Schedule
of
Portfolio
Investments
April
30,
2026
Victory
Portfolios
IV
Victory
Pioneer
Balanced
Fund
1
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(2.8%)
ABS
Auto
(1.4%):
American
Credit
Acceptance
Receivables
Trust
.................................
Series
2024-3,
Class
D,
6.04%,
7/12/30,
Callable
10/12/27
@
100(a)
..............
$
100
$
102
Series
2025-2,
Class
D,
5.50%,
8/12/31,
Callable
7/12/28
@
100(a)
...............
170
171
Series
2025-4,
Class
D,
5.25%,
9/12/31,
Callable
6/12/28
@
100(a)
...............
100
100
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2024-1A,
Class
B,
5.85%,
6/20/30,
Callable
6/20/29
@
100(a)
..............
100
102
Series
2024-1A,
Class
C,
6.48%,
6/20/30,
Callable
6/20/29
@
100(a)
..............
120
123
Drive
Auto
Receivables
Trust,
Series
2025-1,
Class
D,
5.41%,
9/15/32,
Callable
10/15/28
@
100
.............................................................
400
404
Exeter
Automobile
Receivables
Trust
.........................................
Series
2023-5A,
Class
D,
7.13%,
2/15/30,
Callable
7/15/28
@
100
................
400
412
Series
2024-3A,
Class
D,
5.98%,
9/16/30,
Callable
12/15/28
@
100
...............
230
234
Series
2024-4A,
Class
D,
5.81%,
12/16/30,
Callable
12/15/28
@
100
..............
780
795
Series
2024-5A,
Class
D,
5.06%,
2/18/31,
Callable
10/15/28
@
100
...............
190
191
Series
2025-3A,
Class
D,
5.57%,
10/15/31,
Callable
5/15/29
@
100
...............
390
393
GLS
Auto
Receivables
Issuer
Trust
..........................................
Series
2023-4A,
Class
D,
7.18%,
8/15/29,
Callable
6/15/28
@
100(a)
..............
160
165
Series
2024-2A,
Class
D,
6.19%,
2/15/30,
Callable
8/15/28
@
100(a)
..............
160
164
Series
2024-3A,
Class
D,
5.53%,
2/18/31,
Callable
11/15/28
@
100(a)
.............
530
535
Series
2025-2A,
Class
D,
5.59%,
1/15/31,
Callable
5/15/29
@
100(a)
..............
100
101
GLS
Auto
Select
Receivables
Trust,
Series
2024-4A,
Class
D,
5.28%,
10/15/31,
Callable
12/15/28
@
100(a)
..................................................
100
100
Hertz
Vehicle
Financing
III
LLC
............................................
Series
2024-1A,
Class
C,
6.70%,
1/25/29,
Callable
1/25/28
@
100(a)
..............
100
102
Series
2024-2A,
Class
C,
6.70%,
1/27/31,
Callable
1/25/30
@
100(a)
..............
110
113
Merchants
Fleet
Funding
LLC
..............................................
Series
2024-1A,
Class
C,
6.18%,
4/20/37,
Callable
2/20/27
@
100(a)
..............
240
242
Series
2024-1A,
Class
D,
6.85%,
4/20/37,
Callable
2/20/27
@
100(a)
..............
220
222
Series
2025-1A,
Class
A,
4.49%,
1/20/39
,
Callable
5/20/29
@
100(a)
..............
110
110
Prestige
Auto
Receivables
Trust
............................................
Series
2024-2A,
Class
D,
5.15%,
7/15/30,
Callable
9/15/28
@
100(a)
..............
140
139
Series
2025-1A,
Class
D,
6.02%,
7/15/31,
Callable
3/15/29
@
100(a)
..............
120
120
Santander
Bank
Auto
Credit-Linked
Notes,
Series
2024-A,
Class
E,
7.76%,
6/15/32,
Callable
7/15/28
@
100(a)
...................................................
134
136
Santander
Drive
Auto
Receivables
Trust
.......................................
Series
2024-2,
Class
D,
6.28%,
8/15/31,
Callable
1/15/28
@
100
.................
160
164
Series
2024-4,
Class
D,
5.32%,
12/15/31,
Callable
2/15/28
@
100
................
390
393
Tricolor
Auto
Securitization
Trust
...........................................
Series
2024-2A,
Class
C,
0.00%,
4/17/28(a)(b)
..............................
100
61
Series
2024-3A,
Class
C,
0.00%,
12/15/28
,
Callable
10/15/27
@
100(a)(b)
..........
100
38
Veros
Auto
Receivables
Trust,
Series
2026-1,
Class
A,
4.53%,
8/15/28(a)
...............
77
77
VStrong
Auto
Receivables
Trust,
Series
2023-A,
Class
D,
9.31%,
2/15/30,
Callable
7/15/28
@
100(a)
...........................................................
100
108
Westlake
Automobile
Receivables
Trust,
Series
2024-2A,
Class
D,
5.91%,
4/15/30,
Callable
1/15/28
@
100(a)
...................................................
280
285
6,402
ABS
Card
(0.1%):
Continental
Finance
Credit
Card
ABS
Master
Trust,
Series
2024-A,
Class
A,
5.78%,
12/15/32,
Callable
9/15/27
@
100(a)
............................................
100
101
Mission
Lane
Credit
Card
Master
Trust
.......................................
Series
2024-B,
Class
A,
5.88%,
1/15/30(a)
.................................
230
231
Series
2024-B,
Class
B,
6.32%,
1/15/30(a)
.................................
150
150
482
ABS
Home
(0.1%):
GS
Mortgage-Backed
Securities
Trust,
Series
2025-CES1,
Class
A1A,
5.57%,
5/25/55,
Callable
3/25/28
@
100(a)(c)
..........................................
151
152
Vista
Point
Securitization
Trust,
Series
2024-CES1,
Class
A1,
6.68%,
5/25/54,
Callable
5/25/27
@
100(a)(c)
.......................................................
176
177
329
Victory
Portfolios
IV
Victory
Pioneer
Balanced
Fund
2
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
ABS
Other
(1.2%):
Accelerated
Assets
LLC,
Series
2021-1H,
Class
C,
2.35%,
10/20/40,
Callable
4/15/28
@
100(a)
...........................................................
$
29
$
27
ACHM
Trust,
Series
2024-HE2,
Class
A,
5.35%,
10/25/39,
Callable
2/25/30
@
100(a)
.....
122
123
Amur
Equipment
Finance
Receivables
XI
LLC,
Series
2022-2A,
Class
D,
7.25%,
5/21/29,
Callable
8/20/26
@
100(a)
............................................
300
302
Amur
Equipment
Finance
Receivables
XII
LLC,
Series
2023-1A,
Class
C,
6.36%,
12/20/29,
Callable
6/20/27
@
100(a)
............................................
100
102
Amur
Equipment
Finance
Receivables
XIV
LLC,
Series
2024-2A,
Class
D,
5.97%,
10/20/31,
Callable
8/20/28
@
100(a)
............................................
230
233
Blackbird
Capital
II
Aircraft
Lease
Ltd.,
Series
2021-1A,
Class
A,
2.44%,
7/15/46,
Callable
7/15/28
@
100(a)
...................................................
152
145
Cascade
MH
Asset
Trust
..................................................
Series
2019-MH1,
Class
A,
4.00%,
11/25/44,
Callable
5/25/26
@
100(a)
(c)
.........
96
92
Series
2021-MH1,
Class
M1,
2.99%,
2/25/46,
Callable
6/25/36
@
100(a)
...........
150
120
CFMT
LLC
...........................................................
Series
2022-HB9,
Class
M3,
3.25%,
9/25/37,
Callable
9/25/27
@
100(a)(c)
.........
130
125
Series
2024-HB13,
Class
A,
3.00%,
5/25/34,
Callable
12/25/26
@
100(a)(c)
.........
82
81
Series
2024-HB13,
Class
M2,
3.00%,
5/25/34,
Callable
12/25/26
@
100(a)(c)
.......
100
97
CoreVest
American
Finance
Trust,
Series
2020-3,
Class
A,
1.36%,
8/15/53,
Callable
7/15/30
@
100(a)
...........................................................
5
5
Crockett
Partners
Equipment
Co.
IIA
LLC,
Series
2024-1C,
Class
A,
6.05%,
1/20/31,
Callable
4/20/29
@
100(a)
...................................................
130
131
DataBank
Issuer,
Series
2024-1A,
Class
A2,
5.30%,
1/26/54,
Callable
1/25/27
@
100(a)
....
170
167
Dell
Equipment
Finance
Trust,
Series
2024-1,
Class
D,
6.12%,
9/23/30,
Callable
11/22/26
@
100(a)
...........................................................
100
101
FIGRE
Trust
..........................................................
Series
2024-HE3,
Class
A,
5.94%,
7/25/54,
Callable
4/25/27
@
100(a)(c)
...........
298
301
Series
2024-HE6,
Class
A,
5.72%,
12/25/54,
Callable
11/25/27
@
100(a)(c)
.........
485
488
Series
2025-HE1,
Class
A,
5.83%,
1/25/55,
Callable
2/25/28
@
100(a)(c)
...........
244
246
Series
2025-HE2,
Class
A,
5.78%,
3/25/55,
Callable
10/25/27
@
100(a)(c)
..........
113
114
Series
2025-HE5,
Class
A,
5.29%,
8/25/55,
Callable
2/25/28
@
100(a)(c)
...........
381
380
Series
2025-HE8,
Class
A,
5.21%,
11/25/55,
Callable
3/25/31
@
100(a)(c)
..........
134
134
Foundation
Finance
Trust,
Series
2021-1A,
Class
A,
1.27%,
5/15/41,
Callable
2/15/28
@
100(a)
...........................................................
17
17
GS
Mortgage-Backed
Securities
Trust
........................................
Series
2025-HE1,
Class
A1,
5.20%
(SOFR30A+155bps),
10/25/55,
Callable
7/25/28
@
100(a)(d)
.........................................................
91
91
Series
2025-SL1,
Class
A1,
5.85%,
11/25/67
,
Callable
3/25/28
@
100(a)(c)
.........
182
183
Home
Partners
of
America
Trust
............................................
Series
2019-1,
Class
D,
3.41%,
9/17/39,
Callable
5/17/26
@
100(a)(e)
.............
114
112
Series
2019-2,
Class
E,
3.32%,
10/19/39,
Callable
5/17/26
@
100(a)(e)
............
165
160
HPEFS
Equipment
Trust,
Series
2024-2A,
Class
D,
5.82%,
4/20/32,
Callable
1/20/28
@
100(a)
100
101
Libra
Solutions
LLC,
Series
2024-1A,
Class
A,
5.88%,
9/30/38(a)
....................
250
249
Mosaic
Solar
Loan
Trust
..................................................
Series
2019-2A,
Class
A,
2.88%,
9/20/40,
Callable
3/20/31
@
100(a)
..............
27
24
Series
2020-1A,
Class
A,
2.10%,
4/20/46(a)
................................
60
53
Nelnet
Student
Loan
Trust,
Series
2021-A,
Class
B1,
2.85%,
4/20/62,
Callable
8/20/31
@
100(a)
...........................................................
150
136
NMEF
Funding
LLC
....................................................
Series
2022-B,
Class
C,
8.54%,
6/15/29,
Callable
8/15/26
@
100(a)
...............
100
101
Series
2024-A,
Class
C,
6.33%,
12/15/31,
Callable
1/15/28
@
100(a)
..............
230
234
Pagaya
AI
Debt
Grantor
Trust,
Series
2024-10,
Class
A,
5.18%,
6/15/32,
Callable
11/15/26
@
100(a)
...........................................................
36
36
Reach
ABS
Trust,
Series
2026-1A,
Class
A,
4.32%,
2/15/33,
Callable
5/15/30
@
100(a)
....
89
88
ReadyCap
Lending
Small
Business
Loan
Trust,
Series
2023-3,
Class
A,
6.82%
(PRIME+7bps),
4/25/48,
Callable
4/25/27
@
100(a)(d)
....................................
