UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:                                    811-24019

Victory Portfolios IV

(Exact name of registrant as specified in charter)

15935 La Cantera Parkway Building Two, San Antonio, Texas  78256

(Address of principal executive offices)                         (Zip code)

Christopher J. Kelley, Victory Capital Management Inc. 60 State Street, Boston, MA 02109

(Name and address of agent for service)

Registrant’s telephone number, including area code: 800-539-3863

Date of fiscal year end: July 31

Date of reporting period: July 31, 2026

Item 1. Reports to Stockholders.

(a)  

Victory Pioneer Balanced Fund 

Class A  

Ticker: AOBLX 

Annual Shareholder Report — July 31, 2026

This annual shareholder report contains important information about Victory Pioneer Balanced Fund (the "Fund") for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.    

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$103	0.91%

What affected the Fund’s performance during the last year?

For the fiscal year ended July 31, 2026, the Fund’s Class A shares at NAV returned 26.52%. For the same period, the Fund’s benchmarks, the S&P 500 Index, returned 18.15%, and the Bloomberg US Aggregate Bond Index, returned 2.71% over the period.

Asset allocation contributed positively over the period. The overweight to equity was the largest contributor because equities outperformed fixed income over the period. Allocations to the financials and securitized sectors—including collateralized mortgage obligations (CMOs), catastrophe bonds, asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS)—also contributed positively, while the underweight allocation to mortgage-backed securities (MBS) pass-throughs detracted modestly.

Security selection contributed positively over the period. Equity stock selection was the dominant driver of outperformance, and selection within financials and industrials also added to relative results.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 2.25% for Class A. The Net Asset Value ("NAV") figures do not reflect sales charges.

Growth of $10,000 Investment 

Table Summary

	Victory Pioneer Balanced Fund Class A @ NAV - $25,595	Victory Pioneer Balanced Fund Class A @ MOP - $25,016	S&P 500 Index (regulatory broad based index) - $34,458	Bloomberg U.S. Aggregate Bond Index - $11,431	60% S&P 500 Total Return & 40% Bloomberg US Agg Bond Index - $25,130
7/16	$10,000	$9,774	$10,000	$10,000	$10,000
7/17	$10,894	$10,647	$11,365	$9,949	$10,919
7/18	$11,911	$11,641	$12,957	$9,869	$11,927
7/19	$12,924	$12,631	$13,712	$10,666	$12,938
7/20	$13,914	$13,599	$15,049	$11,746	$14,470
7/21	$16,763	$16,384	$20,221	$11,664	$17,439
7/22	$15,551	$15,199	$19,002	$10,600	$16,365
7/23	$16,563	$16,188	$21,112	$10,243	$17,417
7/24	$18,691	$18,268	$25,406	$10,766	$20,057
7/25	$20,244	$19,786	$29,165	$11,130	$22,295
7/26	$25,595	$25,016	$34,458	$11,431	$25,130

AVERAGE ANNUAL TOTAL RETURNS

(as of July 31, 2026)

Table Summary

	1 Year	5 Year	10 Year
Class A @ NAV	26.52%Footnote Reference	8.83%	9.85%
Class A @ MOP	23.57%	8.34%	9.60%
S&P 500 Index	18.15%	11.25%	13.17%
Bloomberg U.S. Aggregate Bond Index	2.71%	-0.40%	1.35%
60% S&P 500 Total Return & 40% Bloomberg US Agg Bond Index	12.72%	7.58%	9.65%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of July 31, 2026)

Table Summary

Net Assets	$491,179
Number of Holdings	842
Investment Advisory Fees	$2,229
Portfolio Turnover	40%

The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-539-3863.

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of July 31, 2026)

Table Summary

Value	Value
Materials	1.6%
Consumer Staples	2.1%
Energy	3.0%
U.S. Government Agency Mortgage	6.3%
Health Care	7.7%
Consumer Discretionary	7.9%
Industrials	8.1%
Communication Services	8.1%
Financials	14.2%
Information Technology	18.4%

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of July 31, 2026)

Table Summary

Alphabet, Inc., Class A	7.2%
Amazon.com, Inc.	4.1%
Microsoft Corp.	3.5%
U.S. Treasury Notes, 3.75%, 4/30/28	1.9%
Ralliant Corp.	1.9%
Eli Lilly & Co.	1.8%
State Street Corp.	1.7%
AbbVie, Inc.	1.5%
U.S. Treasury Notes, 3.88%, 4/30/31	1.5%
The TJX Cos., Inc.	1.5%

Table Summary

*	Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 800-539-3863 or visit vcm.com/contact-us.

AOBLX — AR (7/26)

Victory Pioneer Balanced Fund 

Class C  

Ticker: PCBCX 

Annual Shareholder Report — July 31, 2026

This annual shareholder report contains important information about Victory Pioneer Balanced Fund (the "Fund") for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.    

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class C	$187	1.66%

What affected the Fund’s performance during the last year?

For the fiscal year ended July 31, 2026, the Fund’s Class C shares at NAV returned 25.50%. For the same period, the Fund’s benchmarks, the S&P 500 Index, returned 18.15%, and the Bloomberg US Aggregate Bond Index, returned 2.71% over the period.

Asset allocation contributed positively over the period. The overweight to equity was the largest contributor because equities outperformed fixed income over the period. Allocations to the financials and securitized sectors—including collateralized mortgage obligations (CMOs), catastrophe bonds, asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS)—also contributed positively, while the underweight allocation to mortgage-backed securities (MBS) pass-throughs detracted modestly.

Security selection contributed positively over the period. Equity stock selection was the dominant driver of outperformance, and selection within financials and industrials also added to relative results.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. Class C is not subject to an initial sales charge, but is subject to a Contingent Deferred Sales Charge (“CDSC”) of 1.00% on shares redeemed within one year of purchase. The Net Asset Value ("NAV") figures do not reflect sales charges.

Growth of $10,000 Investment 

Table Summary

	Victory Pioneer Balanced Fund Class C @ NAV - $24,129	Victory Pioneer Balanced Fund Class C @ CDSC - $24,129	S&P 500 Index (regulatory broad based index) - $34,458	Bloomberg U.S. Aggregate Bond Index - $11,431	60% S&P 500 Total Return & 40% Bloomberg US Agg Bond Index - $25,130
7/16	$10,000	$10,000	$10,000	$10,000	$10,000
7/17	$10,810	$10,810	$11,365	$9,949	$10,919
7/18	$11,743	$11,743	$12,957	$9,869	$11,927
7/19	$12,645	$12,645	$13,712	$10,666	$12,938
7/20	$13,507	$13,507	$15,049	$11,746	$14,470
7/21	$16,159	$16,159	$20,221	$11,664	$17,439
7/22	$14,879	$14,879	$19,002	$10,600	$16,365
7/23	$15,725	$15,725	$21,112	$10,243	$17,417
7/24	$17,621	$17,621	$25,406	$10,766	$20,057
7/25	$19,085	$19,085	$29,165	$11,130	$22,295
7/26	$24,129	$24,129	$34,458	$11,431	$25,130

AVERAGE ANNUAL TOTAL RETURNS

(as of July 31, 2026)

Table Summary

	1 Year	5 Year	10 Year
Class C @ NAV	25.50%Footnote Reference	8.03%	9.21%
Class C @ CDSC	24.50%	8.03%	9.21%
S&P 500 Index	18.15%	11.25%	13.17%
Bloomberg U.S. Aggregate Bond Index	2.71%	-0.40%	1.35%
60% S&P 500 Total Return & 40% Bloomberg US Agg Bond Index	12.72%	7.58%	9.65%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of July 31, 2026)

Table Summary

Net Assets	$491,179
Number of Holdings	842
Investment Advisory Fees	$2,229
Portfolio Turnover	40%

The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-539-3863.

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of July 31, 2026)

Table Summary

Value	Value
Materials	1.6%
Consumer Staples	2.1%
Energy	3.0%
U.S. Government Agency Mortgage	6.3%
Health Care	7.7%
Consumer Discretionary	7.9%
Industrials	8.1%
Communication Services	8.1%
Financials	14.2%
Information Technology	18.4%

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of July 31, 2026)

Table Summary

Alphabet, Inc., Class A	7.2%
Amazon.com, Inc.	4.1%
Microsoft Corp.	3.5%
U.S. Treasury Notes, 3.75%, 4/30/28	1.9%
Ralliant Corp.	1.9%
Eli Lilly & Co.	1.8%
State Street Corp.	1.7%
AbbVie, Inc.	1.5%
U.S. Treasury Notes, 3.88%, 4/30/31	1.5%
The TJX Cos., Inc.	1.5%

Table Summary

*	Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 800-539-3863 or visit vcm.com/contact-us.

PCBCX — AR (7/26)

Victory Pioneer Balanced Fund 

Class R6  

Ticker: PCBKX 

Annual Shareholder Report — July 31, 2026

This annual shareholder report contains important information about Victory Pioneer Balanced Fund (the "Fund") for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.    

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class R6	$69	0.61%

What affected the Fund’s performance during the last year?

For the fiscal year ended July 31, 2026, the Fund’s Class R6 shares returned 26.85%. For the same period, the Fund’s benchmarks, the S&P 500 Index, returned 18.15%, and the Bloomberg US Aggregate Bond Index, returned 2.71% over the period.

Asset allocation contributed positively over the period. The overweight to equity was the largest contributor because equities outperformed fixed income over the period. Allocations to the financials and securitized sectors—including collateralized mortgage obligations (CMOs), catastrophe bonds, asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS)—also contributed positively, while the underweight allocation to mortgage-backed securities (MBS) pass-throughs detracted modestly.

Security selection contributed positively over the period. Equity stock selection was the dominant driver of outperformance, and selection within financials and industrials also added to relative results.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment 

Table Summary

	Victory Pioneer Balanced Fund Class R6 - $26,400	S&P 500 Index (regulatory broad based index) - $34,458	Bloomberg U.S. Aggregate Bond Index - $11,431	60% S&P 500 Total Return & 40% Bloomberg US Agg Bond Index - $25,130
7/16	$10,000	$10,000	$10,000	$10,000
7/17	$10,936	$11,365	$9,949	$10,919
7/18	$11,993	$12,957	$9,869	$11,927
7/19	$13,039	$13,712	$10,666	$12,938
7/20	$14,072	$15,049	$11,746	$14,470
7/21	$17,022	$20,221	$11,664	$17,439
7/22	$15,847	$19,002	$10,600	$16,365
7/23	$16,912	$21,112	$10,243	$17,417
7/24	$19,144	$25,406	$10,766	$20,057
7/25	$20,812	$29,165	$11,130	$22,295
7/26	$26,400	$34,458	$11,431	$25,130

AVERAGE ANNUAL TOTAL RETURNS

(as of July 31, 2026)

Table Summary

	1 Year	5 Year	10 Year
Class R6	26.85%Footnote Reference	9.17%	10.19%
S&P 500 Index	18.15%	11.25%	13.17%
Bloomberg U.S. Aggregate Bond Index	2.71%	-0.40%	1.35%
60% S&P 500 Total Return & 40% Bloomberg US Agg Bond Index	12.72%	7.58%	9.65%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of July 31, 2026)

Table Summary

Net Assets	$491,179
Number of Holdings	842
Investment Advisory Fees	$2,229
Portfolio Turnover	40%

The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-539-3863.

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of July 31, 2026)

Table Summary

Value	Value
Materials	1.6%
Consumer Staples	2.1%
Energy	3.0%
U.S. Government Agency Mortgage	6.3%
Health Care	7.7%
Consumer Discretionary	7.9%
Industrials	8.1%
Communication Services	8.1%
Financials	14.2%
Information Technology	18.4%

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of July 31, 2026)

Table Summary

Alphabet, Inc., Class A	7.2%
Amazon.com, Inc.	4.1%
Microsoft Corp.	3.5%
U.S. Treasury Notes, 3.75%, 4/30/28	1.9%
Ralliant Corp.	1.9%
Eli Lilly & Co.	1.8%
State Street Corp.	1.7%
AbbVie, Inc.	1.5%
U.S. Treasury Notes, 3.88%, 4/30/31	1.5%
The TJX Cos., Inc.	1.5%

Table Summary

*	Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 800-539-3863 or visit vcm.com/contact-us.

PCBKX — AR (7/26)

Victory Pioneer Balanced Fund 

Class Y  

Ticker: AYBLX 

Annual Shareholder Report — July 31, 2026

This annual shareholder report contains important information about Victory Pioneer Balanced Fund (the "Fund") for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.    

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$82	0.72%

What affected the Fund’s performance during the last year?

For the fiscal year ended July 31, 2026, the Fund’s Class Y shares returned 26.71%. For the same period, the Fund’s benchmarks, the S&P 500 Index, returned 18.15%, and the Bloomberg US Aggregate Bond Index, returned 2.71% over the period.

Asset allocation contributed positively over the period. The overweight to equity was the largest contributor because equities outperformed fixed income over the period. Allocations to the financials and securitized sectors—including collateralized mortgage obligations (CMOs), catastrophe bonds, asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS)—also contributed positively, while the underweight allocation to mortgage-backed securities (MBS) pass-throughs detracted modestly.

Security selection contributed positively over the period. Equity stock selection was the dominant driver of outperformance, and selection within financials and industrials also added to relative results.

The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $1,000,000 Investment 

Table Summary

	Victory Pioneer Balanced Fund Class Y - $2,630,375	S&P 500 Index (regulatory broad based index) - $3,445,767	Bloomberg U.S. Aggregate Bond Index - $1,143,141	60% S&P 500 Total Return & 40% Bloomberg US Agg Bond Index - $2,513,049
7/16	$1,000,000	$1,000,000	$1,000,000	$1,000,000
7/17	$1,092,577	$1,136,502	$994,854	$1,091,856
7/18	$1,198,250	$1,295,680	$986,891	$1,192,665
7/19	$1,303,321	$1,371,172	$1,066,640	$1,293,798
7/20	$1,408,347	$1,504,932	$1,174,599	$1,446,964
7/21	$1,702,246	$2,022,111	$1,166,355	$1,743,910
7/22	$1,584,044	$1,900,207	$1,060,024	$1,636,536
7/23	$1,692,522	$2,111,226	$1,024,327	$1,741,685
7/24	$1,912,960	$2,540,624	$1,076,579	$2,005,697
7/25	$2,077,300	$2,916,539	$1,112,982	$2,229,505
7/26	$2,630,375	$3,445,767	$1,143,141	$2,513,049

AVERAGE ANNUAL TOTAL RETURNS

(as of July 31, 2026)

Table Summary

	1 Year	5 Year	10 Year
Class Y	26.71%Footnote Reference	9.09%	10.15%
S&P 500 Index	18.15%	11.25%	13.17%
Bloomberg U.S. Aggregate Bond Index	2.71%	-0.40%	1.35%
60% S&P 500 Total Return & 40% Bloomberg US Agg Bond Index	12.72%	7.58%	9.65%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of July 31, 2026)

Table Summary

Net Assets	$491,179
Number of Holdings	842
Investment Advisory Fees	$2,229
Portfolio Turnover	40%

The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-539-3863.

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of July 31, 2026)

Table Summary

Value	Value
Materials	1.6%
Consumer Staples	2.1%
Energy	3.0%
U.S. Government Agency Mortgage	6.3%
Health Care	7.7%
Consumer Discretionary	7.9%
Industrials	8.1%
Communication Services	8.1%
Financials	14.2%
Information Technology	18.4%

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of July 31, 2026)

Table Summary

Alphabet, Inc., Class A	7.2%
Amazon.com, Inc.	4.1%
Microsoft Corp.	3.5%
U.S. Treasury Notes, 3.75%, 4/30/28	1.9%
Ralliant Corp.	1.9%
Eli Lilly & Co.	1.8%
State Street Corp.	1.7%
AbbVie, Inc.	1.5%
U.S. Treasury Notes, 3.88%, 4/30/31	1.5%
The TJX Cos., Inc.	1.5%

Table Summary

*	Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 800-539-3863 or visit vcm.com/contact-us.

AYBLX — AR (7/26)

Victory Pioneer Multi-Asset Income Fund 

Class A  

Ticker: PMAIX 

Annual Shareholder Report — July 31, 2026

This annual shareholder report contains important information about Victory Pioneer Multi-Asset Income Fund (the "Fund") for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.    

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$84	0.78%

What affected the Fund’s performance during the last year?

• For the fiscal year ended July 31, 2026, the Fund’s Class A shares at NAV returned 15.79%. For the same period, the Fund’s benchmarks, the Bloomberg US Aggregate Bond Index, returned 2.71%, and the MSCI AC World NR Index, returned 22.11% over the period. 

• For the period, equity holdings were the primary performance driver, with a strategically diversified allocation across both domestic and international markets. Fixed-income allocations to agency mortgage-backed securities (MBS) and U.S. Treasury securities also contributed positively over the period.

• During a period marked by continued equity market advances, the portfolio's equity futures hedging strategy served as the primary performance detractor. These futures positions represent a deliberate risk management approach designed to buffer against potential market volatility, particularly important given the elevated equity exposure.  

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 2.25% for Class A. The Net Asset Value ("NAV") figures do not reflect sales charges.

Growth of $10,000 Investment 

Table Summary

	Victory Pioneer Multi-Asset Income Fund Class A @ NAV - $23,438	Victory Pioneer Multi-Asset Income Fund Class A @ MOP - $22,918	MSCI All Country World Index (regulatory broad based index) - $31,950	35% MSCI All Country World NR Index / 65% Bloomberg U.S. Aggregate Bond Total Return Index - $16,723	Bloomberg U.S. Aggregate Bond Index - $11,431
7/16	$10,000	$9,778	$10,000	$10,000	$10,000
7/17	$11,620	$11,362	$11,706	$10,536	$9,949
7/18	$12,238	$11,966	$12,989	$10,881	$9,869
7/19	$12,046	$11,779	$13,373	$11,599	$10,666
7/20	$12,080	$11,811	$14,335	$12,720	$11,746
7/21	$14,578	$14,254	$19,092	$14,036	$11,664
7/22	$14,514	$14,192	$17,090	$12,716	$10,600
7/23	$15,847	$15,495	$19,296	$13,003	$10,243
7/24	$17,678	$17,286	$22,580	$14,202	$10,766
7/25	$20,182	$19,734	$26,165	$15,296	$11,130
7/26	$23,438	$22,918	$31,950	$16,723	$11,431

AVERAGE ANNUAL TOTAL RETURNS

(as of July 31, 2026)

Table Summary

	1 Year	5 Year	10 Year
Class A @ NAV	15.79%Footnote Reference	9.96%	8.89%
Class A @ MOP	13.51%	9.46%	8.65%
MSCI All Country World Index	22.11%	10.85%	12.32%
35% MSCI All Country World NR Index / 65% Bloomberg U.S. Aggregate Bond Total Return Index	9.33%	3.57%	5.28%
Bloomberg U.S. Aggregate Bond Index	2.71%	-0.40%	1.35%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of July 31, 2026)

Table Summary

Net Assets	$9,607,671
Number of Holdings	580
Investment Advisory Fees	$32,990
Portfolio Turnover	72%

The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-539-3863.

Asset Allocation^{Footnote Reference*} ^ (% of Net Assets)

(as of July 31, 2026)

Table Summary

Value	Value
Common Stocks	48.7%
Equity Linked Notes	23.5%
U.S. Government Agency Mortgages	14.4%
Yankee Dollars	3.8%
Corporate Bonds	3.1%
OtherFootnote Reference**	3.5%

Table Summary

*	Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities.
**	Other includes the remaining asset classes which are each under 2% of the net assets of the Fund.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 800-539-3863 or visit vcm.com/contact-us.

PMAIX — AR (7/26)

Victory Pioneer Multi-Asset Income Fund 

Class C  

Ticker: PMACX 

Annual Shareholder Report — July 31, 2026

This annual shareholder report contains important information about Victory Pioneer Multi-Asset Income Fund (the "Fund") for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.    

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class C	$167	1.55%

What affected the Fund’s performance during the last year?

• For the fiscal year ended July 31, 2026, the Fund’s Class C shares at NAV returned 15.05%. For the same period, the Fund’s benchmarks, the Bloomberg US Aggregate Bond Index, returned 2.71%, and the MSCI AC World NR Index, returned 22.11% over the period. 

• For the period, equity holdings were the primary performance driver, with a strategically diversified allocation across both domestic and international markets. Fixed-income allocations to agency mortgage-backed securities (MBS) and U.S. Treasury securities also contributed positively over the period.

• During a period marked by continued equity market advances, the portfolio's equity futures hedging strategy served as the primary performance detractor. These futures positions represent a deliberate risk management approach designed to buffer against potential market volatility, particularly important given the elevated equity exposure.  

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. Class C is not subject to an initial sales charge, but is subject to a Contingent Deferred Sales Charge (“CDSC”) of 1.00% on shares redeemed within one year of purchase. The Net Asset Value ("NAV") figures do not reflect sales charges.

Growth of $10,000 Investment 

Table Summary

	Victory Pioneer Multi-Asset Income Fund Class C @ NAV - $21,981	Victory Pioneer Multi-Asset Income Fund Class C @ CDSC - $21,981	MSCI All Country World Index (regulatory broad based index) - $31,950	35% MSCI All Country World NR Index / 65% Bloomberg U.S. Aggregate Bond Total Return Index - $16,723	Bloomberg U.S. Aggregate Bond Index - $11,431
7/16	$10,000	$10,000	$10,000	$10,000	$10,000
7/17	$11,509	$11,509	$11,706	$10,536	$9,949
7/18	$12,038	$12,038	$12,989	$10,881	$9,869
7/19	$11,747	$11,747	$13,373	$11,599	$10,666
7/20	$11,684	$11,684	$14,335	$12,720	$11,746
7/21	$13,997	$13,997	$19,092	$14,036	$11,664
7/22	$13,828	$13,828	$17,090	$12,716	$10,600
7/23	$14,986	$14,986	$19,296	$13,003	$10,243
7/24	$16,579	$16,579	$22,580	$14,202	$10,766
7/25	$18,927	$18,927	$26,165	$15,296	$11,130
7/26	$21,981	$21,981	$31,950	$16,723	$11,431

AVERAGE ANNUAL TOTAL RETURNS

(as of July 31, 2026)

Table Summary

	1 Year	5 Year	10 Year
Class C @ NAV	15.05%Footnote Reference	9.13%	8.19%
Class C @ CDSC	14.30%	9.13%	8.19%
MSCI All Country World Index	22.11%	10.85%	12.32%
35% MSCI All Country World NR Index / 65% Bloomberg U.S. Aggregate Bond Total Return Index	9.33%	3.57%	5.28%
Bloomberg U.S. Aggregate Bond Index	2.71%	-0.40%	1.35%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of July 31, 2026)

Table Summary

Net Assets	$9,607,671
Number of Holdings	580
Investment Advisory Fees	$32,990
Portfolio Turnover	72%

The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-539-3863.

Asset Allocation^{Footnote Reference*} ^ (% of Net Assets)

(as of July 31, 2026)

Table Summary

Value	Value
Common Stocks	48.7%
Equity Linked Notes	23.5%
U.S. Government Agency Mortgages	14.4%
Yankee Dollars	3.8%
Corporate Bonds	3.1%
OtherFootnote Reference**	3.5%

Table Summary

*	Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities.
**	Other includes the remaining asset classes which are each under 2% of the net assets of the Fund.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 800-539-3863 or visit vcm.com/contact-us.

PMACX — AR (7/26)

Victory Pioneer Multi-Asset Income Fund 

Class R6  

Ticker: PMFKX 

Annual Shareholder Report — July 31, 2026

This annual shareholder report contains important information about Victory Pioneer Multi-Asset Income Fund (the "Fund") for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.    

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class R6	$54	0.50%

What affected the Fund’s performance during the last year?

• For the fiscal year ended July 31, 2026, the Fund’s Class R6 shares returned 16.09%. For the same period, the Fund’s benchmarks, the Bloomberg US Aggregate Bond Index, returned 2.71%, and the MSCI AC World NR Index, returned 22.11% over the period. 

• For the period, equity holdings were the primary performance driver, with a strategically diversified allocation across both domestic and international markets. Fixed-income allocations to agency mortgage-backed securities (MBS) and U.S. Treasury securities also contributed positively over the period.

• During a period marked by continued equity market advances, the portfolio's equity futures hedging strategy served as the primary performance detractor. These futures positions represent a deliberate risk management approach designed to buffer against potential market volatility, particularly important given the elevated equity exposure.  

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment 

Table Summary

	Victory Pioneer Multi-Asset Income Fund Class R6 - $24,457	MSCI All Country World Index (regulatory broad based index) - $31,950	35% MSCI All Country World NR Index / 65% Bloomberg U.S. Aggregate Bond Total Return Index - $16,723	Bloomberg U.S. Aggregate Bond Index - $11,431
7/16	$10,000	$10,000	$10,000	$10,000
7/17	$11,662	$11,706	$10,536	$9,949
7/18	$12,537	$12,989	$10,881	$9,869
7/19	$12,371	$13,373	$11,599	$10,666
7/20	$12,424	$14,335	$12,720	$11,746
7/21	$15,042	$19,092	$14,036	$11,664
7/22	$14,978	$17,090	$12,716	$10,600
7/23	$16,413	$19,296	$13,003	$10,243
7/24	$18,355	$22,580	$14,202	$10,766
7/25	$21,023	$26,165	$15,296	$11,130
7/26	$24,457	$31,950	$16,723	$11,431

AVERAGE ANNUAL TOTAL RETURNS

(as of July 31, 2026)

Table Summary

	1 Year	5 Year	10 Year
Class R6	16.09%Footnote Reference	10.21%	9.36%
MSCI All Country World Index	22.11%	10.85%	12.32%
35% MSCI All Country World NR Index / 65% Bloomberg U.S. Aggregate Bond Total Return Index	9.33%	3.57%	5.28%
Bloomberg U.S. Aggregate Bond Index	2.71%	-0.40%	1.35%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of July 31, 2026)

Table Summary

Net Assets	$9,607,671
Number of Holdings	580
Investment Advisory Fees	$32,990
Portfolio Turnover	72%

The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-539-3863.

Asset Allocation^{Footnote Reference*} ^ (% of Net Assets)

(as of July 31, 2026)

Table Summary

Value	Value
Common Stocks	48.7%
Equity Linked Notes	23.5%
U.S. Government Agency Mortgages	14.4%
Yankee Dollars	3.8%
Corporate Bonds	3.1%
OtherFootnote Reference**	3.5%

Table Summary

*	Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities.
**	Other includes the remaining asset classes which are each under 2% of the net assets of the Fund.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 800-539-3863 or visit vcm.com/contact-us.

PMFKX — AR (7/26)

Victory Pioneer Multi-Asset Income Fund 

Class Y  

Ticker: PMFYX 

Annual Shareholder Report — July 31, 2026

This annual shareholder report contains important information about Victory Pioneer Multi-Asset Income Fund (the "Fund") for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.    

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$66	0.61%

What affected the Fund’s performance during the last year?

• For the fiscal year ended July 31, 2026, the Fund’s Class Y shares returned 16.14%. For the same period, the Fund’s benchmarks, the Bloomberg US Aggregate Bond Index, returned 2.71%, and the MSCI AC World NR Index, returned 22.11% over the period. 

• For the period, equity holdings were the primary performance driver, with a strategically diversified allocation across both domestic and international markets. Fixed-income allocations to agency mortgage-backed securities (MBS) and U.S. Treasury securities also contributed positively over the period.

• During a period marked by continued equity market advances, the portfolio's equity futures hedging strategy served as the primary performance detractor. These futures positions represent a deliberate risk management approach designed to buffer against potential market volatility, particularly important given the elevated equity exposure.  

The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $1,000,000 Investment 

Table Summary

	Victory Pioneer Multi-Asset Income Fund Class Y - $2,385,218	MSCI All Country World Index (regulatory broad based index) - $3,194,969	35% MSCI All Country World NR Index / 65% Bloomberg U.S. Aggregate Bond Total Return Index - $1,672,343	Bloomberg U.S. Aggregate Bond Index - $1,143,141
7/16	$1,000,000	$1,000,000	$1,000,000	$1,000,000
7/17	$1,163,355	$1,170,585	$1,053,590	$994,854
7/18	$1,228,872	$1,298,935	$1,088,066	$986,891
7/19	$1,211,021	$1,337,260	$1,159,867	$1,066,640
7/20	$1,214,266	$1,433,510	$1,271,982	$1,174,599
7/21	$1,469,063	$1,909,152	$1,403,559	$1,166,355
7/22	$1,465,427	$1,708,987	$1,271,634	$1,060,024
7/23	$1,603,375	$1,929,626	$1,300,271	$1,024,327
7/24	$1,792,546	$2,258,038	$1,420,171	$1,076,579
7/25	$2,049,321	$2,616,493	$1,529,645	$1,112,982
7/26	$2,385,218	$3,194,969	$1,672,343	$1,143,141

AVERAGE ANNUAL TOTAL RETURNS

(as of July 31, 2026)

Table Summary

	1 Year	5 Year	10 Year
Class Y	16.14%Footnote Reference	10.18%	9.08%
MSCI All Country World Index	22.11%	10.85%	12.32%
35% MSCI All Country World NR Index / 65% Bloomberg U.S. Aggregate Bond Total Return Index	9.33%	3.57%	5.28%
Bloomberg U.S. Aggregate Bond Index	2.71%	-0.40%	1.35%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of July 31, 2026)

Table Summary

Net Assets	$9,607,671
Number of Holdings	580
Investment Advisory Fees	$32,990
Portfolio Turnover	72%

The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-539-3863.

Asset Allocation^{Footnote Reference*} ^ (% of Net Assets)

(as of July 31, 2026)

Table Summary

Value	Value
Common Stocks	48.7%
Equity Linked Notes	23.5%
U.S. Government Agency Mortgages	14.4%
Yankee Dollars	3.8%
Corporate Bonds	3.1%
OtherFootnote Reference**	3.5%

Table Summary

*	Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities.
**	Other includes the remaining asset classes which are each under 2% of the net assets of the Fund.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 800-539-3863 or visit vcm.com/contact-us.

PMFYX — AR (7/26)

Victory Pioneer Securitized Income Fund 

Class A  

Ticker: SIFFX 

Annual Shareholder Report — July 31, 2026

This annual shareholder report contains important information about Victory Pioneer Securitized Income Fund (the "Fund") for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.    

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$92	0.90%

What affected the Fund’s performance during the last year?

• For the fiscal year ended July 31, 2026, the Fund’s Class A shares at NAV returned 4.14%. For the same period, the Fund’s broad-based benchmark, the Bloomberg U.S. Aggregate Bond Total Return Index, returned 2.71%. The Fund’s performance benchmark, the Bloomberg U.S. Securitized MBS/ABS/CMBS Total Return Index, returned 4.10% over the period.

• The Fund generated a positive absolute return and outperformed the performance benchmark across nearly all sectors.

• Asset-backed securities were the largest contributor to absolute returns, followed closely by residential mortgage-backed securities (RMBS). Throughout the year, credit spreads narrowed, resulting in higher price returns.

• Subprime auto asset-backed securities were the largest detractor from relative performance, primarily because of adverse security selection in that segment.

• We remain relatively defensively positioned through an up in quality tilt and diversification across sectors. We will be looking for opportunities to selectively reposition the portfolio after rapidly changing relative market valuations.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 2.25% for Class A. The Net Asset Value ("NAV") figures do not reflect sales charges.

Growth of $10,000 Investment 

Table Summary

	Victory Pioneer Securitized Income Fund Class A @ NAV - $13,144	Victory Pioneer Securitized Income Fund Class A @ MOP - $12,852	Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $9,898	Bloomberg U.S. Securitized Index - $10,140
7/21Footnote Reference*	$10,000	$9,778	$10,000	$10,000
7/21	$10,028	$9,805	$10,099	$10,058
7/22	$9,924	$9,704	$9,178	$9,378
7/23	$10,445	$10,213	$8,869	$8,956
7/24	$11,711	$11,451	$9,321	$9,411
7/25	$12,621	$12,341	$9,637	$9,741
7/26	$13,144	$12,852	$9,898	$10,140

Footnote	Description
Footnote*	Inception date for the Victory Pioneer Securitized Income Fund, Class A is 7/2/2021.

AVERAGE ANNUAL TOTAL RETURNS

(as of July 31, 2026)

Table Summary

	1 Year	5 Year	Since Inception
Class A @ NAV	4.14%	5.56%	5.53%
Class A @ MOP	1.81%	5.09%	5.06%
Bloomberg U.S. Aggregate Bond Index	2.71%	-0.40%	-0.20%
Bloomberg U.S. Securitized Index	4.10%	0.16%	0.27%

FUND STATISTICS

($ amounts in 000s)

(as of July 31, 2026)

Table Summary

Net Assets	$319,126
Number of Holdings	329
Investment Advisory Fees	$1,566
Portfolio Turnover	22%

The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-539-3863.

Asset Allocation^{Footnote Reference*} ^ (% of Net Assets)

(as of July 31, 2026)

Table Summary

Value	Value
Collateralized Mortgage Obligations	45.0%
Asset-Backed Securities	38.9%
U.S. Government Agency Mortgages	7.3%
Collateralized Loan Obligations	4.0%

Table Summary

*	Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 800-539-3863 or visit vcm.com/contact-us.

SIFFX — AR (7/26)

Victory Pioneer Securitized Income Fund 

Class Y  

Ticker: SYFFX 

Annual Shareholder Report — July 31, 2026

This annual shareholder report contains important information about Victory Pioneer Securitized Income Fund (the "Fund") for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.    

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$66	0.65%

What affected the Fund’s performance during the last year?

• For the fiscal year ended July 31, 2026, the Fund’s Class Y shares returned 4.40%. For the same period, the Fund’s broad-based benchmark, the Bloomberg U.S. Aggregate Bond Total Return Index, returned 2.71%. The Fund’s performance benchmark, the Bloomberg U.S. Securitized MBS/ABS/CMBS Total Return Index, returned 4.10% over the period.

• The Fund generated a positive absolute return and outperformed the performance benchmark across nearly all sectors.

• Asset-backed securities were the largest contributor to absolute returns, followed closely by residential mortgage-backed securities (RMBS). Throughout the year, credit spreads narrowed, resulting in higher price returns.

• Subprime auto asset-backed securities were the largest detractor from relative performance, primarily because of adverse security selection in that segment.

• We remain relatively defensively positioned through an up in quality tilt and diversification across sectors. We will be looking for opportunities to selectively reposition the portfolio after rapidly changing relative market valuations.

The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $1,000,000 Investment 

Table Summary

	Victory Pioneer Securitized Income Fund Class Y - $1,480,444	Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $1,048,935	Bloomberg U.S. Securitized Index - $1,052,272
12/19Footnote Reference*	$1,000,000	$1,000,000	$1,000,000
7/20	$896,242	$1,077,800	$1,041,851
7/21	$1,115,601	$1,070,237	$1,043,731
7/22	$1,108,069	$972,668	$973,221
7/23	$1,169,047	$939,913	$929,424
7/24	$1,311,167	$987,858	$976,618
7/25	$1,418,044	$1,021,261	$1,010,850
7/26	$1,480,444	$1,048,935	$1,052,272

Footnote	Description
Footnote*	Inception date for the Victory Pioneer Securitized Income Fund, Class Y is 12/9/2019.

AVERAGE ANNUAL TOTAL RETURNS

(as of July 31, 2026)

Table Summary

	1 Year	5 Year	Since Inception
Class Y	4.40%	5.82%	6.08%
Bloomberg U.S. Aggregate Bond Index	2.71%	-0.40%	0.72%
Bloomberg U.S. Securitized Index	4.10%	0.16%	0.77%

FUND STATISTICS

($ amounts in 000s)

(as of July 31, 2026)

Table Summary

Net Assets	$319,126
Number of Holdings	329
Investment Advisory Fees	$1,566
Portfolio Turnover	22%

The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-539-3863.

Asset Allocation^{Footnote Reference*} ^ (% of Net Assets)

(as of July 31, 2026)

Table Summary

Value	Value
Collateralized Mortgage Obligations	45.0%
Asset-Backed Securities	38.9%
U.S. Government Agency Mortgages	7.3%
Collateralized Loan Obligations	4.0%

Table Summary

*	Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 800-539-3863 or visit vcm.com/contact-us.

SYFFX — AR (7/26)

Victory Pioneer Solutions - Balanced Fund 

Class A  

Ticker: PIALX 

Annual Shareholder Report — July 31, 2026

This annual shareholder report contains important information about Victory Pioneer Solutions - Balanced Fund (the "Fund") for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.    

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$37	0.34%

What affected the Fund’s performance during the last year?

• For the fiscal year ended July 31, 2026, the Fund’s Class A shares at NAV returned 18.24%. For the same period, the Fund’s benchmarks, the Bloomberg US Aggregate Bond Index, returned 2.71%, and the MSCI World NR Index, returned 20.41% over the period.

• All of the underlying funds had positive returns over the period led by Victory Pioneer Global Equity Fund (33.05%) and Victory Pioneer International Equity Fund (32.87%). The Fund’s largest holding, Victory Pioneer Multi-Asset Income Fund, also generated a strong return (16.35%) over the period.

• Fixed income funds did not perform as strongly as equity and multi-asset funds over the period. These funds had returns in excess of the Bloomberg US Aggregate Bond Index, but did lag the returns of the fund overall. Victory Pioneer Multi-Asset Ultrashort Income (4.07%), Victory Pioneer Bond (3.51%), and Victory Pioneer Short Term Income (2.87%).

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 5.75% for Class A. The Net Asset Value ("NAV") figures do not reflect sales charges.

Growth of $10,000 Investment 

Table Summary

	Victory Pioneer Solutions - Balanced Fund Class A @ NAV - $21,271	Victory Pioneer Solutions - Balanced Fund Class A @ MOP - $20,052	MSCI All Country World Index (regulatory broad based index) - $31,950	60% MSCI World NR Index/40% Bloomberg U.S. Aggregate Bond Total Return Index - $22,143	Bloomberg U.S. Aggregate Bond Index - $11,431	MSCI World Index (Net) - $33,139
7/16	$10,000	$9,427	$10,000	$10,000	$10,000	$10,000
7/17	$10,704	$10,090	$11,706	$10,920	$9,949	$11,612
7/18	$11,109	$10,472	$12,989	$11,656	$9,869	$12,991
7/19	$10,962	$10,334	$13,373	$12,327	$10,666	$13,462
7/20	$11,298	$10,650	$14,335	$13,434	$11,746	$14,435
7/21	$14,026	$13,222	$19,092	$16,095	$11,664	$19,498
7/22	$13,047	$12,299	$17,090	$14,663	$10,600	$17,711
7/23	$14,224	$13,409	$19,296	$15,639	$10,243	$20,099
7/24	$15,941	$15,027	$22,580	$17,665	$10,766	$23,784
7/25	$17,989	$16,958	$26,165	$19,565	$11,130	$27,522
7/26	$21,271	$20,052	$31,950	$22,143	$11,431	$33,139

AVERAGE ANNUAL TOTAL RETURNS

(as of July 31, 2026)

Table Summary

	1 Year	5 Year	10 Year
Class A @ NAV	18.24%Footnote Reference	8.69%	7.84%
Class A @ MOP	11.44%	7.40%	7.21%
MSCI All Country World Index	22.11%	10.85%	12.32%
60% MSCI World NR Index/40% Bloomberg U.S. Aggregate Bond Total Return Index	13.18%	6.59%	8.27%
Bloomberg U.S. Aggregate Bond Index	2.71%	-0.40%	1.35%
MSCI World Index (Net)	20.41%	11.19%	12.73%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of July 31, 2026)

Table Summary

Net Assets	$435,887
Number of Holdings	17
Investment Advisory Fees	$-
Portfolio Turnover	25%

The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-539-3863.

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of July 31, 2026)

Table Summary

Victory Pioneer Multi-Asset Income Fund, Class R6	29.8%
Victory Pioneer Global Equity Fund, Class R6	19.5%
Victory Pioneer International Equity Fund, Class R6	9.1%
Victory Pioneer Multi-Asset Ultrashort Income Fund, Class R6	8.7%
Victory Pioneer Equity Premium Income Fund, Class R6	7.6%
Victory Pioneer Bond Fund, Class R6	6.4%
Victory Pioneer Balanced Fund, Class R6	4.7%
Victory Pioneer Active Credit Fund, Class Y	2.8%
Victory Pioneer Securitized Income Fund, Class Y	2.7%
Victory Pioneer CAT Bond Fund, Class R6	2.7%

Asset Allocation^{Footnote Reference*} ^ (% of Net Assets)

(as of July 31, 2026)

Table Summary

Value	Value
Affiliated Mutual Funds	99.9%

Table Summary

*	Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 800-539-3863 or visit vcm.com/contact-us.

PIALX — AR (7/26)

Victory Pioneer Solutions - Balanced Fund 

Class C  

Ticker: PIDCX 

Annual Shareholder Report — July 31, 2026

This annual shareholder report contains important information about Victory Pioneer Solutions - Balanced Fund (the "Fund") for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.    

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class C	$117	1.07%

What affected the Fund’s performance during the last year?

• For the fiscal year ended July 31, 2026, the Fund’s Class C shares at NAV returned 17.35%. For the same period, the Fund’s benchmarks, the Bloomberg US Aggregate Bond Index, returned 2.71%, and the MSCI World NR Index, returned 20.41% over the period.

• All of the underlying funds had positive returns over the period led by Victory Pioneer Global Equity Fund (33.05%) and Victory Pioneer International Equity Fund (32.87%). The Fund’s largest holding, Victory Pioneer Multi-Asset Income Fund, also generated a strong return (16.35%) over the period.

• Fixed income funds did not perform as strongly as equity and multi-asset funds over the period. These funds had returns in excess of the Bloomberg US Aggregate Bond Index, but did lag the returns of the fund overall. Victory Pioneer Multi-Asset Ultrashort Income (4.07%), Victory Pioneer Bond (3.51%), and Victory Pioneer Short Term Income (2.87%).

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. Class C is not subject to an initial sales charge, but is subject to a Contingent Deferred Sales Charge (“CDSC”) of 1.00% on shares redeemed within one year of purchase. The Net Asset Value ("NAV") figures do not reflect sales charges.

Growth of $10,000 Investment 

Table Summary

	Victory Pioneer Solutions - Balanced Fund Class C @ NAV - $20,063	Victory Pioneer Solutions - Balanced Fund Class C @ CDSC - $20,063	MSCI All Country World Index (regulatory broad based index) - $31,950	60% MSCI World NR Index/40% Bloomberg U.S. Aggregate Bond Total Return Index - $22,143	Bloomberg U.S. Aggregate Bond Index - $11,431	MSCI World Index (Net) - $33,139
7/16	$10,000	$10,000	$10,000	$10,000	$10,000	$10,000
7/17	$10,626	$10,626	$11,706	$10,920	$9,949	$11,612
7/18	$10,955	$10,955	$12,989	$11,656	$9,869	$12,991
7/19	$10,720	$10,720	$13,373	$12,327	$10,666	$13,462
7/20	$10,972	$10,972	$14,335	$13,434	$11,746	$14,435
7/21	$13,532	$13,532	$19,092	$16,095	$11,664	$19,498
7/22	$12,501	$12,501	$17,090	$14,663	$10,600	$17,711
7/23	$13,520	$13,520	$19,296	$15,639	$10,243	$20,099
7/24	$15,036	$15,036	$22,580	$17,665	$10,766	$23,784
7/25	$16,968	$16,968	$26,165	$19,565	$11,130	$27,522
7/26	$20,063	$20,063	$31,950	$22,143	$11,431	$33,139

AVERAGE ANNUAL TOTAL RETURNS

(as of July 31, 2026)

Table Summary

	1 Year	5 Year	10 Year
Class C @ NAV	17.35%Footnote Reference	7.88%	7.21%
Class C @ CDSC	16.35%	7.88%	7.21%
MSCI All Country World Index	22.11%	10.85%	12.32%
60% MSCI World NR Index/40% Bloomberg U.S. Aggregate Bond Total Return Index	13.18%	6.59%	8.27%
Bloomberg U.S. Aggregate Bond Index	2.71%	-0.40%	1.35%
MSCI World Index (Net)	20.41%	11.19%	12.73%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of July 31, 2026)

Table Summary

Net Assets	$435,887
Number of Holdings	17
Investment Advisory Fees	$-
Portfolio Turnover	25%

The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-539-3863.

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of July 31, 2026)

Table Summary

Victory Pioneer Multi-Asset Income Fund, Class R6	29.8%
Victory Pioneer Global Equity Fund, Class R6	19.5%
Victory Pioneer International Equity Fund, Class R6	9.1%
Victory Pioneer Multi-Asset Ultrashort Income Fund, Class R6	8.7%
Victory Pioneer Equity Premium Income Fund, Class R6	7.6%
Victory Pioneer Bond Fund, Class R6	6.4%
Victory Pioneer Balanced Fund, Class R6	4.7%
Victory Pioneer Active Credit Fund, Class Y	2.8%
Victory Pioneer Securitized Income Fund, Class Y	2.7%
Victory Pioneer CAT Bond Fund, Class R6	2.7%

Asset Allocation^{Footnote Reference*} ^ (% of Net Assets)

(as of July 31, 2026)

Table Summary

Value	Value
Affiliated Mutual Funds	99.9%

Table Summary

*	Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 800-539-3863 or visit vcm.com/contact-us.

PIDCX — AR (7/26)

Victory Pioneer Solutions - Balanced Fund 

Class Y  

Ticker: IMOYX 

Annual Shareholder Report — July 31, 2026

This annual shareholder report contains important information about Victory Pioneer Solutions - Balanced Fund (the "Fund") for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.    

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$20	0.18%

What affected the Fund’s performance during the last year?

• For the fiscal year ended July 31, 2026, the Fund’s Class Y shares returned 18.44%. For the same period, the Fund’s benchmarks, the Bloomberg US Aggregate Bond Index, returned 2.71%, and the MSCI World NR Index, returned 20.41% over the period.

• All of the underlying funds had positive returns over the period led by Victory Pioneer Global Equity Fund (33.05%) and Victory Pioneer International Equity Fund (32.87%). The Fund’s largest holding, Victory Pioneer Multi-Asset Income Fund, also generated a strong return (16.35%) over the period.

• Fixed income funds did not perform as strongly as equity and multi-asset funds over the period. These funds had returns in excess of the Bloomberg US Aggregate Bond Index, but did lag the returns of the fund overall. Victory Pioneer Multi-Asset Ultrashort Income (4.07%), Victory Pioneer Bond (3.51%), and Victory Pioneer Short Term Income (2.87%).

The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $1,000,000 Investment 

Table Summary

	Victory Pioneer Solutions - Balanced Fund Class Y - $2,170,387	MSCI All Country World Index (regulatory broad based index) - $3,194,969	60% MSCI World NR Index/40% Bloomberg U.S. Aggregate Bond Total Return Index - $2,214,345	Bloomberg U.S. Aggregate Bond Index - $1,143,141	MSCI World Index (Net) - $3,313,941
7/16	$1,000,000	$1,000,000	$1,000,000	$1,000,000	$1,000,000
7/17	$1,073,252	$1,170,585	$1,092,045	$994,854	$1,161,186
7/18	$1,115,542	$1,298,935	$1,165,630	$986,891	$1,299,128
7/19	$1,102,815	$1,337,260	$1,232,677	$1,066,640	$1,346,166
7/20	$1,139,344	$1,433,510	$1,343,375	$1,174,599	$1,443,527
7/21	$1,417,513	$1,909,152	$1,609,512	$1,166,355	$1,949,813
7/22	$1,323,885	$1,708,987	$1,466,252	$1,060,024	$1,771,136
7/23	$1,444,100	$1,929,626	$1,563,874	$1,024,327	$2,009,910
7/24	$1,620,440	$2,258,038	$1,766,489	$1,076,579	$2,378,430
7/25	$1,832,429	$2,616,493	$1,956,477	$1,112,982	$2,752,214
7/26	$2,170,387	$3,194,969	$2,214,345	$1,143,141	$3,313,941

AVERAGE ANNUAL TOTAL RETURNS

(as of July 31, 2026)

Table Summary

	1 Year	5 Year	10 Year
Class Y	18.44%Footnote Reference	8.89%	8.06%
MSCI All Country World Index	22.11%	10.85%	12.32%
60% MSCI World NR Index/40% Bloomberg U.S. Aggregate Bond Total Return Index	13.18%	6.59%	8.27%
Bloomberg U.S. Aggregate Bond Index	2.71%	-0.40%	1.35%
MSCI World Index (Net)	20.41%	11.19%	12.73%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of July 31, 2026)

Table Summary

Net Assets	$435,887
Number of Holdings	17
Investment Advisory Fees	$-
Portfolio Turnover	25%

The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-539-3863.

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of July 31, 2026)

Table Summary

Victory Pioneer Multi-Asset Income Fund, Class R6	29.8%
Victory Pioneer Global Equity Fund, Class R6	19.5%
Victory Pioneer International Equity Fund, Class R6	9.1%
Victory Pioneer Multi-Asset Ultrashort Income Fund, Class R6	8.7%
Victory Pioneer Equity Premium Income Fund, Class R6	7.6%
Victory Pioneer Bond Fund, Class R6	6.4%
Victory Pioneer Balanced Fund, Class R6	4.7%
Victory Pioneer Active Credit Fund, Class Y	2.8%
Victory Pioneer Securitized Income Fund, Class Y	2.7%
Victory Pioneer CAT Bond Fund, Class R6	2.7%

Asset Allocation^{Footnote Reference*} ^ (% of Net Assets)

(as of July 31, 2026)

Table Summary

Value	Value
Affiliated Mutual Funds	99.9%

Table Summary

*	Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 800-539-3863 or visit vcm.com/contact-us.

IMOYX — AR (7/26)

(b)  Not applicable. 

Item 2. Code of Ethics.

As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the “Code of Ethics”). During the period covered by this report, there were no amendments, nor did the Registrant grant any waivers, including any implicit waivers, from any provision of the Code of Ethics. The Code of Ethics is attached hereto as Exhibit 19(a)(1) of this Form. 

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees has determined that the Registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Mr. Fred J. Ricciardi  is  an “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

Item 4. Principal Accountant Fees and Services.

(a)  Audit Fees.  Fees for audit services provided to the Registrant were $181,100 and $201,270 for the fiscal years ended July 31, 2026 and 2025, respectively.

(b) Audit-Related Fees.  The aggregate fees billed in each of the last two fiscal years for audit-related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this item were $0 and $0 for the fiscal years ended July 31, 2026 and 2025, respectively.

(c)  Tax Fees.  Fees for tax services, which consisted of foreign tax compliance and tax consulting services, were $27,880 and $35,730 for the fiscal years ended July 31, 2026 and 2025, respectively.

(d)  All Other Fees.  Fees for other services totaled $2,000 and $0 for the fiscal years ended July 31, 2026 and 2025, respectively.

(e)  (1)  The Registrant’s Audit Committee has adopted Pre-Approval Policies and Procedures. The Audit Committee must pre-approve all audit services and non-audit services that the principal accountant provides to the Registrant. The Audit Committee must also pre-approve any engagement of the principal accountant to provide non-audit services to the Registrant’s investment adviser, or any affiliate of the adviser that provides ongoing services to the Registrant, if such non-audit services directly impact the Registrant’s operations and financial reporting.

     (2)  No services described in items (b) were pre-approved by the Audit Committee pursuant to Rule 2 01(c)(7)(i)(c) of Regulation S-X.

(f)  All of the work in connection with the audit of the Registrant during the years ended July 31, 2026 and 2025 was performed by full-time employees of the Registrant’s principal accountant.

(g)  The aggregate fees billed by the principal accountant for non-audit services to the Registrant, the Registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant were $68,973 and $35,730 for the years ended July 31, 2026 and 2025, respectively.

(h)  The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal auditor’s independence. 

(i)  Not applicable.

(j)  Not applicable.

Item 5.    Audit Committee of Listed Registrants.

Not applicable. 

Item 6.   Investments.

(a)  Not applicable.

(b)  Not applicable. 

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a)  

July

31,

2026

Annual:

Full

Financials

Victory

Pioneer

Balanced

Fund

TABLE

OF

CONTENTS

Victory

Portfolios

IV

1

This

report

is

for

the

information

of

the

shareholders

and

others

who

have

received

a

copy

of

the

currently

effective

prospectus

of

the

Fund,

managed

by

Victory

Capital

Management

Inc.

It

may

be

used

as

sales

literature

only

when

preceded

or

accompanied

by

a

current

prospectus,

which

provides

further

details

about

the

Fund.

IRA

DISTRIBUTION

WITHHOLDING

DISCLOSURE

We

generally

must

withhold

federal

income

tax

at

a

rate

of

10%

of

the

taxable

portion

of

your

distribution

and,

if

you

live

in

a

state

that

requires

state

income

tax

withholding,

at

your

state’s

tax

rate.

However,

you

may

elect

not

to

have

withholding

apply

or

to

have

income

tax

withheld

at

a

higher

rate.

Any

withholding

election

that

you

make

will

apply

to

any

subsequent

distribution

unless

and

until

you

change

or

revoke

the

election.

If

you

wish

to

make

a

withholding

election,

or

change

or

revoke

a

prior

withholding

election,

call

(800)

539-3863,

and

a

Form

W-4P

(OMB

No.

1545-0074

withholding

certificate

for

pension

or

annuity

payments)

will

be

electronically

sent.

If

you

do

not

have

a

withholding

election

in

place

by

the

date

of

a

distribution,

federal

income

tax

will

be

withheld

from

the

taxable

portion

of

your

distribution

at

a

rate

of

10%.

If

you

must

pay

estimated

taxes,

you

may

be

subject

to

estimated

tax

penalties

if

your

estimated

tax

payments

are

not

sufficient

and

sufficient

tax

is

not

withheld

from

your

distribution.

For

more

specific

information,

please

consult

your

tax

adviser.

•

NOT

FDIC

INSURED

•

NO

BANK

GUARANTEE

•

MAY

LOSE

VALUE

Schedule

of

Portfolio

Investments

(Form

N-CSR

Item

6)

2

Financial

Statements

(Form

N-CSR

Item

7)

Statement

of

Assets

and

Liabilities

20

Statement

of

Operations

21

Statements

of

Changes

in

Net

Assets

22

Financial

Highlights

24

Notes

to

Financial

Statements

(Form

N-CSR

Item

7)

28

Report

of

Independent

Registered

Public

Accounting

Firm

(Form

N-CSR

Item

7)

40

Supplemental

Information

(Unaudited)

Additional

Federal

Income

Tax

Information

41

Schedule

of

Portfolio

Investments

July

31,

2026

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

2

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Asset-Backed

Securities

(2.6%)

ABS

Auto

(1.3%):

American

Credit

Acceptance

Receivables

Trust

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

Series

2024-3,

Class

D,

6.04%,

7/12/30,

Callable

2/12/28

@

100(a)

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

$

100

$

101

Series

2025-2,

Class

D,

5.50%,

8/12/31,

Callable

8/12/28

@

100(a)

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

170

171

Series

2025-4,

Class

D,

5.25%,

9/12/31,

Callable

9/12/28

@

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

101

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

12/15/28

@

100

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

400

402

Exeter

Automobile

Receivables

Trust

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

Series

2023-5A,

Class

D,

7.13%,

2/15/30,

Callable

12/15/28

@

100

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

400

409

Series

2024-3A,

Class

D,

5.98%,

9/16/30,

Callable

8/15/30

@

100

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

230

234

Series

2024-4A,

Class

D,

5.81%,

12/16/30,

Callable

5/15/29

@

100

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

780

789

Series

2024-5A,

Class

D,

5.06%,

2/18/31,

Callable

3/15/29

@

100

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

190

190

Series

2025-3A,

Class

D,

5.57%,

10/15/31,

Callable

9/15/29

@

100

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

390

393

GLS

Auto

Receivables

Issuer

Trust

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

Series

2023-4A,

Class

D,

7.18%,

8/15/29,

Callable

10/15/28

@

100(a)

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

160

163

Series

2024-2A,

Class

D,

6.19%,

2/15/30,

Callable

4/15/29

@

100(a)

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

160

162

Series

2024-3A,

Class

D,

5.53%,

2/18/31,

Callable

3/15/29

@

100(a)

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

530

532

Series

2025-2A,

Class

D,

5.59%,

1/15/31,

Callable

5/15/29

@

100(a)

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

100

100

GLS

Auto

Select

Receivables

Trust,

Series

2024-4A,

Class

D,

5.28%,

10/15/31,

Callable

6/15/29

@

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

101

Series

2024-2A,

Class

C,

6.70%,

1/27/31,

Callable

1/25/30

@

100(a)

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

110

110

Merchants

Fleet

Funding

LLC

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

Series

2024-1A,

Class

C,

6.18%,

4/20/37,

Callable

12/20/26

@

100(a)

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

240

242

Series

2024-1A,

Class

D,

6.85%,

4/20/37,

Callable

12/20/26

@

100(a)

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

220

222

Series

2025-1A,

Class

A,

4.49%,

1/20/39

,

Callable

8/20/29

@

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

138

Series

2025-1A,

Class

D,

6.02%,

7/15/31,

Callable

10/15/28

@

100(a)

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

120

121

Research-Driven

Pagaya

Motor

Asset

Trust,

Series

2026-4A,

Class

A4,

5.80%,

5/25/35,

Callable

7/25/28

@

100(a)

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

140

140

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2024-A,

Class

E,

7.76%,

6/15/32,

Callable

9/15/28

@

100(a)

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

114

116

Santander

Drive

Auto

Receivables

Trust

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

Series

2024-2,

Class

D,

6.28%,

8/15/31,

Callable

5/15/28

@

100

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

160

163

Series

2024-4,

Class

D,

5.32%,

12/15/31,

Callable

6/15/28

@

100

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

390

390

Tricolor

Auto

Securitization

Trust

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

Series

2024-2A,

Class

C,

0.00%,

4/17/28(a)(b)

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

100

54

Series

2024-3A,

Class

C,

0.00%,

12/15/28,

Callable

10/15/27

@

100(a)(b)

..........

100

28

Veros

Auto

Receivables

Trust,

Series

2026-1,

Class

A,

4

.53%,

8/15/28(a)

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

55

55

VStrong

Auto

Receivables

Trust,

Series

2023-A,

Class

D,

9.31%,

2/15/30,

Callable

3/15/29

@

100(a)

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

100

106

Westlake

Automobile

Receivables

Trust,

Series

2024-2A,

Class

D,

5.91%,

4/15/30,

Callable

2/15/28

@

100(a)

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

280

283

6,449

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

100

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

481

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)

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

136

136

RCKT

Mortgage

Trust,

Series

2026-CES6,

Class

A1A,

5.32%,

6/25/56,

Callable

6/25/29

@

100(a)(c)

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

218

217

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

3

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Vista

Point

Securitization

Trust,

Series

2024-CES1,

Class

A1,

6.68%,

5/25/54,

Callable

5/25/27

@

100(a)(c)

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

$

150

$

151

504

ABS

Other

(1.1%):

Accelerated

Assets

LLC,

Series

2021-1H,

Class

C,

2.35%,

10/20/40,

Callable

4/15/28

@

100(a)

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

27

25

ACHM

Trust,

Series

2024-HE2,

Class

A,

5.35%,

10/25/39,

Callable

10/25/29

@

100(a)

....

108

107

Amur

Equipment

Finance

Receivables

XI

LLC,

Series

2022-2A,

Class

D,

7.25%,

5/21/29,

Callable

8/20/26

@

100(a)

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

300

300

Amur

Equipment

Finance

Receivables

XII

LLC,

Series

2023-1A,

Class

C,

6.36%,

12/20/29,

Callable

6/20/27

@

100(a)

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

100

101

Amur

Equipment

Finance

Receivables

XIV

LLC,

Series

2024-2A,

Class

D,

5.97%,

10/20/31,

Callable

8/20/28

@

100(a)

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

230

232

Blackbird

Capital

II

Aircraft

Lease

Ltd.,

Series

2021-1A,

Class

A,

2.44%,

7/15/46,

Callable

7/15/28

@

100(a)

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

143

136

Cascade

MH

Asset

Trust

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

Series

2019-MH1,

Class

A,

4.00%,

11/25/44,

Callable

8/25/26

@

100(a)

(c)

.........

92

88

Series

2021-MH1,

Class

M1,

2.99%,

2/25/46,

Callable

11/25/38

@

100(a)

..........

150

118

Crockett

Partners

Equipment

Co.

IIA

LLC,

Series

2024-1C,

Class

A,

6.05%,

1/20/31,

Callable

4/20/29

@

100(a)

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

121

121

DataBank

Issuer,

Series

2024-1A,

Class

A2,

5.30%,

1/26/54,

Callable

1/25/27

@

100(a)

....

170

168

Dell

Equipment

Finance

Trust,

Series

2024-1,

Class

D,

6.12%,

9/23/30,

Callable

12/22/26

@

100(a)

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

100

101

FIGRE

Trust

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

Series

2024-HE3,

Class

A,

5.94%,

7/25/54,

Callable

2/25/29

@

100(a)(c)

...........

270

272

Series

2024-HE6,

Class

A,

5.72%,

12/25/54,

Callable

4/25/30

@

100(a)(c)

..........

453

453

Series

2025-HE1,

Class

A,

5.83%,

1/25/55,

Callable

8/25/30

@

100(a)(c)

...........

227

228

Series

2025-HE2,

Class

A,

5.78%,

3/25/55,

Callable

2/25/30

@

100(a)(c)

...........

106

106

Series

2025-HE5,

Class

A,

5.29%,

8/25/55,

Callable

1/25/31

@

100(a)(c)

...........

355

352

Series

2025-HE8,

Class

A,

5.21%,

11/25/55

,

Callable

9/25/31

@

100(a)(c)

..........

125

124

Foundation

Finance

Trust,

Series

2021-1A,

Class

A,

1.27%,

5/15/41,

Callable

4/15/28

@

100(a)

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

16

15

GS

Mortgage-Backed

Securities

Trust

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

Series

2025-HE1,

Class

A1,

5.17%

(SOFR30A+155bps)

,

10/25/55,

Callable

7/25/28

@

100(a)(d)

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

84

85

Series

2025-SL1,

Class

A1,

5.85%,

11/25/67,

Callable

3/25/28

@

100(a)(c)

.........

169

169

Home

Partners

of

America

Trust

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

Series

2019-1,

Class

D,

3.41%,

9/17/39,

Callable

8/17/26

@

100

(a)(e)

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

114

112

Series

2019-2,

Class

E,

3.32%,

10/19/39,

Callable

8/17/26

@

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

247

Mosaic

Solar

Loan

Trust

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

Series

2019-2A,

Class

A,

2.88%,

9/20/40,

Callable

2/20/31

@

100(a)

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

26

23

Series

2020-1A,

Class

A,

2.10%,

4/20/46(a)

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

57

50

Nelnet

Student

Loan

Trust,

Series

2021-A,

Class

B1,

2.85%,

4/20/62,

Callable

8/20/31

@

100(a)

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

150

134

NMEF

Funding

LLC

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

Series

2022-B,

Class

C,

8.54%,

6/15/29,

Callable

8/15/26

@

100(a)

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

100

100

Series

2024-A,

Class

C,

6.33%,

12/15/31,

Callable

3/15/28

@

100(a)

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

230

233

Pagaya

AI

Debt

Grantor

Trust,

Series

2024-10,

Class

A,

5.18%,

6/15/32,

Callable

11/15/26

@

100(a)

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

28

28

Reach

ABS

Trust,

Series

2026-1A,

Class

A,

4.32%,

2/15/33

,

Callable

3/15/30

@

100(a)

....

57

57

ReadyCap

Lending

Small

Business

Loan

Trust,

Series

2023-3,

Class

A,

6.82%

(PRIME+7bps),

4/25/48,

Callable

12/25/27

@

100(a)(d)

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

103

104

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

11/20/29

@

100(a)

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

100

102

Series

2025-2A,

Class

D,

5.33%,

6/20/36,

Callable

4/20/32

@

100(a)

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

100

98

SpringCastle

America

Funding

LLC,

Series

2020-AA,

Class

A,

1.97%,

9/25/37,

Callable

8/25/26

@

100(a)

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

28

27

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

4

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Tricon

American

Homes

Trust,

Series

2020-SFR2,

Class

E1,

2.73%,

11/17/39(a)(e)

........

