

140

142

Commercial

Metals

Co.,

6.00%,

12/15/35,

Callable

12/15/30

@

103(a)

................

75

75

Martin

Marietta

Materials,

Inc.

5.15%,

12/1/34,

Callable

9/1/34

@

100

...................................

145

146

5.50%,

12/1/54,

Callable

6/1/54

@

100

...................................

130

123

Methanex

US

Operations,

Inc.,

6.25%,

3/15/32,

Callable

9/15/31

@

100(a)

..............

214

220

Novelis

Corp.,

6.38%,

8/15/33,

Callable

8/15/28

@

103.19(a)

.......................

88

88

1,159

Real

Estate

(0.2%):

Americold

Realty

Operating

Partnership

LP,

5.60%,

5/15/32,

Callable

3/15/32

@

100

......

60

60

CBRE

Services,

Inc.,

4.90%,

1/15/33,

Callable

11/15/32

@

100

......................

40

40

COPT

Defense

Properties

LP,

4.50%,

10/15/30,

Callable

9/15/30

@

100

................

45

44

Cousins

Properties

LP,

4.88%,

3/1/33,

Callable

1/1/33

@

100

.......................

115

111

Highwoods

Realty

LP

3.05%,

2/15/30,

Callable

11/15/29

@

100

..................................

18

17

2.60%,

2/1/31,

Callable

11/1/30

@

100

...................................

19

17

5.35%,

1/15/33,

Callable

11/15/32

@

100

..................................

35

35

Invitation

Homes

Operating

Partnership

LP,

4.95%,

1/15/33,

Callable

11/15/32

@

100

.....

105

103

Simon

Property

Group

LP,

5.50%,

3/8/33,

Callable

12/8/32

@

100

....................

490

509

Ventas

Realty

LP,

5.10%,

7/15/32,

Callable

5/15/32

@

100

.........................

120

121

1,057

Utilities

(0.7%):

Alta

Wind

Holdings

LLC,

7.00%,

6/30/35(a)

...................................

35

33

American

Electric

Power

Co.,

Inc.,

4.30%,

12/1/28,

Callable

9/1/28

@

100

..............

125

125

Boston

Gas

Co.,

3.15%,

8/1/27,

Callable

5/1/27

@

100(a)

..........................

325

320

Consolidated

Edison

Co.

of

New

York,

Inc.,

4.63%,

12/1/54,

Callable

6/1/54

@

100

.......

220

181

Duke

Energy

Carolinas

LLC,

3.95%,

3/15/48,

Callable

9/15/47

@

100

.................

250

192

Entergy

Louisiana

LLC,

5.35%,

3/15/34,

Callable

12/15/33

@

100

....................

209

215

Entergy

Texas,

Inc.,

5.25%,

4/15/35,

Callable

1/15/35

@

100

........................

60

61

ITC

Holdings

Corp.,

5.65%,

5/9/34,

Callable

2/9/34

@

100(a)

.......................

170

175

KeySpan

Gas

East

Corp.,

5.99%,

3/6/33,

Callable

12/6/32

@

100(a)

...................

375

392

NRG

Energy,

Inc.,

6.13%,

5/15/36,

Callable

5/15/31

@

103.06(a)

....................

167

166

Public

Service

Enterprise

Group,

Inc.,

5.40%,

3/15/35,

Callable

12/15/34

@

100

..........

80

81

Puget

Energy,

Inc.

2.38%,

6/15/28,

Callable

4/15/28

@

100

..................................

205

196

4.10%,

6/15/30,

Callable

3/15/30

@

100

..................................

133

129

4.22%,

3/15/32,

Callable

12/15/31

@

100

.................................

120

115

Sempra

6.55%

(H15T5Y+214bps),

4/1/55,

Callable

1/1/35

@

100(d)

....................

310

313

6.38%

(H15T5Y+263bps),

4/1/56,

Callable

1/1/31

@

100(d)

....................

60

61

Southern

California

Edison

Co.,

5.45%,

6/1/31,

Callable

4/1/31

@

100

.................

85

87

Spire,

Inc.,

6.45%

(H15T5Y+233bps),

6/1/56,

Callable

3/1/36

@

100(d)

...............

50

50

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

12

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Principal

Amount

(000)

a

Value

(000)

Talen

Energy

Supply

LLC

6.25%,

2/1/34,

Callable

10/15/28

@

103.13(a)

..............................

$

110

$

109

6.50%,

2/1/36,

Callable

10/15/30

@

103.25(a)

..............................

110

110

Virginia

Electric

And

Power

Co.,

4.45%,

2/15/44,

Callable

8/15/43

@

100

..............

200

169

3,280

Total

Corporate

Bonds

(Cost

$34,304)

a

a

a

33,473

Insurance-Linked

Securities

(0.7%)

Event

Linked

Bonds

(0.7%):

Multiperil

-

U.S.

-

(0.4%):

Bonanza

Re,

7.26%

(MSMMUSTF+375bps),

12/19/27(a)(d)(j)

......................

250

252

Four

Lakes

Re,

9.35%

(BRMMUSDF+552bps),

1/7/27,

Callable

6/4/26

@

102.5(a)(d)

(j)

....

250

252

High

Point

Re,

9.19%

(BRMMUSDF+564bps),

1/6/27,

Callable

6/4/26

@

102.25(a)(d)(j)

...

250

253

Mystic

Re,

15.51%

(GSMMUSTI+1200bps),

1/8/27(a)(d)(j)

........................

250

251

Residential

Re

9.51%,

(JMMMUSTF+597bps),

12/6/27(a)(d)(j)

............................

250

259

8.92%,

(JMMMUSTF+538bps),

12/6/28(a)(d)(j)

............................

250

255

Sanders

Re

III,

9.11%

(BRMMUSDF+556bps),

4/7/28(a)(d)(j)

......................

250

259

Multiperil

-

U.S.

&

Canada

-

(0.1%):

Galileo

Re,

10.51%

(GSMMUSTI+700bps)

,

1/7/28,

Callable

6/4/26

@

104.5(a)(d)(j)

......

250

257

Wind

Storm

-

Florida

-

(0.1%):

Integrity

Re,

16.83%

(FHMMUSTF+1332bps),

6/6/26(a)(d)(j)

......................

250

253

Wind

Storm

-

North

Carolina

-

(0.0%):(f)

Blue

Ridge

Re,

8.76%

(FHMMUSTF+525

bps),

1/8/27(a)(d)(j)

......................

250

253

Wind

Storm

-

U.S.

-

(0.1%):

Mayflower

Re,

8.56%

(FHMMUSTF+505bps),

7/8/26(a)(d)(j)

.......................

250

250

Merna

Re,

13.98%

(GSMMUSTI+1047bps),

7/7/26(a)(d)(j)

........................

250

254

3,048

Total

Insurance-Linked

Securities

(Cost

$3,012)

a

a

a

3,048

Yankee

Dollars

(4.0%)

Communication

Services

(0.1%):

Orange

SA

4.75%,

1/13/33,

Callable

11/13/32

@

100(a)

................................

205

202

5.00%,

1/13/36,

Callable

10/13/35

@

100(a)

...............................

200

196

398

Energy

(0.2%):

Aker

BP

ASA,

5.25%,

10/30/35,

Callable

7/30/35

@

100(a)

........................

190

186

Enbridge,

Inc.

5.55%,

6/20/35,

Callable

3/20/35

@

100

..................................

205

209

7.20%

(H15T5Y+297bps),

6/27/54,

Callable

3/27/34

@

100(d)

..................

120

128

7.38%

(H15T5Y+312bps),

3/15/55,

Callable

12/15/29

@

100(d)

.................

120

127

8.50%

(H15T5Y+443bps),

1/15/84,

Callable

10/15/33

@

100(d)

.................

165

188

838

Financials

(2.8%):

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

3.30%,

1/30/32,

Callable

10/30/31

@

100

...........................................................

850

777

African

Development

Bank,

5.88%

(H15T5Y+165bps),

Callable

5/7/35

@

100(d)(i)

.......

400

391

Allianz

SE

6.50%

(H15T5Y+223bps),

Callable

10/30/34

@

100(a)(d)(i)

....................

200

200

6.55%

(H15T5Y+232bps),

Callable

10/30/33

@

100(a)(d)(i)

....................

400

405

Australia

&

New

Zealand

Banking

Group

Ltd.,

5.73%

(H15T5Y+162bps),

9/18/34

,

Callable

9/18/29

@

100(a)(d)

.................................................

285

292

Avolon

Holdings

Funding

Ltd.

6.38%,

5/4/28,

Callable

4/4/28

@

100(a)

..................................

570

587

5.75%,

11/15/29,

Callable

10/15/29

@

100(a)

...............................

30

31

4.70%,

1/30/31,

Callable

12/30/30

@

100(a)

...............................

5

5

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

13

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Principal

Amount

(000)

a

Value

(000)

Banco

Santander

SA

3.23%

(H15T1Y+160bps),

11/22/32,

Callable

8/22/31

@

100(d)

.................

$

600

$

540

6.03%,

1/17/35

....................................................

200

209

5.44%,

4/15/36

....................................................

200

199

Banque

Federative

du

Credit

Mutuel

SA,

4.54%,

1/15/31(a)

........................

200

198

Banque

Ouest

Africaine

de

Developpement,

4.70%,

10/22/31,

Callable

7/22/31

@

100(a)

...

370

340

BNP

Paribas

SA

6.88%

(H15T5Y+285bps),

Callable

12/15/33

@

100(a)(d)

(i)

....................

200

199

7.45%

(H15T5Y+313bps),

Callable

6/27/35

@

100(a)(d)(i)

.....................

330

342

2.16%

(SOFR+122bps),

9/15/29,

Callable

9/15/28

@

100(a)(d)

..................

225

213

Canadian

Imperial

Bank

of

Commerce,

4.63%

(SOFR+134bps),

9/11/30

,

Callable

9/11/29

@

100(d)

...........................................................

255

255

Credit

Agricole

SA,

5.26%

(SOFR+143bps),

1/12/37,

Callable

1/12/36

@

100(a)(d)

.......

285

279

CRH

SMW

Finance

DAC,

5.13%,

1/9/30,

Callable

12/9/29

@

100

....................

200

204

Deutsche

Bank

AG

4.47%

(SOFR+110bps),

12/10/31,

Callable

12/10/30

@

100(d)

..................

150

148

5.06%

(SOFR+141bps),

4/14/32,

Callable

4/14/31

@

100(d)

....................

150

150

Federation

des

Caisses

Desjardins

du

Quebec,

5.25%,

4/26/29(a)

.....................

630

644

HSBC

Holdings

PLC

6.16%

(SOFR+197bps),

3/9/29,

Callable

3/9/28

@

100(d)

......................

200

206

2.21%

(SOFR+129bps),

8/17/29,

Callable

8/17/28

@

100(d)

....................

305

289

5.29%

(SOFR+129bps),

11/19/30,

Callable

11/19/29

@

100(d)

..................

215

219

2.87%

(SOFR+141bps),

11/22/32,

Callable

11/22/31

@

100(d)

..................

335

301

5.74%

(SOFR+196bps),

9/10/36,

Callable

9/10/35

@

100(d)

....................

200

201

5.28%

(SOFR+155

bps),

3/10/37,

Callable

3/10/36

@

100(d)

....................

200

197

Manulife

Financial

Corp.,

4.99%,

12/11/35,

Callable

9/11/35

@

100

..................

115

113

Meiji

Yasuda

Life

Insurance

Co.,

6.10%

(H15T5Y+291bps),

6/11/55,

Callable

6/11/35

@

100(a)(d)

.........................................................

495

504

Mitsubishi

UFJ

Financial

Group,

Inc.,

2.49%

(H15T1Y+97bps),

10/13/32,

Callable

10/13/31

@

100(d)

.........................................................

200

177

Nationwide

Building

Society,

5.13%,

7/29/29(a)

.................................

355

361

NatWest

Group

PLC,

6.48%

(H15T5Y+220bps),

6/1/34

,

Callable

3/1/29

@

100(d)

........

210

218

Nippon

Life

Insurance

Co.

2.75%

(H15T5Y+265bps),

1/21/51,

Callable

1/21/31

@

100(a)(d)

................

270

241

2.90%

(H15T5Y+260bps),

9/16/51,

Callable

9/16/31

@

100(a)(d)

................

200

177

Nomura

Holdings,

Inc.,

3.00%,

1/22/32

.......................................

445

401

Societe

Generale

SA,

6.10%

(H15T1Y+160bps),

4/13/33,

Callable

4/13/32

@

100(a)(d)

....

410

427

Sumitomo

Life

Insurance

Co.,

5.88%

(H15T5Y+265bps),

9/10/55,

Callable

9/10/35

@

100(a)

(d)

.............................................................

420

421

Sumitomo

Mitsui

Financial

Group,

Inc.

4.49%

(SOFR+102bps),

1/15/32,

Callable

1/15/31

@

100(d)

....................

205

202

5.33%

(H15T5Y+130bps),

3/3/41,

Callable

3/3/36

@

100(d)

....................

190

185

The

Bank

of

Nova

Scotia,

4.81%

(SOFR+105bps)

,

2/2/34,

Callable

2/2/33

@

100(d)

.......

145

143

UBS

Group

AG

4.88%

(H15T5Y+340bps),

Callable

2/12/27

@

100(a)(d)(i)

.....................

700

700

2.75%

(H15T1Y+110bps),

2/11/33,

Callable

2/11/32

@

100(a)(d)

................

385

342

UniCredit

SpA

7.30%

(USISOA05+491bps),

4/2/34,

Callable

4/2/29

@

100(a)(d)

................

200

211

5.46%

(H15T5Y+475bps),

6/30/35,

Callable

6/30/30

@

100(a)(d)

................

230

230

13,074

Industrials

(0.2%):

Air

Canada

Pass

Through

Trust,

3.30%,

1/15/30(a)

...............................

98

94

Danaos

Corp.,

6.88%,

10/15/32,

Callable

10/15/28

@

103.44(a)

......................

125

128

Element

Fleet

Management

Corp.

5.64%,

3/13/27,

Callable

2/13/27

@

100(a)

................................

55

56

5.04%,

3/25/30,

Callable

2/25/30

@

100(a)

................................

305

308

4.64%,

11/24/30,

Callable

10/24/30

@

100(a)

...............................

85

84

Waste

Connections,

Inc.,

5.25%,

9/1/35,

Callable

6/1/35

@

100

......................

150

153

823

Information

Technology

(0.1%):

Flex

Ltd.,

5.38%,

11/13/35,

Callable

8/13/35

@

100

..............................

85

84

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

14

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Principal

Amount

(000)

a

Value

(000)

SK

Hynix,

Inc.,

5.50%,

1/16/29(a)

...........................................

$

292

$

300

384

Materials

(0.1%):

AngloGold

Ashanti

Holdings

PLC,

3.75%,

10/1/30,

Callable

7/1/30

@

100

..............

290

279

Corp.

Nacional

del

Cobre

de

Chile,

5.63%,

10/18/43(a)

............................

250

238

First

Quantum

Minerals

Ltd.,

8.63%,

6/1/31,

Callable

6/4/26

@

104.31(a)

..............

270

282

799

Sovereign

Bond

(0.4%):

Kuwait

International

Government

Bond,

4.65%,

10/9/35(a)

.........................

530

517

Mexico

Government

International

Bond

5.63%,

2/9/34,

Callable

12/9/33

@

100

...................................

200

197

6.88%,

5/13/37

,

Callable

2/13/37

@

100

..................................

205

216

Peruvian

Government

International

Bond,

5.50%,

3/30/36,

Callable

12/30/35

@

100

.......

355

358

Philippine

Government

International

Bond,

5.00%,

1/13/37

.........................

200

196

Saudi

Government

International

Bond,

4.13%,

1/12/29(a)

..........................

320

316

1,800

Utilities

(0.1%):

Algonquin

Power

&

Utilities

Corp.,

5.37%,

6/15/26(k)

............................

50

50

Enel

Finance

International

NV,

5.00%,

9/30/35

,

Callable

6/30/35

@

100(a)

..............

305

297

347

Total

Yankee

Dollars

(Cost

$18,564)

a

a

a

18,463

Municipal

Bonds

(0.0%)(f)

Massachusetts

(0.0%):(f)

Massachusetts

Development

Finance

Agency

Revenue,

Series

B,

4.84%,

9/1/43

..........

100

97

Missouri

(0.0%):(f)

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue,

Series

A,

3.69%,

2/15/47

..........................................................

100

78

Total

Municipal

Bonds

(Cost

$200)

a

a

a

175

U.S.

Government

Agency

Mortgages

(8.5%)

Federal

Home

Loan

Mortgage

Corporation

6.50%,

10/1/33

-

12/1/55

.............................................

2,060

2,166

6.00%,

1/1/38

-

9/1/55

...............................................

1,609

1,662

5.50%,

1/1/39

-

4/1/55

...............................................

686

697

5.00%,

5/1/40

-

12/1/54

..............................................

303

301

1.50%,

3/1/42

.....................................................

993

826

4.00%,

10/1/42

-

4/1/47

..............................................

342

328

3.00%,

12/1/46

-

9/1/52

..............................................

246

221

3.50%,

12/1/46

-

3/1/48

..............................................

132

123

4.50%,

3/1/47

.....................................................

10

10

2.50%,

5/1/51

-

4/1/52

...............................................

675

573

7.00%,

8/1/54

-

10/1/55

..............................................

824

878

7,785

Federal

Home

Loan

Mortgage

Corporation

REMICs

6.50%,

7/1/55

.....................................................

324

336

Federal

National

Mortgage

Association

6.50%,

4/1/29

-

4/25/56

..............................................

929

974

6.00%,

9/1/29

-

4/25/56

..............................................

1,862

1,915

3.00%,

10/1/30

-

2/1/57

..............................................

2,445

2,152

5.00%,

5/1/31

-

5/25/56

..............................................

3,399

3,374

5.50%,

3/1/34

-

5/25/56

..............................................

4,957

5,025

7.00%,

1/1/36

.....................................................

7

7

4.00%,

10/1/40

-

10/1/52

.............................................

591

561

1

.50%,

5/25/41

....................................................

200

179

2.00%,

5/25/41

-

6/25/56

.............................................

1,400

1,143

2.50%,

5/25/41

-

6/25/56

.............................................

3,827

3,285

4.50%,

9/1/43

-

5/25/55

..............................................

1,872

1,805

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

15

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Principal

Amount

(000)

a

Value

(000)

3.50%,

2/1/49

-

6/25/56

..............................................

$

5,051

$

4,607

4.00%,

5/25/56

....................................................

800

750

25,777

Government

National

Mortgage

Association

7.00%,

8/15/28

....................................................

—(l)

–(l)

6.50%,

11/20/28

-

5/15/33

.............................................

23

23

7.50%,

9/20/29

....................................................

—(l)

–(l)

8.00%,

2/15/30

....................................................

1

1

5.50%,

8/15/33

-

5/20/56

.............................................

779

786

6.00%,

10/15/33

-

4/20/55

.............................................

636

651

5.00%,

4/20/38

-

5/20/56

.............................................

793

788

4.50%,

5/15/39

-

5/20/56

.............................................

534

519

4.00%,

9/15/41

-

5/20/56

.............................................

327

309

3.50%,

11/15/41

-

5/20/56

.............................................

494

454

2.00%,

3/20/52

-

5/20/56

.............................................

773

636

2.50%,

4/20/52

-

5/20/56

.............................................

955

818

3.00%,

5/20/52

-

5/20/56

.............................................

669

596

6.50%,

5/20/56

....................................................

400

418

5,999

Total

U.S.

Government

Agency

Mortgages

(Cost

$40,224)

a

a

a

39,897

U.S.

Treasury

Obligations

(9.6%)

U.S.