111
112
Regional
Management
Issuance
Trust,
Series
2024-2,
Class
A,
5.11%,
12/15/33,
Callable
12/15/26
@
100(a)
..................................................
130
130
SCF
Equipment
Leasing
LLC
..............................................
Series
2024-1A,
Class
D,
6.58%,
6/21/33,
Callable
3/20/29
@
100(a)
..............
100
102
Series
2025-2A,
Class
D,
5.33%,
6/20/36,
Callable
10/20/31
@
100(a)
.............
100
98
Victory
Portfolios
IV
Victory
Pioneer
Balanced
Fund
3
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
SpringCastle
America
Funding
LLC,
Series
2020-AA,
Class
A,
1.97%,
9/25/37,
Callable
5/25/26
@
100(a)
...................................................
$
31
$
29
Tricon
American
Homes
Trust,
Series
2020-SFR2,
Class
E1,
2.73%,
11/17/39(a)(e)
........
120
115
VFI
ABS
LLC,
Series
2023-1A,
Class
C,
9.26%,
12/24/29,
Callable
6/24/26
@
100(a)
.....
105
106
5,791
Total
Asset-Backed
Securities
(Cost
$13,049)
a
a
a
13,004
Collateralized
Loan
Obligations
(0.4%)
Cash
Flow
CLO
(0.4%):
Arbor
Realty
Collateralized
Loan
Obligation
Ltd.,
Series
2025-BTR1,
Class
AS,
6.29%
(TSFR1M+264bps),
1/20/41,
Callable
5/20/27
@
100(a)(d)
.....................
240
241
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.,
Series
2022-FL1,
Class
C,
5.94%
(SOFR30A+230bps),
1/15/37,
Callable
5/15/26
@
100(a)(d)
....................
250
250
Carlyle
US
CLO
Ltd.,
Series
2019-4A,
Class
CR,
6.87%
(TSFR3M+320bps),
4/15/35,
Callable
7/15/26
@
100(a)(d)
.................................................
250
247
Dwight
Issuer
LLC,
Series
2025-FL1,
Class
A,
5.32%
(TSFR1M+166bps),
6/18/42,
Callable
7/18/27
@
100(a)(d)
.................................................
310
311
FS
Rialto
Issuer
LLC,
Series
2025-FL10,
Class
A,
5.05%
(TSFR1M+139bps),
8/19/42,
Callable
8/19/27
@
100(a)(d)(e)
........................................
240
240
STWD
Ltd.,
Series
2022-FL3,
Class
B,
5.59%
(SOFR30A+195bps),
11/15/38,
Callable
5/15/26
@
100(a)(d)
.......................................................
325
325
1,614
Total
Collateralized
Loan
Obligations
(Cost
$1,613)
a
a
a
1,614
Collateralized
Mortgage
Obligations
(2.5%)
Agency
CMO
Floating
(0.0%):(f)
Federal
Home
Loan
Mortgage
Corporation
REMICs
..............................
Series
2006-104,
Class
GF,
4.08%
(SOFR30A+43bps),
11/25/36(d)
...............
9
9
Series
3868,
Class
FA,
4.15%
(SOFR30A+51bps),
5/15/41(d)
...................
9
9
Federal
National
Mortgage
Association
REMICs
................................
Series
2006-23,
Class
FP,
4.06%
(SOFR30A+41bps),
4/25/36(d)
.................
11
11
Series
2007-93,
Class
FD,
4.31%
(SOFR30A+66bps),
9/25/37(d)
................
5
5
Series
2011-63,
Class
FG,
4.21%
(SOFR30A+56bps),
7/25/41(d)
.................
32
32
66
Agency
CMO
IO
(0.1%):
Federal
Home
Loan
Mortgage
Corporation
REMICs
..............................
Series
4091,
Class
SH,
2.80%
(SOFR30A+644bps),
8/15/42(d)(e)
................
76
11
Series
4601,
Class
NI,
3.50%,
9/15/45(e)
..................................
68
8
Series
4999,
Class
QI,
4.00%,
5/25/50(e)
..................................
63
13
Series
5067,
Class
GI,
4.00%,
12/25/50(e)
.................................
81
17
Federal
National
Mortgage
Association
REMICs
................................
Series
2019-59,
Class
AI,
4.00%,
10/25/39(e)
...............................
35
5
Series
2020-83,
Class
EI,
4.00%,
11/25/50(e)
...............................
53
11
Series
2021-78,
Class
CI,
4.50%,
11/25/51(e)
...............................
58
13
Government
National
Mortgage
Association
....................................
Series
2019-159,
Class
CI,
3.50%,
12/20/49(e)
..............................
231
37
Series
2020-34,
Class
IO,
5.00%,
12/20/39(e)
...............................
287
53
Series
2020-9,
Class
SA
(TSFR1M+324bps),
1/20/50(d)(e)(g)
...................
192
2
Series
2021-140,
Class
IO,
2.50%,
8/20/51(e)
...............................
269
26
Series
2021-146,
Class
QI,
3.00%,
8/20/51(e)
...............................
65
11
Series
2021-96,
Class
BI,
3.50%,
6/20/51(e)
................................
96
17
Series
2023-168,
Class
ID,
2.50%,
3/20/51(e)
...............................
173
20
Series
2023-70,
Class
IO,
4.00%,
6/20/50(e)
................................
196
40
Series
2024-206,
Class
IO,
2.50%,
10/20/51(e)
..............................
278
28
Series
2024-24,
Class
AI,
2.50%,
8/20/51(e)
................................
224
22
Series
2025-120,
Class
IC,
4.50%,
1/20/50(e)
...............................
232
52
Series
2025-173,
Class
AI,
2.50%,
10/20/51(e)
..............................
870
89
475
Victory
Portfolios
IV
Victory
Pioneer
Balanced
Fund
4
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Agency
Commercial
MBS
(0.0%):(f)
Government
National
Mortgage
Association,
Series
2017-21,
Class
IO,
0.59%,
10/16/58,
Callable
6/16/43
@
100(c)(e)
..........................................
$
710
$
22
Commercial
MBS
(0.8%):
Benchmark
Mortgage
Trust
................................................
Series
2018-B8,
Class
A4,
3.96%,
1/15/52
,
Callable
12/15/28
@
100
..............
300
298
Series
2022-B34,
Class
AM,
3.95%,
4/15/55,
Callable
4/15/32
@
100(c)
...........
200
176
Citigroup
Commercial
Mortgage
Trust,
Series
2018-C5,
Class
A3,
3.96%,
6/10/51,
Callable
6/10/28
@
100
.....................................................
204
202
COMM
Mortgage
Trust,
Series
2024-WCL1,
Class
A,
5.50%
(TSFR1M+184bps),
6/15/41(a)
(d)(e)
...........................................................
350
350
FREMF
Mortgage
Trust
..................................................
Series
2017-KW03,
Class
B,
4.22%,
7/25/27(a)(c)
...........................
100
99
Series
2019-KF64,
Class
B,
6.07%
(SOFR30A+241
bps),
6/25/26,
Callable
5/25/26
@
100(a)(d)
.........................................................
110
110
Series
2019-KF66,
Class
B,
6.17%
(SOFR30A+251bps),
7/25/29(a)(d)
............
106
100
FREMF
Trust,
Series
2018-KW04,
Class
B,
4.07%,
9/25/28(a)(c)
....................
250
232
Hilt
Commercial
Mortgage
Trust,
Series
2024-ORL,
Class
A,
5.20%
(TSFR1M+154bps),
5/15/37(a)(d)(e)
....................................................
220
220
HTL
Commercial
Mortgage
Trust,
Series
2024-T53,
Class
B,
6.77%,
5/10/39(a)(c)(e)
......
100
101
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2018-WPT,
Class
AFX,
4.25%,
7/5/33(a)(e)
.................................................
375
355
JPMDB
Commercial
Mortgage
Securities
Trust
.................................
Series
2018-C8,
Class
A4,
4.21%,
6/15/51,
Callable
6/15/28
@
100
...............
250
248
Series
2018-C8,
Class
XB,
0.20%,
6/15/51,
Callable
3/15/28
@
100(c)(e)
...........
2,450
7
Key
Commercial
Mortgage
Securities
Trust,
Series
2019-S2,
Class
A3,
3.47%,
6/15/52,
Callable
6/15/29
@
100(a)
............................................
214
206
Morgan
Stanley
Capital
I
Trust,
Series
2018-MP,
Class
A,
4.42%,
7/11/40(a)(c)(e)
.........
300
281
Soho
Trust,
Series
2021-SOHO,
Class
A,
2.79%,
8/10/38(a)(c)(e)
....................
125
104
Velocity
Commercial
Capital
Loan
Trust
......................................
Series
2024-6,
Class
A,
5.81%,
12/25/54,
Callable
1/25/31
@
100(a)(c)
............
131
131
Series
2025-1,
Class
A,
6.03%,
2/25/55,
Callable
2/25/30
@
100(a)(c)
.............
110
111
VRTX
Trust
...........................................................
Series
2025-HQ,
Class
C,
6.12%,
8/5/42(a)(c)(e)
............................
140
139
Series
2025-HQ,
Class
D,
6.82%,
8/5/42(a)(c)(e)
............................
140
140
Wells
Fargo
Commercial
Mortgage
Trust
......................................
Series
2016-LC24,
Class
XA,
1.68%,
10/15/49,
Callable
9/15/26
@
100(c)(e)
........
2,548
4
Series
2026-1250B,
Class
B,
5.14%,
3/10/41(a)(c)(e)
.........................
100
99
3,713
Private
CMO
Floating
(0.5%):
Connecticut
Avenue
Securities
Trust
.........................................
Series
2022-R02,
Class
2M2,
6.65%
(SOFR30A+300bps),
1/25/42
,
Callable
1/25/27
@
100(a)(d)
.........................................................
143
144
Series
2024-R03,
Class
2M2,
5.60%
(SOFR30A+195bps),
3/25/44,
Callable
3/25/29
@
100(a)(d)
.........................................................
100
101
Series
2024-R05,
Class
2M2,
5.35%
(SOFR30A+170bps),
7/25/44,
Callable
7/25/29
@
100(a)(d)
.........................................................
87
87
Eagle
Re
Ltd.,
Series
2023-1,
Class
M1B,
7.60%
(SOFR30A+395bps),
9/26/33,
Callable
9/25/28
@
100(a)(d)
.................................................
210
215
Federal
Home
Loan
Mortgage
Corporation
Multifamily
Structured
Credit
Risk
Trust
.......
Series
2021-MN1,
Class
M1,
5.65%
(SOFR30A+200bps),
1/25/51,
Callable
1/25/29
@
100(a)(d)
.........................................................
3
3
Series
2021-MN3,
Class
M2,
7.65%
(SOFR30A+400bps),
11/25/51,
Callable
7/25/36
@
100(a)(d)
.........................................................
550
569
Federal
Home
Loan
Mortgage
Corporation
STACR
REMIC
Trust
....................
Series
2021-HQA3,
Class
B1,
7.00%
(SOFR30A+335bps),
9/25/41,
Callable
9/25/26
@
100(a)(d)
.........................................................
485
488
Series
2021-HQA3,
Class
M2,
5.75%
(SOFR30A+210bps),
9/25/41,
Callable
9/25/26
@
100(a)(d)
.........................................................
400
401
Series
2024-DNA3,
Class
A1,
4.70%
(SOFR30A+105bps),
10/25/44,
Callable
10/25/29
@
100(a)(d)
.......................................................
116
116
Victory
Portfolios
IV
Victory
Pioneer
Balanced
Fund
5
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Radnor
Re
Ltd.,
Series
2023-1,
Class
M1A,
6.35%
(SOFR30A+270bps),
7/25/33,
Callable
7/25/28
@
100(a)(d)
.................................................
$
15
$
15
Towd
Point
Mortgage
Trust,
Series
2019-HY1,
Class
B2,
5.92%
(TSFR1M+226bps),
10/25/48,
Callable
1/25/30
@
100(a)(d)
..........................................