$

120

$

115

5,122

Total

Asset-Backed

Securities

(Cost

$12,700)

a

a

a

12,556

Collateralized

Loan

Obligations

(0.2%)

Cash

Flow

CLO

(0.2%):

ACREC

LLC,

Series

2026-FL5,

Class

A,

4.98%

(TSFR1M+135bps),

7/18/43,

Callable

6/18/28

@

100(a)(d)(e)

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

120

120

Arbor

Realty

Collateralized

Loan

Obligation

Ltd.,

Series

2025-BTR1,

Class

AS,

6.30%

(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,

5.93%

(SOFR30A+230bps),

1/15/37,

Callable

8/15/26

@

100(a)(d)

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

250

250

Dwight

Issuer

LLC,

Series

2025-FL1,

Class

A,

5.33%

(TSFR1M+166bps),

6/18/42,

Callable

7/19/27

@

100(a)(d)

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

310

311

FS

Rialto

Issuer

LLC,

Series

2025-FL10,

Class

A,

5.05%

(TSFR1M+139

bps),

8/19/42,

Callable

8/19/27

@

100(a)(d)(e)

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

240

241

1,163

Total

Collateralized

Loan

Obligations

(Cost

$1,158)

a

a

a

1,163

Collateralized

Mortgage

Obligations

(2.5%)

Agency

CMO

Floating

(0.0%):(f)

Federal

Home

Loan

Mortgage

Corporation

REMICs

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

Series

2006-104,

Class

GF,

4.05%

(SOFR30A+43bps),

11/25/36(d)

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

8

8

Series

3868,

Class

FA,

4.14%

(SOFR30A+51bps)

,

5/15/41(d)

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

9

9

Federal

National

Mortgage

Association

REMICs

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

Series

2006-23,

Class

FP,

4.03%

(SOFR30A+41bps),

4/25/36(d)

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

11

11

Series

2007-93,

Class

FD,

4.28%

(SOFR30A+66bps),

9/25/37(d)

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

5

5

Series

2011-63,

Class

FG,

4.18%

(SOFR30A+56bps),

7/25/41(d)

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

31

31

64

Agency

CMO

IO

(0.1%):

Federal

Home

Loan

Mortgage

Corporation

REMICs

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

Series

4091,

Class

SH,

2.81%

(SOFR30A+644bps),

8/15/42(d)(e)

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

74

9

Series

4601,

Class

NI,

3.50%,

9/15/45(e)

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

66

8

Series

4999,

Class

QI,

4.00%,

5/25/50(e)

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

61

13

Series

5067,

Class

GI,

4.00%,

12/25/50(e)

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

79

16

Federal

Home

Loan

Mortgage

Corporation

STRIPS,

Series

399,

Class

C5,

2.00%,

6/25/36(e)

310

18

Federal

National

Mortgage

Association

REMICs

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

Series

2019-59,

Class

AI,

4.00%,

10/25/39(e)

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

34

5

Series

2020-83,

Class

EI,

4.00%,

11/25/50(e)

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

52

11

Series

2021-78,

Class

CI,

4.50%,

11/25/51(e)

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

56

13

Government

National

Mortgage

Association

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

Series

2019-159,

Class

CI,

3.50%,

12/20/49(e)

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

225

35

Series

2020-188,

Class

GI,

2.00%,

12/20/50(e)

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

127

15

Series

2020-34,

Class

IO,

5.00%,

12/20/39(e)

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

278

50

Series

2020-9,

Class

SA

(TSFR1M+324bps),

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

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

185

1

Series

2021-136,

Class

YI,

3.00%,

8/20/51(e)

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

234

28

Series

2021-140,

Class

IO,

2.50%,

8/20/51(e)

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

257

25

Series

2021-146,

Class

QI,

3.00%,

8/20/51(e)

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

65

10

Series

2021-96,

Class

BI,

3.50%,

6/20/51(e)

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

92

15

Series

2023-168,

Class

ID,

2.50%,

3/20/51(e)

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

167

18

Series

2023-70,

Class

IO,

4.00%,

6/20/50(e)

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

191

38

Series

2024-206,

Class

IO,

2.50%,

10/20/51(e)

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

265

26

Series

2024-24,

Class

AI,

2.50%,

8/20/51(e)

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

215

21

Series

2025-120,

Class

IC,

4.50%,

1/20/50(e)

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

225

49

Series

2025-173,

Class

AI,

2.50%

,

10/20/51(e)

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

830

83

507

Agency

Commercial

MBS

(0.0%):(f)

Government

National

Mortgage

Association,

Series

2017-21,

Class

IO,

0.59%,

10/16/58,

Callable

8/16/43

@

100(c)(e)

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

705

23

Commercial

MBS

(0.8%):

BAY

Trust,

Series

2026-MDWS,

Class

A,

5.32%

(TSFR1M+164bps),

6/15/41(a)(d)(e)

.....

380

379

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

5

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Benchmark

Mortgage

Trust

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

Series

2018-B8,

Class

A4,

3.96%,

1/15/52,

Callable

12/15/28

@

100

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

$

300

$

296

Series

2022-B34,

Class

AM,

3.82%,

4/15/55,

Callable

4/15/32

@

100(c)

...........

200

175

Citigroup

Commercial

Mortgage

Trust,

Series

2018-C5,

Class

A3,

3.96%,

6/10/51,

Callable

6/10/28

@

100

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

204

201

COMM

Mortgage

Trust,

Series

2024-WCL1,

Class

A,

5.52%

(TSFR1M+184bps),

6/15/41(a)

(d)(e)

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

350

350

FREMF

Mortgage

Trust

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

Series

2017-KW03,

Class

B,

4.08%,

7/25/27(a)(c)

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

100

99

Series

2019-KF64,

Class

B,

6.05%

(SOFR30A+241bps),

8/25/26(a)(d)

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

110

110

Series

2019-KF66,

Class

B,

6.15%

(SOFR30A+251bps),

7/25/29(a)(d)

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

106

100

FREMF

Trust,

Series

2018-KW04,

Class

B,

3.94%,

9/25/28(a)(c)

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

250

232

Hilt

Commercial

Mortgage

Trust,

Series

2024-ORL,

Class

A,

5.22%

(

TSFR1M+154bps),

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

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

220

220

HTL

Commercial

Mortgage

Trust,

Series

2024-T53,

Class

B,

6.56%,

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

......

100

100

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2018-WPT,

Class

AFX,

4.25%,

7/5/33(a)(e)

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

375

353

JPMDB

Commercial

Mortgage

Securities

Trust

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

Series

2018-C8,

Class

A4,

4.21%,

6/15/51,

Callable

6/15/28

@

100

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

250

247

Series

2018-C8,

Class

XB,

0.12%,

6/15/51,

Callable

3/15/28

@

100(c)(e)

...........

2,450

6

Key

Commercial

Mortgage

Securities

Trust,

Series

2019-S2,

Class

A3,

3.47%,

6/15/52,

Callable

6/15/29

@

100(a)

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

212

203

KSL

Commercial

Mortgage

Trust,

Series

2026-HT3,

Class

A,

5.18%

(TSFR1M+150bps),

6/15/43(a)(d)(e)

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

110

110

Morgan

Stanley

Capital

I

Trust,

Series

2018-MP,

Class

A,

4.28%,

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

.........

300

282

Soho

Trust,

Series

2021-SOHO,

Class

A,

2.70%,

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

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

125

107

Velocity

Commercial

Capital

Loan

Trust

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

Series

2024-6,

Class

A,

5.81%,

12/25/54,

Callable

8/25/35

@

100(a)(c)

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

120

119

Series

2025-1,

Class

A,

6.03%,

2/25/55

,

Callable

12/25/32

@

100(a)(c)

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

102

102

VRTX

Trust

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

Series

2025-HQ,

Class

C,

5.92%,

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

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

140

136

Series

2025-HQ,

Class

D,

6.60%,

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

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

140

137

Wells

Fargo

Commercial

Mortgage

Trust

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

Series

2016-LC24,

Class

XA,

1.36%,

10/15/49,

Callable

9/15/26

@

100(c)(e)

........

348

—(h)

Series

2026-1250B,

Class

B,

4.97%,

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

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

100

98

4,162

Private

CMO

Floating

(0.5%):

Connecticut

Avenue

Securities

Trust

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

Series

2022-R02,

Class

2M2,

6.62%

(SOFR30A+300bps),

1/25/42,

Callable

1/25/27

@

100(a)(d)

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

134

135

Series

2024-R03,

Class

2M2,

5.57%

(SOFR30A+195bps),

3/25/44

,

Callable

3/25/29

@

100(a)(d)

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

100

101

Series

2024-R05,

Class

2M2,

5.32%

(SOFR30A+170bps),

7/25/44,

Callable

7/25/29

@

100(a)(d)

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

66

66

Eagle

Re

Ltd.,

Series

2023-1,

Class

M1B,

7.57%

(SOFR30A+395bps),

9/26/33,

Callable

9/25/28

@

100(a)(d)

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

199

203

Federal

Home

Loan

Mortgage

Corporation,

Series

2021-MN1,

Class

M1,

5.62%

(SOFR30A+200bps),

1/25/51,

Callable

1/25/29

@

100(a)(d)

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

2

2

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Credit

Risk

Trust,

Series

2021-MN3,

Class

M2,

7.62%

(SOFR30A+400bps),

11/25/51,

Callable

7/25/36

@

100(a)

(d)

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

550

563

Federal

Home

Loan

Mortgage

Corporation

STACR

REMIC

Trust

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

Series

2021-HQA3,

Class

B1,

6.97%

(SOFR30A+335bps),

9/25/41,

Callable

9/25/26

@

100(a)(d)

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

485

486

Series

2021-HQA3,

Class

M2,

5.72%

(SOFR30A+210bps),

9/25/41,

Callable

9/25/26

@

100(a)(d)

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

400

401

Series

2024-DNA3,

Class

A1,

4.67%

(SOFR30A+105bps),

10/25/44,

Callable

10/25/29

@

100(a)(d)

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

104

104

Series

2026-HQA1,

Class

A1,

4.62%

(SOFR30A+100bps),

5/25/46,

Callable

5/25/31

@

100(a)(d)

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

102

102

Series

2026-HQA1,

Class

M1,

4.87%

(SOFR30A+125bps),

5/25/46,

Callable

5/25/31

@

100(a)(d)

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

141

141

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

6

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Towd

Point

Mortgage

Trust,

Series

2019-HY1,

Class

B2,

5.99%

(TSFR1M+226bps),

10/25/48,

Callable

5/25/29

@

100(a)(d)

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

$

140

$

146

Triangle

Re

Ltd.,

Series

2023-1,

Class

M1A,

7.02%

(SOFR30A+340bps),

11/25/33,

Callable

8/25/28

@

100(a)(d)

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

30

30

2,480

Private

CMO

Other

(1.1%):

Bayview

Opportunity

Master

Fund

Trust,

Series

2026-1,

Class

A1A,

5.52%,

7/25/56,

Callable

7/25/29

@

100(a)(c)

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

196

195

BINOM

Securitization

Trust,

Series

2022-RPL1,

Class

M2,

3.00%,

2/25/61,

Callable

8/25/26

@

100(a)(c)

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

425

320

Bunker

Hill

Loan

Depositary

Trust,

Series

2020-1,

Class

A3,

3.25%,

2/25/55,

Callable

8/25/26

@

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

98

Series

2024-HB14,

Class

M2,

3.00%,

6/25/34,

Callable

6/25/27

@

100(a)(c)

........

100

98

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

11/25/53

@

100(a)(c)

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

500

429

Federal

Home

Loan

Mortgage

Corporation,

Series

2018-4,

Class

M,

4.75%,

3/25/58,

Callable

4/25/51

@

100(a)

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

370

361

GS

Mortgage-Backed

Securities

Trust,

Series

2022-PJ1,

Class

A4,

2.50%,

5/28/52,

Callable

9/25/45

@

100(a)(c)

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

245

195

Imperial

Fund

Mortgage

Trust

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

Series

2021-NQM2,

Class

B1,

3.30%,

9/25/56,

Callable

8/25/26

@

100(a)(c)

........

100

71

Series

2021-NQM2,

Class

M1,

2.49%,

9/25/56,

Callable

8/25/26

@

100(a)(c)

........

100

71

IMS

Ecuadorian

Mortgage

Trust,

Series

2021-1,

Class

GA,

3.40%,

8/18/43(a)

...........

166

159

J.P.

Morgan

Mortgage

Trust

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

Series

2021-INV1,

Class

B1,

2.97%,

10/25/51,

Callable

8/25/47

@

100(a)(c)

........

113

93

Series

2022-8,

Class

B2,

4.69%,

1/25/53,

Callable

2/25/45

@

100(a)(c)

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

627

564

Series

2022-LTV1,

Class

M1,

3.51%,

7/25/52,

Callable

10/25/43

@

100(a)(c)

........

250

168

Mello

Mortgage

Capital

Acceptance,

Series

2021-INV2,

Class

A15,

2.50%,

8/25/51,

Callable

11/25/43

@

100(a)(c)

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

280

224

MFA

Trust,

Series

2020-NQM1,

Class

A3,

3.30%,

8/25/49,

Callable

8/25/26

@

100(a)(c)

...

15

14

Onity

Loan

Investment

Trust,

Series

2024-HB2,

Class

M2,

5.00%,

8/25/37,

Callable

8/25/27

@

100(a)(c)

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

140

139

PRMI

Securitization

Trust,

Series

2021-1,

Class

B1,

2.47%,

4/25/51,

Callable

12/25/44

@

100(a)(c)

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

513

414

Provident

Funding

Mortgage

Trust,

Series

2021-2,

Class

A9,

2.25%,

4/25/51,

Callable

4/25/43

@

100(a)(c)

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

227

177

RCKT

Mortgage

Trust,

Series

2021-3,

Class

A25,

2.50%,

7/25/51,

Callable

12/25/46

@

100(a)

(c)

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

263

210

RMF

Proprietary

Issuance

Trust,

Series

2019-1,

Class

A,

2.75%,

10/25/63(a)(c)

..........

25

25

UWM

Mortgage

Trust

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

Series

2021-INV1,

Class

A5,

2.50%,

8/25/51,

Callable

6/25/46

@

100(a)(c)

.........

400

262

Series

2021-INV2,

Class

A5,

2.50%,

9/25/51,

Callable

12/25/44

@

100(a)(c)

........

675

441

Wells

Fargo

Mortgage

Backed

Securities

Trust,

Series

2020-5,

Class

B2,

2.90%,

9/25/50,

Callable

7/25/43

@

100(a)(c)

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

332

288

5,212

Total

Collateralized

Mortgage

Obligations

(Cost

$13,330)

a

a

a

12,448

Shares

Common

Stocks

(62.7%)

Communication

Services

(7.9%):

Alphabet,

Inc.,

Class

A

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

99,264

35,351

Netflix,

Inc.(i)

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

50,544

3,625

38,976

Consumer

Discretionary

(7.4%):

Amazon.com,

Inc.(i)

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

73,949

20,083

eBay,

Inc.

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

30,045

3,425

LKQ

Corp.

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

58,939

1,323

The

TJX

Cos.,

Inc.

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

47,736

7,511

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

7

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Ulta

Beauty,

Inc.(i)

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

7,858

$

4,030

36,372

Consumer

Staples

(1.9%):

Glanbia

PLC

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

118,659

3,144

Mondelez

International,

Inc.,

Class

A

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

101,165

6,304

9,448

Energy

(2.2%):

Phillips

66

Co.

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

27,454

5,811

Shell

PLC,

ADR

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

56,108

5,161

10,972

Financials

(7.5%):

Bank

of

America

Corp.

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

120,565

7,469

Capital

One

Financial

Corp.

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

25,490

5,328

Chubb

Ltd.

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

13,947

4,891

Citizens

Financial

Group,

Inc.

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

73,009

5,231

Huntington

Bancshares,

Inc.

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

324,866

5,536

State

Street

Corp.

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

45,592

8,396

36,851

Health

Care

(7.3%):

AbbVie,

Inc.

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

30,337

7,613

Bristol-Myers

Squibb

Co.

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

56,150

3,667

Cardinal

Health,

Inc.

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

31,839

7,324

Eli

Lilly

&

Co.

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

7,552

8,676

Intuitive

Surgical,

Inc.(i)

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

7,911

2,795

Vertex

Pharmaceuticals,

Inc.(i)

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

11,700

5,582

35,657

Industrials

(7.4%):

Deere

&

Co.

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

5,322

3,154

Emerson

Electric

Co.

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

28,204

4,226

Ferguson

Enterprises,

Inc.

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

19,313

4,526

Johnson

Controls

International

PLC

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

40,393

5,924

MasTec,

Inc.(i)

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

10,000

2,631

Norfolk

Southern

Corp.

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

8,600

2,885

Rockwell

Automation,

Inc.

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

9,081

4,360

United

Rentals,

Inc.

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

4,635

5,002

Vertiv

Holdings

Co.,

Class

A

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

14,716

3,555

36,263

Information

Technology

(17.7%):

Amphenol

Corp.,

Class

A

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

15,773

2,535

Applied

Materials,

Inc.

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

10,043

5,098

Cirrus

Logic,

Inc.(i)

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

18,515

2,395

Cisco

Systems,

Inc.

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

57,682

6,691

Intel

Corp.(i)

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

27,343

2,466

International

Business

Machines

Corp.

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

23,093

5,165

Keysight

Technologies,

Inc.(i)

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

14,203

4,532

Marvell

Technology,

Inc.

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

16,927

3,175

Microsoft

Corp.

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

37,509

17,431

Motorola

Solutions,

Inc.

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

9,219

4,017

NetApp,

Inc.

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

22,129

3,950

NVIDIA

Corp.

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

4,551

914

QUALCOMM,

Inc.

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

21,097

3,114

Ralliant

Corp.

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

139,384

9,112

Samsung

Electronics

Co.

Ltd.,

Registered

Shares,

GDR

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

1,178

4,933

Texas

Instruments,

Inc.

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

22,365

6,167

Trimble,

Inc.(i)

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

41,800

2,365

Zebra

Technologies

Corp.(i)

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

9,500

2,791

86,851

Materials

(1.3%):

CRH

PLC

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

27,414

2,604

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

8

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Reliance,

Inc.

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

9,273

$

3,766

6,370

Real

Estate

(1.4%):

Digital

Realty

Trust,

Inc.

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

18,685

3,523

SL

Green

Realty

Corp.

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

62,143

3,289

6,812

Utilities

(0.7%):

Eversource

Energy

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

39,215

2,807

Fervo

Energy

Co.,

Class

A(i)

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

21,201

478

3,285

Total

Common

Stocks

(Cost

$180,102)

a

a

a

307,857

Preferred

Stocks

(0.1%)

Financials

(0.1%):

Bank

of

America

Corp.,

Series

LL,

5.00%(j)

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

4,907

96

Capital

One

Financial

Corp.,

Series

L,

4.38%(j)

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

1,113

18

JPMorgan

Chase

&

Co.,

Series

MM,

4.20%(j)

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

12,431

214

KeyCorp,

Series

G,

5.63%(j)

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

1,984

43

Morgan

Stanley,

Series

O,

4.25%(j)

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

8,198

136

State

Street

Corp.,

Series

G,

5.35%(j)

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

1,265

27

U.S.

Bancorp,

Series

L,

3.75%(j)

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

1,204

17

Wells

Fargo

&

Co.,

Series

DD,

4.25%(j)

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

4,991

82

633

Total

Preferred

Stocks

(Cost

$669)

a

a

a

633

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,

5.73%

(SOFR01M+200bps),

1/31/31(d)

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

$

161

161

LC

Ahab

US

Bidco

LLC,

Initial

Term

Loan,

6.32%

(SOFR03M+250bps),

5/1/31(d)

.......

34

34

195

Total

Senior

Secured

Loans

(Cost

$195)

a

a

a

195

Corporate

Bonds

(7.3%)

Communication

Services

(0.1%):

Alphabet,

Inc.,

5.30%,

5/15/65,

Callable

11/15/64

@

100

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

115

97

Omnicom

Group,

Inc.,

5.00%,

6/2/33,

Callable

4/2/33

@

100

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

159

153

Space

Exploration

Technologies

Corp.

5.65%,

7/15/33,

Callable

5/15/33

@

100(a)

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

55

53

6.65%,

7/15/56,

Callable

1/15/56

@

100(a)

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

140

124

T-Mobile

USA,

Inc.,

2.55%,

2/15/31,

Callable

11/15/30

@

100

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

350

314

741

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

501

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

148

Darden

Restaurants,

Inc.,

6.30%,

10/10/33,

Callable

7/10/33

@

100

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

267

280

Expedia

Group,

Inc.,

5.50%,

4/15/36,

Callable

1/15/36

@

100

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

310

301

General

Motors

Financial

Co.,

Inc.

5.75%,

2/8/31,

Callable

12/8/30

@

100

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

90

92

3.10%,

1/12/32,

Callable

10/12/31

@

100

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

165

148

Hilton

Grand

Vacations

Borrower

LLC/Hilton

Grand

Vacations

Borrower,

Inc.,

6.63%,

1/15/32,

Callable

1/15/27

@

103.31(a)

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

150

150

HOA

RoyaltyCo

LLC,

0.00%,

11/22/55

,

Callable

9/5/26

@

100(a)(b)(k)

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

195

41

Lowe's

Cos.,

Inc.,

3.75%,

4/1/32,

Callable

1/1/32

@

100

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

280

261

Marriott

International,

Inc.,

4.90%,

4/15/29,

Callable

3/15/29

@

100

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

405

406

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

9

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Mobility

Global,

Inc.,

5.45%,

6/15/31,

Callable

5/15/31

@

100(a)

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

$

60

$

60

2,561

Consumer

Staples

(0.2%):

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC

5.50%,

3/31/31,

Callable

11/15/27

@

102.75(a)

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

65

62

5.75%,

3/31/34,

Callable

11/15/28

@

102.88(a)

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

170

158

Dollar

Tree,

Inc.,

2.65%,

12/1/31

,

Callable

9/1/31

@

100

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

335

296

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

141

2.63%,

9/13/31,

Callable

6/13/31

@

100(a)

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

215

189

Sysco

Corp.,

4.40%,

7/25/31,

Callable

6/25/31

@

100

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

160

155

1,005

Energy

(0.6%):

Archrock

Services

LP/Archrock

Partners

Finance

Corp.,

6.00%,

2/1/34,

Callable

2/1/29

@

103(a)

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

35

34

Columbia

Pipelines

Holding

Co.

LLC

5.10%,

10/1/31,

Callable

8/1/31

@

100(a)

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

125

124

5.00%,

11/17/32,

Callable

9/17/32

@

100(a)

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

150

146

Columbia

Pipelines

Operating

Co.

LLC,

5.51%,

5/15/36,

Callable

2/15/36

@

100(a)

.......

40

39

Energy

Transfer

LP,

6.70%

(H15T5Y+222bps),

1/15/57,

Callable

10/15/36

@

100(d)

......

140

138

Harvest

Midstream

I

LP,

6.75%,

5/15/34,

Callable

5/15/29

@

103.38(a)

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

40

40

Hess

Midstream

Operations

LP,

5.88%,

3/1/28

,

Callable

8/16/26

@

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

211

7.25%,

2/15/35,

Callable

2/15/30

@

103.63(a)

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

90

89

MPLX

LP

5.50%,

6/1/34

,

Callable

3/1/34

@

100

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

245

244

5.30%,

4/1/36,

Callable

1/1/36

@

100

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

135

131

NGPL

PipeCo

LLC

3.25%,

7/15/31,

Callable

4/15/31

@

100(a)

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

180

164

5.60%,

8/15/36,

Callable

2/15/36

@

100(a)

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

65

63

Phillips

66

Co.,

3.75%,

3/1/28,

Callable

12/1/27

@

100

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

400

395

Shell

Finance

US,

Inc.,

4.75%,

1/6/36,

Callable

10/6/35

@

100

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

310

298

The

Williams

Cos.,

Inc.

7.75%,

6/15/31

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

242

268

5.75%,

6/24/44

,

Callable

12/24/43

@

100

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

205

195

Valero

Energy

Corp.

5.15%,

2/15/30,

Callable

1/15/30

@

100

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

95

96

6.63%,

6/15/37

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

162

175

Venture

Global

Plaquemines

LNG

LLC,

6.50%,

1/15/34,

Callable

7/15/33

@

100(a)

.......

90

93

2,988

Financials

(3.3%):

Aegon

Funding

Co.

LLC,

5.63%,

5/7/36,

Callable

2/7/36

@

100

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

260

253

Affiliated

Managers

Group,

Inc.,

5.50%,

2/15/36,

Callable

11/15/35

@

100

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

435

422

Ally

Financial,

Inc.

6.18%

(SOFR+229bps),

7/26/35,

Callable

7/26/34

@

100(d)

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

120

120

6.65%

(H15T5Y+245bps),

1/17/40,

Callable

10/19/34

@

100(d)

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

205

200

American

Honda

Finance

Corp.

5.05%,

7/8/31,

Callable

6/8/31

@

100

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

300

298

5.05%,

7/10/31

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

345

343

4.85%,

10/23/31

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

275

271

5.10%,

1/8/36

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

305

294

Ameriprise

Financial,

Inc.,

4.80%,

6/15/31,

Callable

5/15/31

@

100

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

35

35

Bank

of

America

Corp.,

2.57%

(SOFR+121bps),

10/20/32,

Callable

10/20/31

@

100(d)

....

335

295

BMW

US

Capital

LLC,

5.40%,

3/21/35,

Callable

12/21/34

@

100(a)

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

395

389

Brown

&

Brown,

Inc.,

4.20%,

3/17/32,

Callable

12/17/31

@

100

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

185

174

Capital

One

Financial

Corp.

2.36%

(SOFR+134bps),

7/29/32,

Callable

7/29/31

@

100(d)

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

290

249

6.18%

(SOFR+204bps),

1/30/36,

Callable

1/30/35

@

100(d)

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

95

95

CHPE

LLC,

4.88%,

6/30/31,

Callable

5/30/31

@

100(a)

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

105

103

Citadel

Securities

Global

Holdings

LLC,

6.20%,

6/18/35,

Callable

3/18/35

@

100(a)

.......

330

332

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

10

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Citigroup,

Inc.,

2.52%

(SOFR+118bps),

11/3/32,

Callable

11/3/31

@

100(d)

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

$

220

$

193

Citizens

Financial

Group,

Inc.,

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

77

CNO

Global

Funding

4.88%,

12/10/27(a)

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

30

30

2.65%,

1/6/29(a)

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

435

411

Equitable

America

Global

Funding,

5.13%,

6/15/31(a)

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

435

432

Farmers

Exchange

Capital

III,

5.45%

(TSFR3M+372bps),

10/15/54,

Callable

10/15/34

@

100(a)(d)

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

250

230

Farmers

Insurance

Exchange

4.75%

(US0003M+323bps),

11/1/57

,

Callable

11/1/37

@

100(a)(d)

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

385

327

7.00%

(H15T10Y+386bps),

10/15/64,

Callable

7/15/54

@

100(a)(d)

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

150

150

Fifth

Third

Bank

NA,

5.33%

(SOFR+261bps),

8/25/33,

Callable

8/25/32

@

100(d)

........

375

370

Freedom

Mortgage

Holdings

LLC

9.13%,

5/15/31,

Callable

5/15/27

@

104.56(a)

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

185

190

8.00%,

2/1/32,

Callable

2/1/29

@

104(a)

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

55

55

8.38%,

4/1/32,

Callable

4/1/28

@

104.19(a)

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

30

30

FS

KKR

Capital

Corp.,

7.50%,

8/1/31,

Callable

5/1/31

@

100

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

120

120

Goldman

Sachs

Bank

USA,

4.66%

(SOFR+72bps),

6/3/29,

Callable

6/3/28

@

100(d)

......

250

249

Huntington

Bancshares,

Inc.,

5.27%

(SOFR+128bps),

1/15/31,

Callable

1/15/30

@

100(d)

...

115

115

HUT

8

DC

LLC,

6.19%,

11/15/42,

Callable

5/15/42

@

100(a)

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

100

97

Hyundai

Capital

America

5.30%,

1/8/30,

Callable

12/8/29

@

100(a)

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

200

201

5.80%,

4/1/30,

Callable

2/1/30

@

100(a)

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

285

291

6.20%,

9/21/30,

Callable

7/21/30

@

100(a)

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

125

129

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

242

4.59%

(SOFR+180bps),

4/26/33,

Callable

4/26/32

@

100(d)

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

90

87

5.77%

(SOFR+149bps),

4/22/35,

Callable

4/22/34

@

100(d)

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

215

220

5.19%

(SOFR+130bps),

2/5/37,

Callable

2/5/36

@

100(d)

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

100

96

5.80%

(H15T5Y+125bps),

7/23/41

,

Callable

7/23/36

@

100(d)

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

125

124

KeyCorp,

5.12%

(SOFRINDX+123bps),

4/4/31,

Callable

4/4/30

@

100(d)

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

135

135

Liberty

Mutual

Insurance

Co.,

7.70%,

10/15/97(a)

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

508

548

Lincoln

Financial

Global

Funding

4.20%,

1/12/29(a)

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

50

49

4.95%,

5/21/31(a)

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

100

99

Lincoln

National

Corp.

5.35%,

11/15/35,

Callable

8/15/35

@

100

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

55

53

6.80%

(H15T5Y+240bps),

7/15/56,

Callable

4/15/36

@

100

(d)

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

80

79

LPL

Holdings,

Inc.,

5.70%,

5/20/27,

Callable

4/20/27

@

100

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

120

121

Massachusetts

Mutual

Life

Insurance

Co.,

5.95%,

6/1/56,

Callable

12/1/55

@

100(a)

......

285

268

Mercedes-Benz

Finance

North

America

LLC,

4.85%,

1/11/29(a)

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

325

325

MetLife,

Inc.,

5.85%

(H15T5Y+182bps),

3/15/56,

Callable

3/15/36

@

100(d)

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

120

117

Morgan

Stanley

5.65%

(SOFR+101bps),

4/13/28,

Callable

4/13/27

@

100(d)

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

70

70

5.17%

(SOFR+145bps),

1/16/30,

Callable

1/16/29

@

100(d)

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

175

176

5.17%

(SOFRINDX+116bps),

7/14/32,

Callable

7/14/31

@

100(d)

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

315

314

5.95%

(H15T5Y+243bps),

1/19/38,

Callable

1/19/33

@

100(d)

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

65

66

5.94%

(

H15T5Y+180bps),

2/7/39,

Callable

2/7/34

@

100(d)

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

180

181

Morgan

Stanley

Bank

NA,

4.79%

(SOFRINDX+97bps),

5/10/30,

Callable

5/10/29

@

100(d)

.

250

249

MSCI,

Inc.,

5.25%,

9/1/35,

Callable

6/1/35

@

100

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

70

67

Mutual

of

Omaha

Cos.

Global

Funding

5.00%,

4/1/30(a)

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

155

155

4.55%,

1/13/31(a)

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

265

259

Northern

Trust

Corp.,

5.12%

(H15T5Y+105bps),

11/19/40,

Callable

11/19/35

@

100(d)

....

85

81

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

9/5/26

@

102

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

305

280

Pinnacle

Financial

Partners,

Inc.,

5.60%

(SOFR+170bps),

5/19/32,

Callable

5/19/31

@

100(d)

80

79

Primerica,

Inc.,

2.80%,

11/19/31,

Callable

8/19/31

@

100

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

79

70

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

11

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Prudential

Financial,

Inc.

3.88%,

3/27/28,

Callable

12/27/27

@

100,

MTN

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

$

163

$

161

3.00%,

3/10/40,

Callable

9/10/39

@

100,

MTN

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

305

226

6.25%

(H15T5Y+178bps),

6/15/56,

Callable

3/15/36

@

100(d)

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

35

35

Regions

Bank,

4.76%

(SOFR+81bps),

7/27/29,

Callable

7/27/28

@

100(d)

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

250

249

Rocket

Cos.,

Inc.,

6.50%,

8/1/29,

Callable

8/16/26

@

103.25(a)

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

140

142

Santander

Holdings

USA,

Inc.

2.49%

(SOFR+125bps),

1/6/28,

Callable

1/6/27

@

100(d)

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

195

193

5.04%

(SOFR+110bps),

6/5/30,

Callable

6/5/29

@

100(d)

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

135

134

Starwood

Property

Trust,

Inc.

5.88%,

8/15/29,

Callable

5/15/29

@

100(a)

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

35

35

5.75%,

1/15/31,

Callable

7/15/30

@

100(a)

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

50

49

6.13%,

6/1/31,

Callable

12/1/30

@

100(a)

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

65

65

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

4.97%

(SOFR+103bps),

6/3/32,

Callable

6/3/31

@

100(d)

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

165

163

2.65%

(SOFR+126bps),

10/21/32,

Callable

10/21/31

@

100(d)

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

210

184

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

53

Toyota

Motor

Credit

Corp.,

4.60%,

3/11/33

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

195

189

Truist

Financial

Corp.

7.16%

(SOFR+245bps),

10/30/29,

Callable

10/30/28

@

100,

MTN(d)

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

200

209

5.44%

(SOFR+162bps),

1/24/30,

Callable

1/24/29

@

100(d)

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

60

61

4.96%

(SOFR+88bps),

7/23/30,

Callable

7/23/29

@

100(d)

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

215

215

4.60%

(SOFR+97bps),

1/27/32,

Callable

1/27/31

@

100(d)

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

105

102

U.S.

Bancorp

5.38%

(SOFR+156bps),

1/23/30,

Callable

1/23/29

@

100(d)

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

80

81

2.49%

(H15T5Y+95bps),

11/3/36,

Callable

11/3/31

@

100(d)

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

530

458

Velocity

Vehicle

Group

LLC,

8.00%,

6/1/29,

Callable

9/5/26

@

104(a)

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

30

30

Wells

Fargo

&

Co.,

5.24%

(SOFR+111bps),

1/24/31,

Callable

1/24/30

@

100(d)

..........

100

101

Willis

North

America,

Inc.,

2.95%,

9/15/29,

Callable

6/15/29

@

100

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

40

38

16,042

Health

Care

(0.4%):

AbbVie,

Inc.,

4.05%,

11/21/39,

Callable

5/21/39

@

100

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

117

100

Amgen,

Inc.,

5.25%,

3/2/33,

Callable

12/2/32

@

100

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

165

165

CVS

Health

Corp.

5.25%,

1/30/31

,

Callable

11/30/30

@

100

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

40

40

5.25%,

2/21/33,

Callable

11/21/32

@

100

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

250

250

DENTSPLY

SIRONA,

Inc.,

8.38%

(H15T5Y+438bps),

9/12/55,

Callable

6/12/30

@

100(d)

.

159

159

Elevance

Health,

Inc.

5.15%,

6/15/29

,

Callable

5/15/29

@

100

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

100

101

5.38%,

6/15/34,

Callable

3/15/34

@

100

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

70

70

Eli

Lilly

&

Co.,

5.55%,

10/15/55,

Callable

4/15/55

@

100

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

75

71

GE

Healthcare

Technologies,

Inc.,

5.50%,

6/15/35,

Callable

3/15/35

@

100

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

110

110

HCA,

Inc.,

5.50%,

3/1/32,

Callable

1/1/32

@

100

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

180

182

Health

Care

Service

Corp.

A

Mutual

Legal

Reserve

Co.,

5.20%,

6/15/29,

Callable

5/15/29

@

100(a)

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

80

80

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

75

Merck

&

Co.,

Inc.,

5.20%,

5/22/36,

Callable

2/22/36

@

100

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

185

184

Zoetis,

Inc.,

5.00%,

8/17/35,

Callable

5/17/35

@

100

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

170

165

1,831

Industrials

(0.5%):

AECOM,

6.00%,

8/1/33,

Callable

8/1/28

@

103(a)

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

220

219

Alaska

Airlines,

Inc.,

6.50%,

6/1/31,

Callable

12/1/30

@

100(a)

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

150

149

Core

&

Main

LP,

6.00%,

7/1/34,

Callable

7/1/29

@

103(a)

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

50

50

Delta

Air

Lines,

Inc./SkyMiles

IP

Ltd.,

4.75%,

10/20/28(a)

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

45

45

GE

Vernova,

Inc.,

4.88%,

2/4/36,

Callable

11/4/35

@

100

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

120

115

Herc

Holdings,

Inc.,

7.25%,

6/15/33,

Callable

6/15/28

@

103.63(a)

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

65

67

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

12

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Hubbell,

Inc.,

5.15%,

6/15/36,

Callable

3/15/36

@

100

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

$

180

$

175

Johnsonville

Aeroderivative

Combustion

Turbine

Generation

LLC,

5.08%,

10/1/54

........

182

164

Kennametal,

Inc.,

5.80%,

5/28/36,

Callable

2/28/36

@

100

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

50

49

Komatsu

Finance

America,

Inc.,

4.20%,

9/18/30,

Callable

8/18/30

@

100(a)

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

200

194

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

258

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

129

Trans-Allegheny

Interstate

Line

Co.,

5.00%,

1/15/31,

Callable

12/15/30

@

100(a)

.........

50

50

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

40

United

Airlines

Pass

Through

Trust,

5.45%,

2/15/37

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

113

113

Verisk

Analytics,

Inc.

4.45%,

3/15/31,

Callable

2/15/31

@

100

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

30

29

5.25%,

3/15/35,

Callable

12/15/34

@

100

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

85

83

2,260

Information

Technology

(0.6%):

Broadcom,

Inc.

4.60%,

7/15/30,

Callable

6/15/30

@

100

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

150

147

4.15%,

4/15/32,

Callable

1/15/32

@

100

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

125

118

4.30%,

11/15/32,

Callable

8/15/32

@

100

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

60

57

3.19%,

11/15/36,

Callable

8/15/36

@

100

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

391

311

Core

Scientific

Finance

I

LLC,

7.75%,

5/15/31,

Callable

5/15/28

@

103.88(a)

...........

85

83

Dell

International

LLC/EMC

Corp.,

4.75%,

7/15/31,

Callable

6/15/31

@

100

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

65

64

ERP

Operating

LP,

4.95%,

6/15/32,

Callable

4/15/32

@

100

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

75

75

ESC

Gab,

8/20/51(g)(k)

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

200

—

Foundry

JV

Holdco

LLC,

5.90%,

1/25/30,

Callable

12/25/29

@

100(a)

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

206

211

Intel

Corp.,

5.30%,

5/15/36,

Callable

2/15/36

@

100

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

95

92

Microchip

Technology,

Inc.,

5.05%,

2/15/30

,

Callable

1/25/30

@

100

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

195

194

Oracle

Corp.

5.95%,

9/26/55,

Callable

3/26/55

@

100

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

244

194

6.70%,

2/4/56,

Callable

8/4/55

@

100

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

715

630

6.85%,

2/4/66,

Callable

8/4/65

@

100

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

185

163

Qnity

Electronics,

Inc.

5.75%,

8/15/32,

Callable

8/15/28

@

102.88(a)

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

70

69

6.25%,

8/15/33,

Callable

8/15/28

@

103.13(a)

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

70

70

Roper

Technologies,

Inc.

4.75%,

2/15/32,

Callable

12/15/31

@

100

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

125

122

4.90%,

10/15/34,

Callable

7/15/34

@

100

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

205

195

Skyworks

Solutions,

Inc.,

3.00%,

6/1/31,

Callable

3/1/31

@

100

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

269

239

3,034

Materials

(0.2%):

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

74

Martin

Marietta

Materials,

Inc.

5.15%,

12/1/34,

Callable

9/1/34

@

100

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

145

142

5.50%,

12/1/54,

Callable

6/1/54

@

100

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

130

117

Novelis

Corp.,

6.38%,

8/15/33,

Callable

8/15/28

@

103.19(a)

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

88

88

Southern

Copper

Corp.,

5.35%,

6/24/36,

Callable

3/24/36

@

100

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

460

446

1,109

Real

Estate

(0.2%):

Beacon

Point

DC

LLC,

6.13%,

11/30/42,

Callable

5/30/42

@

100(a)

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

205

197

CBRE

Services,

Inc.,

4.90%,

1/15/33,

Callable

11/15/32

@

100

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

40

39

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

110

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

13

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

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

34

Invitation

Homes

Operating

Partnership

LP,

4.95%,

1/15/33,

Callable

11/15/32

@

100

.....

105

102

Sopaipilla

Investor

LLC,

7.53%,

11/30/48,

Callable

5/30/48

@

100(a)

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

270

280

Ventas

Realty

LP,

5.10%,

7/15/32,

Callable

5/15/32

@

100

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

120

119

959

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

124

Boston

Gas

Co.,

3.15%,

8/1/27,

Callable

5/1/27

@

100(a)

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

325

320

CenterPoint

Energy,

Inc.,

6.40%

(H15T5Y+189bps),

8/15/58,

Callable

5/15/33

@

100(d)

...

155

155

Consolidated

Edison

Co.

of

New

York,

Inc.,

4.63%,

12/1/54,

Callable

6/1/54

@

100

.......

220

173

Cumberland

Combined

Cycle

Generation

LLC,

5.82%,

5/15/56

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

85

83

Duke

Energy

Carolinas

LLC,

3.95%,

3/15/48,

Callable

9/15/47

@

100

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

250

186

Entergy

Louisiana

LLC,

5.35%,

3/15/34,

Callable

12/15/33

@

100

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

209

210

Entergy

Texas,

Inc.,

5.25%,

4/15/35,

Callable

1/15/35

@

100

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

60

59

ITC

Holdings

Corp.,

5.65%,

5/9/34,

Callable

2/9/34

@

100(a)

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

170

171

Liberty

Utilities

Co.,

5.65%,

5/15/36,

Callable

2/15/36

@

100(a)

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

195

189

NRG

Energy,

Inc.,

6.13%,

5/15/36,

Callable

5/15/31

@

103.06(a)

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

167

165

Public

Service

Enterprise

Group,

Inc.,

5.40%,

3/15/35,

Callable

12/15/34

@

100

..........

80

79

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

128

4.22%,

3/15/32,

Callable

12/15/31

@

100

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

120

114

Sempra

6.55%

(H15T5Y+214bps),

4/1/55,

Callable

1/1/35

@

100(d)

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

310

310

6.38%

(H15T5Y+263bps),

4/1/56,

Callable

1/1/31

@

100(d)

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

60

60

Southern

California

Edison

Co.

5.45%,

6/1/31,

Callable

4/1/31

@

100

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

85

86

4.95%,

9/15/31,

Callable

8/15/31

@

100

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

100

99

Spire,

Inc.,

6.45%

(H15T5Y+233bps),

6/1/56,

Callable

3/1/36

@

100(d)

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

50

50

Talen

Energy

Supply

LLC

6.25%,

2/1/34,

Callable

10/15/28

@

103.13(a)

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

110

108

6.50%,

2/1/36,

Callable

10/15/30

@

103.25(a)

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

110

109

Virginia

Electric

And

Power

Co.,

4.45%,

2/15/44,

Callable

8/15/43

@

100

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

200

166

3,373

Total

Corporate

Bonds

(Cost

$37,308)

a

a

a

35,903

Insurance-Linked

Securities

(0.5%)

Event

Linked

Bonds

(0.5%):

Multiperil

-

U.S.

-

(0.4%):

Bonanza

Re,

2024-1

B,

7.27%

(MSMMUSTF+350bps),

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

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

250

251

Four

Lakes

Re,

2023-1

A,

9.10%

(BRMMUSDF+552bps),

1/7/27,

Callable

9/5/26

@

102.5(a)

(d)(l)

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

250

254

High

Point

Re,

2023-1,

9.22%

(BRMMUSDF+549bps),

1/6/27,

Callable

9/5/26

@

102.25(a)(d)

(l)

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

250

250

Mystic

Re

IV,

2024-1

A,

15.55%

(GSMMUSTI+1285bps),

1/8/27(a)

(d)(l)

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

250

251

Residential

Re

9.58%

(JMMMUSTF+600bps),

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

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

250

260

8.87%

(JMMMUSTF+529bps),

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

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

250

255

Sanders

Re

III,

2024-1

A,

9.14%

(BRMMUSDF+556bps),

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

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

250

259

Multiperil

-

U.S.

&

Canada

-

(0.1%):

Galileo

Re,

2023-1

A,

10.55%

(GSMMUSTI+700bps),

1/7/28,

Callable

9/5/26

@

104.5(a)(d)

(l)

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

250

257

Windstorm

-

North

Carolina

-

(0.0%):(f)

Blue

Ridge

Re,

8.79%

(FHMMUSTF+539bps),

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

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

250

251

2,288

Total

Insurance-Linked

Securities

(Cost

$2,250)

a

a

a

2,288

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

14

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Yankee

Dollars

(4.5%)

Communication

Services

(0.1%):

Orange

SA

4.75%,

1/13/33,

Callable

11/13/32

@

100(a)

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

$

205

$

198

5.00%,

1/13/36,

Callable

10/13/35

@

100(a)

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

200

191

389

Energy

(0.2%):

Aker

BP

ASA,

5.25%,

10/30/35,

Callable

7/30/35

@

100(a)

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

190

183

Enbridge,

Inc.

5.55%,

6/20/35,

Callable

3/20/35

@

100

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

205

205

7.20%

(H15T5Y+297bps),

6/27/54,

Callable

3/27/34

@

100(d)

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

120

126

7.38%

(H15T5Y+312bps),

3/15/55,

Callable

12/15/29

@

100(d)

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

120

125

8.50%

(H15T5Y+443

bps),

1/15/84,

Callable

10/15/33

@

100(d)

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

165

187

826

Financials

(3.3%):

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

3.30%,

1/30/32,

Callable

10/30/31

@

100

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

850

769

African

Development

Bank,

5.88%

(H15T5Y+165bps),

Callable

5/7/35

@

100(d)(j)

.......

400

391

Allianz

SE

6.50%

(H15T5Y+223bps),

Callable

10/30/34

@

100(a)(d)(j)

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

200

198

6.55%

(H15T5Y+232bps),

Callable

10/30/33

@

100(a)(d)(j)

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

400

402

Australia

&

New

Zealand

Banking

Group

Ltd.,

5.73%

(H15T5Y+162bps),

9/18/34,

Callable

9/18/29

@

100(a)(d)

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

285

289

Avilease

Capital

Ltd.,

5.50%,

6/30/31,

Callable

5/30/31

@

100(a)

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

200

199

Avolon

Holdings

Funding

Ltd.

6.38%,

5/4/28,

Callable

4/4/28

@

100(a)

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

570

583

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

Banco

Bilbao

Vizcaya

Argentaria

SA,

7.13%

(H15T5Y+299bps),

Callable

5/8/33

@

100(d)(j)

200

200

Banco

Santander

SA

7.25%

(H15T5Y+284bps),

Callable

12/3/35

@

100(d)(j)

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

200

201

3.23%

(H15T1Y+160bps),

11/22/32,

Callable

8/22/31

@

100(d)

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

600

540

6.03%,

1/17/35

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

200

206

5.44%,

4/15/36

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

200

196

Banque

Federative

du

Credit

Mutuel

SA

4.54%,

1/15/31(a)

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

200

195

5.15%

(SOFR+120bps),

7/9/32,

Callable

7/9/31

@

100(a)(d)

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

375

370

Banque

Ouest

Africaine

de

Developpement,

4.70%,

10/22/31,

Callable

7/22/31

@

100(a)

...

370

336

BNP

Paribas

SA

6.88%

(H15T5Y+285bps),

Callable

12/15/33

@

100(a)(d)(j)

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

200

198

7.45%

(H15T5Y+313bps)

,

Callable

6/27/35

@

100(a)(d)(j)

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

330

334

2.16%

(SOFR+122bps),

9/15/29,

Callable

9/15/28

@

100(a)(d)

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

225

213

BPCE

SA,

5.77%

(SOFR+163bps),

6/2/37,

Callable

6/2/36

@

100(a)(d)

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

250

245

Canadian

Imperial

Bank

of

Commerce,

4.63%

(SOFR+134bps),

9/11/30,

Callable

9/11/29

@

100(d)

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

255

253

Credit

Agricole

SA

5.19%

(SOFR+113bps),

8/1/32,

Callable

8/1/31

@

100(a)(d)

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

392

389

5.26%

(SOFR+143bps),

1/12/37

,

Callable

1/12/36

@

100(a)(d)

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

285

275

CRH

SMW

Finance

DAC,

5.13%,

1/9/30,

Callable

12/9/29

@

100

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

200

201

Deutsche

Bank

AG

4.47%

(SOFR+110bps),

12/10/31,

Callable

12/10/30

@

100(d)

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

150

146

5.06%

(SOFR+141bps),

4/14/32,

Callable

4/14/31

@

100(d)

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

150

148

Federation

des

Caisses

Desjardins

du

Quebec,

5.25%,

4/26/29(a)

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

630

637

HSBC

Holdings

PLC

6.16%

(SOFR+197bps),

3/9/29,

Callable

3/9/28

@

100(d)

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

200

204

2.21%

(SOFR+129bps)

,

8/17/29,

Callable

8/17/28

@

100(d)

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

305

289

4.71%

(SOFR+94bps),

5/12/30,

Callable

5/12/29

@

100(d)

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

205

203

5.29%

(SOFR+129bps),

11/19/30,

Callable

11/19/29

@

100(d)

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

215

216

2.87%

(SOFR+141bps),

11/22/32

,

Callable

11/22/31

@

100(d)

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

335

298

5.74%

(SOFR+196bps),

9/10/36,

Callable

9/10/35

@

100(d)

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

200

198

5.28%

(SOFR+155bps),

3/10/37,

Callable

3/10/36

@

100(d)

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

200

194

Macquarie

Bank

Ltd.,

5.82%

(H15T1Y+135bps),

6/10/37,

Callable

6/10/36

@

100(a)(d)

....

435

426

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

15

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Manulife

Financial

Corp.,

4.99%,

12/11/35,

Callable

9/11/35

@

100

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

$

64

$

62

Meiji

Yasuda

Life

Insurance

Co.,

6.10%

(H15T5Y+291bps),

6/11/55,

Callable

6/11/35

@

100(a)(d)

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

495

493

Mitsubishi

UFJ

Financial

Group,

Inc.,

2.49%

(H15T1Y+97bps),

10/13/32,

Callable

10/13/31

@

100(d)

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

200

175

Mizuho

Financial

Group,

Inc.,

4.97%

(H15T1Y+83bps),

7/13/32,

Callable

7/13/31

@

100(d)

.

495

489

Nationwide

Building

Society,

5.13%,

7/29/29(a)

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

355

357

NatWest

Group

PLC,

6.48%

(H15T5Y+220bps),

6/1/34,

Callable

3/1/29

@

100(d)

........

210

216

Nippon

Life

Insurance

Co.

2.75%

(H15T5Y+265bps),

1/21/51,

Callable

1/21/31

@

100(a)(d)

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

270

240

2.90%

(H15T5Y+260bps),

9/16/51,

Callable

9/16/31

@

100(a)(d)

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

200

176

Nomura

Holdings,

Inc.

5.17%,

7/14/31

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

205

203

3.00%,

1/22/32

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

445

396

5.55%,

7/14/36

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

205

201

Societe

Generale

SA,

6.10%

(H15T1Y+160bps),

4/13/33,

Callable

4/13/32

@

100(a)(d)

....

410

420

Sumitomo

Life

Insurance

Co.,

5.88%

(H15T5Y+265bps),

9/10/55,

Callable

9/10/35

@

100(a)

(d)

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

420

413

Sumitomo

Mitsui

Financial

Group,

Inc.

4.49%

(SOFR+102bps),

1/15/32,

Callable

1/15/31

@

100(d)

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

205

199

5.33%

(H15T5Y+130bps),

3/3/41,

Callable

3/3/36

@

100(d)

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

190

181

The

Bank

of

Nova

Scotia,

4.81%

(SOFR+105bps),

2/2/34

,

Callable

2/2/33

@

100(d)

.......

145

140

UBS

Group

AG

4.88%

(H15T5Y+340bps),

Callable

2/12/27

@

100(a)(d)(j)

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

700

698

2.75%

(H15T1Y+110bps),

2/11/33,

Callable

2/11/32

@

100(a)(d)

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

385

338

UniCredit

SpA

7.30%

(

USISOA05+491bps),

4/2/34,

Callable

4/2/29

@

100(a)(d)

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

200

209

5.46%

(H15T5Y+475bps),

6/30/35,

Callable

6/30/30

@

100(a)(d)

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

230

230

16,014

Industrials

(0.2%):

Air

Canada

Pass

Through

Trust,

3.30%,

1/15/30(a)

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

94

89

Czechoslovak

Group

AS,

6.50%,

1/10/31,

Callable

7/10/27

@

103.25(a)

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

375

380

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

55

4.80%,

5/29/29,

Callable

4/29/29

@

100(a)

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

70

69

5.04%,

3/25/30,

Callable

2/25/30

@

100(a)

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

305

304

4.64%,

11/24/30,

Callable

10/24/30

@

100(a)

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

85

83

Waste

Connections,

Inc.,

5.25%,

9/1/35,

Callable

6/1/35

@

100

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

150

149

1,257

Information

Technology

(0.1%):

Flex

Ltd.,

5.38%,

11/13/35,

Callable

8/13/35

@

100

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

85

81

SK

Hynix,

Inc.,

5.50%,

1/16/29(a)

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

292

297

378

Materials

(0.1%):

AngloGold

Ashanti

Holdings

PLC,

3.75%,

10/1/30,

Callable

7/1/30

@

100

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

290

274

Corp.

Nacional

del

Cobre

de

Chile,

5.63%,

10/18/43(a)

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

250

231

505

Sovereign

Bond

(0.4%):

Indonesia

Government

International

Bond,

5.69%,

5/29/36,

Callable

2/29/36

@

100

.......

200

200

Kuwait

International

Government

Bond

5.04%,

7/29/29(a)

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

490

490

4.65%,

10/9/35(a)

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

280

263

Mexico

Government

International

Bond

5.63%,

2/9/34,

Callable

12/9/33

@

100

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

200

193

6.88%,

5/13/37,

Callable

2/13/37

@

100

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

205

209

6.25%,

8/27/37,

Callable

5/27/37

@

100

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

200

195

Peruvian

Government

International

Bond,

5.50%,

3/30/36,

Callable

12/30/35

@

100

.......

355

349

Saudi

Government

International

Bond,

4.13%,

1/12/29(a)

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

320

314

2,213

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

16

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Utilities

(0.1%):

Enel

Finance

International

NV,

5.00%,

9/30/35,

Callable

6/30/35

@

100(a)

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

$

305

$

290

Hydro

One,

Inc.,

4.75%,

5/30/31,

Callable

4/30/31

@

100

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

90

89

Philippine

Government

International

Bond,

5.00%,

1/13/37

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

200

189

568

Total

Yankee

Dollars

(Cost

$22,532)

a

a

a

22,150

Municipal

Bonds

(0.0%)(f)

Massachusetts

(0.0%):(f)

Massachusetts

Development

Finance

Agency

Revenue,

Series

B,

4.84%,

9/1/43

..........

100

93

Missouri

(0.0%):(f)

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue,

Series

A,

3.69%,

2/15/47

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

100

76

Total

Municipal

Bonds

(Cost

$200)

a

a

a

169

U.S.

Government

Agency

Mortgages

(7.6%)

Federal

Home

Loan

Mortgage

Corporation

6.50%,

10/1/33

-

7/1/56

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

2,007

2,092

6.00%,

1/1/38

-

6/1/56

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

1,637

1,671

5.50%,

1/1/39

-

8/1/56

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

958

955

5.00%,

5/1/40

-

8/1/56

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

501

488

1.50%,

3/1/42

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

972

800

4.00%,

10/1/42

-

4/1/47

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

318

302

3.00%,

12/1/46

-

9/1/52

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

237

208

3.50%,

12/1/46

-

3/1/48

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

129

117

4.50%,

3/1/47

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

9

9

2.50%,

5/1/51

-

4/1/52

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

655

542

7

.00%,

8/1/54

-

7/1/56

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

868

918

8,102

Federal

National

Mortgage

Association

6.50%,

4/1/29

-

7/1/55

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

1,082

1,124

6.00%,

9/1/29

-

8/1/55

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

1,668

1,699

3.00%,

10/1/30

-

2/1/57

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

627

552

5.00%,

5/1/31

-

7/1/56

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

693

674

5.50%,

3/1/34

-

8/1/56

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

2,666

2,658

7.00%,

1/1/36

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

6

7

4.00%,

10/1/40

-

10/1/52

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

573

535

2.50%,

3/1/43

-

4/1/52

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

2,756

2,303

4.50%,

9/1/43

-

1/1/44

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

266

254

3.50%

,

2/1/49

-

7/1/55

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

2,925

2,605

12,411

Federal

National

Mortgage

Association,

TBA

5.50%,

5/13/30

-

9/29/32

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

1,900

1,913

5.00%,

1/9/34

-

8/25/41

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

3,300

3,214

3.50%,

2/28/35

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

800

710

3.00%,

7/25/35

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

1,800

1,533

2.50%,

8/25/56

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

800

652

4.00%,

8/25/56

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

800

730

4.50%,

8/25/56

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

1,600

1,502

2.00%,

9/25/56

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

1,200

934

11,188

Government

National

Mortgage

Association

7.00%,

8/15/28

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

—(h)

–(h)

6.50%,

11/20/28

-

5/15/33

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

22

23

7.50%,

9/20/29

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

—(h)

–(h)

8.00%,

2/15/30

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

1

1

5.50%,

8/15/33

-

9/20/52

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

76

76

6.00%,

10/15/33

-

4/20/55

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

566

578

5.00%,

4/20/38

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

88

88

4.50%,

5/15/39

-

4/20/49

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

227

216

4.00%,

9/15/41

-

6/15/45

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

120

111

3.50%,

11/15/41

-

8/20/52

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

382

346

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

17

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

(a)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

July

31,

2026,

the

fair

value

of

these

securities

was

$47,958

(thousands)

and

amounted

to

9.8%

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

July

31,

2026.

(d)

Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

July

31,

2026.

(e)

Security

is

interest

only.

(f)

Amount

represents

less

than

0.05%

of

net

assets.

(g)

Zero-coupon

bond.

(h)

Rounds

to

less

than

$1

thousand.

Security

Description

Principal

Amount

(000)

a

Value

(000)

2.50%,

2/20/51

-

4/20/52

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

$

948

$

792

2

.00%,

3/20/52

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

169

136

3.00%,

5/20/52

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

165

143

2,510

Government

National

Mortgage

Association,

TBA

6.50%,

2/28/30

-

3/12/30

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

400

413

2.00%,

8/20/56

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

600

480

3.00%,

8/20/56

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

500

433

3

.50%,

8/20/56

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

100

88

4.00%,

8/20/56

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

200

181

4.50%,

8/20/56

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

300

281

5.00%,

8/20/56

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

700

677

5.50%,

8/20/56

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

700

695

3,248

Total

U.S.

Government

Agency

Mortgages

(Cost

$38,267)

a

a

a

37,459

U.S.

Treasury

Obligations

(7.4%)

U.S.

Treasury

Bonds

4.63%,

2/15/46

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

2,000

1,842

3.13%,

5/15/48

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

5,838

4,183

4.75%,

2/15/56

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

1,423

1,315

5.00%,

5/15/56

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

2,800

2,693

U.S.

Treasury

Inflation

Indexed

Notes,

1.88%,

7/15/35(m)

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

1,241

1,192

U.S.

Treasury

Notes

3.75%,

4/30/28

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

9,300

9,221

3.88%,

4/30/31

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

7,761

7,581

4.13%,

4/30/33

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

2,000

1,950

4.13%,

2/15/36

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

5,373

5,135

4.38%,

5/15/36

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

1,000

974

Total

U.S.

Treasury

Obligations

(Cost

$37,454)

a

a

a

36,086

Shares

Affiliated

Mutual

Funds

(0.4%)

Victory

Pioneer

ILS

Interval

Fund

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

162,647

1,737

Total

Affiliated

Mutual

Funds

(Cost

$1,583)

a

a

a

1,737

Short-Term

Investments

(6.5%)

Principal

Amount

(000)

a

a

a

a

U.S.

Treasury

Obligations

(6.5%):

U.S.

Treasury

Bills

0.90%,

8/4/26(m)

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

$

4,000

4,000

2.63%,

8/11/26(m)

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

20,000

19,984

3.17%,

8/25/26(m)

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

8,000

7,982

Total

U.S.

Treasury

Obligations

31,966

Total

Short-Term

Investments

(Cost

$31,959)

a

a

a

31,966

Total

Investments

(Cost

$379,707)

—

102.3%

502,610

Liabilities

in

excess

of

other

assets

—  (2.3)%

(11,431)

NET

ASSETS

-

100.00%

$

491,179

At

July

31,

2026,

the

Fund's

investments

in

foreign

securities

were

9.3%

of

net

assets.

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

18

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

(i)

Non-income

producing

security.

(j)

Security

is

perpetual

and

has

no

final

maturity

date

but

may

be

subject

to

calls

at

various

dates

in

the

future.

(k)

This

security

is

classified

as

Level

3

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

2

in

the

Notes

to

Financial

Statements)

(l)

The

following

table

details

the

earliest

acquisition

date,

cost,

and

market

value

of

the

Fund's

restricted

securities

due

to

trading

restrictions

at

July

31,

2026

(amounts

in

thousands):

(m)

Rate

represents

the

effective

yield

at

July

31,

2026.

Security

Name

Acquisition

Date

Cost

Value

Blue

Ridge

Re

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

11/14/23

$

250

$

251

Bonanza

Re,

2024-1

B

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

12/16/24

250

252

Four

Lakes

Re,

2023-1

A

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

12/8/23

250

254

Galileo

Re,

2023-1

A

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

12/4/23

250

257

High

Point

Re,

2023-1

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

12/1/23

250

250

Mystic

Re

IV,

2024-1

A

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

12/12/23

250

251

Residential

Re,

2023-2

5

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

11/7/23

250

260

Residential

Re,

2024-2

4

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

11/4/24

250

255

Sanders

Re

III,

2024-1

A

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

1/16/24

250

258

Total

(0.5%

of

net

assets)

$2,250

$2,288

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

U.S.

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

July

31,

2026.

H15T5Y

—

5

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

July

31,

2026.

H15T10Y

—

10

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

July

31,

2026.

ICE

—

Intercontinental

Exchange,

Inc.

IBA

—

ICE

Benchmark

Administration

Limited

JMMMUSTF

—

JPMorgan

100%

U.S.

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

July

31,

2026.

REMIC

—

Real

Estate

Mortgage

Investment

Conduits

SOFR

—

Secured

Overnight

Financing

Rate

SOFRINDX

—

United

States

SOFR

Compounded

Index,

rate

disclosed

as

of

July

31,

2026.

SOFR01M

—

1

Month

SOFR,

rate

disclosed

as

of

July

31,

2026.

SOFR03M

—

3

Month

SOFR,

rate

disclosed

as

of

July

31,

2026.

SOFR30A

—

30

day

average

of

SOFR,

rate

disclosed

as

of

July

31,

2026.

STACR

—

Structured

Agency

Credit

Risk

STRIPS

—

Separately

Trading

Registered

Interest

and

Principal

Securities

TBA

—

To

Be

Announced

Securities

TSFR1M

—

1

Month

Term

SOFR,

rate

disclosed

as

of

July

31,

2026.

TSFR3M

—

3

Month

Term

SOFR,

rate

disclosed

as

of

July

31,

2026.

US0003M

—

3

Month

U.S.

Dollar

London

Interbank

Offered

Rate,

rate

disclosed

as

of

July

31,

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

July

31,

2026.