Treasury

Bills

2.83%,

5/5/26(m)

...................................................

15,000

14,994

3.41%,

5/19/26(m)

..................................................

22,500

22,460

U.S.

Treasury

Bonds

4.63%,

2/15/46

....................................................

2,000

1,910

3.13%,

5/15/48

....................................................

5,838

4,346

U.S.

Treasury

Inflation

Indexed

Notes,

1.88%,

7/15/35

............................

1,210

1,214

Total

U.S.

Treasury

Obligations

(Cost

$45,688)

a

a

a

44,924

Shares

Affiliated

Mutual

Funds

(0.4%)

Victory

Pioneer

ILS

Interval

Fund

...........................................

162,647

1,680

Total

Affiliated

Mutual

Funds

(Cost

$1,582)

a

a

a

1,680

Total

Investments

(Cost

$354,058)

—

102.9%

480,419

Liabilities

in

excess

of

other

assets

—  (2.9)%

(13,454)

NET

ASSETS

-

100.00%

$

466,965

At

April

30,

2026,

the

Fund's

investments

in

foreign

securities

were

9.9%

of

net

assets.

(a)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

April

30,

2026,

the

fair

value

of

these

securities

was

$46,253

(thousands)

and

amounted

to

9.9%

of

net

assets.

(b)

Currently

the

issuer

is

in

default

with

respect

to

interest

and/or

principal

payments.

(c)

The

rate

for

certain

asset-backed

and

mortgage-backed

securities

may

vary

based

on

factors

relating

to

the

pool

of

assets

underlying

the

security.

The

rate

disclosed

is

the

rate

in

effect

at

April

30,

2026.

(d)

Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

April

30,

2026.

(e)

Security

is

interest

only.

(f)

Amount

represents

less

than

0.05%

of

net

assets.

(g)

Zero-coupon

bond.

(h)

Non-income

producing

security.

(i)

Security

is

perpetual

and

has

no

final

maturity

date

but

may

be

subject

to

calls

at

various

dates

in

the

future.

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

16

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Name

Acquisition

Date

Cost

Value

Blue

Ridge

Re

.....................................................

11/14/2023

250

$

253

Bonanza

Re

.......................................................

12/16/2024

250

252

Four

Lakes

Re

.....................................................

12/8/2023

250

253

Galileo

Re

........................................................

12/4/2023

250

258

High

Point

Re

.....................................................

12/1/2023

250

253

Integrity

Re

.......................................................

10/22/2025

252

253

Mayflower

Re

.....................................................

2/18/2026

253

250

Merna

Re

........................................................

2/17/2026

257

254

Mystic

Re

........................................................

12/12/2023

250

251

Residential

Re

.....................................................

11/7/2023

250

259

Residential

Re

.....................................................

11/4/2024

250

255

Sanders

Re

III

.....................................................

1/16/2024

250

259

Total

(0.7%

of

net

assets)

$3,012

$3,048

(j)

The

following

table

details

the

earliest

acquisition

date,

cost,

and

market

value

of

the

Fund's

restricted

securities

due

to

trading

restrictions

at

April

30,

2026

(amounts

in

thousands):

(k)

Stepped

coupon

security

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

(l)

Rounds

to

less

than

$1

thousand.

(m)

Rate

represents

the

effective

yield

at

April

30,

2026.

ABS

—

Asset-Backed

Securities

ADR

—

American

Depositary

Receipt

bps

—

Basis

points

BRMMUSDF

—

BlackRock

Liquidity

Fund

Treasury

Trust

Fund

Portfolio

Fund

Yield

CLO

—

Collateralized

Loan

Obligations

CMO

—

Collateralized

Mortgage

Obligations

FREMF

—

Freddie

Mac

Multifamily

Fixed-Rate

Mortgage

Loans

FHMMUSTF

—

Federated

Hermes

US

Treasury

Cash

Reserves

Fund

Yield

GDR

—

Global

Depositary

Receipt

GSMMUSTI

—

Goldman

Sachs

Money

Market

U.S.

Treasury

Instrument

Index

H15T1Y

—

1

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

April

30,

2026.

H15T5Y

—

5

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

April

30,

2026.

H15T10Y

—

10

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

April

30,

2026.

ICE

—

Intercontinental

Exchange,

Inc.

IBA

—

ICE

Benchmark

Administration

Limited

JMMMUSTF

—

JPMorgan

100%

US

Treasury

Securities

Money

Market

Fund

Yield

LLC

—

Limited

Liability

Company

LP

—

Limited

Partnership

MBS

—

Mortgage-Backed

Securities

MSMMUSTF

—

Morgan

Stanley

Institutional

Liquidity

Funds

Treasury

Securities

Portfolio

Fund

Yield

MTN

—

Medium

Term

Note

PLC

—

Public

Limited

Company

PRIME

—

US

Prime

rate,

rate

disclosed

as

of

April

30,

2026.

REMIC

—

Real

Estate

Mortgage

Investment

Conduits

SOFR

—

Secured

Overnight

Financing

Rate

SOFRINDX

—

United

States

SOFR

Compounded

Index,

rate

disclosed

as

of

April

30,

2026.

SOFR01M

—

1

Month

SOFR,

rate

disclosed

as

of

April

30,

2026.

SOFR30A

—

30

day

average

of

SOFR,

rate

disclosed

as

of

April

30,

2026.

TSFR1M

—

1

Month

Term

SOFR,

rate

disclosed

as

of

April

30,

2026.

TSFR3M

—

3

Month

Term

SOFR,

rate

disclosed

as

of

April

30,

2026.

US0003M

—

3

Month

US

Dollar

London

Interbank

Offered

Rate,

rate

disclosed

as

of

April

30,

2026,

based

on

the

last

reset

date

of

the

security.

USISOA05

—

ICE

IBA

-

USD

SOFR

Spread-Adjusted

ICE

5

Year

Swap

Rate,

rate

disclosed

as

of

April

30,

2026.

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

17

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

TBA

Sales

Commitments

Security

Description

Principal

Amount

(000)

Value

(000)

TBA

Sales

Commitments

-

(1.70%)

Collateralized

Mortgage

Obligations

—  (1.70%)

Federal

National

Mortgage

Association

3.50%

,

5/25/55

....................................................

(1,300)

$

(1,183)

6.00%

,

5/25/55

....................................................

(2,300)

(2,348)

6.00%

,

6/25/56

....................................................

(900)

(918)

6.00%

,

4/25/56

....................................................

(100)

(102)

6.50%

,

5/25/55

....................................................

(3,200)

(3,320)

6.50%

,

4/25/56

....................................................

(100)

(103)

Total

TBA

Sales

Commitments

(Proceeds  $7,979)

$(7,974)

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

2-Year

U.S.

Treasury

Note

Futures

.......

42

6/30/26

$

8,748

$

8,699

$

(49)

30-Year

U.S.

Treasury

Bond

Futures

.....

15

6/18/26

1,756

1,693

(63)

5-Year

U.S.

Treasury

Note

Futures

.......

226

6/30/26

24,673

24,371

(302)

U.S.

10-Year

Ultra

Futures

............

77

6/18/26

8,868

8,690

(178)

Ultra

Long

Term

U.S.

Treasury

Bond

Futures

67

6/18/26

8,064

7,707

(357)

$

(949)

Futures

Contracts

Sold

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

10-Year

U.S.

Treasury

Note

Futures

......

11

6/18/26

$

1,241

$

1,217

$

24

Total

unrealized

appreciation

$

24

Total

unrealized

depreciation

(949)

Total

net

unrealized

appreciation

(depreciation)

$

(925)

Centrally

Cleared

Credit

Default

Swap

Agreements

-

Sell

Protection

Underlying

Instruments

Fixed

Deal

Receive

Rate

Maturity

Date

Payment

Frequency

Notional

Amount

(000)

Value

(000)

Premiums

Paid

(Received)

(000)

Unrealized

Appreciation

(Depreciation)

(000)

Markit

CDX

North

America

High

Yield

Index

Series

43

...........................

5.00%

12/20/29

Quarterly

$

1,366

$

100

$

93

$

6

$

100

$

93

$

6

Affiliated

Holdings

(Amounts

in

thousands,

except

Shares)

Fair

Value

7/31/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

4/30/2026

Shares

Dividend

Income

Capital

Gain

Distributions

Victory

Pioneer

ILS

Interval

Fund

................

$

1,404

$

137

$

—

$

—

$

139

$

1,680

162,647

$

136

$

—

Schedule

of

Portfolio

Investments

April

30,

2026

Victory

Portfolios

IV

Victory

Pioneer

Multi-Asset

Income

Fund

18

(Unaudited)

Security

Description

Principal

Amount

(000)

a

Value

(000)

Asset-Backed

Securities

(0.6%)

ABS

Auto

(0.2%):

Avid

Automobile

Receivables

Trust

,

Series

2023-1

,

Class

C

,

7

.35

%

,

12/15/27

,

Callable

2/15/27

@

100

(a)

.........................................................

$

748

$

750

Exeter

Automobile

Receivables

Trust

,

Series

2025-2A

,

Class

E

,

7

.81

%

,

10/15/32

,

Callable

2/15/29

@

100

(a)

...................................................

9,330

9,625

Merchants

Fleet

Funding

LLC

,

Series

2023-1A

,

Class

E

,

10

.80

%

,

5/20/36

,

Callable

7/20/26

@

100

(a)

...........................................................

2,000

2,017

Tricolor

Auto

Securitization

Trust

...........................................

Series

2022-1A

,

Class

F

,

0

.00

%

,

7/16/29

,

Callable

5/15/26

@

100

(a)

(b)

............

2,500

1,387

Series

2023-1A

,

Class

E

,

0

.00

%

,

6/15/28

,

Callable

5/15/26

@

100

(a)

(b)

............

5,000

2,625

16,404

ABS

Card

(0.1%):

Mercury

Financial

Credit

Card

Master

Trust

,

Series

2024-2A

,

Class

C

,

10

.42

%

,

7/20/29

,

Callable

5/20/26

@

100

(a)

............................................

10,220

10,273

ABS

Other

(0.3%):

Auxilior

Term

Funding

LLC

,

Series

2023-1A

,

Class

E

,

10

.97

%

,

12/15/32

,

Callable

1/15/28

@

100

(a)

...........................................................

4,250

4,582

CFMT

LLC

...........................................................

Series

2023-HB12

,

Class

M2

,

4

.25

%

,

4/25/33

(a)

(c)

..........................

4,350

4,302

Series

2023-HB12

,

Class

M3

,

4

.25

%

,

4/25/33

(a)

(c)

..........................

1,600

1,579

Granite

Park

Equipment

Leasing

LLC

,

Series

2023-1A

,

Class

F

,

7

.00

%

,

6/20/35

,

Callable

11/20/28

@

100

(a)

..................................................

4,198

3,977

Libra

Solutions

LLC

,

Series

2025-1A

,

Class

C

,

9

.90

%

,

8/15/39

(a)

....................

1,000

995

Octane

Receivables

Trust

,

Series

2022-1A

,

Class

E

,

7

.33

%

,

12/20/29

,

Callable

9/20/26

@

100

(a)

...........................................................

1,664

1,681

PEAR

LLC

,

Series

2023-1

,

Class

C

,

10

.00

%

,

7/15/35

,

Callable

9/15/27

@

100

(a)

.........

1,249

1,247

RMF

Buyout

Issuance

Trust

,

Series

2022-HB1

,

Class

M5

,

4

.50

%

,

4/25/32

,

Callable

4/25/27

@

100

(a)

(c)

(d)

.......................................................

1,800

77

Rosy

Blue

Carat

SCS

,

Series

2018-1

,

Class

A1R

,

8

.48

%

,

3/15/30

(a)

(d)

.................

344

348

Westgate

Resorts

LLC

,

Series

2023-1A

,

Class

D

,

10

.14

%

,

12/20/37

,

Callable

4/20/27

@

100

(a)

1,514

1,551

20,339

Total

Asset-Backed

Securities

(Cost

$49,924)

a

a

a

47,016

Collateralized

Mortgage

Obligations

(1.9%)

Commercial

MBS

(0.4%):

BBCMS

Mortgage

Trust

..................................................

Series

2024-5C27

,

Class

AS

,

6

.41

%

,

7/15/57

,

Callable

7/15/29

@

100

(c)

...........

5,000

5,179

Series

2024-C28

,

Class

A5

,

5

.40

%

,

9/15/57

,

Callable

8/15/34

@

100

..............

5,000

5,124

Benchmark

Mortgage

Trust

,

Series

2024-V8

,

Class

AM

,

6

.86

%

,

7/15/57

,

Callable

7/15/29

@

100

(c)

...........................................................

4,311

4,508

MCR

Mortgage

Trust

,

Series

2024-TWA

,

Class

F

,

10

.38

%

,

6/12/39

(a)

(e)

...............

6,310

6,368

SLG

Office

Trust

,

Series

2021-OVA

,

Class

D

,

2

.85

%

,

7/15/41

(a)

(e)

...................

6,440

5,614

THPT

Mortgage

Trust

,

Series

2023-THL

,

Class

A

,

7

.23

%

,

12/10/34

(a)

(c)

(e)

.............

3,043

3,060

29,853

Private

CMO

Floating

(1.4%):

Bellemeade

Re

Ltd.

,

Series

2022-1

,

Class

B1

,

9

.15

%

(

SOFR30A

+

550

bps

)

,

1/26/32

,

Callable

1/25/27

@

100

(a)

(f)

.................................................

2,400

2,444

Connecticut

Avenue

Securities

Trust

.........................................

Series

2020-R01

,

Class

1B1

,

7

.01

%

(

SOFR30A

+

336

bps

)

,

1/25/40

,

Callable

1/25/27

@

100

(a)

(f)

.........................................................

4,020

4,073

Series

2020-R02

,

Class

2B1

,

6

.76

%

(

SOFR30A

+

311

bps

)

,

1/25/40

,

Callable

1/25/27

@

100

(a)

(f)

.........................................................

8,502

8,606

Series

2021-R01

,

Class

1B2

,

9

.65

%

(

SOFR30A

+

600

bps

)

,

10/25/41

,

Callable

10/25/26

@

100

(a)

(f)

.........................................................

4,610

4,705

Series

2021-R02

,

Class

2B2

,

9

.85

%

(

SOFR30A

+

620

bps

)

,

11/25/41

,

Callable

11/25/26

@

100

(a)

(f)

.........................................................

3,688

3,781

Series

2021-R03

,

Class

1B2

,

9

.15

%

(

SOFR30A

+

550

bps

)

,

12/25/41

,

Callable

12/25/26

@

100

(a)

(f)

.........................................................

5,895

6,038

Victory

Portfolios

IV

Victory

Pioneer

Multi-Asset

Income

Fund

19

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

2022-R01

,

Class

1B2

,

9

.65

%

(

SOFR30A

+

600

bps

)

,

12/25/41

,

Callable

12/25/26

@

100

(a)

(f)

.........................................................

$

5,360

$

5,509

Series

2022-R05

,

Class

2B2

,

10

.65

%

(

SOFR30A

+

700

bps

)

,

4/25/42

,

Callable

4/25/27

@

100

(a)

(f)

.........................................................

6,000

6,319

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Credit

Risk

Trust

.......

Series

2021-MN1

,

Class

B1

,

11

.40

%

(

SOFR30A

+

775

bps

)

,

1/25/51

,

Callable

1/25/29

@

100

(a)

(f)

.........................................................

899

986

Series

2021-MN3

,

Class

M1

,

5

.95

%

(

SOFR30A

+

230

bps

)

,

11/25/51

,

Callable

7/25/36

@

100

(a)

(f)

.........................................................

1,062

1,063

Federal

Home

Loan

Mortgage

Corporation

STACR

REMIC

Trust

....................

Series

2020-DNA6

,

Class

B2

,

9

.30

%

(

SOFR30A

+

565

bps

)

,

12/25/50

,

Callable

12/25/30

@

100

(a)

(f)

.......................................................

2,675

3,067

Series

2020-HQA5

,

Class

B2

,

11

.05

%

(

SOFR30A

+

740

bps

)

,

11/25/50

,

Callable

11/25/30

@

100

(a)

(f)

.......................................................

1,900

2,310

Series

2021-DNA1

,

Class

B2

,

8

.40

%

(

SOFR30A

+

475

bps

)

,

1/25/51

,

Callable

1/25/31

@

100

(a)

(f)

.........................................................

2,765

3,074

Series

2021-DNA2

,

Class

B2

,

9

.65

%

(

SOFR30A

+

600

bps

)

,

8/25/33

,

Callable

8/25/33

@

100

(a)

(f)

.........................................................

795

980

Series

2021-DNA3

,

Class

B2

,

9

.90

%

(

SOFR30A

+

625

bps

)

,

10/25/33

,

Callable

10/25/33

@

100

(a)

(f)

.......................................................

2,170

2,716

Series

2021-DNA5

,

Class

B2

,

9

.15

%

(

SOFR30A

+

550

bps

)

,

1/25/34

(a)

(f)

...........

3,530

4,283

Series

2021-DNA7

,

Class

B2

,

11

.45

%

(

SOFR30A

+

780

bps

)

,

11/25/41

,

Callable

11/25/26

@

100

(a)

(f)

.......................................................

3,480

3,598

Series

2021-HQA1

,

Class

B2

,

8

.65

%

(

SOFR30A

+

500

bps

)

,

8/25/33

(a)

(f)

...........

5,405

6,330

Series

2021-HQA2

,

Class

B2

,

9

.10

%

(

SOFR30A

+

545

bps

)

,

12/25/33

(a)

(f)

..........

1,310

1,588

Series

2021-HQA3

,

Class

B2

,

9

.90

%

(

SOFR30A

+

625

bps

)

,

9/25/41

,

Callable

9/25/26

@

100

(a)

(f)

.........................................................

1,970

2,005

Series

2022-DNA1

,

Class

B2

,

10

.75

%

(

SOFR30A

+

710

bps

)

,

1/25/42

,

Callable

1/25/27

@

100

(a)

(f)

.........................................................

3,450

3,584

Series

2022-DNA2

,

Class

B2

,

12

.15

%

(

SOFR30A

+

850

bps

)

,

2/25/42

,

Callable

2/25/27

@

100

(a)

(f)

.........................................................

2,650

2,793

Federal

Home

Loan

Mortgage

Corporation

STACR

Trust

..........................

Series

2019-DNA3

,

Class

B2

,

11

.91

%

(

SOFR30A

+

826

bps

)

,

7/25/49

,

Callable

2/25/28

@

100

(a)

(f)

.........................................................

6,608

7,290

Series

2019-DNA4

,

Class

B2

,

10

.01

%

(

SOFR30A

+

636

bps

)

,

10/25/49

,

Callable

12/25/28

@

100

(a)

(f)

.......................................................

3,150

3,428

Series

2019-FTR3

,

Class

B2

,

8

.58

%

(

SOFR30A

+

491

bps

)

,

9/25/47

,

Callable

12/25/29

@

100

(a)

(f)

.........................................................

8,395

9,162

Series

2019-FTR4

,

Class

B2

,

8

.76

%

(

SOFR30A

+

511

bps

)

,

11/25/47

,

Callable

12/25/29

@

100

(a)

(f)

.........................................................

3,020

3,314

Home

Re

Ltd.

,

Series

2023-1

,

Class

M1B

,

8

.25

%

(

SOFR30A

+

460

bps

)

,

10/25/33

,

Callable

7/25/28

@

100

(a)

(f)

.................................................

790

808

Multifamily

Connecticut

Avenue

Securities

Trust

................................

Series

2019-01

,

Class

CE

,

12

.51

%

(

SOFR30A

+

886

bps

)

,

10/25/49

(a)

(f)

............