140
145
Triangle
Re
Ltd.,
Series
2023-1,
Class
M1A,
7.05%
(SOFR30A+340bps),
11/25/33,
Callable
7/25/28
@
100(a)(d)
.................................................
64
64
2,348
Private
CMO
Other
(1.1%):
BINOM
Securitization
Trust,
Series
2022-RPL1,
Class
M2,
3.00%,
2/25/61
,
Callable
5/25/26
@
100(a)(c)
.......................................................
425
328
Bunker
Hill
Loan
Depositary
Trust,
Series
2020-1,
Class
A3,
3.25%,
2/25/55,
Callable
5/25/26
@
100(a)(c)
.......................................................
100
98
CFMT
LLC
...........................................................
Series
2024-HB14,
Class
M1,
3.00%,
6/25/34,
Callable
6/25/27
@
100(a)(c)
........
100
97
Series
2024-HB14,
Class
M2,
3.00%,
6/25/34,
Callable
6/25/27
@
100(a)(c)
........
100
97
Series
2024-HB15,
Class
M2,
4.00%,
8/25/34(a)(c)
..........................
100
98
Citigroup
Mortgage
Loan
Trust,
Series
2018-RP3,
Class
M3,
3.25%,
3/25/61,
Callable
2/25/49
@
100(a)(c)
.......................................................
500
436
Federal
Home
Loan
Mortgage
Corporation
Seasoned
Credit
Risk
Transfer
Trust,
Series
2018-4,
Class
M,
4.75%,
3/25/58,
Callable
6/25/51
@
100(a)
..........................
383
377
GS
Mortgage-Backed
Securities
Trust,
Series
2022-PJ1,
Class
A4,
2.50%,
5/28/52,
Callable
1/25/37
@
100(a)(c)
.................................................
251
206
Imperial
Fund
Mortgage
Trust
..............................................
Series
2021-NQM2,
Class
B1,
3.30%,
9/25/56,
Callable
5/25/26
@
100(a)(c)
........
100
75
Series
2021-NQM2,
Class
M1,
2.49%,
9/25/56,
Callable
5/25/26
@
100(a)(c)
........
100
73
IMS
Ecuadorian
Mortgage
Trust,
Series
2021-1,
Class
GA,
3.40%,
8/18/43(a)
...........
181
174
J.P.
Morgan
Mortgage
Trust
...............................................
Series
2021-INV1,
Class
B1,
2.95%,
10/25/51,
Callable
11/25/40
@
100(a)(c)
.......
114
96
Series
2022-8,
Class
B2,
4.68%,
1/25/53,
Callable
7/25/44
@
100(a)(c)
............
629
575
Series
2022-LTV1,
Class
M1,
3.51%,
7/25/52,
Callable
9/25/44
@
100(a)(c)
........
250
174
Mello
Mortgage
Capital
Acceptance,
Series
2021-INV2,
Class
A15,
2.50%,
8/25/51,
Callable
9/25/46
@
100
(a)(c)
.................................................
285
234
MFA
Trust,
Series
2020-NQM1,
Class
A3,
3.30%,
8/25/49,
Callable
5/25/26
@
100(a)(c)
...
16
16
Onity
Loan
Investment
Trust,
Series
2024-HB2,
Class
M2,
5.00%,
8/25/37,
Callable
8/25/27
@
100(a)(c)
.........................................................
140
138
PRMI
Securitization
Trust,
Series
2021-1,
Class
B1,
2.48%,
4/25/51,
Callable
4/25/44
@
100(a)(c)
.........................................................
519
423
Provident
Funding
Mortgage
Trust,
Series
2021-2,
Class
A9,
2.25%,
4/25/51,
Callable
3/25/45
@
100(a)(c)
.......................................................
233
189
RCKT
Mortgage
Trust,
Series
2021-3,
Class
A25,
2.50%,
7/25/51,
Callable
11/25/43
@
100(a)
(c)
.............................................................
267
219
RMF
Proprietary
Issuance
Trust,
Series
2019-1,
Class
A,
2.75%,
10/25/63(a)(c)
..........
27
26
UWM
Mortgage
Trust
...................................................
Series
2021-INV1,
Class
A5,
2.50%,
8/25/51,
Callable
9/25/45
@
100(a)(c)
.........
400
272
Series
2021-INV2,
Class
A5,
2.50%,
9/25/51,
Callable
12/25/45
@
100(a)(c)
........
675
457
Wells
Fargo
Mortgage
Backed
Securities
Trust,
Series
2020-5,
Class
B2,
2.91%,
9/25/50,
Callable
7/25/45
@
100(a)(c)
..........................................
336
293
5,171
Total
Collateralized
Mortgage
Obligations
(Cost
$12,582)
a
a
a
11,795
Shares
Common
Stocks
(66.7%)
Communication
Services
(9.2%):
Alphabet,
Inc.,
Class
A
...................................................
99,264
38,197
Netflix,
Inc.(h)
.........................................................
50,544
4,731
42,928
Consumer
Discretionary
(7.9%):
Amazon.com,
Inc.(h)
....................................................
73,949
19,601
eBay,
Inc.
............................................................
55,577
5,751
The
TJX
Cos.,
Inc.
......................................................
47,736
7,483
Victory
Portfolios
IV
Victory
Pioneer
Balanced
Fund
6
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Shares
a
Value
(000)
Ulta
Beauty,
Inc.(h)
.....................................................
7,858
$
4,223
37,058
Consumer
Staples
(2.7%):
BJ's
Wholesale
Club
Holdings,
Inc.(h)
........................................
39,130
3,674
Glanbia
PLC
..........................................................
118,659
2,755
Mondelez
International,
Inc.,
Class
A
.........................................
101,165
6,215
12,644
Energy
(2.1%):
Phillips
66
Co.
.........................................................
27,454
4,919
Shell
PLC,
ADR
.......................................................
56,108
5,087
10,006
Financials
(7.1%):
Bank
of
America
Corp.
...................................................
120,565
6,445
Capital
One
Financial
Corp.
...............................................
25,490
4,876
Chubb
Ltd.
...........................................................
13,947
4,561
Citizens
Financial
Group,
Inc.
..............................................
73,009
4,749
Huntington
Bancshares,
Inc.
...............................................
324,866
5,445
State
Street
Corp.
.......................................................
45,592
6,968
33,044
Health
Care
(6.8%):
AbbVie,
Inc.
..........................................................
30,337
6,411
Bristol-Myers
Squibb
Co.
.................................................
56,150
3,402
Cardinal
Health,
Inc.
....................................................
31,839
6,141
Eli
Lilly
&
Co.
.........................................................
7,552
7,058
Intuitive
Surgical,
Inc.(h)
.................................................
7,911
3,620
Vertex
Pharmaceuticals,
Inc.(h)
.............................................
11,700
5,001
31,633
Industrials
(7.0%):
Deere
&
Co.
..........................................................
5,322
3,139
Emerson
Electric
Co.
....................................................
28,204
3,961
Ferguson
Enterprises,
Inc.
.................................................
19,313
5,170
Johnson
Controls
International
PLC
..........................................
40,393
5,899
Rockwell
Automation,
Inc.
................................................
9,081
3,714
United
Rentals,
Inc.
.....................................................
4,635
4,449
Vertiv
Holdings
Co.,
Class
A
...............................................
19,758
6,490
32,822
Information
Technology
(20.3%):
Applied
Materials,
Inc.
...................................................
19,201
7,575
Cirrus
Logic,
Inc.(h)
.....................................................
18,515
3,019
Cisco
Systems,
Inc.
.....................................................
113,484
10,384
Intel
Corp.(h)
..........................................................
83,415
7,881
International
Business
Machines
Corp.
........................................
23,093
5,334
Keysight
Technologies,
Inc.(h)
.............................................
21,754
7,612
Marvell
Technology,
Inc.
.................................................
27,621
4,562
Microsoft
Corp.
........................................................
37,509
15,295
Motorola
Solutions,
Inc.
..................................................
9,219
4,047
NetApp,
Inc.
..........................................................
22,129
2,451
NVIDIA
Corp.
.........................................................
4,551
908
QUALCOMM,
Inc.
.....................................................
21,097
3,788
Ralliant
Corp.
.........................................................
139,384
6,334
Samsung
Electronics
Co.
Ltd.,
Registered
Shares,
GDR
...........................
2,107
7,889
Texas
Instruments,
Inc.
...................................................
27,579
7,752
94,831
Materials
(1.4%):
CRH
PLC
............................................................
27,414
3,246
Reliance,
Inc.
..........................................................
9,273
3,362
6,608
Real
Estate
(1.4%):
Digital
Realty
Trust,
Inc.
..................................................
18,685
3,755
Victory
Portfolios
IV
Victory
Pioneer
Balanced
Fund
7
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Shares
a
Value
(000)
SL
Green
Realty
Corp.
...................................................
62,143
$
2,635
6,390
Utilities
(0.8%):
Eversource
Energy
......................................................
49,840
3,524
Total
Common
Stocks
(Cost
$182,376)
a
a
a
311,488
Preferred
Stocks
(0.1%)
Financials
(0.1%):
Bank
of
America
Corp.,
Series
LL,
5.00%(i)
....................................
4,907
101
Capital
One
Financial
Corp.,
Series
L,
4.38%(i)
.................................
1,113
19
JPMorgan
Chase
&
Co.,
Series
MM,
4.20%(i)
..................................
12,431
224
KeyCorp,
Series
G,
5.63%(i)
...............................................
1,984
42
Morgan
Stanley,
Series
O,
4.25%(i)
..........................................
8,198
143
State
Street
Corp.,
Series
G,
5.35%(i)
........................................
1,265
28
U.S.
Bancorp,
Series
L,
3.75%(i)
............................................
1,204
18
Wells
Fargo
&
Co.,
Series
DD,
4.25%(i)
......................................
4,991
87
662
Total
Preferred
Stocks
(Cost
$669)
a
a
a
662
Principal
Amount
(000)
Senior
Secured
Loans
(0.0%)(f)
Financials
(0.0%):(f)
Iron
Mountain
Information
Management
LLC,
Amendment
No.1
Incremental
Term
B
Loan,
5.65%
(SOFR01M+200bps),
1/31/31(d)
...................................
$
161
161
LC
Ahab
US
Bidco
LLC,
Second
Amendment
Incremental
Term
Loan,
First
Lien,
6.15%
(SOFR01M+250bps),
5/1/31(d)
.........................................
34
35
196
Total
Senior
Secured
Loans
(Cost
$195)
a
a
a
196
Corporate
Bonds
(7.2%)
Communication
Services
(0.2%):
Alphabet,
Inc.,
5.30%,
5/15/65,
Callable
11/15/64
@
100
..........................
115
105
Oak-Eagle
Acquireco,
Inc.,
7.25%,
7/1/33,
Callable
7/1/29
@
103.63(a)
................
35
36
Omnicom
Group,
Inc.,
5.00%,
6/2/33,
Callable
4/2/33
@
100
.......................
280
275
T-Mobile
USA,
Inc.,
2.55%,
2/15/31,
Callable
11/15/30
@
100
......................
350
318
734
Consumer
Discretionary
(0.5%):
Avis
Budget
Car
Rental
LLC/Avis
Budget
Finance,
Inc.,
8.38%,
6/15/32,
Callable
6/15/28
@
104.19(a)
.........................................................
25
25
Best
Buy
Co.,
Inc.,
1.95%,
10/1/30,
Callable
7/1/30
@
100
.........................
565
505
Daimler
Truck
Finance
North
America
LLC
4.15%,
1/12/29,
Callable
12/12/28
@
100(a)
...............................
150
148
4.65%,
10/12/30,
Callable
9/12/30
@
100(a)
...............................
150
149
Darden
Restaurants,
Inc.,
6.30%,
10/10/33,
Callable
7/10/33
@
100
...................
289
310
Expedia
Group,
Inc.,
5.50%,
4/15/36,
Callable
1/15/36
@
100
.......................
310
304
General
Motors
Financial
Co.,
Inc.
5.75%,
2/8/31,
Callable
12/8/30
@
100
...................................
90
93
3.10%,
1/12/32,
Callable
10/12/31
@
100
.................................