Victory

Portfolios

IV

Victory

Pioneer

Balanced

Fund

19

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

TBA

Sales

Commitments

Security

Description

Principal

Amount

(000)

Value

(000)

TBA

Sales

Commitments

-

(1.30%)

Collateralized

Mortgage

Obligations

—  (1.30%)

Federal

National

Mortgage

Association

6.00%

,

9/25/56

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

$

(3,300)

$

(3,331)

6.50%

,

2/26/30

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

(

3,100)

(3,196)

7.00%

,

8/25/56

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

(100)

(104)

Total

TBA

Sales

Commitments

(Proceeds  $6,654)

$(6,631)

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

10-Year

U.S.

Treasury

Note

Futures

..........

66

9/21/26

$

7,224

$

7,128

$

(96)

2-Year

U.S.

Treasury

Note

Futures

...........

58

9/30/26

11,964

11,925

(39)

30-Year

U.S.

Treasury

Bond

Futures

.........

14

9/21/26

1,549

1,516

(33)

5-Year

U.S.

Treasury

Note

Futures

...........

206

9/30/26

22,015

21,831

(184)

U.S.

10-Year

Ultra

Futures

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

73

9/21/26

8,112

8,008

(104)

Ultra

Long

Term

U.S.

Treasury

Bond

Futures

...

81

9/21/26

9,137

8,885

(252)

$

(708)

Total

unrealized

appreciation

$

—

Total

unrealized

depreciation

(708)

Total

net

unrealized

appreciation

(depreciation)

$

(708)

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

$

1,352

$

109

$

66

$

44

$

109

$

66

$

44

Statement

of

Assets

and

Liabilities

July

31,

2026

20

See

notes

to

financial

statements.

Victory

Portfolios

IV

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

Victory

Pioneer

Balanced

Fund

Assets:

Affiliated

investments,

at

value

(Cost

$1,583)

$

1,737

Unaffiliated

investments,

at

value

(Cost

$378,124)

500,873

Cash

2,615

Futures

contracts

collateral

104

Swap

agreements

collateral

73

Due

from

broker

1,002

Receivables:

Dividends

and

interest

1,579

Capital

shares

issued

851

Investments

sold

18,362

From

Adviser

1

From

Adviser

for

Affiliated

Mutual

Fund

reimbursements

5

Variation

margin

on

open

swap

agreements

8

Reclaims

70

Prepaid

expenses

20

Total

Assets

527,300

Liabilities:

Payables:

Investments

purchased

27,829

Capital

shares

redeemed

929

Variation

margin

on

open

futures

contracts

285

TBA

sales

commitments,

at

value

(Proceeds

$6,654)

6,631

Accrued

expenses

and

other

payables:

Investment

advisory

fees

207

Administration

fees

18

Custodian

fees

6

Transfer

agent

fees

33

Sub-Transfer

agent

fees

23

Trustees'

fees

2

12b-1

fees

47

Other

accrued

expenses

111

Total

Liabilities

36,121

Commitments

and

contingencies

(Note

5

)

Net

Assets:

Capital

331,885

Total

accumulated

earnings

(loss)

159,294

Net

Assets

$

491,179

Net

Assets:

Class

A

$

313,599

Class

C

30,093

Class

R6

56,345

Class

Y

91,142

Total

$

491,179

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

Class

A

22,027

Class

C

2,141

Class

R6

3,968

Class

Y

6,348

Total

34,484

Net

asset

value,

offering

and

redemption

price

per

share:(a)

Class

A

$

14.24

Class

C(b)

14.05

Class

R6

14.20

Class

Y

14.36

Maximum

Sales

Charge

—

Class

A

2.25%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

14.57

(a)

Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

(b)

Redemption

price

per

share

varies

by

length

of

time

shares

are

held.

Statement

of

Operations

For

the

Year

Ended

July

31,

2026

21

See

notes

to

financial

statements.

Victory

Portfolios

IV

(Amounts

in

Thousands)

Victory

Pioneer

Balanced

Fund

Investment

Income:

Dividends

from

affiliated

investments

$

136‌

Dividends

from

unaffiliated

investments

4,218‌

Interest

from

unaffiliated

investments

7,913‌

Foreign

tax

withholding

(

43‌

)

Total

Income

12,224‌

Expenses:

Investment

advisory

fees

2,229‌

Administration

fees

192‌

Sub-Administration

fees

13‌

12b-1

fees

—

Class

A

727‌

12b-1

fees

—

Class

C

281‌

Custodian

fees

16‌

Transfer

agent

fees

—

Class

A

62‌

Transfer

agent

fees

—

Class

C

5‌

Transfer

agent

fees

—

Class

R6

2‌

Transfer

agent

fees

—

Class

Y

4‌

Sub-Transfer

agent

fees

—

Class

A

90‌

Sub-Transfer

agent

fees

—

Class

C

10‌

Sub-Transfer

agent

fees

—

Class

Y

94‌

Trustees'

fees

15‌

Legal

and

audit

fees

78‌

State

registration

and

filing

fees

77‌

Other

expenses

124‌

Total

Expenses

4,019‌

Less

fees

paid

indirectly

(

2‌

)

Expenses

waived/reimbursed

by

Adviser

(

37‌

)

Net

Expenses

3,980‌

Net

Investment

Income

(Loss)

8,244‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

unaffiliated

investment

securities

and

foreign

currency

transactions

42,579‌

Net

realized

gains

(losses)

from

TBA

sales

commitments

28‌

Net

realized

gains

(losses)

from

futures

contracts

(

955‌

)

Net

realized

gains

(losses)

from

in-kind

redemptions

25,367‌

Net

realized

gains

(losses)

from

swap

agreements

195‌

Net

change

in

unrealized

appreciation/depreciation

on

affiliated

investment

securities

196‌

Net

change

in

unrealized

appreciation/depreciation

on

unaffiliated

investment

securities

and

foreign

currency

translations

28,032‌

Net

change

in

unrealized

appreciation/depreciation

on

TBA

sales

commitments

26‌

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

(

753‌

)

Net

change

in

unrealized

appreciation/depreciation

on

swap

agreements

11‌

Net

realized/unrealized

gains

(losses)

on

investments

94,726‌

Change

in

net

assets

resulting

from

operations

$

102,970‌

22

(Amounts

in

Thousands)

Victory

Portfolios

IV

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

Victory

Pioneer

Balanced

Fund

Year

Ended

July

31,

2026

Year

Ended

July

31,

2025*

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

8,244‌

$

8,106‌

Net

realized

gains

(losses)

67,214‌

34,519‌

Net

change

in

unrealized

appreciation/depreciation

27,512‌

(

10,043‌

)

Change

in

net

assets

resulting

from

operations

102,970‌

32,582‌

Distributions

to

Shareholders:

Class

A

(

10,114‌

)

(

6,127‌

)

Class

C

(

794‌

)

(

478‌

)

Class

R

—‌

(

82‌

)

Class

R6

(

1,711‌

)

(

1,053‌

)

Class

Y

(

2,788‌

)

(

1,647‌

)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(

15,407‌

)

(

9,387‌

)

Change

in

net

assets

resulting

from

capital

transactions

(

7,259‌

)

(

39,030‌

)

Change

in

net

assets

80,304‌

(

15,835‌

)

Net

Assets:

Beginning

of

period

410,875‌

426,710‌

End

of

period

$

491,179‌

$

410,875‌

*

Pioneer

Balanced

ESG

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

April

1,

2025

(the

“Reorganization”).

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

Class

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

A,

and

Class

Y

shares

of

the

Fund,

respectively.

23

(Amounts

in

Thousands)

Victory

Portfolios

IV

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

Victory

Pioneer

Balanced

Fund

Year

Ended

July

31,

2026

Year

Ended

July

31,

2025*

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

31,622‌

$

19,394‌

Distributions

reinvested

9,943‌

6,021‌

Cost

of

shares

redeemed

(

52,619‌

)

(

54,866‌

)

Total

Class

A

$

(

11,054‌

)

$

(

29,451‌

)

Class

C

Proceeds

from

shares

issued

$

4,801‌

$

2,527‌

Distributions

reinvested

794‌

478‌

Cost

of

shares

redeemed

(

8,984‌

)

(

10,204‌

)

Total

Class

C

$

(

3,389‌

)

$

(

7,199‌

)

Class

R

Proceeds

from

shares

issued

$

—‌

$

964‌

Distributions

reinvested

—‌

82‌

Cost

of

shares

redeemed

—‌

(

6,349‌

)

Total

Class

R

$

—‌

$

(

5,303‌

)

Class

R6

Proceeds

from

shares

issued

$

14,499‌

$

11,288‌

Distributions

reinvested

1,711‌

1,053‌

Cost

of

shares

redeemed

(

10,412‌

)

(

13,663‌

)

Total

Class

R6

$

5,798‌

$

(

1,322‌

)

Class

Y

Proceeds

from

shares

issued

$

70,749‌

$

58,193‌

Distributions

reinvested

2,773‌

1,637‌

Cost

of

shares

redeemed

(

72,136‌

)

(

55,585‌

)

Total

Class

Y

$

1,386‌

$

4,245‌

Change

in

net

assets

resulting

from

capital

transactions

$

(

7,259‌

)

$

(

39,030‌

)

Share

Transactions:

Class

A

Issued

2,372‌

1,759‌

Reinvested

777‌

539‌

Redeemed

(

4,030‌

)

(

4,950‌

)

Total

Class

A

(

881‌

)

(

2,652‌

)

Class

C

Issued

357‌

228‌

Reinvested

63‌

43‌

Redeemed

(

706‌

)

(

928‌

)

Total

Class

C

(

286‌

)

(

657‌

)

Class

R

Issued

—‌

86‌

Reinvested

—‌

7‌

Redeemed

—‌

(

586‌

)

Total

Class

R

—‌

(

493‌

)

Class

R6

Issued

1,090‌

1,019‌

Reinvested

134‌

95‌

Redeemed

(

791‌

)

(

1,225‌

)

Total

Class

R6

433‌

(

111‌

)

Class

Y

Issued

5,225‌

5,185‌

Reinvested

215‌

146‌

Redeemed

(

5,444‌

)

(

4,965‌

)

Total

Class

Y

(

4‌

)

366‌

Change

in

Shares

(

738‌

)

(

3,547‌

)

*

Pioneer

Balanced

ESG

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

April

1,

2025

(the

“Reorganization”).

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

Class

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

A,

and

Class

Y

shares

of

the

Fund,

respectively.

Victory

Portfolios

IV

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

24

See

notes

to

financial

statements.

Victory

Pioneer

Balanced

Fund

Class

A*

Year

Ended

July

31,

2026

Year

Ended

July

31,

2025

Year

Ended

July

31,

2024

Year

Ended

July

31,

2023

Year

Ended

July

31,

2022

Net

Asset

Value,

Beginning

of

Period

$11.66

$11.01

$9.95

$9.66

$11.31

Investment

Activities:

Net

investment

income

(loss)(a)

0.24

0.22

0.21

0.19

0.11

Net

realized

and

unrealized

gains

(losses)

2.79

0.68

1.06

0.41

(0.85)

Total

from

Investment

Activities

3.03

0.90

1.27

0.60

(0.74)

Distributions

to

Shareholders

from:

Net

investment

income

(0.23)

(0.21)

(0.21)

(0.18)

(0.13)

Net

realized

gains

(0.22)

(0.04)

—

(0.13)

(0.78)

Total

Distributions

(0.45)

(0.25)

(0.21)

(0.31)

(0.91)

Net

Asset

Value,

End

of

Period

$14.24

$11.66

$11.01

$9.95

$9.66

Total

Return(b)

26.52%

8.31%

12.85%(c)

6.51%

(7.23)%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

0.91%(e)

0.90%

0.93%

0.94%

0.95%

Net

Investment

Income

(Loss)

1.83%

1.96%

2.01%

2.02%

1.07%

Gross

Expenses(d)

0.92%(e)

0.90%

0.93%

0.96%

0.95%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$313,599

$267,188

$281,325

$270,804

$279,982

Portfolio

Turnover(f)(g)

40%

29%

33%

44%

40%

*

Pioneer

Balanced

ESG

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

April

1,

2025

(the

“Reorganization”).

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

Class

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

A,

and

Class

Y

shares

of

the

Fund,

respectively.

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c)

For

the

year

ended

July

31,

2024,

the

Fund’s

total

return

includes

a

reimbursement

by

the

Adviser.

The

impact

on

Class

A’s

total

return

was

less

than

0.005%.

(d)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e)

Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(f)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(g)

Excludes

impact

of

in-kind

transactions.

25

Victory

Portfolios

IV

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

See

notes

to

financial

statements.

Victory

Pioneer

Balanced

Fund

Class

C*

Year

Ended

July

31,

2026

Year

Ended

July

31,

2025

Year

Ended

July

31,

2024

Year

Ended

July

31,

2023

Year

Ended

July

31,

2022

Net

Asset

Value,

Beginning

of

Period

$11.52

$10.87

$9.84

$9.57

$11.21

Investment

Activities:

Net

investment

income

(loss)(a)

0.14

0.13

0.13

0.12

0.03

Net

realized

and

unrealized

gains

(losses)

2.75

0.69

1.04

0.40

(0.84)

Total

from

Investment

Activities

2.89

0.82

1.17

0.52

(0.81)

Distributions

to

Shareholders

from:

Net

investment

income

(0.14)

(0.13)

(0.14)

(0.12)

(0.05)

Net

realized

gains

(0.22)

(0.04)

—

(0.13)

(0.78)

Total

Distributions

(0.36)

(0.17)

(0.14)

(0.25)

(0.83)

Net

Asset

Value,

End

of

Period

$14.05

$11.52

$10.87

$9.84

$9.57

Total

Return(b)

25.50%

7.61%

11.95%(c)

5.69%

(7.92)%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

1.66%(e)

1.65%

1.68%

1.69%

1.68%

Net

Investment

Income

(Loss)

1.08%

1.22%

1.27%

1.28%

0.33%

Gross

Expenses(d)

1.67%(e)

1.65%

1.68%

1.70%

1.69%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$30,093

$27,964

$33,543

$35,936

$43,776

Portfolio

Turnover(f)(g)

40%

29%

33%

44%

40%

*

Pioneer

Balanced

ESG

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

April

1,

2025

(the

“Reorganization”).

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

Class

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

A,

and

Class

Y

shares

of

the

Fund,

respectively.

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c)

For

the

year

ended

July

31,

2024,

the

Fund’s

total

return

includes

a

reimbursement

by

the

Adviser.

The

impact

on

Class

C’s

total

return

was

less

than

0.005%.

(d)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e)

Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(f)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(g)

Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

IV

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

26

See

notes

to

financial

statements.

Victory

Pioneer

Balanced

Fund

Class

R6*

Year

Ended

July

31,

2026

Year

Ended

July

31,

2025

Year

Ended

July

31,

2024

Year

Ended

July

31,

2023

Year

Ended

July

31,

2022

Net

Asset

Value,

Beginning

of

Period

$11.62

$10.97

$9.92

$9.64

$11.29

Investment

Activities:

Net

investment

income

(loss)(a)

0.28

0.25

0.24

0.22

0.15

Net

realized

and

unrealized

gains

(losses)

2.78

0.69

1.05

0.40

(0.85)

Total

from

Investment

Activities

3.06

0.94

1.29

0.62

(0.70)

Distributions

to

Shareholders

from:

Net

investment

income

(0.26)

(0.25)

(0.24)

(0.21)

(0.17)

Net

realized

gains

(0.22)

(0.04)

—

(0.13)

(0.78)

Total

Distributions

(0.48)

(0.29)

(0.24)

(0.34)

(0.95)

Net

Asset

Value,

End

of

Period

$14.20

$11.62

$10.97

$9.92

$9.64

Total

Return(b)

26.85%

8.71%

13.19%(c)

6.72%

(6.90)%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

0.61%(e)

0.60%

0.62%

0.65%

0.65%

Net

Investment

Income

(Loss)

2.12%

2.27%

2.32%

2.35%

1.44%

Gross

Expenses(d)

0.62%(e)

0.60%

0.63%

0.66%

0.65%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$56,345

$41,090

$40,010

$38,360

$7,732

Portfolio

Turnover(f)(g)

40%

29%

33%

44%

40%

*

Pioneer

Balanced

ESG

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

April

1,

2025

(the

“Reorganization”).

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

Class

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

A,

and

Class

Y

shares

of

the

Fund,

respectively.

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c)

For

the

year

ended

July

31,

2024,

the

Fund’s

total

return

includes

a

reimbursement

by

the

Adviser.

The

impact

on

Class

R6’s

total

return

was

less

than

0.005%.

(d)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e)

Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(f)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(g)

Excludes

impact

of

in-kind

transactions.

27

Victory

Portfolios

IV

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

See

notes

to

financial

statements.

Victory

Pioneer

Balanced

Fund

Class

Y*

Year

Ended

July

31,

2026

Year

Ended

July

31,

2025

Year

Ended

July

31,

2024

Year

Ended

July

31,

2023

Year

Ended

July

31,

2022

Net

Asset

Value,

Beginning

of

Period

$11.75

$11.09

$10.04

$9.74

$11.39

Investment

Activities:

Net

investment

income

(loss)(a)

0.27

0.24

0.23

0.22

0.14

Net

realized

and

unrealized

gains

(losses)

2.81

0.70

1.06

0.41

(0.85)

Total

from

Investment

Activities

3.08

0.94

1.29

0.63

(0.71)

Distributions

to

Shareholders

from:

Net

investment

income

(0.25)

(0.24)

(0.24)

(0.20)

(0.16)

Net

realized

gains

(0.22)

(0.04)

—

(0.13)

(0.78)

Total

Distributions

(0.47)

(0.28)

(0.24)

(0.33)

(0.94)

Net

Asset

Value,

End

of

Period

$14.36

$11.75

$11.09

$10.04

$9.74

Total

Return(b)

26.71%

8.59%

13.03%(c)

6.85%

(6.95)%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

0.72%(e)

0.70%

0.72%

0.65%

0.65%

Net

Investment

Income

(Loss)

2.02%

2.16%

2.23%

2.32%

1.37%

Gross

Expenses(d)

0.74%(e)

0.70%

0.74%

0.75%

0.75%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$91,142

$74,634

$66,401

$66,521

$73,819

Portfolio

Turnover(f)(g)

40%

29%

33%

44%

40%

*

Pioneer

Balanced

ESG

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

April

1,

2025

(the

“Reorganization”).

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

Class

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

A,

and

Class

Y

shares

of

the

Fund,

respectively.

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c)

For

the

year

ended

July

31,

2024,

the

Fund’s

total

return

includes

a

reimbursement

by

the

Adviser.

The

impact

on

Class

Y’s

total

return

was

less

than

0.005%.

(d)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e)

Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(f)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(g)

Excludes

impact

of

in-kind

transactions.

Notes

to

Financial

Statements

July

31,

2026

Victory

Portfolios

IV

28

1.

Organization:

Victory

Portfolios

IV

(the

“Trust”)

is

organized as

a

Delaware

statutory

trust and is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

investment

company.

The

Trust

is

comprised

of

26

funds, and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

no

par

value.

The

accompanying

financial

statements

are

those

of

the

following

fund

(the

“Fund”). The

Fund

is

classified

as

diversified

under

the

1940

Act.

Each

class

of

shares

of the

Fund

has

substantially

identical

rights

and

privileges

except

with

respect

to

sales

charges,

fees

paid

under

distribution

plans,

expenses

allocable

exclusively

to

each

class

of

shares,

voting

rights

on

matters

solely

affecting

a

single

class

of

shares,

and

the

exchange

privilege

of

each

class

of

shares.

 Victory

Capital

Management

Inc.

(“VCM”

or

the

“Adviser”)

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

The Fund,

which

commenced

operations

on

April

1,

2025,

is

the

successor

to

the

Pioneer Balanced

ESG Fund

(the

“Predecessor

Fund”).

The

Predecessor

Fund

transferred

all

of

the

net

assets

of

Class

A,

Class

C,

Class

K,

Class

R,

and

Class

Y

shares

in

exchange

for

the

Fund’s

Class

A,

Class

C,

Class

R6,

Class

A,

and

Class

Y

shares,

respectively,

on

April

1,

2025,

pursuant

to

an

agreement

and

plan

of

reorganization

(the

“Reorganization”),

which

was

approved

by

the

shareholders

of

the

Predecessor

Fund

on

March

27,

2025.

The

Reorganization

was

structured

so

that

the

transfer

of

assets

and

liabilities

did

not

result

in

federal

tax

liability

to

the

Predecessor

Fund

or

its

shareholders.

Shareholders

holding

Class

A,

Class

C,

Class

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

A,

and

Class

Y

shares

of

the

Fund,

respectively,

in

the

Reorganization.

The

Predecessor

Fund

was

the

accounting

survivor

of

the

Reorganization.

Accordingly,

the

Predecessor

Fund’s

performance

and

financial

history

have

become

the

performance

and

financial

history

of

the

Fund.

The

Fund’s

investment

objective

is

to

seek

capital

growth

and

current

income.

Effective

April

1,

2025, VCM

serves

as

the

Fund’s

investment

adviser,

succeeding

Amundi

Asset

Management

US,

Inc.

(“Amundi

US”).

On

the

same

date,

Victory

Capital

Services,

Inc.

(the

“Distributor”),

an

affiliate

of

the

Adviser,

became

the

Distributor

for

the

Fund's

shares,

succeeding

Amundi

Distributor

US,

Inc.

The

Distributor

receives

no

fee

or

other

compensation

for

these

services

(See

Note

5).

On

September

30,

2025,

the

Trust’s

Board

of

Trustees

(the

“Board”),

upon

the

recommendation

of

the

Adviser,

approved

a

change

in

the

Fund's

custodian,

sub-administrator,

sub-fund

accountant,

and

transfer

agent.

Effective

as

of

February

9,

2026, Citibank,

N.A.

serves

as

the

custodian

of

the

Fund,

Citi

Fund

Services

Ohio,

Inc.

serves

as

sub-administrator

and

sub-fund

accountant

of

the

Fund,

and

FIS

Investor

Services

LLC

serves

as

transfer

agent

of

the

Fund.

2.

Significant

Accounting

Policies:

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Fund

in

the

preparation

of

its

financial

statements.

The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

(“GAAP”).

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the

Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

follows

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification

Topic 946.

Investment

Valuation: 

The

Fund

records

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to sell

an asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund’s

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

quoted

prices

(unadjusted)

in

active

markets

for

identical

securities

Level

2

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

or

credit

spreads,

applicable

to

those

securities,

etc.)

Level

3

—

significant

unobservable

inputs

(including

the

Adviser’s

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodologies

used

for

valuation

techniques

are

not

necessarily

an

indication

of

the

risks

associated

with

entering

into

those

investments.

The Adviser,

appointed

as

the

valuation

designee

by the

Board, has

established

the

Pricing

Committee

(the

“Committee”),

and

subject

to

Board

oversight,

the

Committee

administers

and

oversees

the

Fund’s

valuation

policies

and

procedures,

which

are

approved

by

the

Board.

Fund

(Legal

Name)

Fund

(Short

Name)

Investment

Share

Classes

Offered

Victory

Pioneer

Balanced

Fund

Balanced

Fund

Class

A,

Class

C,

Class

R6,

and

Class

Y

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

29

Portfolio

securities

listed

or

traded

on

securities

exchanges,

including

Exchange-Traded

Funds

(“ETFs”)

and

American

Depositary

Receipts,

are

valued

at

the

last

sale

price

on

the

exchange

or

system

where

the

security

is

principally

traded,

if

available,

or

at

the

Nasdaq

Official

Closing

Price.

If

there

have

been

no

sales

for

that

day

on

the

exchange

or

system,

then

a

security

is

valued

at

the

closing mean,

if

available,

otherwise

the

bid

quotation

on

the

exchange

or

system

where

the

security

is

principally

traded.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

Debt

securities

are

valued

each

business

day

by

a

pricing

service

approved

by

the

valuation

designee

and

subject

to

the

oversight

of

the

Board.

The

pricing

service

uses

the

evaluated

bid

or market

quotes to

value

securities.

Debt

obligations

maturing

within

60

days

may

be

valued

at

amortized

cost,

provided

that

the

amortized

cost

represents

the

fair

value

of

such

securities.

These

valuations

are

typically

categorized

as

Level

2

in

the

fair

value

hierarchy.

Investments

in

open-end

investment

companies,

other

than

ETFs, are

valued

at their

net

asset

value

(“NAV”).

These

valuations

are

typically

categorized

as

Level

1 in

the

fair

value

hierarchy.

Loan

interests

are

valued

at

the

mean

between

the

last

available

bid

and

ask

prices

from

one

or

more

brokers

or

dealers

as

obtained

from

an

independent

third-party

pricing

service.

If

price

information

is

not

available,

or

if

the

price

information

is

deemed

to

be

unreliable,

price

information

will

be

obtained

from

an

alternative

loan

interest

pricing

service.

If

no

reliable

price

quotes

are

available

from

either

the

primary

or

alternative

pricing

service,

broker

quotes

will

be

solicited.

These

valuations

are

typically

categorized

as

Level

2

in

the

fair

value

hierarchy.

Event-linked

bonds

are

valued

at

the

bid

price

obtained

from

an

independent

third-party

pricing

service.

Other

insurance-linked

securities

(including

reinsurance

sidecars,

collateralized

reinsurance

and

industry

loss

warranties)

may

be

valued

at

the

bid

price

obtained

from

an

independent

pricing

service,

or

through

a

third

party

using

a

pricing

matrix,

insurance

valuation

models,

or

other

fair

value

methods

or

techniques

to

provide

an

estimated

value

of

the

instrument.

Event-linked

bond

valuations

are

typically

categorized

as

Level

2

in

the

fair

value

hierarchy.

Other

insurance-linked

valuations

are

typically

categorized

as

Level

3

in

the

fair

value

hierarchy.

Futures

contracts

are

valued

at

the

settlement

price

established

each

day

by

the

board

of

trade

or

an

exchange

on

which

they

are

traded.

These

valuations

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

Swap

agreements

are

valued

at

the

mean

between

the

current

bid

and

ask

prices.

To

the

extent

this

model

is

utilized,

these

valuations

are

considered

as

Level

2

in

the

fair

value

hierarchy.

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

2

or

Level

3

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

the

Fund’s

NAV to

be

more

reliable

than

it

otherwise

would

be.

A

summary

of

the

valuations

as

of

July

31,

2026, based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

on

the

Schedule

of

Portfolio

Investments

(amounts

in

thousands):

Level

1

Level

2

Level

3

Total

Balanced

Fund

Asset-Backed

Securities

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

$

—

$

12,556

$

—

$

12,556

Collateralized

Loan

Obligations

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

—

1,163

—

1,163

Collateralized

Mortgage

Obligations

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

—

12,448

—

12,448

Common

Stocks

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

307,857

—

—

307,857

Preferred

Stocks

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

633

—

—

633

Senior

Secured

Loans

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

—

195

—

195

Corporate

Bonds

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

—

35,862

41

35,903

Insurance-Linked

Securities

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

—

2,288

—

2,288

Yankee

Dollars

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

—

22,150

—

22,150

Municipal

Bonds

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

—

169

—

169

U.S.

Government

Agency

Mortgages

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

—

37,459

—

37,459

U.S.

Treasury

Obligations

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

—

36,086

—

36,086

Affiliated

Mutual

Funds

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

1,737

—

—

1,737

Short-Term

Investments

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

—

31,966

—

31,966

Total

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

$

310,227

$

192,342

$

41

$

502,610

Liabilities:

TBA

Sales

Commitments

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

$

—

$

(6,631)

$

—

$

(6,631)

Total

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

$

—

$

(6,631)

$

—

$

(6,631)

Other

Financial

Investments:*

Assets:

Credit

Default

Swap

Agreement

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

—

44

—

44

Liabilities:

Futures

Contracts

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

(708)

—

—

(708)

Total

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

$

(708)

$

44

$

—

$

(664)

*

Futures

Contracts

and

Swap

Agreements

are

presented

at

the

unrealized

appreciation

(depreciation)

on

the

investment.

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

30

As

of July

31,

2026,

there

were

no

significant transfers

into

or

out

of

Level

3.

Investment

Companies:

Open-End

Funds:

The

Fund

may

invest

in

portfolios

of

open-end

investment

companies.

These

investment

companies

value

securities

in

their

portfolios

for

which

market

quotations

are

readily

available

at

their

market

values

(generally

the

last

reported

sale

price)

and

all

other

securities

and

assets

at

their

fair

value

by

the

methods

established

by

the

board

of

the

underlying

funds.

Insurance-Linked

Securities

("ILS"):

The Fund

invests

in

ILS.

The Fund

could

lose

a

portion

or

all

of

the

principal

it

has

invested

in

an

ILS,

and

the

right

to

additional

interest

or

dividend

payments

with

respect

to

the

security,

upon

the

occurrence

of

one

or

more

trigger

events,

as

defined

within

the

terms

of

an

insurance-

linked

security.

Trigger

events,

generally,

are

hurricanes,

earthquakes,

or

other

natural

events

of

a

specific

size

or

magnitude

that

occur

in

a

designated

geographic

region

during

a

specified

time

period,

and/or

that

involve

losses

or

other

metrics

that

exceed

a

specific

amount.

There

is

no

way

to

accurately

predict

whether

a

trigger

event

will

occur,

and

accordingly,

ILS

carry

significant

risk.

The Fund

is

entitled

to

receive

principal,

and

interest

and/or

dividend

payments

so

long

as

no

trigger

event

occurs

of

the

description

and

magnitude

specified

by

the

instrument.

In

addition

to

the

specified

trigger

events,

ILS

may

expose

the Fund

to

other

risks,

including

but

not

limited

to

issuer

(credit)

default,

adverse

regulatory

or

jurisdictional

interpretations

and

adverse

tax

consequences.

The

Fund’s

investments

in

ILS

may

include

event-linked

bonds.

ILS

also

may

include

special

purpose

vehicles

(“SPVs”)

or

similar

instruments

structured

to

comprise

a

portion

of

a

reinsurer’s

catastrophe-oriented

business,

known

as

quota

share

instruments

(sometimes

referred

to

as

reinsurance

sidecars),

or

to

provide

reinsurance

relating

to

specific

risks

to

insurance

or

reinsurance

companies

through

a

collateralized

instrument,

known

as

collateralized

reinsurance.

Structured

reinsurance

investments

also

may

include

industry

loss

warranties

(“ILWs”).

A

traditional

ILW

takes

the

form

of

a

bilateral

reinsurance

contract,

but

there

are

also

products

that

take

the

form

of

derivatives,

collateralized

structures,

or

exchange-traded

instruments.

Where

the

ILS

are

based

on

the

performance

of

underlying

reinsurance

contracts,

the Fund

has

limited

transparency

into

the

individual

underlying

contracts,

and

therefore

must

rely

upon

the

risk

assessment

and

sound

underwriting

practices

of

the

issuer.

Accordingly,

it

may

be

more

difficult

for

the

Adviser

to

fully

evaluate

the

underlying

risk

profile

of

the

Fund’s

structured

reinsurance

investments,

and

therefore

the

Fund’s

assets

are

placed

at

greater

risk

of

loss

than

if

the

Adviser

had

more

complete

information.

Structured

reinsurance

instruments

generally

will

be

considered

illiquid

securities

by

the

Fund.

These

securities

may

be

difficult

to

purchase,

sell

or

unwind.

Illiquid

securities

also

may

be

difficult

to

value.

If

the Fund

is

forced

to

sell

an

illiquid

asset,

the Fund

may

be

forced

to

sell

at

a

loss.

Municipal

Obligations:

The

values

of

municipal

obligations

can

fluctuate

and

may

be

affected

by

adverse

tax,

legislative,

or

political

changes,

and

by

financial

developments

affecting

municipal

issuers.

Payments

of

municipal

obligations

may

depend

on

a

relatively

limited

source

of

revenue,

resulting

in

greater

credit

risk.

Future

changes

in

federal

tax

laws

or

the

activity

of

an

issuer

may

adversely

affect

the

tax-exempt

status

of

municipal

obligations.

Mortgage-

and

Asset-Backed

Securities:

The

values

of

some

mortgage-related

or

asset-backed

securities

may

be

particularly

sensitive

to

changes

in

prevailing

interest

rates.

Early

repayment

of

principal

on

some

mortgage-related

securities

may

expose

the

Fund

to

a

lower

rate

of

return

upon

reinvestment

of

principal.

The

values

of

mortgage-

and

asset-backed

securities

depend

in

part

on

the

credit

quality

and

adequacy

of

the

underlying

assets

or

collateral

and

may

fluctuate

in

response

to

the

market’s

perception

of

these

factors

as

well

as

current

and

future

repayment

rates.

Some

mortgage-backed

securities

are

backed

by

the

full

faith

and

credit

of

the

U.S.

government

(e.g.,

mortgage-backed

securities

issued

by

the

Government

National

Mortgage

Association,

commonly

known

as

“Ginnie

Mae”),

while

other

mortgage-backed

securities

(e.g.,

mortgage-backed

securities

issued

by

the

Federal

National

Mortgage

Association

and

the

Federal

Home

Loan

Mortgage

Corporation,

commonly

known

as

“Fannie

Mae”

and

“Freddie

Mac,”

respectively),

are

backed

only

by

the

credit

of

the

government

entity

issuing

them.

In

addition,

some

mortgage-backed

securities

are

issued

by

private

entities

and,

as

such,

are

not

guaranteed

by

the

U.S.

government

or

any

agency

or

instrumentality

of

the

U.S.

government.

TBAs

:

The

Fund

may

enter

into

to-be-announced

(TBA)

purchases

or

sales

commitments

(collectively,

TBA

transactions),

pursuant

to

which

it

agrees

to

purchase

or

sell,

respectively,

mortgage-backed

securities

for

a

fixed

unit

price,

with

payment

and

delivery

at

a

scheduled

future

date

beyond

the

customary

settlement

period

for

such

securities.

With

TBA

transactions,

the

particular

securities

to

be

received

or

delivered

by

the

Fund

are

not

identified

at

the

trade

date;

however,

the

securities

must

meet

specified

terms,

including

issuer,

rate,

and

mortgage

term,

and

be

within

industry-accepted

“good

delivery”

standards.

The

Fund

may

enter

into

TBA

transactions

with

the

intention

of

taking

possession

of

or

relinquishing

the

underlying

securities,

may

elect

to

extend

the

settlement

by

“rolling”

the

transaction,

and/or

may

use

TBA

transactions

to

gain

or

reduce

interim

exposure

to

underlying

securities.

Until

settlement,

the

Fund

maintains

liquid

assets

sufficient

to

settle

its

commitment

to

purchase

a

TBA

or,

in

the

case

of

a

sale

commitment,

the

Fund

maintains

an

entitlement

to

the

security

to

be

sold.

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

31

To

mitigate

counterparty

risk,

the

Fund

has

entered

into

agreements

with

TBA

counterparties

that

provide

for

collateral

and

the

right

to

offset

amounts

due

to

or

from

those

counterparties

under

specified

conditions.

Subject

to

minimum

transfer

amounts,

collateral

requirements

are

determined

and

transfers

made

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

TBA

commitments

with

a

particular

counterparty.

At

any

time,

the

Fund’s

risk

of

loss

from

a

particular

counterparty

related

to

its

TBA

commitments

is

the

aggregate

unrealized

gain

on

appreciated

TBAs

in

excess

of

unrealized

loss

on

depreciated

TBAs

and

collateral

received,

if

any,

from

such

counterparty.

As

of

July

31,

2026,

no

collateral

was

pledged

or

paid

by

the

Fund.

Loans:

Floating

rate

loans

in

which

the

Fund

invests

are

primarily

“senior”

loans.

Senior

floating

rate

loans

typically

hold

a

senior

position

in

the

capital

structure

of

the

borrower,

are

typically

secured

by

specific

collateral,

and

have

a

claim

on

the

assets

and/or

stock

of

the

borrower

that

is

senior

to

that

held

by

subordinated

debtholders

and

stockholders

of

the

borrower.

While

these

protections

may

reduce

risk,

these

investments

still

present

significant

credit

risk.

A

significant

portion

of

the

Fund’s

floating

rate

investments

may

be

issued

in

connection

with

highly

leveraged

transactions

such

as

leveraged

buyouts,

leveraged

recapitalization

loans,

and

other

types

of

acquisition

financing.

Obligations

in

these

types

of

transactions

are

subject

to

greater

credit

risk

(including

default

and

bankruptcy)

than

many

other

investments

and

may

be,

or

become,

illiquid.

See

note

regarding

below-investment-grade

securities.

The

Fund

may

purchase

second

lien

loans

(secured

loans

with

a

claim

on

collateral

subordinate

to

a

senior

lender’s

claim

on

such

collateral),

fixed

rate

loans,

unsecured

loans,

and

other

debt

obligations.

Transactions

in

loans

often

settle

on

a

delayed

basis,

and

the

Fund

may

not

receive

the

proceeds

from

the

sale

of

a

loan

or

pay

for

a

loan

purchase

for

a

substantial

period

of

time

after

entering

into

the

transactions.

Securities

Purchased

on

a

Delayed-Delivery

or

When-Issued

Basis:

The

Fund

may

purchase

securities

on

a

delayed-delivery

or

when-issued

basis.

Delivery

and

payment

for

securities

that

have

been

purchased

by

the

Fund

on

a

delayed-delivery

or

when-issued

basis,

or

for

delayed

draws

on

loans

can

generally

take

place

within

35

days after

the

trade

date.

Securities

that

require

more

than

35

days

to

settle

are

considered

senior

securities

and

subject

to

Rule

18f-4.

At

the

time

the

Fund

makes

the

commitment

to

purchase

a

security

on

a

delayed-delivery

or

when-issued

basis,

the

Fund

records

the

transaction

and

reflects

the

value

of

the

security

in

determining

NAV.

No

interest

accrues

to

the

Fund

until

the

transaction

settles

and

payment

takes

place. 

If

the

Fund

owns

delayed-

delivery

or

when-issued

securities,

these

values

are

included

in

Payables

for

Investments

purchased

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Unfunded

Loan

Commitments:

The

Fund

may

enter

into

unfunded

loan

commitments.

Unfunded

loan

commitments

may

be

partially

or

wholly

unfunded.

During

the

contractual

period,

the

Fund

is

obliged

to

provide

funding

to

the

borrower

upon

demand.

A

fee

is

earned

by

the

Fund

on

the

unfunded

loan

commitment

and

is

recorded

as

interest

income

on

the

Statement

of

Operations.

Unrealized

appreciation

or

depreciation,

if

any,

is

recorded

on

the

Statement

of

Assets

and

Liabilities.

As

of July

31,

2026,

the

Fund

had

no

unfunded

loan

commitment

outstanding.

Derivative

Instruments:

Futures

Contracts:

The

Fund

may

enter

into

contracts

for

the

future

delivery

of

securities

or

foreign

currencies

and

futures

contracts

based

on

a

specific

security,

class

of

securities,

foreign

currency

or

an

index,

and

purchase

or

sell

options

on

any

such

futures

contracts.

A

futures

contract

on

a

securities

index

is

an

agreement

obligating

either

party

to

pay,

and

entitling

the

other

party

to

receive,

while

the

contract

is

outstanding,

cash

payments

based

on

the

level

of

a

specified

securities

index.

No

physical

delivery

of

the

underlying

asset

is

made.

The

Fund

may

enter

into

futures

contracts

in

an

effort

to

hedge

against

market

risks.

The

acquisition

of

put

and

call

options

on

futures

contracts

will

give

the

Fund

the

right

(but

not

the

obligation),

for

a

specified

price,

to

sell

or

to

purchase

the

underlying

futures

contract,

upon

exercise

of

the

option,

at

any

time

during

the

option

period.

Futures

transactions

involve

brokerage

costs. A

good

faith

margin

deposit,

known

as

initial

margin,

of

cash

or

government

securities

with

a

broker

or

custodian

is

required

to

initiate

and

maintain

open

positions

in

futures

contracts.

Subsequent

payments,

known

as

variation

margin,

are

made

or

received

by

the

Fund

based

on

the

change

in

the

market

value

of

the

position

and

are

recorded

as

unrealized

appreciation

or

depreciation

until

the

contract

is

closed

out,

at

which

time

the

gain

or

loss

is

realized.

The

Fund

may

lose

the

expected

benefit

of

futures

transactions

if

interest

rates,

exchange

rates

or

securities

prices

change

in

an

unanticipated

manner.

Such

unanticipated

changes

may

also

result

in

lower

overall

performance

than

if

the

Fund

had

not

entered

into

any

futures

transactions.

In

addition,

the

value

of

the

Fund’s

futures

positions

may

not

prove

to

be

perfectly

or

even

highly

correlated

with

the

value

of

its

portfolio

securities

or

foreign

currencies,

limiting

the

Fund’s

ability

to

hedge

effectively

against

interest

rate,

exchange

rate

and/or

market

risk

and

giving

rise

to

additional

risks.

There

is

no

assurance

of

liquidity

in

the

secondary

market

for

purposes

of

closing

out

futures

positions.

The

collateral

held

by

the

Fund

is

reflected

on

the

Statement

of

Assets

and

Liabilities

under

Futures

contracts

collateral.

Management

has

determined

that

no

offsetting

requirements

exist

as

a

result

of its

conclusion

that

the

Fund

is

not

subject

to

master

netting

agreements

for

futures

contracts. During

the year ended

July

31,

2026,

the

Fund

entered

into

futures

contracts

primarily

for

the

strategy

of

gaining

exposure

to

a

particular

asset

class

or

securities

market.

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

32

Credit

Derivatives:

The Fund

may

enter

into

credit

derivatives,

including

centrally

cleared

credit

default

swaps

on

individual

obligations

or

credit

indices.

The

Fund

may

use

these

investments

(i)

as

alternatives

to

direct

long

or

short

investment

in

a

particular

security

or

securities,

(ii)

to

adjust

the

Fund’s

asset

allocation

or

risk

exposure,

or

(iii)

for

hedging

purposes.

The

use

by

the

Fund

of

centrally

cleared

credit

default

swaps

may

have

the

effect

of

creating

a

short

position

in

a

security.

Credit

derivatives

can

create

investment

leverage

and

may

create

additional

investment

risks

that

may

subject

the

Fund

to

greater

volatility

than

investments

in

more

traditional

securities,

as

described

in

the

Fund’s

Statement

of

Additional

Information.

Centrally

cleared

credit

default

swap

(“CDS”)

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

(referred

to

as

the

buyer

of

protection)

to

another

party

(the

seller

of

protection)

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

a

specific

sector

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

CDS.

The

counterparty

risk

for

cleared

swap

agreements

is generally

lower

than

uncleared

over-the-counter

swap

agreements

because

a

clearing

organization

generally becomes substituted

for

each

counterparty

to

a

centrally

cleared

swap

agreement

and,

in

effect,

guarantees

each

party’s

performance

under

the

contract

as

each

party

to

a

trade

looks

only

to

the

clearing

organization

for

performance

of

financial

obligations.

However,

there

can

be

no

assurance

that

the

clearing

organization,

or

its

members,

will

satisfy

its

obligations

to

the

Fund.

The

Fund

may

enter

into

CDS

agreements

either

as

a

buyer

or

seller.

The

Fund

may

buy

protection

under

a

CDS

to

attempt

to

mitigate

the

risk

of

default

or

credit

quality

deterioration

in

one

or

more

individual

holdings

or

in

a

segment

of

the

fixed

income

securities

market.

The

Fund

may

sell

protection

under

a

CDS

in

an

attempt

to

gain

exposure

to

an

underlying

issuer’s

credit

quality

characteristics

without

investing

directly

in

that

issuer.

For

swaps

entered

into with

an

individual

counterparty,

the

Fund

bears

the

risk

of

loss

of

the

uncollateralized

amount

expected

to

be

received

under

a

CDS

agreement

in

the

event

of

the

default

or

bankruptcy

of

the

counterparty.

CDS

agreements

are

generally

valued

at

a

price

at

which

the

counterparty

to

such

agreement

would

terminate

the

agreement.

The

Fund

may

also

enter

into

centrally

cleared

swaps.

Upon

entering

into

a

cleared

CDS,

the

Fund

may

be

required

to

deposit

with

the

broker

an

amount

of

cash

or

cash

equivalents

in

the

range

of

approximately

3%

to

6%

of

the

notional

amount

for

CDS

on

high

yield

debt

issuers

(this

amount

is

subject

to

change

by

the

clearing

organization

that

clears

the

trade).

This

amount,

known

as

“initial

margin,”

is

in

the

nature

of

a

performance

bond

or

good

faith

deposit

on

the

CDS

and

is

returned

to the

Fund

upon

termination

of

the

CDS,

assuming

all

contractual

obligations

have

been

satisfied.

Subsequent

payments,

known

as

“variation

margin,”

to

and

from

the

broker

will

be

made

daily

as

the

price

of

the

CDS

fluctuates,

making

the

long

and

short

positions

in

the

CDS

contract

more

or

less

valuable,

a

process

known

as

"marking-to-market."

The

premium

(discount)

payments

are

built

into

the

daily

price

of

the

CDS

and

thus

are

amortized

through

the

variation

margin.

The

variation

margin

payment

also

includes

the

daily

portion

of

the

periodic

payment

stream.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

the

Fund

as

a

seller

of

protection

could

be

required

to

make

under

a

CDS

agreement

equals

the

notional

amount

of

the

agreement.

Notional

amounts

of

each

individual

CDS

agreement

outstanding

as

of

year end

for

which

the

Fund

is

the seller

of

protection

are

disclosed

on

the

Schedule

of

Portfolio

Investments.

These

potential

amounts

would

be

partially

offset

by

any

recovery

values

of

the

respective

referenced

obligations,

upfront

payments

received

upon

entering

into

the

agreement,

periodic

interest

payments,

or

net

amounts

received

from

the

settlement

of

buy

protection

CDS

agreements

entered

into

by

the

Fund

for

the

same

referenced

entity

or

entities.

The

collateral

held

by

the

Fund

is

reflected

on

the

Statement

of

Assets

and

Liabilities

under

Swap

agreements

collateral.

Management

has

determined

that

no

offsetting

requirements

exist

as

a

result

of its

conclusion

that

the

Fund is

not

subject

to

master

netting

agreements

for

swap

contracts.

The Fund

entered

into

centrally

cleared

CDS

agreements

primarily

for

the

strategy

of

asset

allocation

and

risk

exposure

management

during

the

period.

Summary

of

Derivative

Instruments:

The

following

table

summarizes

the

fair

values

of

derivative

instruments

on

the

Statement

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

July

31,

2026 (amounts

in

thousands):

Assets

Liabilities

Swap

Agreements*

Futures

contracts*

Credit

Risk

Exposure:

Balanced

Fund

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

$

44

$

–

Interest

Rate

Risk

Exposure:

Balanced

Fund

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

–

708

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

33

*Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

and

swap

agreements

as

reported

on

the

Schedule

of

Portfolio

Investments.

Only

the current

day’s

variation

margin

for

futures

contracts

and

swap

agreements

are

reported

within

the

Statement

of

Assets

and

Liabilities.

The

following

table

presents the

effect

of

derivative

instruments

on

the

Statement

of

Operations,

categorized

by

risk

exposure,

for

the year

ended

July

31,

2026 (amounts

in

thousands):

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments:

The

following

table

summarizes

the

volume

of

derivative

instruments

activity for

the

year

ended July

31,

2026,

categorized

by

derivative

instrument type

(amounts

in

thousands):

Investment

Transactions

and

Related

Income:

Investment

transactions

are

recorded

on

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

 Dividend

income

is

recorded

on

the

ex-dividend

date.

Non-cash

dividends

included

in

income,

if

any,

are

recorded

at

the

fair

value

of

the

securities

received.

Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis. Interest

income

is

accrued

daily

and

recorded

using

the

effective

interest

method,

which

includes

the

amortization

of

premiums

and

accretion

of

discounts

on

debt

securities.

The Fund

may

receive

other

income

from

investments

in

loan

assignments

and/or

unfunded

commitments,

including

amendment

fees,

consent

fees,

and

commitment

fees.

These

fees

are

recorded

as

income

when

received.

These

amounts,

if

received,

are

included

in

Interest

income

on

the

Statement

of

Operations. 

Withholding

taxes

on

foreign

dividends,

interest,

and

capital

gains

have

been

provided

for

in

accordance

with

the

applicable

tax

rules

and

rates

of

each

respective

country.

Securities

Lending:

The

Fund,

through

a

Securities

Lending

Agreement

with

Citibank,

N.A.

(“Citibank”),

may

lend

its

securities

to

qualified

financial

institutions,

such

as

certain

broker-dealers

and

banks,

to

earn

additional

income,

net

of

income

retained

by

Citibank.

Borrowers

are

required

to

initially

secure

their

loans

for

collateral

in

the

amount

of

at

least

102%

of

the

value

of

U.S.

securities

loaned

or

at

least

105%

of

the

value

of

non-U.S.

securities

loaned,

marked-to-market

daily.

Any

collateral

shortfalls

associated

with

increases

in

the

valuation

of

the

securities

loaned

are

generally

cured

the

next

business

day.

The

collateral

can

be

received

in

the

form

of

cash

collateral

and/or

non-cash

collateral.

Non-cash

collateral

can

include

U.S.

Government

Securities

and

other

securities

as

permitted

by Securities

and

Exchange

Commission

(“SEC”)

guidelines.

The

cash

collateral

is

invested

in

short-term

instruments

or

cash

equivalents,

primarily

open-end

investment

companies,

as

noted

on

the

Fund’s

Schedule

of

Portfolio

Investments.

The

Fund

effectively

does

not

have

control

of

the

non-cash

collateral

and

therefore

it

is

not

disclosed

on

the

Fund’s

Schedule

of

Portfolio

Investments.

Collateral

requirements

are

determined

daily

based

on

the

value

of

the

Fund’s

securities

on

loan

as

of

the

end

of

the

prior

business

day.

During

the

time

portfolio

securities

are

on

loan,

the

borrower

will

pay

the

Fund

any

dividends

or

interest

paid

on

such

securities

plus

any

fee

negotiated

between

the

parties

to

the

lending

agreement.

The

Fund

also

earns

a

return

from

the

collateral.

The

Fund

pays

Citibank

various

fees

in

connection

with

the

investment

of

cash

collateral

and

fees

based

on

the

investment

income

received

from

securities

lending

activities.

Securities

lending

income

(net

of

these

fees)

is

disclosed

on

the

Statement

of

Operations.

Loans

are

terminable

upon

demand

and

the

borrower

must

return

the

loaned

securities

within

the

lesser

of

one

standard

settlement

period

or

five

business

days.

Although

risk

is

mitigated

by

the

collateral,

the

Fund

could

experience

a

delay

in

recovering

its

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

In

addition,

there

is

a

risk

that

the

value

of

the

short-term

investments

will

be

less

than

the

amount

of

cash

collateral

required

to

be

returned

to

the

borrower.

The

Fund’s

agreement

with

Citibank

does

not

include

master

netting

provisions.

Non-cash

collateral

received

by

the

Fund

may

not

be

sold

or

repledged,

except

to

satisfy

borrower

default.

Net

realized

gains

(losses)

from

futures

contracts

Net

realized

gains

(losses)

from

swap

agreements

Net

change

in

unrealized

appreciation/

depreciation

on

futures

contracts

Net

change

in

unrealized

appreciation/

depreciation

on

swap

agreements

Credit

Risk

Exposure:

Balanced

Fund

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

$

–

$

195

$

–

$

11

Interest

Rate

Risk

Exposure:

Balanced

Fund

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

(955)

–

(753)

–

Balanced

Fund

Futures

contracts:

Average

notional

value

of

contracts

—

long

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

$

44,704

Average

notional

value

of

contracts

—

short

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

$

(1,792)

Centrally

cleared

credit

default

swaps:

Average

notional

value

—

sell

protection

$

(1,370)

a

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

34

As

of

July

31,

2026,

the

Fund

did

not

have

any

securities

on

loan.

Foreign

Taxes:

The

Fund

may

be

subject

to

foreign

taxes

related

to

foreign

income

received

(a

portion

of

which

may

be

reclaimable),

capital

gains

on

the

sale

of

securities,

and

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Fund

invests.

Federal

Income

Taxes:

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Fund

has

a

tax

year

end

of July

31.

For

the

year

ended

July

31,

2026,

the

Fund

did

not

incur

any

income

tax,

interest,

or

penalties,

and

has

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

include

the

current

fiscal

tax

year-end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to the

Fund

are

charged

to the

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Income,

expenses

(other

than

class-specific

expenses

such

as

transfer

agent

fees,

state

registration

fees,

printing

fees,

and

12b-1

fees),

and

realized

and

unrealized

gains

or

losses

on

investments

are

allocated

to

each

class

of

shares

based

on

its

relative

net

assets

on

the

date

income

is

earned

or

expenses

and

realized

and

unrealized

gains

and

losses

are

incurred.

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statement

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3.

Purchases

and

Sales:

Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition,

TBA

Securities,

all

derivative

contracts

and

purchases

and

sales

of

in-kind

transactions)

and

purchases

and

sales

associated

with

in-kind

transactions for

the

year

ended

July

31,

2026,

were

as

follows

(amounts

in

thousands).

Any

realized

gains

or

losses

from

in-kind

redemptions

are

reflected

on

the

Statement

of

Operations

as

net

realized

gains

(losses)

from

in-kind

redemptions.

4.

Affiliated

Fund

Ownership:

The

Fund

offers

shares

for

investment

by

other

funds

including

VCM

affiliated

fund-of-funds.

The

affiliated fund-of-funds

do

not

invest

in

the

underlying

funds

for

the

purpose

of

exercising

management

or

control;

however,

investments

by

affiliated fund-of-funds

within

their

principal

investment

strategies

may

represent

a

significant

portion

of

an

underlying

fund’s

assets,

and

together

with

the

investments

of

the

other

affiliated

funds-of-funds,

may

represent

a

substantial

portion

or

even

all

of

an

underlying

fund’s

net

assets.

The

affiliated

fund-of-funds’

annual

and

semi-

annual

reports

may

be

viewed

at

vcm.com.

As

of

July

31,

2026,

certain

affiliated

fund-of-funds

owned

total

outstanding

shares

of

the

Fund

as

follows:

Excluding

U.S.

Government

Securities

U.S.

Government

Securities

Purchases

Sales

Purchases

Sales

Balanced

Fund

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

$

126,781

$

160,331

$

40,641

$

7,128

Associated

with

In-Kind

Transactions

Purchases

Sales

Balanced

Fund

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

$

—

$

38,043

Balanced

Fund

Ownership

%

Victory

Pioneer

Solutions

–

Balanced

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

4.2

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

35

5.

Fees

and

Transactions

with

Affiliates

and

Related

Parties:

Investment

Advisory

Fees: 

Investment

advisory

services

are

provided

to

the

Fund

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

Securities

and

Exchange

Commission

(“SEC”).

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

fees

accrued

daily

and

paid

monthly

at

an

annualized

rate

based

on

a

percentage

of

the

average

daily

net

assets

of the

Fund. The

rates

at

which

the

Adviser

is

paid

by the

Fund

are

included

in

the

table

below.

Amounts

incurred

and

paid

to

VCM

for

the

year ended

July

31,

2026,

are

reflected

on

the

Statement

of

Operations

as

Investment

advisory

fees.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Fund’s

administrator

and

fund

accountant.

Under

the Administration

and

Fund

Accounting

Agreement,

VCM

is

paid

an

administration

fee

based

on

a

percentage

of

the

average

daily

net

assets

of

all

Companies

and

Funds

(as

defined

in

the

Administration

and

Fund

Accounting

Agreement)

together

with

all

other

registered

investment

companies

for

which

VCM

acts

as

administrator,

and allocated

to the

Fund

on

a

pro

rata

basis

calculated

based

on

the

Fund’s

average

daily

net

assets.

The

tiered

rates

at

which

VCM

is

paid

by

the

Fund

are

shown

in

the

table

below:

Amounts

incurred

for

the

year

ended

July

31,

2026,

are

reflected

on

the

Statement

of

Operations

as

Administration

fees.

Effective

February

9,

2026,

Citi

Fund

Services

Ohio,

Inc.

(“Citi”),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Fund

pursuant

to

a

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The

Fund

reimburses

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services,

including

costs

associated

with

the

Chief

Compliance

Officer,

and

the

implementation

of

new

reports

required

by

new

rules

adopted

by

the

SEC

under

the

1940

Act.

Prior

to

February

9,

2026,

BNY

Mellon

served

as

sub-administrator

and

sub-fund

accountant

for

the

Fund.

The

total

amounts

incurred

and

paid

for the year

ended July

31,

2026,

are

reflected

within

the

Sub-Administration

fees

on

the

Statement

of

Operations.

Transfer

Agency

Fees:

Effective February

9,

2026,

FIS

Investor

Services

LLC

serves

as

the

Fund’s

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the

Trust

pays

FIS

a

fee

for

its

services

and

reimburses

FIS

for

all

of its

reasonable

out-of-pocket

expenses

incurred

in

providing

these

services.

Prior

to February

9,

2026,

BNY

Mellon

Investment

Servicing

(US)

Inc.

served

as

the

transfer

agent

to

the

Fund at

negotiated

rates

where

transfer

agent

fees

included

sub-transfer

agent

expenses

incurred

through

the

Fund’s

omnibus

relationship

contracts.

In

addition,

the

Fund

would

reimburse

out-of-pocket

expenses

incurred

by

the

former

transfer

agent

related

to

shareholder

communications

activities

such

as

proxy

and

statement

mailings,

and

outgoing

phone

calls.

Total

transfer

agent

fees

incurred

for

the

year ended

July

31,

2026,

are

reflected

on

the

Statement

of

Operations

as

Transfer

agent

fees.

Sub-Transfer

Agency

Fees:

Effective

February

9,

2026,

the

Fund

has

entered

into

Sub-Transfer

Agency

Agreements

with

financial

intermediaries

that

provide

recordkeeping,

processing,

shareholder

communications

and

other

services

to

customers

of

the

intermediaries

that

hold

positions

in

the

Fund

and

have

agreed

to

compensate

the

intermediaries

for

providing

those

services.

Intermediaries

transact

with

the

Fund

primarily

through

the

use

of

omnibus

accounts

on

behalf

of

their

customers

who

hold

positions

in

the

Fund.

These

services

would

have

been

provided

by

the

Fund’s

transfer

agent

and

other

service

providers

if

the

shareholders'

accounts

were

maintained

directly

at

the

Fund’s

transfer

agent.

Prior

to

February

9,

2026,

BNY

Mellon

served

as

sub-transfer

agent.

Total

sub-transfer

agent

fees

incurred

for

the year

ended

July

31,

2026,

are

reflected

on

the

Statement

of

Operations

as

Sub-Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services, Inc.

(the

“Distributor”),

an

affiliate

of

the

Adviser,

serves

as

the

Distributor

for

the

continuous

offering

of

the

shares

of

the

Fund

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust.

Adviser

Fee

Tier

Rates

Up

to

$1

billion

Over

$1

billion

Balanced

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.50%,

plus

0.45%

Annual

Charge

Up

to

$15

billion

Over

$15

billion

-

$30

billion

Over

$30

billion

-

$85

billion

Over

$85

billion

Balanced

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.08%,

plus

0.05%,

plus

0.04%,

plus

0.03%

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

36

Pursuant

to

the

Distribution

and

Services

Plan

adopted

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Distributor

may

receive

a

monthly

distribution

and

service

fee

for

Class

A

and

Class

C,

at

an

annual

rate

of

up

to

0.25%

and

1.00%,

respectively,

of

the

average

daily

net

assets. Amounts

incurred

and

paid

to

the

Distributor

for

the year

ended

July

31,

2026, are

reflected

on

the

Statement

of

Operations

as

12b-1

fees.

In

addition,

the

Distributor

is

entitled

to

receive

commissions

in

connection

with

sales

of

Class

A.

For

the

year

ended

July

31,

2026,

the

Distributor

received

$6

thousand

from

commissions

earned

in

connection

with

sales

of

Class

A.

Other

Fees:

Effective

February

9,

2026,

Citibank

serves

as

the

Fund's

custodian.

The

Fund

pays

Citibank

a

fee

for

providing

these

services.

Prior

to

February

9,

2026,

BNY

Mellon

served

as

the

Fund's

custodian. Total

custodian

fees

incurred

for

the

year ended

July

31,

2026, are

reflected

on

the

Statement

of

Operations

as

Custodian

fees.

Sidley

Austin

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with the Fund.

Under

the

terms

of

the

agreement,

the

Adviser

has

agreed

to

waive

fees

or

reimburse

certain

expenses

to

the

extent

that

ordinary

operating

expenses

incurred

by

certain

classes

of

the

Fund

in

any

fiscal

year

exceed

the

expense limits

for

such

classes

of the

Fund.

Such

excess

amounts

will

be

the

liability

of

the

Adviser. Acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund’s

business

are

excluded

from

the

expense

limits.

As

of

July

31,

2026,

the

expense

limits

(excluding

voluntary

waivers) were

as

follows:

Under

the

terms

of

the

expense

limitation

agreement,

the

Fund

has

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to two

years

(twenty-four

(24)

months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense limits

in

effect

at

the

time

of:

(a)

the

original

waiver

or

expense

reimbursement;

or

(b)

the

recoupment,

after

giving

effect

to

the

recoupment

amount.

The

Fund

has

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

July

31,

2026.

As

of July

31,

2026,

the

Fund

had

no amounts available

to

be

repaid

to

the

Adviser.

The

dates

in

the

table

below

represent

the

fiscal

year-end

in

which

the

24-month

recoupment

period

expires.

As

of

July

31,

2026,

these

amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

The

Adviser

may

voluntarily

waive

or

reimburse

additional

fees

to

assist

the

Fund

in

maintaining

competitive

expense

ratios.

Voluntary

waivers

and

reimbursements

applicable

to

the

Fund

are

not

available

to

be

recouped

at

a

future

time.

For

the year

ended

July

31,

2026,

the

Adviser

voluntarily

waived

the

following

amounts

(in

thousands):

Certain

officers

and/or

interested

trustees

of

the

Fund

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

and

Distributor.

6.

Risks:

The

following

describes

principal

risks

that

you

may

assume

as

an

investor

in

the

Fund.

The

Fund’s

prospectus

contains

unaudited

information

regarding

the

Fund’s

principal

risks.

Please

refer

to

that

document

when

considering

the

Fund’s

principal

risks.

The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

Market

Risk

—

The

market

prices

of

securities

or

other

assets

held

by

the

Fund

may

go

up

or

down,

sometimes

rapidly

or

unpredictably,

due

to

general

market

conditions,

such

as

real

or

perceived

adverse

economic,

political,

or

regulatory

conditions,

political

instability,

recessions,

inflation,

changes

in

interest

or

currency

rates,

lack

of

liquidity

in

the

bond

markets,

the

spread

of

infectious

illness

or

other

public

health

issues,

weather

or

climate

events,

armed

conflict,

market

disruptions

caused

by

tariffs,

trade

disputes,

sanctions

or

other

government

actions,

or

other

factors

or

adverse

investor

sentiment.

If

the

market

prices

of

the

Fund’s

securities

and

assets

fall,

the

value

of

your

investment

will

go

down.

A

change

in

financial

condition

or

other

event

affecting

a

single

issuer

or

market

may

adversely

impact

securities

markets

as

a

whole.

Value

Style Risk

—

The

prices

of

securities

the

Adviser

believes

are

undervalued

may

not

appreciate

as

expected

or

may

go

down.

Value

stocks

may

fall

out

of

favor

with

investors

and

underperform

the

overall

equity

market.

A

value

stock

may

not

increase

in

price

as

anticipated

by

the

In

effect

until

April

1,

2028

Class

A

Class

C

Class

R6

Class

Y

Balanced

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.93%

1.68%

0.62%

0.72%

July

31,

2028

Total

Balanced

Fund

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

$

10

$

10

Amount

Balanced

Fund

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

$

27

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

37

Adviser

if

other

investors

fail

to

recognize

the

company’s

value

and

bid

up

the

price

or

the

factors

that

the

Adviser

believes

will

increase

the

price

of

the

security

do

not

occur

or

do

not

have

the

anticipated

effect.

Portfolio

Selection Risk

—

The

Adviser’s

judgment

about

a

particular

security

or

issuer,

or

about

the

economy

or

a

particular

sector,

region,

market

segment

or

industry,

or

about

an

investment

strategy,

may

prove

to

be

incorrect

or

may

not

produce

the

desired

results,

or

there

may

be

imperfections,

errors

or

limitations

in

the

models,

tools

and

information

used

by

the

Adviser.