5,750

5,848

Series

2019-01

,

Class

M10

,

7

.01

%

(

SOFR30A

+

336

bps

)

,

10/25/49

(a)

(f)

............

1,515

1,536

Series

2020-01

,

Class

M10

,

7

.51

%

(

SOFR30A

+

386

bps

)

,

3/25/50

(a)

(f)

.............

1,984

2,013

STACR

Trust

,

Series

2018-HRP2

,

Class

B2

,

14

.26

%

(

SOFR30A

+

1061

bps

)

,

2/25/47

,

Callable

11/25/28

@

100

(a)

(f)

................................................

5,880

7,054

Triangle

Re

Ltd.

,

Series

2023-1

,

Class

M1A

,

7

.05

%

(

SOFR30A

+

340

bps

)

,

11/25/33

,

Callable

7/25/28

@

100

(a)

(f)

.................................................

1,936

1,948

122,253

Private

CMO

Other

(0.1%):

Global

Mortgage

Securitization

Ltd.

.........................................

Series

2004-A

,

Class

B1

,

5

.25

%

,

11/25/32

,

Callable

5/25/26

@

100

(a)

.............

12

4

Series

2004-A

,

Class

B2

,

5

.25

%

,

11/25/32

,

Callable

5/25/26

@

100

(a)

.............

176

—

(g)

J.P.

Morgan

Mortgage

Trust

,

Series

2026-ACES1

,

Class

B1

,

6

.50

%

,

4/25/66

,

Callable

2/25/31

@

100

(a)

(c)

.......................................................

12,360

12,246

12,250

Total

Collateralized

Mortgage

Obligations

(Cost

$156,037)

a

a

a

164,356

Victory

Portfolios

IV

Victory

Pioneer

Multi-Asset

Income

Fund

20

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Shares

a

Value

(000)

Common

Stocks

(49.9%)

Communication

Services

(0.9%):

Pinterest,

Inc.

,

Class

A

(h)

.................................................

430,597

$

8,465

T-Mobile

US,

Inc.

......................................................

360,214

70,422

78,887

Consumer

Discretionary

(0.9%):

Brightstar

Lottery

PLC

...................................................

3,052,046

40,073

Darden

Restaurants,

Inc.

..................................................

64,529

12,942

General

Motors

Co.

.....................................................

54,072

4,158

Honma

Golf

Ltd.

(a)

(h)

...................................................

5,055,000

1,904

Hyundai

Motor

Co.

.....................................................

11,464

4,104

Kia

Corp.

............................................................

26,274

2,689

Nitori

Holdings

Co.

Ltd.

..................................................

875,800

12,400

78,270

Consumer

Staples

(1.7%):

Associated

British

Foods

PLC

..............................................

991,989

24,661

Bakkafrost

P/F

.........................................................

82,922

4,135

Conagra

Brands,

Inc.

....................................................

406,472

5,833

Fomento

Economico

Mexicano

SAB

de

CV

,

ADR

...............................

603,298

71,334

Magnit

PJSC

(h)

(i)

......................................................

195,032

—

Unilever

PLC

.........................................................

712,672

41,671

X5

Retail

Group

NV

,

GDR

(d)

(h)

(i)

..........................................

48,325

—

147,634

Energy

(6.7%):

APA

Corp.

............................................................

138,724

5,650

BW

LPG

Ltd.

(a)

.......................................................

2,175,948

43,421

Coterra

Energy,

Inc.

.....................................................

249,175

8,948

Energy

Transfer

LP

.....................................................

2,158,739

43,585

Enterprise

Products

Partners

LP

.............................................

594,844

23,020

Expand

Energy

Corp.

....................................................

433,550

44,287

HF

Sinclair

Corp.

.......................................................

1,151,318

77,380

LUKOIL

PJSC

(h)

(i)

.....................................................

47,954

—

MPLX

LP

............................................................

872,763

49,110

Ovintiv,

Inc.

..........................................................

871,040

53,613

Permian

Resources

Corp.

,

Class

A

...........................................

2,310,029

49,943

Plains

All

American

Pipeline

LP

............................................

364,794

8,398

Range

Resources

Corp.

...................................................

403,881

17,569

Rosneft

Oil

Co.

PJSC

(h)

(i)

................................................

1,271,403

—

Shell

PLC

,

ADR

.......................................................

1,149,016

104,181

SM

Energy

Co.

........................................................

365,411

11,339

Tourmaline

Oil

Corp.

....................................................

244,900

11,863

Viper

Energy,

Inc.

,

Class

A

................................................

93,812

4,632

Western

Midstream

Partners

LP

.............................................

249,581

10,852

567,791

Financials

(19.4%):

ABN

AMRO

Bank

NV

,

Class

CV

...........................................

713,049

24,763

AGNC

Investment

Corp.

.................................................

1,527,394

16,832

Angel

Oak

Mortgage

REIT,

Inc.

............................................

944,060

8,563

Banco

Bilbao

Vizcaya

Argentaria

SA

.........................................

614,255

13,561

Banco

de

Sabadell

SA

...................................................

21,800,259

84,383

Bank

of

America

Corp.

...................................................

7,557,197

404,008

Bank

of

Ireland

Group

PLC

...............................................

3,000,917

58,959

BlackRock

TCP

Capital

Corp.

..............................................

2,118,828

9,153

BNP

Paribas

SA

........................................................

195,305

20,453

Capital

One

Financial

Corp.

...............................................

122,358

23,407

Citizens

Financial

Group,

Inc.

..............................................

1,057,622

68,798

Danske

Bank

A/S

.......................................................

613,426

31,533

DNB

Bank

ASA

........................................................

787,655

23,856

Edenred

SE

...........................................................

1,148,377

28,681

First

Abu

Dhabi

Bank

PJSC

...............................................

165,590

792

FS

KKR

Capital

Corp.

...................................................

1,201,418

13,516

Victory

Portfolios

IV

Victory

Pioneer

Multi-Asset

Income

Fund

21

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Shares

a

Value

(000)

Goldman

Sachs

BDC,

Inc.

................................................

274,421

$

2,698

Grupo

Financiero

Banorte

SAB

de

CV

,

Class

O

.................................

10,403,600

112,966

Hana

Financial

Group,

Inc.

................................................

1,073,803

92,597

Huntington

Bancshares,

Inc.

...............................................

3,223,048

54,018

Intesa

Sanpaolo

SpA

.....................................................

4,366,045

29,592

KB

Financial

Group,

Inc.

.................................................

822,295

88,982

KeyCorp

.............................................................

2,728,671

60,331

Ladder

Capital

Corp.

,

Class

A

..............................................

528,740

5,435

Morgan

Stanley

Direct

Lending

Fund

........................................

40,000

620

Nexi

SpA

(a)

..........................................................

19,402,341

92,180

Nordea

Bank

Abp

.......................................................

3,033,852

56,935

Regions

Financial

Corp.

..................................................

3,746,763

106,970

Rithm

Capital

Corp.

.....................................................

906,673

8,867

Two

Harbors

Investment

Corp.

.............................................

511,976

5,924

U.S.

Bancorp

..........................................................

1,902,916

107,819

1,657,192

Health

Care

(4.3%):

Bristol-Myers

Squibb

Co.

.................................................

2,149,555

130,242

Elevance

Health,

Inc.

....................................................

78,835

29,675

Pfizer,

Inc.

............................................................

1,564,705

41,778

Sanofi

SA

............................................................

1,589,044

148,863

Viatris,

Inc.

...........................................................

751,615

11,229

361,787

Industrials

(3.7%):

BayCurrent,

Inc.

.......................................................

494,700

15,989

CSG

NV

(h)

...........................................................

47,994

1,037

Fuji

Electric

Co.

Ltd.

....................................................

345,900

28,911

Hensoldt

AG

..........................................................

308,177

27,894

Honeywell

International,

Inc.

..............................................

29,235

6,266

Hyundai

Rotem

Co.

Ltd.

..................................................

286,922

51,941

Logista

Integral

SA

.....................................................

320,422

12,515

MasTec,

Inc.

(h)

........................................................

63,660

25,085

Paychex,

Inc.

..........................................................

634,157

58,742

Regal

Rexnord

Corp.

....................................................

139,319

29,958

Star

Bulk

Carriers

Corp.

..................................................

1,077,637

27,081

Union

Pacific

Corp.

.....................................................

61,787

16,650

United

Parcel

Service,

Inc.

,

Class

B

..........................................

42,405

4,614

Webuild

SpA

..........................................................

3,178,536

9,416

316,099

Information

Technology

(5.5%):

Adobe,

Inc.

(h)

.........................................................

328,461

80,834

Capgemini

SE

.........................................................

275,709

33,329

Cisco

Systems,

Inc.

.....................................................

1,060,511

97,037

FUJIFILM

Holdings

Corp.

................................................

1,397,500

25,798

International

Business

Machines

Corp.

........................................

244,299

56,428

QUALCOMM,

Inc.

.....................................................

96,618

17,351

Samsung

Electronics

Co.

Ltd.

..............................................

1,040,361

154,665

465,442

Materials

(4.3%):

Amcor

PLC

...........................................................

1,072,522

40,799

Barrick

Mining

Corp.

....................................................

1,656,003

65,147

Buzzi

SpA

............................................................

1,483,650

81,005

Celanese

Corp.

,

Class

A

..................................................

255,992

17,346

CRH

PLC

............................................................

576,879

68,314

Newmont

Corp.

........................................................

263,093

29,227

PPG

Industries,

Inc.

.....................................................

195,042

21,162

thyssenkrupp

AG

.......................................................

2,890,767

34,216

Torex

Gold

Resources,

Inc.

................................................

288,200

11,869

369,085

Real

Estate

(0.5%):

BXP,

Inc.

.............................................................

28,433

1,662

Victory

Portfolios

IV

Victory

Pioneer

Multi-Asset

Income

Fund

22

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Shares

a

Value

(000)

Crown

Castle,

Inc.

......................................................

55,229

$

4,903

Douglas

Emmett,

Inc.

....................................................

183,641

1,985

Gaming

and

Leisure

Properties,

Inc.

.........................................

122,382

5,931

Sino

Land

Co.

Ltd.

......................................................

6,162,000

9,826

SL

Green

Realty

Corp.

...................................................

470,692

19,962

44,269

Utilities

(2.0%):

CMS

Energy

Corp.

......................................................

108,924

8,359

Eversource

Energy

......................................................

1,834,052

129,668

FirstEnergy

Corp.

.......................................................

593,504

28,203

166,230

Total

Common

Stocks

(Cost

$3,491,995)

a

a

a

4,252,686

Preferred

Stocks

(0.0%)(j)

Financials

(0.0%):(j)

First

Horizon

Corp.

,

Series

F

,

4

.70

%

(k)

.......................................

12,040

214

Total

Preferred

Stocks

(Cost

$217)

a

a

a

214

Principal

Amount

(000)

Convertible

Corporate

Bonds

(0.1%)

Financials

(0.1%):

Redwood

Trust,

Inc.

,

7

.75

%

,

6/15/27

.........................................

$

9,685

9,782

Total

Convertible

Corporate

Bonds

(Cost

$9,227)

a

a

a

9,782

Senior

Secured

Loans

(0.1%)

Consumer

Discretionary

(0.0%):(j)

Clear

Channel

Outdoor

Holdings,

Inc.,

2024

Refinancing

Term

Loan

,

7

.77

%

(

SOFR01M

+

400

bps

)

,

8/23/28

(f)

........................................

$

498

501

Lucky

Bucks

LLC,

Priority

First

Out

Exit

Term

Loan

,

11

.25

%

(

SOFR06M

+

750

bps

)

,

10/2/28

(f)

14

13

Lucky

Bucks

LLC,

Priority

Second

Out

Term

Loan

,

6

.25

%

(

SOFR06M

+

250

bps

)

,

10/2/29

(f)

.

29

22

536

Financials

(0.0%):(j)

Eastern

Power

LLC

(Eastern

Covert

Midco

LLC)

-

Term

Loan

,

8

.40

%

(

SOFR01M

+

475

bps

)

,

4/3/29

(f)

.........................................................

326

329

Health

Care

(0.1%):

U.S.

Renal

Care,

Inc.,

Closing

Date

Term

Loan

,

8

.77

%

(

SOFR01M

+

500

bps

)

,

6/28/28

(f)

....

808

765

Industrials

(0.0%):(j)

Groupe

Solmax

Inc.,

Initial

Term

Loan

,

8

.71

%

(

SOFR03M

+

475

bps

)

,

7/24/28

(f)

..........

938

756

Materials

(0.0%):(j)

Mativ

Holdings,

Inc.,

New

Term

B

Loan

,

8

.15

%

(

SOFR01M

+

450

bps

)

,

4/4/33

(f)

..........

313

311

Total

Senior

Secured

Loans

(Cost

$2,910)

a

a

a

2,697

Corporate

Bonds

(3.0%)

Communication

Services

(0.1%):

Clear

Channel

Outdoor

Holdings,

Inc.

7

.75

%

,

4/15/28

,

Callable

6/4/26

@

100

(a)

.................................

570

574

7

.50

%

,

6/1/29

,

Callable

6/4/26

@

100

(a)

..................................

1,860

1,863

EchoStar

Corp.

,

6

.75

%

,

11/30/30

,

Callable

11/30/26

@

102

(l)

.......................

10,853

11,012

13,449

Energy

(0.2%):

PBF

Holding

Co.

LLC/PBF

Finance

Corp.

,

9

.88

%

,

3/15/30

,

Callable

3/15/27

@

104.94

(a)

...

14,200

15,258

Victory

Portfolios

IV

Victory

Pioneer

Multi-Asset

Income

Fund

23

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Principal

Amount

(000)

a

Value

(000)

Information

Technology

(2.5%):

Oracle

Corp.

3

.80

%

,

11/15/37

,

Callable

5/15/37

@

100

..................................

$

45,257

$

35,786

3

.60

%

,

4/1/50

,

Callable

10/1/49

@

100

...................................

67,968

40,694

3

.95

%

,

3/25/51

,

Callable

9/25/50

@

100

..................................

19,645

12,349

5

.95

%

,

9/26/55

,

Callable

3/26/55

@

100

..................................

57,379

48,062

3

.85

%

,

4/1/60

,

Callable

10/1/59

@

100

...................................

11,386

6,598

4

.10

%

,

3/25/61

,

Callable

9/25/60

@

100

..................................

89,349

54,138

6

.13

%

,

8/3/65

,

Callable

2/3/65

@

100

....................................

19,247

16,047

213,674

Real

Estate

(0.2%):

Alexandria

Real

Estate

Equities,

Inc.

3

.00

%

,

5/18/51

,

Callable

11/18/50

@

100

..................................

10,844

6,686

3

.55

%

,

3/15/52

,

Callable

9/15/51

@

100

..................................

13,631

9,189

15,875

Total

Corporate

Bonds

(Cost

$274,005)

a

a

a

258,256

Insurance-Linked

Securities

(0.6%)

Collateralized

Reinsurance

(0.0%):(j)

Multiperil

-

Worldwide

-

(0.0%):(j)

Gamboge

Re

,

3/31/30

(h)

(i)

(m)

.............................................

4,000

642

Merion

Re

,

2025-1

,

12/31/30

(h)

(i)

(m)

........................................

1,000

16

658

Event

Linked

Bonds

(0.6%):

Earthquake

-

California

-

(0.0%):(j)

Sutter

Re

,

10

.26

%

(

FHMMUSTF

+

675

bps

)

,

6/19/26

(a)

(f)

(i)

.........................

500

501

TorRey

Pines

Re

9

.58

%

,

(

JMMMUSTF

+

604

bps

)

,

6/7/27

(a)

(f)

(i)

.............................

250

259

10

.65

%

,

(

JMMMUSTF

+

711

bps

)

,

6/7/27

,

Callable

6/7/26

@

102.25

(a)

(f)

(i)

.........

250

258

Earthquake

-

U.S.

-

(0.0%):(j)

Acorn

Re

,

6

.62

%

(

GSMMUSTF

+

310

bps

)

,

11/5/27

,

Callable

6/4/26

@

102.5

(a)

(f)

(i)

.......

500

506

Flood

-

U.S.

-

(0.0%):(j)

FloodSmart

Re

,

17

.87

%

(

FHMMUSTF

+

1436

bps

)

,

3/12/27

(a)

(f)

(i)

....................

1,500

1,568

Health

-

U.S.

-

(0.1%):

Vitality

Re

XIV

7

.01

%

,

(

FHMMUSTF

+

350

bps

)

,

1/5/27

(a)

(f)

(i)

.............................

3,250

3,282

8

.01

%

,

(

FHMMUSTF

+

450

bps

)

,

1/5/27

(a)

(f)

(i)

.............................

600

609

Multiperil

-

Florida

-

(0.0%):(j)

Sanders

Re

III

,

11

.27

%

(

BRMMUSDF

+

772

bps

)

,

6/5/26

(a)

(f)

(i)

......................

650

653

Multiperil

-

U.S.

-

(0.5%):

Aquila

Re

,

8

.94

%

(

BRMMUSDF

+

539

bps

)

,

6/7/27

,

Callable

6/4/26

@

106

(a)

(f)

(i)

........

500

511

Bonanza

Re

7

.26

%

,

(

MSMMUSTF

+

375

bps

)

,

12/19/27

(a)

(f)

(i)

...........................

250

252

9

.01

%

,

(

MSMMUSTF

+

550

bps

)

,

12/19/27

(a)

(f)

(i)

...........................

1,000

1,005

Four

Lakes

Re

9

.35

%

,

(

BRMMUSDF

+

552

bps

)

,

1/7/27

,

Callable

6/4/26

@

102.5

(a)

(f)

(i)

..........

250

253

12

.47

%

,

(

BRMMUSDF

+

970

bps

)

,

1/7/27

,

Callable

6/4/26

@

103.25

(a)

(f)

(i)

.........

250

251

9

.05

%

,

(

BRMMUSDF

+

550

bps

)

,

1/7/28

,

Callable

12/31/26

@

102

(a)

(f)

(i)

..........

250

255

11

.80

%

,

(

BRMMUSDF

+

825

bps

)

,

1/7/28

,

Callable

12/31/26

@

102.75

(a)

(f)

(i)

.......

250

252

Fuchsia

,

2024-1

,

8

.66

%

(

FRMMUSTI

+

514

bps

)

,

4/6/28

,

Callable

6/4/26

@

104

(a)

(f)

(i)

.....

1,000

1,023

Herbie

Re

,

10

.79

%

(

JMMMUSTF

+

725

bps

)

,

1/8/29

,

Callable

12/31/27

@

102

(a)

(f)

(i)

......

500

502

High

Point

Re

,

9

.19

%

(

BRMMUSDF

+

564

bps

)

,

1/6/27

,

Callable

6/4/26

@

102.25

(a)

(f)

(i)

...

2,000

2,023

Merna

Re

II

11

.89

%

,

(

GSMMUSTI

+

838

bps

)

,

7/7/26

(a)

(f)

(i)

.............................

1,300

1,314

10

.98

%

,

(

GSMMUSTI

+

747

bps

)

,

7/7/27

(a)

(f)

(i)

.............................

750

772

12

.00

%

,

(

GSMMUSTI

+

849

bps

)

,

7/7/27

,

Callable

6/30/26

@

103.25

(a)

(f)

(i)

........

1,500

1,541

Victory

Portfolios

IV

Victory

Pioneer

Multi-Asset

Income

Fund

24

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Principal

Amount

(000)

a

Value

(000)

Mystic

Re

15

.51

%

,

(

GSMMUSTI

+

1200

bps

)

,

1/8/27

(a)

(f)

(i)

............................

$

1,750

$

1,757

8

.41

%

,

(

GSMMUSTI

+

490

bps

)

,

1/10/28

(a)

(f)

(i)

.............................