165
149
Hilton
Grand
Vacations
Borrower
LLC/Hilton
Grand
Vacations
Borrower,
Inc.,
6.63%,
1/15/32,
Callable
1/15/27
@
103.31(a)
..........................................
150
152
HOA
RoyaltyCo
LLC,
0.00%,
11/22/55,
Callable
6/4/26
@
100(a)(b)
..................
195
41
Lowe's
Cos.,
Inc.,
3.75%,
4/1/32,
Callable
1/1/32
@
100
...........................
280
266
Marriott
International,
Inc.,
4.90%,
4/15/29,
Callable
3/15/29
@
100
..................
405
410
2,552
Consumer
Staples
(0.3%):
Albertsons
Cos.,
Inc./Safeway,
Inc./New
Albertsons
LP/Albertsons
LLC
5.50%,
3/31/31,
Callable
11/15/27
@
102.75(a)
.............................
65
65
5.75%,
3/31/34,
Callable
11/15/28
@
102.88(a)
.............................
170
165
Victory
Portfolios
IV
Victory
Pioneer
Balanced
Fund
8
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Dollar
Tree,
Inc.,
2.65%,
12/1/31
,
Callable
9/1/31
@
100
...........................
$
335
$
299
Smithfield
Foods,
Inc.
5.20%,
4/1/29,
Callable
1/1/29
@
100(a)
..................................
4
4
3.00%,
10/15/30,
Callable
7/15/30
@
100(a)
...............................
155
142
2.63%,
9/13/31,
Callable
6/13/31
@
100(a)
................................
215
190
Sysco
Corp.,
4.40%,
7/25/31,
Callable
6/25/31
@
100
.............................
160
156
The
Procter
&
Gamble
Co.,
4.10%,
11/3/32
....................................
330
325
1,346
Energy
(0.6%):
Archrock
Services
LP/Archrock
Partners
Finance
Corp.,
6.00%,
2/1/34,
Callable
2/1/29
@
103(a)
...........................................................
35
35
Columbia
Pipelines
Holding
Co.
LLC
5.10%,
10/1/31,
Callable
8/1/31
@
100(a)
.................................
125
126
5.00%,
11/17/32,
Callable
9/17/32
@
100
(a)
................................
150
149
Enerflex,
Inc.,
6.88%,
1/15/31,
Callable
1/15/28
@
103.44(a)
........................
40
41
Hess
Midstream
Operations
LP,
5.88%,
3/1/28,
Callable
5/15/26
@
102.94(a)
............
45
45
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.
6.88%,
5/15/34,
Callable
5/15/29
@
103.44(a)
..............................
215
216
7.25%,
2/15/35,
Callable
2/15/30
@
103.63(a)
..............................
90
92
Kodiak
Gas
Services
LLC,
5.88%,
4/1/31,
Callable
4/1/28
@
102.94(a)
................
35
35
MPLX
LP
5.50%,
6/1/34,
Callable
3/1/34
@
100
....................................
245
248
5.30%,
4/1/36,
Callable
1/1/36
@
100
....................................
135
133
NGPL
PipeCo
LLC,
3.25%,
7/15/31,
Callable
4/15/31
@
100(a)
.....................
180
165
Phillips
66
Co.,
3.75%,
3/1/28
,
Callable
12/1/27
@
100
............................
400
396
Shell
Finance
US,
Inc.,
4.75%,
1/6/36,
Callable
10/6/35
@
100
......................
310
305
The
Williams
Cos.,
Inc.
7.75%,
6/15/31
....................................................
242
274
5.75%,
6/24/44,
Callable
12/24/43
@
100
.................................
205
201
Valero
Energy
Corp.
5.15%,
2/15/30,
Callable
1/15/30
@
100
..................................
95
97
6.63%,
6/15/37
....................................................
162
178
Venture
Global
Plaquemines
LNG
LLC,
6.50%,
1/15/34,
Callable
7/15/33
@
100(a)
.......
90
94
2,830
Financials
(2.8%):
Affiliated
Managers
Group,
Inc.,
5.50%,
2/15/36,
Callable
11/15/35
@
100
..............
435
430
Ally
Financial,
Inc.
6.18%
(SOFR+229bps),
7/26/35,
Callable
7/26/34
@
100(d)
....................
120
122
6.65%
(H15T5Y+245bps),
1/17/40,
Callable
10/19/34
@
100
(d)
.................
205
202
American
Honda
Finance
Corp.
5.05%,
7/10/31,
MTN
................................................
345
347
4.85%,
10/23/31
....................................................
275
274
5.10%,
1/8/36
.....................................................
305
298
Bank
of
America
Corp.,
2.57%
(SOFR+121bps),
10/20/32,
Callable
10/20/31
@
100(d)
....
335
298
BMW
US
Capital
LLC,
5.40%,
3/21/35,
Callable
12/21/34
@
100(a)
..................
395
400
Brown
&
Brown,
Inc.,
4.20%,
3/17/32,
Callable
12/17/31
@
100
.....................
185
176
Capital
One
Financial
Corp.
2.36%
(SOFR+134bps),
7/29/32
,
Callable
7/29/31
@
100(d)
....................
290
250
6.18%
(SOFR+204bps),
1/30/36,
Callable
1/30/35
@
100(d)
....................
95
97
Citadel
Securities
Global
Holdings
LLC,
6.20%,
6/18/35,
Callable
3/18/35
@
100(a)
.......
330
337
Citigroup,
Inc.,
2.52%
(SOFR+
118bps),
11/3/32,
Callable
11/3/31
@
100(d)
.............
220
195
Citizens
Financial
Group,
Inc.
5.84%
(SOFR+201bps),
1/23/30,
Callable
1/23/29
@
100(d)
....................
135
139
5.25%
(SOFR+126bps),
3/5/31,
Callable
3/5/30
@
100(d)
......................
40
40
5.72%
(SOFR+191bps),
7/23/32,
Callable
7/23/31
@
100(d)
....................
135
139
5.30%
(H15T5Y+145bps),
1/29/36,
Callable
1/29/31
@
100(d)
..................
15
15
CNO
Financial
Group,
Inc.,
6.45%,
6/15/34,
Callable
3/15/34
@
100
..................
75
78
CNO
Global
Funding
4.88%,
12/10/27(a)
..................................................
30
30
2.65%,
1/6/29(a)
...................................................
435
413
Farmers
Exchange
Capital
III,
5.45%
(TSFR3M+372bps),
10/15/54,
Callable
10/15/34
@
100(a)(d)
.........................................................
250
227
Victory
Portfolios
IV
Victory
Pioneer
Balanced
Fund
9
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Farmers
Insurance
Exchange
4.75%
(US0003M+323bps),
11/1/57,
Callable
11/1/37
@
100(a)(d)
...............
$
385
$
319
7.00%
(H15T10Y+386bps),
10/15/64,
Callable
7/15/54
@
100(a)(d)
..............
150
149
Fidelity
National
Information
Services,
Inc.,
4.80%,
3/10/31,
Callable
2/10/31
@
100
......
70
70
Fifth
Third
Bank
NA,
5.33%
(SOFR+261bps),
8/25/33,
Callable
8/25/32
@
100(d)
........
375
377
Freedom
Mortgage
Holdings
LLC
9.13%,
5/15/31,
Callable
5/15/27
@
104.56(a)
..............................
185
192
8.38%,
4/1/32,
Callable
4/1/28
@
104.19(a)
................................
30
30
Huntington
Bancshares,
Inc.,
5.27%
(SOFR+128bps),
1/15/31,
Callable
1/15/30
@
100(d)
...
115
117
HUT
8
DC
LLC,
6.19%,
11/15/42,
Callable
5/15/42
@
100(a)
.......................
100
101
Hyundai
Capital
America
5.30%,
1/8/30,
Callable
12/8/29
@
100(a)
.................................
200
203
5.80%,
4/1/30,
Callable
2/1/30
@
100(a)
..................................
285
295
6.20%,
9/21/30,
Callable
7/21/30
@
100(a)
................................
125
131
JPMorgan
Chase
&
Co.
5.04%
(SOFR+119bps),
1/23/28,
Callable
1/23/27
@
100(d)
....................
300
301
2.55%
(SOFR+118bps),
11/8/32,
Callable
11/8/31
@
100(d)
....................
275
245
4.59%
(SOFR+180bps),
4/26/33,
Callable
4/26/32
@
100(d)
....................
90
89
5.77%
(SOFR+149bps),
4/22/35,
Callable
4/22/34
@
100(d)
....................
215
224
5.19%
(SOFR+130bps),
2/5/37,
Callable
2/5/36
@
100(d)
......................
100
98
KeyCorp,
5.12%
(SOFRINDX+123bps),
4/4/31
,
Callable
4/4/30
@
100(d)
..............
135
136
Liberty
Mutual
Insurance
Co.,
7.70%,
10/15/97(a)
...............................
508
551
Lincoln
Financial
Global
Funding,
4.20%,
1/12/29(a)
.............................
50
49
Lincoln
National
Corp.,
5.35%,
11/15/35,
Callable
8/15/35
@
100
....................
55
53
LPL
Holdings,
Inc.,
5.70%,
5/20/27,
Callable
4/20/27
@
100
........................
120
121
Mercedes-Benz
Finance
North
America
LLC,
4.85%,
1/11/29(a)
.....................
325
328
MetLife,
Inc.,
5.85%
(H15T5Y+182bps),
3/15/56,
Callable
3/15/36
@
100(d)
............
120
118
Morgan
Stanley
5.65%
(SOFR+101bps),
4/13/28,
Callable
4/13/27
@
100(d)
....................
70
71
5.17%
(SOFR+145bps),
1/16/30,
Callable
1/16/29
@
100(d)
....................
175
177
5.95%
(H15T5Y+243bps),
1/19/38,
Callable
1/19/33
@
100(d)
..................
65
67
5.94%
(H15T5Y+180bps),
2/7/39,
Callable
2/7/34
@
100(d)
....................
180
185
MSCI,
Inc.,
5.25%,
9/1/35,
Callable
6/1/35
@
100
...............................
70
69
Mutual
of
Omaha
Cos.
Global
Funding
5.00%,
4/1/30(a)
...................................................
155
156
4.55%,
1/13/31(a)
..................................................
265
262
Northern
Trust
Corp.,
5.12%
(H15T5Y+105bps),
11/19/40,
Callable
11/19/35
@
100(d)
....
85
83
Old
National
Bancorp,
5.77%
(TSFR3M+220bps),
2/15/36,
Callable
2/15/31
@
100(d)
.....
25
25
OneMain
Finance
Corp.
6.13%,
5/15/30
,
Callable
11/15/29
@
100
..................................
10
10
4.00%,
9/15/30,
Callable
6/4/26
@
102
...................................
305
281
Primerica,
Inc.,
2.80%,
11/19/31,
Callable
8/19/31
@
100
..........................
79
71
Prudential
Financial,
Inc.
3.88%,
3/27/28,
Callable
12/27/27
@
100
,
MTN
.............................
163
162
3.00%,
3/10/40,
Callable
9/10/39
@
100,
MTN
.............................
305
231
Rocket
Cos.,
Inc.,
6.50%,
8/1/29,
Callable
8/1/26
@
103.25(a)
.......................
140
143
Santander
Holdings
USA,
Inc.
6.12%
(SOFR+123bps),
5/31/27,
Callable
5/31/26
@
100(d)
....................
65
65
2.49%
(SOFR+125bps),
1/6/28,
Callable
1/6/27
@
100(d)
......................
195
192
Starwood
Property
Trust,
Inc.,
5.75%,
1/15/31,
Callable
7/15/30
@
100(a)
..............
50
50
Synchrony
Financial,
5.94%
(SOFRINDX+213bps),
8/2/30,
Callable
8/2/29
@
100(d)
.....
110
112
Teachers
Insurance
&
Annuity
Association
of
America,
6.85%,
12/16/39(a)
.............
20
22
The
Goldman
Sachs
Group,
Inc.
4.22%
(TSFR3M+156bps),
5/1/29,
Callable
5/1/28
@
100(d)
...................