Interest

Rate

Risk

 —

The

market

prices

of

the

Fund’s

fixed

income

securities

may

fluctuate

significantly

when

interest

rates

change.

The

value

of

your

investment

will

generally

go

down

when

interest

rates

rise.

A

rise

in

rates

tends

to

have

a

greater

impact

on

the

prices

of

longer

term

or

duration

securities.

Duration

is

a

measure

of

a

fixed

income

security’s

sensitivity

to

changes

in

interest

rates.

For

example,

if

interest

rates

increase

by

1%,

the

value

of

a

fund’s

portfolio

with

a

portfolio

duration

of

ten

years

would

be

expected

to

decrease

by

10%,

all

other

things

being

equal.

A

general

rise

in

interest

rates

could

adversely

affect

the

price

and

liquidity

of

fixed

income

securities

and

could

also

result

in

increased

redemptions

from

the

Fund.

The

maturity

of

a

security

may

be

significantly

longer

than

its

effective

duration.

A

security’s

maturity

and

other

features

may

be

more

relevant

than

its

effective

duration

in

determining

the

security’s

sensitivity

to

other

factors

affecting

the

issuer

or

markets

generally,

such

as

changes

in

credit

quality

or

in

the

yield

premium

that

the

market

may

establish

for

certain

types

of

securities

(sometimes

called

“credit

spread”).

In

general,

the

longer

its

maturity,

the

more

a

security

may

be

susceptible

to

these

factors.

When

the

credit

spread

for

a

fixed

income

security

goes

up

or

“widens,”

the

value

of

the

security

generally

will

go

down.

Sector Focus

Risk

— 

To

the

extent

the

Fund

focuses

on

one

or

more

sectors,

such

as

the

financials

sector,

 market

or

economic

factors

impacting

those

sectors

could

have

a

significant

effect

on

the

value

of

the

Fund’s

investments

and

could

make

the

Fund’s

performance

more

volatile.

7.

Borrowing

and

Interfund

Lending:

Line

of

Credit:

The

Trust

participates

in

a

short-term

demand

note

“Line

of

Credit”

agreement

with

Citibank.

Under

the

agreement

with

Citibank,

the

Trust

may

borrow

up

to

$250

million.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the

period

from

September

1,

2025,

through

January

27,

2026,

Citibank

received

an

annual

commitment

fee

of

0.20%

for

providing

the

Line

of

Credit.

Effective

January

28,

2026,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

changed

to

0.275%.

Additionally,

the

agreement

was

renewed

again

effective

June

23,

2026,

with

a

termination

date

of

June

21,

2027,

and

the

annual

commitment

fee

remained

unchanged

at

0.275%.

Each

fund

in

the

Trust

paid

a

pro-rata

portion

of

the

commitment

fees

plus

interest

on

amounts

borrowed.

Interest

prior

to

renewal

was

based

on

the

one-month

Secured

Overnight

Financing

Rate

(SOFR)

plus

1.00%, plus

0.10%

SOFR

adjustment.

Pursuant

to

the

amendment

on

June

22,

2026,

the

interest

is

based

on

the

one-month

SOFR plus

1.25%, plus

0.10%

SOFR

adjustment.

Interest

charged

to

the

Fund

during

the

period,

if

applicable,

is

reflected

on

the

Statement

of

Operations

under

Line

of

credit

fees.

The

Fund

had

no

borrowings

under the

Line

of

Credit

agreement

during

the

year

ended

July

31,

2026.

Interfund

Lending:

The

Trust

and

the

Adviser

rely

on

an

exemptive

order

granted

by

the

SEC

in

March

2017

(the

“Order”),

permitting

the

establishment

and

operation

of

an

Interfund

Lending

Facility

(the

“Facility”).

The

Facility

allows

the

Fund

to

directly

lend

and

borrow

money

to

or

from

any

other

fund

in

the

Victory

Funds

Complex

that

is

permitted

to

participate

in

the

Facility,

relying

upon

the

Order

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Advances

under

the

Facility

are

allowed

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

each

Fund’s

borrowing

restrictions.

The

interfund

loan

rate

is

determined,

as

specified

in

the

Order,

by

averaging

the

current

repurchase

agreement

rate

and

the

current

bank

loan

rate.

As

a

Borrower

(as

defined

in

the

Order),

interest

charged

to

the

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statement

of

Operations

under

Interfund

lending

fees.

As

a

Lender

(as

defined

in

the

Order),

interest

earned

by

the

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statement

of

Operations

under

Interfund

lending.

The

Fund

did

not

utilize

or

participate

in

the

Facility

during

the

year

ended

July

31,

2026.

8.

Federal

Income

Tax

Information:

Distributions

from

the

Fund's

net

investment

income

are declared

daily

and

distributed

on

the

last

business

day

of

each

month.

Distributable

net

realized

gains,

if

any,

are

generally

declared

and

paid

at

least

quarterly. 

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

“book/tax”

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification,

utilized

earnings

and

profit

distributions

to

shareholders

on

redemption

of

shares

as

part

of

the

dividends

paid

deduction

for

income

tax

purposes),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Fund

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statement

of

Assets

and

Liabilities.

As

of

July

31,

2026,

on

the

Statement

of

Assets

and

Liabilities,

as

a

result

of

permanent

book-to-tax

differences,

reclassification

adjustments

were

as

follows

(amounts

in

thousands):

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

38

The

tax

character

of

distributions

paid

during

the

tax

years

ended,

as

noted

below,

were

as

follows

(total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because,

for

tax

purposes,

dividends

are

recognized

when

actually

paid)

(amounts

in

thousands):

As

of

July

31,

2026,

the

components

of

accumulated

earnings

(loss)

on

a

tax

basis

were

as

follows

(amounts

in

thousands):

 (a)

Rounds to

less

than

$1 thousand.

*

Qualified

late-year

losses

are

comprised

of

post-October

capital

losses

incurred

after

October

31

and

certain

late-year

ordinary

losses.

Late-

year

ordinary

losses

represent

ordinary

losses

incurred

after

December

31

and

specified

losses

incurred

after

October

31.

These

losses

are

deemed

to

arise

on

the

first

day

of

the

Fund’s

next

taxable

year.

**

The

difference

between

the

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

is

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

callable

bonds

amortization,

REIT

adjustments,

derivatives,

perpetual

bonds, passive

foreign

investment

company

adjust-

ments,

and

defaulted

bonds.

As

of July

31,

2026,

the

Fund

had

no

capital

loss

carryforward

for

federal

income

tax

purposes.

As

of July

31,

2026,

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation,

and

net

unrealized

appreciation

(depreciation)

for

investments were

as

follows

(amounts

in

thousands):

9.

Segment

Reporting:

The

Adviser’s

Management

Committee

acts

as

the

Fund’s

Chief

Operating

Decision

Maker

(“CODM”).

The

Fund

represents

a

single

operating

segment,

as

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund’s

long-term

strategic

asset

allocation

is

predetermined

in

accordance

with

the

Fund's

single

investment

objective.

The

financial

information

in

the

form

of

the

Fund’s

portfolio

composition,

total

returns,

expense

ratios,

and

changes

in

net

assets,

which

are

used

by

the

CODM

to

assess

the

segment’s

performance

versus

the

Fund’s

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund’s

single

segment,

is

consistent

with

that

presented

within

the

Fund’s

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

as

“total

assets”

and

significant

segment

expenses

are

listed

on

the

accompanying

Statement

of

Operations.

10.

Affiliated

Securities:

An

affiliated

security

is

a

security

in

which

the

Fund

has

ownership

of

at

least

5%

of

the issuer's

outstanding

voting

shares,

an

investment

company

managed

by

VCM,

or

an

issuer

under

common

control

with the

Fund

or

VCM.

The

Fund

does

not

invest

in

affiliated

securities

for

the

purpose

of

exercising

management

or

control.

These

securities

are

noted

as

affiliated

on

the

Fund’s

Schedule

of

Portfolio

Investments.

The

financial

statements

of

the

underlying

funds

can

be

found

in

shareholder

reports

filed

with

the

SEC

by

each

such

underlying

fund

semi-annually

Total

Accumulated

Earnings

(Loss)

Capital

Balanced

Fund

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

$

(25,221)

$

25,221

Year

Ended

July

31,

2026

Distributions

Paid

From:

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions

Paid

Balanced

Fund

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

$

8,756

$

6,651

$

15,407

Year

Ended

July

31,

2025

Distributions

Paid

From:

Ordinary

Income

Net

Long-Term

Capital

Gains

Tax-Exempt

Income

Return

of

Capital

Total

Distributions

Paid

Balanced

Fund

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

$

7,814

$

1,57

3

$

(2

4,967

)

$

2

4,967

$

9,387

Undistributed

Long-Term

Capital

Gains

Accumulated

Earnings

(Loss)

Other

Earnings

(Loss)

Qualified

Late-Year

Losses*

Unrealized

Appreciation

(Depreciation)**

Total

Accumulated

Earnings

(Loss)

Balanced

Fund

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

$

38,398

$

38,398

$

—(a)

$

(2,074)

$

122,970

$

159,294

Cost

of

Investments

for

Federal

Tax

Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Balanced

Fund

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

$

379,826

$

132,949

$

(10,165)

$

122,784

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

39

on

Form

N-CSR

and

are

available

for

download

from

both

the

SEC’s website

and

each respective

underlying

fund’s

website.

Transactions

in

affiliated

securities

during

the year

ended

July

31,

2026,

were

as

follows

(amounts

in

thousands,

except

shares):

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

7/31/2026

Shares

Dividend

Income

Capital

Gain

Distributions

Balanced

Fund

Victory

Pioneer

ILS

Interval

Fund

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

$

1,404

$

137

$

—

$

—

$

196

$

1,737

162,647

$

136

$

—

40

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Trustees

of

Victory

Portfolios

IV

and

the

Shareholders

of

Victory

Pioneer

Balanced

Fund:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

Victory

Pioneer

Balanced

Fund

(the

“Fund”)

(one

of

the

funds

constituting

Victory

Portfolios

IV),

including

the

schedule

of

portfolio

investments,

as

of

July

31,

2026,

the

related

statement

of

operations

for

the

year

then

ended,

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

financial

highlights

for

each

of

the

three

years

in

the

period

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

“financial

statements

and

financial

highlights”).

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

July

31,

2026,

and

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

three

years

in

the

period

then

ended

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

financial

highlights

for

the

years

ended

July

31,

2023

and

2022

were

audited

by

other

auditors.

Those

auditors

expressed

an

unqualified

opinion

on

those

financial

statements

and

financial

highlights

in

their

report

dated

September

29,

2023.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

its

internal

control

over

financial

reporting.

As

part

of

our

audits,

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

July

31,

2026,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

DELOITTE

&

TOUCHE

LLP

Boston,

Massachusetts

September

25,

2026

We

have

served

as

the

auditor

of

one

or

more

of

the

Victory

Pioneer

investment

companies

since

2024.

Supplemental

Information

July

31,

2026

Victory

Portfolios

IV

41

(Unaudited)

Additional

Federal

Income

Tax

Information 

For

the

fiscal

year

ended

July

31,

2026,

the

Fund

hereby

designates

the

maximum

amount

allowable

of

its

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

Shareholders

will

be

notified

via

IRS

Form

1099

of

the

amounts

for

use

in

preparing

their

income

tax

return.

Dividends

qualified

for

corporate

dividends

received

deductions

of

24%.

For

the

year

ended

July

31,

2026,

the

Fund

designated

short-term

capital

gain

distributions

in

the

amount

of

$551 thousand.

For

the

year

ended

July

31,

2026,

the Fund

designated

long-term

capital

gain

distributions

in

the

amount

of

$6,651 thousand.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800)

539-3863

19418-0926

July

31,

2026

Annual:

Full

Financials

Victory

Pioneer

Multi-Asset

Income

Fund

TABLE

OF

CONTENTS

Victory

Portfolios

IV

1

This

report

is

for

the

information

of

the

shareholders

and

others

who

have

received

a

copy

of

the

currently

effective

prospectus

of

the

Fund,

managed

by

Victory

Capital

Management

Inc.

It

may

be

used

as

sales

literature

only

when

preceded

or

accompanied

by

a

current

prospectus,

which

provides

further

details

about

the

Fund.

IRA

DISTRIBUTION

WITHHOLDING

DISCLOSURE

We

generally

must

withhold

federal

income

tax

at

a

rate

of

10%

of

the

taxable

portion

of

your

distribution

and,

if

you

live

in

a

state

that

requires

state

income

tax

withholding,

at

your

state’s

tax

rate.

However,

you

may

elect

not

to

have

withholding

apply

or

to

have

income

tax

withheld

at

a

higher

rate.

Any

withholding

election

that

you

make

will

apply

to

any

subsequent

distribution

unless

and

until

you

change

or

revoke

the

election.

If

you

wish

to

make

a

withholding

election,

or

change

or

revoke

a

prior

withholding

election,

call

(800)

539-3863,

and

a

Form

W-4P

(OMB

No.

1545-0074

withholding

certificate

for

pension

or

annuity

payments)

will

be

electronically

sent.

If

you

do

not

have

a

withholding

election

in

place

by

the

date

of

a

distribution,

federal

income

tax

will

be

withheld

from

the

taxable

portion

of

your

distribution

at

a

rate

of

10%.

If

you

must

pay

estimated

taxes,

you

may

be

subject

to

estimated

tax

penalties

if

your

estimated

tax

payments

are

not

sufficient

and

sufficient

tax

is

not

withheld

from

your

distribution.

For

more

specific

information,

please

consult

your

tax

adviser.

•

NOT

FDIC

INSURED

•

NO

BANK

GUARANTEE

•

MAY

LOSE

VALUE

Schedule

of

Portfolio

Investments

(Form

N-CSR

Item

6)

2

Financial

Statements

(Form

N-CSR

Item

7)

Statement

of

Assets

and

Liabilities

16

Statement

of

Operations

17

Statements

of

Changes

in

Net

Assets

18

Financial

Highlights

20

Notes

to

Financial

Statements

(Form

N-CSR

Item

7)

24

Report

of

Independent

Registered

Public

Accounting

Firm

(Form

N-CSR

Item

7)

37

Supplemental

Information

(Unaudited)

Additional

Federal

Income

Tax

Information

38

Schedule

of

Portfolio

Investments

July

31,

2026

Victory

Portfolios

IV

Victory

Pioneer

Multi-Asset

Income

Fund

2

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Asset-Backed

Securities

(0.4%)

ABS

Auto

(0.2%):

Avid

Automobile

Receivables

Trust,

Series

2023-1,

Class

C,

7.35%,

12/15/27,

Callable

12/15/26

@

100(a)

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

$

120

$

120

Exeter

Automobile

Receivables

Trust,

Series

2025-2A,

Class

E,

7.81%,

10/15/32,

Callable

4/15/29

@

100(a)

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

9,330

9,539

Merchants

Fleet

Funding

LLC,

Series

2023-1A,

Class

E,

10.80%,

5/20/36,

Callable

9/20/26

@

100(a)

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

2,000

2,020

Tricolor

Auto

Securitization

Trust

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

Series

2022-1A,

Class

F,

9.80%,

7/16/29,

Callable

8/15/26

@

100(a)(b)

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

2,500

1,152

Series

2023-1A,

Class

E,

13.45%,

6/15/28,

Callable

8/15/26

@

100(a)(b)

...........

5,000

2,300

15,131

ABS

Home

(0.1%):

JPMorgan

Mortgage

Trust,

Series

2026-ACES1,

Class

B1,

6.50%,

4/25/66,

Callable

2/25/31

@

100(a)(c)

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

12,360

12,156

ABS

Other

(0.1%):

Auxilior

Term

Funding

LLC,

Series

2023-1A,

Class

E,

10.97%,

12/15/32,

Callable

1/15/28

@

100(a)

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

4,250

4,571

Granite

Park

Equipment

Leasing

LLC,

Series

2023-1A,

Class

F,

7.00%,

6/20/35,

Callable

2/20/29

@

100(a)

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

4,198

3,981

Libra

Solutions

LLC,

Series

2025-1A,

Class

C,

9.90%,

8/15/39(a)

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

1,000

983

Octane

Receivables

Trust,

Series

2022-1A,

Class

E,

7.33%,

12/20/29,

Callable

10/20/26

@

100(a)

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

1,664

1,670

PEAR

LLC,

Series

2023-1,

Class

C,

10.00%,

7/15/35,

Callable

9/15/27

@

100(a)

.........

1,156

1,139

RMF

Buyout

Issuance

Trust,

Series

2022-HB1,

Class

M5,

4.50%,

4/25/32,

Callable

4/25/27

@

100(a)(c)(d)

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

1,800

74

Rosy

Blue

Carat

SCS,

Series

2018-1,

Class

A1R,

8.48%,

3/15/30(a)(d)

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

344

346

Westgate

Resorts

LLC,

Series

2023-1A,

Class

D,

10.14%,

12/20/37,

Callable

4/20/27

@

100(a)

1,355

1,386

14,150

Total

Asset-Backed

Securities

(Cost

$45,800)

a

a

a

41,437

Collateralized

Mortgage

Obligations

(1.5%)

Commercial

MBS

(0.3%):

BBCMS

Mortgage

Trust

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

Series

2024-5C27,

Class

AS,

6.41%,

7/15/57,

Callable

7/15/29

@

100(c)

...........

5,000

5,134

Series

2024-C28,

Class

A5,

5.40%,

9/15/57,

Callable

8/15/34

@

100

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

5,000

5,030

Benchmark

Mortgage

Trust,

Series

2024-V8,

Class

AM,

6.63%,

7/15/57,

Callable

7/15/29

@

100(c)

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

4,311

4,459

MCR

Mortgage

Trust,

Series

2024-TWA,

Class

F,

10.38%,

6/12/39(a)(e)

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

6,310

6,337

SLG

Office

Trust,

Series

2021-OVA,

Class

D,

2.85%,

7/15/41(a)(e)

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

6,440

5,552

THPT

Mortgage

Trust,

Series

2023-THL,

Class

A,

6.99%,

12/10/34(a)(c)(e)

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

3,043

3,049

29,561

Private

CMO

Floating

(1.2%):

Bellemeade

Re

Ltd.,

Series

2022-1,

Class

B1,

9.12%

(SOFR30A+550bps),

1/26/32,

Callable

1/25/27

@

100(a)(f)

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

2,400

2,433

Connecticut

Avenue

Securities

Trust

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

Series

2020-R02,

Class

2B1,

6.73%

(SOFR30A+311bps),

1/25/40,

Callable

1/25/27

@

100(a)(f)

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

8,502

8,571

Series

2021-R01,

Class

1B2,

9.62%

(SOFR30A+600bps),

10/25/41,

Callable

10/25/26

@

100(a)(f)

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

4,610

4,659

Series

2021-R02,

Class

2B2,

9.82%

(SOFR30A+620bps),

11/25/41,

Callable

11/25/26

@

100(a)(f)

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

3,688

3,742

Series

2021-R03,

Class

1B2,

9.12%

(SOFR30A+550bps),

12/25/41,

Callable

12/25/26

@

100(a)(f)

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

5,895

5,991

Series

2022-R01,

Class

1B2,

9.62%

(SOFR30A+600bps),

12/25/41,

Callable

12/25/26

@

100(a)(f)

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

5,360

5,457

Series

2022-R05,

Class

2B2,

10.62%

(SOFR30A+700bps),

4/25/42,

Callable

4/25/27

@

100(a)(f)

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

6,000

6,242

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Credit

Risk

Trust

.......

Series

2021-MN1,

Class

B1,

11.37%

(SOFR30A+775bps),

1/25/51,

Callable

1/25/29

@

100(a)(f)

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

899

989

Victory

Portfolios

IV

Victory

Pioneer

Multi-Asset

Income

Fund

3

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

2021-MN3,

Class

M1,

5.92%

(SOFR30A+230bps),

11/25/51,

Callable

7/25/36

@

100(a)(f)

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

$

734

$

734

Federal

Home

Loan

Mortgage

Corporation

STACR

REMIC

Trust

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

Series

2018-HRP2,

Class

B2,

14.23%

(SOFR30A+1061bps),

2/25/47,

Callable

11/25/28

@

100(a)(f)

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

5,880

6,992

Series

2020-DNA6,

Class

B2,

9.27%

(SOFR30A+565bps),

12/25/50,

Callable

12/25/30

@

100(a)(f)

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

2,675

3,070

Series

2020-HQA5,

Class

B2,

11.02%

(SOFR30A+740bps),

11/25/50,

Callable

11/25/30

@

100(a)(f)

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

1,900

2,304

Series

2021-DNA1,

Class

B2,

8.37%

(SOFR30A+475bps),

1/25/51,

Callable

1/25/31

@

100(a)(f)

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

2,765

3,101

Series

2021-DNA2,

Class

B2,

9.62%

(SOFR30A+600bps),

8/25/33(a)(f)

...........

795

995

Series

2021-DNA3,

Class

B2,

9.87%

(SOFR30A+625bps),

10/25/33(a)(f)

..........

2,170

2,757

Series

2021-DNA5,

Class

B2,

9.12%

(SOFR30A+550bps),

1/25/34(a)(f)

...........

3,530

4,303

Series

2021-DNA7,

Class

B2,

11.42%

(SOFR30A+780bps),

11/25/41,

Callable

11/25/26

@

100(a)(f)

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

3,480

3,548

Series

2021-HQA1,

Class

B2,

8.62%

(SOFR30A+500bps),

8/25/33(a)(f)

...........

5,405

6,437

Series

2021-HQA2,

Class

B2,

9.07%

(SOFR30A+545bps),

12/25/33(a)(f)

..........

1,310

1,586

Series

2021-HQA3,

Class

B2,

9.87%

(SOFR30A+625bps),

9/25/41,

Callable

9/25/26

@

100(a)(f)

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

1,970

1,984

Series

2022-DNA1,

Class

B2,

10.72%

(SOFR30A+710bps),

1/25/42,

Callable

1/25/27

@

100(a)(f)

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

3,450

3,543

Series

2022-DNA2,

Class

B2,

12.12%

(SOFR30A+850bps),

2/25/42,

Callable

2/25/27

@

100(a)(f)

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

2,650

2,755

Federal

Home

Loan

Mortgage

Corporation

STACR

Trust

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

Series

2019-DNA3,

Class

B2,

11.88%

(SOFR30A+826bps),

7/25/49,

Callable

12/25/27

@

100(a)(f)

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

6,608

7,227

Series

2019-DNA4,

Class

B2,

9.98%

(SOFR30A+636bps),

10/25/49,

Callable

1/25/29

@

100(a)(f)

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

3,150

3,492

Series

2019-FTR3,

Class

B2,

8.54%

(SOFR30A+491bps),

9/25/47,

Callable

12/25/29

@

100(a)(f)

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

8,395

9,231

Series

2019-FTR4,

Class

B2,

8.73%

(SOFR30A+511bps),

11/25/47,

Callable

12/25/29

@

100(a)(f)

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

3,020

3,341

Home

Re

Ltd.,

Series

2023-1,

Class

M1B,

8.22%

(SOFR30A+460bps),

10/25/33,

Callable

9/25/28

@

100(a)(f)

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

631

642

Multifamily

Connecticut

Avenue

Securities

Trust

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

Series

2019-01,

Class

CE,

12.48%

(SOFR30A+886bps),

10/25/49(a)(f)

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

5,750

5,859

Series

2019-01,

Class

M10,

6.98%

(SOFR30A+336bps),

10/25/49(a)(f)

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

1,496

1,509

Series

2020-01,

Class

M10,

7.48%

(SOFR30A+386bps),

3/25/50(a)(f)

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

1,904

1,930

Triangle

Re

Ltd.,

Series

2023-1,

Class

M1A,

7.02%

(SOFR30A+340bps),

11/25/33,

Callable

8/25/28

@

100(a)(f)

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

905

908

116,332

Private

CMO

Other

(0.0%):(g)

Global

Mortgage

Securitization

Ltd.

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

Series

2004-A,

Class

B1,

5.25%,

11/25/32,

Callable

8/25/26

@

100(a)

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

11

4

Series

2004-A,

Class

B2,

5.25%,

11/25/32,

Callable

8/25/26

@

100(a)

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

176

—(h)

4

Total

Collateralized

Mortgage

Obligations

(Cost

$137,644)

a

a

a

145,897

Shares

Common

Stocks

(48.7%)

Communication

Services

(0.9%):

T-Mobile

US,

Inc.

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

484,600

83,695

Consumer

Discretionary

(1.0%):

Brightstar

Lottery

PLC

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

2,126,543

21,350

Darden

Restaurants,

Inc.

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

18,629

3,792

Honma

Golf

Ltd.(a)(i)

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

5,055,000

1,824

Nitori

Holdings

Co.

Ltd.

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

875,800

13,973

Subaru

Corp.

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

2,944,300

50,251

91,190

Consumer

Staples

(1.4%):

Bakkafrost

P/F

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

82,922

3,960

Victory

Portfolios

IV

Victory

Pioneer

Multi-Asset

Income

Fund

4

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Conagra

Brands,

Inc.

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

406,472

$

5,898

Fomento

Economico

Mexicano

SAB

de

CV,

ADR

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

531,076

67,972

Keurig

Dr.

Pepper,

Inc.

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

306,578

9,541

Magnit

PJSC(d)(i)(j)

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

195,032

—

Unilever

PLC

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

793,515

50,724

X5

Retail

Group

NV,

GDR(d)(i)(j)

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

48,325

—

138,095

Energy

(6.4%):

APA

Corp.

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

138,724

5,177

BP

PLC

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

1,219,088

9,078

BW

LPG

Ltd.(a)

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

2,175,948

49,211

Devon

Energy

Corp.

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

174,422

7,872

Energy

Transfer

LP

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

2,158,739

43,952

Enterprise

Products

Partners

LP

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

594,844

22,634

Expand

Energy

Corp.

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

774,681

72,843

HF

Sinclair

Corp.

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

1,113,287

101,832

LUKOIL

PJSC(d)(i)(j)

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

47,954

—

MPLX

LP

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

872,763

51,013

Ovintiv,

Inc.

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

406,395

25,383

Plains

All

American

Pipeline

LP

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

364,794

8,963

Range

Resources

Corp.

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

403,881

16,212

Rosneft

Oil

Co.

PJSC(d)(i)(j)

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

1,271,403

—

Shell

PLC,

ADR

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

1,149,016

105,687

SM

Energy

Co.

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

365,411

11,883

Tourmaline

Oil

Corp.

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

244,900

10,816

Vallourec

SACA

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

1,935,449

46,445

Viper

Energy,

Inc.,

Class

A

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

93,812

4,185

Western

Midstream

Partners

LP

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

249,581

11,623

WhiteHawk

Minerals

Corp.,

Class

A(i)

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

485,745

12,843

617,652

Financials

(19.7%):

AGNC

Investment

Corp.

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

1,701,992

18,143

Alpha

Bank

SA

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

2,058,757

10,128

Angel

Oak

Mortgage

REIT,

Inc.

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

1,073,754

9,503

Banco

de

Sabadell

SA

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

41,170,663

157,857

Bank

of

America

Corp.

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

7,508,028

465,122

Bank

of

Cyprus

Holdings

PLC

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

469,762

5,552

Bank

of

Ireland

Group

PLC

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

3,000,917

62,600

BlackRock

TCP

Capital

Corp.

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

1,350,343

4,389

BNP

Paribas

SA

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

306,845

38,802

Capital

One

Financial

Corp.

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

89,531

18,713

Citizens

Financial

Group,

Inc.

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

1,057,622

75,779

Danske

Bank

A/S

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

570,438

32,843

DNB

Bank

ASA

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

787,655

25,348

First

Abu

Dhabi

Bank

PJSC

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

165,590

875

FS

KKR

Capital

Corp.

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

2,763,750

29,213

Goldman

Sachs

BDC,

Inc.

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

274,421

2,363

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

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

10,403,600

120,486

Hana

Financial

Group,

Inc.

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

1,073,803

94,448

Huntington

Bancshares,

Inc.

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

7,899,305

134,604

Intesa

Sanpaolo

SpA

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

3,772,263

28,444

KB

Financial

Group,

Inc.

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

720,608

85,167

KeyCorp

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

2,728,671

61,641

Ladder

Capital

Corp.,

Class

A

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

880,457

8,417

Morgan

Stanley

Direct

Lending

Fund

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

40,000

584

National

Bank

of

Greece

SA

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

530,809

9,855

Nexi

SpA(a)

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

22,354,856

109,352

Nordea

Bank

Abp

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

135,783

2,740

PayPal

Holdings,

Inc.

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

487,967

27,917

Rithm

Capital

Corp.

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

1,065,458

10,527

Two

Harbors

Investment

Corp.

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

511,976

6,190

U.S.

Bancorp

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

1,902,916

119,903

Victory

Portfolios

IV

Victory

Pioneer

Multi-Asset

Income

Fund

5

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Wells

Fargo

&

Co.

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

1,310,232

$

113,269

1,890,774

Health

Care

(3.0%):

Bristol-Myers

Squibb

Co.

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

2,149,555

140,387

Elevance

Health,

Inc.

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

65,155

24,488

Novo

Nordisk

A/S,

ADR

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

739,867

34,833

Pfizer,

Inc.

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

736,770

18,427

Sanofi

SA

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

682,838

58,639

Viatris,

Inc.

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

751,615

13,198

289,972

Industrials

(4.1%):

BayCurrent,

Inc.

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

494,700

22,197

CSG

NV(i)

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

83,090

1,583

EMCOR

Group,

Inc.

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

28,328

22,590

Fuji

Electric

Co.

Ltd.

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

374,900

33,660

Hensoldt

AG

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

271,174

24,941

Hoshizaki

Corp.

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

135,800

4,869

Hyundai

Rotem

Co.

Ltd.

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

576,915

54,102

Logista

Integral

SA

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

320,422

13,671

MasTec,

Inc.(i)

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

66,280

17,438

Paychex,

Inc.

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

400,792

46,829

Regal

Rexnord

Corp.

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

218,689

44,882

SMC

Corp.

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

20,800

9,214

Star

Bulk

Carriers

Corp.

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

964,340

27,725

Union

Pacific

Corp.

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

76,714

22,410

United

Parcel

Service,

Inc.,

Class

B

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

410,876

42,821

388,932

Information

Technology

(7.1%):

Accenture

PLC,

Class

A

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

766,456

127,170

Adobe,

Inc.(i)

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

393,123

98,442

Capgemini

SE

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

221,875

26,225

Cisco

Systems,

Inc.

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

383,236

44,452

Cognizant

Technology

Solutions

Corp.,

Class

A

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

1,273,915

70,511

FUJIFILM

Holdings

Corp.

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

1,262,400

29,929

QUALCOMM,

Inc.

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

518,589

76,549

Salesforce,

Inc.

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

237,746

43,750

Samsung

Electronics

Co.

Ltd.

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

492,031

90,593

SK

hynix,

Inc.

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

65,471

78,894

686,515

Materials

(3.1%):

Amcor

PLC

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

1,869,824

83,918

Barrick

Mining

Corp.

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

2,390,417

87,800

Buzzi

SpA

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

1,483,650

70,334

CRH

PLC

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

401,340

38,131

thyssenkrupp

AG

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

526,906

7,325

Torex

Gold

Resources,

Inc.

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

248,010

9,544

297,052

Real

Estate

(0.5%):

AvalonBay

Communities,

Inc.

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

96,511

17,913

Crown

Castle,

Inc.

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

55,229

4,214

Douglas

Emmett,

Inc.

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

183,641

2,171

Gaming

and

Leisure

Properties,

Inc.

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

122,382

5,481

SL

Green

Realty

Corp.

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

375,192

19,859

49,638

Utilities

(1.5%):

Eversource

Energy

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

2,068,502

148,084

Total

Common

Stocks

(Cost

$3,980,061)

a

a

a

4,681,599

Victory

Portfolios

IV

Victory

Pioneer

Multi-Asset

Income

Fund

6

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Preferred

Stocks

(0.0%)(g)

Financials

(0.0%):(g)

First

Horizon

Corp.,

Series

F,

4.70%(k)

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

12,040

$

207

Total

Preferred

Stocks

(Cost

$217)

a

a

a

207

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

$9,324)

a

a

a

9,782

Senior

Secured

Loans

(0.0%)(g)

Consumer

Discretionary

(0.0%):(g)

Clear

Channel

Outdoor

Holdings,

Inc.,

2024

Refinancing

Term

Loan,

7.85%

(SOFR01M+400bps),

8/23/28(f)

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

498

500

Lucky

Bucks

LLC,

First

Out

Priority

Exit

Term

Loans,

11.25%

(SOFR06M+765bps),

10/2/28(f)

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

14

13

Lucky

Bucks

LLC,

Priority

Second

Out

Term

Loan,

11.25%

(SOFR06M+765bps),

10/2/29(f)

30

18

531

Financials

(0.0%):(g)

Eastern

Power

LLC,

Term

Loan

B,

8.48%

(SOFR01M+475bps),

4/3/29(f)

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

303

305

Health

Care

(0.0%):(g)

U.S.

Renal

Care,

Inc.,

Closing

Date

Term

Loan,

8.85%

(SOFR01M+511bps),

6/28/28(f)

....

806

792

Industrials

(0.0%):(g)

Groupe

Solmax,

Inc.,

Term

Loan,

8.60%

(SOFR01M+486bps),

7/24/28(f)

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

936

869

Materials

(0.0%):(g)

Schweitzer-Mauduit

International,

Inc.,

New

Term

Loan

B,

8.23%

(SOFR01M+450bps),

4/4/33(f)

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

313

314

Total

Senior

Secured

Loans

(Cost

$2,885)

a

a

a

2,811

Corporate

Bonds

(3.1%)

Communication

Services

(0.1%):

Clear

Channel

Outdoor

Holdings,

Inc.

7.75%,

4/15/28,

Callable

8/31/26

@

100(a)

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

570

571

7.50%,

6/1/29,

Callable

8/31/26

@

100(a)

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

1,860

1,863

EchoStar

Corp.,

6.75%,

11/30/30,

Callable

11/30/26

@

102(l)

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

10,853

11,007

13,441

Energy

(0.2%):

PBF

Holding

Co.

LLC/PBF

Finance

Corp.,

9.88%,

3/15/30,

Callable

3/15/27

@

104.94(a)

...

14,200

15,214

Information

Technology

(2.5%):

Oracle

Corp.

3.80%,

11/15/37,

Callable

5/15/37

@

100

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

5,775

4,352

3.60%,

4/1/50,

Callable

10/1/49

@

100

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

96,790

55,471

3.95%,

3/25/51,

Callable

9/25/50

@

100

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

62,506

38,096

5.95%,

9/26/55,

Callable

3/26/55

@

100

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

40,228

31,963

3.85%,

4/1/60,

Callable

10/1/59

@

100

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

76,847

43,147

4.10%,

3/25/61,

Callable

9/25/60

@

100

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

111,355

65,069

6.13%,

8/3/65,

Callable

2/3/65

@

100

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

8,230

6,507

244,605

Real

Estate

(0.2%):

Alexandria

Real

Estate

Equities,

Inc.

3.00%,

5/18/51,

Callable

11/18/50

@

100

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

10,844

6,565

3.55%,

3/15/52,

Callable

9/15/51

@

100

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

13,631

8,989

15,554

Victory

Portfolios

IV

Victory

Pioneer

Multi-Asset

Income

Fund

7

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Utilities

(0.1%):

Eversource

Energy,

6.10%

(H15T5Y+252bps),

8/15/56,

Callable

5/15/31

@

100(f)

........

$

8,000

$

7,955

Total

Corporate

Bonds

(Cost

$318,249)

a

a

a

296,769

Insurance-Linked

Securities

(0.5%)

Collateralized

Reinsurance

(0.0%):(g)

Multiperil

-

Worldwide

-

(0.0%):(g)

Gamboge

Re,

2024,

3/31/30(d)(i)(j)(m)

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

4,000

538

Merion

Re,

2025-1,

12/31/30(d)(i)(j)(m)

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

1,000

16

554

Event

Linked

Bonds

(0.5%):

Earthquake

-

California

-

(0.0%):(g)

Torrey

Pines

Re

9.62%

(JMMMUSTF+604bps),

6/7/27(a)(f)(j)

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

250

257

10.69%

(JMMMUSTF+711bps),

6/7/27(a)(f)(j)

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

250

257

Earthquake

-

U.S.

-

(0.0%):(g)

Acorn

Re,

2024-1

A,

6.64%

(GSMMUSTF+310bps),

11/5/27,

Callable

9/5/26

@

102.5(a)(f)(j)

500

505

Flood

-

U.S.

-

(0.0%):(g)

Floodsmart

Re,

2024-1

A,

17.90%

(FHMMUSTF+1400bps),

3/12/27(a)(f)(j)

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

1,500

1,548

Health

-

U.S.

-

(0.1%):

Vitality

Re

XIV

7.04%

(FHMMUSTF+350bps),

1/5/27(a)(f)(j)

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

3,250

3,270

8.04%

(FHMMUSTF+450bps),

1/5/27(a)(f)(j)

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

600

605

Multiperil

-

U.S.

-

(0.4%):

Aquila

Re,

8.97%

(BRMMUSDF+539bps),

6/7/27,

Callable

9/5/26

@

103(a)(f)(j)

........

500

511

Bonanza

Re

7.27%

(MSMMUSTF+350bps),

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

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

250

252

9.02%

(MSMMUSTF+509bps),

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

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

1,000

1,016

Four

Lakes

Re

9.10%

(BRMMUSDF+552bps),

1/7/27,

Callable

9/5/26

@

102.5(a)(f)(j)

...........

250

254

13.28%

(BRMMUSDF+970bps),

1/7/27,

Callable

9/5/26

@

103.25(a)(f)(j)

.........

250

250

8.63%

(BRMMUSDF+505bps),

1/7/28,

Callable

12/31/26

@

102(a)(f)(j)

...........

250

252

12.81%

(BRMMUSDF+923bps),

1/7/28,

Callable

12/31/26

@

102.75(a)(f)(j)

........

250

252

Fuchsia,

2024-1

A,

8.71%

(FRMMUSTI+514bps),

4/6/28,

Callable

9/5/26

@

104(a)(f)(j)

...

1,000

1,012

Herbie

Re,

2024-2

A,

10.83%

(JMMMUSTF+815bps),

1/8/29,

Callable

12/31/27

@

102(a)(f)

(j)

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

500

502

High

Point

Re,

2023-1,

9.22%

(BRMMUSDF+549bps),

1/6/27,

Callable

9/5/26

@

102.25(a)(f)

(j)

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

2,000

2,000

Merna

Re

II

11.02%

(GSMMUSTI+747bps),

7/7/27(a)(f)(j)

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

750

774

12.04%

(GSMMUSTI+849bps),

7/7/27(a)(f)(j)

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

1,500

1,559

Mystic

Re

IV

15.55%

(GSMMUSTI+1285bps),

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

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

1,750

1,757

8.45%

(GSMMUSTI+490bps),

1/10/28(a)(f)(j)

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

250

250

Residential

Re

10.71%

(JMMMUSTF+713bps),

12/6/26(a)(f)(j)

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

500

495

9.58%

(JMMMUSTF+600bps),

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

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

750

780

12.49%

(JMMMUSTF+891bps),

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

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

1,250

1,279

8.87%

(JMMMUSTF+529bps),

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

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

1,000

1,019

10.71%

(JMMMUSTF+713bps),

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

............................

1,000

1,017

Sanders

Re

II

7.57%

(BRMMUSDF+399bps),

4/7/29(a)(f)(j)

..............................

2,500

2,521

8.94%

(BRMMUSDF+536bps),

4/7/29(a)(f)(j)

..............................

2,500

2,535

Sanders

Re

III

9.05%

(BRMMUSDF+547bps),

4/7/27(a)(f)(j)

..............................

1,600

1,615

9.14%

(BRMMUSDF+556bps),

4/7/28(a)(f)(j)

..............................

750

777

Multiperil

-

U.S.

&

Canada

-

(0.0%):(g)

Atlas

Re,

2024-1

A,

15.86%

(SOFR+1342bps),

6/8/27(a)(f)(j)

.......................

750

803

Easton

Re,

2024-1

A,

11.08%

(BRMMUSDF+750bps),

1/8/27(a)(f)(j)

.................

500

505

Victory

Portfolios

IV

Victory

Pioneer

Multi-Asset

Income

Fund

8

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Galileo

Re,

2023-1

A,

10.55%

(GSMMUSTI+700bps),

1/7/28,

Callable

9/5/26

@

104.5(a)(f)(j)

$

1,250

$

1,285

Kilimanjaro

II

Re

9.83%

(BRMMUSDF+625bps),

6/30/28(a)(f)(j)

.............................

250

259

10.83%

(BRMMUSDF+725bps),

6/30/28(a)(f)(j)

............................

750

781

Multiperil

-

Worldwide

-

(0.0%):(g)

Cat

Re,

2023-1

A,

15.82%

(JMMMUSTF+1224bps),

1/8/27(a)(f)(j)

...................

750

754

Kendall

Re,

2024-1

A,

9.80%

(GSMMUSTI+625bps),

4/30/27(a)(f)(j)

.................

1,000

1,018

Silk

Road

Re,

2024-1,

9.55%

(BNMMDTSC+600bps),

3/8/27,

Callable

9/5/26

@

104.75(a)(f)

(j)

..............................................................

500

504

Windstorm

-

Florida

-

(0.0%):(g)

Marlon

Re,

2024-1

A,

10.89%

(JMMMUSTF+723bps),

6/7/27(a)(f)(j)

.................

250

259

Merna

Re

II,

2024-2

A,

12.30%

(GSMMUSTI+875bps),

7/7/27(a)(f)(j)

................

750

769

Palm

Re,

2024-1

A,

13.25%

(BNMMDTSC+982bps),

6/7/27(a)(f)(j)

..................

250

257

Purple

Re,

2024-1

A,

12.71%

(JMMMUSTF+888bps),

6/7/27(a)(f)(j)

..................

500

515

Windstorm

-

Massachusetts

-

(0.0%):(g)

Mayflower

Re,

2024-1

A,

8.47%

(FHMMUSTF+518bps),

7/8/27(a)(f)(j)

...............

1,000

1,018

Windstorm

-

Mexico

-

(0.0%):(g)

International

Bank

for

Reconstruction

&

Development

15.86%

(SOFR+1222bps),

4/24/28(a)(f)(j)

.................................

250

265

17.36%

(SOFR+1372bps),

4/24/28(a)(f)(j)

.................................

250

255

Windstorm

-

North

Carolina

-

(0.0%):(g)

Blue

Ridge

Re

8.79%

(FHMMUSTF+539bps),

1/8/27(a)(f)(j)

..............................

750

753

11.53%

(FHMMUSTF+828bps),

1/8/27(a)(f)(j)

.............................

1,250

1,266

Windstorm

-

U.S.

Multistate

-

(0.0%):(g)

Gateway

Re,

2024-1

AA,

9.48%

(BRMMUSDF+606bps),

7/8/27(a)(f)(j)

...............

250

255

40,642

Reinsurance

Sidecars

(0.0%):(g)

Multiperil

-

Worldwide

-

(0.0%):(g)

Alturas

Re

7/30/27(d)(i)(j)(n)

..................................................

1,000

28

12/31/27(d)(i)(j)(n)

.................................................

25

—(h)

Sector

Re

V

12/1/29(a)(d)(i)(j)(m)(o)

.............................................

2

155

12/1/29(a)(d)(i)(j)(m)(o)

.............................................

2

133

Thopas

Re

12/31/26(d)(i)(j)(n)

.................................................

1,000

5

12/31/26(d)(i)(j)(n)

.................................................

1,500

23

12/31/28(d)(i)(j)(n)

.................................................

2,500

—

12/31/29(d)(i)(j)(n)

.................................................

2,500

14

12/31/30(d)(i)(j)(n)

.................................................

2,500

136

Viribus

Re,

2023,

12/31/28(d)(i)(j)(n)

........................................

2,000

—

494

Total

Insurance-Linked

Securities

(Cost

$40,028)

a

a

a

41,690

Equity

Linked

Notes

(23.5%)

Communication

Services

(1.5%):

BNP

Paribas

Issuance

BV

(Pinterest,

Inc.),

20.77%,

3/23/27

........................

1,285

25,754

BNP

Paribas

SA

(Meta

Platforms,

Inc.),

13.70%,

7/8/27

...........................

32

17,610

Canadian

Imperial

Bank

of

Commerce

(T-Mobile

US,

Inc.),

9.70%,

3/19/27

.............

37

7,287

JPMorgan

Structured

Products

BV

(Pinterest,

Inc.),

15.75%,

5/14/27

..................

694

16,082

Mizuho

Structured

Products

BV

(T-Mobile

US,

Inc.),

10.12%,

3/22/27

.................

37

6,555

The

Toronto-Dominion

Bank

(Reddit,

Inc.),

24.37%,

4/9/27

........................

160

21,620

Wells

Fargo

Bank

NA

(Netflix,

Inc.)

13.15%,

3/9/27

....................................................

287

21,856

13.76%,

7/28/27

....................................................

136

9,565

Wells

Fargo

Bank

NA

(Pinterest,

Inc.),

15.18%,

10/13/26

..........................

300

7,419

Victory

Portfolios

IV

Victory

Pioneer

Multi-Asset

Income

Fund

9

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Wells

Fargo

Bank

NA

(StubHub

Holdings,

Inc.),

34.45%,

10/16/26

...................

$

188

$

1,774

135,522

Consumer

Discretionary

(3.3%):

Bank

of

America

NA

(Brightstar

Lottery

PLC),

14.14%,

8/24/26

.....................

575

5,470

BNP

Paribas

Issuance

BV

(General

Motors

Co.),

11.03%,

2/8/27(a)

...................

266

22,860

Citigroup

Global

Markets

Holdings,

Inc.

(General

Motors

Co.),

10.70%,

11/3/26(a)

.......

235

17,595

Citigroup

Global

Markets

Holdings,

Inc.

(YETI

Holdings,

Inc.),

14.68%,

11/19/26(a)

......

551

21,831

Goldman

Sachs

Bank

USA

(YETI

Holdings,

Inc.),

13.50%,

8/24/26

...................

257

9,932

HSBC

Bank

PLC

(Amazon.com,

Inc.),

11.11%,

12/31/26

..........................

93

22,660

HSBC

Bank

PLC

(Genuine

Parts

Co.),

10.88%,

3/8/27

............................

136

16,102

JPMorgan

Chase

Bank

NA

(Amazon.com,

Inc.)

9.39%,

9/24/26

....................................................

158

36,763

11.10%,

2/8/27

.....................................................

63

15,934

JPMorgan

Chase

Bank

NA

(Lululemon

Athletica,

Inc.),

17.02%,

3/8/27

................

89

11,938

Mizuho

Markets

Cayman

LP

(Brightstar

Lottery

PLC),

13.96%,

8/17/26

...............

368

3,671

Mizuho

Markets

Cayman

LP

(General

Motors

Co.),

10.92%,

12/30/26

.................

172

14,369

Royal

Bank

of

Canada

(Brightstar

Lottery

PLC),

15.42%,

6/28/27(a)

..................

1,565

16,615

The

Toronto-Dominion

Bank

(Amazon.com,

Inc.),

11.40%,

12/30/26

..................

93

22,807

The

Toronto-Dominion

Bank

(Darden

Restaurants,

Inc.),

11.25%,

6/28/27

..............

85

17,761

Wells

Fargo

Bank

NA

(Airbnb,

Inc.),

10.90%,

12/30/26

............................

209

29,066

Wells

Fargo

Bank

NA

(Amazon.com,

Inc.),

9.01%,

9/17/26

.........................

103

26,351

311,725

Consumer

Staples

(1.4%):

BNP

Paribas

Issuance

BV

(BJ's

Wholesale

Club

Holdings,

Inc.),

9.43%,

10/14/26(a)

.......

210

20,026

BNP

Paribas

SA

(Celsius

Holdings,

Inc.)

20.45%,

5/18/27

....................................................

248

7,908

25.13%,

7/28/27

....................................................

903

27,427

BNP

Paribas

SA

(Sprouts

Farmers

Market,

Inc.),

17.08%,

8/10/27

....................

210

18,269

Canadian

Imperial

Bank

of

Commerce

(BJ's

Wholesale

Club

Holdings,

Inc.),

9.95%,

11/24/26

142

13,847

Citigroup

Global

Markets

Holdings,

Inc.

(Celsius

Holdings,

Inc.)

20.96%,

11/18/26(a)

.................................................

289

9,468

21.03%,

11/19/26(a)

.................................................

298

9,830

JPMorgan

Chase

Bank

NA

(Celsius

Holdings,

Inc.),

19.70%,

4/27/27

..................

462

14,460

The

Toronto-Dominion

Bank

(Celsius

Holdings,

Inc.),

19.81%,

12/15/26

...............

241

7,677

Wells

Fargo

Bank

NA

(Simply

Good

Foods

Co.),

12.83%,

1/27/27

....................

175

1,956

130,868

Energy

(0.6%):

Canadian

Imperial

Bank

of

Commerce

(HF

Sinclair

Corp.),

12.51%,

1/26/27

............

213

13,259

Mizuho

Markets

Cayman

LP

(Range

Resources

Corp.)

11.41%,

9/18/26

....................................................

351

13,006

12.54%,

10/20/26

...................................................

328

12,960

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

16,961

66,085

Financials

(2.3%):

Bank

of

Montreal

(MasTec,

Inc.),

18.81%,

8/11/27(a)

.............................

69

18,343

BNP

Paribas

Issuance

BV

(Capital

One

Financial

Corp.),

11.83%,

3/9/27

...............

115

24,193

Goldman

Sachs

Bank

USA

(PayPal

Holdings,

Inc.),

13.34%,

12/31/26

.................

236

13,722

HSBC

Bank

PLC

(PayPal

Holdings,

Inc.),

13.40%,

12/30/26

........................

354

20,654

JPMorgan

Chase

Bank

NA

(Worldline

SA),

23.98%,

9/29/26

........................

1,902

1,883

Merrill

Lynch

BV

(Apollo

Global

Management,

Inc.),

16.32%,

4/1/27

.................

75

8,928

Merrill

Lynch

BV

(Capital

One

Financial

Corp.)

12.15%,

6/28/27

....................................................

89

18,370

12.25%,

7/1/27

....................................................

133

27,366

Merrill

Lynch

BV

(Edenred),

15.10%,

6/28/27

..................................

747

19,689

Mizuho

Markets

Cayman

LP

(PayPal

Holdings,

Inc.)

10.84%,

8/7/26

....................................................

159

9,161

11.12%,

9/29/26

....................................................

220

12,815

Royal

Bank

of

Canada

(PayPal

Holdings,

Inc.),

14.42%,

11/12/26(a)

..................

187

11,517

Victory

Portfolios

IV

Victory

Pioneer

Multi-Asset

Income

Fund

10

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

The

Toronto-Dominion

Bank

(PayPal

Holdings,

Inc.)

13.97%,

2/12/27

....................................................

$

541

$

24,927

14.29%,

5/21/27

....................................................

187

9,352

220,920

Health

Care

(0.7%):

BNP

Paribas

Issuance

BV

(Cardinal

Health,

Inc.),

10.06%,

5/13/27

...................

109

22,711

HSBC

Bank

PLC

(Biogen,

Inc.),

11.35%,

10/14/26

...............................

81

13,737

HSBC

Bank

PLC

(Humana,

Inc.),

13.62%,

8/10/26

...............................

58

16,065

Merrill

Lynch

BV

(New

Amsterdam

Pharma

Co.

NV),

22.23%,

5/28/27

................

175

4,481

Mizuho

Markets

Cayman

LP

(New

Amsterdam

Pharma

Co.

NV),

19.56%,

10/20/26

.......

199

5,653

Wells

Fargo

Bank

NA

(Intuitive

Surgical,

Inc.),

13.15%,

7/28/27

.....................

26

9,181

71,828

Industrials

(2.8%):

Bank

of

America

NA

(Trex

Co.,

Inc.),

15.59%,

1/27/27

............................

258

10,719

Bank

of

Montreal

(Red

Cat

Holdings,

Inc.),

33.95%,

5/4/27(a)

.......................

456

6,365

Canadian

Imperial

Bank

of

Commerce

(MasTec,

Inc.),

14.40%,

12/23/26

...............

47

10,807

Citigroup

Global

Markets

Holdings,

Inc.

(AeroVironment,

Inc.),

23.16%,

5/5/27

..........

27

4,649

Citigroup

Global

Markets

Holdings,

Inc.

(Kratos

Defense

&

Security

Solutions,

Inc.),

23.16%,

5/5/27

...........................................................

84

4,580

Citigroup

Global

Markets

Holdings,

Inc.

(MasTec,

Inc.),

14.93%,

2/8/27(a)

.............

62

14,629

Citigroup

Global

Markets

Holdings,

Inc.

(Regal

Rexnord

Corp.)

15.54%,

12/15/26(a)

.................................................

95

14,930

14.28%,

2/8/27(a)

..................................................

99

16,234

14.08%,

2/11/27(a)

..................................................

140

24,357

JPMorgan

Structured

Products

BV

(MasTec,

Inc.),

15.42%,

10/26/26

..................

32

7,121

Mizuho

Markets

Cayman

LP

(Forgent

Power

Solutions,

Inc.),

18.13%,

4/23/27

...........

501

15,374

Mizuho

Markets

Cayman

LP

(Regal

Rexnord

Corp.),

15.64%,

12/11/26

................

71

11,083

Royal

Bank

of

Canada

(Regal

Rexnord

Corp.),

14.00%,

2/10/27(a)

...................

120

19,924

Royal

Bank

of

Canada

(Uber

Technologies,

Inc.),

12.59%,

2/16/27(a)

.................

194

13,925

Royal

Bank

of

Canada

(United

Rentals,

Inc.),

12.08%,

2/16/27(a)

....................

20

17,877

The

Toronto-Dominion

Bank

(Generac

Holdings,

Inc.),

21.57%,

8/9/27

................

69

13,590

Wells

Fargo

Bank

NA

(Alaska

Air

Group,

Inc.),

17.33%,

6/25/27

.....................

360

17,484

Wells

Fargo

Bank

NA

(MasTec,

Inc.),

14.81%,

12/11/26

...........................

48

10,621

Wells

Fargo

Bank

NA

(Regal

Rexnord

Corp.),

13.93%,

2/16/27

......................

91

16,332

250,601

Information

Technology

(8.4%):

Bank

of

America

Corp.

(Capgemini

SE),

13.15%,

5/11/27

..........................

143

17,068

BNP

Paribas

SA

(QUALCOMM,

INC.),

25.05%,

7/8/27

...........................

366

65,553

Citigroup

Global

Markets

Holdings,

Inc.

(Adobe,

Inc.),

12.76%,

2/10/27(a)

.............

65

16,574

Citigroup

Global

Markets

Holdings,

Inc.

(Ondas,

Inc.),

31.46%,

5/5/27

................

526

4,687

Citigroup

Global

Markets

Holdings,

Inc.

(Salesforce,

Inc.),

16.15%,

5/6/27(a)

............

92

16,572

Citigroup

Global

Markets

Holdings,

Inc.

(Twilio,

Inc.),

16.72%,

9/24/26(a)

.............

118

13,480

HSBC

Bank

PLC

(Adobe,

Inc.),

11.13%,

12/31/26

...............................

40

10,360

HSBC

Bank

PLC

(Advanced

Micro

Devices,

Inc.)

19.49%,

10/20/26

...................................................

55

14,006

20.00%,

3/8/27

....................................................

75

17,573

HSBC

Bank

PLC

(Microsoft

Corp.),

10.27%,

3/8/27

..............................

40

16,965

HSBC

Bank

PLC

(Salesforce,

Inc.)

15.00%,

3/9/27

....................................................

126

23,347

14.87%,

3/10/27

....................................................

224

41,875

JPMorgan

Chase

&

Co.

(Strategy,

Inc.),

22.30%,

1/6/27

...........................

91

9,259

JPMorgan

Chase

Bank

NA

(Adobe,

Inc.)

12.02%,

12/22/26

...................................................

30

7,818

12.50%,

2/8/27

....................................................

51

13,082

JPMorgan

Chase

Bank

NA

(Ambarella,

Inc.),

20.05%,

11/3/26

......................

80

7,312

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

8,021

JPMorgan

Chase

Bank

NA

(NVIDIA

Corp.),

15.93%,

3/8/27

........................

82

16,220

JPMorgan

Chase

Bank

NA

(Salesforce,

Inc.),

13.99%,

3/23/27

......................

80

14,720

JPMorgan

Structured

Products

BV

(Dell

Technologies,

Inc.),

17.27%,

10/26/26

..........

42

7,160

Merrill

Lynch

BV

(Adobe,

Inc.),

11.88%,

9/18/26

................................

67

17,097

Merrill

Lynch

BV

(International

Business

Machines

Corp.),

18.15%,

7/30/27

............

129

28,051

Victory

Portfolios

IV

Victory

Pioneer

Multi-Asset

Income

Fund

11

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Merrill

Lynch

BV

(Marvell

Technology,

Inc.),

28.25%,

6/11/27

......................

$

102

$

23,345

Merrill

Lynch

BV

(Salesforce,

Inc.)

15.32%,

4/8/27

....................................................

66

11,982

16.46%,

6/8/27

....................................................

145

25,964

Merrill

Lynch

International

&

Co.

CV

(First

Solar,

Inc.),

16.60%,

3/19/27

..............

40

7,937

Mizuho

Markets

Cayman

LP

(Advanced

Micro

Devices,

Inc.)

15.29%,

9/22/26

....................................................

77

13,248

18.09%,

10/16/26

...................................................

45

10,315

Mizuho

Markets

Cayman

LP

(Intuit,

Inc.),

17.40%,

3/9/27

..........................

60

19,943

Mizuho

Markets

Cayman

LP

(NetApp,

Inc.),

11.22%,

10/28/26

......................

81

10,365

Mizuho

Markets

Cayman

LP

(Nokia

Oyj),

21.10%,

5/11/27

.........................

1,343

13,791

Mizuho

Markets

Cayman

LP

(NVIDIA

Corp.),

15.41%,

5/18/27

.....................

104

21,450

Royal

Bank

of

Canada

(Adobe,

Inc.),

14.81%,

2/24/27(a)

..........................

76

18,908

Royal

Bank

of

Canada

(Datadog,

Inc.),

18.67%,

2/24/27(a)

.........................

75

10,609

The

Toronto-Dominion

Bank

(Adobe,

Inc.),

12.40%,

12/16/26

.......................

51

13,496

The

Toronto-Dominion

Bank

(International

Business

Machines

Corp.),

17.90%,

8/3/27

.....

136

29,197

The

Toronto-Dominion

Bank

(Intuit,

Inc.),

16.20%,

2/24/27

........................

50

16,535

The

Toronto-Dominion

Bank

(Salesforce,

Inc.),

16.56%,

7/22/27

.....................

213

37,727

The

Toronto-Dominion

Bank

(Trimble,

Inc.),

11.62%,

4/22/27

.......................

191

11,135

The

Toronto-Dominion

Bank

(Zebra

Technologies

Corp.),

15.38%,

7/8/27

..............

109

28,583

Wells

Fargo

Bank

NA

(Microsoft

Corp.),

10.14%,

2/24/27

..........................

49

20,785

Wells

Fargo

Bank

NA

(NVIDIA

Corp.)

15.13%,

5/19/27

....................................................

99

20,337

15.28%,

7/29/27

....................................................

112

22,944

Wells

Fargo

Bank

NA

(Okta,

Inc.),

16.49%,

2/24/27

..............................

108

10,246

816,198

Materials

(2.4%):

Bank

of

America

NA

(thyssenkrupp

AG),

17.00%,

9/23/26

.........................

989

13,513

Bank

of

Montreal

(International

Flavors

&

Fragrances,

Inc.),

12.06%,

8/9/27(a)

..........

353

28,074

BNP

Paribas

Issuance

BV

(Alcoa

Corp.),

18.76%,

2/10/27(a)

........................

269

13,056

BNP

Paribas

Issuance

BV

(Barrick

Mining

Corp.),

17.87%,

4/8/27

....................

314

11,920

Canadian

Imperial

Bank

of

Commerce

(Celanese

Corp.),

21.55%,

4/22/27

..............

253

13,541

Citigroup

Global

Markets

Holdings,

Inc.

(Almonty

Industries,

Inc.)

29.33%,

8/9/27

....................................................

1,190

13,159

29.37%,

8/10/27

....................................................

1,284

14,195

Citigroup

Global

Markets

Holdings,

Inc.

(Celanese

Corp.),

21.19%,

6/25/27

.............

167

8,004

Citigroup

Global

Markets

Holdings,

Inc.

(Newmont

Corp.),

17.39%,

2/10/27(a)

..........

160

16,074

Citigroup

Global

Markets

Holdings,

Inc.

(USA

Rare

Earth,

Inc.)

43.47%,

11/13/26(a)

.................................................

393

6,590

39.52%,

11/27/26(a)

.................................................

461

6,956

39.47%,

12/2/26(a)

..................................................

555

7,470

Goldman

Sachs

Bank

USA

(USA

Rare

Earth,

Inc.),

43.86%,

11/6/26

..................

457

7,611

HSBC

Bank

PLC

(Barrick

Mining

Corp.)

15.87%,

11/2/26

....................................................

417

13,659

16.10%,

12/4/26

....................................................

360

13,476

JPMorgan

Chase

Bank

NA

(Newmont

Corp.),

16.72%,

4/8/27

.......................

116

11,314

JPMorgan

Structured

Products

BV

(B2Gold

Corp.),

20.41%,

5/5/27

...................

1,694

6,977

Merrill

Lynch

BV

(Torex

Gold

Resources,

Inc.),

18.00%,

6/28/27

....................

390

15,000

The

Toronto-Dominion

Bank

(Celanese

Corp.),

22.41%,

3/30/27

.....................

274

13,864

The

Toronto-Dominion

Bank

(USA

Rare

Earth,

Inc.),

39.23%,

11/25/26

................

677

10,307

244,760

Real

Estate

(0.1%):

Bank

of

Montreal

(SL

Green

Realty

Corp.),

19.51%,

5/18/27

........................

191

9,432

Total

Equity

Linked

Notes

(Cost

$2,319,794)

a

a

a

2,257,939

Yankee

Dollars

(3.8%)

Financials

(3.7%):

BPCE

SA,

3.12%

(SOFR+173bps),

10/19/32,

Callable

10/19/31

@

100(a)(f)

............

2,500

2,206

Brazil

Letras

do

Tesouro

Nacional,

4/1/27(o)

...................................

186,200

33,792

European

Bank

for

Reconstruction

&

Development,

28.00%,

9/27/27,

MTN

.............

197,470

3,760

Global

Aircraft

Leasing

Co.

Ltd.,

8.75%,

9/1/27,

Callable

9/5/26

@

102.19(a)

............

4,675

4,750

Hungary

Government

Bond,

4.50%,

5/27/32

....................................

1,441,490

4,318

Victory

Portfolios

IV

Victory

Pioneer

Multi-Asset

Income

Fund

12

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Indonesia

Treasury

Bond,

6.88%,

4/15/29

.....................................

$

161,493,000

$

8,879

International

Finance

Corp.

10.75%,

2/15/28,

MTN

...............................................

26,000

4,993

11.50%,

1/16/30,

MTN

...............................................

153,575

29,345

Intesa

Sanpaolo

SpA,

7.78%

(H15T1Y+390bps),

6/20/54,

Callable

6/20/53

@

100(a)(f)

....

17,917

20,194

Japan

Government

Twenty

Year

Bond

0.40%,

6/20/41

....................................................

28,567,050

117,427

0.90%,

6/20/42

....................................................

21,664,200

93,992

Lloyds

Banking

Group

PLC,

6.75%

(H15T5Y+315bps),

Callable

9/27/31

@

100(f)(k)

.....

10,000

10,168

Philippine

Government

Bond,

6.75%,

9/15/32

..................................