250

251

Residential

Re

11

.13

%

,

(

JMMMUSTF

+

759

bps

)

,

12/6/26

(a)

(f)

(i)

...........................

500

506

9

.51

%

,

(

JMMMUSTF

+

597

bps

)

,

12/6/27

(a)

(f)

(i)

............................

750

777

12

.24

%

,

(

JMMMUSTF

+

870

bps

)

,

12/6/27

(a)

(f)

(i)

...........................

1,250

1,286

8

.92

%

,

(

JMMMUSTF

+

538

bps

)

,

12/6/28

(a)

(f)

(i)

............................

1,000

1,020

10

.48

%

,

(

JMMMUSTF

+

694

bps

)

,

12/6/28

(a)

(f)

(i)

...........................

1,000

1,010

Sanders

Re

7

.54

%

,

(

BRMMUSDF

+

399

bps

)

,

4/7/29

(a)

(f)

(i)

.............................

2,500

2,535

8

.91

%

,

(

BRMMUSDF

+

536

bps

)

,

4/7/29

(a)

(f)

(i)

.............................

2,500

2,530

Sanders

Re

III

9

.02

%

,

(

BRMMUSDF

+

547

bps

)

,

4/7/27

(a)

(f)

(i)

.............................

1,600

1,627

9

.11

%

,

(

BRMMUSDF

+

556

bps

)

,

4/7/28

(a)

(f)

(i)

.............................

750

777

Solomon

Re

,

9

.03

%

(

GSMMUSTI

+

552

bps

)

,

6/8/26

(a)

(f)

(i)

.........................

250

251

Multiperil

-

U.S.

&

Canada

-

(0.0%):(j)

Atlas

Re

,

15

.88

%

(

SOFR

+

1222

bps

)

,

6/8/27

(a)

(f)

(i)

...............................

750

807

Easton

Re

,

11

.05

%

(

BRMMUSDF

+

750

bps

)

,

1/8/27

(a)

(f)

(i)

.........................

500

505

Galileo

Re

,

10

.51

%

(

GSMMUSTI

+

700

bps

)

,

1/7/28

,

Callable

6/4/26

@

104.5

(a)

(f)

(i)

......

1,250

1,288

Kilimanjaro

II

Re

9

.80

%

,

(

BRMMUSDF

+

625

bps

)

,

6/30/28

,

Callable

8/8/26

@

102.25

(a)

(f)

(i)

.........

250

260

10

.80

%

,

(

BRMMUSDF

+

725

bps

)

,

6/30/28

,

Callable

7/8/26

@

102.5

(a)

(f)

(i)

.........

750

785

Multiperil

-

U.S.

Regional

-

(0.0%):(j)

Aquila

Re

10

.78

%

,

(

BNMMDTSC

+

726

bps

)

,

6/8/26

(a)

(f)

(i)

............................

500

502

12

.35

%

,

(

BNMMDTSC

+

883

bps

)

,

6/8/26

(a)

(f)

(i)

............................

250

252

Multiperil

-

Worldwide

-

(0.0%):(j)

Atlas

Capital

,

11

.23

%

(

SOFR

+

757

bps

)

,

6/5/26

(a)

(f)

(i)

............................

1,250

1,260

Cat

Re

,

2001

,

15

.78

%

(

JMMMUSTF

+

1224

bps

)

,

1/8/27

(a)

(f)

(i)

......................

750

758

Kendall

Re

,

9

.76

%

(

GSMMUSTI

+

625

bps

)

,

4/30/27

(a)

(f)

(i)

.........................

1,000

1,020

Silk

Road

Re

,

9

.52

%

(

BNMMDTSC

+

600

bps

)

,

1/10/28

,

Callable

6/4/26

@

104.75

(a)

(f)

(i)

...

500

504

Wind

Storm

-

Florida

-

(0.0%):(j)

Marlon

Re

,

10

.85

%

(

JMMMUSTF

+

731

bps

)

,

6/7/27

,

Callable

7/1/26

@

104.25

(a)

(f)

(i)

.....

250

260

Merna

Re

II

,

12

.26

%

(

GSMMUSTI

+

875

bps

)

,

7/7/27

(a)

(f)

(i)

........................

750

771

Palm

Re

,

13

.22

%

(

BNMMDTSC

+

970

bps

)

,

6/7/27

,

Callable

6/4/26

@

104.5

(a)

(f)

(i)

.......

250

260

Purple

Re

,

12

.67

%

(

JMMMUSTF

+

913

bps

)

,

6/7/27

(a)

(f)

(i)

.........................

500

515

Wind

Storm

-

Massachusetts

-

(0.0%):(j)

Mayflower

Re

,

8

.44

%

(

FHMMUSTF

+

493

bps

)

,

7/8/27

,

Callable

7/8/26

@

101.25

(a)

(f)

(i)

...

1,000

1,017

Wind

Storm

-

Mexico

-

(0.0%):(j)

International

Bank

for

Reconstruction

&

Development

15

.86

%

,

(

SOFR

+

1222

bps

)

,

4/24/28

(a)

(f)

(i)

................................

250

268

17

.36

%

,

(

SOFR

+

1372

bps

)

,

4/24/28

(a)

(f)

(i)

................................

250

259

Wind

Storm

-

North

Carolina

-

(0.0%):(j)

Blue

Ridge

Re

8

.76

%

,

(

FHMMUSTF

+

525

bps

)

,

1/8/27

(a)

(f)

(i)

.............................

750

758

11

.50

%

,

(

FHMMUSTF

+

799

bps

)

,

1/8/27

(a)

(f)

(i)

............................

1,250

1,262

Wind

Storm

-

Texas

-

(0.0%):(j)

Alamo

Re

12

.59

%

,

(

FHMMUSTF

+

908

bps

)

,

6/7/26

(a)

(f)

(i)

............................

1,500

1,508

10

.05

%

,

(

FHMMUSTF

+

654

bps

)

,

6/7/27

(a)

(f)

(i)

............................

500

500

11

.94

%

,

(

FHMMUSTF

+

843

bps

)

,

6/7/27

(a)

(f)

(i)

............................

250

250

Wind

Storm

-

U.S.

-

(0.0%):(j)

Merna

Re

,

13

.98

%

(

GSMMUSTI

+

1047

bps

)

,

7/7/26

(a)

(f)

(i)

.........................

1,600

1,623

Wind

Storm

-

U.S.

Multistate

-

(0.0%):(j)

Gateway

Re

,

9

.45

%

(

BRMMUSDF

+

590

bps

)

,

7/8/27

,

Callable

6/16/26

@

103.25

(a)

(f)

(i)

....

250

254

Wind

Storm

-

U.S.

Regional

-

(0.0%):(j)

Victory

Portfolios

IV

Victory

Pioneer

Multi-Asset

Income

Fund

25

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Principal

Amount

(000)

a

Value

(000)

Citrus

Re

,

10

.14

%

(

BRMMUSDF

+

659

bps

)

,

6/7/26

(a)

(f)

(i)

.........................

$

1,000

$

1,003

50,366

Reinsurance

Sidecars

(0.0%):(j)

Multiperil

-

Worldwide

-

(0.0%):(j)

Alturas

Re

7/31/26

(h)

(i)

(n)

....................................................

1,000

28

12/31/27

(h)

(i)

(n)

...................................................

25

—

(g)

Sector

Re

V

12/1/29

(a)

(i)

(m)

(o)

..................................................

2

188

12/1/29

(a)

(d)

(i)

(m)

(o)

...............................................

2

219

Thopas

Re

12/31/26

(h)

(i)

(n)

...................................................

1,500

22

12/31/26

(h)

(i)

(n)

...................................................

1,000

4

12/31/28

(h)

(i)

(n)

...................................................

2,500

—

12/31/29

(h)

(i)

(n)

...................................................

2,500

12

12/31/30

(h)

(i)

(n)

...................................................

2,500

127

Viribus

Re

12/31/26

(h)

(i)

(n)

...................................................

1,500

—

12/31/28

(h)

(i)

(n)

...................................................

2,000

—

600

Total

Insurance-Linked

Securities

(Cost

$50,887)

a

a

a

51,624

Equity

Linked

Notes

(22.9%)

Communication

Services

(1.2%):

BNP

Paribas

Issuance

BV

(Pinterest,

Inc.)

,

20

.77

%

,

3/23/27

........................

1,285

24,341

Canadian

Imperial

Bank

of

Commerce

(T-Mobile

US,

Inc.)

,

9

.70

%

,

3/19/27

.............

37

7,432

Mizuho

Structured

Products

BV

(T-Mobile

US,

Inc.)

,

10

.12

%

,

3/22/27

.................

37

7,327

The

Toronto-Dominion

Bank

(Reddit,

Inc.)

,

24

.37

%

,

4/9/27

........................

160

22,369

Wells

Fargo

Bank

NA

(Netflix,

Inc.)

,

13

.15

%

,

3/9/27

.............................

287

25,805

Wells

Fargo

Bank

NA

(Pinterest,

Inc.)

,

15

.18

%

,

10/13/26

..........................

300

6,433

Wells

Fargo

Bank

NA

(Stubhub

Holdings,

Inc.)

,

34

.45

%

,

10/16/26

....................

188

1,783

95,490

Consumer

Discretionary

(3.9%):

Bank

of

America

NA

(Brightstar

Lottery

PLC)

,

14

.14

%

,

8/24/26

.....................

575

7,418

BNP

Paribas

Issuance

BV

(General

Motors

Co.)

,

11

.03

%

,

2/8/27

(a)

...................

266

21,059

Citigroup

Global

Markets

Holdings,

Inc.

(General

Motors

Co.)

,

10

.70

%

,

11/3/26

(a)

.......

235

17,085

Citigroup

Global

Markets

Holdings,

Inc.

(YETI

Holdings,

Inc.)

,

14

.68

%

,

11/19/26

(a)

......

551

20,547

Goldman

Sachs

Bank

USA

(YETI

Holdings,

Inc.)

,

13

.50

%

,

8/24/26

...................

257

9,290

HSBC

Bank

PLC

(Amazon.com,

Inc.)

9

.35

%

,

7/28/26

....................................................

123

29,810

11

.11

%

,

12/31/26

...................................................

93

22,395

HSBC

Bank

PLC

(Genuine

Parts

Co.)

,

10

.88

%

,

3/8/27

............................

136

14,896

JPMorgan

Chase

Bank

NA

(Amazon.com,

Inc.)

9

.39

%

,

9/24/26

....................................................

158

38,509

11

.10

%

,

2/8/27

.....................................................

63

15,777

JPMorgan

Chase

Bank

NA

(Lululemon

Athletica,

Inc.)

,

17

.02

%

,

3/8/27

,

Callable

4/10/27

@

100

.............................................................

89

13,700

Mizuho

Markets

Cayman

LP

(Airbnb,

Inc.)

,

14

.10

%

,

5/8/26

........................

76

10,201

Mizuho

Markets

Cayman

LP

(Brightstar

Lottery

PLC)

,

13

.96

%

,

8/17/26

...............

368

4,903

Mizuho

Markets

Cayman

LP

(Crocs,

Inc.)

,

15

.34

%

,

7/10/26

........................

210

21,124

Mizuho

Markets

Cayman

LP

(General

Motors

Co.)

,

10

.92

%

,

12/30/26

.................

172

13,319

The

Toronto-Dominion

Bank

(Amazon.com,

Inc.)

,

11

.40

%

,

12/30/26

..................

93

22,549

Wells

Fargo

Bank

NA

(Airbnb,

Inc.)

,

10

.90

%

,

12/30/26

............................

209

27,894

Wells

Fargo

Bank

NA

(Amazon.com,

Inc.)

,

9

.01

%

,

9/17/26

.........................

103

25,473

335,949

Consumer

Staples

(0.9%):

BNP

Paribas

Issuance

BV

(BJ's

Wholesale

Club

Holdings,

Inc.)

,

9

.43

%

,

10/14/26

(a)

.......

210

18,976

Canadian

Imperial

Bank

of

Commerce

(BJ's

Wholesale

Club

Holdings,

Inc.)

,

9

.95

%

,

11/24/26

142

13,479

Victory

Portfolios

IV

Victory

Pioneer

Multi-Asset

Income

Fund

26

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Principal

Amount

(000)

a

Value

(000)

Citigroup

Global

Markets

Holdings,

Inc.

(Celsius

Holdings,

Inc.)

20

.96

%

,

11/18/26

(a)

.................................................

$

289

$

10,628

21

.03

%

,

11/19/26

(a)

.................................................

298

11,165

JPMorgan

Chase

Bank

NA

(Celsius

Holdings,

Inc.)

,

19

.70

%

,

4/27/27

..................

462

15,758

The

Toronto-Dominion

Bank

(Celsius

Holdings,

Inc.)

,

19

.81

%

,

12/15/26

...............

241

8,599

Wells

Fargo

Bank

NA

(Simply

Good

Foods

Co.)

,

12

.83

%

,

1/27/27

....................

175

2,680

81,285

Energy

(1.3%):

Canadian

Imperial

Bank

of

Commerce

(HF

Sinclair

Corp.)

,

12

.51

%

,

1/26/27

............

213

12,750

Citigroup

Global

Markets

Holdings,

Inc.

(HF

Sinclair

Corp.)

15

.37

%

,

6/8/26

(a)

..................................................

351

13,922

25

.36

%

,

6/12/26

....................................................

410

25,762

HSBC

Bank

Plc

(Range

Resources

Corp.)

,

13

.00

%

,

5/8/26

.........................

532

20,522

Mizuho

Markets

Cayman

LP

(Range

Resources

Corp.)

11

.41

%

,

9/18/26

....................................................

351

12,974

12

.54

%

,

10/20/26

...................................................

328

13,213

Royal

Bank

of

Canada

(Ovintiv,

Inc.)

,

13

.39

%

,

9/18/26

(a)

..........................

216

9,899

Wells

Fargo

Bank

NA

(HF

Sinclair

Corp.)

,

13

.01

%

,

2/11/27

........................

298

16,748

125,790

Financials

(1.8%):

BNP

Paribas

Issuance

BV

(Capital

One

Financial

Corp.)

,

11

.83

%

,

3/9/27

...............

115

22,851

Goldman

Sachs

Bank

USA

(PayPal

Holdings,

Inc.)

,

13

.34

%

,

12/31/26

.................

236

12,316

HSBC

Bank

PLC

(PayPal

Holdings,

Inc.)

,

13

.40

%

,

12/30/26

........................

354

18,553

JPMorgan

Chase

Bank

NA

(PayPal

Holdings,

Inc.)

,

11

.91

%

,

6/25/26

..................

146

7,707

JPMorgan

Chase

Bank

NA

(Worldline

SA)

,

23

.98

%

,

9/29/26

........................

1,902

2,111

Merrill

Lynch

BV

(Apollo

Global

Management,

Inc.)

,

16

.32

%

,

4/1/27

.................

75

8,949

Mizuho

Markets

Cayman

LP

(Apollo

Global

Management,

Inc.)

,

23

.76

%

,

6/18/26

........

150

18,165

Mizuho

Markets

Cayman

LP

(PayPal

Holdings,

Inc.)

12

.13

%

,

5/14/26

....................................................

138

7,009

10

.84

%

,

8/7/26

....................................................

159

8,277

11

.12

%

,

9/29/26

....................................................

220

11,509

Royal

Bank

of

Canada

(PayPal

Holdings,

Inc.)

,

14

.42

%

,

11/12/26

(a)

..................

187

10,627

The

Toronto-Dominion

Bank

(PayPal

Holdings,

Inc.)

,

13

.97

%

,

2/12/27

................

541

24,152

Wells

Fargo

Bank

NA

(Coinbase

Global,

Inc.)

,

18

.37

%

,

6/25/26

.....................

31

5,972

158,198

Health

Care

(0.7%):

BNP

Paribas

Issuance

BV

(BioNTech

SE)

,

17

.02

%

,

6/18/26

(a)

......................

96

9,828

HSBC

Bank

PLC

(Biogen,

Inc.)

,

11

.35

%

,

10/14/26

...............................

81

13,365

HSBC

Bank

PLC

(Humana,

Inc.)

,

13

.62

%

,

8/10/26

...............................

58

13,762

Mizuho

Markets

Cayman

LP

(New

Amsterdam

Pharma

Co.

NV)

,

19

.56

%

,

10/20/26

.......

199

5,878

Wells

Fargo

Bank

NA

(Hims

&

Hers

Health,

Inc.)

,

33

.63

%

,

5/8/26

....................

209

5,805

48,638

Industrials

(2.8%):

Bank

of

America

NA

(Trex

Co.,

Inc.)

,

15

.59

%

,

1/27/27

............................

258

10,192

Bank

of

Montreal

(Red

Cat

Holdings,

Inc.)

,

33

.95

%

,

5/4/27

(a)

.......................

456

6,365

Canadian

Imperial

Bank

of

Commerce

(MasTe,

Inc.)

,

14

.40

%

,

12/23/26

................

47

11,494

Citigroup

Global

Markets

Holdings,

Inc.

(AeroVironment,

Inc.)

,

23

.16

%

,

5/5/27

..........

27

5,456

Citigroup

Global

Markets

Holdings,

Inc.

(Generac

Holdings,

Inc.)

,

12

.20

%

,

7/30/26

(a)

.....

72

12,189

Citigroup

Global

Markets

Holdings,

Inc.

(Kratos

Defense

&

Security

Solutions,

Inc.)

,

23

.16

%

,

5/5/27

...........................................................

84

5,520

Citigroup

Global

Markets

Holdings,

Inc.

(MasTe,

Inc.)

,

14

.93

%

,

2/8/27

(a)

..............

62

16,660

Citigroup

Global

Markets

Holdings,

Inc.

(Regal

Rexnord

Corp.)

15

.54

%

,

12/15/26

(a)

.................................................

95

15,036

14

.28

%

,

2/8/27

(a)

..................................................

99

16,451

14

.08

%

,

2/11/27

(a)

..................................................

140

24,829

JP

Morgan

Structured

Products

BV

(MasTe,

Inc.)

,

15

.42

%

,

10/26/26

..................

32

7,121

Mizuho

Markets

Cayman

LP

(Forgent

Power

Solutions,

Inc.)

,

18

.13

%

,

4/23/27

...........

501

17,432

Mizuho

Markets

Cayman

LP

(Regal

Rexnord

Corp.)

,

15

.64

%

,

12/11/26

................

71

11,183

Royal

Bank

of

Canada

(Regal

Rexnord

Corp.)

,

14

.00

%

,

2/10/27

(a)

...................

120

20,349

Royal

Bank

of

Canada

(Uber

Technologies,

Inc.)

,

12

.59

%

,

2/16/27

(a)

.................

194

14,384

Royal

Bank

of

Canada

(United

Rentals,

Inc.)

,

12

.08

%

,

2/10/27

(a)

....................

20

17,242

Victory

Portfolios

IV

Victory

Pioneer

Multi-Asset

Income

Fund

27

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Principal

Amount

(000)

a

Value

(000)

Wells

Fargo

Bank

NA

(MasTe,

Inc.)

,

14

.81

%

,

12/11/26

............................

$

48

$

11,319

Wells

Fargo

Bank

NA

(Regal

Rexnord

Corp.)

,

13

.93

%

,

2/16/27

......................

91

16,800

240,022

Information

Technology

(6.8%):

Bank

of

America

(Advanced

Micro

Devices,

Inc.)

,

16

.06

%

,

5/19/26

...................

93

10,453

Citigroup

Global

Markets

Holdings,

Inc.

(Adobe,

Inc.)

,

12

.76

%

,

2/10/27

(a)

.............

65

16,760

Citigroup

Global

Markets

Holdings,

Inc.

(Ondas,

Inc.)

,

31

.46

%

,

5/5/27

................

526

5,629

Citigroup

Global

Markets

Holdings,

Inc.