140
139
2
.65%
(SOFR+126bps),
10/21/32,
Callable
10/21/31
@
100(d)
..................
210
187
The
PNC
Financial
Services
Group,
Inc.
5.30%
(SOFR+134bps),
1/21/28,
Callable
1/21/27
@
100(d)
....................
65
65
5.42%
(H15T5Y+117bps),
1/25/41,
Callable
1/25/36
@
100(d)
..................
55
54
Toyota
Motor
Credit
Corp.,
4.60%,
3/11/33
....................................
195
192
Truist
Financial
Corp.
7.16%
(SOFR+245bps),
10/30/29,
Callable
10/30/28
@
100,
MTN(d)
.............
200
212
5.44%
(SOFR+162bps),
1/24/30,
Callable
1/24/29
@
100(d)
....................
60
61
4.60%
(SOFR+97bps),
1/27/32,
Callable
1/27/31
@
100(d)
.....................
105
104
Victory
Portfolios
IV
Victory
Pioneer
Balanced
Fund
10
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
U.S.
Bancorp
5.38%
(SOFR+156bps),
1/23/30,
Callable
1/23/29
@
100(d)
....................
$
80
$
82
2.49%
(H15T5Y+95bps),
11/3/36,
Callable
11/3/31
@
100(d)
...................
530
461
Velocity
Vehicle
Group
LLC,
8.00%,
6/1/29,
Callable
6/4/26
@
104(a)
.................
30
30
Wells
Fargo
&
Co.,
5.24%
(SOFR+111bps),
1/24/31,
Callable
1/24/30
@
100(d)
..........
100
102
Willis
North
America,
Inc.,
2.95%,
9/15/29,
Callable
6/15/29
@
100
..................
40
38
12,965
Health
Care
(0.4%):
AbbVie,
Inc.,
4.05%,
11/21/39,
Callable
5/21/39
@
100
...........................
117
103
Amgen,
Inc.,
5.25%,
3/2/33,
Callable
12/2/32
@
100
.............................
165
169
Baxter
International,
Inc.,
4.90%,
12/15/30
,
Callable
11/15/30
@
100
..................
35
35
CVS
Health
Corp.
5.25%,
1/30/31,
Callable
11/30/30
@
100
..................................
40
41
5.25%,
2/21/33,
Callable
11/21/32
@
100
..................................
250
254
Dentsply
Sirona
,
Inc.,
8.38%
(H15T5Y+438bps),
9/12/55
,
Callable
6/12/30
@
100(d)
......
259
260
Elevance
Health,
Inc.
5.15%,
6/15/29,
Callable
5/15/29
@
100
..................................
100
102
5.38%,
6/15/34,
Callable
3/15/34
@
100
..................................
70
71
Eli
Lilly
&
Co.,
5.55%,
10/15/55,
Callable
4/15/55
@
100
..........................
75
74
GE
Healthcare
Technologies,
Inc.,
5.50%,
6/15/35,
Callable
3/15/35
@
100
.............
110
112
HCA,
Inc.,
5.50%,
3/1/32,
Callable
1/1/32
@
100
................................
180
184
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.,
5.20%,
6/15/29,
Callable
5/15/29
@
100(a)
...........................................................
80
81
Highmark,
Inc.,
5.75%,
5/15/36,
Callable
2/15/36
@
100(a)
.........................
80
79
Humana,
Inc.,
5.38%,
4/15/31,
Callable
2/15/31
@
100
............................
75
76
Novartis
Capital
Corp.,
4.60%,
3/18/33,
Callable
1/18/33
@
100
.....................
115
114
Zoetis,
Inc.,
5.00%,
8/17/35,
Callable
5/17/35
@
100
.............................
170
169
1,924
Industrials
(0.5%):
AECOM,
6.00%,
8/1/33,
Callable
8/1/28
@
103
(a)
...............................
220
222
Cummins,
Inc.,
5.30%,
5/9/35,
Callable
2/9/35
@
100
.............................
229
234
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.,
4.75%,
10/20/28(a)
.........................
55
55
GE
Vernova,
Inc.,
4.88%,
2/4/36,
Callable
11/4/35
@
100
..........................
120
119
Herc
Holdings,
Inc.,
7.25%,
6/15/33,
Callable
6/15/28
@
103.63(a)
...................
65
68
Johnsonville
Aeroderivative
Combustion
Turbine
Generation
LLC,
5.08%,
10/1/54
........
182
170
Komatsu
Finance
America,
Inc.,
4.20%,
9/18/30,
Callable
8/18/30
@
100
(a)
.............
200
197
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
4.40%,
7/1/27,
Callable
6/1/27
@
100(a)
..................................
98
98
5.55%,
5/1/28,
Callable
4/1/28
@
100(a)
..................................
255
259
6.05%,
8/1/28,
Callable
7/1/28
@
100(a)
..................................
35
36
Regal
Rexnord
Corp.,
6.30%,
2/15/30,
Callable
12/15/29
@
100
.....................
125
131
Trans-Allegheny
Interstate
Line
Co.,
5.00%,
1/15/31,
Callable
12/15/30
@
100(a)
.........
50
51
United
Airlines
Holdings,
Inc.
4.88%,
3/1/29,
Callable
12/1/28
@
100
...................................
200
197
5.38%,
3/1/31,
Callable
9/1/30
@
100
....................................
40
39
United
Airlines
Pass
Through
Trust,
5.45%,
2/15/37
..............................
113
115
Verisk
Analytics,
Inc.
4.45%,
3/15/31,
Callable
2/15/31
@
100
..................................
50
49
5.25%,
3/15/35
,
Callable
12/15/34
@
100
.................................
85
84
2,124
Information
Technology
(0.8%):
Broadcom,
Inc.
5.05%,
7/12/29,
Callable
6/12/29
@
100
..................................
210
214
4.60%,
7/15/30,
Callable
6/15/30
@
100
..................................
150
151
4.15%,
4/15/32,
Callable
1/15/32
@
100(a)
................................
125
121
4.30%,
11/15/32,
Callable
8/15/32
@
100
..................................
60
58
3.19%,
11/15/36,
Callable
8/15/36
@
100(a)
................................
391
328
Core
Scientific
Finance
I
LLC,
7.75%,
5/15/31,
Callable
5/15/28
@
103.88(a)
...........
85
85
CoreWeave,
Inc.,
9.00%,
2/1/31,
Callable
2/1/28
@
104.5(a)
........................
225
223
ERP
Operating
LP,
4.95%,
6/15/32,
Callable
4/15/32
@
100
........................
75
76
ESC
Gab,
8/20/51(g)
....................................................
200
—
Foundry
JV
Holdco
LLC,
5.90%,
1/25/30
,
Callable
12/25/29
@
100(a)
................
206
214
Victory
Portfolios
IV
Victory
Pioneer
Balanced
Fund
11
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Intel
Corp.,
5.30%,
5/15/36,
Callable
2/15/36
@
100
..............................
$
95
$
94
Microchip
Technology,
Inc.,
5.05%,
2/15/30,
Callable
1/25/30
@
100
..................
195
197
Oracle
Corp.
5.95%,
9/26/55
,
Callable
3/26/55
@
100
..................................
244
204
6.70%,
2/4/56,
Callable
8/4/55
@
100
....................................
715
659
6.85%,
2/4/66,
Callable
8/4/65
@
100
....................................
185
170
Qnity
Electronics,
Inc.
5.75%,
8/15/32,
Callable
8/15/28
@
102.88(a)
..............................
70
71
6
.25%,
8/15/33,
Callable
8/15/28
@
103.13(a)
..............................
70
72
Roper
Technologies,
Inc.
4.75%,
2/15/32,
Callable
12/15/31
@
100
.................................
125
124
4.90%,
10/15/34,
Callable
7/15/34
@
100
.................................
205
199
Skyworks
Solutions,
Inc.,
3.00%,
6/1/31,
Callable
3/1/31
@
100
.....................
269
242
3,502
Materials
(0.2%):
Celanese
US
Holdings
LLC,
7.20%,
11/15/33,
Callable
8/15/33
@
100
.................
245
265
Cleveland-Cliffs,
Inc.
7.00%,
3/15/32,
Callable
3/15/27
@
103.5(a)
...............................
100
100
7.63%,
1/15/34,
Callable
1/15/29
@
103.81(a)
..............................
140
142
Commercial
Metals
Co.,
6.00%,
12/15/35,
Callable
12/15/30
@
103(a)
................
75
75
Martin
Marietta
Materials,
Inc.
5.15%,
12/1/34,
Callable
9/1/34
@
100
...................................
145
146
5.50%,
12/1/54,
Callable
6/1/54
@
100
...................................
130
123
Methanex
US
Operations,
Inc.,
6.25%,
3/15/32,
Callable
9/15/31
@
100(a)
..............
214
220
Novelis
Corp.,
6.38%,
8/15/33,
Callable
8/15/28
@
103.19(a)
.......................
88
88
1,159
Real
Estate
(0.2%):
Americold
Realty
Operating
Partnership
LP,
5.60%,
5/15/32,
Callable
3/15/32
@
100
......
60
60
CBRE
Services,
Inc.,
4.90%,
1/15/33,
Callable
11/15/32
@
100
......................
40
40
COPT
Defense
Properties
LP,
4.50%,
10/15/30,
Callable
9/15/30
@
100
................
45
44
Cousins
Properties
LP,
4.88%,
3/1/33,
Callable
1/1/33
@
100
.......................
115
111
Highwoods
Realty
LP
3.05%,
2/15/30,
Callable
11/15/29
@
100
..................................
18
17
2.60%,
2/1/31,
Callable
11/1/30
@
100
...................................
19
17
5.35%,
1/15/33,
Callable
11/15/32
@
100
..................................
35
35
Invitation
Homes
Operating
Partnership
LP,
4.95%,
1/15/33,
Callable
11/15/32
@
100
.....
105
103
Simon
Property
Group
LP,
5.50%,
3/8/33,
Callable
12/8/32
@
100
....................
490
509
Ventas
Realty
LP,
5.10%,
7/15/32,
Callable
5/15/32
@
100
.........................
120
121
1,057
Utilities
(0.7%):
Alta
Wind
Holdings
LLC,
7.00%,
6/30/35(a)
...................................
35
33
American
Electric
Power
Co.,
Inc.,
4.30%,
12/1/28,
Callable
9/1/28
@
100
..............
125
125
Boston
Gas
Co.,
3.15%,
8/1/27,
Callable
5/1/27
@
100(a)
..........................
325
320
Consolidated
Edison
Co.
of
New
York,
Inc.,
4.63%,
12/1/54,
Callable
6/1/54
@
100
.......
220
181
Duke
Energy
Carolinas
LLC,
3.95%,
3/15/48,
Callable
9/15/47
@
100
.................
250
192
Entergy
Louisiana
LLC,
5.35%,
3/15/34,
Callable
12/15/33
@
100
....................
209
215
Entergy
Texas,
Inc.,
5.25%,
4/15/35,
Callable
1/15/35
@
100
........................
60
61
ITC
Holdings
Corp.,
5.65%,
5/9/34,
Callable
2/9/34
@
100(a)
.......................
170
175
KeySpan
Gas
East
Corp.,
5.99%,
3/6/33,
Callable
12/6/32
@
100(a)
...................
375
392
NRG
Energy,
Inc.,
6.13%,
5/15/36,
Callable
5/15/31
@
103.06(a)
....................
167
166
Public
Service
Enterprise
Group,
Inc.,
5.40%,
3/15/35,
Callable
12/15/34
@
100
..........
80
81
Puget
Energy,
Inc.
2.38%,
6/15/28,
Callable
4/15/28
@
100
..................................
205
196
4.10%,
6/15/30,
Callable
3/15/30
@
100
..................................
133
129
4.22%,
3/15/32,
Callable
12/15/31
@
100
.................................
120
115
Sempra
6.55%
(H15T5Y+214bps),
4/1/55,
Callable
1/1/35
@
100(d)
....................