576,400

9,062

Societe

Generale

SA,

6.22%

(H15T1Y+320bps),

6/15/33,

Callable

6/15/32

@

100(a)(f)

....

6,220

6,354

Trinidad

&

Tobago

Government

International

Bond,

4.50%,

8/4/26(a)

.................

2,113

2,105

351,345

Sovereign

Bond

(0.1%):

Russian

Federal

Bond

-

OFZ

0.00%,

2/3/27(b)(d)(j)

...............................................

59,074

—

7.70%,

3/23/33(b)(d)(j)(p)

............................................

61,885

—

Turkiye

Government

Bond

36.00%,

8/12/26

....................................................

521,809

10,967

12.40%,

3/8/28

....................................................

176,760

2,626

13,593

Total

Yankee

Dollars

(Cost

$370,958)

a

a

a

364,938

U.S.

Government

Agency

Mortgages

(14.4%)

Federal

Home

Loan

Mortgage

Corporation

5.50%,

8/1/45

-

4/1/56

...............................................

396,672

394,924

5.00%,

1/1/46

-

5/1/56

...............................................

223,464

216,981

3.00%,

8/1/50

-

8/1/52

...............................................

6,350

5,494

2.50%,

2/1/51

-

2/1/52

...............................................

7,690

6,449

6.00%,

6/1/53

-

3/1/55

...............................................

88,264

89,867

6.50%,

9/1/53

-

10/1/54

..............................................

11,893

12,401

4.50%,

10/1/53

-

2/1/56

..............................................

21,882

20,669

746,785

Federal

National

Mortgage

Association

5.00%,

1/1/46

-

4/1/56

...............................................

276,852

268,588

2.50%,

8/1/50

-

2/1/52

...............................................

39,114

32,672

3.00%,

4/1/51

.....................................................

272

239

5.50%,

8/1/52

-

11/1/55

..............................................

219,381

218,193

4.50%,

9/1/52

-

7/1/55

...............................................

71,283

67,461

6.50%,

2/1/53

-

10/1/53

..............................................

11,586

12,013

6.00%,

6/1/53

-

1/1/55

...............................................

36,142

36,593

635,759

Total

U.S.

Government

Agency

Mortgages

(Cost

$1,402,380)

a

a

a

1,382,544

U.S.

Treasury

Obligations

(1.0%)

U.S.

Treasury

Notes,

4.13%,

7/31/28

.........................................

90,000

89,740

Total

U.S.

Treasury

Obligations

(Cost

$89,807)

a

a

a

89,740

Short-Term

Investments

(0.4%)

a

a

a

a

Repurchase

Agreements

(0.4%):

Bank

of

America

Corp.,

3.64%,

8/3/26,

purchased

on

7/31/26,

with

a

maturity

date

of

8/3/26,

with

a

repurchase

value

of

$40,012

(collateralized

by

U.S.

Treasury

Notes

and

Bonds,

1.38%-

3.50%,

due

3/15/29-2/15/44,

with

an

aggregate

value

of

$40,800)

....................

$

40,000

40,000

Total

Short-Term

Investments

(Cost

$40,000)

a

a

a

40,000

Total

Investments

(Cost

$8,757,147)

—

97.4%

9,355,353

Other

assets

in

excess

of

liabilities

—  2.6%

252,318

NET

ASSETS

-

100.00%

$

9,607,671

At

July

31,

2026,

the

Fund's

investments

in

foreign

securities

were

36.9%

of

net

assets.

Victory

Portfolios

IV

Victory

Pioneer

Multi-Asset

Income

Fund

13

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

(a)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

July

31,

2026,

the

fair

value

of

these

securities

was

$867,871

(thousands)

and

amounted

to

9.0%

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

July

31,

2026.

(d)

Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

less

than

0.05%

of

net

assets

as

of

July

31,

2026.

This

security

is

classified

as

Level

3

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

2

in

the

Notes

to

Financial

Statements)

(e)

Security

is

interest

only.

(f)

Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

July

31,

2026.

(g)

Amount

represents

less

than

0.05%

of

net

assets.

(h)

Rounds

to

less

than

$1

thousand.

(i)

Non-income

producing

security.

(j)

The

following

table

details

the

earliest

acquisition

date,

cost,

and

market

value

of

the

Fund's

restricted

securities

due

to

trading

restrictions

at

July

31,

2026

(amounts

in

thousands):

Security

Name

Acquisition

Date

Cost

Value

Acorn

Re,

2024-1

A

.................................................

10/25/24

$

500

$

505

Alturas

Re,

2021-3

..................................................

8/16/21

72

28

Alturas

Re,

2022-3

..................................................

1/18/22

—

—

Aquila

Re

........................................................

4/4/24

500

511

Atlas

Re,

2024-1

A

..................................................

5/24/24

750

803

Blue

Ridge

Re

.....................................................

11/14/23

750

753

Blue

Ridge

Re,

2023-1

B

.............................................

11/14/23

1,250

1,266

Bonanza

Re,

2024-1

B

...............................................

11/14/23

250

252

Bonanza

Re,

2024-1

C

...............................................

12/16/24

1,000

1,016

Cat

Re,

2023-1

A

...................................................

12/31/24

750

754

Easton

Re,

2024-1

A

.................................................

5/16/24

499

505

Floodsmart

Re,

2024-1

A

.............................................

2/29/24

1,500

1,548

Four

Lakes

Re,

2023-1

A

.............................................

12/8/23

250

254

Four

Lakes

Re,

2023-1

B

.............................................

12/8/23

250

250

Four

Lakes

Re,

2024-1

A

.............................................

12/11/24

250

252

Four

Lakes

Re,

2024-1

B

.............................................

12/11/24

250

252

Fuchsia,

2024-1

A

..................................................

3/23/23

1,000

1,012

Galileo

Re,

2023-1

A

................................................

12/11/24

1,253

1,285

Gamboge

Re,

2024

..................................................

5/9/24

—

538

Gateway

Re,

2024-1

AA

..............................................

3/11/24

250

255

Herbie

Re,

2024-2

A

.................................................

12/17/24

500

502

High

Point

Re,

2023-1

...............................................

12/1/23

2,000

2,000

International

Bank

for

Reconstruction

&

Development

........................

5/1/24

250

265

International

Bank

for

Reconstruction

&

Development

........................

4/3/24

250

255

Kendall

Re,

2024-1

A

................................................

4/22/24

1,000

1,018

Kilimanjaro

II

Re,

2024-1

A

...........................................

4/22/24

250

259

Kilimanjaro

II

Re,

2024-1

B

...........................................

4/22/24

750

781

LUKOIL

PJSC

.....................................................

4/3/20

3,354

—

Magnit

PJSC

......................................................

4/15/20

12,537

—

Marlon

Re,

2024-1

A

................................................

5/13/22

250

259

Mayflower

Re,

2024-1

A

..............................................

2/18/26

1,000

1,018

Merion

Re,

2025-1

..................................................

1/16/25

—

16

Merna

Re

II,

2024-1

A

...............................................

2/12/26

750

774

Merna

Re

II,

2024-2

A

...............................................

2/12/26

750

769

Merna

Re

II,

2024-3

A

...............................................

2/12/26

1,500

1,559

Mystic

Re

IV,

2024-1

A

..............................................

12/12/23

1,749

1,757

Mystic

Re

IV,

2025-1

A

..............................................

12/12/23

250

250

Palm

Re,

2024-1

A

..................................................

12/12/23

250

257

Purple

Re,

2024-1

A

.................................................

4/1/25

500

515

Residential

Re

.....................................................

11/22/22

500

495

Residential

Re

.....................................................

4/1/25

1,250

1,279

Residential

Re,

2023-2

5

..............................................

4/1/25

750

780

Residential

Re,

2024-2

3

..............................................

4/1/25

1,000

1,017

Residential

Re,

2024-2

4

..............................................

4/1/25

1,000

1,019

Rosneft

Oil

Co.

PJSC

................................................

12/6/19

9,625

—

Russian

Federal

Bond

-

OFZ

...........................................

9/14/21

824

—

Russian

Federal

Bond

-

OFZ

...........................................

9/14/21

884

—

Sanders

Re

II,

2024-3

A

..............................................

12/10/24

2,500

2,521

Victory

Portfolios

IV

Victory

Pioneer

Multi-Asset

Income

Fund

14

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

(k)

Security

is

perpetual

and

has

no

final

maturity

date

but

may

be

subject

to

calls

at

various

dates

in

the

future.

(l)

Up

to

6.75%

of

the

coupon

may

be

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.

Security

Name

Acquisition

Date

Cost

Value

Sanders

Re

II,

2024-3

B

..............................................

12/10/24

$

2,500

$

2,535

Sanders

Re

III,

2023-1

A

..............................................

11/4/24

1,600

1,615

Sanders

Re

III,

2024-1

A

..............................................

11/4/24

750

777

Sector

Re

V

.......................................................

2/24/26

—

155

Sector

Re

V,

2024

GL-R

..............................................

2/24/26

—

133

Silk

Road

Re,

2024-1

................................................

12/23/24

500

504

Thopas

Re,

2020

...................................................

12/30/19

—

5

Thopas

Re,

2021

...................................................

12/30/20

—

23

Thopas

Re,

2023

...................................................

2/15/23

—

—

Thopas

Re,

2024

...................................................

2/2/24

—

14

Thopas

Re,

2025

...................................................

1/10/25

—

136

Torrey

Pines

Re,

2024-1

A

............................................

12/31/24

250

257

Torrey

Pines

Re,

2024-1

B

............................................

12/31/24

250

257

Viribus

Re,

2023

...................................................

2/2/23

—

—

Vitality

Re

XIV,

2027

................................................

12/31/24

600

605

Vitality

Re

XIV,

2028

................................................

12/31/24

3,256

3,270

X5

Retail

Group

NV,

GDR

............................................

9/17/20

1,738

—

Total

(0.5%

of

net

assets)

$68,991

$41,690

ABS

—

Asset-Backed

Securities

ADR

—

American

Depositary

Receipt

BNMMDTSC

—

Dreyfus

Treasury

Securities

Cash

Management

Fund

Yield

bps

—

Basis

points

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

U.S.

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

July

31,

2026.

H15T5Y

—

5

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

July

31,

2026.

JMMMUSTF

—

JPMorgan

100%

U.S.

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

July

31,

2026.

SOFR06M

—

6

Month

SOFR,

rate

disclosed

as

of

July

31,

2026.

SOFR30A

—

30

day

average

of

SOFR,

rate

disclosed

as

of

July

31,

2026.

STACR

—

Structured

Agency

Credit

Risk

Victory

Portfolios

IV

Victory

Pioneer

Multi-Asset

Income

Fund

15

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Futures

Contracts

Sold

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

E-Mini

S&P

500

Futures

..................

3,012

9/18/26

$

1,124,842

$

1,132,399

$

(7,557)

Euro

Stoxx

50

Futures

...................

2,540

9/18/26

179,049

186,665

(7,616)

NASDAQ

100

E-Mini

Futures

.............

329

9/18/26

198,953

186,900

12,053

Nikkei

225

OSE

Futures

..................

431

9/10/26

178,884

172,611

6,273

$

3,153

Total

unrealized

appreciation

$

18,326

Total

unrealized

depreciation

(15,173)

Total

net

unrealized

appreciation

(depreciation)

$

3,153

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)

Alphabet,

Inc.

.........................

1.00%

6/20/31

Quarterly

$

94,656

$

1,843

$

1,775

$

68

Oracle

Corp.

..........................

1.00%

6/20/31

Quarterly

47,309

(1,932)

$

(2,051)

119

$

(89)

$

(276)

$

187

Statement

of

Assets

and

Liabilities

July

31,

2026

16

See

notes

to

financial

statements.

Victory

Portfolios

IV

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

Victory

Pioneer

Multi-Asset

Income

Fund

Assets:

Investments,

at

value

(Cost

$8,757,147)

$

9,355,353

Foreign

currency,

at

value

(Cost

$230)

230

Cash

213,366

Futures

contracts

collateral

861

Swap

agreements

collateral

79,531

Due

from

broker

102,619

Receivables:

Dividends

and

interest

46,563

Capital

shares

issued

15,713

Investments

sold

69,496

Variation

margin

on

open

swap

agreements

252

Reclaims

6,968

Prepaid

expenses

174

Total

Assets

9,891,126

Liabilities:

Payables:

Distributions

2,040

Investments

purchased

241,209

Capital

shares

redeemed

20,449

Variation

margin

on

open

futures

contracts

14,167

Accrued

expenses

and

other

payables:

Investment

advisory

fees

3,364

Administration

fees

341

Custodian

fees

90

Transfer

agent

fees

123

Sub-Transfer

agent

fees

581

Trustees'

fees

27

12b-1

fees

492

Other

accrued

expenses

572

Total

Liabilities

283,455

Commitments

and

contingencies

(Note

5

)

Net

Assets:

Capital

8,724,684

Total

accumulated

earnings

(loss)

882,987

Net

Assets

$

9,607,671

Net

Assets:

Class

A

$

1,711,596

Class

C

714,264

Class

R6

369,432

Class

Y

6,812,379

Total

$

9,607,671

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

Class

A

125,462

Class

C

52,568

Class

R6

26,356

Class

Y

501,438

Total

705,824

Net

asset

value,

offering

and

redemption

price

per

share:(a)

Class

A

$

13.64

Class

C(b)

13.59

Class

R6

14.02

Class

Y

13.59

Maximum

Sales

Charge

—

Class

A

2.25%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

13.95

(a)

Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

(b)

Redemption

price

per

share

varies

by

length

of

time

shares

are

held.

Statement

of

Operations

For

the

Year

Ended

July

31,

2026

17

See

notes

to

financial

statements.

Victory

Portfolios

IV

(Amounts

in

Thousands)

Victory

Pioneer

Multi-Asset

Income

Fund

Investment

Income:

Dividends

$

183,486‌

Interest

374,665‌

Foreign

tax

withholding

(

12,510‌

)

Total

Income

545,641‌

Expenses:

Investment

advisory

fees

32,990‌

Administration

fees

3,241‌

Sub-Administration

fees

13‌

12b-1

fees

—

Class

A

3,395‌

12b-1

fees

—

Class

C

6,153‌

Custodian

fees

563‌

Transfer

agent

fees

—

Class

A

35‌

Transfer

agent

fees

—

Class

C

21‌

Transfer

agent

fees

—

Class

R6

4‌

Transfer

agent

fees

—

Class

Y

151‌

Sub-Transfer

agent

fees

—

Class

A

308‌

Sub-Transfer

agent

fees

—

Class

C

237‌

Sub-Transfer

agent

fees

—

Class

Y

5,237‌

Trustees'

fees

279‌

Legal

and

audit

fees

318‌

State

registration

and

filing

fees

343‌

Other

expenses

473‌

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

10‌

Total

Expenses

53,771‌

Less

fees

paid

indirectly

(

187‌

)

Net

Expenses

53,584‌

Net

Investment

Income

(Loss)

492,057‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

649,269‌

Net

realized

gains

(losses)

from

forward

foreign

currency

exchange

contracts

(

3,200‌

)

Net

realized

gains

(losses)

from

futures

contracts

(

202,237‌

)

Net

realized

gains

(losses)

from

in-kind

redemptions

52,548‌

Net

realized

gains

(losses)

from

swap

agreements

(

122‌

)

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

and

foreign

currency

translations

77,126‌

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

24,879‌

Net

change

in

unrealized

appreciation/depreciation

on

swap

agreements

187‌

Net

realized/unrealized

gains

(losses)

on

investments

598,450‌

Change

in

net

assets

resulting

from

operations

$

1,090,507‌

18

(Amounts

in

Thousands)

Victory

Portfolios

IV

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

Victory

Pioneer

Multi-Asset

Income

Fund

Year

Ended

July

31,

2026

Year

Ended

July

31,

2025*

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

492,057‌

$

280,548‌

Net

realized

gains

(losses)

496,258‌

179,753‌

Net

change

in

unrealized

appreciation/depreciation

102,192‌

170,629‌

Change

in

net

assets

resulting

from

operations

1,090,507‌

630,930‌

Distributions

to

Shareholders:

Class

A

(

87,180‌

)

(

51,797‌

)

Class

C

(

34,872‌

)

(

23,919‌

)

Class

R

—‌

(

55‌

)

Class

R6

(

17,730‌

)

(

10,235‌

)

Class

Y

(

347,351‌

)

(

208,283‌

)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(

487,133‌

)

(

294,289‌

)

Change

in

net

assets

resulting

from

capital

transactions

3,362,096‌

1,681,840‌

Change

in

net

assets

3,965,470‌

2,018,481‌

Net

Assets:

Beginning

of

period

5,642,201‌

3,623,720‌

End

of

period

$

9,607,671‌

$

5,642,201‌

*

Pioneer

Multi-Asset

Income

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

May

2,

2025

(the

“Reorganization”).

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

Class

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

A,

and

Class

Y

shares

of

the

Fund,

respectively.

19

(Amounts

in

Thousands)

Victory

Portfolios

IV

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

Victory

Pioneer

Multi-Asset

Income

Fund

Year

Ended

July

31,

2026

Year

Ended

July

31,

2025*

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

722,250‌

$

401,109‌

Distributions

reinvested

85,859‌

51,178‌

Cost

of

shares

redeemed

(

213,960‌

)

(

144,085‌

)

Total

Class

A

$

594,149‌

$

308,202‌

Class

C

Proceeds

from

shares

issued

$

233,686‌

$

199,045‌

Distributions

reinvested

34,478‌

23,735‌

Cost

of

shares

redeemed

(

110,763‌

)

(

81,305‌

)

Total

Class

C

$

157,401‌

$

141,475‌

Class

R

Proceeds

from

shares

issued

$

—‌

$

152‌

Distributions

reinvested

—‌

54‌

Cost

of

shares

redeemed

—‌

(

1,285‌

)

Total

Class

R

$

—‌

$

(

1,079‌

)

Class

R6

Proceeds

from

shares

issued

$

188,815‌

$

77,770‌

Distributions

reinvested

15,576‌

10,062‌

Cost

of

shares

redeemed

(

39,119‌

)

(

47,939‌

)

Total

Class

R6

$

165,272‌

$

39,893‌

Class

Y

Proceeds

from

shares

issued

$

3,209,086‌

$

1,717,577‌

Distributions

reinvested

333,442‌

202,341‌

Cost

of

shares

redeemed

(

1,097,254‌

)

(

726,569‌

)

Total

Class

Y

$

2,445,274‌

$

1,193,349‌

Change

in

net

assets

resulting

from

capital

transactions

$

3,362,096‌

$

1,681,840‌

Share

Transactions:

Class

A

Issued

54,861‌

33,733‌

Reinvested

6,498‌

4,313‌

Redeemed

(

16,236‌

)

(

12,168‌

)

Total

Class

A

45,123‌

25,878‌

Class

C

Issued

17,843‌

16,849‌

Reinvested

2,623‌

2,011‌

Redeemed

(

8,440‌

)

(

6,898‌

)

Total

Class

C

12,026‌

11,962‌

Class

R

Issued

—‌

13‌

Reinvested

—‌

5‌

Redeemed

—‌

(

109‌

)

Total

Class

R

—‌

(

91‌

)

Class

R6

Issued

13,885‌

6,322‌

Reinvested

1,147‌

825‌

Redeemed

(

2,873‌

)

(

3,937‌

)

Total

Class

R6

12,159‌

3,210‌

Class

Y

Issued

244,100‌

144,804‌

Reinvested

25,344‌

17,124‌

Redeemed

(

83,398‌

)

(

61,705‌

)

Total

Class

Y

186,046‌

100,223‌

Change

in

Shares

255,354‌

141,182‌

*

Pioneer

Multi-Asset

Income

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

May

2,

2025

(the

“Reorganization”).

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

Class

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

A,

and

Class

Y

shares

of

the

Fund,

respectively.

Victory

Portfolios

IV

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

20

See

notes

to

financial

statements.

Victory

Pioneer

Multi-Asset

Income

Fund

Class

A*

Year

Ended

July

31,

2026

Year

Ended

July

31,

2025

Year

Ended

July

31,

2024

Year

Ended

July

31,

2023

Year

Ended

July

31,

2022

Net

Asset

Value,

Beginning

of

Period

$12.56

$11.74

$11.32

$10.98

$11.67

Investment

Activities:

Net

investment

income

(loss)(a)

0.85

0.74

0.73

0.73

0.63

Net

realized

and

unrealized

gains

(losses)

1.07

0.86

0.52

0.24

(0.67)

Total

from

Investment

Activities

1.92

1.60

1.25

0.97

(0.04)

Distributions

to

Shareholders

from:

Net

investment

income

(0.84)

(0.78)

(0.83)

(0.63)

(0.65)

Total

Distributions

(0.84)

(0.78)

(0.83)

(0.63)

(0.65)

Net

Asset

Value,

End

of

Period

$13.64

$12.56

$11.74

$11.32

$10.98

Total

Return(b)

15.79%

14.26%

11.56%(c)

9.19%

(0.43)%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

0.78%(e)

0.82%

0.83%

0.85%

0.85%

Net

Investment

Income

(Loss)

6.49%

6.27%

6.50%

6.62%

5.51%

Gross

Expenses(d)

0.78%(e)

0.82%

0.83%

0.86%

0.85%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,711,596

$1,008,733

$639,410

$492,295

$403,985

Portfolio

Turnover(f)(g)

72%

62%

62%

74%

73%

*

Pioneer

Multi-Asset

Income

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

May

2,

2025

(the

“Reorganization”).

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

Class

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

A,

and

Class

Y

shares

of

the

Fund,

respectively.

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c)

For

the

year

ended

July

31,

2024,

the

Fund’s

total

return

includes

gains

in

settlement

of

class

action

lawsuits.

The

impact

on

Class

A’s

total

return

was

less

than

0.005%.

(d)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e)

Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(f)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(g)

Excludes

impact

of

in-kind

transactions.

21

Victory

Portfolios

IV

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

See

notes

to

financial

statements.

Victory

Pioneer

Multi-Asset

Income

Fund

Class

C*

Year

Ended

July

31,

2026

Year

Ended

July

31,

2025

Year

Ended

July

31,

2024

Year

Ended

July

31,

2023

Year

Ended

July

31,

2022

Net

Asset

Value,

Beginning

of

Period

$12.50

$11.69

$11.28

$10.94

$11.63

Investment

Activities:

Net

investment

income

(loss)(a)

0.75

0.65

0.64

0.64

0.54

Net

realized

and

unrealized

gains

(losses)

1.09

0.85

0.51

0.25

(0.67)

Total

from

Investment

Activities

1.84

1.50

1.15

0.89

(0.13)

Distributions

to

Shareholders

from:

Net

investment

income

(0.75)

(0.69)

(0.74)

(0.55)

(0.56)

Total

Distributions

(0.75)

(0.69)

(0.74)

(0.55)

(0.56)

Net

Asset

Value,

End

of

Period

$13.59

$12.50

$11.69

$11.28

$10.94

Total

Return(b)

15.05%

13.34%

10.64%(c)

8.38%

(1.20)%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

1.55%(e)

1.58%

1.60%

1.62%

1.61%

Net

Investment

Income

(Loss)

5.70%

5.50%

5.73%

5.85%

4.72%

Gross

Expenses(d)

1.55%(e)

1.58%

1.60%

1.62%

1.61%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$714,264

$506,879

$334,211

$268,091

$252,795

Portfolio

Turnover(f)(g)

72%

62%

62%

74%

73%

*

Pioneer

Multi-Asset

Income

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

May

2,

2025

(the

“Reorganization”).

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

Class

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

A,

and

Class

Y

shares

of

the

Fund,

respectively.

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c)

For

the

year

ended

July

31,

2024,

the

Fund’s

total

return

includes

gains

in

settlement

of

class

action

lawsuits.

The

impact

on

Class

C’s

total

return

was

less

than

0.005%.

(d)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e)

Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(f)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(g)

Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

IV

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

22

See

notes

to

financial

statements.

Victory

Pioneer

Multi-Asset

Income

Fund

Class

R6*

Year

Ended

July

31,

2026

Year

Ended

July

31,

2025

Year

Ended

July

31,

2024

Year

Ended

July

31,

2023

Year

Ended

July

31,

2022

Net

Asset

Value,

Beginning

of

Period

$12.91

$12.07

$11.64

$11.28

$12.02

Investment

Activities:

Net

investment

income

(loss)(a)

0.91

0.80

0.79

0.78

0.69

Net

realized

and

unrealized

gains

(losses)

1.11

0.88

0.52

0.26

(0.73)

Total

from

Investment

Activities

2.02

1.68

1.31

1.04

(0.04)

Distributions

to

Shareholders

from:

Net

investment

income

(0.91)

(0.84)

(0.88)

(0.68)

(0.70)

Total

Distributions

(0.91)

(0.84)

(0.88)

(0.68)

(0.70)

Net

Asset

Value,

End

of

Period

$14.02

$12.91

$12.07

$11.64

$11.28

Total

Return(b)

16.09%

14.54%

11.84%(c)

9.58%

(0.42)%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

0.50%(e)

0.52%

0.54%

0.56%

0.55%

Net

Investment

Income

(Loss)

6.70%

6.55%

6.79%

6.92%

5.79%

Gross

Expenses(d)

0.50%(e)

0.52%

0.54%

0.56%

0.55%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$369,432

$183,332

$132,610

$119,558

$118,667

Portfolio

Turnover(f)(g)

72%

62%

62%

74%

73%

*

Pioneer

Multi-Asset

Income

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

May

2,

2025

(the

“Reorganization”).

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

Class

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

A,

and

Class

Y

shares

of

the

Fund,

respectively.

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c)

For

the

year

ended

July

31,

2024,

the

Fund’s

total

return

includes

gains

in

settlement

of

class

action

lawsuits.

The

impact

on

Class

R6’s

total

return

was

less

than

0.005%.

(d)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e)

Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(f)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(g)

Excludes

impact

of

in-kind

transactions.

23

Victory

Portfolios

IV

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

See

notes

to

financial

statements.

Victory

Pioneer

Multi-Asset

Income

Fund

Class

Y*

Year

Ended

July

31,

2026

Year

Ended

July

31,

2025

Year

Ended

July

31,

2024

Year

Ended

July

31,

2023

Year

Ended

July

31,

2022

Net

Asset

Value,

Beginning

of

Period

$12.50

$11.70

$11.28

$10.94

$11.63

Investment

Activities:

Net

investment

income

(loss)(a)

0.87

0.76

0.76

0.75

0.65

Net

realized

and

unrealized

gains

(losses)

1.08

0.84

0.51

0.24

(0.67)

Total

from

Investment

Activities

1.95

1.60

1.27

0.99

(0.02)

Distributions

to

Shareholders

from:

Net

investment

income

(0.86)

(0.80)

(0.85)

(0.65)

(0.67)

Total

Distributions

(0.86)

(0.80)

(0.85)

(0.65)

(0.67)

Net

Asset

Value,

End

of

Period

$13.59

$12.50

$11.70

$11.28

$10.94

Total

Return(b)

16.14%

14.33%

11.80%(c)

9.42%

(0.24)%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

0.61%(e)

0.63%

0.64%

0.65%

0.65%

Net

Investment

Income

(Loss)

6.66%

6.45%

6.70%

6.80%

5.71%

Gross

Expenses(d)

0.61%(e)

0.63%

0.64%

0.66%

0.66%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$6,812,379

$3,943,257

$2,516,420

$1,679,726

$982,169

Portfolio

Turnover(f)(g)

72%

62%

62%

74%

73%

*

Pioneer

Multi-Asset

Income

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

May

2,

2025

(the

“Reorganization”).

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

Class

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

A,

and

Class

Y

shares

of

the

Fund,

respectively.

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c)

If

the

Fund

had

not

recognized

gains

in

settlement

of

class

action

lawsuits

during

the

year

ended

July

31,

2024,

the

total

return

would

have

been

11.71%.

(d)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e)

Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(f)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(g)

Excludes

impact

of

in-kind

transactions.

Notes

to

Financial

Statements

July

31,

2026

Victory

Portfolios

IV

24

1.

Organization:

Victory

Portfolios

IV

(the

“Trust”)

is

organized as

a

Delaware

statutory

trust and is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

investment

company.

The

Trust

is

comprised

of

26

funds, and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

no

par

value.

The

accompanying

financial

statements

are

those

of

the

following

fund

(the

“Fund”). The

Fund

is

classified

as

diversified

under

the

1940

Act.

Each

class

of

shares

of the

Fund

has

substantially

identical

rights

and

privileges

except

with

respect

to

sales

charges,

fees

paid

under

distribution

plans,

expenses

allocable

exclusively

to

each

class

of

shares,

voting

rights

on

matters

solely

affecting

a

single

class

of

shares,

and

the

exchange

privilege

of

each

class

of

shares.

 Victory

Capital

Management

Inc.

(“VCM”

or

the

“Adviser”)

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

The

Fund,

which

commenced

operations

on

May

2,

2025,

is

the

successor

to

the

Pioneer Multi-Asset

Income

Fund

(the

“Predecessor

Fund”).

The

Predecessor

Fund

transferred

all

of

the

net

assets

of

Class

A,

Class

C,

Class

K,

Class

R,and

Class

Y

shares

in

exchange

for

the

Fund’s

Class

A,

Class

C,

Class

R6,

Class

A,

and

Class

Y

shares,

respectively,

on May

2,

2025,

pursuant

to

an

agreement

and

plan

of

reorganization

(the

“Reorganization”),

which

was

approved

by

the

shareholders

of

the

Predecessor

Fund

on

April

28,

2025.

The

Reorganization

was

structured

so

that

the

transfer

of

assets

and

liabilities

did

not

result

in

any federal

tax

liability

to

the

Predecessor

Fund

or

its

shareholders.

Shareholders

holding

Class

A,

Class

C,

Class

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

A,

and

Class

Y

shares

of

the

Fund,

respectively,

in

the

Reorganization.

The

Predecessor

Fund

was

the

accounting

survivor

of

the

Reorganization.

Accordingly,

the

Predecessor

Fund’s

performance

and

financial

history

have

become

the

performance

and

financial

history

of

the

Fund.

The

Fund’s

investment

objective

is

to

seek a

high

level

of

current

income

to

the

extent

consistent

with

a

relatively

high

level

of

stability

of

principal.

Effective

April

1,

2025,

VCM

serves

as

the

Fund’s

investment

adviser,

succeeding

Amundi

Asset

Management

US,

Inc.

(“Amundi

US”).

On

the

same

date,

Victory

Capital

Services,

Inc.

(the

“Distributor”),

an

affiliate

of

the

Adviser,

became

the

Distributor

for

the

Fund's

shares,

succeeding

Amundi

Distributor

US,

Inc.

The

Distributor

receives

no

fee

or

other

compensation

for

these

services

(See

Note

5).

On

September

30,

2025,

the

Trust’s

Board

of

Trustees

(the

“Board”),

upon

the

recommendation

of

the

Adviser,

approved

a

change

in

the

Fund's

custodian,

sub-administrator,

sub-fund

accountant,

and

transfer

agent.

Effective

as

of

February

9,

2026, Citibank,

N.A.

serves

as

the

custodian

of

the

Fund,

Citi

Fund

Services

Ohio,

Inc.

serves

as

sub-administrator

and

sub-fund

accountant

of

the

Fund,

and

FIS

Investor

Services

LLC

serves

as

transfer

agent

of

the

Fund.

2.

Significant

Accounting

Policies:

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Fund

in

the

preparation

of

its

financial

statements.

The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

(“GAAP”).

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the

Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

follows

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification

Topic 946.

Investment

Valuation: 

The

Fund

records

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to sell

an asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund’s

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

quoted

prices

(unadjusted)

in

active

markets

for

identical

securities

Level

2

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

or

credit

spreads,

applicable

to

those

securities,

etc.)

Level

3

—

significant

unobservable

inputs

(including

the

Adviser’s

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodologies

used

for

valuation

techniques

are

not

necessarily

an

indication

of

the

risks

associated

with

entering

into

those

investments.

The Adviser,

appointed

as

the

valuation

designee

by the

Board, has

established

the

Pricing

Committee

(the

“Committee”),

and

subject

to

Board

oversight,

the

Committee

administers

and

oversees

the

Fund’s

valuation

policies

and

procedures,

which

are

approved

by

the

Board.

Fund

(Legal

Name)

Fund

(Short

Name)

Investment

Share

Classes

Offered

Victory

Pioneer

Multi-Asset

Income

Fund

Multi-Asset

Income

Fund

Class

A,

Class

C,

Class

R6,

and

Class

Y

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

25

Portfolio

securities

listed

or

traded

on

securities

exchanges,

including

Exchange-Traded

Funds

(“ETFs”)

and

American

Depositary

Receipts,

are

valued

at

the

last

sale

price

on

the

exchange

or

system

where

the

security

is

principally

traded,

if

available,

or

at

the

Nasdaq

Official

Closing

Price.

If

there

have

been

no

sales

for

that

day

on

the

exchange

or

system,

then

a

security

is

valued

at

the

closing mean,

if

available,

otherwise

the

bid

quotation

on

the

exchange

or

system

where

the

security

is

principally

traded.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

Debt

securities

are

valued

each

business

day

by

a

pricing

service

approved

by

the

valuation

designee

and

subject

to

the

oversight

of

the

Board.

The

pricing

service

uses

the

evaluated

bid

or market

quotes to

value

securities.

Debt

obligations

maturing

within

60

days

may

be

valued

at

amortized

cost,

provided

that

the

amortized

cost

represents

the

fair

value

of

such

securities.

These

valuations

are

typically

categorized

as

Level

2

in

the

fair

value

hierarchy.

Investments

in

open-end

investment

companies,

other

than

ETFs, are

valued

at their

net

asset

value

(“NAV”).

These

valuations

are

typically

categorized

as

Level

1 in

the

fair

value

hierarchy.

Repurchase

agreements

are

valued

at

cost,

which

approximates

market

value.

Loan

interests

are

valued

at

the

mean

between

the

last

available

bid

and

ask

prices

from

one

or

more

brokers

or

dealers

as

obtained

from

an

independent

third-party

pricing

service.

If

price

information

is

not

available,

or

if

the

price

information

is

deemed

to

be

unreliable,

price

information

will

be

obtained

from

an

alternative

loan

interest

pricing

service.

If

no

reliable

price

quotes

are

available

from

either

the

primary

or

alternative

pricing

service,

broker

quotes

will

be

solicited.

These

valuations

are

typically

categorized

as

Level

2

in

the

fair

value

hierarchy.

Event-linked

bonds

are

valued

at

the

bid

price

obtained

from

an

independent

third-party

pricing

service.

Other

insurance-linked

securities

(including

reinsurance

sidecars,

collateralized

reinsurance

and

industry

loss

warranties)

may

be

valued

at

the

bid

price

obtained

from

an

independent

pricing

service,

or

through

a

third

party

using

a

pricing

matrix,

insurance

valuation

models,

or

other

fair

value

methods

or

techniques

to

provide

an

estimated

value

of

the

instrument.

Event-linked

bond

valuations

are

typically

categorized

as

Level

2

in

the

fair

value

hierarchy.

Other

insurance-linked

valuations

are

typically

categorized

as

Level

3

in

the

fair

value

hierarchy.

Futures

contracts

are

valued

at

the

settlement

price

established

each

day

by

the

board

of

trade

or

an

exchange

on

which

they

are

traded.

These

valuations

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

Options

are

generally

valued

at

the

last

quoted

sales

price

or,

in

the

absence

of

a

sale,

at

the

mean

between

the

current

bid

and

ask

prices.

These

valuations

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

Swap

agreements

are

valued

at

the

mean

between

the

current

bid

and

ask

prices.

To

the

extent

this

model

is

utilized,

these

valuations

are

considered

as

Level

2

in

the

fair

value

hierarchy.

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

2

or

Level

3

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

the

Fund’s

net

asset

value to

be

more

reliable

than

it

otherwise

would

be.

The

principal

exchanges

and

markets

for

non-U.S.

equity

securities

have

closing

times

prior

to

the

close

of

the

New

York

Stock

Exchange.

However,

the

value

of

these

securities

may

be

influenced

by

changes

in

global

markets

occurring

after

the

closing

times

of

the

local

exchanges

and

markets

up

to

the

time

the

Fund

determines

its

net

asset

value.

Consequently,

the

Fund

uses

a

fair

value

model

developed

by

an

independent

pricing

service

to

value

non-U.S.

equity

securities.

On

a

daily

basis,

the

pricing

service

recommends

changes,

based

on

a

proprietary

model,

to

the

closing

market

prices

of

each

non-U.S.

security

held

by

the

Fund

to

reflect

the

security’s

fair

value

at

the

time

the

Fund

determines

its

net

asset

value.

These

recommendations

are

applied

in

accordance

with

the

Adviser’s

(the

valuation

designee’s)

valuation

procedures.

These

valuations

are

typically

categorized

as

Level

2

in

the

fair

value

hierarchy.

A

summary

of

the

valuations

as

of

July

31,

2026, based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

on

the

Schedule

of

Portfolio

Investments

(amounts

in

thousands):

Level

1

Level

2

Level

3

Total

Multi-Asset

Income

Fund

Asset-Backed

Securities

.........................................

$

—

$

41,017

$

420

$

41,437

Collateralized

Mortgage

Obligations

................................

—

145,897

—

145,897

Common

Stocks

...............................................

4,681,599

—

—(a)

4,681,599

Preferred

Stocks

...............................................

207

—

—

207

Convertible

Corporate

Bonds

.....................................

—

9,782

—

9,782

Senior

Secured

Loans

...........................................

—

2,811

—

2,811

Corporate

Bonds

..............................................

—

296,769

—

296,769

Insurance-Linked

Securities

......................................

—

40,642

1,048

41,690

Equity

Linked

Notes

............................................

—

2,257,939

—

2,257,939

Yankee

Dollars

...............................................

—

364,938

—(a)

364,938

U.S.

Government

Agency

Mortgages

................................

—

1,382,544

—

1,382,544

U.S.

Treasury

Obligations

........................................

—

89,740

—

89,740

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

26

As

of July

31,

2026,

there

were

no

significant transfers

into

or

out

of

Level

3.

Investment

Companies:

Open-End

Funds:

The

Fund

may

invest

in

portfolios

of

open-end

investment

companies.

These

investment

companies

value

securities

in

their

portfolios

for

which

market

quotations

are

readily

available

at

their

market

values

(generally

the

last

reported

sale

price)

and

all

other

securities

and

assets

at

their

fair

value

by

the

methods

established

by

the

board

of

directors

of

the

underlying

funds.

Insurance-Linked

Securities

("ILS"):

The Fund

invests

in

ILS.

The Fund

could

lose

a

portion

or

all

of

the

principal

it

has

invested

in

an

ILS,

and

the

right

to

additional

interest

or

dividend

payments

with

respect

to

the

security,

upon

the

occurrence

of

one

or

more

trigger

events,

as

defined

within

the

terms

of

an

insurance-

linked

security.

Trigger

events,

generally,

are

hurricanes,

earthquakes,

or

other

natural

events

of

a

specific

size

or

magnitude

that

occur

in

a

designated

geographic

region

during

a

specified

time

period,

and/or

that

involve

losses

or

other

metrics

that

exceed

a

specific

amount.

There

is

no

way

to

accurately

predict

whether

a

trigger

event

will

occur,

and

accordingly,

ILS

carry

significant

risk.

The Fund

is

entitled

to

receive

principal,

and

interest

and/or

dividend

payments

so

long

as

no

trigger

event

occurs

of

the

description

and

magnitude

specified

by

the

instrument.

In

addition

to

the

specified

trigger

events,

ILS

may

expose

the Fund

to

other

risks,

including

but

not

limited

to

issuer

(credit)

default,

adverse

regulatory

or

jurisdictional

interpretations

and

adverse

tax

consequences.

The

Fund’s

investments

in

ILS

may

include

event-linked

bonds.

ILS

also

may

include

special

purpose

vehicles

(“SPVs”)

or

similar

instruments

structured

to

comprise

a

portion

of

a

reinsurer’s

catastrophe-oriented

business,

known

as

quota

share

instruments

(sometimes

referred

to

as

reinsurance

sidecars),

or

to

provide

reinsurance

relating

to

specific

risks

to

insurance

or

reinsurance

companies

through

a

collateralized

instrument,

known

as

collateralized

reinsurance.

Structured

reinsurance

investments

also

may

include

industry

loss

warranties

(“ILWs”).

A

traditional

ILW

takes

the

form

of

a

bilateral

reinsurance

contract,

but

there

are

also

products

that

take

the

form

of

derivatives,

collateralized

structures,

or

exchange-traded

instruments.

Where

the

ILS

are

based

on

the

performance

of

underlying

reinsurance

contracts,

the Fund

has

limited

transparency

into

the

individual

underlying

contracts,

and

therefore

must

rely

upon

the

risk

assessment

and

sound

underwriting

practices

of

the

issuer.

Accordingly,

it

may

be

more

difficult

for

the

Adviser

to

fully

evaluate

the

underlying

risk

profile

of

the

Fund’s

structured

reinsurance

investments,

and

therefore

the

Fund’s

assets

are

placed

at

greater

risk

of

loss

than

if

the

Adviser

had

more

complete

information.

Structured

reinsurance

instruments

generally

will

be

considered

illiquid

securities

by

the

Fund.

These

securities

may

be

difficult

to

purchase,

sell

or

unwind.

Illiquid

securities

also

may

be

difficult

to

value.

If

the Fund

is

forced

to

sell

an

illiquid

asset,

the Fund

may

be

forced

to

sell

at

a

loss.

Municipal

Obligations:

The

values

of

municipal

obligations

can

fluctuate

and

may

be

affected

by

adverse

tax,

legislative,

or

political

changes,

and

by

financial

developments

affecting

municipal

issuers.

Payments

of

municipal

obligations

may

depend

on

a

relatively

limited

source

of

revenue,

resulting

in

greater

credit

risk.

Future

changes

in

federal

tax

laws

or

the

activity

of

an

issuer

may

adversely

affect

the

tax-exempt

status

of

municipal

obligations.

Below-Investment-Grade

Securities:

The

Fund

may

invest in

below-investment-grade

securities

(i.e.,

lower-quality,

“junk”

debt),

which

are

subject

to

various

risks.

Lower-quality

debt

is

considered

to

be

speculative

because

it

is

less

certain

that

the

issuer

will

be

able

to

pay

interest

or

repay

the

principal

than

in

the

case

of

investment-grade

debt.

These

securities

can

involve

a

substantially

greater

risk

of

default

than

higher-rated

securities,

and

their

values

can

decline

significantly

over

short

periods

of

time.

Lower-quality

debt

securities

tend

to

be

more

sensitive

to

adverse

news

about

their

issuers,

the

market

and

the

economy

in

general,

than

higher-quality

debt

securities.

The

market

for

these

securities

can

be

less

liquid,

especially

during

periods

of

recession

or

general

market

decline.

Level

1

Level

2

Level

3

Total

Multi-Asset

Income

Fund,

continued

Short-Term

Investments

.........................................

$

—

$

40,000

$

—

$

40,000

Total

.......................................................

$

4,681,806

$

4,672,079

$

1,468

$

9,355,353

Other

Financial

Investments:*

Assets:

Credit

Default

Swap

Agreement

...................................

—

187

—

187

Futures

Contracts

..............................................

18,326

—

—

18,326

Liabilities:

Futures

Contracts

..............................................

(15,173)

—

—

(15,173)

Total

.......................................................

$

3,153

$

187

$

—

$

3,340

*

Futures

Contracts

and

Swap

Agreements

are

presented

at

the

unrealized

appreciation

(depreciation)

on

the

investment.

(a)

Zero

market

value

securities.

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

27

Mortgage-

and

Asset-Backed

Securities:

The

values

of

some

mortgage-related

or

asset-backed

securities

may

be

particularly

sensitive

to

changes

in

prevailing

interest

rates.

Early

repayment

of

principal

on

some

mortgage-related

securities

may

expose

the

Fund

to

a

lower

rate

of

return

upon

reinvestment

of

principal.

The

values

of

mortgage-

and

asset-backed

securities

depend

in

part

on

the

credit

quality

and

adequacy

of

the

underlying

assets

or

collateral

and

may

fluctuate

in

response

to

the

market’s

perception

of

these

factors

as

well

as

current

and

future

repayment

rates.

Some

mortgage-backed

securities

are

backed

by

the

full

faith

and

credit

of

the

U.S.

government

(e.g.,

mortgage-backed

securities

issued

by

the

Government

National

Mortgage

Association,

commonly

known

as

“Ginnie

Mae”),

while

other

mortgage-backed

securities

(e.g.,

mortgage-backed

securities

issued

by

the

Federal

National

Mortgage

Association

and

the

Federal

Home

Loan

Mortgage

Corporation,

commonly

known

as

“Fannie

Mae”

and

“Freddie

Mac,”

respectively),

are

backed

only

by

the

credit

of

the

government

entity

issuing

them.

In

addition,

some

mortgage-backed

securities

are

issued

by

private

entities

and,

as

such,

are

not

guaranteed

by

the

U.S.

government

or

any

agency

or

instrumentality

of

the

U.S.

government.

TBAs

:

The

Fund

may

enter

into

to-be-announced

(TBA)

purchases

or

sales

commitments

(collectively,

TBA

transactions),

pursuant

to

which

it

agrees

to

purchase

or

sell,

respectively,

mortgage-backed

securities

for

a

fixed

unit

price,

with

payment

and

delivery

at

a

scheduled

future

date

beyond

the

customary

settlement

period

for

such

securities.

With

TBA

transactions,

the

particular

securities

to

be

received

or

delivered

by

the

Fund

are

not

identified

at

the

trade

date;

however,

the

securities

must

meet

specified

terms,

including

issuer,

rate,

and

mortgage

term,

and

be

within

industry-accepted

“good

delivery”

standards.

The

Fund

may

enter

into

TBA

transactions

with

the

intention

of

taking

possession

of

or

relinquishing

the

underlying

securities,

may

elect

to

extend

the

settlement

by

“rolling”

the

transaction,

and/or

may

use

TBA

transactions

to

gain

or

reduce

interim

exposure

to

underlying

securities.

Until

settlement,

the

Fund

maintains

liquid

assets

sufficient

to

settle

its

commitment

to

purchase

a

TBA

or,

in

the

case

of

a

sale

commitment,

the

Fund

maintains

an

entitlement

to

the

security

to

be

sold.

To

mitigate

counterparty

risk,

the

Fund

has

entered

into

agreements

with

TBA

counterparties

that

provide

for

collateral

and

the

right

to

offset

amounts

due

to

or

from

those

counterparties

under

specified

conditions.

Subject

to

minimum

transfer

amounts,

collateral

requirements

are

determined

and

transfers

made

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

TBA

commitments

with

a

particular

counterparty.

At

any

time,

the

Fund’s

risk

of

loss

from

a

particular

counterparty

related

to

its

TBA

commitments

is

the

aggregate

unrealized

gain

on

appreciated

TBAs

in

excess

of

unrealized

loss

on

depreciated

TBAs

and

collateral

received,

if

any,

from

such

counterparty.

As

of

July

31,

2026,

no

collateral

was

pledged

or

paid

by

the

Fund.

Repurchase

Agreements:

The

Fund

may

enter

into

repurchase

agreements

with

commercial

banks

or

recognized

security

dealers

pursuant

to

the

terms

of

a

Master

Repurchase

Agreement.

A

repurchase

agreement

is

an

arrangement

wherein

the

Fund

purchases

securities

and

the

seller

agrees

to

repurchase

the

securities

at

an

agreed

upon

time

and

at

an

agreed

upon

price.

The

purchased

securities

are

marked-to-market

daily

to

ensure

their

value

is

equal

to

at

least

102%

of

principal

including

accrued

interest

and

are

held

by

the

Fund,

either

through

its

regular

custodian

or

through

a

special

“tri-party”

custodian

that

maintains

separate

accounts

for

both

the

Fund

and

its

counterparty,

until

maturity

of

the

repurchase

agreement.

Master

Repurchase

Agreements

typically

contain

netting

provisions,

which

provide

for

the

net

settlement

of

all

transactions

and

collateral

with

the

Fund

through

a

single

payment

in

the

event

of

default

or

termination.

Repurchase

agreements

are

subject

to

credit

risk,

and

the

Fund’s Adviser

monitors

the

creditworthiness

of

sellers

with

which

the

Fund

may

enter

into

repurchase

agreements.

Investments

in

repurchase

agreements

as

presented

on

the

Schedule

of

Portfolio

Investments

are

not

net

settlement

amounts

but

gross.

At

July

31,

2026,

the

value

of

the

related

collateral

exceeded

the

value

of

the

repurchase

agreements,

reducing

the

net

settlement

amount

to

zero.

Details

on

the

collateral

are

included

on

the

Schedule

of

Portfolio

Investments.

Loans:

Floating

rate

loans

in

which

the

Fund

invests

are

primarily

“senior”

loans.

Senior

floating

rate

loans

typically

hold

a

senior

position

in

the

capital

structure

of

the

borrower,

are

typically

secured

by

specific

collateral,

and

have

a

claim

on

the

assets

and/or

stock

of

the

borrower

that

is

senior

to

that

held

by

subordinated

debtholders

and

stockholders

of

the

borrower.

While

these

protections

may

reduce

risk,

these

investments

still

present

significant

credit

risk.

A

significant

portion

of

the

Fund’s

floating

rate

investments

may

be

issued

in

connection

with

highly

leveraged

transactions

such

as

leveraged

buyouts,

leveraged

recapitalization

loans,

and

other

types

of

acquisition

financing.

Obligations

in

these

types

of

transactions

are

subject

to

greater

credit

risk

(including

default

and

bankruptcy)

than

many

other

investments

and

may

be,

or

become,

illiquid.

See

note

regarding

below-investment-grade

securities.

The

Fund

may

purchase

second

lien

loans

(secured

loans

with

a

claim

on

collateral

subordinate

to

a

senior

lender’s

claim

on

such

collateral),

fixed

rate

loans,

unsecured

loans,

and

other

debt

obligations.

Transactions

in

loans

often

settle

on

a

delayed

basis,

and

the

Fund

may

not

receive

the

proceeds

from

the

sale

of

a

loan

or

pay

for

a

loan

purchase

for

a

substantial

period

of

time

after

entering

into

the

transactions.

Derivative

Instruments:

Foreign

Exchange

Currency

Contracts:

The

Fund

may

enter

into

foreign

exchange

currency

contracts

to

convert

U.S.

dollars

to

and

from

various

foreign

currencies.

A

foreign

exchange

currency

contract

is

an

obligation

by the

Fund

to

purchase

or

sell

a

specific

currency

at

a

future

date

at

a

price

(in

U.S.

dollars)

set

at

the

time

of

the

contract.

The

Fund

does

not

engage

in

“cross-currency”

foreign

exchange

contracts

(i.e.,

contracts

to

purchase

or

sell

one

foreign

currency

in

exchange

for

another

foreign

currency).

The

Fund’s

foreign

exchange

currency

contracts

might

be

considered

spot

contracts

(typically

a

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

28

contract

of

one

week

or

less)

or

forward

contracts

(typically

a

contract

term

over

one

week).

A

spot

contract

is

entered

into

for

purposes

of

hedging

against

foreign

currency

fluctuations

relating

to

a

specific

portfolio

transaction,

such

as

the

delay

between

a

security

transaction

trade

date

and

settlement

date.

Forward

contracts

are

entered

into

for

purposes

of

hedging

portfolio

holdings

or

concentrations

of

such

holdings. Each

foreign

exchange

currency

contract

is

adjusted

daily

by

the

prevailing

spot

or

forward

rate

of

the

underlying

currency,

and

any

appreciation

or

depreciation

is

recorded

for

financial

statement

purposes

as

unrealized

until

the

contract

settlement

date,

at

which

time

the

Fund

records

realized

gains

or

losses

equal

to

the

difference

between

the

value

of

a

contract

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

The Fund

could

be

exposed

to

risk

if

a

counterparty

is

unable

to

meet

the

terms

of

a

foreign

exchange

currency

contract

or

if

the

value

of

the

foreign

currency

changes

unfavorably.

In

addition,

the

use

of

foreign

exchange

currency

contracts

does

not

eliminate

fluctuations

in

the

underlying

prices

of

the

securities.

The

Fund

enters

into

foreign

exchange

currency

contracts

solely

for

spot

or

forward

hedging

purposes,

and

not

for

speculative

purposes

(i.e.,

the

Fund

does

not

enter

into

such

contracts

solely

for

the

purpose

of

earning

foreign

currency

gains). As

of July

31,

2026,

the

Fund

had

no

open

forward

foreign

exchange

currency

contracts.

Futures

Contracts:

The

Fund

may

enter

into

contracts

for

the

future

delivery

of

securities

or

foreign

currencies

and

futures

contracts

based

on

a

specific

security,

class

of

securities,

foreign

currency

or

an

index,

and

purchase

or

sell

options

on

any

such

futures

contracts.

A

futures

contract

on

a

securities

index

is

an

agreement

obligating

either

party

to

pay,

and

entitling

the

other

party

to

receive,

while

the

contract

is

outstanding,

cash

payments

based

on

the

level

of

a

specified

securities

index.

No

physical

delivery

of

the

underlying

asset

is

made.

The

Fund

may

enter

into

futures

contracts

in

an

effort

to

hedge

against

market

risks.

The

acquisition

of

put

and

call

options

on

futures

contracts

will

give

the

Fund

the

right

(but

not

the

obligation),

for

a

specified

price,

to

sell

or

to

purchase

the

underlying

futures

contract,

upon

exercise

of

the

option,

at

any

time

during

the

option

period.

Futures

transactions

involve

brokerage

costs. A

good

faith

margin

deposit,

known

as

initial

margin,

of

cash

or

government

securities

with

a

broker

or

custodian

is

required

to

initiate

and

maintain

open

positions

in

futures

contracts.

Subsequent

payments,

known

as

variation

margin,

are

made

or

received

by

the

Fund

based

on

the

change

in

the

market

value

of

the

position

and

are

recorded

as

unrealized

appreciation

or

depreciation

until

the

contract

is

closed

out,

at

which

time

the

gain

or

loss

is

realized.

The

Fund

may

lose

the

expected

benefit

of

futures

transactions

if

interest

rates,

exchange

rates

or

securities

prices

change

in

an

unanticipated

manner.

Such

unanticipated

changes

may

also

result

in

lower

overall

performance

than

if

the

Fund

had

not

entered

into

any

futures

transactions.

In

addition,

the

value

of

the

Fund’s

futures

positions

may

not

prove

to

be

perfectly

or

even

highly

correlated

with

the

value

of

its

portfolio

securities

or

foreign

currencies,

limiting

the

Fund’s

ability

to

hedge

effectively

against

interest

rate,

exchange

rate

and/or

market

risk

and

giving

rise

to

additional

risks.

There

is

no

assurance

of

liquidity

in

the

secondary

market

for

purposes

of

closing

out

futures

positions.

The

collateral

held

by

the

Fund

is

reflected

on

the

Statement

of

Assets

and

Liabilities

under

Futures

contracts

collateral.

Management

has

determined

that

no

offsetting

requirements

exist

as

a

result

of its

conclusion

that

the

Fund

is

not

subject

to

master

netting

agreements

for

futures

contracts. During

the year ended

July

31,

2026,

the

Fund

entered

into

futures

contracts

primarily

for

the

strategy

of

gaining

exposure

to

a

particular

asset

class

or

securities

market.

Options

Transactions:

The

Fund

may

purchase

or

sell

options

to

aid

in

hedging

against

equity

price

risk

incurred

in

the

normal

course

of

pursuing

its

investment

objective.

When the

Fund

writes

a

call

option,

an

amount

equal

to

the

premium

received

is

included

as

a

liability.

The

amount

of

the

liability

is

subsequently

marked-to-market

to

reflect

the

current

market

value

of

the

option.

If

an

option

expires

on

its

stipulated

expiration

date

or

if

the

Fund

enters

into

a

closing

purchase

transaction,

a

gain

or

loss

is

realized.

If

a

written

call

option

is

exercised,

a

gain

or

loss

is

realized

for

the

sale

of

the

underlying

security

and

the

proceeds

from

the

sale

are

increased

by

the

premium

originally

received.

As

a

writer

of

an

option,

the

Fund

has

no

control

over

whether

the

option

will

be

exercised

and,

as

a

result,

retains

the

market

risk

of

an

unfavorable

change

in

the

price

of

the

security

underlying

the

written

option.

The

Fund

may

purchase

put

and

call

options.

Put

options

are

purchased

to

hedge

against

a

decline

in

the

value

of

securities

held

in

the

Fund’s

portfolio.

If

such

a

decline

occurs,

the

put

options

will

permit

the

Fund

to

sell

the

securities

underlying

such

options

at

the

exercise

price,

or

to

close

out

the

options

at

a

profit.

The

premium

paid

for

a

put

or

call

option

plus

any

transaction

costs

will

reduce

the

benefit,

if

any,

realized

by

the

Fund

upon

exercise

of

the

option,

and,

unless

the

price

of

the

underlying

security

rises

or

declines

sufficiently,

the

option

may

expire

worthless

to

the

Fund.

In

addition,

in

the

event

that

the

price

of

the

security

in

connection

with

which

an

option

was

purchased

moves

in

a

direction

favorable

to

the

Fund,

the

benefits

realized

by

the

Fund

as

a

result

of

such

favorable

movement

will

be

reduced

by

the

amount

of

the

premium

paid

for

the

option

and

related

transaction

costs.

Written

and

purchased

options

are

non-income

producing

securities.

With

purchased

options,

there

is

minimal

counterparty

risk

to

the

Fund

since

these

options

are

exchange-traded.

The

collateral

held

by

the

Fund,

if

any,

is

reflected

on

the

Schedules

of

Portfolio

Investments. 

Credit

Derivatives:

The Fund

may

enter

into

credit

derivatives,

including

centrally

cleared

credit

default

swaps

on

individual

obligations

or

credit

indices.

The

Fund

may

use

these

investments

(i)

as

alternatives

to

direct

long

or

short

investment

in

a

particular

security

or

securities,

(ii)

to

adjust

the

Fund’s

asset

allocation

or

risk

exposure,

or

(iii)

for

hedging

purposes.

The

use

by

the

Fund

of

centrally

cleared

credit

default

swaps

may

have

the

effect

of

creating

a

short

position

in

a

security.

Credit

derivatives

can

create

investment

leverage

and

may

create

additional

investment

risks

that

may

subject

the

Fund

to

greater

volatility

than

investments

in

more

traditional

securities,

as

described

in

the

Fund’s

Statement

of

Additional

Information.

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

29

Centrally

cleared

credit

default

swap

(“CDS”)

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

(referred

to

as

the

buyer

of

protection)

to

another

party

(the

seller

of

protection)

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

a

specific

sector

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

CDS.

The

counterparty

risk

for

cleared

swap

agreements

is

generally

lower

than

uncleared

over-the-counter

swap

agreements

because

a

clearing

organization

generally

becomes

substituted

for

each

counterparty

to

a

centrally

cleared

swap

agreement

and,

in

effect,

guarantees

each

party’s

performance

under

the

contract

as

each

party

to

a

trade

looks

only

to

the

clearing

organization

for

performance

of

financial

obligations.

However,

there

can

be

no

assurance

that

the

clearing

organization,

or

its

members,

will

satisfy

its

obligations

to

the

Fund.

The

Fund

may

enter

into

CDS

agreements

either

as

a

buyer

or

seller.

The

Fund

may

buy

protection

under

a

CDS

to

attempt

to

mitigate

the

risk

of

default

or

credit

quality

deterioration

in

one

or

more

individual

holdings

or

in

a

segment

of

the

fixed

income

securities

market.

The

Fund

may

sell

protection

under

a

CDS

in

an

attempt

to

gain

exposure

to

an

underlying

issuer’s

credit

quality

characteristics

without

investing

directly

in

that

issuer.

For

swaps

entered

into with

an

individual

counterparty,

the

Fund

bears

the

risk

of

loss

of

the

uncollateralized

amount

expected

to

be

received

under

a

CDS

agreement

in

the

event

of

the

default

or

bankruptcy

of

the

counterparty.

CDS

agreements

are

generally

valued

at

a

price

at

which

the

counterparty

to

such

agreement

would

terminate

the

agreement.

The

Fund

may

also

enter

into

centrally

cleared

swaps.

Upon

entering

into

a

cleared

CDS,

the

Fund

may

be

required

to

deposit

with

the

broker

an

amount

of

cash

or

cash

equivalents

in

the

range

of

approximately

3%

to

6%

of

the

notional

amount

for

CDS

on

high

yield

debt

issuers

(this

amount

is

subject

to

change

by

the

clearing

organization

that

clears

the

trade).

This

amount,

known

as

“initial

margin,”

is

in

the

nature

of

a

performance

bond

or

good

faith

deposit

on

the

CDS

and

is

returned

to

the

Fund

upon

termination

of

the

CDS,

assuming

all

contractual

obligations

have

been

satisfied.

Subsequent

payments,

known

as

“variation

margin,”

to

and

from

the

broker

will

be

made

daily

as

the

price

of

the

CDS

fluctuates,

making

the

long

and

short

positions

in

the

CDS

contract

more

or

less

valuable,

a

process

known

as

"marking-to-market."

The

premium

(discount)

payments

are

built

into

the

daily

price

of

the

CDS

and

thus

are

amortized

through

the

variation

margin.

The

variation

margin

payment

also

includes

the

daily

portion

of

the

periodic

payment

stream.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

the

Fund

as

a

seller

of

protection

could

be

required

to

make

under

a

CDS

agreement

equals

the

notional

amount

of

the

agreement.

Notional

amounts

of

each

individual

CDS

agreement

outstanding

as

of

year end

for

which

the

Fund

is

the

seller

of

protection

are

disclosed

on

the

Schedule

of

Portfolio

Investments.

These

potential

amounts

would

be

partially

offset

by

any

recovery

values

of

the

respective

referenced

obligations,

upfront

payments

received

upon

entering

into

the

agreement,

periodic

interest

payments,

or

net

amounts

received

from

the

settlement

of

buy

protection

CDS

agreements

entered

into

by

the

Fund

for

the

same

referenced

entity

or

entities.

The

collateral

held

by

the

Fund

is

reflected

on

the

Statements

of

Assets

and

Liabilities

under

swap

agreements

collateral.

Management

has

determined

that

no

offsetting

requirements

exist

as

a

result

of

its

conclusion

that

the

Fund is

not

subject

to

master

netting

agreements

for

swap

contracts.

The Fund

entered

into

centrally

cleared

CDS

agreements

primarily

for

the

strategy

of

asset

allocation

and

risk

exposure

management

during

the

period.

Summary

of

Derivative

Instruments:

The

following

table

summarizes

the

fair

values

of

derivative

instruments

on

the

Statement

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

July

31,

2026 (amounts

in

thousands):

*Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

and

swap

agreements

as

reported

on

the

Schedule

of

Portfolio

Investments.

Only

the current

day’s

variation

margin

for

futures

contracts

and

swap

agreements

are

reported

within

the

Statement

of

Assets

and

Liabilities.

The

following

table

presents the

effect

of

derivative

instruments

on

the

Statement

of

Operations,

categorized

by

risk

exposure,

for

the year

ended

July

31,

2026 (amounts

in

thousands):

Assets

Liabilities

Futures

contracts*

Swap

Agreements*

Futures

contracts*

Equity

Risk

Exposure:

Multi-Asset

Income

Fund

...................................................

$

18,326

$

–

$

15,173

Credit

Risk

Exposure:

Multi-Asset

Income

Fund

...................................................

–

187

–

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

30

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments:

The

following

table

summarizes

the

volume

of

derivative

instruments

activity for

the

year

ended July

31,

2026,

categorized

by

derivative

instrument type

(amounts

in

thousands):

Investment

Transactions

and

Related

Income:

Investment

transactions

are

recorded

on

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

 Dividend

income

is

recorded

on

the

ex-dividend

date.

Non-cash

dividends

included

in

income,

if

any,

are

recorded

at

the

fair

value

of

the

securities

received.

Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis. Interest

income

is

accrued

daily

and

recorded

using

the

effective

interest

method,

which

includes

the

amortization

of

premiums

and

accretion

of

discounts

on

debt

securities.

Withholding

taxes

on

foreign

dividends,

interest,

and

capital

gains

have

been

provided

for

in

accordance

with

the

applicable

tax

rules

and

rates

of

each

respective

country.

Securities

Lending:

The

Fund,

through

a

Securities

Lending

Agreement

with

Citibank,

N.A.

(“Citibank”),

may

lend

its

securities

to

qualified

financial

institutions,

such

as

certain

broker-dealers

and

banks,

to

earn

additional

income,

net

of

income

retained

by

Citibank.

Borrowers

are

required

to

initially

secure

their

loans

for

collateral

in

the

amount

of

at

least

102%

of

the

value

of

U.S.

securities

loaned

or

at

least

105%

of

the

value

of

non-U.S.

securities

loaned,

marked-to-market

daily.

Any

collateral

shortfalls

associated

with

increases

in

the

valuation

of

the

securities

loaned

are

generally

cured

the

next

business

day.

The

collateral

can

be

received

in

the

form

of

cash

collateral

and/or

non-cash

collateral.

Non-cash

collateral

can

include

U.S.

Government

Securities

and

other

securities

as

permitted

by Securities

and

Exchange

Commission

(“SEC”)

guidelines.

The

cash

collateral

is

invested

in

short-term

instruments

or

cash

equivalents,

primarily

open-end

investment

companies,

as

noted

on

the

Fund’s

Schedule

of

Portfolio

Investments.

The

Fund

effectively

does

not

have

control

of

the

non-cash

collateral

and

therefore

it

is

not

disclosed

on

the

Fund’s

Schedule

of

Portfolio

Investments.

Collateral

requirements

are

determined

daily

based

on

the

value

of

the

Fund’s

securities

on

loan

as

of

the

Net

realized

gains

(losses)

from

futures

contracts

Net

realized

gains

(losses)

from

swap

agreements

Net

realized

gains

(losses)

from

forward

currency

exchange

contracts

Net

realized

gains

(losses)

from

purchased

options

Net

change

in

unrealized

appreciation/

depreciation

on

futures

contracts

Net

change

in

unrealized

appreciation/

depreciation

on

swap

agreements

Net

change

in

unrealized

appreciation/

depreciation

from

purchased

options

Equity

Risk

Exposure:

Multi-Asset

Income

Fund

..........

$

(201,057)

$

–

$

–

$

–

$

24,879

$

–

$

–

Credit

Risk

Exposure:

Multi-Asset

Income

Fund

..........

–

(122)

–

–

–

187

–

Interest

Rate

Risk

Exposure:

Multi-Asset

Income

Fund

..........

–

–

–

(5,458)

–

–

5,458

Currency

Risk

Exposure:

Multi-Asset

Income

Fund

..........

(1,180)

–

–

–

–

Forward

Exchange

Rate

Risk

Exposure:

Multi-Asset

Income

Fund

..........

–

–

(3,200)

–

–

–

–

Multi-Asset

Income

Fund

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

..............................................................................

$

221,598

Average

amounts

sold

..................................................................................

$

150,824

Futures

contracts:

Average

notional

value

of

contracts

—

long

..................................................................

$

70,151

Average

notional

value

of

contracts

—

short

..................................................................

$

(1,369,351)

Centrally

cleared

credit

default

swaps:

Average

notional

value

—

sell

protection

$

28,393

a

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

31

end

of

the

prior

business

day.

During

the

time

portfolio

securities

are

on

loan,

the

borrower

will

pay

the

Fund

any

dividends

or

interest

paid

on

such

securities

plus

any

fee

negotiated

between

the

parties

to

the

lending

agreement.

The

Fund

also

earns

a

return

from

the

collateral.

The

Fund

pays

Citibank

various

fees

in

connection

with

the

investment

of

cash

collateral

and

fees

based

on

the

investment

income

received

from

securities

lending

activities.

Securities

lending

income

(net

of

these

fees)

is

disclosed

on

the

Statement

of

Operations.

Loans

are

terminable

upon

demand

and

the

borrower

must

return

the

loaned

securities

within

the

lesser

of

one

standard

settlement

period

or

five

business

days.

Although

risk

is

mitigated

by

the

collateral,

the

Fund

could

experience

a

delay

in

recovering

its

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

In

addition,

there

is

a

risk

that

the

value

of

the

short-term

investments

will

be

less

than

the

amount

of

cash

collateral

required

to

be

returned

to

the

borrower.

The

Fund’s

agreement

with

Citibank

does

not

include

master

netting

provisions.

Non-cash

collateral

received

by

the

Fund

may

not

be

sold

or

repledged,

except

to

satisfy

borrower

default.

As

of

July

31,

2026,

the

Fund

did

not

have

any

securities

on

loan.

Foreign

Currency

Translations:

The

accounting

records

of

the

Fund

are

maintained

in

U.S.

dollars.

Investment

securities

and

other

assets

and

liabilities

of the

Fund

denominated

in

a

foreign

currency

are

translated

into

U.S.

dollars

at

current

exchange

rates.

Purchases

and

sales

of

securities,

income

receipts,

and

expense

payments

are

translated

into

U.S.

dollars

at

the

exchange

rates

on

the

date

of

the

transactions.

The

Fund

does

not

isolate

the

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

on

investments

from

fluctuations

arising

from

changes

in

market

prices

of

securities

held.

Such

fluctuations,

if

any,

are

disclosed

as

Net

change

in

unrealized

appreciation/depreciation

on investment

securities

and

foreign

currency

translations

on

the

Statement

of

Operations.

Realized

gains

or

losses

from

these

fluctuations,

if

any,

are

disclosed

as

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

on

the

Statement

of

Operations.

Foreign

Taxes:

The

Fund

may

be

subject

to

foreign

taxes

related

to

foreign

income

received

(a

portion

of

which

may

be

reclaimable),

capital

gains

on

the

sale

of

securities,

and

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Fund

invests.

Federal

Income

Taxes:

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Fund

has

a

tax

year

end

of July

31.

For

the

year

ended

July

31,

2026,

the

Fund

did

not

incur

any

income

tax,

interest,

or

penalties,

and

has

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

include

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to the

Fund

are

charged

to the

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Income,

expenses

(other

than

class-specific

expenses

such

as

transfer

agent

fees,

state

registration

fees,

printing

fees,

and

12b-1

fees),

and

realized

and

unrealized

gains

or

losses

on

investments

are

allocated

to

each

class

of

shares

based

on

its

relative

net

assets

on

the

date

income

is

earned

or

expenses

and

realized

and

unrealized

gains

and

losses

are

incurred.

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statement

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3.

Purchases

and

Sales:

Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition,

TBA

Securities,

all

derivative

contracts

and

purchases

and

sales

of

in-kind

transactions)

and

purchases

and

sales

associated

with

in-kind

transactions for

the

year

ended

July

31,

2026,

were

as

follows

(amounts

in

thousands).

Any

realized

gains

or

losses

from

in-kind

redemptions

are

reflected

on

the

Statement

of

Operations

as

net

realized

gains

(losses)

from

in-kind

redemptions.

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

32

4.

Affiliated

Fund

Ownership:

The

Fund

offers

shares

for

investment

by

other

funds

including

VCM

affiliated

fund-of-funds.

The

affiliated fund-of-funds

do

not

invest

in

the

underlying

funds

for

the

purpose

of

exercising

management

or

control;

however,

investments

by

affiliated fund-of-funds

within

their

principal

investment

strategies

may

represent

a

significant

portion

of

an

underlying

fund’s

assets,

and

together

with

the

investments

of

the

other

affiliated

funds-of-funds,

may

represent

a

substantial

portion

or

even

all

of

an

underlying

fund’s

net

assets.

The

affiliated

fund-of-funds’

annual

and

semi-

annual

reports

may

be

viewed

at

vcm.com.

As

of

July

31,

2026,

certain

affiliated

fund-of-funds

owned

total

outstanding

shares

of

the

Fund

as

follows:

5.

Fees

and

Transactions

with

Affiliates

and

Related

Parties:

Investment

Advisory

Fees: 

Investment

advisory

services

are

provided

to

the

Fund

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

Securities

and

Exchange

Commission

(“SEC”).

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

fees

accrued

daily

and

paid

monthly

at

an

annualized

rate

based

on

a

percentage

of

the

average

daily

net

assets

of the

Fund. The

rates

at

which

the

Adviser

is

paid

by the

Fund

are

included

in

the

table

below.

Amounts

incurred

and

paid

to

VCM

for

the

year ended

July

31,

2026,

are

reflected

on

the

Statement

of

Operations

as

Investment

advisory

fees.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Fund’s

administrator

and

fund

accountant.

Under

the Administration

and

Fund

Accounting

Agreement,

VCM

is

paid

an

administration

fee

based

on

a

percentage

of

the

average

daily

net

assets

of

all

Companies

and

Funds

(as

defined

in

the

Administration

and

Fund

Accounting

Agreement)

together

with

all

other

registered

investment

companies

for

which

VCM

acts

as

administrator,

and allocated

to the

Fund

on

a

pro

rata

basis

calculated

based

on

the

Fund’s

average

daily

net

assets.

The

tiered

rates

at

which

VCM

is

paid

by

the

Fund

are

shown

in

the

table

below:

Amounts

incurred

for

the

year

ended

July

31,

2026,

are

reflected

on

the

Statement

of

Operations

as

Administration

fees.

Effective

February

9,

2026,

Citi

Fund

Services

Ohio,

Inc.

(“Citi”),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Fund

pursuant

to

a

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The

Fund

reimburses

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services,

including

costs

associated

with

the

Chief

Compliance

Officer,

and

the

implementation

of

new

reports

required

by

new

rules

adopted

by

the

SEC

under

the

1940

Act.

Prior

to

February

9,

2026,

BNY

Mellon

served

as

sub-administrator

and

sub-fund

accountant

for

the

Fund.

The

total

amounts

incurred

and

paid

for the year

ended July

31,

2026,

are

reflected

within

the

Sub-Administration

fees

on

the

Statement

of

Operations.

Excluding

U.S.

Government

Securities

U.S.

Government

Securities

Purchases

Sales

Purchases

Sales

Multi-Asset

Income

Fund

..........................................

$

8,036,181

$

4,471,418

$

813,964

$

739,677

Associated

with

In-Kind

Transactions

Purchases

Sales

Multi-Asset

Income

Fund

................................................................

$

—

$

108,706

Multi-Asset

Income

Fund

Ownership

%

Victory

Pioneer

Solutions

–

Balanced

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.3%

Adviser

Fee

Tier

Rates

Up

to

$1

billion

Over

$1

billion

-

$5

billion

Over

$5

billion

Multi-Asset

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.50%,

plus

0.45%,

plus

0.40%

Annual

Charge

Up

to

$15

billion

Over

$15

billion

-

$30

billion

Over

$30

billion

-

$85

billion

Over

$85

billion

Multi-Asset

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.08%,

plus

0.05%,

plus

0.04%,

plus

0.03%

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

33

Transfer

Agency

Fees:

Effective February

9,

2026,

FIS

Investor

Services

LLC

serves

as

the

Fund’s

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the

Trust

pays

FIS

a

fee

for

its

services

and

reimburses

FIS

for

all

of its

reasonable

out-of-pocket

expenses

incurred

in

providing

these

services.

Prior

to February

9,

2026,

BNY

Mellon

Investment

Servicing

(US)

Inc.

served

as

the

transfer

agent

to

the

Fund at

negotiated

rates

where

transfer

agent

fees

included

sub-transfer

agent

expenses

incurred

through

the

Fund’s

omnibus

relationship

contracts.

In

addition,

the

Fund

would

reimburse

out-of-pocket

expenses

incurred

by

the

former

transfer

agent

related

to

shareholder

communications

activities

such

as

proxy

and

statement

mailings,

and

outgoing

phone

calls.

Total

transfer

agent

fees

incurred

for

the

year ended

July

31,

2026,

are

reflected

on

the

Statement

of

Operations

as

Transfer

agent

fees.

Sub-Transfer

Agency

Fees:

Effective

February

9,

2026,

the

Fund

has

entered

into

Sub-Transfer

Agency

Agreements

with

financial

intermediaries

that

provide

recordkeeping,

processing,

shareholder

communications

and

other

services

to

customers

of

the

intermediaries

that

hold

positions

in

the

Fund

and

have

agreed

to

compensate

the

intermediaries

for

providing

those

services.

Intermediaries

transact

with

the

Fund

primarily

through

the

use

of

omnibus

accounts

on

behalf

of

their

customers

who

hold

positions

in

the

Fund.

These

services

would

have

been

provided

by

the

Fund’s

transfer

agent

and

other

service

providers

if

the

shareholders'

accounts

were

maintained

directly

at

the

Fund’s

transfer

agent.

Prior

to

February

9,

2026,

BNY

Mellon

served

as

sub-transfer

agent.

Total

sub-transfer

agent

fees

incurred

for

the year

ended

July

31,

2026,

are

reflected

on

the

Statement

of

Operations

as

Sub-Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services, Inc.

(the

“Distributor”),

an

affiliate

of

the

Adviser,

serves

as

the Distributor

for

the

continuous

offering

of

the

shares

of

the

Fund

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust.

Pursuant

to

the

Distribution

and

Services

Plan

adopted

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Distributor

may

receive

a

monthly

distribution

and

service

fee

for

Class

A

and

Class

C,

at

an

annual

rate

of

up

to

0.25%

and

1.00%,

respectively,

of

the

average

daily

net

assets. Amounts

incurred

and

paid

to

the

Distributor

for

the year

ended

July

31,

2026, are

reflected

on

the

Statement

of

Operations

as

12b-1

fees.

In

addition,

the

Distributor

is

entitled

to

receive

commissions

in

connection

with

sales

of

Class

A.

For

the

year

ended

July

31,

2026,

the

Distributor

received

$215

thousand

from

commissions

earned

in

connection

with

sales

of

Class

A.

Other

Fees:

Effective

February

9,

2026,

Citibank

serves

as

the

Fund's

custodian.

The

Fund

pays

Citibank

a

fee

for

providing

these

services.

Prior

to

February

9,

2026,

BNY

Mellon

served

as

the

Fund's

custodian. Total

custodian

fees

incurred

for

the

year ended

July

31,

2026, are

reflected

on

the

Statement

of

Operations

as

Custodian

fees.

Sidley

Austin

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with the Fund.

Under

the

terms

of

the

agreement,

the

Adviser

has

agreed

to

waive

fees

or

reimburse

certain

expenses

to

the

extent

that

ordinary

operating

expenses

incurred

by

certain

classes

of

the

Fund

in

any

fiscal

year

exceed

the

expense limits

for

such

classes

of the

Fund.

Such

excess

amounts

will

be

the

liability

of

the

Adviser. Acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund’s

business

are

excluded

from

the

expense

limits.

As

of

July

31,

2026,

the

expense

limits

(excluding

voluntary

waivers) were

as

follows:

Under

the

terms

of

the

expense

limitation

agreement,

the

Fund

has

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to two

years

(twenty-four

(24)

months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense limits

in

effect

at

the

time

of:

(a)

the

original

waiver

or

expense

reimbursement;

or

(b)

the

recoupment,

after

giving

effect

to

the

recoupment

amount.

The

Fund

has

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

July

31,

2026.

For

the

year

ended

July

31,

2026,

the

following

recoupment

amount was

paid

to

the

Adviser

(amounts

in

thousands):

As

of July

31,

2026,

the

Fund

had

no amounts available

to

be

repaid

to

the

Adviser.

The

Adviser

may

voluntarily

waive

or

reimburse

additional

fees

and

expenses

or

make

other

payments to

assist

the

Fund

in

maintaining

competitive

expense

ratios.

Except

as

noted

above,

voluntary

waivers

and

reimbursements

applicable

to

the

Fund

are

not

available

to

be

recouped

at

a

future

time.

There

were

no

voluntary

waivers

or

reimbursements

for

the year

ended

July

31,

2026.

In

effect

until

April

1,

2028

Class

A

Class

C

Class

R6

Class

Y

Multi-Asset

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.83%

1.60%

0.54%

0.64%

Amount

Multi-Asset

Income

Fund

...............................................................................

$

10

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

34

Certain

officers

and/or

interested

trustees

of

the

Fund

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

legal

counsel,

and

Distributor.

6.

Risks:

The

following

describes

principal

risks

that

you

may

assume

as

an

investor

in

the

Fund.

The

Fund’s

prospectus

contains

unaudited

information

regarding

the

Fund’s

principal

risks.

Please

refer

to

that

document

when

considering

the

Fund’s

principal

risks.

The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

Market

Risk

—

The

market

prices

of

securities

or

other

assets

held

by

the

Fund

may

go

up

or

down,

sometimes

rapidly

or

unpredictably,

due

to

general

market

conditions,

such

as

real

or

perceived

adverse

economic,

political,

or

regulatory

conditions,

political

instability,

recessions,

inflation,

changes

in

interest

or

currency

rates,

lack

of

liquidity

in

the

markets,

the

spread

of

infectious

illness

or

other

public

health

issues,

weather

or

climate

events,

armed

conflict,

market

disruptions

caused

by

tariffs,

trade

disputes,

sanctions

or

other

government

actions,

or

other

factors

or

adverse

investor

sentiment.

If

the

market

prices

of

the

Fund’s

securities

and

assets

fall,

the

value

of

your

investment

will

go

down.

A

change

in

financial

condition

or

other

event

affecting

a

single

issuer

or

market

may

adversely

impact

securities

markets

as

a

whole.

Equity-Linked

Notes

Risk

 —

Equity-linked

notes

(“ELNs”)

may

not

perform

as

expected

and

could

cause

the

Fund

to

realize

significant

losses

including

its

entire

principal

investment.

Investments

in

ELNs

often

have

risks

similar

to

their

underlying

reference

securities,

which

may

include

market

risk

and,

as

applicable,

risks

of

non-U.S.

investments

and

currency

risks.

In

addition,

since

ELNs

are

in

note

form,

ELNs

are

also

subject

to

certain

risks

of

fixed

income

securities,

such

as

interest

rate

and

credit

risks.

Investments

in

ELNs

are

also

subject

to

liquidity

risk,

which

may

make

ELNs

difficult

to

sell

and

value.

In

addition,

ELNs

may

exhibit

price

behavior

that

does

not

correlate

with

the

underlying

reference

securities

or

a

fixed

income

investment.

High-Yield/Junk

Bond

Risk

-

Fixed-income

securities

rated

below

investment

grade,

also

known

as

“junk”

or

high-yield

bonds,

generally

entail

greater

economic,

credit,

and

liquidity

risk

than

investment-grade

securities.

Their

prices

may

be

more

volatile,

especially

during

economic

downturns,

financial

setbacks,

or

liquidity

events.

High-yield

securities

also

can

involve

a

substantially

greater

risk

of

default

than

higher

quality

debt

securities,

and

their

values

can

decline

significantly

over

short

and

longer

periods

of

time.

Interest

Rate Risk

— The market

prices

of

the

Fund's

fixed

income

securities

may

fluctuate

significantly

when

interest

rates

change.

The

value

of

your

investment

will

generally

go

down

when

interest

rates

rise.

A

rise

in

rates

tends

to

have

a

greater

impact

on

the

prices

of

longer

term

or

duration

securities.

Duration

is

a

measure

of

a

fixed

income

security’s

sensitivity

to

changes

in

interest

rates.

For

example,

if

interest

rates

increase

by

1%,

the

value

of

a

fund’s

portfolio

with

a

portfolio

duration

of

ten

years

would

be

expected

to

decrease

by

10%,

all

other

things

being

equal.

A

general

rise

in

interest

rates

could

adversely

affect

the

price

and

liquidity

of

fixed

income

securities

and

could

also

result

in

increased

redemptions

from

the

Fund.

The

maturity

of

a

security

may

be

significantly

longer

than

its

effective

duration.

A

security’s

maturity

and

other

features

may

be

more

relevant

than

its

effective

duration

in

determining

the

security’s

sensitivity

to

other

factors

affecting

the

issuer

or

markets

generally,

such

as

changes

in

credit

quality

or

in

the

yield

premium

that

the

market

may

establish

for

certain

types

of

securities

(sometimes

called

“credit

spread”).

In

general,

the

longer

its

maturity,

the

more

a

security

may

be

susceptible

to

these

factors.

When

the

credit

spread

for

a

fixed

income

security

goes

up

or

“widens,”

the

value

of

the

security

generally

will

go

down.

Rising

interest

rates

can

lead

to

increased

default

rates,

as

issuers

of

floating

rate

securities

find

themselves

faced

with

higher

payments.

Unlike

fixed

rate

securities,

floating

rate

securities

generally

will

not

increase

in

value

if

interest

rates

decline.

Changes

in

interest

rates

also

will

affect

the

amount

of

interest

income

the

Fund

earns

on

its

floating

rate

investments.

7.

Borrowing

and

Interfund

Lending:

Line

of

Credit:

The

Trust

participates

in

a

short-term

demand

note

“Line

of

Credit”

agreement

with

Citibank.

Under

the

agreement

with

Citibank,

the

Trust

may

borrow

up

to

$250

million.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the

period

from

September

1,

2025,

through

January

27,

2026,

Citibank

received

an

annual

commitment

fee

of

0.20%

for

providing

the

Line

of

Credit.

Effective

January

28,

2026,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

changed

to

0.275%.

Additionally,

the

agreement

was

renewed

again

effective

June

23,

2026,

with

a

termination

date

of

June

21,

2027,

and

the

annual

commitment

fee

remained

unchanged

at

0.275%.

Each

fund

in

the

Trust

paid

a

pro-rata

portion

of

the

commitment

fees

plus

interest

on

amounts

borrowed.

Interest

prior

to

renewal

was

based

on

the

one-month

Secured

Overnight

Financing

Rate

(SOFR)

plus

1.00%,

+

0.10%

SOFR

Adjustment.

Pursuant

to

the

amendment

on

June

22,

2026,

the

interest

is

based

on

the

one-month

SOFR

+

1.25%,

+

0.10%

SOFR

Adjustment.

Interest

charged

to

the

Fund

during

the

period,

if

applicable,

is

reflected

on

the

Statement

of

Operations

under

Line

of

credit

fees.

The

Fund

had

no

borrowings

under the

Line

of

Credit

agreement

during

the

year

ended

July

31,

2026.

Interfund

Lending:

The

Trust

and

the

Adviser

rely

on

an

exemptive

order

granted

by

the

SEC

in

March

2017

(the

“Order”),

permitting

the

establishment

and

operation

of

an

Interfund

Lending

Facility

(the

“Facility”).

The

Facility

allows

the

Fund

to

directly

lend

and

borrow

money

to

or

from

any

other

fund

in

the

Victory

Funds

Complex

that

is

permitted

to

participate

in

the

Facility,

relying

upon

the

Order

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Advances

under

the

Facility

are

allowed

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

each

Fund’s

borrowing

restrictions.

The

interfund

loan

rate

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

35

is

determined,

as

specified

in

the

Order,

by

averaging

the

current

repurchase

agreement

rate

and

the

current

bank

loan

rate.

As

a

Borrower

(as

defined

in

the

Order),

interest

charged

to

the

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statement

of

Operations

under

Interfund

lending

fees.

As

a

Lender

(as

defined

in

the

Order),

interest

earned

by

the

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statement

of

Operations

under

Interfund

lending.

The

Fund

did

not

utilize

or

participate

in

the

Facility

during

the

year

ended

July

31,

2026.

8.

Federal

Income

Tax

Information:

Distributions

from

the

Fund's

net

investment

income

are declared

daily

and

distributed

on

the

last

business

day

of

each

month.

Distributable

net

realized

gains,

if

any,

are

generally

declared

and

paid

at

least

annually. 

The

Fund

may

also

distribute

additional net

investment

income

and

net

realized

gains

if

necessary

for

the

fund

to

avoid

U.S.

federal

income

or

excise

tax.

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

“book/tax”

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification,

utilized

earnings

and

profit

distributions

to

shareholders

on

redemption

of

shares

as

part

of

the

dividends

paid

deduction

for

income

tax

purposes),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Fund

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statement

of

Assets

and

Liabilities.

As

of

July

31,

2026,

on

the

Statement

of

Assets

and

Liabilities,

as

a

result

of

permanent

book-to-tax

differences,

reclassification

adjustments

were

as

follows

(amounts

in

thousands):

The

tax

character

of

distributions

paid

during

the

tax

years

ended,

as

noted

below,

were

as

follows

(total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because,

for

tax

purposes,

dividends

are

recognized

when

actually

paid)

(amounts

in

thousands):

As

of

July

31,

2026,

the

components

of

accumulated

earnings

(loss)

on

a

tax

basis

were

as

follows

(amounts

in

thousands):

*

The

difference

between

book-basis

and

tax-basis

net

unrealized

appreciation

is

attributable

to

the

tax

deferral

of

losses

on

wash

sales,

realization

for

tax

purposes

of

unrealized

gains

on

investments

in

passive

foreign

investment

companies

and

the

book/tax

differences

in

the

adjustments

relating

to

insurance-linked

securities,

the

tax

treatment

of

premium

and

amortization,

accrual

of

income

on

securities

in

default,

tax

basis

adjustments

on

perpetual

bonds,

the

mark

to

market

of

futures

contracts,

credit

default

swaps,

and

tax

basis

adjustments

on

partnership

holdings.

During

the

tax

year

ended

July

31,

2026,

the

Fund

utilized the following capital

loss

carryforwards

(amounts

in

thousands):

Total

Accumulated

Earnings

(Loss)

Capital

Multi-Asset

Income

Fund

.....................................................................

$

(52,543)

$

52,543

Year

Ended

July

31,

2026

Distributions

Paid

From:

Ordinary

Income

Total

Distributions

Paid

Multi-Asset

Income

Fund

..................................................................

$

487,133

$

487,133

Year

Ended

July

31,

2025

Distributions

Paid

From:

Ordinary

Income

Total

Distributions

Paid

Multi-Asset

Income

Fund

..................................................................

$

294,288

$

294,288

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Distributions

Payable

Accumulated

Earnings

(Loss)

Other

Earnings

(Loss)

Unrealized

Appreciation

(Depreciation)*

Total

Accumulated

Earnings

(Loss)

Multi-Asset

Income

Fund

.

$

84,004

$

235,835

$

(2,040)

$

317,799

$

18,433

$

546,755

$

882,987

Amount

Multi-Asset

Income

Fund

...............................................................................

$

(182,932)

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

36

As

of July

31,

2026,

the

Fund

had

no

capital

loss

carryforward

for

federal

income

tax

purposes.

As

of July

31,

2026,

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation,

and

net

unrealized

appreciation

(depreciation)

for

investments were

as

follows

(amounts

in

thousands):

9.

Segment

Reporting:

The

Adviser’s

Management

Committee

acts

as

the

Fund’s

Chief

Operating

Decision

Maker

(“CODM”).

The

Fund

represents

a

single

operating

segment,

as

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund’s

long-term

strategic

asset

allocation

is

predetermined

in

accordance

with

the

Fund's

single

investment

objective.

The

financial

information

in

the

form

of

the

Fund’s

portfolio

composition,

total

returns,

expense

ratios,

and

changes

in

net

assets,

which

are

used

by

the

CODM

to

assess

the

segment’s

performance

versus

the

Fund’s

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund’s

single

segment,

is

consistent

with

that

presented

within

the

Fund’s

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

as

“total

assets”

and

significant

segment

expenses

are

listed

on

the

accompanying

Statement

of

Operations.

Cost

of

Investments

for

Federal

Tax

Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Multi-Asset

Income

Fund

..............................

$

8,814,350

$

968,253

$

(427,250)

$

541,003

37

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Trustees

of

Victory

Portfolios

IV

and

the

shareholders

of

Victory

Pioneer

Multi-Asset

Income

Fund

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

Victory

Pioneer

Multi-Asset

Income

Fund

(the

“Fund”)

(one

of

the

funds

constituting

Victory

Portfolios

IV),

including

the

schedule

of

portfolio

investments,

as

of

July

31,

2026,

the

related

statement

of

operations

for

the

year

then

ended,

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

financial

highlights

for

each

of

the

three

years

in

the

period

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

“financial

statements

and

financial

highlights”).

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

July

31,

2026,

and

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

three

years

in

the

period

then

ended

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

financial

highlights

for

the

years

ended

July

31,

2023

and

2022

were

audited

by

other

auditors.

Those

auditors

expressed

an

unqualified

opinion

on

those

financial

statements

and

financial

highlights

in

their

report

dated

September

29,

2023.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

its

internal

control

over

financial

reporting.

As

part

of

our

audits,

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

July

31,

2026,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

DELOITTE

&

TOUCHE

LLP

Boston,

Massachusetts

September

25,

2026

We

have

served

as

the

auditor

of

one

or

more

of

the

Victory

Pioneer

investment

companies

since

2024.

Supplemental

Information

July

31,

2026

Victory

Portfolios

IV

38

(Unaudited)

Additional

Federal

Income

Tax

Information 

For

the

fiscal

year

ended

July

31,

2026,

the

Fund

hereby

designates

the

maximum

amount

allowable

of

its

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

Shareholders

will

be

notified

via

IRS

Form

1099

of

the

amounts

for

use

in

preparing

their

income

tax

return.

Dividends

qualified

for

corporate

dividends

received

deductions

of

6%.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800)

539-3863

25962-0926

July

31,

2026

Annual:

Full

Financials

Victory

Pioneer

Securitized

Income

Fund

TABLE

OF

CONTENTS

Victory

Portfolios

IV

1

This

report

is

for

the

information

of

the

shareholders

and

others

who

have

received

a

copy

of

the

currently

effective

prospectus

of

the

Fund,

managed

by

Victory

Capital

Management

Inc.

It

may

be

used

as

sales

literature

only

when

preceded

or

accompanied

by

a

current

prospectus,

which

provides

further

details

about

the

Fund.

IRA

DISTRIBUTION

WITHHOLDING

DISCLOSURE

We

generally

must

withhold

federal

income

tax

at

a

rate

of

10%

of

the

taxable

portion

of

your

distribution

and,

if

you

live

in

a

state

that

requires

state

income

tax

withholding,

at

your

state’s

tax

rate.

However,

you

may

elect

not

to

have

withholding

apply

or

to

have

income

tax

withheld

at

a

higher

rate.

Any

withholding

election

that

you

make

will

apply

to

any

subsequent

distribution

unless

and

until

you

change

or

revoke

the

election.

If

you

wish

to

make

a

withholding

election,

or

change

or

revoke

a

prior

withholding

election,

call

(800)

539-3863,

and

a

Form

W-4P

(OMB

No.

1545-0074

withholding

certificate

for

pension

or

annuity

payments)

will

be

electronically

sent.

If

you

do

not

have

a

withholding

election

in

place

by

the

date

of

a

distribution,

federal

income

tax

will

be

withheld

from

the

taxable

portion

of

your

distribution

at

a

rate

of

10%.

If

you

must

pay

estimated

taxes,

you

may

be

subject

to

estimated

tax

penalties

if

your

estimated

tax

payments

are

not

sufficient

and

sufficient

tax

is

not

withheld

from

your

distribution.

For

more

specific

information,

please

consult

your

tax

adviser.

•

NOT

FDIC

INSURED

•

NO

BANK

GUARANTEE

•

MAY

LOSE

VALUE

Schedule

of

Portfolio

Investments

(Form

N-CSR

Item

6)

2

Financial

Statements

(Form

N-CSR

Item

7)

Statement

of

Assets

and

Liabilities

12

Statement

of

Operations

13

Statements

of

Changes

in

Net

Assets

14

Financial

Highlights

16

Notes

to

Financial

Statements

(Form

N-CSR

Item

7)

18

Report

of

Independent

Registered

Public

Accounting

Firm

(Form

N-CSR

Item

7)

27

Supplemental

Information

(Unaudited)

Additional

Federal

Income

Tax

Information

28

Schedule

of

Portfolio

Investments

July

31,

2026

Victory

Portfolios

IV

Victory

Pioneer

Securitized

Income

Fund

2

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Asset-Backed

Securities

(38.9%)

ABS

Auto

(15.8%):

ACM

Auto

Trust,

Series

2024-2A,

Class

B,

9.21%,

8/20/31,

Callable

9/20/26

@

100(a)

.....

$

138

$

138

Ally

Bank

Auto

Credit-Linked

Notes

.........................................

Series

2024-A,

Class

F,

9.89%,

5/17/32,

Callable

1/15/28

@

100(a)

...............

423

435

Series

2024-A,

Class

G,

12.75%,

5/17/32,

Callable

1/15/28

@

100(a)

..............

203

209

Series

2024-B,

Class

G,

11.40%,

9/15/32,

Callable

4/15/28

@

100(a)

..............

337

344

Series

2025-A,

Class

F,

6.94%,

6/15/33,

Callable

10/15/28

@

100(a)

..............

853

853

Arivo

Acceptance

Auto

Loan

Receivables

Trust

.................................

Series

2022-1A,

Class

D,

7.38%,

9/17/29,

Callable

11/15/26

@

100(a)

.............

400

393

Series

2022-2A,

Class

C,

9.84%,

3/15/29,

Callable

12/15/27

@

100(a)

.............

100

94

Avid

Automobile

Receivables

Trust,

Series

2021-1,

Class

F,

5.16%,

10/16/28,

Callable

8/15/26

@

100(a)

.........................................................

283

272

Avis

Budget

Rental

Car

Funding

AESOP

LLC

..................................

Series

2021-2A,

Class

D,

4.08%,

2/20/28,

Callable

2/20/27

@

100(a)

..............

840

835

Series

2023-3A,

Class

D,

7.32%,

2/20/28(a)

................................

990

995

Bayview

Opportunity

Master

Fund

VII

Trust,

Series

2024-CAR1F,

Class

A,

6.97%,

7/29/32,

Callable

12/28/26

@

100(a)

...........................................

249

249

CarMax

Select

Receivables

Trust,

Series

2026-B,

Class

E,

7.36%,

6/15/33,

Callable

7/15/30

@

100(a)

...........................................................

850

855

Carvana

Auto

Receivables

Trust

............................................

Series

2022-N1,

Class

D,

4.13%,

12/11/28,

Callable

3/10/28

@

100(a)

.............

148

147

Series

2024-N3,

Class

E,

7.66%,

4/12/32,

Callable

2/10/30

@

100(a)

..............

1,400

1,409

CPS

Auto

Receivables

Trust,

Series

2024-B,

Class

E,

8.36%,

11/17/31,

Callable

9/15/28

@

100(a)

...........................................................

1,160

1,209

Exeter

Automobile

Receivables

Trust

.........................................

Series

2022-1A,

Class

E,

5.02%,

10/15/29,

Callable

8/15/27

@

100(a)

.............

2,140

2,127

Series

2022-5A,

Class

D,

7.40%,

2/15/29,

Callable

12/15/27

@

100

...............

105

106

Series

2022-6A,

Class

E,

11.61%,

6/17/30,

Callable

3/15/28

@

100(a)

.............

1,505

1,561

Series

2024-2A,

Class

E,

7.98%,

10/15/31,

Callable

3/15/29

@

100(a)

.............

1,320

1,375

Series

2024-3A,

Class

E,

7.84%,

10/15/31,

Callable

8/15/30

@

100(a)

.............

2,637

2,732

Series

2024-4A,

Class

E,

7.65%,

2/17/32,

Callable

5/15/29

@

100(a)

..............

1,480

1,530

Series

2024-5A,

Class

E,

7.22%,

5/17/32,

Callable

3/15/29

@

100(a)

..............

2,130

2,173

Series

2025-1A,

Class

E,

7.48%,

9/15/32,

Callable

5/15/29

@

100(a)

..............

2,090

2,149

Series

2025-2A,

Class

E,

7.81%,

10/15/32,

Callable

4/15/29

@

100(a)

.............

2,640

2,699

Series

2025-3A,

Class

E,

7.52%,

12/15/32,

Callable

9/15/29

@

100(a)

.............

1,390

1,409

Series

2025-5A,

Class

E,

7.15%,

6/15/33,

Callable

12/15/29

@

100(a)

.............

1,870

1,866

FHF

Issuer

Trust

.......................................................

Series

2024-3A,

Class

D,

6.01%,

12/15/31,

Callable

3/15/28

@

100(a)

.............

503

475

Series

2025-1A,

Class

D,

5.95%,

6/15/32,

Callable

5/15/28

@

100(a)

..............

816

770

GLS

Auto

Receivables

Issuer

Trust

..........................................

Series

2023-2A,

Class

D,

6.31%,

3/15/29,

Callable

7/15/28

@

100(a)

..............

65

66

Series

2024-2A,

Class

E,

7.98%,

5/15/31,

Callable

4/15/29

@

100(a)

..............

1,170

1,212

Series

2024-3A,

Class

E,

7.25%,

6/16/31,

Callable

3/15/29

@

100(a)

..............

2,626

2,678

Series

2024-4A,

Class

E,

7.51%,

8/15/31,

Callable

6/15/29

@

100(a)

..............

2,500

2,569

Series

2025-1A,

Class

E,

7.19%,

3/15/32,

Callable

5/15/29

@

100(a)

..............

1,050

1,067

Series

2025-4A,

Class

E,

7.17%,

12/15/32,

Callable

1/15/30

@

100(a)

.............

1,080

1,092

GLS

Auto

Select

Receivables

Trust,

Series

2024-1A,

Class

D,

6.43%,

1/15/31,

Callable

11/15/28

@

100(a)

..................................................

1,270

1,301

Hertz

Vehicle

Financing

III

LLC,

Series

2025-3A,

Class

D,

8.55%,

12/26/29(a)

..........

760

769

Huntington

Bank

Auto

Credit-Linked

Notes

....................................

Series

2024-1,

Class

C,

6.77%

(SOFR30A+315bps),

5/20/32,

Callable

11/20/27

@

100(a)

(b)

.............................................................

75

76

Series

2025-2,

Class

D,

6.87%

(SOFR30A+325bps),

9/20/33,

Callable

4/20/29

@

100(a)

(b)

.............................................................

1,114

1,084

Lendbuzz

Securitization

Trust,

Series

2024-2A,

Class

B,

6.52%,

7/16/29,

Callable

4/15/28

@

100(a)

...........................................................

400

406

Merchants

Fleet

Funding

LLC,

Series

2025-1A,

Class

E,

8.48%,

1/20/39,

Callable

8/20/29

@

100(a)

...........................................................

2,000

1,982

Prestige

Auto

Receivables

Trust

............................................

Series

2022-1A,

Class

D,

8.08%,

8/15/28,

Callable

1/15/27

@

100(a)

..............

125

126

Series

2023-2A,

Class

D,

7.71%,

8/15/29,

Callable

3/15/28

@

100(a)

..............

220

223

Series

2024-2A,

Class

D,

5.15%,

7/15/30,

Callable

9/15/28

@

100(a)

..............

580

572

Victory

Portfolios

IV

Victory

Pioneer

Securitized

Income

Fund

3

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Research-Driven

Pagaya

Motor

Asset

Trust,

Series

2026-4A,

Class

B,

6.63%,

5/25/35,

Callable

7/25/28

@

100(a)

...................................................

$

900

$

900

Santander

Bank

Auto

Credit-Linked

Notes

.....................................

Series

2023-B,

Class

E,

8.41%,

12/15/33,

Callable

2/15/28

@

100(a)

..............

216

220

Series

2024-A,

Class

F,

10.17%,

6/15/32,

Callable

9/15/28

@

100(a)

..............

369

380

Series

2024-B,

Class

E,

6.80%,

1/18/33,

Callable

2/15/29

@

100(a)

...............

323

326

Santander

Drive

Auto

Receivables

Trust,

Series

2024-1,

Class

C,

5.45%,

3/15/30,

Callable

2/15/28

@

100

.....................................................

100

101

Tricolor

Auto

Securitization

Trust

...........................................

Series

2022-1A,

Class

F,

9

.

8

0%,

7/16/29,

Callable

8/15/26

@

100(a)(c)

............

500

230

Series

2024-2A,

Class

D,

7

.

61

%

,

8/15/28,

Callable

6/15/28

@

100(a)(c)

............

340

82

Series

2025-1A,

Class

D,

6

.

84

%,

4/15/31,

Callable

5/15/28

@

100(a)(c)

............

1,310

123

Series

2025-1A,

Class

E,

1

0.

37

%,

4/15/32,

Callable

5/15/28

@

100(a)(c)

...........

600

10

Series

2025-2A,

Class

E,

8

.

35

%,

4/15/31,

Callable

10/15/29

@

100(a)(c)

...........

870

46

Series

2025-2A,

Class

F,

11

.

23

%,

3/15/32,

Callable

10/15/29

@

100(a)(c)

..........

400

13

Veros

Auto

Receivables

Trust

..............................................

Series

2024-1,

Class

C,

7.57%,

12/15/28,

Callable

8/15/27

@

100(a)

..............

1,050

1,069

Series

2025-1,

Class

D,

8.79%,

5/17/32,

Callable

5/15/28

@

100(a)

...............

1,570

1,620

Series

2026-1,

Class

E,

7.74%,

7/15/31,

Callable

11/15/28

@

100(a)

..............

780

790

50,542

ABS

Card

(0.2%):

Continental

Finance

Credit

Card

ABS

Master

Trust,

Series

2024-A,

Class

A,

5.78%,

12/15/32,

Callable

9/15/27

@

100(a)

............................................

290

291

Mission

Lane

Credit

Card

Master

Trust,

Series

2024-B,

Class

B,

6.32%,

1/15/30(a)

........

410

411

702

ABS

Home

(2.4%):

Deephaven

Residential

Mortgage

Trust,

Series

2026-CES1,

Class

A3,

5.93%,

3/25/61,

Callable

4/25/29

@

100(a)(d)

.................................................

1,290

1,277

JPMorgan

Mortgage

Trust

.................................................

Series

2026-ACES1,

Class

B1,

6.50%,

4/25/66,

Callable

2/25/31

@

100(a)(d)

.......

2,240

2,203

Series

2026-CES1,

Class

B1,

6.48%,

6/25/56,

Callable

1/25/29

@

100(a)(d)

.........

1,080

1,063

Vista

Point

Securitization

Trust

.............................................

Series

2024-CES1,

Class

A1,

6.68%,

5/25/54,

Callable

5/25/27

@

100(a)(d)

.........

308

310

Series

2025-CES3,

Class

A1,

5.30%,

11/25/55,

Callable

10/25/28

@

100(a)(d)

.......

1,611

1,599

Series

2026-CES2,

Class

M1,

6.28%,

5/25/56,

Callable

4/25/29

@

100(a)(d)

........

1,080

1,067

7,519

ABS

Other

(20.5%):

Amur

Equipment

Finance

Receivables

XIV

LLC,

Series

2024-2A,

Class

E,

8.88%,

10/20/32,

Callable

8/20/28

@

100(a)

............................................

700

718

Ascent

Career

Funding

Trust

...............................................

Series

2024-1A,

Class

A,

6.77%,

10/25/32(a)

...............................

224

225

Series

2024-1A,

Class

B,

9.73%,

10/25/32,

Callable

10/25/27

@

100(a)

............

655

663

Auxilior

Term

Funding

LLC,

Series

2023-1A,

Class

E,

10.97%,

12/15/32,

Callable

1/15/28

@

100(a)

...........................................................

200

215

Bayview

Opportunity

Master

Fund

VII

LLC,

Series

2024-EDU1,

Class

D,

6.37%

(SOFR30A+275bps),

6/25/47(a)(b)

......................................

145

148

BHG

Securitization

Trust

.................................................

Series

2022-C,

Class

E,

9.73%,

10/17/35,

Callable

12/17/28

@

100(a)

.............

1,320

1,379

Series

2023-A,

Class

B,

6.35%,

4/17/36,

Callable

6/17/29

@

100(a)

...............

136

137

Series

2023-B,

Class

C,

8.15%,

12/17/36,

Callable

10/17/29

@

100(a)

.............

120

123

Series

2024-1CON,

Class

C,

6.86%,

4/17/35,

Callable

1/17/29

@

100(a)

...........

165

167

Series

2025-2CON,

Class

E,

7.76%,

9/17/36,

Callable

11/17/31

@

100(a)

...........

485

478

Blackbird

Capital

II

Aircraft

Lease

Ltd.,

Series

2021-1A,

Class

B,

3.45%,

7/15/46,

Callable

7/15/28

@

100(a)

...................................................

318

305

Blue

Owl

Asset

Leasing

Trust

LLC,

Series

2024-1A,

Class

D,

8.00%,

12/15/31,

Callable

6/15/27

@

100(a)

...................................................

480

486

Cascade

MH

Asset

Trust,

Series

2022-MH1,

Class

B1,

8.00%,

8/25/54,

Callable

7/25/27

@

100(a)(d)

.........................................................

1,139

1,055

Citigroup

Mortgage

Loan

Trust,

Series

2026-HE1,

Class

B1,

6.72%

(SOFR30A+310bps),

10/25/56,

Callable

5/25/29

@

100(a)(b)

...................................

160

160

Crockett

Partners

Equipment

Co.

IIA

LLC,

Series

2024-1C,

Class

C,

10.16%,

1/20/31,

Callable

4/20/29

@

100(a)

...................................................

165

172

Victory

Portfolios

IV

Victory

Pioneer

Securitized

Income

Fund

4

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Elara

HGV

Timeshare

Issuer

LLC,

Series

2025-A,

Class

D,

6.91%,

1/25/40,

Callable

10/25/31

@

100(a)

.........................................................

$

752

$

746

Equify

ABS

LLC,

Series

2024-1A,

Class

A,

5.43%,

4/18/33,

Callable

8/15/28

@

100(a)

....

158

159

Fig

Six

Trust,

Series

2026-PF1,

Class

E,

7.49%,

8/25/56(a)(d)

.......................

180

179

FIGRE

Trust

..........................................................

Series

2023-HE3,

Class

A,

6.44%,

11/25/53,

Callable

3/25/29

@

100(a)(d)

..........

74

75

Series

2024-HE3,

Class

A,

5.94%,

7/25/54,

Callable

2/25/29

@

100(a)(d)

...........

726

731

Series

2025-HE6,

Class

A,

5.04%,

9/25/55,

Callable

3/25/31

@

100(a)(d)

...........

1,001

985

Series

2026-HE4,

Class

E,

7.27%,

5/25/56,

Callable

8/25/33

@

100(a)(d)

...........

1,513

1,512

Series

2026-HF7,

Class

E,

6.52%

(SOFR30A+290bps),

7/25/56,

Callable

2/25/34

@

100(a)(b)

.........................................................

450

450

Gordon

Brothers

Equipment

Finance

LLC,

Series

2026-1A,

Class

D,

6.18%,

6/20/34,

Callable

4/20/30

@

100(a)

...................................................

500

500

GreenSky

Home

Improvement

Issuer

Trust

....................................

Series

2025-2A,

Class

E,

7.79%,

6/25/60(a)

................................

2,216

2,244

Series

2025-3A,

Class

E,

7.83%,

12/27/60,

Callable

2/25/32

@

100(a)

.............

2,000

2,027

GS

Mortgage-Backed

Securities

Trust,

Series

2025-HE1,

Class

M3,

6.07%

(SOFR30A+245bps),

10/25/55,

Callable

7/25/28

@

100(a)(b)

...................

750

755

Harvest

SBA

Loan

Trust,

Series

2024-1,

Class

A,

6.00%

(SOFR30A+225bps),

12/25/51,

Callable

6/25/32

@

100(a)(b)

..........................................

497

503

Hilton

Grand

Vacations

Trust,

Series

2024-2A,

Class

D,

6.91%,

3/25/38,

Callable

2/25/30

@

100(a)

...........................................................

140

142

HINNT

LLC,

Series

2025-B,

Class

E,

9.41%,

5/15/45,

Callable

4/15/34

@

100(a)

.........

970

960

Home

Partners

of

America

Trust,

Series

2019-1,

Class

E,

3.60%,

9/17/39,

Callable

8/17/26

@

100(a)

...........................................................

320

312

JPMorgan

Mortgage

Trust,

Series

2023-HE2,

Class

A1,

5.32%

(SOFR30A+170bps),

3/20/54,

Callable

10/20/26

@

100(a)(b)

.........................................

128

128

Kinetic

Advantage

Master

Owner

Trust,

Series

2025-1A,

Class

A,

5.83%

(SOFR30A+220bps),

10/15/29,

Callable

10/15/27

@

100(a)(b)

..................................

1,700

1,712

Libra

Solutions

LLC

.....................................................

Series

2024-1A,

Class

B,

7.91%,

9/30/38(a)

................................

250

248

Series

2025-1A,

Class

C,

9.90%,

8/15/39(a)

................................

1,000

983

MetroNet

Infrastructure

Issuer

LLC,

Series

2025-2A,

Class

C,

7.83%,

8/20/55,

Callable

8/20/28

@

100(a)

...................................................

965

980

MMP

Capital

LLC,

Series

2025-A,

Class

C,

8.41%,

12/15/31,

Callable

7/15/28

@

100(a)

...

1,236

1,256

MPOWER

Education

Trust,

Series

2025-A,

Class

C,

10.84%,

7/21/42(a)

...............

890

880

Newtek

Small

Business

Loan

Trust,

Series

2022-1,

Class

A,

6.05%

(PRIME-70bps),

10/25/49,

Callable

4/25/27

@

100(a)(b)

..........................................

209

210

NMEF

Funding

LLC

....................................................

Series

2022-B,

Class

C,

8.54%,

6/15/29,

Callable

8/15/26

@

100(a)

...............

210

210

Series

2024-A,

Class

C,

6.33%,

12/15/31,

Callable

3/15/28

@

100(a)

..............

620

628

Series

2024-A,

Class

D,

8.75%,

12/15/31,

Callable

3/15/28

@

100(a)

..............

500

515

Series

2025-A,

Class

D,

8.07%,

7/15/32,

Callable

8/15/28

@

100(a)

...............

1,070

1,095

Series

2025-B,

Class

E,

7.66%,

1/18/33,

Callable

7/15/28

@

100(a)

...............

2,060

2,089

OBX

Trust,

Series

2026-HE1,

Class

A1A,

4.97%

(SOFR30A+135bps),

2/25/56,

Callable

1/25/29

@

100(a)(b)

.................................................

1,792

1,793

Octane

Receivables

Trust

.................................................

Series

2022-2A,

Class

D,

7.70%,

2/20/30,

Callable

3/20/27

@

100(a)

..............

410

415

Series

2023-1A,

Class

D,

7.76%,

3/20/30,

Callable

7/20/27

@

100(a)

..............

310

317

Series

2023-2A,

Class

E,

10.50%,

6/20/31,

Callable

11/20/27

@

100(a)

............

660

702

Oportun

Funding

Trust,

Series

2024-3,

Class

C,

6.25%,

8/15/29,

Callable

10/15/26

@

100(a)

.

224

224

Oportun

Issuance

Trust

...................................................

Series

2024-2,

Class

C,

6.61%,

2/9/32,

Callable

10/8/26

@

100(a)

................

242

243

Series

2024-2,

Class

D,

10.47%,

2/9/32,

Callable

10/8/26

@

100(a)

...............

700

712

Oxford

Finance

Funding

LLC,

Series

2022-1A,

Class

B,

4.10%,

2/15/30(a)

.............

99

97

PEAC

Solutions

Receivables

LLC,

Series

2024-2A,

Class

C,

5.37%,

10/20/31,

Callable

7/20/27

@

100(a)

...................................................

990

993

PEAR

LLC,

Series

2023-1,

Class

A,

7.42%,

7/15/35,

Callable

9/15/27

@

100(a)

..........

231

232

Post

Road

Equipment

Finance

LLC,

Series

2024-1A,

Class

E,

8.50%,

12/15/31,

Callable

3/15/27

@

100(a)

...................................................

250

254

Progress

Residential

Trust

.................................................

Series

2021-SFR8,

Class

G,

4.01%,

10/17/38(a)

.............................

200

199

Series

2021-SFR9,

Class

F,

4.05%,

11/17/40(a)

.............................

100

96

Victory

Portfolios

IV

Victory

Pioneer

Securitized

Income

Fund

5

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Purchasing

Power

Funding

LLC,

Series

2026-A,

Class

E,

7.54%,

8/15/30,

Callable

2/15/28

@

100(a)

...........................................................

$

780

$

773

RCKT

Trust,

Series

2025-1A,

Class

E,

7.12%,

7/25/34,

Callable

2/25/28

@

100(a)

........

2,620

2,298

Reach

ABS

Trust

.......................................................

Series

2025-2A,

Class

D,

7.31%,

8/18/32,

Callable

11/15/29

@

100(a)

.............

1,580

1,608

Series

2026-1A,

Class

E,

6.45%,

2/15/33,

Callable

3/15/30

@

100(a)

..............

880

860

Series

2026-2A,

Class

D,

5.67%,

2/15/35,

Callable

12/15/30

@

100(a)

.............

980

974

Reprise

Financial

Receivables

Trust,

Series

2026-1,

Class

B,

6.31%,

4/18/33,

Callable

2/17/30

@

100(a)

.........................................................

360

360

Saluda

Grade

Alternative

Mortgage

Trust

......................................

Series

2023-FIG4,

Class

A,

6.72%,

11/25/53,

Callable

8/25/32

@

100(a)(d)

.........

227

230

Series

2025-LOC4,

Class

M3,

6.57%

(SOFR30A+295bps),

6/25/55,

Callable

6/25/28

@

100(a)(b)

.........................................................

699

702

Series

2026-HB1,

Class

B1,

7.17%

(TSFR1M+345bps),

4/25/56,

Callable

1/25/29

@

100(a)(b)

.........................................................

1,030

1,035

Series

2026-HB1,

Class

M3,

6.17%

(TSFR1M+245bps),

4/25/56,

Callable

1/25/29

@

100(a)(b)

.........................................................

460

461

SCF

Equipment

Leasing

LLC

..............................................

Series

2024-1A,

Class

D,

6.58%,

6/21/33,

Callable

11/20/29

@

100(a)

.............

230

235

Series

2025-2A,

Class

E,

6.21%,

6/20/36,

Callable

4/20/32

@

100(a)

..............

1,610

1,565

Stream

Innovations

Issuer

Trust,

Series

2024-1A,

Class

B,

7.89%,

7/15/44,

Callable

3/15/31

@

100(a)

...........................................................

297

312

Trafigura

Securitisation

Finance

PLC

.........................................

Series

2024-1A,

Class

B,

7.29%,

11/15/27(a)

...............................

390

394

Series

2026-1A,

Class

B,

6.19%,

12/15/29(a)

...............................

1,960

1,958

Tricon

Residential

Trust,

Series

2025-SFR1,

Class

D,

5.68%

(TSFR1M+200bps),

3/17/42(a)(b)

520

521

Uniti

Fiber

ABS

Issuer

LLC,

Series

2025-2A,

Class

C,

7.83%,

1/20/56,

Callable

1/20/29

@

100(a)

...........................................................

2,000

2,023

Upstart

Securitization

Trust

................................................

Series

2025-1,

Class

C,

9.27%,

4/20/35,

Callable

10/20/28

@

100(a)

..............

1,616

1,703

Series

2025-2,

Class

D,

8.00%,

6/20/35,

Callable

12/20/28

@

100(a)

..............

3,350

3,433

Series

2026-2,

Class

C,

5.83%,

5/20/36,

Callable

3/20/30

@

100(a)

...............

1,410

1,408

Series

2026-2,

Class

D,

7.35%,

5/20/36,

Callable

3/20/30

@

100(a)

...............

1,520

1,524

Series

2026-3,

Class

C,

5.92%,

7/20/36,

Callable

6/20/30

@

100(a)

...............

1,370

1,365

VFI

ABS

LLC,

Series

2025-1A,

Class

D,

7.69%,

4/26/32,

Callable

6/24/28

@

100(a)

......

3,255

3,254

Westgate

Resorts

LLC,

Series

2024-1A,

Class

D,

9.26%,

1/20/38,

Callable

11/20/27

@

100(a)

518

527

65,445

Total

Asset-Backed

Securities

(Cost

$127,483)

a

a

a

124,208

Collateralized

Loan

Obligations

(4.0%)

Cash

Flow

CLO

(4.0%):

Arbor

Realty

Collateralized

Loan

Obligation

Ltd.,

Series

2025-BTR1,

Class

C,

7.35%

(TSFR1M+369bps),

1/20/41,

Callable

5/20/27

@

100(a)(b)

.....................

1,880

1,892

BDS

LLC

............................................................

Series

2024-FL13,

Class

A,

5.25%

(TSFR1M+158bps),

9/19/39,

Callable

8/19/28

@

100(a)(b)

.........................................................

342

342

Series

2026-FL18,

Class

C

,

0.00%

(TSFR1M+190bps),

2/19/44,

Callable

2/19/29

@

100(a)(b)

.........................................................

1,180

1,181

BSPDF

Issuer

LLC,

Series

2026-FL3,

Class

E,

7.17%

(TSFR1M+350bps),

9/18/43,

Callable

9/18/28

@

100(a)(b)

.................................................

945

952

BSPRT

Issuer

LLC,

Series

2024-FL11,

Class

A,

5.31%

(TSFR1M+164bps),

7/15/39,

Callable

9/15/27

@

100(a)(b)

.................................................

510

512

FS

Rialto

Issuer

LLC

....................................................

Series

2021-FL3,

Class

D,

6.32%

(TSFR1M+261bps),

11/16/36,

Callable

8/16/26

@

100(a)(b)

.........................................................

1,576

1,580

Series

2024-FL9,

Class

A,

5.30%

(TSFR1M+163bps),

10/19/39,

Callable

10/19/27

@

100(a)(b)

.........................................................

2,160

2,166

Golub

Capital

Partners

Short

Duration,

Series

2022-1A,

Class

DR,

8.41%

(TSFR3M+460bps),

7/25/33,

Callable

10/25/26

@

100(a)(b)

...................................

250

250

Greystone

CRE

Notes

LLC,

Series

2025-FL4,

Class

C,

6.56%

(TSFR1M+289bps),

1/15/43,

Callable

5/15/28

@

100(a)(b)

..........................................

1,110

1,128

Victory

Portfolios

IV

Victory

Pioneer

Securitized

Income

Fund

6

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

MF1

LLC

............................................................

Series

2024-FL15,

Class

A,

5.36%

(TSFR1M+169bps),

8/18/41,

Callable

8/18/26

@

100(a)(b)

.........................................................

$

1,790

$

1,791

Series

2024-FL16,

Class

A,

5.21%

(TSFR1M+154bps),

11/18/39,

Callable

10/18/26

@

100(a)(b)

.........................................................

850

851

PFP

Ltd.,

Series

2024-11,

Class

A,

5.50%

(TSFR1M+183bps),

9/17/39,

Callable

9/17/27

@

100(a)(b)

.........................................................

69

69

12,714

Total

Collateralized

Loan

Obligations

(Cost

$12,642)

a

a

a

12,714

Collateralized

Mortgage

Obligations

(45.0%)

Commercial

MBS

(6.7%):

BAY

Trust,

Series

2026-MDWS,

Class

D,

6.87%

(TSFR1M+319bps),

6/15/41(a)(b)

.......

1,480

1,476

BFLD

Commercial

Mortgage

Trust,

Series

2025-5MW,

Class

F,

9.83%,

10/10/42(a)(d)

.....

610

639

BX

Commercial

Mortgage

Trust

............................................

Series

2024-AIRC,

Class

A,

5.37%

(TSFR1M+169bps),

8/15/41(a)(b)

.............

561

564

Series

2024-SLCT,

Class

E,

7.07%

(TSFR1M+339bps),

1/15/42(a)(b)

.............

1,590

1,593

Series

2025-BCAT,

Class

E,

7.18%

(TSFR1M+350bps),

8/15/42(a)(b)

.............

756

759

Series

2026-LP3,

Class

E,

6.88%

(TSFR1M+320bps),

4/15/43(a)(b)

..............

1,030

1,038

BX

Trust

.............................................................

Series

2025-LUNR,

Class

E,

7.63%

(TSFR1M+395bps),

6/15/40(a)(b)

.............

802

803

Series

2026-CIP,

Class

E,

6.78%

(TSFR1M+310bps),

5/15/38,

Callable

5/15/28

@

100(a)

(b)

.............................................................

619

623

GSAT

Trust,

Series

2025-BMF,

Class

E,

6.98%

(TSFR1M+330bps),

7/15/40(a)(b)

........

1,380

1,377

Hilt

Commercial

Mortgage

Trust,

Series

2024-ORL,

Class

D,

6.87%

(TSFR1M+319bps),

5/15/37(a)(b)

......................................................

150

150

HTL

Commercial

Mortgage

Trust,

Series

2024-T53,

Class

D,

8.20%,

5/10/39(a)(d)

........

1,315

1,327

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2024-OMNI,

Class

D,

5.80%,

10/5/39(a)(d)

......................................................

100

99

KSL

Commercial

Mortgage

Trust,

Series

2026-HT3,

Class

E,

7.43%

(TSFR1M+375bps),

6/15/43(a)(b)

......................................................

1,480

1,481

MCR

Mortgage

Trust

....................................................

Series

2024-TWA,

Class

D,

7.40%,

6/12/39(a)

..............................

650

650

Series

2024-TWA,

Class

F,

10.38%,

6/12/39(a)

..............................

500

502

MHP

Commercial

Mortgage

Trust,

Series

2025-MHIL2,

Class

D,

6.33%

(TSFR1M+265bps),

9/15/40(a)(b)

......................................................

1,640

1,645

Natixis

Commercial

Mortgage

Securities

Trust,

Series

2019-FAME,

Class

E,

4.40%,

8/15/36(a)

(d)

.............................................................

500

185

PRM

Trust

............................................................

Series

2025-PRM6,

Class

E,

6.58%,

7/5/33(a)(d)

............................

1,140

1,135

Series

2025-PRM6,

Class

F,

7.06%,

7/5/33(a)(d)

............................

1,470

1,459

SLG

Office

Trust

.......................................................

Series

2021-OVA,

Class

F,

2.85%,

7/15/41(a)

...............................

174

143

Series

2026-OMA,

Class

E,

6.96%,

4/15/41(a)(d)

............................

470

464

Series

2026-OMA,

Class

F,

7.92%,

4/15/41(a)(d)

............................

1,020

1,011

SMRT,

Series

2022-MINI,

Class

E,

6.38%

(TSFR1M+270bps),

1/15/39(a)(b)

............

1,220

1,218

THPT

Mortgage

Trust,

Series

2023-THL,

Class

C,

8.53%,

12/10/34(a)(d)

...............

300

300

Velocity

Commercial

Capital

Loan

Trust,

Series

2020-1,

Class

M5,

4.29%,

2/25/50,

Callable

8/25/26

@

100(a)(d)

.................................................

202

157

Wells

Fargo

Commercial

Mortgage

Trust

......................................

Series

2026-1250B,

Class

C,

5.41%,

3/10/41(a)(d)

...........................

300

294

Series

2026-1250B,

Class

D,

6.38%,

3/10/41(a)(d)

...........................

300

298

21,390

Private

CMO

Floating

(21.6%):

Bellemeade

Re

Ltd.

.....................................................

Series

2021-3A,

Class

B1,

7.47%

(SOFR30A+385bps),

9/25/31,

Callable

8/25/26

@

100(a)(b)

.........................................................

356

364

Series

2024-1,

Class

M1B,

6.82%

(SOFR30A+320bps),

8/25/34,

Callable

9/25/27

@

100(a)(b)

.........................................................

169

169

Series

2025-1,

Class

M1C,

6.87%

(SOFR30A+325bps),

10/25/35,

Callable

8/25/28

@

100(a)(b)

.........................................................

3,520

3,566

Victory

Portfolios

IV

Victory

Pioneer

Securitized

Income

Fund

7

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Connecticut

Avenue

Securities

Trust

.........................................

Series

2020-R02,

Class

2B1,

6.73%

(SOFR30A+311bps),

1/25/40,

Callable

1/25/27

@

100(a)(b)

.........................................................

$

1,240

$

1,250

Series

2021-R01,

Class

1B2,

9.62%

(SOFR30A+600bps),

10/25/41,

Callable

10/25/26

@

100(a)(b)

.........................................................