(Salesforce,

Inc.)

,

16

.15

%

,

5/6/27

(a)

............

92

16,474

Citigroup

Global

Markets

Holdings,

Inc.

(Twilio,

Inc.)

,

16

.72

%

,

9/24/26

(a)

.............

118

13,218

HSBC

Bank

PLC

(Adobe,

Inc.)

,

11

.13

%

,

12/31/26

...............................

40

10,490

HSBC

Bank

PLC

(Advanced

Micro

Devices,

Inc.)

19

.49

%

,

10/20/26

...................................................

55

14,000

20

.00

%

,

3/8/27

....................................................

75

17,573

HSBC

Bank

PLC

(Microsoft

Corp.)

,

10

.27

%

,

3/8/27

..............................

40

16,162

HSBC

Bank

PLC

(Salesforce,

Inc.)

15

.00

%

,

3/9/27

....................................................

126

23,176

14

.87

%

,

3/10/27

....................................................

224

41,539

JP

Morgan

Structured

Products

BV

(Dell

Technologies,

Inc.)

,

17

.27

%

,

10/26/26

..........

42

6,935

JPMorgan

Chase

Bank

NA

(Adobe,

Inc.)

12

.02

%

,

12/22/26

(o)

.................................................

30

7,933

12

.50

%

,

2/8/27

....................................................

51

13,197

JPMorgan

Chase

Bank

NA

(Ambarella,

Inc.)

,

20

.05

%

,

11/3/26

......................

80

5,629

JPMorgan

Chase

Bank

NA

(Axcelis

Technologies,

Inc.)

,

17

.10

%

,

8/17/26

...............

366

30,556

JPMorgan

Chase

Bank

NA

(First

Solar,

Inc.)

,

16

.78

%

,

3/22/27

.......................

40

8,178

JPMorgan

Chase

Bank

NA

(NVIDIA

Corp.)

,

15

.93

%

,

3/8/27

........................

82

16,218

JPMorgan

Chase

Bank

NA

(Salesforce,

Inc.)

,

13

.99

%

,

3/23/27

......................

80

14,618

Merrill

Lynch

BV

(Adobe,

Inc.)

,

11

.88

%

,

9/18/26

................................

67

17,377

Merrill

Lynch

BV

(Salesforce,

Inc.)

,

15

.32

%

,

4/8/27

..............................

66

11,903

Merrill

Lynch

International

&

Co.

CV

(First

Solar,

Inc.)

,

16

.60

%

,

3/19/27

..............

40

8,081

Mizuho

Markets

Cayman

LP

(Advanced

Micro

Devices,

Inc.)

16

.49

%

,

5/6/26

....................................................

150

15,689

15

.29

%

,

9/22/26

....................................................

77

13,249

18

.09

%

,

10/16/26

...................................................

45

10,315

Mizuho

Markets

Cayman

LP

(Intuit,

Inc.)

,

17

.40

%

,

3/9/27

..........................

60

22,917

Mizuho

Markets

Cayman

LP

(NetApp,

Inc.)

,

11

.22

%

,

10/28/26

......................

81

8,893

Royal

Bank

of

Canada

(Adobe,

Inc.)

,

14

.81

%

,

2/24/27

(a)

..........................

76

19,106

Royal

Bank

of

Canada

(Datadog,

Inc.)

,

18

.67

%

,

2/24/27

(a)

.........................

75

9,357

The

Toronto-Dominion

Bank

(Adobe,

Inc.)

,

12

.40

%

,

12/16/26

.......................

51

13,723

The

Toronto-Dominion

Bank

(Intuit,

Inc.)

,

16

.20

%

,

2/24/27

........................

50

19,136

The

Toronto-Dominion

Bank

(Trimble,

Inc.)

,

11

.62

%

,

4/22/27

.......................

191

12,636

Wells

Fargo

Bank

NA

(Advanced

Micro

Devices,

Inc.)

,

15

.48

%

,

6/24/26

...............

449

57,869

Wells

Fargo

Bank

NA

(Microsoft

Corp.)

,

10

.14

%

,

2/27/27

..........................

49

19,794

Wells

Fargo

Bank

NA

(Okta,

Inc.)

,

16

.49

%

,

2/24/27

..............................

108

8,324

Wells

Fargo

Bank

NA

(QUALCOMM,

Inc.)

,

11

.88

%

,

7/10/26

.......................

68

11,511

568,618

Materials

(3.5%):

Bank

of

America

NA

(Barrick

Mining

Corp.)

,

12

.12

%

,

6/24/26

......................

1,015

23,100

Bank

of

America

NA

(thyssenkrupp

AG)

19

.45

%

,

6/29/26

....................................................

1,247

13,731

17

.00

%

,

9/23/26

....................................................

989

13,513

BNP

Paribas

Issuance

BV

(Alcoa

Corp.)

,

18

.76

%

,

2/10/27

(a)

........................

269

15,547

BNP

Paribas

Issuance

BV

(Barrick

Mining

Corp.)

,

17

.87

%

,

4/8/27

....................

314

12,168

Canadian

Imperial

Bank

of

Commerce

(Celanese

Corp.)

,

21

.55

%

,

4/22/27

..............

253

17,245

Citigroup

Global

Markets

Holdings,

Inc.

(Barrick

Mining

Corp.)

,

20

.68

%

,

6/2/26

(a)

.......

324

13,107

Citigroup

Global

Markets

Holdings,

Inc.

(Newmont

Corp.)

,

17

.39

%

,

2/10/27

(a)

..........

160

17,855

Citigroup

Global

Markets

Holdings,

Inc.

(USA

Rare

Earth,

Inc.)

43

.47

%

,

11/13/26

(a)

.................................................

393

7,946

39

.52

%

,

11/27/26

(a)

.................................................

461

8,042

39

.47

%

,

12/2/26

(a)

..................................................

555

7,977

Goldman

Sachs

Bank

USA

(USA

Rare

Earth,

Inc.)

,

43

.86

%

,

11/6/26

..................

457

10,205

Victory

Portfolios

IV

Victory

Pioneer

Multi-Asset

Income

Fund

28

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Principal

Amount

(000)

a

Value

(000)

HSBC

Bank

PLC

(Barrick

Mining

Corp.)

15

.87

%

,

11/2/26

....................................................

$

417

$

14,161

16

.10

%

,

12/4/26

....................................................

360

13,991

JP

Morgan

Structured

Products

BV

(B2Gold

Corp.)

,

20

.41

%

,

5/5/27

..................

1,694

7,909

JPMorgan

Chase

Bank

NA

(B2Gold

Corp.)

,

17

.35

%

,

6/24/26

.......................

2,841

11,109

JPMorgan

Chase

Bank

NA

(Newmont

Corp.)

,

16

.72

%

,

4/8/27

.......................

116

12,297

Merrill

Lynch

BV

(Newmont

Corp.)

,

12

.84

%

,

6/24/26

............................

384

23,513

The

Toronto-Dominion

Bank

(Celanese

Corp.)

,

22

.41

%

,

3/30/27

.....................

274

17,144

The

Toronto-Dominion

Bank

(USA

Rare

Earth,

Inc.)

,

39

.23

%

,

11/25/26

................

677

11,827

Wells

Fargo

Bank

NA

(B2Gold

Corp.)

,

18

.36

%

,

5/6/26

............................

3,026

9,684

Wells

Fargo

Bank

NA

(Teck

Resources

Ltd.)

,

12

.41

%

,

7/13/26

......................

390

17,711

299,782

Total

Equity

Linked

Notes

(Cost

$1,964,546)

a

a

a

1,953,772

Yankee

Dollars

(1.8%)

Financials

(0.9%):

BPCE

SA

,

3

.12

%

(

SOFR

+

173

bps

)

,

10/19/32

,

Callable

10/19/31

@

100

(a)

(f)

............

2,500

2,218

European

Bank

for

Reconstruction

&

Development

,

28

.00

%

,

9/27/27

,

MTN

.............

197,470

3,806

Global

Aircraft

Leasing

Co.

Ltd.

,

8

.75

%

,

9/1/27

,

Callable

6/4/26

@

104.38

(a)

............

4,675

4,742

International

Finance

Corp.

10

.75

%

,

2/15/28

,

MTN

...............................................

26,000

5,094

11

.50

%

,

1/16/30

,

MTN

...............................................

153,575

30,418

Intesa

Sanpaolo

SpA

,

7

.78

%

(

H15T1Y

+

390

bps

)

,

6/20/54

,

Callable

6/20/53

@

100

(a)

(f)

....

15,621

18,114

Lloyds

Banking

Group

PLC

,

6

.75

%

(

H15T5Y

+

315

bps

)

,

Callable

9/27/31

@

100

(f)

(k)

.....

10,000

10,288

Societe

Generale

SA

,

6

.22

%

(

H15T1Y

+

320

bps

)

,

6/15/33

,

Callable

6/15/32

@

100

(a)

(f)

....

6,220

6,431

81,111

Sovereign

Bond

(0.9%):

Brazil

Letras

do

Tesouro

Nacional

,

4/1/27

(o)

...................................

186,200

33,407

Hungary

Government

Bond

,

4

.50

%

,

5/27/32

....................................

1,441,490

4,295

Indonesia

Treasury

Bond

,

6

.88

%

,

4/15/29

.....................................

161,493,000

9,388

Philippine

Government

Bond

,

6

.75

%

,

9/15/32

..................................

576,400

9,316

Russian

Federal

Bond

-

OFZ

0

.00

%

,

2/3/27

(b)

(i)

(p)

...............................................

59,074

—

0

.00

%

,

3/23/33

(b)

(d)

(i)

(p)

............................................

61,885

—

Trinidad

&

Tobago

Government

International

Bond

,

4

.50

%

,

8/4/26

(a)

.................

2,113

2,109

Turkiye

Government

Bond

36

.00

%

,

8/12/26

....................................................

521,809

11,458

12

.40

%

,

3/8/28

....................................................

176,760

2,667

72,640

Total

Yankee

Dollars

(Cost

$155,421)

a

a

a

153,751

U.S.

Government

Agency

Mortgages

(16.0%)

Federal

Home

Loan

Mortgage

Corporation

5

.50

%

,

8/1/45

-

2/1/56

...............................................

348,779

353,159

5

.00

%

,

1/1/46

-

1/1/56

...............................................

207,605

205,681

3

.00

%

,

8/1/50

-

8/1/52

...............................................

6,508

5,776

2

.50

%

,

2/1/51

-

2/1/52

...............................................

7,910

6,806

6

.00

%

,

6/1/53

-

3/1/55

...............................................

92,039

94,656

6

.50

%

,

9/1/53

-

10/1/54

..............................................

12,684

13,319

4

.50

%

,

10/1/53

-

2/1/56

..............................................

22,160

21,431

700,828

Federal

National

Mortgage

Association

5

.00

%

,

1/1/46

-

4/1/56

...............................................

279,042

276,228

2

.50

%

,

8/1/50

-

2/1/52

...............................................

40,092

34,436

3

.00

%

,

4/1/51

.....................................................

280

251

5

.50

%

,

8/1/52

-

11/1/55

..............................................

228,601

230,792

4

.50

%

,

9/1/52

-

7/1/55

...............................................

72,810

70,451

6

.50

%

,

2/1/53

-

10/1/53

..............................................

12,129

12,678

Victory

Portfolios

IV

Victory

Pioneer

Multi-Asset

Income

Fund

29

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

(a)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

April

30,

2026,

the

fair

value

of

these

securities

was

$868,778

(thousands)

and

amounted

to

10.2%

of

net

assets.

(b)

Currently

the

issuer

is

in

default

with

respect

to

interest

and/or

principal

payments.

(c)

The

rate

for

certain

asset-backed

and

mortgage-backed

securities

may

vary

based

on

factors

relating

to

the

pool

of

assets

underlying

the

security.

The

rate

disclosed

is

the

rate

in

effect

at

April

30,

2026.

(d)

Security

was

fair

valued

using

significant

unobservable

inputs

as

of

April

30,

2026.

(e)

Security

is

interest

only.

(f)

Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

April

30,

2026.

(g)

Rounds

to

less

than

$1

thousand.

(h)

Non-income

producing

security.

(i)

The

following

table

details

the

earliest

acquisition

date,

cost,

and

market

value

of

the

Fund's

restricted

securities

due

to

trading

restrictions

at

April

30,

2026

(amounts

in

thousands):

Security

Description

Principal

Amount

(000)

a

Value

(000)

6

.00

%

,

6/1/53

-

1/1/55

...............................................

$

38,138

$

38,994

663,830

Total

U.S.

Government

Agency

Mortgages

(Cost

$1,360,603)

a

a

a

1,364,658

U.S.

Treasury

Obligations

(1.5%)

U.S.

Treasury

Bills

3

.41

%

,

5/21/26

(q)

..................................................

50,000

49,900

3

.46

%

,

5/26/26

(q)

..................................................

80,000

79,801

Total

U.S.

Treasury

Obligations

(Cost

$129,702)

a

a

a

129,701

Total

Investments

(Cost

$7,645,474)

—

98.4%

8,388,513

Other

assets

in

excess

of

liabilities

—  1.6%

134,436

NET

ASSETS

-

100.00%

$

8,522,949

At

April

30,

2026,

the

Fund's

investments

in

foreign

securities

were

27.2%

of

net

assets.

Security

Name

Acquisition

Date

Cost

Value

Acorn

Re

.........................................................

10/25/2024

$

500

$

506

Alamo

Re

........................................................

4/12/2023

1,500

1,508

Alamo

Re

........................................................

4/4/2024

250

250

Alamo

Re

........................................................

4/4/2024

500

500

Alturas

Re

,

2021-3

..................................................

7/1/2021

82

28

Alturas

Re

,

2022-2

..................................................

4/11/2023

—

—

Aquila

Re

........................................................

5/10/2023

500

502

Aquila

Re

........................................................

4/26/2024

500

511

Aquila

Re

........................................................

5/10/2023

250

252

Atlas

Capital

......................................................

5/17/2023

1,250

1,260

Atlas

Re

.........................................................

5/24/2024

750

807

Blue

Ridge

Re

.....................................................

11/14/2023

750

758

Blue

Ridge

Re

.....................................................

11/14/2023

1,250

1,262

Bonanza

Re

.......................................................

12/16/2024

250

252

Bonanza

Re

.......................................................

12/16/2024

1,000

1,005

Cat

Re

,

2001

......................................................

11/14/2023

750

758

Citrus

Re

.........................................................

4/27/2023

1,000

1,003

Easton

Re

........................................................

5/16/2024

498

505

FloodSmart

Re

.....................................................

2/29/2024

1,500

1,568

Four

Lakes

Re

.....................................................

12/11/2024

250

252

Four

Lakes

Re

.....................................................

12/11/2024

250

255

Four

Lakes

Re

.....................................................

12/8/2023

250

253

Four

Lakes

Re

.....................................................

12/8/2023

250

251

Fuchsia

,

2024-1

....................................................

12/18/2024

1,000

1,023

Galileo

Re

........................................................

12/4/2023

1,253

1,288

Gamboge

Re

......................................................

5/9/2024

1,295

642

Gateway

Re

.......................................................

3/11/2024

250

254

Herbie

Re

........................................................

12/17/2024

500

502

High

Point

Re

.....................................................

12/1/2023

2,000

2,023

International

Bank

for

Reconstruction

&

Development

........................

4/3/2024

250

259

International

Bank

for

Reconstruction

&

Development

........................

5/1/2024

250

268

Victory

Portfolios

IV

Victory

Pioneer

Multi-Asset

Income

Fund

30

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

(j)

Amount

represents

less

than

0.05%

of

net

assets.

(k)

Security

is

perpetual

and

has

no

final

maturity

date

but

may

be

subject

to

calls

at

various

dates

in

the

future.

(l)

All

of

the

coupon

is

PIK.

(m)

Issued

as

participation

notes.

(n)

Issued

as

preference

shares.

(o)

Zero-coupon

bond.

(p)

Stepped

coupon

security

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

(q)

Rate

represents

the

effective

yield

at

April

30,

2026.

Security

Name

Acquisition

Date

Cost

Value

Kendall

Re

.......................................................

4/22/2024

$

1,000

$

1,020

Kilimanjaro

II

Re

...................................................

6/24/2024

750

785

Kilimanjaro

II

Re

...................................................

6/24/2024

250

260

LUKOIL

PJSC

.....................................................

4/3/2020

3,354

—

Magnit

PJSC

......................................................

4/15/2020

12,537

—

Marlon

Re

........................................................

5/24/2024

250

260

Mayflower

Re

.....................................................

6/21/2024

1,000

1,017

Merion

Re

,

2025-1

..................................................

1/16/2025

—

16

Merna

Re

........................................................

4/5/2023

1,600

1,623

Merna

Re

II

.......................................................

4/5/2023

1,300

1,314

Merna

Re

II

.......................................................

5/8/2024

750

771

Merna

Re

II

.......................................................

5/8/2024

1,500

1,541

Merna

Re

II

.......................................................

5/8/2024

750

772

Mystic

Re

........................................................

12/17/2024

250

251

Mystic

Re

........................................................

12/12/2023

1,749

1,757

Palm

Re

.........................................................

4/4/2024

250

260

Purple

Re

........................................................

4/2/2024

500

515

Residential

Re

.....................................................

11/7/2023

750

777

Residential

Re

.....................................................

11/4/2024

1,000

1,010

Residential

Re

.....................................................

11/22/2022

500

506

Residential

Re

.....................................................

11/7/2023

1,250

1,286

Residential

Re

.....................................................

11/4/2024

1,000

1,020

Rosneft

Oil

Co.

PJSC

................................................

12/6/2019

9,625

—

Russian

Federal

Bond

-

OFZ

...........................................

9/14/2021

884

—

Russian

Federal

Bond

-

OFZ

...........................................

9/14/2021

824

—

Sanders

Re

.......................................................

12/10/2024

2,500

2,535

Sanders

Re

.......................................................

12/10/2024

2,500

2,530

Sanders

Re

III

.....................................................

5/24/2023

650

653

Sanders

Re

III

.....................................................

1/16/2024

750

777

Sanders

Re

III

.....................................................

3/24/2023

1,600

1,627

Sector

Re

V

.......................................................

12/4/2024

2

219

Sector

Re

V

.......................................................

12/31/2024

2

188

Silk

Road

Re

......................................................

12/23/2024

500

504

Solomon

Re

.......................................................

6/12/2023

250

251

Sutter

Re

.........................................................

6/6/2023

500

501

Thopas

Re

,

2020

...................................................

12/30/2019

—

5

Thopas

Re

,

2021

...................................................

12/30/2020

—

22

Thopas

Re

,

2023

...................................................

2/15/2023

—

—

Thopas

Re

,

2024

...................................................

2/2/2024

—

12

Thopas

Re

,

2025

...................................................

1/10/2025

—

127

TorRey

Pines

Re

...................................................

1/29/2025

250

258

TorRey

Pines

Re

...................................................

7/16/2024

250

259

Viribus

Re

,

2019

...................................................

3/25/2019

—

—

Viribus

Re

,

2023

...................................................

2/2/2023

—

—

Vitality

Re

XIV

....................................................

1/25/2023

600

609

Vitality

Re

XIV

....................................................

1/25/2023

3,256

3,282

X5

Retail

Group

NV

,

GDR

............................................

9/17/2020

1,738

—

Total

(0.6%

of

net

assets)

$79,849

$51,624

ABS

—

Asset-Backed

Securities

ADR

—

American

Depositary

Receipt

BNMMDTSC

—

Dreyfus

Treasury

Securities

Cash

Management

Fund

Yield

bps

—

Basis

points

Victory

Portfolios

IV

Victory

Pioneer

Multi-Asset

Income

Fund

31

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

BRMMUSDF

—

BlackRock

Liquidity

Fund

Treasury

Trust

Fund

Portfolio

Fund

Yield

CMO

—

Collateralized

Mortgage

Obligations

FRMMUSTI

—

Western

Asset

Institutional

U.S.