310
313
6.38%
(H15T5Y+263bps),
4/1/56,
Callable
1/1/31
@
100(d)
....................
60
61
Southern
California
Edison
Co.,
5.45%,
6/1/31,
Callable
4/1/31
@
100
.................
85
87
Spire,
Inc.,
6.45%
(H15T5Y+233bps),
6/1/56,
Callable
3/1/36
@
100(d)
...............
50
50
Victory
Portfolios
IV
Victory
Pioneer
Balanced
Fund
12
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Talen
Energy
Supply
LLC
6.25%,
2/1/34,
Callable
10/15/28
@
103.13(a)
..............................
$
110
$
109
6.50%,
2/1/36,
Callable
10/15/30
@
103.25(a)
..............................
110
110
Virginia
Electric
And
Power
Co.,
4.45%,
2/15/44,
Callable
8/15/43
@
100
..............
200
169
3,280
Total
Corporate
Bonds
(Cost
$34,304)
a
a
a
33,473
Insurance-Linked
Securities
(0.7%)
Event
Linked
Bonds
(0.7%):
Multiperil
-
U.S.
-
(0.4%):
Bonanza
Re,
7.26%
(MSMMUSTF+375bps),
12/19/27(a)(d)(j)
......................
250
252
Four
Lakes
Re,
9.35%
(BRMMUSDF+552bps),
1/7/27,
Callable
6/4/26
@
102.5(a)(d)
(j)
....
250
252
High
Point
Re,
9.19%
(BRMMUSDF+564bps),
1/6/27,
Callable
6/4/26
@
102.25(a)(d)(j)
...
250
253
Mystic
Re,
15.51%
(GSMMUSTI+1200bps),
1/8/27(a)(d)(j)
........................
250
251
Residential
Re
9.51%,
(JMMMUSTF+597bps),
12/6/27(a)(d)(j)
............................
250
259
8.92%,
(JMMMUSTF+538bps),
12/6/28(a)(d)(j)
............................
250
255
Sanders
Re
III,
9.11%
(BRMMUSDF+556bps),
4/7/28(a)(d)(j)
......................
250
259
Multiperil
-
U.S.
&
Canada
-
(0.1%):
Galileo
Re,
10.51%
(GSMMUSTI+700bps)
,
1/7/28,
Callable
6/4/26
@
104.5(a)(d)(j)
......
250
257
Wind
Storm
-
Florida
-
(0.1%):
Integrity
Re,
16.83%
(FHMMUSTF+1332bps),
6/6/26(a)(d)(j)
......................
250
253
Wind
Storm
-
North
Carolina
-
(0.0%):(f)
Blue
Ridge
Re,
8.76%
(FHMMUSTF+525
bps),
1/8/27(a)(d)(j)
......................
250
253
Wind
Storm
-
U.S.
-
(0.1%):
Mayflower
Re,
8.56%
(FHMMUSTF+505bps),
7/8/26(a)(d)(j)
.......................
250
250
Merna
Re,
13.98%
(GSMMUSTI+1047bps),
7/7/26(a)(d)(j)
........................
250
254
3,048
Total
Insurance-Linked
Securities
(Cost
$3,012)
a
a
a
3,048
Yankee
Dollars
(4.0%)
Communication
Services
(0.1%):
Orange
SA
4.75%,
1/13/33,
Callable
11/13/32
@
100(a)
................................
205
202
5.00%,
1/13/36,
Callable
10/13/35
@
100(a)
...............................
200
196
398
Energy
(0.2%):
Aker
BP
ASA,
5.25%,
10/30/35,
Callable
7/30/35
@
100(a)
........................
190
186
Enbridge,
Inc.
5.55%,
6/20/35,
Callable
3/20/35
@
100
..................................
205
209
7.20%
(H15T5Y+297bps),
6/27/54,
Callable
3/27/34
@
100(d)
..................
120
128
7.38%
(H15T5Y+312bps),
3/15/55,
Callable
12/15/29
@
100(d)
.................
120
127
8.50%
(H15T5Y+443bps),
1/15/84,
Callable
10/15/33
@
100(d)
.................
165
188
838
Financials
(2.8%):
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust,
3.30%,
1/30/32,
Callable
10/30/31
@
100
...........................................................
850
777
African
Development
Bank,
5.88%
(H15T5Y+165bps),
Callable
5/7/35
@
100(d)(i)
.......
400
391
Allianz
SE
6.50%
(H15T5Y+223bps),
Callable
10/30/34
@
100(a)(d)(i)
....................
200
200
6.55%
(H15T5Y+232bps),
Callable
10/30/33
@
100(a)(d)(i)
....................
400
405
Australia
&
New
Zealand
Banking
Group
Ltd.,
5.73%
(H15T5Y+162bps),
9/18/34
,
Callable
9/18/29
@
100(a)(d)
.................................................
285
292
Avolon
Holdings
Funding
Ltd.
6.38%,
5/4/28,
Callable
4/4/28
@
100(a)
..................................
570
587
5.75%,
11/15/29,
Callable
10/15/29
@
100(a)
...............................
30
31
4.70%,
1/30/31,
Callable
12/30/30
@
100(a)
...............................
5
5
Victory
Portfolios
IV
Victory
Pioneer
Balanced
Fund
13
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Banco
Santander
SA
3.23%
(H15T1Y+160bps),
11/22/32,
Callable
8/22/31
@
100(d)
.................
$
600
$
540
6.03%,
1/17/35
....................................................
200
209
5.44%,
4/15/36
....................................................
200
199
Banque
Federative
du
Credit
Mutuel
SA,
4.54%,
1/15/31(a)
........................
200
198
Banque
Ouest
Africaine
de
Developpement,
4.70%,
10/22/31,
Callable
7/22/31
@
100(a)
...
370
340
BNP
Paribas
SA
6.88%
(H15T5Y+285bps),
Callable
12/15/33
@
100(a)(d)
(i)
....................
200
199
7.45%
(H15T5Y+313bps),
Callable
6/27/35
@
100(a)(d)(i)
.....................
330
342
2.16%
(SOFR+122bps),
9/15/29,
Callable
9/15/28
@
100(a)(d)
..................
225
213
Canadian
Imperial
Bank
of
Commerce,
4.63%
(SOFR+134bps),
9/11/30
,
Callable
9/11/29
@
100(d)
...........................................................
255
255
Credit
Agricole
SA,
5.26%
(SOFR+143bps),
1/12/37,
Callable
1/12/36
@
100(a)(d)
.......
285
279
CRH
SMW
Finance
DAC,
5.13%,
1/9/30,
Callable
12/9/29
@
100
....................
200
204
Deutsche
Bank
AG
4.47%
(SOFR+110bps),
12/10/31,
Callable
12/10/30
@
100(d)
..................
150
148
5.06%
(SOFR+141bps),
4/14/32,
Callable
4/14/31
@
100(d)
....................
150
150
Federation
des
Caisses
Desjardins
du
Quebec,
5.25%,
4/26/29(a)
.....................
630
644
HSBC
Holdings
PLC
6.16%
(SOFR+197bps),
3/9/29,
Callable
3/9/28
@
100(d)
......................
200
206
2.21%
(SOFR+129bps),
8/17/29,
Callable
8/17/28
@
100(d)
....................
305
289
5.29%
(SOFR+129bps),
11/19/30,
Callable
11/19/29
@
100(d)
..................
215
219
2.87%
(SOFR+141bps),
11/22/32,
Callable
11/22/31
@
100(d)
..................
335
301
5.74%
(SOFR+196bps),
9/10/36,
Callable
9/10/35
@
100(d)
....................
200
201
5.28%
(SOFR+155
bps),
3/10/37,
Callable
3/10/36
@
100(d)
....................
200
197
Manulife
Financial
Corp.,
4.99%,
12/11/35,
Callable
9/11/35
@
100
..................
115
113
Meiji
Yasuda
Life
Insurance
Co.,
6.10%
(H15T5Y+291bps),
6/11/55,
Callable
6/11/35
@
100(a)(d)
.........................................................
495
504
Mitsubishi
UFJ
Financial
Group,
Inc.,
2.49%
(H15T1Y+97bps),
10/13/32,
Callable
10/13/31
@
100(d)
.........................................................
200
177
Nationwide
Building
Society,
5.13%,
7/29/29(a)
.................................
355
361
NatWest
Group
PLC,
6.48%
(H15T5Y+220bps),
6/1/34
,
Callable
3/1/29
@
100(d)
........
210
218
Nippon
Life
Insurance
Co.
2.75%
(H15T5Y+265bps),
1/21/51,
Callable
1/21/31
@
100(a)(d)
................
270
241
2.90%
(H15T5Y+260bps),
9/16/51,
Callable
9/16/31
@
100(a)(d)
................
200
177
Nomura
Holdings,
Inc.,
3.00%,
1/22/32
.......................................
445
401
Societe
Generale
SA,
6.10%
(H15T1Y+160bps),
4/13/33,
Callable
4/13/32
@
100(a)(d)
....
410
427
Sumitomo
Life
Insurance
Co.,
5.88%
(H15T5Y+265bps),
9/10/55,
Callable
9/10/35
@
100(a)
(d)
.............................................................
420
421
Sumitomo
Mitsui
Financial
Group,
Inc.
4.49%
(SOFR+102bps),
1/15/32,
Callable
1/15/31
@
100(d)
....................
205
202
5.33%
(H15T5Y+130bps),
3/3/41,
Callable
3/3/36
@
100(d)
....................
190
185
The
Bank
of
Nova
Scotia,
4.81%
(SOFR+105bps)
,
2/2/34,
Callable
2/2/33
@
100(d)
.......
145
143
UBS
Group
AG
4.88%
(H15T5Y+340bps),
Callable
2/12/27
@
100(a)(d)(i)
.....................
700
700
2.75%
(H15T1Y+110bps),
2/11/33,
Callable
2/11/32
@
100(a)(d)
................
385
342
UniCredit
SpA
7.30%
(USISOA05+491bps),
4/2/34,
Callable
4/2/29
@
100(a)(d)
................
200
211
5.46%
(H15T5Y+475bps),
6/30/35,
Callable
6/30/30
@
100(a)(d)
................
230
230
13,074
Industrials
(0.2%):
Air
Canada
Pass
Through
Trust,
3.30%,
1/15/30(a)
...............................
98
94
Danaos
Corp.,
6.88%,
10/15/32,
Callable
10/15/28
@
103.44(a)
......................
125
128
Element
Fleet
Management
Corp.
5.64%,
3/13/27,
Callable
2/13/27
@
100(a)
................................
55
56
5.04%,
3/25/30,
Callable
2/25/30
@
100(a)
................................
305
308
4.64%,
11/24/30,
Callable
10/24/30
@
100(a)
...............................
85
84
Waste
Connections,
Inc.,
5.25%,
9/1/35,
Callable
6/1/35
@
100
......................
150
153
823
Information
Technology
(0.1%):
Flex
Ltd.,
5.38%,
11/13/35,
Callable
8/13/35
@
100
..............................
85
84
Victory
Portfolios
IV
Victory
Pioneer
Balanced
Fund
14
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
SK
Hynix,
Inc.,
5.50%,
1/16/29(a)
...........................................
$
292
$
300
384
Materials
(0.1%):
AngloGold
Ashanti
Holdings
PLC,
3.75%,
10/1/30,
Callable
7/1/30
@
100
..............
290
279
Corp.
Nacional
del
Cobre
de
Chile,
5.63%,
10/18/43(a)
............................
250
238
First
Quantum
Minerals
Ltd.,
8.63%,
6/1/31,
Callable
6/4/26
@
104.31(a)
..............
270
282
799
Sovereign
Bond
(0.4%):
Kuwait
International
Government
Bond,
4.65%,
10/9/35(a)
.........................
530
517
Mexico
Government
International
Bond
5.63%,
2/9/34,
Callable
12/9/33
@
100
...................................
200
197
6.88%,
5/13/37
,
Callable
2/13/37
@
100
..................................
205
216
Peruvian
Government
International
Bond,
5.50%,
3/30/36,
Callable
12/30/35
@
100
.......