3,220

3,254

Series

2021-R02,

Class

2B2,

9.82%

(SOFR30A+620bps),

11/25/41,

Callable

11/25/26

@

100(a)(b)

.........................................................

1,422

1,443

Series

2021-R03,

Class

1B2,

9.12%

(SOFR30A+550bps),

12/25/41,

Callable

12/25/26

@

100(a)(b)

.........................................................

1,510

1,535

Series

2022-R01,

Class

1B2,

9.62%

(SOFR30A+600bps),

12/25/41,

Callable

12/25/26

@

100(a)(b)

.........................................................

3,420

3,482

Series

2022-R02,

Class

2B2,

11.27%

(SOFR30A+765bps),

1/25/42,

Callable

1/25/27

@

100(a)(b)

.........................................................

2,650

2,728

Series

2022-R04,

Class

1B2,

13.12%

(SOFR30A+950bps),

3/25/42,

Callable

3/25/27

@

100(a)(b)

.........................................................

2,470

2,595

Series

2022-R05,

Class

2B1,

8.12%

(SOFR30A+450bps),

4/25/42,

Callable

4/25/27

@

100(a)(b)

.........................................................

500

512

Series

2022-R05,

Class

2B2,

10.62%

(SOFR30A+700bps),

4/25/42,

Callable

4/25/27

@

100(a)(b)

.........................................................

4,160

4,328

Series

2022-R06,

Class

1B2,

14.22%

(SOFR30A+1060bps),

5/25/42,

Callable

5/25/27

@

100(a)(b)

.........................................................

610

655

Series

2024-R01,

Class

1B2,

7.62%

(SOFR30A+400bps),

1/25/44,

Callable

1/25/29

@

100(a)(b)

.........................................................

1,450

1,531

Series

2024-R02,

Class

1B1,

6.12%

(SOFR30A+250bps),

2/25/44,

Callable

2/25/29

@

100(a)(b)

.........................................................

510

522

Series

2024-R02,

Class

1B2,

7.32%

(SOFR30A+370bps),

2/25/44,

Callable

2/25/29

@

100(a)(b)

.........................................................

540

568

Series

2024-R03,

Class

2M2,

5.57%

(SOFR30A+195bps),

3/25/44,

Callable

3/25/29

@

100(a)(b)

.........................................................

430

433

Series

2024-R04,

Class

1B1,

5.82%

(SOFR30A+220bps),

5/25/44,

Callable

5/25/29

@

100(a)(b)

.........................................................

1,825

1,850

Series

2024-R04,

Class

1M2,

5.27%

(SOFR30A+165bps),

5/25/44,

Callable

5/25/29

@

100(a)(b)

.........................................................

920

922

Series

2024-R05,

Class

2B1,

5.62%

(SOFR30A+200bps),

7/25/44,

Callable

7/25/29

@

100(a)(b)

.........................................................

680

686

Series

2024-R06,

Class

1A1,

4.77%

(SOFR30A+115bps),

9/25/44,

Callable

9/25/29

@

100(a)(b)

.........................................................

604

605

Series

2024-R06,

Class

1M2,

5.22%

(SOFR30A+160bps),

9/25/44,

Callable

9/25/29

@

100(a)(b)

.........................................................

435

436

Eagle

Re

Ltd.

..........................................................

Series

2021-2,

Class

M2,

7.87%

(SOFR30A+425bps),

4/25/34,

Callable

2/25/27

@

100(a)(b)

.........................................................

282

288

Series

2023-1,

Class

M1B,

7.57%

(SOFR30A+395bps),

9/26/33,

Callable

9/25/28

@

100(a)(b)

.........................................................

227

232

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Credit

Risk

Trust

.......

Series

2021-MN1,

Class

B1,

11.37%

(SOFR30A+775bps),

1/25/51,

Callable

1/25/29

@

100(a)(b)

.........................................................

700

770

Series

2021-MN3,

Class

M2,

7.62%

(SOFR30A+400bps),

11/25/51,

Callable

7/25/36

@

100(a)(b)

.........................................................

250

256

Federal

Home

Loan

Mortgage

Corporation

STACR

REMIC

Trust

....................

Series

2020-HQA1,

Class

B2,

8.83%

(SOFR30A+521bps),

1/25/50,

Callable

1/25/30

@

100(a)(b)

.........................................................

1,000

1,103

Series

2021-DNA1,

Class

B2,

8.37%

(SOFR30A+475bps),

1/25/51,

Callable

1/25/31

@

100(a)(b)

.........................................................

650

729

Series

2021-DNA5,

Class

B2,

9.12%

(SOFR30A+550bps),

1/25/34(a)(b)

...........

1,800

2,194

Series

2021-HQA1,

Class

B2,

8.62%

(SOFR30A+500bps),

8/25/33(a)(b)

...........

720

858

Series

2021-HQA2,

Class

B2,

9.07%

(SOFR30A+545bps),

12/25/33(a)(b)

..........

260

315

Series

2022-DNA1,

Class

M2,

6.12%

(SOFR30A+250bps),

1/25/42,

Callable

1/25/27

@

100(a)(b)

.........................................................

480

483

Series

2022-DNA3,

Class

B1,

9.27%

(SOFR30A+565bps),

4/25/42,

Callable

4/25/27

@

100(a)(b)

.........................................................

635

655

Series

2022-DNA3,

Class

B2,

13.37%

(SOFR30A+975bps),

4/25/42,

Callable

4/25/27

@

100(a)(b)

.........................................................

2,500

2,642

Victory

Portfolios

IV

Victory

Pioneer

Securitized

Income

Fund

8

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

2023-HQA2,

Class

M1B,

6.97%

(SOFR30A+335bps),

6/25/43,

Callable

6/25/28

@

100(a)(b)

.......................................................

$

3,410

$

3,501

Series

2024-HQA2,

Class

M2,

5.42%

(SOFR30A+180bps),

8/25/44,

Callable

8/25/29

@

100(a)(b)

.........................................................

520

523

Series

2025-DNA3,

Class

A1,

4.57%

(SOFR30A+95bps),

9/25/45,

Callable

9/25/30

@

100(a)(b)

.........................................................

1,425

1,426

Series

2025-DNA4,

Class

A1,

4.52%

(SOFR30A+90bps),

10/25/45,

Callable

10/25/30

@

100(a)(b)

.........................................................

3,226

3,226

Series

2025-DNA4,

Class

M1,

4.72%

(SOFR30A+110bps),

10/25/45,

Callable

10/25/30

@

100(a)(b)

.......................................................

1,919

1,923

Series

2025-HQA1,

Class

M2,

5.27%

(SOFR30A+165bps),

2/25/45,

Callable

2/25/30

@

100(a)(b)

.........................................................

290

292

Series

2026-HQA1,

Class

A1,

4.62%

(SOFR30A+100bps),

5/25/46,

Callable

5/25/31

@

100(a)(b)

.........................................................

1,082

1,086

Federal

Home

Loan

Mortgage

Corporation

STACR

Trust

..........................

Series

2018-HQA2,

Class

B2,

14.73%

(SOFR30A+1111bps),

10/25/48,

Callable

10/25/28

@

100(a)(b)

.......................................................

1,810

2,173

Series

2019-DNA3,

Class

B2,

11.88%

(SOFR30A+826bps),

7/25/49,

Callable

12/25/27

@

100(a)(b)

.......................................................

434

475

Series

2019-DNA4,

Class

B2,

9.98%

(SOFR30A+636bps),

10/25/49,

Callable

1/25/29

@

100(a)(b)

.........................................................

350

388

Series

2019-FTR1,

Class

B2,

12.08%

(SOFR30A+846bps),

1/25/48,

Callable

5/25/29

@

100(a)(b)

.........................................................

2,320

2,732

Series

2019-FTR3,

Class

B2,

8.54%

(SOFR30A+491bps),

9/25/47,

Callable

12/25/29

@

100(a)(b)

.........................................................

1,950

2,144

Series

2019-FTR4,

Class

B2,

8.73%

(SOFR30A+511bps),

11/25/47,

Callable

12/25/29

@

100(a)(b)

.........................................................

580

642

Home

Re

Ltd.

.........................................................

Series

2022-1,

Class

B1,

12.62%

(SOFR30A+900bps),

10/25/34,

Callable

8/25/27

@

100(a)(b)

.........................................................

175

189

Series

2026-1,

Class

B1,

7.82%

(SOFR30A+420bps),

1/25/36,

Callable

8/25/28

@

100(a)

(b)

.............................................................

150

153

Series

2026-1,

Class

M1C,

6.22%

(SOFR30A+260bps),

1/25/36,

Callable

8/25/28

@

100(a)(b)

.........................................................

450

453

Series

2026-1,

Class

M2,

6.82%

(SOFR30A+320bps),

1/25/36,

Callable

8/25/28

@

100(a)(b)

.........................................................

270

272

JPMorgan

Chase

Bank

NA,

Series

2021-CL1,

Class

M3,

5.42%

(SOFR30A+180bps),

3/25/51,

Callable

11/25/36

@

100(a)(b)

.........................................

210

210

Multifamily

Connecticut

Avenue

Securities

Trust

................................

Series

2019-01,

Class

M10,

6.98%

(SOFR30A+336bps),

10/25/49(a)(b)

............

231

233

Series

2020-01,

Class

M10,

7.48%

(SOFR30A+386bps),

3/25/50(a)(b)

.............

381

386

Oaktown

Re

VII

Ltd.,

Series

2021-2,

Class

B1,

8.02%

(SOFR30A+440bps),

4/25/34,

Callable

10/25/26

@

100(a)(b)

................................................

1,121

1,128

Radnor

Re

Ltd.

........................................................

Series

2023-1,

Class

M1B,

7.97%

(SOFR30A+435bps),

7/25/33,

Callable

7/25/28

@

100(a)(b)

.........................................................

287

292

Series

2024-1,

Class

M1B,

6.52%

(SOFR30A+290bps),

9/25/34,

Callable

2/25/28

@

100(a)(b)

.........................................................

72

72

STACR

Trust,

Series

2018-HRP2,

Class

B2,

14.23%

(SOFR30A+1061bps),

2/25/47,

Callable

11/25/28

@

100(a)(b)

................................................

600

713

Triangle

Re

Ltd.

........................................................

Series

2021-3,

Class

M2,

7.37%

(SOFR30A+375bps),

2/25/34,

Callable

11/25/26

@

100(a)(b)

.........................................................

122

123

Series

2023-1,

Class

M1B,

8.87%

(SOFR30A+525bps),

11/25/33,

Callable

8/25/28

@

100(a)(b)

.........................................................

290

299

69,013

Private

CMO

IO

(0.1%):

Flagstar

Mortgage

Trust,

Series

2021-4,

Class

AX1,

0.20%,

6/1/51,

Callable

7/25/47

@

100(a)

(d)(e)

...........................................................

5,323

65

Hundred

Acre

Wood

Trust,

Series

2021-INV1,

Class

AX1,

0.24%,

7/25/51,

Callable

7/25/46

@

100(a)(d)(e)

.......................................................

3,255

43

JPMorgan

Mortgage

Trust

.................................................

Series

2021-10,

Class

AX1,

0.11%,

12/25/51,

Callable

3/25/46

@

100(a)(d)(e)

.......

6,766

41

Victory

Portfolios

IV

Victory

Pioneer

Securitized

Income

Fund

9

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

2021-8,

Class

AX1,

0.12%,

12/25/51,

Callable

2/25/46

@

100(a)(d)(e)

........

$

5,703

$

34

183

Private

CMO

Other

(16.6%):

A&D

Mortgage

Trust

....................................................

Series

2023-NQM4,

Class

B1,

8.04%,

9/25/68,

Callable

10/25/26

@

100(a)(d)

.......

460

461

Series

2024-NQM1,

Class

B1,

8.42%,

2/25/69,

Callable

1/25/27

@

100(a)(d)

........

2,677

2,701

Series

2024-NQM4,

Class

B1B,

7.95%,

8/25/69,

Callable

9/25/27

@

100(a)(d)

.......

900

902

Series

2024-NQM5,

Class

B1A,

7.66%,

11/25/69,

Callable

11/25/27

@

100(a)(d)

.....

470

475

ADMT,

Series

2024-NQM6,

Class

B2,

7.25%,

1/25/70,

Callable

12/25/27

@

100(a)(d)

.....

536

529

BRAVO

Residential

Funding

Trust

..........................................

Series

2023-NQM7,

Class

B1,

7.85%,

9/25/63,

Callable

10/25/26

@

100(a)(d)

.......

680

681

Series

2024-NQM2,

Class

B1,

7.91%,

2/25/64,

Callable

2/25/27

@

100(a)

..........

530

534

Series

2024-NQM3,

Class

B1,

8.10%,

3/25/64,

Callable

3/25/27

@

100(a)(d)

........

630

637

Series

2024-NQM3,

Class

B2,

8.34%,

3/25/64,

Callable

3/25/27

@

100(a)(d)

........

1,906

1,922

Series

2024-NQM5,

Class

B1,

7.38%,

6/25/64,

Callable

7/25/27

@

100(a)(d)

........

620

626

Series

2024-NQM5,

Class

B2,

8.07%,

6/25/64,

Callable

7/25/27

@

100(a)(d)

........

790

797

Cascade

Funding

Mortgage

Trust,

Series

2025-HB16,

Class

M3,

3.00%,

3/25/35,

Callable

9/25/27

@

100(a)(d)

.................................................

660

636

CFMT

LLC

...........................................................

Series

2024-HB14,

Class

M3,

3.00%,

6/25/34,

Callable

6/25/27

@

100(a)(d)

........

610

593

Series

2024-HB15,

Class

M4,

4.00%,

8/25/34(a)(d)

..........................

800

772

COLT

Mortgage

Loan

Trust

...............................................

Series

2024-4,

Class

B1,

7.80%,

7/25/69,

Callable

7/25/27

@

100(a)(d)

............

1,160

1,172

Series

2024-5,

Class

B1,

7.30%,

8/25/69,

Callable

9/25/27

@

100(a)(d)

............

1,370

1,374

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

7/25/48

@

100(a)(d)

71

54

Federal

Home

Loan

Mortgage

Corporation

Seasoned

Credit

Risk

Transfer

Trust

..........

Series

2018-1,

Class

M,

4.75%,

5/25/57,

Callable

5/25/41

@

100(d)

...............

246

240

Series

2019-1,

Class

M,

4.75%,

7/25/58,

Callable

1/25/45

@

100(a)(d)

.............

780

778

Series

2019-2,

Class

M,

4.75%,

8/25/58,

Callable

8/25/52

@

100(a)(d)

.............

739

717

Series

2019-3,

Class

M,

4.75%,

10/25/58,

Callable

3/25/42

@

100(d)

..............

196

192

GCAT

Trust

...........................................................

Series

2021-CM1,

Class

M1,

3.28%,

4/25/65,

Callable

8/25/26

@

100(a)(d)

.........

510

465

Series

2023-NQM2,

Class

B1,

6.88%,

11/25/67,

Callable

8/25/26

@

100(a)(d)

.......

1,980

1,973

Series

2024-NQM1,

Class

B1,

7.89%,

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

830

Homeward

Opportunities

Fund

Trust,

Series

2024-RRTL2,

Class

M1,

8.16%,

9/25/39,

Callable

8/25/26

@

100(a)(d)

.................................................

2,260

2,260

Imperial

Fund

Mortgage

Trust

..............................................

Series

2021-NQM2,

Class

B2,

4.29%,

9/25/56,

Callable

8/25/26

@

100(a)(d)

........

205

154

Series

2023-NQM1,

Class

B1,

8.06%,

2/25/68,

Callable

8/25/26

@

100(a)(d)

........

940

937

LHOME

Mortgage

Trust,

Series

2024-RTL4,

Class

M1,

7.79%,

7/25/39,

Callable

1/25/27

@

100(a)(d)

.........................................................

1,070

1,073

MFA

Trust

............................................................

Series

2024-NQM2,

Class

B1A,

6.78%,

8/25/69,

Callable

5/25/27

@

100(a)(d)

.......

410

411

Series

2024-NQM2,

Class

B1B,

7.29%,

8/25/69,

Callable

5/25/27

@

100(a)(d)

.......

1,910

1,927

MFRA

Trust,

Series

2024-NQM3,

Class

B1,

7.61%,

12/25/69,

Callable

12/25/27

@

100(a)(d)

1,480

1,508

Morgan

Stanley

Residential

Mortgage

Loan

Trust

................................

Series

2023-NQM1,

Class

B2,

7.30%,

9/25/68,

Callable

10/25/26

@

100(a)(d)

.......

1,920

1,919

Series

2024-NQM1,

Class

B1,

7.74%,

12/25/68,

Callable

2/25/27

@

100(a)(d)

.......

1,580

1,580

New

Residential

Mortgage

Loan

Trust,

Series

2017-4A,

Class

B4,

5.13%,

5/25/57,

Callable

4/25/32

@

100(a)(d)

.................................................

113

108

Onity

Loan

Investment

Trust

...............................................

Series

2024-HB2,

Class

M3,

5.00%,

8/25/37,

Callable

8/25/27

@

100(a)(d)

.........

170

165

Series

2026-HB2,

Class

M3,

3.00%,

5/25/39(a)(d)

...........................

1,390

1,263

PRKCM

Trust,

Series

2023-AFC3,

Class

B1,

7.77%,

9/25/58,

Callable

8/25/26

@

100(a)(d)

.

230

229

PRPM

Trust

...........................................................

Series

2023-NQM2,

Class

B1,

6.82%,

8/25/68,

Callable

9/25/26

@

100(a)(d)

........

390

389

Series

2024-NQM3,

Class

B1,

7.30%,

8/25/69,

Callable

10/25/27

@

100(a)(d)

.......

1,020

1,022

Series

2025-NQM1,

Class

B1,

7.78%,

11/25/69,

Callable

2/25/28

@

100(a)(d)

.......

1,430

1,438

Series

2025-NQM2,

Class

B1,

7.82%,

4/25/70,

Callable

5/25/28

@

100(a)(d)

........

1,575

1,583

Saluda

Grade

Alternative

Mortgage

Trust,

Series

2024-RTL5,

Class

A1,

7.76%,

4/25/30,

Callable

9/25/26

@

100(a)(d)

..........................................

83

83

Victory

Portfolios

IV

Victory

Pioneer

Securitized

Income

Fund

10

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Towd

Point

Mortgage

Trust,

Series

2022-SJ1,

Class

B1,

5.25%,

3/25/62,

Callable

8/25/26

@

100(a)(d)

.........................................................

$

250

$

242

Verus

Securitization

Trust

.................................................

Series

2023-6,

Class

B1,

7.75%,

9/25/68,

Callable

9/25/26

@

100(a)(d)

............

2,620

2,617

Series

2023-7,

Class

B1,

7.92%,

10/25/68,

Callable

10/25/26

@

100(a)(d)

..........

550

550

Series

2023-8,

Class

B1,

8.06%,

12/25/68,

Callable

12/25/26

@

100(a)(d)

..........

920

922

Series

2023-INV3,

Class

B1,

8.16%,

11/25/68,

Callable

11/25/26

@

100(a)(d)

.......

530

532

Series

2023-INV3,

Class

B2,

8.16%,

11/25/68,

Callable

11/25/26

@

100(a)(d)

.......

730

731

Series

2024-1,

Class

B1,

7.91%,

1/25/69,

Callable

1/25/27

@

100(a)(d)

............

170

171

Series

2024-2,

Class

B1,

7.86%,

2/25/69,

Callable

2/25/27

@

100(a)(d)

............

1,100

1,109

Series

2024-3,

Class

B1,

8.03%,

4/25/69,

Callable

4/25/27

@

100(a)(d)

............

686

695

Series

2024-4,

Class

B1,

7.64%,

6/25/69,

Callable

5/25/27

@

100(a)(d)

............

420

425

Series

2024-5,

Class

B1,

7.79%,

6/25/69,

Callable

6/25/27

@

100(a)(d)

............

510

517

Series

2024-6,

Class

B2,

7.89%,

7/25/69,

Callable

7/25/27

@

100(a)(d)

............

1,242

1,249

Series

2024-7,

Class

B1,

6.50%,

9/25/69,

Callable

9/25/27

@

100(a)(d)

............

1,050

1,050

Series

2024-9,

Class

B2,

7.33%,

11/25/69,

Callable

12/25/27

@

100(a)(d)

..........

1,320

1,323

Series

2024-INV2,

Class

B2,

7.90%,

8/26/69,

Callable

8/25/27

@

100(a)(d)

.........

1,483

1,493

Vista

Point

Securitization

Trust,

Series

2020-2,

Class

M1,

3.40%,

4/25/65,

Callable

8/25/26

@

100(a)(d)

.........................................................

170

164

52,909

Total

Collateralized

Mortgage

Obligations

(Cost

$142,419)

a

a

a

143,495

Corporate

Bonds

(0.0%)(g)

Financials

(0.0%):(g)

HOA

Funding

LLC,

(Escrow

-

litigation),

8/20/51(f)(h)

............................

200

—

HOA

Funding

LLC,

(Escrow

-

equity),

8/20/51(f)(h)

..............................

200

—

HOA

NewCo

LLC,

7.43%,

11/22/55,

Callable

9/5/26

@

100(a)(c)(h)

..................

202

5

5

Total

Corporate

Bonds

(Cost

$5)

a

a

a

5

U.S.

Government

Agency

Mortgages

(7.3%)

Federal

National

Mortgage

Association

6.50%,

2/26/30

....................................................

1,100

1,134

Federal

National

Mortgage

Association,

TBA

5.50%,

5/13/30

-

9/29/32

.............................................

7,000

6,972

6.00%,

8/10/30

....................................................

2,300

2,325

5.00%,

1/9/34

.....................................................

3,600

3,474

3.50%,

2/28/35

....................................................

2,600

2,306

3.00%,

7/25/35

....................................................

2,700

2,300

17,377

Government

National

Mortgage

Association,

TBA

6.50%,

2/28/30

-

3/12/30

.............................................

2,300

2,373

6.00%,

9/4/31

.....................................................

2,300

2,338

4,711

Total

U.S.

Government

Agency

Mortgages

(Cost

$23,428)

a

a

a

23,222

Short-Term

Investments

(12.6%)

a

a

a

a

U.S.

Treasury

Obligations

(12.6%):

U.S.

Treasury

Bills

0.90%,

8/4/26(i)

....................................................

15,797

15,796

2.63%,

8/11/26(i)

...................................................

10,100

10,092

3.01%,

8/18/26(i)

...................................................

2,500

2,496

3.17%,

8/25/26(i)

...................................................

11,000

10,976

3.36%,

9/8/26(i)

....................................................

1,000

996

Total

U.S.

Treasury

Obligations

40,356

Total

Short-Term

Investments

(Cost

$40,347)

a

a

a

40,356

Total

Investments

(Cost

$346,324)

—

107.8%

344,000

Liabilities

in

excess

of

other

assets

—  (7.8)%

(24,874)

NET

ASSETS

-

100.00%

$

319,126

Victory

Portfolios

IV

Victory

Pioneer

Securitized

Income

Fund

11

Schedule

of

Portfolio

Investments

—

continued

July

31,

2026

See

notes

to

financial

statements.

(a)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

July

31,

2026,

the

fair

value

of

these

securities

was

$279,784

(thousands)

and

amounted

to

87.7%

of

net

assets.

(b)

Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

July

31,

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

July

31,

2026.

(e)

Security

is

interest

only.

(f)

Zero-coupon

bond.

(g)

Amount

represents

less

than

0.05%

of

net

assets.

(h)

This

security

is

classified

as

Level

3

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

2

in

the

Notes

to

Financial

Statements)

(i)

Rate

represents

the

effective

yield

at

July

31,

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

July

31,

2026.

REMIC

—

Real

Estate

Mortgage

Investment

Conduits

SOFR

—

Secured

Overnight

Financing

Rate

SOFR30A

—

30

day

average

of

SOFR,

rate

disclosed

as

of

July

31,

2026.

STACR

—

Structured

Agency

Credit

Risk

TBA

—

To

Be

Announced

Securities

TSFR1M

—

1

Month

Term

SOFR,

rate

disclosed

as

of

July

31,

2026.

TSFR3M

—

3

Month

Term

SOFR,

rate

disclosed

as

of

July

31,

2026.

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

2-Year

U.S.

Treasury

Note

Futures

...........

83

9/30/26

$

17,128

$

17,066

$

(62)

5-Year

U.S.

Treasury

Note

Futures

...........

43

9/30/26

4,596

4,557

(39)

$

(101)

Total

unrealized

appreciation

$

—

Total

unrealized

depreciation

(101)

Total

net

unrealized

appreciation

(depreciation)

$

(101)

Statement

of

Assets

and

Liabilities

July

31,

2026

12

See

notes

to

financial

statements.

Victory

Portfolios

IV

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

Victory

Pioneer

Securitized

Income

Fund

Assets:

Investments,

at

value

(Cost

$346,324)

$

344,000

Cash

789

Due

from

broker

151

Receivables:

Interest

887

Capital

shares

issued

290

Investments

sold

10,525

From

Adviser

119

Prepaid

expenses

35

Total

Assets

356,796

Liabilities:

Payables:

Distributions

10

Investments

purchased

36,158

Capital

shares

redeemed

1,108

Variation

margin

on

open

futures

contracts

35

Accrued

expenses

and

other

payables:

Investment

advisory

fees

148

Administration

fees

12

Custodian

fees

4

Transfer

agent

fees

10

Sub-Transfer

agent

fees

35

Trustees'

fees

1

12b-1

fees

—

(a)

Other

accrued

expenses

149

Total

Liabilities

37,670

Commitments

and

contingencies

(Note

5

)

Net

Assets:

Capital

323,826

Total

accumulated

earnings

(loss)

(

4,700

)

Net

Assets

$

319,126

Net

Assets:

Class

A

$

3,617

Class

Y

315,509

Total

$

319,126

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

Class

A

384

Class

Y

33,546

Total

33,930

Net

asset

value,

offering

and

redemption

price

per

share:(b)

Class

A

$

9.41

Class

Y

9.41

Maximum

Sales

Charge

—

Class

A

2.25%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

9.63

(a)

Rounds

to

less

than

$1

thousand.

(b)

Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

Statement

of

Operations

For

the

Year

Ended

July

31,

2026

13

See

notes

to

financial

statements.

Victory

Portfolios

IV

(Amounts

in

Thousands)

Victory

Pioneer

Securitized

Income

Fund

Investment

Income:

Interest

$

18,783‌

Total

Income

18,783‌

Expenses:

Investment

advisory

fees

1,566‌

Administration

fees

123‌

Sub-Administration

fees

11‌

12b-1

fees

—

Class

A

8‌

Custodian

fees

12‌

Transfer

agent

fees

—

Class

A

1‌

Transfer

agent

fees

—

Class

Y

12‌

Sub-Transfer

agent

fees

—

Class

A

1‌

Sub-Transfer

agent

fees

—

Class

Y

356‌

Trustees'

fees

9‌

Legal

and

audit

fees

107‌

State

registration

and

filing

fees

81‌

Other

expenses

101‌

Total

Expenses

2,388‌

Less

fees

paid

indirectly

(

1‌

)

Expenses

waived/reimbursed

by

Adviser

(

529‌

)

Net

Expenses

1,858‌

Net

Investment

Income

(Loss)

16,925‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

(

455‌

)

Net

realized

gains

(losses)

from

futures

contracts

(

192‌

)

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

(

4,049‌

)

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

(

121‌

)

Net

realized/unrealized

gains

(losses)

on

investments

(

4,817‌

)

Change

in

net

assets

resulting

from

operations

$

12,108‌

14

(Amounts

in

Thousands)

Victory

Portfolios

IV

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

Victory

Pioneer

Securitized

Income

Fund

Year

Ended

July

31,

2026

Year

Ended

July

31,

2025*

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

16,925‌

$

10,674‌

Net

realized

gains

(losses)

(

647‌

)

90‌

Net

change

in

unrealized

appreciation/depreciation

(

4,170‌

)

1,607‌

Change

in

net

assets

resulting

from

operations

12,108‌

12,371‌

Distributions

to

Shareholders:

Class

A

(

199‌

)

(

95‌

)

Class

Y

(

18,068‌

)

(

10,364‌

)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(

18,267‌

)

(

10,459‌

)

Change

in

net

assets

resulting

from

capital

transactions

85,729‌

150,967‌

Change

in

net

assets

79,570‌

152,879‌

Net

Assets:

Beginning

of

period

239,556‌

86,677‌

End

of

period

$

319,126‌

$

239,556‌

*

Pioneer

Securitized

Income

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

May

2,

2025

(the

“Reorganization”).

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A

and

Class

Y

shares

of

the

Fund,

respectively.

15

(Amounts

in

Thousands)

Victory

Portfolios

IV

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

Victory

Pioneer

Securitized

Income

Fund

Year

Ended

July

31,

2026

Year

Ended

July

31,

2025*

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

1,821‌

$

2,051‌

Distributions

reinvested

186‌

80‌

Cost

of

shares

redeemed

(

669‌

)

(

1,026‌

)

Total

Class

A

$

1,338‌

$

1,105‌

Class

Y

Proceeds

from

shares

issued

$

193,788‌

$

202,091‌

Distributions

reinvested

17,937‌

10,193‌

Cost

of

shares

redeemed

(

127,334‌

)

(

62,422‌

)

Total

Class

Y

$

84,391‌

$

149,862‌

Change

in

net

assets

resulting

from

capital

transactions

$

85,729‌

$

150,967‌

Share

Transactions:

Class

A

Issued

190‌

216‌

Reinvested

20‌

8‌

Redeemed

(

70‌

)

(

108‌

)

Total

Class

A

140‌

116‌

Class

Y

Issued

20,359‌

21,177‌

Reinvested

1,890‌

1,067‌

Redeemed

(

13,392‌

)

(

6,547‌

)

Total

Class

Y

8,857‌

15,697‌

Change

in

Shares

8,997‌

15,813‌

*

Pioneer

Securitized

Income

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

May

2,

2025

(the

“Reorganization”).

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A

and

Class

Y

shares

of

the

Fund,

respectively.

Victory

Portfolios

IV

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

16

See

notes

to

financial

statements.

Victory

Pioneer

Securitized

Income

Fund

Class

A*

Year

Ended

July

31,

2026

Year

Ended

July

31,

2025

Year

Ended

July

31,

2024

Year

Ended

July

31,

2023

Year

Ended

July

31,

2022

Net

Asset

Value,

Beginning

of

Period

$9.61

$9.50

$9.12

$9.43

$10.11

Investment

Activities:

Net

investment

income

(loss)(a)

0.54

0.63

0.67

0.66

0.45

Net

realized

and

unrealized

gains

(losses)

(0.15)

0.10

0.37

(0.19)

(0.55)

Total

from

Investment

Activities

0.39

0.73

1.04

0.47

(0.10)

Distributions

to

Shareholders

from:

Net

investment

income

(0.59)

(0.62)

(0.66)

(0.63)

(0.45)

Net

realized

gains

—

—

—

(0.15)

(0.13)

Total

Distributions

(0.59)

(0.62)

(0.66)

(0.78)

(0.58)

Net

Asset

Value,

End

of

Period

$9.41

$9.61

$9.50

$9.12

$9.43

Total

Return(b)

4.14%

7.89%

11.88%

5.36%

(1.03)%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.90%(d)

0.90%

0.90%

0.90%

0.88%

Net

Investment

Income

(Loss)

5.68%

6.58%

7.22%

7.19%

4.58%

Gross

Expenses(c)

1.01%(d)

1.06%

1.45%

1.87%

1.97%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$3,617

$2,347

$1,221

$2,127

$2,031

Portfolio

Turnover(e)

22%

12%

30%

38%

36%

*

Pioneer

Securitized

Income

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

May

2,

2025

(the

“Reorganization”).

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A

and

Class

Y

shares

of

the

Fund,

respectively.

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d)

Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(e)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

17

Victory

Portfolios

IV

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

See

notes

to

financial

statements.

Victory

Pioneer

Securitized

Income

Fund

Class

Y*

Year

Ended

July

31,

2026

Year

Ended

July

31,

2025

Year

Ended

July

31,

2024

Year

Ended

July

31,

2023

Year

Ended

July

31,

2022

Net

Asset

Value,

Beginning

of

Period

$9.61

$9.50

$9.12

$9.44

$10.11

Investment

Activities:

Net

investment

income

(loss)(a)

0.56

0.65

0.68

0.67

0.48

Net

realized

and

unrealized

gains

(losses)

(0.15)

0.10

0.39

(0.18)

(0.54)

Total

from

Investment

Activities

0.41

0.75

1.07

0.49

(0.06)

Distributions

to

Shareholders

from:

Net

investment

income

(0.61)

(0.64)

(0.69)

(0.66)

(0.48)

Net

realized

gains

—

—

—

(0.15)

(0.13)

Total

Distributions

(0.61)

(0.64)

(0.69)

(0.81)

(0.61)

Net

Asset

Value,

End

of

Period

$9.41

$9.61

$9.50

$9.12

$9.44

Total

Return(b)

4.40%

8.15%

12.16%

5.51%

(0.68)%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.65%(d)

0.65%

0.65%

0.65%

0.65%

Net

Investment

Income

(Loss)

5.94%

6.81%

7.29%

7.39%

4.88%

Gross

Expenses(c)

0.84%(d)

0.86%

1.26%

1.64%

1.76%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$315,509

$237,209

$85,456

$21,534

$24,428

Portfolio

Turnover(e)

22%

12%

30%

38%

36%

*

Pioneer

Securitized

Income

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

May

2,

2025

(the

“Reorganization”).

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A

and

Class

Y

shares

of

the

Fund,

respectively.

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d)

Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(e)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Notes

to

Financial

Statements

July

31,

2026

Victory

Portfolios

IV

18

1.

Organization:

Victory

Portfolios

IV

(the

“Trust”)

is

organized as

a

Delaware

statutory

trust and is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

investment

company.

The

Trust

is

comprised

of

26

funds, and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

no

par

value.

The

accompanying

financial

statements

are

those

of

the

following

fund

(the

“Fund”). The

Fund

is

classified

as

diversified

under

the

1940

Act.

Each

class

of

shares

of the

Fund

has

substantially

identical

rights

and

privileges

except

with

respect

to

sales

charges,

fees

paid

under

distribution

plans,

expenses

allocable

exclusively

to

each

class

of

shares,

voting

rights

on

matters

solely

affecting

a

single

class

of

shares,

and

the

exchange

privilege

of

each

class

of

shares.

 Victory

Capital

Management

Inc.

(“VCM”

or

the

“Adviser”)

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

The

Fund,

which

commenced

operations

on

May

2,

2025,

is

the

successor

to

the

Pioneer Securitized

Income

Fund

(the

“Predecessor

Fund”).

The

Predecessor

Fund

transferred

all

of

the

net

assets

of

Class

A

and

Class

Y

shares

in

exchange

for

the

Fund’s

Class

A

and

Class

Y

shares,

respectively,

on May

2,

2025,

pursuant

to

an

agreement

and

plan

of

reorganization

(the

“Reorganization”),

which

was

approved

by

the

shareholders

of

the

Predecessor

Fund

on

April

28,

2025.

The

Reorganization

was

structured

so

that

the

transfer

of

assets

and

liabilities

did

not

result

in

any federal

tax

liability

to

the

Predecessor

Fund

or

its

shareholders.

Shareholders

holding

Class

A

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A

and

Class

Y

shares

of

the

Fund,

respectively,

in

the

Reorganization.

The

Predecessor

Fund

was

the

accounting

survivor

of

the

Reorganization.

Accordingly,

the

Predecessor

Fund’s

performance

and

financial

history

have

become

the

performance

and

financial

history

of

the

Fund.

The

Fund’s

investment

objective

is

to

seek total

return.

Effective

April

1,

2025,

VCM

serves

as

the

Fund’s

investment

adviser,

succeeding

Amundi

Asset

Management

US,

Inc.

(“Amundi

US”).

On

the

same

date,

Victory

Capital

Services,

Inc.

(the

“Distributor”),

an

affiliate

of

the

Adviser,

became

the

Distributor

for

the

Fund's

shares,

succeeding

Amundi

Distributor

US,

Inc.

The

Distributor

receives

no

fee

or

other

compensation

for

these

services

(See

Note

5).

On

September

30,

2025,

the

Trust’s

Board

of

Trustees

(the

“Board”),

upon

the

recommendation

of

the

Adviser,

approved

a

change

in

the

Fund's

custodian,

sub-administrator,

sub-fund

accountant,

and

transfer

agent.

Effective

as

of

February

9,

2026, Citibank,

N.A.

serves

as

the

custodian

of

the

Fund,

Citi

Fund

Services

Ohio,

Inc.

serves

as

sub-administrator

and

sub-fund

accountant

of

the

Fund,

and

FIS

Investor

Services

LLC

serves

as

transfer

agent

of

the

Fund.

2.

Significant

Accounting

Policies:

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Fund

in

the

preparation

of

its

financial

statements.

The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

(“GAAP”).

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the

Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

follows

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification

Topic 946.

Investment

Valuation: 

The

Fund

records

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to sell

an asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund’s

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

quoted

prices

(unadjusted)

in

active

markets

for

identical

securities

Level

2

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

or

credit

spreads,

applicable

to

those

securities,

etc.)

Level

3

—

significant

unobservable

inputs

(including

the

Adviser’s

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodologies

used

for

valuation

techniques

are

not

necessarily

an

indication

of

the

risks

associated

with

entering

into

those

investments.

The Adviser,

appointed

as

the

valuation

designee

by the

Board, has

established

the

Pricing

Committee

(the

“Committee”),

and

subject

to

Board

oversight,

the

Committee

administers

and

oversees

the

Fund’s

valuation

policies

and

procedures,

which

are

approved

by

the

Board.

Fund

(Legal

Name)

Fund

(Short

Name)

Investment

Share

Classes

Offered

Victory

Pioneer

Securitized

Income

Fund

Securitized

Income

Fund

Class

A

and

Class

Y

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

19

Portfolio

securities

listed

or

traded

on

securities

exchanges,

are

valued

at

the

last

sale

price

on

the

exchange

or

system

where

the

security

is

principally

traded,

if

available,

or

at

the

Nasdaq

Official

Closing

Price.

If

there

have

been

no

sales

for

that

day

on

the

exchange

or

system,

then

a

security

is

valued

at

the

closing mean,

if

available,

otherwise

the

bid

quotation

on

the

exchange

or

system

where

the

security

is

principally

traded.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

Debt

securities

are

valued

each

business

day

by

a

pricing

service

approved

by

the

valuation

designee

and

subject

to

the

oversight

of

the

Board.

The

pricing

service

uses

the

evaluated

bid

or market

quotes to

value

securities.

Debt

obligations

maturing

within

60

days

may

be

valued

at

amortized

cost,

provided

that

the

amortized

cost

represents

the

fair

value

of

such

securities.

These

valuations

are

typically

categorized

as

Level

2

in

the

fair

value

hierarchy.

Investments

in

open-end

investment

companies are

valued

at their

net

asset

value

(“NAV”).

These

valuations

are

typically

categorized

as

Level

1 in

the

fair

value

hierarchy.

Loan

interests

are

valued

at

the

mean

between

the

last

available

bid

and

ask

prices

from

one

or

more

brokers

or

dealers

as

obtained

from

an

independent

third-party

pricing

service.

If

price

information

is

not

available,

or

if

the

price

information

is

deemed

to

be

unreliable,

price

information

will

be

obtained

from

an

alternative

loan

interest

pricing

service.

If

no

reliable

price

quotes

are

available

from

either

the

primary

or

alternative

pricing

service,

broker

quotes

will

be

solicited.

These

valuations

are

typically

categorized

as

Level

2

in

the

fair

value

hierarchy.

Futures

contracts

are

valued

at

the

settlement

price

established

each

day

by

the

board

of

trade

or

an

exchange

on

which

they

are

traded.

These

valuations

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

2

or

Level

3

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

the

Fund’s

net

asset

value to

be

more

reliable

than

it

otherwise

would

be.

A

summary

of

the

valuations

as

of

July

31,

2026, based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

on

the

Schedule

of

Portfolio

Investments

(amounts

in

thousands):

As

of July

31,

2026,

there

were

no

significant transfers

into

or

out

of

Level

3.

Investment

Companies:

Open-End

Funds:

The

Fund

may

invest

in

portfolios

of

open-end

investment

companies.

These

investment

companies

value

securities

in

their

portfolios

for

which

market

quotations

are

readily

available

at

their

market

values

(generally

the

last

reported

sale

price)

and

all

other

securities

and

assets

at

their

fair

value

by

the

methods

established

by

the

board

of

the

underlying

funds.

Mortgage-

and

Asset-Backed

Securities:

The

values

of

some

mortgage-related

or

asset-backed

securities

may

be

particularly

sensitive

to

changes

in

prevailing

interest

rates.

Early

repayment

of

principal

on

some

mortgage-related

securities

may

expose

the

Fund

to

a

lower

rate

of

return

upon

reinvestment

of

principal.

The

values

of

mortgage-

and

asset-backed

securities

depend

in

part

on

the

credit

quality

and

adequacy

of

the

underlying

assets

or

collateral

and

may

fluctuate

in

response

to

the

market’s

perception

of

these

factors

as

well

as

current

and

future

repayment

rates.

Some

mortgage-backed

securities

are

backed

by

the

full

faith

and

credit

of

the

U.S.

government

(e.g.,

mortgage-backed

securities

issued

by

the

Government

National

Mortgage

Association,

commonly

known

as

“Ginnie

Mae”),

while

other

mortgage-backed

securities

(e.g.,

mortgage-backed

securities

issued

by

the

Federal

National

Mortgage

Association

and

the

Federal

Home

Loan

Mortgage

Corporation,

commonly

known

as

“Fannie

Mae”

and

“Freddie

Mac,”

respectively),

are

backed

only

by

the

credit

of

the

government

entity

issuing

them.

In

addition,

some

mortgage-backed

securities

are

issued

by

private

entities

and,

as

such,

are

not

guaranteed

by

the

U.S.

government

or

any

agency

or

instrumentality

of

the

U.S.

government.

Level

1

Level

2

Level

3

Total

Securitized

Income

Fund

Asset-Backed

Securities

.........................................

$

—

$

124,208

$

—

$

124,208

Collateralized

Loan

Obligations

...................................

—

12,714

—

12,714

Collateralized

Mortgage

Obligations

................................

—

143,495

—

143,495

Corporate

Bonds

..............................................

—

—

5

5

U.S.

Government

Agency

Mortgages

................................

—

23,222

—

23,222

Short-Term

Investments

.........................................

—

40,356

—

40,356

Total

.......................................................

$

—

$

343,995

$

5

$

344,000

Other

Financial

Investments:*

Liabilities:

Futures

Contracts

..............................................

(101)

—

—

(101)

Total

.......................................................

$

(101)

$

—

$

—

$

(101)

*

Futures

Contracts

are

presented

at

the

unrealized

appreciation

(depreciation)

on

the

investment.

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

20

TBAs

:

The

Fund

may

enter

into

to-be-announced

(TBA)

purchases

or

sales

commitments

(collectively,

TBA

transactions),

pursuant

to

which

it

agrees

to

purchase

or

sell,

respectively,

mortgage-backed

securities

for

a

fixed

unit

price,

with

payment

and

delivery

at

a

scheduled

future

date

beyond

the

customary

settlement

period

for

such

securities.

With

TBA

transactions,

the

particular

securities

to

be

received

or

delivered

by

the

Fund

are

not

identified

at

the

trade

date;

however,

the

securities

must

meet

specified

terms,

including

issuer,

rate,

and

mortgage

term,

and

be

within

industry-accepted

“good

delivery”

standards.

The

Fund

may

enter

into

TBA

transactions

with

the

intention

of

taking

possession

of

or

relinquishing

the

underlying

securities,

may

elect

to

extend

the

settlement

by

“rolling”

the

transaction,

and/or

may

use

TBA

transactions

to

gain

or

reduce

interim

exposure

to

underlying

securities.

Until

settlement,

the

Fund

maintains

liquid

assets

sufficient

to

settle

its

commitment

to

purchase

a

TBA

or,

in

the

case

of

a

sale

commitment,

the

Fund

maintains

an

entitlement

to

the

security

to

be

sold.

To

mitigate

counterparty

risk,

the

Fund

has

entered

into

agreements

with

TBA

counterparties

that

provide

for

collateral

and

the

right

to

offset

amounts

due

to

or

from

those

counterparties

under

specified

conditions.

Subject

to

minimum

transfer

amounts,

collateral

requirements

are

determined

and

transfers

made

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

TBA

commitments

with

a

particular

counterparty.

At

any

time,

the

Fund’s

risk

of

loss

from

a

particular

counterparty

related

to

its

TBA

commitments

is

the

aggregate

unrealized

gain

on

appreciated

TBAs

in

excess

of

unrealized

loss

on

depreciated

TBAs

and

collateral

received,

if

any,

from

such

counterparty.

As

of

July

31,

2026,

no

collateral

was

pledged

or

paid

by

the

Fund.

Loans:

Floating

rate

loans

in

which

the

Fund

invests

are

primarily

“senior”

loans.

Senior

floating

rate

loans

typically

hold

a

senior

position

in

the

capital

structure

of

the

borrower,

are

typically

secured

by

specific

collateral,

and

have

a

claim

on

the

assets

and/or

stock

of

the

borrower

that

is

senior

to

that

held

by

subordinated

debtholders

and

stockholders

of

the

borrower.

While

these

protections

may

reduce

risk,

these

investments

still

present

significant

credit

risk.

A

significant

portion

of

the

Fund’s

floating

rate

investments

may

be

issued

in

connection

with

highly

leveraged

transactions

such

as

leveraged

buyouts,

leveraged

recapitalization

loans,

and

other

types

of

acquisition

financing.

Obligations

in

these

types

of

transactions

are

subject

to

greater

credit

risk

(including

default

and

bankruptcy)

than

many

other

investments

and

may

be,

or

become,

illiquid.

See

note

regarding

below-investment-grade

securities.

The

Fund

may

purchase

second

lien

loans

(secured

loans

with

a

claim

on

collateral

subordinate

to

a

senior

lender’s

claim

on

such

collateral),

fixed

rate

loans,

unsecured

loans,

and

other

debt

obligations.

Transactions

in

loans

often

settle

on

a

delayed

basis,

and

the

Fund

may

not

receive

the

proceeds

from

the

sale

of

a

loan

or

pay

for

a

loan

purchase

for

a

substantial

period

of

time

after

entering

into

the

transactions.

Securities

Purchased

on

a

Delayed-Delivery

or

When-Issued

Basis:

The

Fund

may

purchase

securities

on

a

delayed-delivery

or

when-issued

basis.

Delivery

and

payment

for

securities

that

have

been

purchased

by

the

Fund

on

a

delayed-delivery

or

when-issued

basis,

or

for

delayed

draws

on

loans

can

generally

take

place

within

35

days after

the

trade

date.

Securities

that

require

more

than

35

days

to

settle

are

considered

senior

securities

and

subject

to

Rule

18f-4.

At

the

time

the

Fund

makes

the

commitment

to

purchase

a

security

on

a

delayed-delivery

or

when-issued

basis,

the

Fund

records

the

transaction

and

reflects

the

value

of

the

security

in

determining

NAV.

No

interest

accrues

to

the

Fund

until

the

transaction

settles

and

payment

takes

place. 

If

the

Fund

owns

delayed-

delivery

or

when-issued

securities,

these

values

are

included

in

Payables

for

Investments

purchased

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Unfunded

Loan

Commitments:

The

Fund

may

enter

into

unfunded

loan

commitments.

Unfunded

loan

commitments

may

be

partially

or

wholly

unfunded.

During

the

contractual

period,

the

Fund

is

obliged

to

provide

funding

to

the

borrower

upon

demand.

A

fee

is

earned

by

the

Fund

on

the

unfunded

loan

commitment

and

is

recorded

as

interest

income

on

the

Statement

of

Operations.

Unrealized

appreciation

or

depreciation,

if

any,

is

recorded

on

the

Statement

of

Assets

and

Liabilities.

As

of July

31,

2026,

the

Fund

had

no

unfunded

loan

commitment

outstanding.

Derivative

Instruments:

Futures

Contracts:

The

Fund

may

enter

into

contracts

for

the

future

delivery

of

securities

or

foreign

currencies

and

futures

contracts

based

on

a

specific

security,

class

of

securities,

foreign

currency

or

an

index,

and

purchase

or

sell

options

on

any

such

futures

contracts.

A

futures

contract

on

a

securities

index

is

an

agreement

obligating

either

party

to

pay,

and

entitling

the

other

party

to

receive,

while

the

contract

is

outstanding,

cash

payments

based

on

the

level

of

a

specified

securities

index.

No

physical

delivery

of

the

underlying

asset

is

made.

The

Fund

may

enter

into

futures

contracts

in

an

effort

to

hedge

against

market

risks.

The

acquisition

of

put

and

call

options

on

futures

contracts

will

give

the

Fund

the

right

(but

not

the

obligation),

for

a

specified

price,

to

sell

or

to

purchase

the

underlying

futures

contract,

upon

exercise

of

the

option,

at

any

time

during

the

option

period.

Futures

transactions

involve

brokerage

costs

and a

good

faith

margin

deposit,

known

as

initial

margin,

of

cash

or

government

securities

with

a

broker

or

custodian

is

required

to

initiate

and

maintain

open

positions

in

futures

contracts.

Subsequent

payments,

known

as

variation

margin,

are

made

or

received

by

the

Fund

based

on

the

change

in

the

market

value

of

the

position

and

are

recorded

as

unrealized

appreciation

or

depreciation

until

the

contract

is

closed

out,

at

which

time

the

gain

or

loss

is

realized.

The

Fund

may

lose

the

expected

benefit

of

futures

transactions

if

interest

rates,

exchange

rates

or

securities

prices

change

in

an

unanticipated

manner.

Such

unanticipated

changes

may

also

result

in

lower

overall

performance

than

if

the

Fund

had

not

entered

into

any

futures

transactions.

In

addition,

the

value

of

the

Fund’s

futures

positions

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

21

may

not

prove

to

be

perfectly

or

even

highly

correlated

with

the

value

of

its

portfolio

securities

or

foreign

currencies,

limiting

the

Fund’s

ability

to

hedge

effectively

against

interest

rate,

exchange

rate

and/or

market

risk

and

giving

rise

to

additional

risks.

There

is

no

assurance

of

liquidity

in

the

secondary

market

for

purposes

of

closing

out

futures

positions.

The

collateral

held

by

the

Fund

is

reflected

on

the

Statement

of

Assets

and

Liabilities

under

Futures

contracts

collateral.

Management

has

determined

that

no

offsetting

requirements

exist

as

a

result

of its

conclusion

that

the

Fund

is

not

subject

to

master

netting

agreements

for

futures

contracts. During

the year ended

July

31,

2026,

the

Fund

entered

into

futures

contracts

primarily

for

the

strategy

of

gaining

exposure

to

a

particular

asset

class

or

securities

market.

Summary

of

Derivative

Instruments:

The

following

table

summarizes

the

fair

values

of

derivative

instruments

on

the

Statement

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

July

31,

2026 (amounts

in

thousands):

*Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

on

the

Schedules

of

Portfolio

Investments.

Only

the current

day’s

variation

margin

for

futures

contracts

is

reported

within

the

Statement

of

Assets

and

Liabilities.

The

following

table

presents the

effect

of

derivative

instruments

on

the

Statement

of

Operations,

categorized

by

risk

exposure,

for

the year

ended

July

31,

2026 (amounts

in

thousands):

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments:

The

following

table

summarizes

the

volume

of

derivative

instruments

activity for

the

year

ended July

31,

2026,

categorized

by

derivative

instrument type

(amounts

in

thousands):

Investment

Transactions

and

Related

Income:

Investment

transactions

are

recorded

on

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

 Interest

income

is

accrued

daily

and

recorded

using

the

effective

interest

method,

which

includes

the

amortization

of

premiums

and

accretion

of

discounts

on

debt

securities.

The Fund

may

receive

other

income

from

investments

in

loan

assignments

and/or

unfunded

commitments,

including

amendment

fees,

consent

fees,

and

commitment

fees.

These

fees

are

recorded

as

income

when

received.

These

amounts,

if

received,

are

included

in

Interest

income

on

the

Statement

of

Operations. 

Withholding

taxes

on

foreign

dividends,

interest,

and

capital

gains

have

been

provided

for

in

accordance

with

the

applicable

tax

rules

and

rates

of

each

respective

country.

Securities

Lending:

Effective

May

8,

2026,

the

Fund,

through

a

Securities

Lending

Agreement

with

Citibank,

N.A.

(“Citibank”),

may

lend

its

securities

to

qualified

financial

institutions,

such

as

certain

broker-dealers

and

banks,

to

earn

additional

income,

net

of

income

retained

by

Citibank.

Borrowers

are

required

to

initially

secure

their

loans

for

collateral

in

the

amount

of

at

least

102%

of

the

value

of

U.S.

securities

loaned

or

at

least

105%

of

the

value

of

non-U.S.

securities

loaned,

marked-to-market

daily.

Any

collateral

shortfalls

associated

with

increases

in

the

valuation

of

the

securities

loaned

are

generally

cured

the

next

business

day.

The

collateral

can

be

received

in

the

form

of

cash

collateral

and/or

non-cash

collateral.

Non-

cash

collateral

can

include

U.S.

Government

Securities

and

other

securities

as

permitted

by Securities

and

Exchange

Commission

(“SEC”)

guidelines.

The

cash

collateral

is

invested

in

short-term

instruments

or

cash

equivalents,

primarily

open-end

investment

companies,

as

noted

on

the

Fund’s

Schedule

of

Portfolio

Investments.

The

Fund

effectively

does

not

have

control

of

the

non-cash

collateral

and

therefore

it

is

not

Liabilities

Futures

contracts*

Interest

Rate

Risk

Exposure:

Securitized

Income

Fund

..............................................................................

$

101

Net

realized

gains

(losses)

from

futures

contracts

Net

change

in

unrealized

appreciation/

depreciation

on

futures

contracts

Interest

Rate

Risk

Exposure:

Securitized

Income

Fund

............................................................

$

(192)

$

(121)

Securitized

Income

Fund

Futures

contracts:

Average

notional

value

of

contracts

—

long

..................................................................

$

21,930

Average

notional

value

of

contracts

—

short

..................................................................

$

(3,168)

a

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

22

disclosed

on

the

Fund’s

Schedule

of

Portfolio

Investments.

Collateral

requirements

are

determined

daily

based

on

the

value

of

the

Fund’s

securities

on

loan

as

of

the

end

of

the

prior

business

day.

During

the

time

portfolio

securities

are

on

loan,

the

borrower

will

pay

the

Fund

any

dividends

or

interest

paid

on

such

securities

plus

any

fee

negotiated

between

the

parties

to

the

lending

agreement.

The

Fund

also

earns

a

return

from

the

collateral.

The

Fund

pays

Citibank

various

fees

in

connection

with

the

investment

of

cash

collateral

and

fees

based

on

the

investment

income

received

from

securities

lending

activities.

Securities

lending

income

(net

of

these

fees)

is

disclosed

on

the

Statement

of

Operations.

Loans

are

terminable

upon

demand

and

the

borrower

must

return

the

loaned

securities

within

the

lesser

of

one

standard

settlement

period

or

five

business

days.

Although

risk

is

mitigated

by

the

collateral,

the

Fund

could

experience

a

delay

in

recovering

its

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

In

addition,

there

is

a

risk

that

the

value

of

the

short-term

investments

will

be

less

than

the

amount

of

cash

collateral

required

to

be

returned

to

the

borrower.

The

Fund’s

agreement

with

Citibank

does

not

include

master

netting

provisions.

Non-cash

collateral

received

by

the

Fund

may

not

be

sold

or

repledged,

except

to

satisfy

borrower

default.

As

of

July

31,

2026,

the

Fund

did

not

have

any

securities

on

loan.

Federal

Income

Taxes:

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Fund

has

a

tax

year

end

of July

31.

For

the

year

ended

July

31,

2026,

the

Fund

did

not

incur

any

income

tax,

interest,

or

penalties,

and

has

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

include

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to the

Fund

are

charged

to the

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Income,

expenses

(other

than

class-specific

expenses

such

as

transfer

agent

fees,

state

registration

fees,

printing

fees,

and

12b-1

fees),

and

realized

and

unrealized

gains

or

losses

on

investments

are

allocated

to

each

class

of

shares

based

on

its

relative

net

assets

on

the

date

income

is

earned

or

expenses

and

realized

and

unrealized

gains

and

losses

are

incurred.

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statement

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3.

Purchases

and

Sales:

Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

year

ended

July

31,

2026,

were

as

follows

(amounts

in

thousands):

4.

Affiliated

Fund

Ownership:

The

Fund

offers

shares

for

investment

by

other

funds

including

VCM

affiliated

fund-of-funds.

The

affiliated fund-of-funds

do

not

invest

in

the

underlying

funds

for

the

purpose

of

exercising

management

or

control;

however,

investments

by

affiliated fund-of-funds

within

their

principal

investment

strategies

may

represent

a

significant

portion

of

an

underlying

fund’s

assets,

and

together

with

the

investments

of

the

other

affiliated

funds-of-funds,

may

represent

a

substantial

portion

or

even

all

of

an

underlying

fund’s

net

assets.

The

affiliated

fund-of-funds’

annual

and

semi-

annual

reports

may

be

viewed

at

vcm.com.

As

of

July

31,

2026,

certain

affiliated

fund-of-funds

owned

total

outstanding

shares

of

the

Fund

as

follows:

Excluding

U.S.

Government

Securities

U.S.

Government

Securities

Purchases

Sales

Purchases

Sales

Securitized

Income

Fund

..........................................

$

127,835

$

52,616

$

1,170

$

2,135

Securitized

Income

Fund

Ownership

%

Victory

Pioneer

Solutions

-

Balanced

Fund

3.7%

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

23

5.

Fees

and

Transactions

with

Affiliates

and

Related

Parties:

Investment

Advisory

Fees: 

Investment

advisory

services

are

provided

to

the

Fund

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

SEC.

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

fees

accrued

daily

and

paid

monthly

at

an

annualized

rate

based

on

a

percentage

of

the

average

daily

net

assets

of the

Fund. The

rates

at

which

the

Adviser

is

paid

by the

Fund

are

included

in

the

table

below.

Amounts

incurred

and

paid

to

VCM

for

the

year ended

July

31,

2026,

are

reflected

on

the

Statement

of

Operations

as

Investment

advisory

fees.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Fund’s

administrator

and

fund

accountant.

Under

the Administration

and

Fund

Accounting

Agreement,

VCM

is

paid

an

administration

fee

based

on

a

percentage

of

the

average

daily

net

assets

of

all

Companies

and

Funds

(as

defined

in

the

Administration

and

Fund

Accounting

Agreement)

together

with

all

other

registered

investment

companies

for

which

VCM

acts

as

administrator,

and allocated

to the

Fund

on

a

pro

rata

basis

calculated

based

on

the

Fund’s

average

daily

net

assets.

The

tiered

rates

at

which

VCM

is

paid

by

the

Fund

are

shown

in

the

table

below:

Amounts

incurred

for

the

year

ended

July

31,

2026,

are

reflected

on

the

Statement

of

Operations

as

Administration

fees.

Effective

February

9,

2026,

Citi

Fund

Services

Ohio,

Inc.

(“Citi”),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Fund

pursuant

to

a

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The

Fund

reimburses

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services,

including

costs

associated

with

the

Chief

Compliance

Officer,

and

the

implementation

of

new

reports

required

by

new

rules

adopted

by

the

SEC

under

the

1940

Act.

Prior

to

February

9,

2026,

BNY

Mellon

served

as

sub-administrator

and

sub-fund

accountant

for

the

Fund.

The

total

amounts

incurred

and

paid

for the year

ended July

31,

2026,

are

reflected

within

the

Sub-Administration

fees

on

the

Statement

of

Operations.

Transfer

Agency

Fees:

Effective February

9,

2026,

FIS

Investor

Services

LLC

serves

as

the

Fund’s

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the

Trust

pays

FIS

a

fee

for

its

services

and

reimburses

FIS

for

all

of its

reasonable

out-of-pocket

expenses

incurred

in

providing

these

services.

Prior

to February

9,

2026,

BNY

Mellon

Investment

Servicing

(US)

Inc.

served

as

the

transfer

agent

to

the

Fund at

negotiated

rates

where

transfer

agent

fees

included

sub-transfer

agent

expenses

incurred

through

the

Fund’s

omnibus

relationship

contracts.

In

addition,

the

Fund

would

reimburse

out-of-pocket

expenses

incurred

by

the

former

transfer

agent

related

to

shareholder

communications

activities

such

as

proxy

and

statement

mailings,

and

outgoing

phone

calls.

Total

transfer

agent

fees

incurred

for

the

year ended

July

31,

2026,

are

reflected

on

the

Statement

of

Operations

as

Transfer

agent

fees.

Sub-Transfer

Agency

Fees:

Effective

February

9,

2026,

the

Fund

has

entered

into

Sub-Transfer

Agency

Agreements

with

financial

intermediaries

that

provide

recordkeeping,

processing,

shareholder

communications

and

other

services

to

customers

of

the

intermediaries

that

hold

positions

in

the

Fund

and

have

agreed

to

compensate

the

intermediaries

for

providing

those

services.

Intermediaries

transact

with

the

Fund

primarily

through

the

use

of

omnibus

accounts

on

behalf

of

their

customers

who

hold

positions

in

the

Fund.

These

services

would

have

been

provided

by

the

Fund’s

transfer

agent

and

other

service

providers

if

the

shareholders'

accounts

were

maintained

directly

at

the

Fund’s

transfer

agent.

Prior

to

February

9,

2026,

BNY

Mellon

served

as

sub-transfer

agent.

Total

sub-transfer

agent

fees

incurred

for

the year

ended

July

31,

2026,

are

reflected

on

the

Statement

of

Operations

as

Sub-Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services, Inc.

(the

“Distributor”),

an

affiliate

of

the

Adviser,

serves

as

the

Distributor

for

the

continuous

offering

of

the

shares

of

the

Fund

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust.

Adviser

Fee

Tier

Rates

Up

to

$1

billion

Over

$1

billion

Securitized

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.55%,

plus

0.50%

Annual

Charge

Up

to

$15

billion

Over

$15

billion

-

$30

billion

Over

$30

billion

-

$85

billion

Over

$85

billion

Securitized

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.08%,

plus

0.05%,

plus

0.04%,

plus

0.03%

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

24

Pursuant

to

the

Distribution

and

Service

Plans

adopted

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Distributor

may

receive

a

monthly

distribution

and

service

fee

for

Class

A

at

an

annual

rate

of

up

to

0.25%

of

the

average

daily

net

assets. Amounts

incurred

and

paid

to

the

Distributor

for

the

year

ended

July

31,

2026, are

reflected

on

the

Statement

of

Operations

as

12b-1

fees.

In

addition,

the

Distributor

is

entitled

to

receive

commissions

in

connection

with

sales

of

Class

A.

For

the

year

ended

July

31,

2026,

the

Distributor

received

less

than

$1

thousand

from

commissions

earned

in

connection

with

sales

of

Class

A.

Other

Fees:

Effective

February

9,

2026,

Citibank

serves

as

the

Fund's

custodian.

The

Fund

pays

Citibank

a

fee

for

providing

these

services.

Prior

to

February

9,

2026,

BNY

Mellon

served

as

the

Fund's

custodian. Total

custodian

fees

incurred

for

the

year ended

July

31,

2026, are

reflected

on

the

Statement

of

Operations

as

Custodian

fees.

Sidley

Austin

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with the Fund.

Under

the

terms

of

the

agreement,

the

Adviser

has

agreed

to

waive

fees

or

reimburse

certain

expenses

to

the

extent

that

ordinary

operating

expenses

incurred

by

certain

classes

of

the

Fund

in

any

fiscal

year

exceed

the

expense limits

for

such

classes

of the

Fund.

Such

excess

amounts

will

be

the

liability

of

the

Adviser. Acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund’s

business

are

excluded

from

the

expense

limits.