Treasury

Reserves

Fund

Yield

FHMMUSTF

—

Federated

Hermes

US

Treasury

Cash

Reserves

Fund

Yield

GDR

—

Global

Depositary

Receipt

GSMMUSTF

—

Goldman

Sachs

Money

Market

U.S.

Treasury

Fund

Index

GSMMUSTI

—

Goldman

Sachs

Money

Market

U.S.

Treasury

Instrument

Index

H15T1Y

—

1

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

April

30,

2026.

H15T5Y

—

5

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

April

30,

2026.

JMMMUSTF

—

JPMorgan

100%

US

Treasury

Securities

Money

Market

Fund

Yield

LLC

—

Limited

Liability

Company

LP

—

Limited

Partnership

MBS

—

Mortgage-Backed

Securities

MSMMUSTF

—

Morgan

Stanley

Institutional

Liquidity

Funds

Treasury

Securities

Portfolio

Fund

Yield

MTN

—

Medium

Term

Note

PIK

—

Payment-in-Kind

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

REMIC

—

Real

Estate

Mortgage

Investment

Conduits

SOFR

—

Secured

Overnight

Financing

Rate

SOFR01M

—

1

Month

SOFR,

rate

disclosed

as

of

April

30,

2026.

SOFR03M

—

3

Month

SOFR,

rate

disclosed

as

of

April

30,

2026.

SOFR06M

—

6

Month

SOFR,

rate

disclosed

as

of

April

30,

2026.

SOFR30A

—

30

day

average

of

SOFR,

rate

disclosed

as

of

April

30,

2026.

STACR

—

Structured

Agency

Credit

Risk

Forward

Currency

Contracts

At

April

30,

2026,

the

Fund's

open

forward

currency

contracts

were

as

follows:

Currency

Purchased

In

Exchange

for

(000)

Currency

Sold

Deliver

(000)

Counterparty

Settlement

Date

Net

Unrealized

Appreciation/

(Depreciation)

(000)

U.S.

Dollar

350,463

European

Euro

295,095

Goldman

Sachs

6/24/26

$

3,290

Japanese

Yen

64,090,000

U.S.

Dollar

407,065

Morgan

Stanley

7/2/26

4,379

$

7,669

European

Euro

295,219

U.S.

Dollar

350,463

Goldman

Sachs

6/24/26

(

3,145

)

U.S.

Dollar

403,655

Japanese

Yen

64,090,000

Citigroup

Global

Markets

Inc.

7/2/26

(

7,788

)

$

(

10,933

)

Total

Net

Forward

Currency

Contracts

$

(

3,264

)

Futures

Contracts

Sold

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

E-Mini

S&P

500

Futures

..............

3,706

6/18/26

$

1,242,392

$

1,342,267

$

(

99,875

)

Euro

Stoxx

50

Futures

...............

2,403

6/19/26

163,575

164,705

(

1,130

)

Nikkei

225

OSE

Futures

..............

466

6/11/26

162,423

177,196

(

14,773

)

$

(

115,778

)

Total

unrealized

appreciation

$

—

Total

unrealized

depreciation

(

115,778

)

Total

net

unrealized

appreciation

(depreciation)

$

(

115,778

)

Schedule

of

Portfolio

Investments

April

30,

2026

Victory

Portfolios

IV

Victory

Pioneer

Securitized

Income

Fund

32

(Unaudited)

Security

Description

Principal

Amount

(000)

a

Value

(000)

Asset-Backed

Securities

(37.0%)

ABS

Auto

(16.6%):

ACM

Auto

Trust,

Series

2024-2A,

Class

B,

9.21%,

8/20/31,

Callable

8/20/26

@

100(a)

.....

$

213

$

215

Ally

Bank

Auto

Credit-Linked

Notes

.........................................

Series

2024-A,

Class

F,

9.89%,

5/17/32,

Callable

11/15/27

@

100(a)

..............

492

506

Series

2024-A,

Class

G,

12.75%,

5/17/32,

Callable

11/15/27

@

100(a)

.............

239

246

Series

2024-B,

Class

G,

11.40%,

9/15/32,

Callable

3/15/28

@

100(a)

..............

391

398

Series

2025-A,

Class

F,

6.94%,

6/15/33,

Callable

6/15/28

@

100(a)

...............

968

966

Arivo

Acceptance

Auto

Loan

Receivables

Trust

.................................

Series

2022-1A,

Class

D,

7.38%,

9/17/29,

Callable

10/15/26

@

100(a)

.............

400

402

Series

2022-2A,

Class

C,

9.84%,

3/15/29,

Callable

8/15/27

@

100(a)

..............

100

104

Avid

Automobile

Receivables

Trust,

Series

2021-1,

Class

F,

5.16%,

10/16/28,

Callable

5/15/26

@

100(a)

.........................................................

350

327

Avis

Budget

Rental

Car

Funding

AESOP

LLC

..................................

Series

2021-2A,

Class

D,

4.08%,

2/20/28,

Callable

2/20/27

@

100(a)

..............

840

832

Series

2023-3A,

Class

D,

7.32%,

2/20/28(a)

................................

990

999

Bayview

Opportunity

Master

Fund

VII

Trust,

Series

2024-CAR1F,

Class

A,

6.97%,

7/29/32,

Callable

9/28/26

@

100(a)

............................................

300

300

Carvana

Auto

Receivables

Trust

............................................

Series

2022-N1,

Class

D,

4.13%,

12/11/28,

Callable

1/10/28

@

100(a)

.............

174

173

Series

2024-N3,

Class

E,

7.66%,

4/12/32,

Callable

11/10/29

@

100(a)

.............

1,400

1,422

CPS

Auto

Receivables

Trust,

Series

2024-B,

Class

E,

8.36%,

11/17/31,

Callable

5/15/28

@

100(a)

...........................................................

1,160

1,206

Exeter

Automobile

Receivables

Trust

.........................................

Series

2022-1A,

Class

E,

5.02%,

10/15/29,

Callable

7/15/27

@

100(a)

.............

2,140

2,121

Series

2022-5A,

Class

D,

7.40%,

2/15/29,

Callable

11/15/27

@

100

...............

143

145

Series

2022-6A,

Class

E,

11.61%,

6/17/30,

Callable

12/15/27

@

100(a)

............

1,505

1,575

Series

2024-2A,

Class

E,

7.98%,

10/15/31,

Callable

7/15/28

@

100(a)

.............

1,320

1,367

Series

2024-3A,

Class

E,

7.84%,

10/15/31,

Callable

12/15/28

@

100(a)

............

2,637

2,729

Series

2024-4A,

Class

E,

7.65%,

2/17/32,

Callable

12/15/28

@

100(a)

.............

1,480

1,536

Series

2024-5A,

Class

E,

7.22%,

5/17/32,

Callable

10/15/28

@

100(a)

.............

2,130

2,178

Series

2025-1A,

Class

E,

7.48%,

9/15/32,

Callable

12/15/28

@

100(a)

.............

2,090

2,144

Series

2025-2A,

Class

E,

7.81%,

10/15/32,

Callable

2/15/29

@

100(a)

.............

2,640

2,723

Series

2025-3A,

Class

E,

7.52%,

12/15/32,

Callable

5/15/29

@

100(a)

.............

1,390

1,419

Series

2025-5A,

Class

E,

7.15%,

6/15/33,

Callable

12/15/29

@

100(a)

.............

1,870

1,879

FHF

Issuer

Trust

.......................................................

Series

2024-3A,

Class

D,

6.01%,

12/15/31,

Callable

2/15/28

@

100(a)

.............

503

476

Series

2025-1A,

Class

D,

5.95%,

6/15/32,

Callable

1/15/28

@

100(a)

..............

816

774

GLS

Auto

Receivables

Issuer

Trust

..........................................

Series

2023-2A,

Class

D,

6.31%,

3/15/29,

Callable

5/15/28

@

100(a)

..............

65

66

Series

2024-2A,

Class

E,

7.98%,

5/15/31,

Callable

8/15/28

@

100(a)

..............

1,170

1,219

Series

2024-3A,

Class

E,

7.25%,

6/16/31,

Callable

11/15/28

@

100(a)

.............

2,626

2,690

Series

2024-4A,

Class

E,

7.51%,

8/15/31,

Callable

11/15/28

@

100(a)

.............

2,500

2,582

Series

2025-1A,

Class

E,

7.19%,

3/15/32,

Callable

12/15/28

@

100(a)

.............

1,050

1,069

Series

2025-4A,

Class

E,

7.17%,

12/15/32,

Callable

11/15/29

@

100(a)

............

1,080

1,093

GLS

Auto

Select

Receivables

Trust,

Series

2024-1A,

Class

D,

6.43%,

1/15/31,

Callable

9/15/28

@

100(a)

.........................................................

1,270

1,303

Hertz

Vehicle

Financing

III

LLC,

Series

2025-3A,

Class

D,

8.55%,

12/26/29(a)

..........

760

772

Huntington

Bank

Auto

Credit-Linked

Notes

....................................

Series

2024-1,

Class

C,

6.79%

(SOFR30A+315bps),

5/20/32,

Callable

10/20/27

@

100(a)

(b)

.............................................................

89

90

Series

2025-2,

Class

D,

6.89%

(SOFR30A+325bps),

9/20/33,

Callable

10/20/29

@

100(a)

(b)

.............................................................

1,227

1,199

Lendbuzz

Securitization

Trust,

Series

2024-2A,

Class

B,

6.52%,

7/16/29,

Callable

1/15/28

@

100(a)

...........................................................

400

405

Merchants

Fleet

Funding

LLC,

Series

2025-1A,

Class

E,

8.48%,

1/20/39,

Callable

5/20/29

@

100(a)

...........................................................

1,000

1,001

Prestige

Auto

Receivables

Trust

............................................

Series

2022-1A,

Class

D,

8.08%,

8/15/28,

Callable

5/15/27

@

100(a)

..............

161

163

Series

2023-2A,

Class

D,

7.71%,

8/15/29,

Callable

6/15/28

@

100(a)

..............

220

223

Series

2024-2A,

Class

D,

5.15%,

7/15/30,

Callable

9/15/28

@

100(a)

..............

580

576

Santander

Bank

Auto

Credit-Linked

Notes

.....................................

Series

2023-B,

Class

E,

8.41%,

12/15/33,

Callable

11/15/27

@

100(a)

.............

258

263

Victory

Portfolios

IV

Victory

Pioneer

Securitized

Income

Fund

33

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

2024-A,

Class

F,

10.17%,

6/15/32,

Callable

7/15/28

@

100(a)

..............

$

433

$

445

Series

2024-B,

Class

E,

6.80%,

1/18/33,

Callable

11/15/28

@

100(a)

..............

373

377

Santander

Drive

Auto

Receivables

Trust,

Series

2024-1,

Class

C,

5.45%,

3/15/30,

Callable

12/15/27

@

100

....................................................

100

101

Tricolor

Auto

Securitization

Trust

...........................................

Series

2022-1A,

Class

F,

0.00%,

7/16/29,

Callable

5/15/26

@

100(a)(c)

............

500

277

Series

2024-2A,

Class

D,

0.00%,

8/15/28,

Callable

6/15/28

@

100(a)(c)

............

340

88

Series

2025-1A,

Class

D,

0.00%,

4/15/31,

Callable

5/15/28

@

100(a)(c)

............

1,310

150

Series

2025-1A,

Class

E,

0.00%,

4/15/32,

Callable

5/15/28

@

100(a)(c)

............

600

19

Series

2025-2A,

Class

E,

0.00%,

4/15/31,

Callable

10/15/29

@

100(a)(c)

...........

870

62

Series

2025-2A,

Class

F,

0.00%,

3/15/32,

Callable

10/15/29

@

100(a)(c)

...........

400

20

Veros

Auto

Receivables

Trust

..............................................

Series

2024-1,

Class

C,

7.57%,

12/15/28,

Callable

6/15/27

@

100(a)

..............

1,050

1,075

Series

2025-1,

Class

D,

8.79%,

5/17/32,

Callable

1/15/28

@

100(a)

...............

1,570

1,628

Series

2026-1,

Class

E,

7.74%,

7/15/31,

Callable

7/15/29

@

100(a)

...............

780

787

48,905

ABS

Card

(0.4%):

Continental

Finance

Credit

Card

ABS

Master

Trust

...............................

Series

2022-A,

Class

C,

9.33%,

10/15/30(a)

................................

200

202

Series

2024-A,

Class

A,

5.78%,

12/15/32,

Callable

9/15/27

@

100(a)

..............

290

292

Mercury

Financial

Credit

Card

Master

Trust,

Series

2024-2A,

Class

B,

7.43%,

7/20/29,

Callable

5/20/26

@

100(a)

............................................

380

381

Mission

Lane

Credit

Card

Master

Trust,

Series

2024-B,

Class

B,

6.32%,

1/15/30(a)

........

410

411

1,286

ABS

Home

(1.9%):

Deephaven

Residential

Mortgage

Trust,

Series

2026-CES1,

Class

A3,

5.93%,

3/25/61,

Callable

4/25/29

@

100(a)(d)

.................................................

1,290

1,286

J.P.

Morgan

Mortgage

Trust,

Series

2026-CES1,

Class

B1,

6.48%,

6/25/56,

Callable

1/25/29

@

100(a)(d)

.........................................................

1,080

1,071

Vista

Point

Securitization

Trust

.............................................

Series

2024-CES1,

Class

A1,

6.68%,

5/25/54,

Callable

5/25/27

@

100(a)(d)

.........

360

364

Series

2025-CES3,

Class

A1,

5.30%,

11/25/55,

Callable

10/25/28

@

100(a)(d)

.......

1,742

1,740

Series

2026-CES2,

Class

M1,

6.28%,

5/25/56,

Callable

4/25/30

@

100(a)(d)

........

1,080

1,075

5,536

ABS

Other

(18.1%):

Amur

Equipment

Finance

Receivables

XIV

LLC,

Series

2024-2A,

Class

E,

8.88%,

10/20/32,

Callable

8/20/28

@

100(a)

............................................

700

716

Ascent

Career

Funding

Trust

...............................................

Series

2024-1A,

Class

A,

6.77%,

10/25/32(a)

...............................

296

298

Series

2024-1A,

Class

B,

9.73%,

10/25/32,

Callable

10/25/27

@

100(a)

............

655

667

Auxilior

Term

Funding

LLC,

Series

2023-1A,

Class

E,

10.97%,

12/15/32,

Callable

1/15/28

@

100(a)

...........................................................

200

216

Bayview

Opportunity

Master

Fund

VII

LLC,

Series

2024-EDU1,

Class

D,

6.40%

(SOFR30A+275bps),

6/25/47(a)(b)

......................................

148

150

BHG

Securitization

Trust

.................................................

Series

2022-C,

Class

E,

9.73%,

10/17/35,

Callable

11/17/28

@

100(a)

.............

1,320

1,392

Series

2023-A,

Class

B,

6.35%,

4/17/36,

Callable

3/17/29

@

100(a)

...............

189

190

Series

2023-B,

Class

C,

8.15%,

12/17/36,

Callable

11/17/29

@

100(a)

.............

147

151

Series

2024-1CON,

Class

C,

6.86%,

4/17/35,

Callable

3/17/29

@

100(a)

...........

204

207

Blackbird

Capital

II

Aircraft

Lease

Ltd.,

Series

2021-1A,

Class

B,

3.45%,

7/15/46,

Callable

7/15/28

@

100(a)

...................................................

338

323

Blue

Owl

Asset

Leasing

Trust

LLC,

Series

2024-1A,

Class

D,

8.00%,

12/15/31,

Callable

7/15/27

@

100(a)

...................................................

480

487

Cascade

MH

Asset

Trust,

Series

2024-MH1,

Class

B1,

8.00%,

8/25/54,

Callable

7/25/27

@

100(a)(d)

.........................................................

1,159

1,060

CFMT

LLC

...........................................................

Series

2023-HB12,

Class

M3,

4.25%,

4/25/33(a)(d)

..........................

200

197

Series

2024-HB13,

Class

M3,

3.00%,

5/25/34,

Callable

12/25/26

@

100(a)(d)

.......

600

580

Series

2024-HB13,

Class

M4,

3.00%,

5/25/34,

Callable

12/25/26

@

100(a)(d)

.......

1,168

1,124

Crockett

Partners

Equipment

Co.

IIA

LLC,

Series

2024-1C,

Class

C,

10.16%,

1/20/31,

Callable

4/20/29

@

100(a)

...................................................

176

183

Victory

Portfolios

IV

Victory

Pioneer

Securitized

Income

Fund

34

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Principal

Amount

(000)

a

Value

(000)

Elara

HGV

Timeshare

Issuer

LLC,

Series

2025-A,

Class

D,

6.91%,

1/25/40,

Callable

11/25/31

@

100(a)

.........................................................

$

822

$

815

Equify

ABS

LLC,

Series

2024-1A,

Class

A,

5.43%,

4/18/33,

Callable

7/15/28

@

100(a)

....

215

215

FIGRE

Trust

..........................................................

Series

2023-HE3,

Class

A,

6.44%,

11/25/53,

Callable

2/25/27

@

100(a)(d)

..........

85

87

Series

2024-HE3,

Class

A,

5.94%,

7/25/54,

Callable

4/25/27

@

100(a)(d)

...........

801

809

Series

2025-HE6,

Class

A,

5.04%,

9/25/55,

Callable

3/25/28

@

100(a)(d)

...........

1,079

1,072

Series

2026-HE4,

Class

E,

7.27%,

5/25/56(a)(d)

.............................

926

926

GreenSky

Home

Improvement

Issuer

Trust

....................................

Series

2025-1A,

Class

E,

8.65%,

3/25/60,

Callable

10/25/30

@

100(a)

.............

1,248

1,280

Series

2025-2A,

Class

E,

7.79%,

6/25/60(a)

................................

2,460

2,494

Series

2025-3A,

Class

E,

7.83%,

12/27/60,

Callable

2/25/32

@

100(a)

.............

2,000

2,032

GS

Mortgage-Backed

Securities

Trust,

Series

2025-HE1,

Class

M3,

6.10%

(SOFR30A+245bps),

10/25/55,

Callable

7/25/28

@

100(a)(b)

...................

750

753

Harvest

SBA

Loan

Trust,

Series

2024-1,

Class

A,

6.00%

(SOFR30A+225bps),

12/25/51,

Callable

3/25/31

@

100(a)(b)

..........................................

527

532

Hilton

Grand

Vacations

Trust,

Series

2024-2A,

Class

D,

6.91%,

3/25/38,

Callable

3/25/30

@

100(a)

...........................................................

153

156

HINNT

LLC,

Series

2025-B,

Class

E,

9.41%,

5/15/45,

Callable

6/15/29

@

100(a)

.........

1,133

1,130

Home

Partners

of

America

Trust,

Series

2019-1,

Class

E,

3.60%,

9/17/39,

Callable

5/17/26

@

100(a)(e)

.........................................................

320

312

J.P.

Morgan

Mortgage

Trust,

Series

2023-HE2,

Class

A1,

5.34%

(SOFR30A+170bps),

3/20/54,

Callable

10/20/26

@

100(a)(b)

.........................................

150

150

Kinetic

Advantage

Master

Owner

Trust,

Series

2025-1A,

Class

A,

5.84%

(SOFR30A+220bps),

10/15/29,

Callable

10/15/27

@

100(a)(b)

..................................

1,700

1,707

Libra

Solutions

LLC

.....................................................

Series

2024-1A,

Class

B,

7.91%,

9/30/38(a)

................................