355
358
Philippine
Government
International
Bond,
5.00%,
1/13/37
.........................
200
196
Saudi
Government
International
Bond,
4.13%,
1/12/29(a)
..........................
320
316
1,800
Utilities
(0.1%):
Algonquin
Power
&
Utilities
Corp.,
5.37%,
6/15/26(k)
............................
50
50
Enel
Finance
International
NV,
5.00%,
9/30/35
,
Callable
6/30/35
@
100(a)
..............
305
297
347
Total
Yankee
Dollars
(Cost
$18,564)
a
a
a
18,463
Municipal
Bonds
(0.0%)(f)
Massachusetts
(0.0%):(f)
Massachusetts
Development
Finance
Agency
Revenue,
Series
B,
4.84%,
9/1/43
..........
100
97
Missouri
(0.0%):(f)
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
Revenue,
Series
A,
3.69%,
2/15/47
..........................................................
100
78
Total
Municipal
Bonds
(Cost
$200)
a
a
a
175
U.S.
Government
Agency
Mortgages
(8.5%)
Federal
Home
Loan
Mortgage
Corporation
6.50%,
10/1/33
-
12/1/55
.............................................
2,060
2,166
6.00%,
1/1/38
-
9/1/55
...............................................
1,609
1,662
5.50%,
1/1/39
-
4/1/55
...............................................
686
697
5.00%,
5/1/40
-
12/1/54
..............................................
303
301
1.50%,
3/1/42
.....................................................
993
826
4.00%,
10/1/42
-
4/1/47
..............................................
342
328
3.00%,
12/1/46
-
9/1/52
..............................................
246
221
3.50%,
12/1/46
-
3/1/48
..............................................
132
123
4.50%,
3/1/47
.....................................................
10
10
2.50%,
5/1/51
-
4/1/52
...............................................
675
573
7.00%,
8/1/54
-
10/1/55
..............................................
824
878
7,785
Federal
Home
Loan
Mortgage
Corporation
REMICs
6.50%,
7/1/55
.....................................................
324
336
Federal
National
Mortgage
Association
6.50%,
4/1/29
-
4/25/56
..............................................
929
974
6.00%,
9/1/29
-
4/25/56
..............................................
1,862
1,915
3.00%,
10/1/30
-
2/1/57
..............................................
2,445
2,152
5.00%,
5/1/31
-
5/25/56
..............................................
3,399
3,374
5.50%,
3/1/34
-
5/25/56
..............................................
4,957
5,025
7.00%,
1/1/36
.....................................................
7
7
4.00%,
10/1/40
-
10/1/52
.............................................
591
561
1
.50%,
5/25/41
....................................................
200
179
2.00%,
5/25/41
-
6/25/56
.............................................
1,400
1,143
2.50%,
5/25/41
-
6/25/56
.............................................
3,827
3,285
4.50%,
9/1/43
-
5/25/55
..............................................
1,872
1,805
Victory
Portfolios
IV
Victory
Pioneer
Balanced
Fund
15
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
3.50%,
2/1/49
-
6/25/56
..............................................
$
5,051
$
4,607
4.00%,
5/25/56
....................................................
800
750
25,777
Government
National
Mortgage
Association
7.00%,
8/15/28
....................................................
—(l)
–(l)
6.50%,
11/20/28
-
5/15/33
.............................................
23
23
7.50%,
9/20/29
....................................................
—(l)
–(l)
8.00%,
2/15/30
....................................................
1
1
5.50%,
8/15/33
-
5/20/56
.............................................
779
786
6.00%,
10/15/33
-
4/20/55
.............................................
636
651
5.00%,
4/20/38
-
5/20/56
.............................................
793
788
4.50%,
5/15/39
-
5/20/56
.............................................
534
519
4.00%,
9/15/41
-
5/20/56
.............................................
327
309
3.50%,
11/15/41
-
5/20/56
.............................................
494
454
2.00%,
3/20/52
-
5/20/56
.............................................
773
636
2.50%,
4/20/52
-
5/20/56
.............................................
955
818
3.00%,
5/20/52
-
5/20/56
.............................................
669
596
6.50%,
5/20/56
....................................................
400
418
5,999
Total
U.S.
Government
Agency
Mortgages
(Cost
$40,224)
a
a
a
39,897
U.S.
Treasury
Obligations
(9.6%)
U.S.
Treasury
Bills
2.83%,
5/5/26(m)
...................................................
15,000
14,994
3.41%,
5/19/26(m)
..................................................
22,500
22,460
U.S.
Treasury
Bonds
4.63%,
2/15/46
....................................................
2,000
1,910
3.13%,
5/15/48
....................................................
5,838
4,346
U.S.
Treasury
Inflation
Indexed
Notes,
1.88%,
7/15/35
............................
1,210
1,214
Total
U.S.
Treasury
Obligations
(Cost
$45,688)
a
a
a
44,924
Shares
Affiliated
Mutual
Funds
(0.4%)
Victory
Pioneer
ILS
Interval
Fund
...........................................
162,647
1,680
Total
Affiliated
Mutual
Funds
(Cost
$1,582)
a
a
a
1,680
Total
Investments
(Cost
$354,058)
—
102.9%
480,419
Liabilities
in
excess
of
other
assets
—  (2.9)%
(13,454)
NET
ASSETS
-
100.00%
$
466,965
At
April
30,
2026,
the
Fund's
investments
in
foreign
securities
were
9.9%
of
net
assets.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
April
30,
2026,
the
fair
value
of
these
securities
was
$46,253
(thousands)
and
amounted
to
9.9%
of
net
assets.
(b)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(c)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
April
30,
2026.
(d)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
April
30,
2026.
(e)
Security
is
interest
only.
(f)
Amount
represents
less
than
0.05%
of
net
assets.
(g)
Zero-coupon
bond.
(h)
Non-income
producing
security.
(i)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
Victory
Portfolios
IV
Victory
Pioneer
Balanced
Fund
16
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Name
Acquisition
Date
Cost
Value
Blue
Ridge
Re
.....................................................
11/14/2023
250
$
253
Bonanza
Re
.......................................................
12/16/2024
250
252
Four
Lakes
Re
.....................................................
12/8/2023
250
253
Galileo
Re
........................................................
12/4/2023
250
258
High
Point
Re
.....................................................
12/1/2023
250
253
Integrity
Re
.......................................................
10/22/2025
252
253
Mayflower
Re
.....................................................
2/18/2026
253
250
Merna
Re
........................................................
2/17/2026
257
254
Mystic
Re
........................................................
12/12/2023
250
251
Residential
Re
.....................................................
11/7/2023
250
259
Residential
Re
.....................................................
11/4/2024
250
255
Sanders
Re
III
.....................................................
1/16/2024
250
259
Total
(0.7%
of
net
assets)
$3,012
$3,048
(j)
The
following
table
details
the
earliest
acquisition
date,
cost,
and
market
value
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
April
30,
2026
(amounts
in
thousands):
(k)
Stepped
coupon
security
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
(l)
Rounds
to
less
than
$1
thousand.
(m)
Rate
represents
the
effective
yield
at
April
30,
2026.
ABS
—
Asset-Backed
Securities
ADR
—
American
Depositary
Receipt
bps
—
Basis
points
BRMMUSDF
—
BlackRock
Liquidity
Fund
Treasury
Trust
Fund
Portfolio
Fund
Yield
CLO
—
Collateralized
Loan
Obligations
CMO
—
Collateralized
Mortgage
Obligations
FREMF
—
Freddie
Mac
Multifamily
Fixed-Rate
Mortgage
Loans
FHMMUSTF
—
Federated
Hermes
US
Treasury
Cash
Reserves
Fund
Yield
GDR
—
Global
Depositary
Receipt
GSMMUSTI
—
Goldman
Sachs
Money
Market
U.S.
Treasury
Instrument
Index
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
April
30,
2026.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
April
30,
2026.
H15T10Y
—
10
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
April
30,
2026.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
JMMMUSTF
—
JPMorgan
100%
US
Treasury
Securities
Money
Market
Fund
Yield
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MSMMUSTF
—
Morgan
Stanley
Institutional
Liquidity
Funds
Treasury
Securities
Portfolio
Fund
Yield
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
PRIME
—
US
Prime
rate,
rate
disclosed
as
of
April
30,
2026.
REMIC
—
Real
Estate
Mortgage
Investment
Conduits
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of
April
30,
2026.
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
April
30,
2026.
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
April
30,
2026.
TSFR1M
—
1
Month
Term
SOFR,
rate
disclosed
as
of
April
30,
2026.
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
April
30,
2026.
US0003M
—
3
Month
US
Dollar
London
Interbank
Offered
Rate,
rate
disclosed
as
of
April
30,
2026,
based
on
the
last
reset
date
of
the
security.
USISOA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
April
30,
2026.
Victory
Portfolios
IV
Victory
Pioneer
Balanced
Fund
17
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
TBA
Sales
Commitments
Security
Description
Principal
Amount
(000)
Value
(000)
TBA
Sales
Commitments
-
(1.70%)
Collateralized
Mortgage
Obligations
—  (1.70%)
Federal
National
Mortgage
Association
3.50%
,
5/25/55
....................................................
(1,300)
$
(1,183)
6.00%
,
5/25/55
....................................................
(2,300)
(2,348)
6.00%
,
6/25/56
....................................................
(900)
(918)
6.00%
,
4/25/56
....................................................
(100)
(102)
6.50%
,
5/25/55
....................................................
(3,200)
(3,320)
6.50%
,
4/25/56
....................................................
(100)
(103)
Total
TBA
Sales
Commitments
(Proceeds  $7,979)
$(7,974)
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
2-Year
U.S.
Treasury
Note
Futures
.......
42
6/30/26
$
8,748
$
8,699
$
(49)
30-Year
U.S.
Treasury
Bond
Futures
.....
15
6/18/26
1,756
1,693
(63)
5-Year
U.S.
Treasury
Note
Futures
.......
226
6/30/26
24,673
24,371
(302)
U.S.
10-Year
Ultra
Futures
............
77
6/18/26
8,868
8,690
(178)
Ultra
Long
Term
U.S.
Treasury
Bond
Futures
67
6/18/26
8,064
7,707
(357)
$
(949)
Futures
Contracts
Sold
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
10-Year
U.S.
Treasury
Note
Futures
......
11
6/18/26
$
1,241
$
1,217
$
24
Total
unrealized
appreciation
$
24
Total
unrealized
depreciation
(949)
Total
net
unrealized
appreciation
(depreciation)
$
(925)
Centrally
Cleared
Credit
Default
Swap
Agreements
-
Sell
Protection
Underlying
Instruments
Fixed
Deal
Receive
Rate
Maturity
Date
Payment
Frequency
Notional
Amount
(000)
Value
(000)
Premiums
Paid
(Received)
(000)
Unrealized
Appreciation
(Depreciation)
(000)
Markit
CDX
North
America
High
Yield
Index
Series
43
...........................
5.00%
12/20/29
Quarterly
$
1,366
$
100
$
93
$
6
$
100
$
93
$
6
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
7/31/2025
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
4/30/2026
Shares
Dividend
Income
Capital
Gain
Distributions
Victory
Pioneer
ILS
Interval
Fund
................
$
1,404
$
137
$
—
$
—
$
139
$
1,680
162,647
$
136
$
—
Schedule
of
Portfolio
Investments
April
30,
2026
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Income
Fund
18
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(0.6%)
ABS
Auto
(0.2%):
Avid
Automobile
Receivables
Trust
,
Series
2023-1
,
Class
C
,
7
.35
%
,
12/15/27
,
Callable
2/15/27
@
100
(a)
.........................................................
$
748
$
750
Exeter
Automobile
Receivables
Trust
,
Series
2025-2A
,
Class
E
,
7
.81
%
,
10/15/32
,
Callable
2/15/29
@
100
(a)
...................................................
9,330
9,625
Merchants
Fleet
Funding
LLC
,
Series
2023-1A
,
Class
E
,
10
.80
%
,
5/20/36
,
Callable
7/20/26
@
100
(a)
...........................................................