As

of

July

31,

2026,

the

expense

limits

(excluding

voluntary

waivers) were

as

follows:

Under

the

terms

of

the

expense

limitation

agreement,

the

Fund

has

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to two

years

(twenty-four

(24)

months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense limits

in

effect

at

the

time

of:

(a)

the

original

waiver

or

expense

reimbursement;

or

(b)

the

recoupment,

after

giving

effect

to

the

recoupment

amount.

The

Fund

has

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

July

31,

2026.

The

dates

in

the

table

below

represent

the

fiscal

year-end

in

which

the

24-month

recoupment

period

expires.

As

of

July

31,

2026,

these

amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

The

Adviser

may

voluntarily

waive

or

reimburse

additional

fees

and

expenses

or

make

other

payments to

assist

the

Fund

in

maintaining

competitive

expense

ratios.

Except

as

noted

above,

voluntary

waivers

and

reimbursements

applicable

to

the

Fund

are

not

available

to

be

recouped

at

a

future

time.

There

were

no

voluntary

waivers

or

reimbursements

for

the year

ended

July

31,

2026.

Certain

officers

and/or

interested

trustees

of

the

Fund

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

and

Distributor.

6.

Risks:

The

following

describes

principal

risks

that

you

may

assume

as

an

investor

in

the

Fund.

The

Fund’s

prospectus

contains

unaudited

information

regarding

the

Fund’s

principal

risks.

Please

refer

to

that

document

when

considering

the

Fund’s

principal

risks.

The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

Market

Risk

—

The

market

prices

of

securities

or

other

assets

held

by

the

Fund

may

go

up

or

down,

sometimes

rapidly

or

unpredictably,

due

to

general

market

conditions,

such

as

real

or

perceived

adverse

economic,

political,

or

regulatory

conditions,

political

instability,

recessions,

inflation,

changes

in

interest

or

currency

rates,

lack

of

liquidity

in

the

bond

markets,

the

spread

of

infectious

illness

or

other

public

health

issues,

weather

or

climate

events,

armed

conflict,

market

disruptions

caused

by

tariffs,

trade

disputes,

sanctions

or

other

government

actions,

or

other

factors

or

adverse

investor

sentiment.

If

the

market

prices

of

the

Fund’s

securities

and

assets

fall,

the

value

of

your

investment

will

go

down.

A

change

in

financial

condition

or

other

event

affecting

a

single

issuer

or

market

may

adversely

impact

securities

markets

as

a

whole.

High-Yield/Junk

Bond

Risk

—

Lower-quality

debt

securities

can

involve

a

substantially

greater

risk

of

default

than

higher

quality

debt

securities,

and

their

values

can

decline

significantly

over

short

and

longer

periods

of

time.

Lower-quality

debt

securities

tend

to

be

more

sensitive

to

adverse

news

about

the

issuer,

or

the

market

or

economy

in

general.

Credit Risk

—

If

an

issuer

or

guarantor

of

a

security

held

by

the

Fund

or

a

counterparty

to

a

financial

contract

with

the

Fund

defaults

on

its

obligation

to

pay

principal

and/or

interest,

has

its

credit

rating

downgraded

or

is

perceived

to

be

less

creditworthy,

or

the

credit

quality

or

value

of

any

underlying

assets

declines,

the

value

of

your

investment

will

typically

decline.

The

values

of

lower-quality

debt

securities

tend

to

be

In

effect

until

April

1,

2028

Class

A

Class

Y

Securitized

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.90%

0.65%

July

31,

2027

July

31,

2028

Total

Securitized

Income

Fund

...........................................................

$

167

$

529

$

696

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

25

particularly

sensitive

to

these

changes.

Changes

in

actual

or

perceived

creditworthiness

may

occur

quickly.

The

values

of

securities

also

may

decline

for

a

number

of

other

reasons

that

relate

directly

to

the

issuer,

such

as

management

performance,

financial

leverage

and

reduced

demand

for

the

issuer’s

goods

and

services,

as

well

as

the

historical

and

prospective

earnings

of

the

issuer

and

the

value

of

its

assets.

The

Fund

also

could

be

delayed

or

hindered

in

its

enforcement

of

rights

against

an

issuer,

guarantor

or

counterparty.

7.

Borrowing

and

Interfund

Lending:

Line

of

Credit:

The

Trust

participates

in

a

short-term

demand

note

“Line

of

Credit”

agreement

with

Citibank.

Under

the

agreement

with

Citibank,

the

Trust

may

borrow

up

to

$250

million.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the

period

from

September

1,

2025,

through

January

27,

2026,

Citibank

received

an

annual

commitment

fee

of

0.20%

for

providing

the

Line

of

Credit.

Effective

January

28,

2026,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

changed

to

0.275%.

Additionally,

the

agreement

was

renewed

again

effective

June

23,

2026,

with

a

termination

date

of

June

21,

2027,

and

the

annual

commitment

fee

remained

unchanged

at

0.275%.

Each

fund

in

the

Trust

paid

a

pro-rata

portion

of

the

commitment

fees

plus

interest

on

amounts

borrowed.

Interest

prior

to

renewal

was

based

on

the

one-month

Secured

Overnight

Financing

Rate

(SOFR)

plus

1.00%, plus

0.10%

SOFR

adjustment.

Pursuant

to

the

amendment

on

June

22,

2026,

the

interest

is

based

on

the

one-month

SOFR plus

1.25%, plus

0.10%

SOFR

adjustment.

Interest

charged

to

the

Fund

during

the

period,

if

applicable,

is

reflected

on

the

Statement

of

Operations

under

Line

of

credit

fees.

The

Fund

had

no

borrowings

under the

Line

of

Credit

agreement

during

the

year

ended

July

31,

2026.

Interfund

Lending:

The

Trust

and

the

Adviser

rely

on

an

exemptive

order

granted

by

the

SEC

in

March

2017

(the

“Order”),

permitting

the

establishment

and

operation

of

an

Interfund

Lending

Facility

(the

“Facility”).

The

Facility

allows

the

Fund

to

directly

lend

and

borrow

money

to

or

from

any

other

fund

in

the

Victory

Funds

Complex

that

is

permitted

to

participate

in

the

Facility,

relying

upon

the

Order

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Advances

under

the

Facility

are

allowed

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

each

Fund’s

borrowing

restrictions.

The

interfund

loan

rate

is

determined,

as

specified

in

the

Order,

by

averaging

the

current

repurchase

agreement

rate

and

the

current

bank

loan

rate.

As

a

Borrower

(as

defined

in

the

Order),

interest

charged

to

the

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statement

of

Operations

under

Interfund

lending

fees.

As

a

Lender

(as

defined

in

the

Order),

interest

earned

by

the

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statement

of

Operations

under

Interfund

lending.

The

Fund

did

not

utilize

or

participate

in

the

Facility

during

the

year

ended

July

31,

2026.

8.

Federal

Income

Tax

Information:

Distributions

from

the

Fund's

net

investment

income

are declared

daily

and

distributed

on

the

last

business

day

of

each

month.

Distributable

net

realized

gains,

if

any,

are

generally

declared

and

paid

at

least

annually. 

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

“book/tax”

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification,

utilized

earnings

and

profit

distributions

to

shareholders

on

redemption

of

shares

as

part

of

the

dividends

paid

deduction

for

income

tax

purposes),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Fund

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statement

of

Assets

and

Liabilities.

The

tax

character

of

distributions

paid

during

the

tax

years

ended,

as

noted

below,

were

as

follows

(total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because,

for

tax

purposes,

dividends

are

recognized

when

actually

paid)

(amounts

in

thousands):

Year

Ended

July

31,

2026

Distributions

Paid

From:

Ordinary

Income

Total

Distributions

Paid

Securitized

Income

Fund

..................................................................

$

18,267

$

18,267

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

26

As

of

July

31,

2026,

the

components

of

accumulated

earnings

(loss)

on

a

tax

basis

were

as

follows

(amounts

in

thousands):

*

The

difference

between

the

book-basis

and

tax-basis

net

unrealized

appreciation

(depreciation)

is

attributable

to

defaulted

bond

adjustments,

mark-to-market

on

futures

contracts

and

include

premium

and

amortization.

As

of July

31,

2026,

the

Fund

had

net

capital

loss

carryforwards as

shown

in the

table

below

(amounts

in

thousands).

It

is

unlikely

that

the

Board

will

authorize

a

distribution

of

capital

gains

realized

in

the

future

until

the

capital

loss

carryforwards

have

been

used.

As

of July

31,

2026,

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation,

and

net

unrealized

appreciation

(depreciation)

for

investments were

as

follows

(amounts

in

thousands):

9.

Segment

Reporting:

The

Adviser’s

Management

Committee

acts

as

the

Fund’s

Chief

Operating

Decision

Maker

(“CODM”).

The

Fund

represents

a

single

operating

segment,

as

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund’s

long-term

strategic

asset

allocation

is

predetermined

in

accordance

with

the

Fund's

single

investment

objective.

The

financial

information

in

the

form

of

the

Fund’s

portfolio

composition,

total

returns,

expense

ratios,

and

changes

in

net

assets,

which

are

used

by

the

CODM

to

assess

the

segment’s

performance

versus

the

Fund’s

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund’s

single

segment,

is

consistent

with

that

presented

within

the

Fund’s

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

as

“total

assets”

and

significant

segment

expenses

are

listed

on

the

accompanying

Statement

of

Operations.

Year

Ended

July

31,

2025

Distributions

Paid

From:

Ordinary

Income

Total

Distributions

Paid

Securitized

Income

Fund

..................................................................

$

10,459

$

10,459

Undistributed

Ordinary

Income

Distributions

Payable

Accumulated

Earnings

(Loss)

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation

(Depreciation)*

Total

Accumulated

Earnings

(Loss)

Securitized

Income

Fund

............

$

39

$

(10)

$

29

$

(1,093)

$

(3,636)

$

(4,700)

Short-Term

Amount

Long-Term

Amount

Total

Securitized

Income

Fund

................................................

$

(47)

$

(1,046)

$

(1,093)

Cost

of

Investments

for

Federal

Tax

Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Securitized

Income

Fund

..............................

$

347,636

$

2,777

$

(6,413)

$

(3,636)

27

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Trustees

of

Victory

Portfolios

IV

and

the

Shareholders

of

Victory

Pioneer

Securitized

Income

Fund:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

Victory

Pioneer

Securitized

Income

Fund

(the

“Fund”)

(one

of

the

funds

constituting

Victory

Portfolios

IV),

including

the

schedule

of

portfolio

investments,

as

of

July

31,

2026,

the

related

statement

of

operations

for

the

year

then

ended,

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

financial

highlights

for

each

of

the

three

years

in

the

period

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

“financial

statements

and

financial

highlights”).

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

July

31,

2026,

and

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

three

years

in

the

period

then

ended

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

financial

highlights

for

the

years

ended

July

31,

2023

and

2022

were

audited

by

other

auditors.

Those

auditors

expressed

an

unqualified

opinion

on

those

financial

statements

and

financial

highlights

in

their

report

dated

September

29,

2023.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

its

internal

control

over

financial

reporting.

As

part

of

our

audits,

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

July

31,

2026,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

DELOITTE

&

TOUCHE

LLP

Boston,

Massachusetts

September

25,

2026

We

have

served

as

the

auditor

of

one

or

more

of

the

Victory

Pioneer

investment

companies

since

2024.

Supplemental

Information

July

31,

2026

Victory

Portfolios

IV

28

(Unaudited)

Additional

Federal

Income

Tax

Information 

For

the

fiscal

year

ended

July

31,

2026,

the

Fund

hereby

designates

the

maximum

amount

allowable

of

its

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

Shareholders

will

be

notified

via

IRS

Form

1099

of

the

amounts

for

use

in

preparing

their

income

tax

return.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800)

539-3863

32216-0926

July

31,

2026

Annual:

Full

Financials

Victory

Pioneer

Solutions

–

Balanced

Fund

TABLE

OF

CONTENTS

Victory

Portfolios

IV

1

This

report

is

for

the

information

of

the

shareholders

and

others

who

have

received

a

copy

of

the

currently

effective

prospectus

of

the

Fund,

managed

by

Victory

Capital

Management

Inc.

It

may

be

used

as

sales

literature

only

when

preceded

or

accompanied

by

a

current

prospectus,

which

provides

further

details

about

the

Fund.

IRA

DISTRIBUTION

WITHHOLDING

DISCLOSURE

We

generally

must

withhold

federal

income

tax

at

a

rate

of

10%

of

the

taxable

portion

of

your

distribution

and,

if

you

live

in

a

state

that

requires

state

income

tax

withholding,

at

your

state’s

tax

rate.

However,

you

may

elect

not

to

have

withholding

apply

or

to

have

income

tax

withheld

at

a

higher

rate.

Any

withholding

election

that

you

make

will

apply

to

any

subsequent

distribution

unless

and

until

you

change

or

revoke

the

election.

If

you

wish

to

make

a

withholding

election,

or

change

or

revoke

a

prior

withholding

election,

call

(800)

539-3863,

and

a

Form

W-4P

(OMB

No.

1545-0074

withholding

certificate

for

pension

or

annuity

payments)

will

be

electronically

sent.

If

you

do

not

have

a

withholding

election

in

place

by

the

date

of

a

distribution,

federal

income

tax

will

be

withheld

from

the

taxable

portion

of

your

distribution

at

a

rate

of

10%.

If

you

must

pay

estimated

taxes,

you

may

be

subject

to

estimated

tax

penalties

if

your

estimated

tax

payments

are

not

sufficient

and

sufficient

tax

is

not

withheld

from

your

distribution.

For

more

specific

information,

please

consult

your

tax

adviser.

•

NOT

FDIC

INSURED

•

NO

BANK

GUARANTEE

•

MAY

LOSE

VALUE

Schedule

of

Portfolio

Investments

(Form

N-CSR

Item

6)

2

Financial

Statements

(Form

N-CSR

Item

7)

Statement

of

Assets

and

Liabilities

3

Statement

of

Operations

4

Statements

of

Changes

in

Net

Assets

5

Financial

Highlights

7

Notes

to

Financial

Statements

(Form

N-CSR

Item

7)

10

Report

of

Independent

Registered

Public

Accounting

Firm

(Form

N-CSR

Item

7)

17

Supplemental

Information

(Unaudited)

Additional

Federal

Income

Tax

Information

18

Schedule

of

Portfolio

Investments

July

31,

2026

Victory

Portfolios

IV

Victory

Pioneer

Solutions

-

Balanced

Fund

2

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Affiliated

Mutual

Funds

(99.9%)

Victory

Pioneer

Active

Credit

Fund,

Class

Y

....................................

1,435,686

$

12,002

Victory

Pioneer

Balanced

Fund,

Class

R6

......................................

1,447,856

20,560

Victory

Pioneer

Bond

Fund,

Class

R6

........................................

3,387,313

28,047

Victory

Pioneer

CAT

Bond

Fund,

Class

R6

.....................................

1,034,571

11,877

Victory

Pioneer

Disciplined

Value

Fund,

Class

R6

...............................

181,365

3,359

Victory

Pioneer

Equity

Income

Fund,

Class

R6

..................................

121,066

3,368

Victory

Pioneer

Equity

Premium

Income

Fund,

Class

R6

...........................

2,530,853

33,230

Victory

Pioneer

Floating

Rate

Fund,

Class

Y

...................................

402,492

2,387

Victory

Pioneer

Fund,

Class

R6

.............................................

180,445

8,829

Victory

Pioneer

Fundamental

Growth

Fund,

Class

R6

.............................

80,050

2,835

Victory

Pioneer

Global

Equity

Fund,

Class

R6

..................................

3,206,436

85,099

Victory

Pioneer

International

Equity

Fund,

Class

R6

..............................

1,027,217

39,547

Victory

Pioneer

Multi-Asset

Income

Fund,

Class

R6

..............................

9,249,829

129,960

Victory

Pioneer

Multi-Asset

Ultrashort

Income

Fund,

Class

R6

......................

3,932,890

37,795

Victory

Pioneer

Securitized

Income

Fund,

Class

Y

...............................

1,273,235

11,981

Victory

Pioneer

Short

Term

Income

Fund,

Class

R6

..............................

497,840

4,346

Victory

Pioneer

Strategic

Income

Fund,

Class

R6

................................

44,147

424

Total

Affiliated

Mutual

Funds

(Cost

$341,058)

a

a

a

435,646

Total

Investments

(Cost

$341,058)

—

99.9%

435,646

Other

assets

in

excess

of

liabilities

—  0.1%

241

NET

ASSETS

-

100.00%

$

435,887

Statement

of

Assets

and

Liabilities

July

31,

2026

3

See

notes

to

financial

statements.

Victory

Portfolios

IV

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

Victory

Pioneer

Solutions

-

Balanced

Fund

Assets:

Affiliated

investments,

at

value

(Cost

$341,058)

$

435,646

Cash

1,253

Receivables:

Dividends

and

interest

3

Capital

shares

issued

28

Prepaid

expenses

35

Total

Assets

436,965

Liabilities:

Payables:

Investments

purchased

—

(a)

Capital

shares

redeemed

874

Accrued

expenses

and

other

payables:

Custodian

fees

2

Transfer

agent

fees

66

Sub-Transfer

agent

fees

8

Trustees'

fees

2

12b-1

fees

60

Other

accrued

expenses

66

Total

Liabilities

1,078

Commitments

and

contingencies

(Note

4

)

Net

Assets:

Capital

319,582

Total

accumulated

earnings

(loss)

116,305

Net

Assets

$

435,887

Net

Assets:

Class

A

$

379,974

Class

C

42,439

Class

Y

13,474

Total

$

435,887

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

Class

A

26,615

Class

C

3,403

Class

Y

924

Total

30,942

Net

asset

value,

offering

and

redemption

price

per

share:(b)

Class

A

$

14.28

Class

C(c)

12.47

Class

Y

14.58

Maximum

Sales

Charge

—

Class

A

5.75%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

15.15

(a)

Rounds

to

less

than

$1

thousand.

(b)

Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

(c)

Redemption

price

per

share

varies

by

length

of

time

shares

are

held.

Statement

of

Operations

For

the

Year

Ended

July

31,

2026

4

See

notes

to

financial

statements.

Victory

Portfolios

IV

(Amounts

in

Thousands)

Victory

Pioneer

Solutions

-

Balanced

Fund

Investment

Income:

Dividends

from

affiliated

investments

$

20,840‌

Dividends

from

unaffiliated

investments

47‌

Interest

from

unaffiliated

investments

4‌

Total

Income

20,891‌

Expenses:

Sub-Administration

fees

8‌

12b-1

fees

—

Class

A

930‌

12b-1

fees

—

Class

C

417‌

Custodian

fees

6‌

Transfer

agent

fees

—

Class

A

115‌

Transfer

agent

fees

—

Class

C

11‌

Transfer

agent

fees

—

Class

Y

2‌

Sub-Transfer

agent

fees

—

Class

A

56‌

Sub-Transfer

agent

fees

—

Class

C

2‌

Sub-Transfer

agent

fees

—

Class

Y

18‌

Trustees'

fees

14‌

Legal

and

audit

fees

59‌

State

registration

and

filing

fees

50‌

Other

expenses

49‌

Total

Expenses

1,737‌

Net

Investment

Income

(Loss)

19,154‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

affiliated

investment

securities

13,025‌

Capital

gain

distributions

received

from

affiliated

investment

securities

9,630‌

Net

change

in

unrealized

appreciation/depreciation

on

affiliated

investment

securities

29,335‌

Net

realized/unrealized

gains

(losses)

on

investments

51,990‌

Change

in

net

assets

resulting

from

operations

$

71,144‌

5

(Amounts

in

Thousands)

Victory

Portfolios

IV

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

Victory

Pioneer

Solutions

-

Balanced

Fund

Year

Ended

July

31,

2026

Year

Ended

July

31,

2025*

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

19,154‌

$

17,262‌

Net

realized

gains

(losses)

22,655‌

11,668‌

Net

change

in

unrealized

appreciation/depreciation

29,335‌

18,048‌

Change

in

net

assets

resulting

from

operations

71,144‌

46,978‌

Distributions

to

Shareholders:

Class

A

(

20,429‌

)

(

16,085‌

)

Class

C

(

2,339‌

)

(

1,741‌

)

Class

R

—‌

(

58‌

)

Class

Y

(

952‌

)

(

243‌

)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(

23,720‌

)

(

18,127‌

)

Change

in

net

assets

resulting

from

capital

transactions

(

19,204‌

)

(

12,022‌

)

Change

in

net

assets

28,220‌

16,829‌

Net

Assets:

Beginning

of

period

407,667‌

390,838‌

End

of

period

$

435,887‌

$

407,667‌

*

Pioneer

Solutions

-

Balanced

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

April

1,

2025

(the

“Reorganization”).

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

A,

and

Class

Y

shares

of

the

Fund,

respectively.

6

(Amounts

in

Thousands)

Victory

Portfolios

IV

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

Victory

Pioneer

Solutions

-

Balanced

Fund

Year

Ended

July

31,

2026

Year

Ended

July

31,

2025*

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

21,493‌

$

16,205‌

Distributions

reinvested

20,177‌

15,941‌

Cost

of

shares

redeemed

(

58,338‌

)

(

48,218‌

)

Total

Class

A

$

(

16,668‌

)

$

(

16,072‌

)

Class

C

Proceeds

from

shares

issued

$

3,527‌

$

4,381‌

Distributions

reinvested

2,339‌

1,741‌

Cost

of

shares

redeemed

(

7,029‌

)

(

8,443‌

)

Total

Class

C

$

(

1,163‌

)

$

(

2,321‌

)

Class

R

Proceeds

from

shares

issued

$

—‌

$

57‌

Distributions

reinvested

—‌

58‌

Cost

of

shares

redeemed

—‌

(

1,341‌

)

Total

Class

R

$

—‌

$

(

1,226‌

)

Class

Y

Proceeds

from

shares

issued

$

5,965‌

$

9,477‌

Distributions

reinvested

942‌

233‌

Cost

of

shares

redeemed

(

8,280‌

)

(

2,113‌

)

Total

Class

Y

$

(

1,373‌

)

$

7,597‌

Change

in

net

assets

resulting

from

capital

transactions

$

(

19,204‌

)

$

(

12,022‌

)

Share

Transactions:

Class

A

Issued

1,571‌

1,363‌

Reinvested

1,517‌

1,416‌

Redeemed

(

4,285‌

)

(

4,028‌

)

Total

Class

A

(

1,197‌

)

(

1,249‌

)

Class

C

Issued

297‌

417‌

Reinvested

200‌

175‌

Redeemed

(

585‌

)

(

803‌

)

Total

Class

C

(

88‌

)

(

211‌

)

Class

R

Issued

—‌

5‌

Reinvested

—‌

5‌

Redeemed

—‌

(

115‌

)

Total

Class

R

—‌

(

105‌

)

Class

Y

Issued

433‌

750‌

Reinvested

69‌

20‌

Redeemed

(

600‌

)

(

170‌

)

Total

Class

Y

(

98‌

)

600‌

Change

in

Shares

(

1,383‌

)

(

965‌

)

*

Pioneer

Solutions

-

Balanced

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

April

1,

2025

(the

“Reorganization”).

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

A,

and

Class

Y

shares

of

the

Fund,

respectively.

Victory

Portfolios

IV

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

7

See

notes

to

financial

statements.

Victory

Pioneer

Solutions

-

Balanced

Fund

Class

A*

Year

Ended

July

31,

2026

Year

Ended

July

31,

2025

Year

Ended

July

31,

2024

Year

Ended

July

31,

2023

Year

Ended

July

31,

2022

Net

Asset

Value,

Beginning

of

Period

$12.77

$11.89

$11.03

$11.55

$13.20

Investment

Activities:

Net

investment

income

(loss)(a)

0.62

0.54

0.46

0.38

0.37

Net

realized

and

unrealized

gains

(losses)

1.65

0.91

0.83

0.55

(1.22)

Total

from

Investment

Activities

2.27

1.45

1.29

0.93

(0.85)

Distributions

to

Shareholders

from:

Net

investment

income

(0.61)

(0.57)

(0.43)

(0.36)

(0.45)

Net

realized

gains

(0.15)

—

—

(1.09)

(0.35)

Total

Distributions

(0.76)

(0.57)

(0.43)

(1.45)

(0.80)

Net

Asset

Value,

End

of

Period

$14.28

$12.77

$11.89

$11.03

$11.55

Total

Return(b)

18.24%

12.85%

12.07%

9.03%(c)

(6.98)%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.34%

0.40%

0.43%

0.46%

0.44%

Net

Investment

Income

(Loss)(e)(f)

4.53%

4.51%

4.15%

3.44%

2.93%

Gross

Expenses(d)

0.34%

0.40%

0.43%

0.46%

0.44%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$379,974

$355,091

$345,496

$339,852

$339,265

Portfolio

Turnover(g)

25%

23%

30%

57%

51%

*

Pioneer

Solutions

-

Balanced

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

April

1,

2025

(the

“Reorganization”).

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A

and

Class

R

shares

of

the

Predecessor

Fund

received

Class

A

and

Class

A

shares

of

the

Fund,

respectively.

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c)

For

the

year

ended

July

31,

2023,

the

Fund’s

total

return

includes

a

voluntary

reimbursement

by

the

Adviser.

If

the

Fund

had

not

been

reimbursed

by

the

Adviser,

the

total

return

would

have

been

8.93%.

(d)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e)

In

addition

to

the

expenses

which

the

Fund

bears

directly,

the

Fund

indirectly

bears

pro

rata

shares

of

the

expenses

of

the

funds

in

which

the

Fund

invests.

Because

each

of

the

underlying

funds

bears

its

own

varying

expense

levels

and

because

the

Fund

may

own

differing

proportions

of

each

fund

at

different

times,

the

amount

of

expenses

incurred

indirectly

by

the

Fund

will

vary

from

time

to

time.

(f)

Ratios

do

not

reflect

the

Fund’s

proportionate

share

of

the

income

and

expenses

of

the

underlying

funds.

(g)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

IV

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

8

See

notes

to

financial

statements.

Victory

Pioneer

Solutions

-

Balanced

Fund

Class

C*

Year

Ended

July

31,

2026

Year

Ended

July

31,

2025

Year

Ended

July

31,

2024

Year

Ended

July

31,

2023

Year

Ended

July

31,

2022

Net

Asset

Value,

Beginning

of

Period

$11.25

$10.53

$9.82

$10.44

$11.99

Investment

Activities:

Net

investment

income

(loss)(a)

0.45

0.40

0.34

0.27

0.25

Net

realized

and

unrealized

gains

(losses)

1.45

0.81

0.73

0.48

(1.10)

Total

from

Investment

Activities

1.90

1.21

1.07

0.75

(0.85)

Distributions

to

Shareholders

from:

Net

investment

income

(0.53)

(0.49)

(0.36)

(0.28)

(0.35)

Net

realized

gains

(0.15)

—

—

(1.09)

(0.35)

Total

Distributions

(0.68)

(0.49)

(0.36)

(1.37)

(0.70)

Net

Asset

Value,

End

of

Period

$12.47

$11.25

$10.53

$9.82

$10.44

Total

Return(b)

17.35%

12.09%

11.22%

8.14%(c)

(7.62)%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.07%

1.13%

1.17%

1.19%

1.16%

Net

Investment

Income

(Loss)(e)(f)

3.80%

3.77%

3.41%

2.71%

2.19%

Gross

Expenses(d)

1.07%

1.13%

1.17%

1.19%

1.16%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$42,439

$39,266

$38,997

$40,542

$43,133

Portfolio

Turnover(g)

25%

23%

30%

57%

51%

*

Pioneer

Solutions

-

Balanced

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

April

1,

2025

(the

“Reorganization”).

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

C

shares

of

the

Predecessor

Fund

received

Class

C

shares

of

the

Fund.

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c)

For

the

year

ended

July

31,

2023,

the

Fund’s

total

return

includes

a

voluntary

reimbursement

by

the

Adviser.

The

impact

on

Class

C’s

total

return

was

less

than

0.005%.

(d)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e)

In

addition

to

the

expenses

which

the

Fund

bears

directly,

the

Fund

indirectly

bears

pro

rata

shares

of

the

expenses

of

the

funds

in

which

the

Fund

invests.

Because

each

of

the

underlying

funds

bears

its

own

varying

expense

levels

and

because

the

Fund

may

own

differing

proportions

of

each

fund

at

different

times,

the

amount

of

expenses

incurred

indirectly

by

the

Fund

will

vary

from

time

to

time.

(f)

Ratios

do

not

reflect

the

Fund’s

proportionate

share

of

the

income

and

expenses

of

the

underlying

funds.

(g)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

9

Victory

Portfolios

IV

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

See

notes

to

financial

statements.

Victory

Pioneer

Solutions

-

Balanced

Fund

Class

Y*

Year

Ended

July

31,

2026

Year

Ended

July

31,

2025

Year

Ended

July

31,

2024

Year

Ended

July

31,

2023

Year

Ended

July

31,

2022

Net

Asset

Value,

Beginning

of

Period

$13.03

$12.12

$11.24

$11.77

$13.42

Investment

Activities:

Net

investment

income

(loss)(a)

0.69

0.55

0.51

0.41

0.41

Net

realized

and

unrealized

gains

(losses)

1.65

0.96

0.82

0.54

(1.22)

Total

from

Investment

Activities

2.34

1.51

1.33

0.95

(0.81)

Distributions

to

Shareholders

from:

Net

investment

income

(0.64)

(0.60)

(0.45)

(0.39)

(0.49)

Net

realized

gains

(0.15)

—

—

(1.09)

(0.35)

Total

Distributions

(0.79)

(0.60)

(0.45)

(1.48)

(0.84)

Net

Asset

Value,

End

of

Period

$14.58

$13.03

$12.12

$11.24

$11.77

Total

Return(b)

18.44%

13.08%

12.21%

9.08%(c)

(6.61)%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.18%

0.21%

0.25%

0.34%

0.14%

Net

Investment

Income

(Loss)(e)(f)

4.97%

4.44%

4.48%

3.67%

3.22%

Gross

Expenses(d)

0.18%

0.21%

0.25%

0.34%

0.14%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$13,474

$13,310

$5,109

$2,698

$2,708

Portfolio

Turnover(g)

25%

23%

30%

57%

51%

*

Pioneer

Solutions

-

Balanced

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

April

1,

2025

(the

“Reorganization”).

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

Y

shares

of

the

Predecessor

Fund

received

Class

Y

shares

of

the

Fund.

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c)

For

the

year

ended

July

31,

2023,

the

Fund’s

total

return

includes

a

voluntary

reimbursement

by

the

Adviser.

If

the

Fund

had

not

been

reimbursed

by

the

Adviser,

the

total

return

would

have

been

8.98%.

(d)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e)

In

addition

to

the

expenses

which

the

Fund

bears

directly,

the

Fund

indirectly

bears

pro

rata

shares

of

the

expenses

of

the

funds

in

which

the

Fund

invests.

Because

each

of

the

underlying

funds

bears

its

own

varying

expense

levels

and

because

the

Fund

may

own

differing

proportions

of

each

fund

at

different

times,

the

amount

of

expenses

incurred

indirectly

by

the

Fund

will

vary

from

time

to

time.

(f)

Ratios

do

not

reflect

the

Fund’s

proportionate

share

of

the

income

and

expenses

of

the

underlying

funds.

(g)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Notes

to

Financial

Statements

July

31,

2026

Victory

Portfolios

IV

10

1.

Organization:

Victory

Portfolios

IV

(the

“Trust”)

is

organized as

a

Delaware

statutory

trust and is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

investment

company.

The

Trust

is

comprised

of

26

funds, and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

no

par

value.

The

accompanying

financial

statements

are

those

of

the

following

fund

(the

“Fund”). The

Fund

is

classified

as

diversified

under

the

1940

Act.

The

Fund

is

a

"fund

of

funds"

in

that

it

invests

in

a

selection

of

affiliated

mutual

funds

and

exchange-traded

funds

("ETFs")

managed

by

the

Fund's

Adviser,

Victory

Capital

Management

Inc.

("VCM"

or

the

"Adviser"),

an

affiliate

of

the

Fund.

Each

class

of

shares

of the

Fund

has

substantially

identical

rights

and

privileges

except

with

respect

to

sales

charges,

fees

paid

under

distribution

plans,

expenses

allocable

exclusively

to

each

class

of

shares,

voting

rights

on

matters

solely

affecting

a

single

class

of

shares,

and

the

exchange

privilege

of

each

class

of

shares.

VCM

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

The Fund,

which

commenced

operations

on

April

1,

2025,

is

the

successor

to

the

Pioneer Solutions -

Balanced Fund

(the

“Predecessor

Fund”).

The

Predecessor

Fund

transferred

all

of

the

net

assets

of

Class

A,

Class

C,

Class

R,

and

Class

Y

shares

in

exchange

for

the

Fund’s

Class

A,

Class

C,

Class

A,

and

Class

Y

shares,

respectively,

on

April

1,

2025,

pursuant

to

an

agreement

and

plan

of

reorganization

(the

“Reorganization”),

which

was

approved

by

the

shareholders

of

the

Predecessor

Fund

on

March

27,

2025.

The

Reorganization

was

structured

so

that

the

transfer

of

assets

and

liabilities

did

not

result

in

federal

tax

liability

to

the

Predecessor

Fund

or

its

shareholders.

Shareholders

holding

Class

A,

Class

C, Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

A, and

Class

Y

shares

of

the

Fund,

respectively,

in

the

Reorganization.

The

Predecessor

Fund

was

the

accounting

survivor

of

the

Reorganization.

Accordingly,

the

Predecessor

Fund’s

performance

and

financial

history

have

become

the

performance

and

financial

history

of

the

Fund.

The

Fund’s

investment

objective

is

to

seek

long-term

capital

growth

and

current

income.

Effective

April

1,

2025, VCM

serves

as

the

Fund’s

investment

adviser,

succeeding

Amundi

Asset

Management

US,

Inc.

(“Amundi

US”).

On

the

same

date,

Victory

Capital

Services,

Inc.

(the

“Distributor”),

an

affiliate

of

the

Adviser,

became

the

Distributor

for

the

Fund's

shares,

succeeding

Amundi

Distributor

US,

Inc.

The

Distributor

receives

no

fee

or

other

compensation

for

these

services

(See

Note

5).

On

September

30,

2025,

the

Trust’s

Board

of

Trustees

(the

“Board”),

upon

the

recommendation

of

the

Adviser,

approved

a

change

in

the

Fund's

custodian,

sub-administrator,

sub-fund

accountant,

and

transfer

agent.

Effective

as

of

February

9,

2026, Citibank,

N.A.

serves

as

the

custodian

of

the

Fund,

Citi

Fund

Services

Ohio,

Inc.

serves

as

sub-administrator

and

sub-fund

accountant

of

the

Fund,

and

FIS

Investor

Services

LLC

serves

as

transfer

agent

of

the

Fund.

2.

Significant

Accounting

Policies:

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Fund

in

the

preparation

of

its

financial

statements.

The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

(“GAAP”).

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the

Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

follows

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification

Topic 946.

Investment

Valuation: 

The

Fund

records

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to sell

an asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund’s

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

quoted

prices

(unadjusted)

in

active

markets

for

identical

securities

Level

2

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

or

credit

spreads,

applicable

to

those

securities,

etc.)

Level

3

—

significant

unobservable

inputs

(including

the

Adviser’s

assumptions

in

determining

the

fair

value

of

investments)

Fund

(Legal

Name)

Fund

(Short

Name)

Investment

Share

Classes

Offered

Victory

Pioneer

Solutions

-

Balanced

Fund

Solutions

-

Balanced

Fund

Class

A,

Class

C,

and

Class

Y

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

11

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodologies

used

for

valuation

techniques

are

not

necessarily

an

indication

of

the

risks

associated

with

entering

into

those

investments.

The Adviser,

appointed

as

the

valuation

designee

by the

Board, has

established

the

Pricing

Committee

(the

“Committee”),

and

subject

to

Board

oversight,

the

Committee

administers

and

oversees

the

Fund’s

valuation

policies

and

procedures,

which

are

approved

by

the

Board.

Portfolio

securities

listed

or

traded

on

securities

exchanges,

are

valued

at

the

closing

price

on

the

exchange

or

system

where

the

security

is

principally

traded,

if

available,

or

at

the

Nasdaq

Official

Closing

Price.

If

there

have

been

no

sales

for

that

day

on

the

exchange

or

system,

then

a

security

is

valued

at

the

last

available

bid

quotation

on

the

exchange

or

system

where

the

security

is

principally

traded.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

Investments

in

the

underlying

affiliated

funds

and

other

open-end

investment

companies,

other

than

ETFs,

are

valued

at

their

net

asset

value

(“NAV”)

at

the

end

of

each

business

day. These

valuations

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

The

underlying

affiliated

funds

have

specific

valuation

procedures.

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

2

or

Level

3

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

the

Fund’s

net

asset

value

to

be

more

reliable

than

it

otherwise

would

be.

A

summary

of

the

valuations

as

of

July

31,

2026, based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

on

the

Schedule

of

Portfolio

Investments

(amounts

in

thousands):

As

of July

31,

2026,

there

were

no

significant transfers

into

or

out

of

Level

3.

Investment

Companies:

Exchange-Traded

Funds:

The

Fund

may

invest

in

ETFs,

the

shares

of

which

are

bought

and

sold

on

a

securities

exchange.

An

ETF

trades

like

common

stock

and

represents

a fixed

portfolio

of

securities

often

designed

to

track

the

performance

and

dividend

yield

of

a

particular

domestic

or

foreign

market

index.

The

Fund

may

purchase

shares

of

an

ETF

to

temporarily

gain

exposure

to

a

portion

of

the

U.S.

or

a

foreign

market

while

awaiting

purchase

of

underlying

securities.

The

risks

of

owning

an

ETF

generally

reflect

the

risks

of

owning

the

underlying

securities

the

ETF

is designed

to

track,

although

the

lack

of

liquidity

of

an

ETF

could

result

in

it

being

more

volatile.

Additionally,

ETFs

have

fees

and

expenses

that

reduce

their

value.

Open-End

Funds:

The

Fund

may

invest

in

portfolios

of

open-end

investment

companies.

These

investment

companies

value

securities

in

their

portfolios

for

which

market

quotations

are

readily

available

at

their

market

values

(generally

the

last

reported

sale

price)

and

all

other

securities

and

assets

at

their

fair

value

by

the

methods

established

by

the

board of

the

underlying

funds.

Investment

Transactions

and

Related

Income:

Investment

transactions

are

recorded

on

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

 Dividend

income

is

recorded

on

the

ex-dividend

date.

Non-cash

dividends

included

in

income,

if

any,

are

recorded

at

the

fair

value

of

the

securities

received.

Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis. Interest

income

is

accrued

daily

and

recorded

using

the

effective

interest

method,

which

includes

the

amortization

of

premiums

and

accretion

of

discounts

on

debt

securities.

Withholding

taxes

on

foreign

dividends,

interest,

and

capital

gains

have

been

provided

for

in

accordance

with

the

applicable

tax

rules

and

rates

of

each

respective

country.

Federal

Income

Taxes:

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Fund

has

a

tax

year

end

of July

31.

For

the

year

ended

July

31,

2026,

the

Fund

did

not

incur

any

income

tax,

interest,

or

penalties,

and

has

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Level

1

Level

2

Level

3

Total

Solutions

-

Balanced

Fund

Affiliated

Mutual

Funds

.........................................

$

435,646

$

—

$

—

$

435,646

Total

.......................................................

$

435,646

$

—

$

—

$

435,646

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

12

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

include

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to the

Fund

are

charged

to the

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Income,

expenses

(other

than

class-specific

expenses

such

as

transfer

agent

fees,

state

registration

fees,

printing

fees,

and

12b-1

fees),

and

realized

and

unrealized

gains

or

losses

on

investments

are

allocated

to

each

class

of

shares

based

on

its

relative

net

assets

on

the

date

income

is

earned

or

expenses

and

realized

and

unrealized

gains

and

losses

are

incurred.

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statement

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3.

Purchases

and

Sales:

Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

year

ended

July

31,

2026,

were

as

follows

(amounts

in

thousands):

4.

Fees

and

Transactions

with

Affiliates

and

Related

Parties:

Investment

Advisory

Fees: 

Investment

advisory

services

are

provided

to

the

Fund

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

Securities

and

Exchange

Commission

("SEC"). 

The

Adviser

does

not

receive

any

fees

from

the

Fund

for

these

services.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Fund’s

administrator

and

fund

accountant.

Under

the Administration

and

Fund

Accounting

Agreement,

VCM

is

paid

an

administration

fee

based

on

a

percentage

of

the

average

daily

net

assets

of

all

Companies

and

Funds

(as

defined

in

the

Administration

and

Fund

Accounting

Agreement)

together

with

all

other

registered

investment

companies

for

which

VCM

acts

as

administrator,

and allocated

to the

Fund

on

a

pro

rata

basis

calculated

based

on

the

Fund’s

average

daily

net

assets.

The

tiered

rates

at

which

VCM

is

paid

by

the

Fund

are

shown

in

the

table

below:

Amounts

incurred

for

the

year

ended

July

31,

2026,

are

reflected

on

the

Statement

of

Operations

as

Administration

fees.

Effective

February

9,

2026,

Citi

Fund

Services

Ohio,

Inc.

(“Citi”),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Fund

pursuant

to

a

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The

Fund

reimburses

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services,

including

costs

associated

with

the

Chief

Compliance

Officer,

and

the

implementation

of

new

reports

required

by

new

rules

adopted

by

the

SEC

under

the

1940

Act.

Prior

to

February

9,

2026,

BNY

Mellon

served

as

sub-administrator

and

sub-fund

accountant

for

the

Fund.

The

total

amounts

incurred

and

paid

for the year

ended July

31,

2026,

are

reflected

within

the

Sub-Administration

fees

on

the

Statement

of

Operations.

Transfer

Agency

Fees:

Effective February

9,

2026,

FIS

Investor

Services

LLC

serves

as

the

Fund’s

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the

Trust

pays

FIS

a

fee

for

its

services

and

reimburses

FIS

for

all

of its

reasonable

out-of-pocket

expenses

incurred

in

providing

these

services.

Prior

to February

9,

2026,

BNY

Mellon

Investment

Servicing

(US)

Inc.

served

as

the

transfer

agent

to

the

Fund at

negotiated

rates

where

transfer

Excluding

U.S.

Government

Securities

Purchases

Sales

Solutions

-

Balanced

Fund

...................................................................

$

108,012

$

120,562

Annual

Charge

Up

to

$15

billion

Over

$15

billion

-

$30

billion

Over

$30

billion

-

$85

billion

Over

$85

billion

Solutions

–

Balanced

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.08%,

plus

0.05%,

plus

0.04%,

plus

0.03%

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

13

agent

fees

included

sub-transfer

agent

expenses

incurred

through

the

Fund’s

omnibus

relationship

contracts.

In

addition,

the

Fund

would

reimburse

out-of-pocket

expenses

incurred

by

the

former

transfer

agent

related

to

shareholder

communications

activities

such

as

proxy

and

statement

mailings,

and

outgoing

phone

calls.

Total

transfer

agent

fees

incurred

for

the

year ended

July

31,

2026,

are

reflected

on

the

Statement

of

Operations

as

Transfer

agent

fees.

Sub-Transfer

Agency

Fees:

Effective

February

9,

2026,

the

Fund

has

entered

into

Sub-Transfer

Agency

Agreements

with

financial

intermediaries

that

provide

recordkeeping,

processing,

shareholder

communications

and

other

services

to

customers

of

the

intermediaries

that

hold

positions

in

the

Fund

and

have

agreed

to

compensate

the

intermediaries

for

providing

those

services.

Intermediaries

transact

with

the

Fund

primarily

through

the

use

of

omnibus

accounts

on

behalf

of

their

customers

who

hold

positions

in

the

Fund.

These

services

would

have

been

provided

by

the

Fund’s

transfer

agent

and

other

service

providers

if

the

shareholders'

accounts

were

maintained

directly

at

the

Fund’s

transfer

agent.

Prior

to

February

9,

2026,

BNY

Mellon

served

as

sub-transfer

agent.

Total

sub-transfer

agent

fees

incurred

for

the year

ended

July

31,

2026,

are

reflected

on

the

Statement

of

Operations

as

Sub-Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services, Inc.

(the

“Distributor”),

an

affiliate

of

the

Adviser,

serves

as

the

Distributor

for

the

continuous

offering

of

the

shares

of

the

Fund

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust.

Pursuant

to

the

Distribution

and

Services

Plan

adopted

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Distributor

may

receive

a

monthly

distribution

and

service

fee

for

Class

A

and

Class

C,

at

an

annual

rate

of

up

to

0.25%

and

1.00%,

respectively,

of

the

average

daily

net

assets. Amounts

incurred

and

paid

to

the

Distributor

for

the year

ended

July

31,

2026, are

reflected

on

the

Statement

of

Operations

as

12b-1

fees.

In

addition,

the

Distributor

is

entitled

to

receive

commissions

in

connection

with

sales

of

Class

A.

For

the

year

ended

July

31,

2026,

the

Distributor

received

$19

thousand

from

commissions

earned

in

connection

with

sales

of

Class

A.

Other

Fees:

Effective

February

9,

2026,

Citibank

serves

as

the

Fund's

custodian.

The

Fund

pays

Citibank

a

fee

for

providing

these

services.

Prior

to

February

9,

2026,

BNY

Mellon

served

as

the

Fund's

custodian. Total

custodian

fees

incurred

for

the

year ended

July

31,

2026, are

reflected

on

the

Statement

of

Operations

as

Custodian

fees.

Sidley

Austin

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with the Fund.

Under

the

terms

of

the

agreement,

the

Adviser

has

agreed

to

waive

fees

or

reimburse

certain

expenses

to

the

extent

that

ordinary

operating

expenses

incurred

by

certain

classes

of

the

Fund

in

any

fiscal

year

exceed

the

expense limits

for

such

classes

of the

Fund.

Such

excess

amounts

will

be

the

liability

of

the

Adviser. Acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund’s

business

are

excluded

from

the

expense

limits.

As

of

July

31,

2026,

the

expense

limits

(excluding

voluntary

waivers) were

as

follows:

Under

the

terms

of

the

expense

limitation

agreement,

the

Fund

has

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to two

years

(twenty-four

(24)

months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense limits

in

effect

at

the

time

of:

(a)

the

original

waiver

or

expense

reimbursement;

or

(b)

the

recoupment,

after

giving

effect

to

the

recoupment

amount.

The

Fund

has

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

July

31,

2026.

The

Adviser

may

voluntarily

waive

or

reimburse

additional

fees

and

expenses

or

make

other

payments to

assist

the

Fund

in

maintaining

competitive

expense

ratios.

Except

as

noted

above,

voluntary

waivers

and

reimbursements

applicable

to

the

Fund are

not

available

to

be

recouped

at

a

future

time.

There

were

no

voluntary

waivers

or

reimbursements

for

the year

ended

July

31,

2026.

Certain

officers

and/or

interested

trustees

of

the

Fund

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

legal

counsel,

and

Distributor.

5.

Risks:

The

following

describes

principal

risks

that

you

may

assume

as

an

investor

in

the

Fund.

The

Fund’s

prospectus

contains

unaudited

information

regarding

the

Fund’s

principal

risks.

Please

refer

to

that

document

when

considering

the

Fund’s

principal

risks.

The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

In

effect

until

April

1,

2028

Class

A

Class

C

Class

Y

Solutions

-

Balanced

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.43%

1.17%

0.25%

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

14

Market

Risk

—

The

market

prices

of

securities

or

other

assets

held

by

the

Fund

may

go

up

or

down,

sometimes

rapidly

or

unpredictably,

due

to

general

market

conditions,

such

as

real

or

perceived

adverse

economic,

political,

or

regulatory

conditions,

political

instability,

recessions,

inflation,

changes

in

interest

or

currency

rates,

lack

of

liquidity

in

the

markets,

the

spread

of

infectious

illness

or

other

public

health

issues,

weather

or

climate

events,

armed

conflict,

market

disruptions

caused

by

tariffs,

trade

disputes,

sanctions

or

other

government

actions,

or

other

factors

or

adverse

investor

sentiment.

If

the

market

prices

of

the

Fund’s

securities

and

assets

fall,

the

value

of

your

investment

will

go

down.

A

change

in

financial

condition

or

other

event

affecting

a

single

issuer

or

market

may

adversely

impact

securities

markets

as

a

whole.

Risk

of

Investing

in

Other

Funds 

 —

Investing

in

other

investment

companies,

including

exchange-traded

funds

(“ETFs”),

subjects

the

Fund

to

the

risks

of

investing

in

the

underlying

securities

or

assets

held

by

those

funds.

Each

underlying

fund

pursues

its

own

investment

objectives

and

strategies

and

may

not

achieve

its

objectives.

When

investing

in

another

fund,

the

Fund

will

bear

a

pro

rata

portion

of

the

underlying

fund’s

expenses,

including

management

fees,

in

addition

to

its

own

expenses.

Underlying

funds

may

themselves

invest

in

other

investment

companies.

The

Fund

may

invest

a

significant

portion

of

its

assets

in

a

single

underlying

fund.

Therefore,

the

performance

of

a

single

underlying

fund

can

have

a

significant

effect

on

the

performance

of

the

Fund

and

the

price

of

its

shares.

If

underlying

funds

invest

in

the

same

or

similar

securities,

the

Fund

may

indirectly

bear

concentration

risk

with

respect

to

those

investments.

The

Adviser

may

be

subject

to

potential

conflicts

of

interest

in

selecting

underlying

funds

because

the

management

fees

paid

to

it

by

some

affiliated

underlying

funds

are

higher

than

the

fees

paid

by

other

affiliated

and

unaffiliated

underlying

funds.

The

portfolio

managers

may

also

be

subject

to

conflicts

of

interest

in

allocating

Fund

assets

among

underlying

funds

because

the

Fund’s

portfolio

management

team

may

also

manage

some

of

the

underlying

funds.

ETFs

and

closed-end

funds

are

bought

and

sold

based

on

market

prices

and

can

trade

at

a

premium

or

a

discount

to

the

ETF’s

or

closed-end

fund’s

net

asset

value.

Portfolio

Selection

Risk

—

The

Adviser’s

evaluation

of

asset

classes

and

market

sectors

in

developing

an

allocation

model,

and

its

selection

and

weighting

of

underlying

funds,

securities

or

other

investments

within

the

allocation

model,

may

prove

to

be

incorrect.

To

the

extent

that

the

Fund

invests

a

significant

percentage

of

its

assets

in

any

one

underlying

fund,

the

Fund

will

be

subject

to

a

greater

degree

to

the

risks

particular

to

that

underlying

fund,

and

may

experience

greater

volatility

as

a

result.

With

respect

to

underlying

funds,

the

Adviser’s

judgment

about

the

attractiveness,

relative

value

or

potential

appreciation

of

an

equity

security,

or

about

the

quality,

relative

yield

or

relative

value

of

a

fixed

income

security,

or

about

a

particular

sector,

region,

market

segment

or

industry,

or

about

an

investment

strategy,

or

about

interest

rates

or

other

market

factors,

may

prove

to

be

incorrect

or

may

not

produce

the

desired

results.

There

may

be

imperfections,

errors

or

limitations

in

the

models,

tools

and

information

used

by

the

Adviser

to

the

Fund

or

an

underlying

fund.

Market

Segment Risk

— 

To

the

extent

the

Fund

emphasizes,

from

time

to

time,

investments

in

a

market

segment,

the

Fund

will

be

subject

to

a

greater

degree

to

the

risks

particular

to

that

segment,

and

may

experience

greater

market

fluctuation

than

a

fund

without

the

same

focus.

Equity-Linked

Notes

Risk

 —

Equity-linked

notes

(“ELNs”)

may

not

perform

as

expected

and

could

cause

the

fund

to

realize

significant

losses

including

its

entire

principal

investment.

Investments

in

ELNs

often

have

risks

similar

to

their

underlying

reference

securities,

which

may

include

market

risk

and,

as

applicable,

risks

of

non-U.S.

investments

and

currency

risks.

In

addition,

since

ELNs

are

in

note

form,

ELNs

are

also

subject

to

certain

risks

of

fixed

income

securities,

such

as

interest

rate

and

credit

risks.

Investments

in

ELNs

are

also

subject

to

liquidity

risk,

which

may

make

ELNs

difficult

to

sell

and

value.

In

addition,

ELNs

may

exhibit

price

behavior

that

does

not

correlate

with

the

underlying

reference

securities

or

a

fixed

income

investment.

6.

Interfund

Lending:

Interfund

Lending:

The

Trust

and

the

Adviser

rely

on

an

exemptive

order

granted

by

the

SEC

in

March

2017

(the

“Order”),

permitting

the

establishment

and

operation

of

an

Interfund

Lending

Facility

(the

“Facility”).

The

Facility

allows

the

Fund

to

directly

lend

and

borrow

money

to

or

from

any

other

fund

in

the

Victory

Funds

Complex

that

is

permitted

to

participate

in

the

Facility,

relying

upon

the

Order

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Advances

under

the

Facility

are

allowed

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

each

Fund’s

borrowing

restrictions.

The

interfund

loan

rate

is

determined,

as

specified

in

the

Order,

by

averaging

the

current

repurchase

agreement

rate

and

the

current

bank

loan

rate.

As

a

Borrower

(as

defined

in

the

Order),

interest

charged

to

the

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statement

of

Operations

under

Interfund

lending

fees.

As

a

Lender

(as

defined

in

the

Order),

interest

earned

by

the

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statement

of

Operations

under

Interfund

lending.

The

Fund

did

not

utilize

or

participate

in

the

Facility

during

the

year

ended

July

31,

2026.

7.

Federal

Income

Tax

Information:

The

Fund

intends

to

distribute

any

net

investment

income

annually.

Distributable

net

realized

gains,

if

any,

are

declared

and

paid

at

least

annually.

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

“book/tax”

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification,

utilized

earnings

and

profit

distributions

to

shareholders

on

redemption

of

shares

as

part

of

the

dividends

paid

deduction

for

income

tax

purposes),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

15

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Fund

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statement

of

Assets

and

Liabilities.

As

of

July

31,

2026,

on

the

Statement

of

Assets

and

Liabilities,

there

were

no

permanent

book-to-tax

differences

reclassification

adjustments.

The

tax

character

of

distributions

paid

during

the

tax

years

ended,

as

noted

below,

were

as

follows

(total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because,

for

tax

purposes,

dividends

are

recognized

when

actually

paid)

(amounts

in

thousands):

As

of

July

31,

2026,

the

components

of

accumulated

earnings

(loss)

on

a

tax

basis

were

as

follows

(amounts

in

thousands):

*

The

differences

between

book-basis

and

tax-basis

net

unrealized

appreciation

(depreciation)

is

attributable

to

the

tax

deferral

of

losses

on

wash

sales

and

tax

basis

adjustments

on

mutual

fund

holdings.

As

of July

31,

2026,

the

Fund

had

no

capital

loss

carryforwards

for

federal

income

tax

purposes.

As

of July

31,

2026,

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation,

and

net

unrealized

appreciation

(depreciation)

for

investments were

as

follows

(amounts

in

thousands):

8.

Affiliated

Securities:

An

affiliated

security

is

a

security

in

which

the

Fund

has

ownership

of

at

least

5%

of

the issuer's

outstanding

voting

shares,

an

investment

company

managed

by

VCM,

or

an

issuer

under

common

control

with the

Fund

or

VCM.

The

Fund

does

not

invest

in

affiliated

securities

for

the

purpose

of

exercising

management

or

control.

These

securities

are

noted

as

affiliated

on

the

Fund’s

Schedule

of

Portfolio

Investments.

The

financial

statements

of

the

underlying

funds

can

be

found

in

shareholder

reports

filed

with

the

SEC

by

each

such

underlying

fund

semi-annually

on

Form

N-CSR

and

are

available

for

download

from

both

the

SEC’s website

and

each respective

underlying

fund’s

website.

Transactions

in

affiliated

securities

during

the year

ended

July

31,

2026,

were

as

follows

(amounts

in

thousands,

except

shares):

Year

Ended

July

31,

2026

Distributions

Paid

From:

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions

Paid

Solutions

-

Balanced

Fund

...................................................

$

19,215

$

4,505

$

23,720

Year

Ended

July

31,

2025

Distributions

Paid

From:

Ordinary

Income

Total

Distributions

Paid

Solutions

-

Balanced

Fund

......................................................

$

18,127

$

18,127

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Earnings

(Loss)

Unrealized

Appreciation

(Depreciation)*

Total

Accumulated

Earnings

(Loss)

Solutions

-

Balanced

Fund

...........................

$

9,548

$

16,426

$

25,974

$

90,331

$

116,305

Cost

of

Investments

for

Federal

Tax

Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Solutions

-

Balanced

Fund

.............................

$

345,315

$

94,700

$

(4,369)

$

90,331

Notes

to

Financial

Statements

—

continued

July

31,

2026

Victory

Portfolios

IV

16

9.

Segment

Reporting:

The

Adviser’s

Management

Committee

acts

as

the

Fund’s

Chief

Operating

Decision

Maker

(“CODM”).

The

Fund

represents

a

single

operating

segment,

as

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund’s

long-term

strategic

asset

allocation

is

predetermined

in

accordance

with

the

Fund's

single

investment

objective.

The

financial

information

in

the

form

of

the

Fund’s

portfolio

composition,

total

returns,

expense

ratios,

and

changes

in

net

assets,

which

are

used

by

the

CODM

to

assess

the

segment’s

performance

versus

the

Fund’s

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund’s

single

segment,

is

consistent

with

that

presented

within

the

Fund’s

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

as

“total

assets”

and

significant

segment

expenses

are

listed

on

the

accompanying

Statement

of

Operations.

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

7/31/2026

Shares

Dividend

Income

Capital

Gain

Distributions

Solutions

-

Balanced

Fund

Victory

Pioneer

Active

Credit

Fund,

Class

Y

..........

$

—

$

12,104

$

(24)

$

—*

$

(78)

$

12,002

1,435,686

$

466

$

—

Victory

Pioneer

Balanced

Fund,

Class

R6

.........

17,553

733

(1,700)

357

3,617

20,560

1,447,856

393

339

Victory

Pioneer

Bond

Fund,

Class

R6

.............

34,908

3,915

(10,559)

82

(299)

28,047

3,387,313

1,359

—

Victory

Pioneer

CAT

Bond

Fund,

Class

R6

........

20,361

8,166

(16,988)

628

(290)

11,877

1,034,571

1,870

—

Victory

Pioneer

Disciplined

Value

Fund,

Class

R6

....

2,874

1,172

(1,229)

80

462

3,359

181,365

93

108

Victory

Pioneer

Equity

Income

Fund,

Class

R6

.........

3,088

1,038

(1,183)

(109)

534

3,368

121,066

75

211

Victory

Pioneer

Equity

Premium

Income

Fund,

Class

R6

.............

24,744

9,014

(1,737)

(10)

1,219

33,230

2,530,853

3,041

—

Victory

Pioneer

Floating

Rate

Fund,

Class

Y

..........

—

2,387

—

—

—*

2,387

402,492

3

—

Victory

Pioneer

Fund,

Class

R6

..................

3,163

5,586

(111)

—*

191

8,829

180,445

17

297

Victory

Pioneer

Fundamental

Growth

Fund,

Class

R6

...

1,307

3,203

(2,025)

191

159

2,835

80,050

—

213

Victory

Pioneer

Global

Equity

Fund,

Class

R6

.........

75,538

14,848

(19,760)

3,554

10,919

85,099

3,206,436

1,672

6,918

Victory

Pioneer

International

Equity

Fund,

Class

R6

....

51,055

2,494

(25,064)

7,777

3,285

39,547

1,027,217

950

1,544

Victory

Pioneer

Multi

-

Asset

Income

Fund,

Class

R6

...

121,572

14,064

(16,349)

282

10,391

129,960

9,249,829

8,516

—

Victory

Pioneer

Multi

-

Asset

Ultrashort

Income

Fund,

Class

R6

.............

20,188

26,233

(8,436)

(20)

(170)

37,795

3,932,890

1,286

—

Victory

Pioneer

Securitized

Income

Fund,

Class

Y

....

12,759

2,543

(3,071)

(2)

(248)

11,981

1,273,235

720

—

Victory

Pioneer

Short

Term

Income

Fund,

Class

R6

...

16,135

488

(12,136)

207

(348)

4,346

497,840

355

—

Victory

Pioneer

Strategic

Income

Fund,

Class

R6

...

591

24

(190)

8

(9)

424

44,147

24

—

$

405,836

$

108,012

$

(120,562)

$

13,025

$

29,335

$

435,646

30,033,291

$

20,840

$

9,630

*

Rounds

to

less

than

$1

thousand.

17

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Trustees

of

Victory

Portfolios

IV

and

the

Shareholders

of

Victory

Pioneer

Solutions

–

Balanced

Fund:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

Victory

Pioneer

Solutions

–

Balanced

Fund

(the

“Fund”)

(one

of

the

funds

constituting

Victory

Portfolios

IV),

including

the

schedule

of

portfolio

investments,

as

of

July

31,

2026,

the

related

statement

of

operations

for

the

year

then

ended,

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

financial

highlights

for

each

of

the

three

years

in

the

period

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

“financial

statements

and

financial

highlights”).

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

July

31,

2026,

and

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

three

years

in

the

period

then

ended

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

financial

highlights

for

the

years

ended

July

31,

2023

and

2022

were

audited

by

other

auditors.

Those

auditors

expressed

an

unqualified

opinion

on

those

financial

statements

and

financial

highlights

in

their

report

dated

September

29,

2023.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

its

internal

control

over

financial

reporting.

As

part

of

our

audits,

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

July

31,

2026,

by

correspondence

with

the

transfer

agent;

when

replies

were

not

received

from

the

transfer

agent,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

DELOITTE

&

TOUCHE

LLP

Boston,

Massachusetts

September

25,

2026

We

have

served

as

the

auditor

of

one

or

more

of

the

Victory

Pioneer

investment

companies

since

2024.

Supplemental

Information

July

31,

2026

Victory

Portfolios

IV

18

(Unaudited)

Additional

Federal

Income

Tax

Information 

For

the

fiscal

year

ended

July

31,

2026,

the

Fund

hereby

designates

the

maximum

amount

allowable

of

its

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

Shareholders

will

be

notified

via

IRS

Form

1099

of

the

amounts

for

use

in

preparing

their

income

tax

return.

For

the

year

ended

July

31,

2026,

the

Fund

designated

short-term

capital

gain

distributions

in

the

amount

of

$110 thousand.

For

the

year

ended

July

31,

2026,

the Fund

designated

long-term

capital

gain

distributions

in

the

amount

of

$4,505 thousand.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800)

539-3863

19419-0926

(b)  The Financial Highlights are included as a part of the Financial Statements filed under Item 7(a) of this Form.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable. 

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Proxy disclosures, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration paid to Trustees, Officers and others are part of the Financial Statements filed under Item 7(a) of this Form. 

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable. 

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable. 

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable. 

Item 15. Submission of Matters to a Vote of Security Holders.

Not applicable. 

Item 16. Controls and Procedures.

(a)  The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.  

(b)  There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. 

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable. 

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable. 

Item 19. Exhibits.

(a)(1)  Code of Ethics

(a)(2)  Not applicable. 

(a)(3)  The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached hereto.

(a)(4)  Not Applicable  

(a)(5)  Not Applicable 

(b)  The certifications required by Rule 30a-2(b) of the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)          Victory Portfolios IV                                                                                                                                                               

By (Signature and Title)      /s/ Carol D. Trevino                                                                                                                                                  

                                                Carol D. Trevino, Treasurer and Principal Financial Officer

Date       October 5, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)      /s/ Thomas Dusenberry                                                                                                                                            

                                                Thomas Dusenberry, President and Principal Executive Officer

Date       October 5, 2026  

By (Signature and Title)     /s/ Carol D. Trevino                                                                                                                                                     

Carol D. Trevino, Treasurer and Principal Financial Officer

Date       October 5, 2026