250

250

Series

2025-1A,

Class

C,

9.90%,

8/15/39(a)

................................

1,000

995

MMP

Capital

LLC,

Series

2025-A,

Class

C,

8.41%,

12/15/31,

Callable

7/15/28

@

100(a)

...

680

694

MPOWER

Education

Trust,

Series

2025-A,

Class

C,

10.84%,

7/21/42(a)

...............

890

881

Newtek

Small

Business

Loan

Trust,

Series

2022-1,

Class

A,

6.05%

(PRIME-70bps),

10/25/49,

Callable

4/25/27

@

100(a)(b)

..........................................

230

231

NMEF

Funding

LLC

....................................................

Series

2022-B,

Class

C,

8.54%,

6/15/29,

Callable

8/15/26

@

100(a)

...............

210

212

Series

2024-A,

Class

C,

6.33%,

12/15/31,

Callable

1/15/28

@

100(a)

..............

620

632

Series

2024-A,

Class

D,

8.75%,

12/15/31,

Callable

1/15/28

@

100(a)

..............

500

515

Series

2025-A,

Class

D,

8.07%,

7/15/32,

Callable

12/15/28

@

100(a)

..............

570

580

Series

2025-B,

Class

E,

7.66%,

1/18/33,

Callable

9/15/28

@

100(a)

...............

1,000

1,006

OBX

Trust,

Series

2026-HE1,

Class

A1A,

5.00%

(SOFR30A+135bps),

2/25/56,

Callable

2/25/29

@

100(a)(b)

.................................................

1,925

1,929

Octane

Receivables

Trust

.................................................

Series

2022-2A,

Class

D,

7.70%,

2/20/30,

Callable

1/20/27

@

100(a)

..............

410

417

Series

2023-1A,

Class

D,

7.76%,

3/20/30,

Callable

6/20/27

@

100(a)

..............

310

320

Series

2023-2A,

Class

E,

10.50%,

6/20/31,

Callable

8/20/27

@

100(a)

.............

660

706

Oportun

Funding

Trust,

Series

2024-3,

Class

C,

6.25%,

8/15/29,

Callable

10/15/26

@

100(a)

.

350

351

Oportun

Issuance

Trust

...................................................

Series

2024-2,

Class

C,

6.61%,

2/9/32,

Callable

10/8/26

@

100(a)

................

640

642

Series

2024-2,

Class

D,

10.47%,

2/9/32,

Callable

10/8/26

@

100(a)

...............

700

713

Oxford

Finance

Funding

LLC,

Series

2022-1A,

Class

B,

4.10%,

2/15/30(a)

.............

109

106

PEAC

Solutions

Receivables

LLC,

Series

2024-2A,

Class

C,

5.37%,

10/20/31,

Callable

6/20/27

@

100(a)

...................................................

990

996

PEAR

LLC,

Series

2023-1,

Class

A,

7.42%,

7/15/35,

Callable

9/15/27

@

100(a)

..........

241

246

Post

Road

Equipment

Finance

LLC,

Series

2024-1A,

Class

E,

8.50%,

12/15/31,

Callable

1/15/27

@

100(a)

...................................................

250

256

Progress

Residential

Trust

.................................................

Series

2021-SFR8,

Class

G,

4.01%,

10/17/38(a)(e)

...........................

200

198

Series

2021-SFR9,

Class

F,

4.05%,

11/17/40(a)(e)

...........................

100

96

Purchasing

Power

Funding

LLC,

Series

2026-A,

Class

E,

7.54%,

8/15/30,

Callable

2/15/28

@

100(a)

...........................................................

780

774

RCKT

Trust,

Series

2025-1A,

Class

E,

7.12%,

7/25/34,

Callable

2/25/28

@

100(a)

........

2,620

2,567

Reach

ABS

Trust

.......................................................

Series

2025-2A,

Class

D,

7.31%,

8/18/32,

Callable

10/15/29

@

100(a)

.............

1,580

1,624

Series

2026-1A,

Class

E,

6.45%,

2/15/33,

Callable

5/15/30

@

100(a)

..............

880

860

Victory

Portfolios

IV

Victory

Pioneer

Securitized

Income

Fund

35

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Principal

Amount

(000)

a

Value

(000)

Saluda

Grade

Alternative

Mortgage

Trust

......................................

Series

2023-FIG4,

Class

A,

6.72%,

11/25/53,

Callable

8/25/32

@

100(a)(d)

.........

$

241

$

247

Series

2025-LOC4,

Class

M3,

6.60%

(SOFR30A+295bps),

6/25/55,

Callable

6/25/28

@

100(a)(b)

.........................................................

699

700

Series

2026-HB1,

Class

B1,

7.10%

(TSFR1M+345bps),

4/25/56,

Callable

1/25/29

@

100(a)(b)

.........................................................

1,030

1,037

Series

2026-HB1,

Class

M3,

6.10%

(TSFR1M+245bps),

4/25/56,

Callable

1/25/29

@

100(a)(b)

.........................................................

460

462

SCF

Equipment

Leasing

LLC

..............................................

Series

2024-1A,

Class

D,

6.58%,

6/21/33,

Callable

3/20/29

@

100(a)

..............

230

236

Series

2025-2A,

Class

E,

6.21%,

6/20/36,

Callable

10/20/31

@

100(a)

.............

1,610

1,572

Stream

Innovations

Issuer

Trust,

Series

2024-1A,

Class

B,

7.89%,

7/15/44,

Callable

3/15/31

@

100(a)

...........................................................

311

330

Trafigura

Securitisation

Finance

PLC,

Series

2024-1A,

Class

B,

7.29%,

11/15/27(a)

.......

390

394

Tricon

Residential

Trust,

Series

2025-SFR1,

Class

D,

5.65%

(TSFR1M+200bps),

3/17/42(a)(b)

(e)

.............................................................

520

520

Upstart

Securitization

Trust

................................................

Series

2025-2,

Class

D,

8.00%,

6/20/35,

Callable

11/20/28

@

100(a)

..............

1,060

1,088

Series

2026-2,

Class

C,

5.83%,

5/20/36,

Callable

5/20/30

@

100(a)

...............

1,410

1,409

VFI

ABS

LLC,

Series

2025-1A,

Class

D,

7.69%,

4/26/32,

Callable

12/24/27

@

100(a)

.....

3,255

3,269

Westgate

Resorts

LLC,

Series

2024-1A,

Class

D,

9.26%,

1/20/38,

Callable

11/20/27

@

100(a)

572

582

53,054

Total

Asset-Backed

Securities

(Cost

$111,210)

a

a

a

108,781

Collateralized

Loan

Obligations

(4.3%)

Cash

Flow

CLO

(4.3%):

Arbor

Realty

Collateralized

Loan

Obligation

Ltd.,

Series

2025-BTR1,

Class

C,

7.34%

(TSFR1M+369bps),

1/20/41,

Callable

5/20/27

@

100(a)(b)

.....................

1,880

1,891

AREIT

Ltd.,

Series

2024-CRE9,

Class

A,

5.34%

(TSFR1M+169bps),

5/17/41(a)(b)(e)

.....

62

62

BDS

LLC,

Series

2024-FL13,

Class

A,

5.24%

(TSFR1M+158bps),

9/19/39,

Callable

8/19/28

@

100(a)(b)(e)

.....................................................

375

375

BSPDF

Issuer

LLC,

Series

2026-FL3,

Class

E,

7.16%

(TSFR1M+350bps),

9/18/43,

Callable

9/18/28

@

100(a)(b)(e)

...............................................

945

946

BSPRT

Issuer

LLC,

Series

2024-FL11,

Class

A,

5.29%

(TSFR1M+164bps),

7/15/39,

Callable

9/15/27

@

100(a)(b)

.................................................

510

512

FS

Rialto

Issuer

LLC

....................................................

Series

2021-FL3,

Class

D,

6.28%

(TSFR1M+261bps),

11/16/36,

Callable

5/16/26

@

100(a)(b)

.........................................................

1,576

1,580

Series

2024-FL9,

Class

A,

5.29%

(TSFR1M+163bps),

10/19/39,

Callable

10/19/27

@

100(a)(b)

.........................................................

2,160

2,167

Golub

Capital

Partners

Short

Duration,

Series

2022-1A,

Class

DR,

8.27%

(TSFR3M+460bps),

7/25/33,

Callable

7/25/26

@

100(a)(b)

....................................

250

249

Greystone

CRE

Notes

LLC,

Series

2025-FL4,

Class

C,

6.54%

(TSFR1M+289bps),

1/15/43,

Callable

5/15/28

@

100(a)(b)(e)

........................................

1,110

1,129

KREF

Ltd.,

Series

2022-FL3,

Class

A,

5.11%

(TSFR1M+145bps),

2/17/39,

Callable

5/17/26

@

100(a)(b)

.........................................................

251

251

MF1

LLC

............................................................

Series

2024-FL14,

Class

A,

5.39%

(TSFR1M+174bps),

3/19/39,

Callable

5/19/26

@

100(a)(b)

.........................................................

763

764

Series

2024-FL15,

Class

A,

5.35%

(TSFR1M+169bps),

8/18/41,

Callable

7/18/26

@

100(a)(b)

.........................................................

1,790

1,793

Series

2024-FL16,

Class

A,

5.20%

(TSFR1M+154bps),

11/18/39,

Callable

10/18/26

@

100(a)(b)

.........................................................

850

851

PFP

Ltd.,

Series

2024-11,

Class

A,

5.49%

(TSFR1M+183bps),

9/17/39,

Callable

9/17/27

@

100(a)(b)(e)

.......................................................

74

74

12,644

Total

Collateralized

Loan

Obligations

(Cost

$12,575)

a

a

a

12,644

Victory

Portfolios

IV

Victory

Pioneer

Securitized

Income

Fund

36

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Principal

Amount

(000)

a

Value

(000)

Collateralized

Mortgage

Obligations

(45.8%)

Commercial

MBS

(5.6%):

BX

Commercial

Mortgage

Trust

............................................

Series

2024-AIRC,

Class

A,

5.35%

(TSFR1M+169bps),

8/15/41(a)(b)(e)

...........

$

572

$

574

Series

2024-SLCT,

Class

E,

7.05%

(TSFR1M+339bps),

1/15/42(a)(b)(e)

...........

1,590

1,594

Series

2025-BCAT,

Class

E,

7.15%

(TSFR1M+350bps),

8/15/42(a)(b)(e)

...........

1,018

1,022

Series

2026-LP3,

Class

E,

6.85%

(TSFR1M+320bps),

4/15/43(a)(b)(e)

............

1,040

1,043

BX

Trust,

Series

2025-LUNR,

Class

E,

7.60%

(TSFR1M+395bps),

6/15/40(a)(b)(e)

.......

802

802

GSAT

Trust,

Series

2025-BMF,

Class

E,

6.95%

(TSFR1M+330bps),

7/15/40(a)(b)(e)

......

1,380

1,378

Hilt

Commercial

Mortgage

Trust,

Series

2024-ORL,

Class

D,

6.84%

(TSFR1M+319bps),

5/15/37(a)(b)(e)

....................................................

150

150

HTL

Commercial

Mortgage

Trust,

Series

2024-T53,

Class

D,

8.47%,

5/10/39(a)(d)(e)

......

1,315

1,333

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2024-OMNI,

Class

D,

5.99%,

10/5/39(a)(d)(e)

..............................................

100

99

MCR

Mortgage

Trust

....................................................

Series

2024-TWA,

Class

D,

7.40%,

6/12/39(a)(e)

............................

650

653

Series

2024-TWA,

Class

F,

10.38%,

6/12/39(a)(e)

............................

500

505

MHP

Commercial

Mortgage

Trust,

Series

2025-MHIL2,

Class

D,

6.30%

(TSFR1M+265bps),

9/15/40(a)(b)(e)

....................................................

1,640

1,642

Natixis

Commercial

Mortgage

Securities

Trust,

Series

2019-FAME,

Class

E,

4.54%,

8/15/36(a)

(d)(e)

...........................................................

500

185

PRM

Trust

............................................................

Series

2025-PRM6,

Class

E,

6.80%,

7/5/33(a)(d)(e)

..........................

1,140

1,138

Series

2025-PRM6,

Class

F,

7.29%,

7/5/33(a)(d)(e)

...........................

970

964

SLG

Office

Trust

.......................................................

Series

2021-OVA,

Class

F,

2.85%,

7/15/41(a)(e)

.............................

174

144

Series

2026-OMA,

Class

F,

7.92%,

4/15/41(a)(d)(e)

..........................

1,020

1,027

SMRT,

Series

2022-MINI,

Class

E,

6.36%

(TSFR1M+270bps),

1/15/39(a)(b)(e)

..........

1,220

1,217

THPT

Mortgage

Trust,

Series

2023-THL,

Class

C,

8.82%,

12/10/34(a)(d)(e)

.............

300

303

Velocity

Commercial

Capital

Loan

Trust,

Series

2020-1,

Class

M5,

4.29%,

2/25/50,

Callable

8/25/26

@

100(a)(d)

.................................................

215

163

Wells

Fargo

Commercial

Mortgage

Trust

......................................

Series

2026-1250B,

Class

C,

5.59%,

3/10/41(a)(d)(e)

.........................

300

296

Series

2026-1250B,

Class

D,

6.59%,

3/10/41(a)(d)(e)

.........................

300

297

16,529

Private

CMO

Floating

(23.1%):

Bellemeade

Re

Ltd.

.....................................................

Series

2021-3A,

Class

B1,

7.50%

(SOFR30A+385bps),

9/25/31,

Callable

5/25/26

@

100(a)(b)

.........................................................

356

366

Series

2024-1,

Class

M1B,

6.85%

(SOFR30A+320bps),

8/25/34,

Callable

4/25/27

@

100(a)(b)

.........................................................

301

303

Series

2025-1,

Class

M1C,

6.90%

(SOFR30A+325bps),

10/25/35,

Callable

8/25/28

@

100(a)(b)

.........................................................

1,270

1,287

Connecticut

Avenue

Securities

Trust

.........................................

Series

2020-R01,

Class

1B1,

7.01%

(SOFR30A+336bps),

1/25/40,

Callable

1/25/27

@

100(a)(b)

.........................................................

970

983

Series

2020-R02,

Class

2B1,

6.76%

(SOFR30A+311bps),

1/25/40,

Callable

1/25/27

@

100(a)(b)

.........................................................

1,240

1,255

Series

2021-R01,

Class

1B2,

9.65%

(SOFR30A+600bps),

10/25/41,

Callable

10/25/26

@

100(a)(b)

.........................................................

3,220

3,286

Series

2021-R02,

Class

2B2,

9.85%

(SOFR30A+620bps),

11/25/41,

Callable

11/25/26

@

100(a)(b)

.........................................................

1,422

1,458

Series

2021-R03,

Class

1B2,

9.15%

(SOFR30A+550bps),

12/25/41,

Callable

12/25/26

@

100(a)(b)

.........................................................

1,510

1,547

Series

2022-R01,

Class

1B2,

9.65%

(SOFR30A+600bps),

12/25/41,

Callable

12/25/26

@

100(a)(b)

.........................................................

3,420

3,515

Series

2022-R04,

Class

1B2,

13.15%

(SOFR30A+950bps),

3/25/42,

Callable

3/25/27

@

100(a)(b)

.........................................................

2,470

2,638

Series

2022-R05,

Class

2B1,

8.15%

(SOFR30A+450bps),

4/25/42,

Callable

4/25/27

@

100(a)(b)

.........................................................

500

516

Series

2022-R05,

Class

2B2,

10.65%

(SOFR30A+700bps),

4/25/42,

Callable

4/25/27

@

100(a)(b)

.........................................................

4,160

4,381

Victory

Portfolios

IV

Victory

Pioneer

Securitized

Income

Fund

37

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

2022-R06,

Class

1B2,

14.25%

(SOFR30A+1060bps),

5/25/42,

Callable

5/25/27

@

100(a)(b)

.........................................................

$

610

$

666

Series

2024-R01,

Class

1B2,

7.65%

(SOFR30A+400bps),

1/25/44,

Callable

1/25/29

@

100(a)(b)

.........................................................

1,450

1,528

Series

2024-R02,

Class

1B1,

6.15%

(SOFR30A+250bps),

2/25/44,

Callable

2/25/29

@

100(a)(b)

.........................................................

510

516

Series

2024-R02,

Class

1B2,

7.35%

(SOFR30A+370bps),

2/25/44,

Callable

2/25/29

@

100(a)(b)

.........................................................

540

566

Series

2024-R02,

Class

2B2,

11.30%

(SOFR30A+765bps),

1/25/42,

Callable

1/25/27

@

100(a)(b)

.........................................................

2,650

2,765

Series

2024-R03,

Class

2M2,

5.60%

(SOFR30A+195bps),

3/25/44,

Callable

3/25/29

@

100(a)(b)

.........................................................

430

434

Series

2024-R04,

Class

1B1,

5.85%

(SOFR30A+220bps),

5/25/44,

Callable

5/25/29

@

100(a)(b)

.........................................................

1,825

1,845

Series

2024-R04,

Class

1M2,

5.30%

(SOFR30A+165bps),

5/25/44,

Callable

5/25/29

@

100(a)(b)

.........................................................

1,000

1,002

Series

2024-R05,

Class

2B1,

5.65%

(SOFR30A+200bps),

7/25/44,

Callable

7/25/29

@

100(a)(b)

.........................................................

680

680

Series

2024-R06,

Class

1A1,

4.80%

(SOFR30A+115bps),

9/25/44,

Callable

9/25/29

@

100(a)(b)

.........................................................

678

680

Series

2024-R06,

Class

1M2,

5.25%

(SOFR30A+160bps),

9/25/44,

Callable

9/25/29

@

100(a)(b)

.........................................................

566

567

Eagle

Re

Ltd.

..........................................................

Series

2021-2,

Class

M2,

7.90%

(SOFR30A+425bps),

4/25/34,

Callable

2/25/27

@

100(a)(b)

.........................................................

290

295

Series

2023-1,

Class

M1B,

7.60%

(SOFR30A+395bps),

9/26/33,

Callable

9/25/28

@

100(a)(b)

.........................................................

240

245

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Credit

Risk

Trust

.......

Series

2021-MN1,

Class

B1,

11.40%

(SOFR30A+775bps),

1/25/51,

Callable

1/25/29

@

100(a)(b)

.........................................................

700

768

Series

2021-MN3,

Class

M2,

7.65%

(SOFR30A+400bps),

11/25/51,

Callable

7/25/36

@

100(a)(b)

.........................................................

250

258

Federal

Home

Loan

Mortgage

Corporation

STACR

REMIC

Trust

....................

Series

2020-HQA1,

Class

B2,

8.86%

(SOFR30A+521bps),

1/25/50,

Callable

1/25/30

@

100(a)(b)

.........................................................

1,000

1,102

Series

2021-DNA1,

Class

B2,

8.40%

(SOFR30A+475bps),

1/25/51,

Callable

1/25/31

@

100(a)(b)

.........................................................

650

723

Series

2021-DNA5,

Class

B2,

9.15%

(SOFR30A+550bps),

1/25/34(a)(b)

...........

1,800

2,184

Series

2021-HQA1,

Class

B2,

8.65%

(SOFR30A+500bps),

8/25/33(a)(b)

...........

720

843

Series

2021-HQA2,

Class

B2,

9.10%

(SOFR30A+545bps),

12/25/33(a)(b)

..........

260

315

Series

2022-DNA1,

Class

M2,

6.15%

(SOFR30A+250bps),

1/25/42,

Callable

1/25/27

@

100(a)(b)

.........................................................

480

485

Series

2022-DNA3,

Class

B1,

9.30%

(SOFR30A+565bps),

4/25/42,

Callable

4/25/27

@

100(a)(b)

.........................................................

635

661

Series

2022-DNA3,

Class

B2,

13.40%

(SOFR30A+975bps),

4/25/42,

Callable

4/25/27

@

100(a)(b)

.........................................................

2,500

2,688

Series

2023-HQA2,

Class

M1B,

7.00%

(SOFR30A+335bps),

6/25/43,

Callable

6/25/28

@

100(a)(b)

.......................................................

3,410

3,499

Series

2024-HQA2,

Class

M2,

5.45%

(SOFR30A+180bps),

8/25/44,

Callable

8/25/29

@

100(a)(b)

.........................................................

520

523

Series

2025-DNA3,

Class

A1,

4.60%

(SOFR30A+95bps),

9/25/45,

Callable

9/25/30

@

100(a)(b)

.........................................................

1,682

1,683

Series

2025-DNA4,

Class

A1,

4.55%

(SOFR30A+90bps),

10/25/45,

Callable

10/25/30

@

100(a)(b)

.........................................................

3,774

3,776

Series

2025-DNA4,

Class

M1,

4.75%

(SOFR30A+110bps),

10/25/45,

Callable

10/25/30

@

100(a)(b)

.......................................................

2,153

2,154

Series

2025-HQA1,

Class

M2,

5.30%

(SOFR30A+165bps),

2/25/45,

Callable

2/25/30

@

100(a)(b)

.........................................................

290

290

Federal

Home

Loan

Mortgage

Corporation

STACR

Trust

..........................

Series

2018-HQA2,

Class

B2,

14.76%

(SOFR30A+1111bps),

10/25/48,

Callable

10/25/28

@

100(a)(b)

.......................................................

1,810

2,199

Series

2019-DNA3,

Class

B2,

11.91%

(SOFR30A+826bps),

7/25/49,

Callable

2/25/28

@

100(a)(b)

.........................................................

434

479

Victory

Portfolios

IV

Victory

Pioneer

Securitized

Income

Fund

38

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

2019-DNA4,

Class

B2,

10.01%

(SOFR30A+636bps),

10/25/49,

Callable

12/25/28

@

100(a)(b)

.......................................................

$

350

$

381

Series

2019-FTR1,

Class

B2,

12.11%

(SOFR30A+846bps),

1/25/48,

Callable

5/25/29

@

100(a)(b)

.........................................................

2,320

2,732

Series

2019-FTR3,

Class

B2,

8.58%

(SOFR30A+491bps),

9/25/47,

Callable

12/25/29

@

100(a)(b)

.........................................................

1,950

2,128

Series

2019-FTR4,

Class

B2,

8.76%

(SOFR30A+511bps),

11/25/47,

Callable

12/25/29

@

100(a)(b)

.........................................................

580

636

Home

Re

Ltd.

.........................................................

Series

2022-1,

Class

B1,

12.65%

(SOFR30A+900bps),

10/25/34,

Callable

8/25/27

@

100(a)(b)

.........................................................

175

191

Series

2026-1,

Class

B1,

7.85%

(SOFR30A+420bps),

1/25/36,

Callable

2/25/28

@

100(a)

(b)

.............................................................

150

153

Series

2026-1,

Class

M1C,

6.25%

(SOFR30A+260bps),

1/25/36,

Callable

2/25/28

@

100(a)(b)

.........................................................

450

453

Series

2026-1,

Class

M2,

6.85%

(SOFR30A+320bps),

1/25/36,

Callable

2/25/28

@

100(a)(b)

.........................................................

270

272

J.P.

Morgan

Chase

Bank

NA,

Series

2021-CL1,

Class

M3,

5.45%

(SOFR30A+180bps),

3/25/51,

Callable

11/25/36

@

100(a)(b)

...................................

214

213

Multifamily

Connecticut

Avenue

Securities

Trust

................................

Series

2019-01,

Class

M10,

7.01%

(SOFR30A+336bps),

10/25/49(a)(b)

............

234

237

Series

2020-01,

Class

M10,

7.51%

(SOFR30A+386bps),

3/25/50(a)(b)

.............

397

403

Oaktown

Re

VII

Ltd.,

Series

2021-2,

Class

B1,

8.05%

(SOFR30A+440bps),

4/25/34,

Callable

10/25/26

@

100(a)(b)

................................................

300

303

Radnor

Re

Ltd.

........................................................

Series

2023-1,

Class

M1A,

6.35%

(SOFR30A+270bps),

7/25/33,

Callable

7/25/28

@

100(a)(b)

.........................................................

26

26

Series

2023-1,

Class

M1B,

8.00%

(SOFR30A+435bps),

7/25/33,

Callable

7/25/28

@

100(a)(b)

.........................................................

300

307

Series

2024-1,

Class

M1B,

6.55%

(SOFR30A+290bps),

9/25/34,

Callable

8/25/27

@

100(a)(b)

.........................................................

210

210

STACR

Trust,

Series

2018-HRP2,

Class

B2,

14.26%

(SOFR30A+1061bps),

2/25/47,

Callable

11/25/28

@

100(a)(b)

................................................

600

720

Triangle

Re

Ltd.

........................................................

Series

2021-3,

Class

M2,

7.40%

(SOFR30A+375bps),

2/25/34,

Callable

10/25/26

@

100(a)(b)

.........................................................

169

170

Series

2023-1,

Class

M1B,

8.90%

(SOFR30A+525bps),

11/25/33,

Callable

7/25/28

@

100(a)(b)

.........................................................

290

302

67,791

Private

CMO

IO

(0.1%):

Flagstar

Mortgage

Trust,

Series

2021-4,

Class

AX1,

0.20%,

6/1/51,

Callable

2/25/47

@

100(a)

(d)(e)

...........................................................

5,404

67

Hundred

Acre

Wood

Trust,

Series

2021-INV1,

Class

AX1,

0.23%,

7/25/51,

Callable

1/25/37

@

100(a)(d)(e)

.......................................................

3,324

44

J.P.

Morgan

Mortgage

Trust

...............................................

Series

2021-10,

Class

AX1,

0.11%,

12/25/51,

Callable

5/25/47

@

100(a)(d)(e)

.......

6,886

42

Series

2021-8,

Class

AX1,

0.11%,

12/25/51,

Callable

8/25/44

@

100(a)(d)(e)

........

5,818

35

188

Private

CMO

Other

(17.0%):

A&D

Mortgage

Trust

....................................................

Series

2023-NQM4,

Class

B1,

8.05%,

9/25/68,

Callable

10/25/26

@

100(a)(d)

.......

460

463

Series

2024-NQM1,

Class

B1,

8.44%,

2/25/69,

Callable

1/25/27

@

100(a)(d)

........

2,677

2,705

Series

2024-NQM4,

Class

B1B,

7.96%,

8/25/69,

Callable

9/25/27

@

100(a)(d)

.......

900

904

Series

2024-NQM5,

Class

B1A,

7.68%,

11/25/69,

Callable

11/25/27

@

100(a)(d)

.....

470

477

BRAVO

Residential

Funding

Trust

..........................................

Series

2023-NQM7,

Class

B1,

7.87%,

9/25/63,

Callable

10/25/26

@

100(a)(d)

.......

680

685

Series

2024-NQM2,

Class

B1,

7.91%,

2/25/64,

Callable

2/25/27

@

100(a)

..........

530

538

Series

2024-NQM3,

Class

B1,

8.10%,

3/25/64,

Callable

3/25/27

@

100(a)(d)

........

630

639

Series

2024-NQM5,

Class

B1,

7.38%,

6/25/64,

Callable

7/25/27

@

100(a)(d)

........

620

630

Series

2024-NQM5,

Class

B2,

8.08%,

6/25/64,

Callable

7/25/27

@

100(a)(d)

........

790

802

Cascade

Funding

Mortgage

Trust,

Series

2025-HB16,

Class

M3,

3.00%,

3/25/35,

Callable

9/25/27

@

100(a)(d)

.................................................

660

633

Victory

Portfolios

IV

Victory

Pioneer

Securitized

Income

Fund

39

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Principal

Amount

(000)

a

Value

(000)

CFMT

LLC

...........................................................

Series

2024-HB14,

Class

M3,

3.00%,

6/25/34,

Callable

6/25/27

@

100(a)(d)

........

$

610

$

589

Series

2024-HB15,

Class

M4,

4.00%,

8/25/34(a)(d)

..........................

800

767

COLT

Mortgage

Loan

Trust

...............................................

Series

2024-4,

Class

B1,

7.79%,

7/25/69,

Callable

7/25/27

@

100(a)(d)

............

1,160

1,179

Series

2024-5,

Class

B1,

7.30%,

8/25/69,

Callable

9/25/27

@

100(a)(d)

............

1,370

1,384

Series

2024-6,

Class

B1,

7.50%,

11/25/69,

Callable

10/25/27

@

100(a)(d)

..........

840

848

FARM

Mortgage

Trust,

Series

2021-1,

Class

B,

3.22%,

7/25/51,

Callable

5/25/47

@

100(a)(d)

72

55

Federal

Home

Loan

Mortgage

Corporation

Seasoned

Credit

Risk

Transfer

Trust

..........

Series

2018-1,

Class

M,

4.75%,

5/25/57,

Callable

5/25/44

@

100(d)

...............

265

260

Series

2019-1,

Class

M,

4.75%,

7/25/58,

Callable

9/25/45

@

100(a)(d)

.............

816

801

Series

2019-2,

Class

M,

4.75%,

8/25/58,

Callable

10/25/51

@

100(a)(d)

............

769

751

Series

2019-3,

Class

M,

4.75%,

10/25/58,

Callable

2/25/44

@

100(d)

..............

209

206

GCAT

Trust

...........................................................

Series

2021-CM1,

Class

M1,

3.28%,

4/25/65,

Callable

5/25/26

@

100(a)(d)

.........

510

472

Series

2023-NQM2,

Class

B1,

6.89%,

11/25/67,

Callable

5/25/26

@

100(a)(d)

.......

1,980

1,973

Series

2024-NQM1,

Class

B1,

7.88%,

1/25/59,

Callable

2/25/27

@

100(a)(d)

........

160

161

Homes

Trust,

Series

2024-NQM1,

Class

B1A,

7.35%,

7/25/69,

Callable

7/25/27

@

100(a)(d)

825

832

Imperial

Fund

Mortgage

Trust

..............................................

Series

2021-NQM2,

Class

B2,

4.27%,

9/25/56,

Callable

5/25/26

@

100(a)(d)

........

205

164

Series

2022-NQM5,

Class

B1,

6.25%,

8/25/67,

Callable

5/25/26

@

100(a)(d)

........

1,130

1,126

Series

2023-NQM1,

Class

B1,

8.06%,

2/25/68,

Callable

5/25/26

@

100(a)(d)

........

940

936

J.P.

Morgan

Mortgage

Trust,

Series

2026-ACES1,

Class

B1,

6.50%,

4/25/66,

Callable

2/25/31

@

100(a)(d)

.......................................................

2,240

2,219

LHOME

Mortgage

Trust

..................................................

Series

2024-RTL2,

Class

A1,

7.13%,

3/25/29,

Callable

10/25/26

@

100(a)(d)(e)

......

1,510

1,511

Series

2024-RTL3,

Class

A1,

6.90%,

5/25/29,

Callable

12/25/26

@

100(a)(d)(e)

......

1,520

1,526

MFA

Trust

............................................................

Series

2024-NQM2,

Class

B1A,

6.78%,

8/25/69,

Callable

9/25/27

@

100(a)(d)

.......

410

410

Series

2024-NQM2,

Class

B1B,

7.29%,

8/25/69,

Callable

9/25/27

@

100(a)(d)

.......

1,910

1,939

MFRA

Trust,

Series

2024-NQM3,

Class

B1,

7.61%,

12/25/69,

Callable

12/25/27

@

100(a)(d)

1,480

1,519

Morgan

Stanley

Residential

Mortgage

Loan

Trust

................................

Series

2023-NQM1,

Class

B2,

7.34%,

9/25/68,

Callable

10/25/26

@

100(a)(d)

.......

1,920

1,917

Series

2024-NQM1,

Class

B1,

7.76%,

12/25/68,

Callable

2/25/27

@

100(a)(d)

.......

1,580

1,587

New

Residential

Mortgage

Loan

Trust,

Series

2017-4A,

Class

B4,

5.14%,

5/25/57,

Callable

7/25/31

@

100(a)(d)

.................................................

119

113

Onity

Loan

Investment

Trust,

Series

2024-HB2,

Class

M3,

5.00%,

8/25/37,

Callable

8/25/27

@

100(a)(d)

.........................................................

170

166

PRKCM

Trust,

Series

2023-AFC3,

Class

B1,

7.77%,

9/25/58,

Callable

8/25/26

@

100(a)(d)

.

230

230

PRPM

Trust

...........................................................

Series

2023-NQM2,

Class

B1,

6.85%,

8/25/68,

Callable

9/25/26

@

100(a)(d)

........

390

390

Series

2024-NQM3,

Class

B1,

7.34%,

8/25/69,

Callable

10/25/27

@

100(a)(d)

.......

1,020

1,029

Series

2025-NQM1,

Class

B1,

7.78%,

11/25/69,

Callable

2/25/28

@

100(a)(d)

.......

1,430

1,447

Series

2025-NQM2,

Class

B1,

7.84%,

4/25/70,

Callable

5/25/28

@

100(a)(d)

........

1,575

1,593

Saluda

Grade

Alternative

Mortgage

Trust

......................................

Series

2024-RTL4,

Class

A1,

7.50%,

2/25/30,

Callable

7/25/26

@

100(a)(d)(e)

.......

1

1

Series

2024-RTL5,

Class

A1,

7.76%,

4/25/30,

Callable

9/25/26

@

100(a)(d)(e)

.......

146

146

Towd

Point

Mortgage

Trust,

Series

2022-SJ1,

Class

B1,

5.25%,

3/25/62,

Callable

5/25/26

@

100(a)(d)

.........................................................

250

247

Verus

Securitization

Trust

.................................................

Series

2023-4,

Class

B1,

8.01%,

5/25/68,

Callable

5/25/26

@

100(a)(d)

............

1,030

1,026

Series

2023-5,

Class

B2,

7.97%,

6/25/68,

Callable

6/25/26

@

100(a)(d)

............

560

559

Series

2023-6,

Class

B1,

7.76%,

9/25/68,

Callable

9/25/26

@

100(a)(d)

............

2,620

2,630

Series

2023-7,

Class

B1,

7.91%,

10/25/68,

Callable

10/25/26

@

100(a)(d)

..........

550

553

Series

2023-8,

Class

B1,

8.07%,

12/25/68,

Callable

12/25/26

@

100(a)(d)

..........

920

930

Series

2023-INV3,

Class

B1,

8.17%,

11/25/68,

Callable

11/25/26

@

100(a)(d)

.......

530

533

Series

2023-INV3,

Class

B2,

8.17%,

11/25/68,

Callable

11/25/26

@

100(a)(d)

.......

730

734

Series

2024-1,

Class

B1,

7.91%,

1/25/69,

Callable

1/25/27

@

100(a)(d)

............

170

172

Series

2024-2,

Class

B1,

7.86%,

2/25/69,

Callable

2/25/27

@

100(a)(d)

............

1,100

1,115

Series

2024-3,

Class

B1,

8.03%,

4/25/69,

Callable

4/25/27

@

100(a)(d)

............

686

698

Series

2024-4,

Class

B1,

7.64%,

6/25/69,

Callable

5/25/27

@

100(a)(d)

............

420

427

Series

2024-5,

Class

B1,

7.79%,

6/25/69,

Callable

6/25/27

@

100(a)(d)

............

510

520

Series

2024-7,

Class

B1,

6.50%,

9/25/69,

Callable

9/25/27

@

100(a)(d)

............

1,050

1,054

Victory

Portfolios

IV

Victory

Pioneer

Securitized

Income

Fund

40

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

Security

Description

Principal

Amount

(000)

a

Value

(000)

Vista

Point

Securitization

Trust,

Series

2020-2,

Class

M1,

3.40%,

4/25/65,

Callable

5/25/26

@

100(a)(d)

.........................................................

$

170

$

164

50,085

Total

Collateralized

Mortgage

Obligations

(Cost

$133,525)

a

a

a

134,593

Corporate

Bonds

(0.0%)(f)

Financials

(0.0%):(f)

HOA

Funding

LLC

8/20/51(g)

........................................................

200

—

8/20/51(g)

........................................................

200

—

HOA

NewCo

LLC,

11/22/55,

Callable

6/4/26

@

100(a)(c)

..........................

202

5

5

Total

Corporate

Bonds

(Cost

$5)

a

a

a

5

U.S.

Government

Agency

Mortgages

(8.0%)

Federal

National

Mortgage

Association

5.50%,

5/25/41

-

5/25/56

.............................................

7,000

7,073

3.50%,

5/25/55

....................................................

1,000

910

6.00%,

5/25/55

....................................................

2,300

2,348

6.50%,

5/25/55

....................................................

1,100

1,141

5.00%,

5/25/56

....................................................

3,600

3,546

3.00%,

6/25/56

....................................................

2,700

2,362

3.50%,

6/25/56

....................................................

1,600

1,455

18,835

Government

National

Mortgage

Association

6.00%,

5/20/56

....................................................

2,300

2,345

6.50%,

5/20/56

....................................................

2,300

2,403

4,748

Total

U.S.

Government

Agency

Mortgages

(Cost

$23,605)

a

a

a

23,583

U.S.

Treasury

Obligations

(13.3%)

U.S.

Treasury

Bills

3.28%,

5/12/26(h)

..................................................

3,000

2,997

3.41%,

5/19/26(h)

..................................................

19,300

19,265

3.50%,

6/2/26(h)

...................................................

3,800

3,788

3.51%,

6/4/26(h)

...................................................

13,000

12,956

Total

U.S.

Treasury

Obligations

(Cost

$39,006)

a

a

a

39,006

Total

Investments

(Cost

$319,926)

—

108.4%

318,612

Liabilities

in

excess

of

other

assets

—  (8.4)%

(24,568)

NET

ASSETS

-

100.00%

$

294,044

(a)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

April

30,

2026,

the

fair

value

of

these

securities

was

$255,311

(thousands)

and

amounted

to

86.8%

of

net

assets.

(b)

Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

April

30,

2026.

(c)

Currently

the

issuer

is

in

default

with

respect

to

interest

and/or

principal

payments.

(d)

The

rate

for

certain

asset-backed

and

mortgage-backed

securities

may

vary

based

on

factors

relating

to

the

pool

of

assets

underlying

the

security.

The

rate

disclosed

is

the

rate

in

effect

at

April

30,

2026.

(e)

Security

is

interest

only.

(f)

Amount

represents

less

than

0.05%

of

net

assets.

(g)

Zero-coupon

bond.

(h)

Rate

represents

the

effective

yield

at

April

30,

2026.

Victory

Portfolios

IV

Victory

Pioneer

Securitized

Income

Fund

41

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

April

30,

2026

ABS

—

Asset-Backed

Securities

bps

—

Basis

points

CLO

—

Collateralized

Loan

Obligations

CMO

—

Collateralized

Mortgage

Obligations

LLC

—

Limited

Liability

Company

MBS

—

Mortgage-Backed

Securities

PLC

—

Public

Limited

Company

PRIME

—

US

Prime

rate,

rate

disclosed

as

of

April

30,

2026.

SOFR

—

Secured

Overnight

Financing

Rate

SOFR30A

—

30

day

average

of

SOFR,

rate

disclosed

as

of

April

30,

2026.

TSFR1M

—

1

Month

Term

SOFR,

rate

disclosed

as

of

April

30,

2026.

TSFR3M

—

3

Month

Term

SOFR,

rate

disclosed

as

of

April

30,

2026.

Futures

Contracts

Purchased

Number

of

Contracts

Expiration