2,000
2,017
Tricolor
Auto
Securitization
Trust
...........................................
Series
2022-1A
,
Class
F
,
0
.00
%
,
7/16/29
,
Callable
5/15/26
@
100
(a)
(b)
............
2,500
1,387
Series
2023-1A
,
Class
E
,
0
.00
%
,
6/15/28
,
Callable
5/15/26
@
100
(a)
(b)
............
5,000
2,625
16,404
ABS
Card
(0.1%):
Mercury
Financial
Credit
Card
Master
Trust
,
Series
2024-2A
,
Class
C
,
10
.42
%
,
7/20/29
,
Callable
5/20/26
@
100
(a)
............................................
10,220
10,273
ABS
Other
(0.3%):
Auxilior
Term
Funding
LLC
,
Series
2023-1A
,
Class
E
,
10
.97
%
,
12/15/32
,
Callable
1/15/28
@
100
(a)
...........................................................
4,250
4,582
CFMT
LLC
...........................................................
Series
2023-HB12
,
Class
M2
,
4
.25
%
,
4/25/33
(a)
(c)
..........................
4,350
4,302
Series
2023-HB12
,
Class
M3
,
4
.25
%
,
4/25/33
(a)
(c)
..........................
1,600
1,579
Granite
Park
Equipment
Leasing
LLC
,
Series
2023-1A
,
Class
F
,
7
.00
%
,
6/20/35
,
Callable
11/20/28
@
100
(a)
..................................................
4,198
3,977
Libra
Solutions
LLC
,
Series
2025-1A
,
Class
C
,
9
.90
%
,
8/15/39
(a)
....................
1,000
995
Octane
Receivables
Trust
,
Series
2022-1A
,
Class
E
,
7
.33
%
,
12/20/29
,
Callable
9/20/26
@
100
(a)
...........................................................
1,664
1,681
PEAR
LLC
,
Series
2023-1
,
Class
C
,
10
.00
%
,
7/15/35
,
Callable
9/15/27
@
100
(a)
.........
1,249
1,247
RMF
Buyout
Issuance
Trust
,
Series
2022-HB1
,
Class
M5
,
4
.50
%
,
4/25/32
,
Callable
4/25/27
@
100
(a)
(c)
(d)
.......................................................
1,800
77
Rosy
Blue
Carat
SCS
,
Series
2018-1
,
Class
A1R
,
8
.48
%
,
3/15/30
(a)
(d)
.................
344
348
Westgate
Resorts
LLC
,
Series
2023-1A
,
Class
D
,
10
.14
%
,
12/20/37
,
Callable
4/20/27
@
100
(a)
1,514
1,551
20,339
Total
Asset-Backed
Securities
(Cost
$49,924)
a
a
a
47,016
Collateralized
Mortgage
Obligations
(1.9%)
Commercial
MBS
(0.4%):
BBCMS
Mortgage
Trust
..................................................
Series
2024-5C27
,
Class
AS
,
6
.41
%
,
7/15/57
,
Callable
7/15/29
@
100
(c)
...........
5,000
5,179
Series
2024-C28
,
Class
A5
,
5
.40
%
,
9/15/57
,
Callable
8/15/34
@
100
..............
5,000
5,124
Benchmark
Mortgage
Trust
,
Series
2024-V8
,
Class
AM
,
6
.86
%
,
7/15/57
,
Callable
7/15/29
@
100
(c)
...........................................................
4,311
4,508
MCR
Mortgage
Trust
,
Series
2024-TWA
,
Class
F
,
10
.38
%
,
6/12/39
(a)
(e)
...............
6,310
6,368
SLG
Office
Trust
,
Series
2021-OVA
,
Class
D
,
2
.85
%
,
7/15/41
(a)
(e)
...................
6,440
5,614
THPT
Mortgage
Trust
,
Series
2023-THL
,
Class
A
,
7
.23
%
,
12/10/34
(a)
(c)
(e)
.............
3,043
3,060
29,853
Private
CMO
Floating
(1.4%):
Bellemeade
Re
Ltd.
,
Series
2022-1
,
Class
B1
,
9
.15
%
(
SOFR30A
+
550
bps
)
,
1/26/32
,
Callable
1/25/27
@
100
(a)
(f)
.................................................
2,400
2,444
Connecticut
Avenue
Securities
Trust
.........................................
Series
2020-R01
,
Class
1B1
,
7
.01
%
(
SOFR30A
+
336
bps
)
,
1/25/40
,
Callable
1/25/27
@
100
(a)
(f)
.........................................................
4,020
4,073
Series
2020-R02
,
Class
2B1
,
6
.76
%
(
SOFR30A
+
311
bps
)
,
1/25/40
,
Callable
1/25/27
@
100
(a)
(f)
.........................................................
8,502
8,606
Series
2021-R01
,
Class
1B2
,
9
.65
%
(
SOFR30A
+
600
bps
)
,
10/25/41
,
Callable
10/25/26
@
100
(a)
(f)
.........................................................
4,610
4,705
Series
2021-R02
,
Class
2B2
,
9
.85
%
(
SOFR30A
+
620
bps
)
,
11/25/41
,
Callable
11/25/26
@
100
(a)
(f)
.........................................................
3,688
3,781
Series
2021-R03
,
Class
1B2
,
9
.15
%
(
SOFR30A
+
550
bps
)
,
12/25/41
,
Callable
12/25/26
@
100
(a)
(f)
.........................................................
5,895
6,038
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Income
Fund
19
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2022-R01
,
Class
1B2
,
9
.65
%
(
SOFR30A
+
600
bps
)
,
12/25/41
,
Callable
12/25/26
@
100
(a)
(f)
.........................................................
$
5,360
$
5,509
Series
2022-R05
,
Class
2B2
,
10
.65
%
(
SOFR30A
+
700
bps
)
,
4/25/42
,
Callable
4/25/27
@
100
(a)
(f)
.........................................................
6,000
6,319
Federal
Home
Loan
Mortgage
Corporation
Multifamily
Structured
Credit
Risk
Trust
.......
Series
2021-MN1
,
Class
B1
,
11
.40
%
(
SOFR30A
+
775
bps
)
,
1/25/51
,
Callable
1/25/29
@
100
(a)
(f)
.........................................................
899
986
Series
2021-MN3
,
Class
M1
,
5
.95
%
(
SOFR30A
+
230
bps
)
,
11/25/51
,
Callable
7/25/36
@
100
(a)
(f)
.........................................................
1,062
1,063
Federal
Home
Loan
Mortgage
Corporation
STACR
REMIC
Trust
....................
Series
2020-DNA6
,
Class
B2
,
9
.30
%
(
SOFR30A
+
565
bps
)
,
12/25/50
,
Callable
12/25/30
@
100
(a)
(f)
.......................................................
2,675
3,067
Series
2020-HQA5
,
Class
B2
,
11
.05
%
(
SOFR30A
+
740
bps
)
,
11/25/50
,
Callable
11/25/30
@
100
(a)
(f)
.......................................................
1,900
2,310
Series
2021-DNA1
,
Class
B2
,
8
.40
%
(
SOFR30A
+
475
bps
)
,
1/25/51
,
Callable
1/25/31
@
100
(a)
(f)
.........................................................
2,765
3,074
Series
2021-DNA2
,
Class
B2
,
9
.65
%
(
SOFR30A
+
600
bps
)
,
8/25/33
,
Callable
8/25/33
@
100
(a)
(f)
.........................................................
795
980
Series
2021-DNA3
,
Class
B2
,
9
.90
%
(
SOFR30A
+
625
bps
)
,
10/25/33
,
Callable
10/25/33
@
100
(a)
(f)
.......................................................
2,170
2,716
Series
2021-DNA5
,
Class
B2
,
9
.15
%
(
SOFR30A
+
550
bps
)
,
1/25/34
(a)
(f)
...........
3,530
4,283
Series
2021-DNA7
,
Class
B2
,
11
.45
%
(
SOFR30A
+
780
bps
)
,
11/25/41
,
Callable
11/25/26
@
100
(a)
(f)
.......................................................
3,480
3,598
Series
2021-HQA1
,
Class
B2
,
8
.65
%
(
SOFR30A
+
500
bps
)
,
8/25/33
(a)
(f)
...........
5,405
6,330
Series
2021-HQA2
,
Class
B2
,
9
.10
%
(
SOFR30A
+
545
bps
)
,
12/25/33
(a)
(f)
..........
1,310
1,588
Series
2021-HQA3
,
Class
B2
,
9
.90
%
(
SOFR30A
+
625
bps
)
,
9/25/41
,
Callable
9/25/26
@
100
(a)
(f)
.........................................................
1,970
2,005
Series
2022-DNA1
,
Class
B2
,
10
.75
%
(
SOFR30A
+
710
bps
)
,
1/25/42
,
Callable
1/25/27
@
100
(a)
(f)
.........................................................
3,450
3,584
Series
2022-DNA2
,
Class
B2
,
12
.15
%
(
SOFR30A
+
850
bps
)
,
2/25/42
,
Callable
2/25/27
@
100
(a)
(f)
.........................................................
2,650
2,793
Federal
Home
Loan
Mortgage
Corporation
STACR
Trust
..........................
Series
2019-DNA3
,
Class
B2
,
11
.91
%
(
SOFR30A
+
826
bps
)
,
7/25/49
,
Callable
2/25/28
@
100
(a)
(f)
.........................................................
6,608
7,290
Series
2019-DNA4
,
Class
B2
,
10
.01
%
(
SOFR30A
+
636
bps
)
,
10/25/49
,
Callable
12/25/28
@
100
(a)
(f)
.......................................................
3,150
3,428
Series
2019-FTR3
,
Class
B2
,
8
.58
%
(
SOFR30A
+
491
bps
)
,
9/25/47
,
Callable
12/25/29
@
100
(a)
(f)
.........................................................
8,395
9,162
Series
2019-FTR4
,
Class
B2
,
8
.76
%
(
SOFR30A
+
511
bps
)
,
11/25/47
,
Callable
12/25/29
@
100
(a)
(f)
.........................................................
3,020
3,314
Home
Re
Ltd.
,
Series
2023-1
,
Class
M1B
,
8
.25
%
(
SOFR30A
+
460
bps
)
,
10/25/33
,
Callable
7/25/28
@
100
(a)
(f)
.................................................
790
808
Multifamily
Connecticut
Avenue
Securities
Trust
................................
Series
2019-01
,
Class
CE
,
12
.51
%
(
SOFR30A
+
886
bps
)
,
10/25/49
(a)
(f)
............
5,750
5,848
Series
2019-01
,
Class
M10
,
7
.01
%
(
SOFR30A
+
336
bps
)
,
10/25/49
(a)
(f)
............
1,515
1,536
Series
2020-01
,
Class
M10
,
7
.51
%
(
SOFR30A
+
386
bps
)
,
3/25/50
(a)
(f)
.............
1,984
2,013
STACR
Trust
,
Series
2018-HRP2
,
Class
B2
,
14
.26
%
(
SOFR30A
+
1061
bps
)
,
2/25/47
,
Callable
11/25/28
@
100
(a)
(f)
................................................
5,880
7,054
Triangle
Re
Ltd.
,
Series
2023-1
,
Class
M1A
,
7
.05
%
(
SOFR30A
+
340
bps
)
,
11/25/33
,
Callable
7/25/28
@
100
(a)
(f)
.................................................
1,936
1,948
122,253
Private
CMO
Other
(0.1%):
Global
Mortgage
Securitization
Ltd.
.........................................
Series
2004-A
,
Class
B1
,
5
.25
%
,
11/25/32
,
Callable
5/25/26
@
100
(a)
.............
12
4
Series
2004-A
,
Class
B2
,
5
.25
%
,
11/25/32
,
Callable
5/25/26
@
100
(a)
.............
176
—
(g)
J.P.
Morgan
Mortgage
Trust
,
Series
2026-ACES1
,
Class
B1
,
6
.50
%
,
4/25/66
,
Callable
2/25/31
@
100
(a)
(c)
.......................................................
12,360
12,246
12,250
Total
Collateralized
Mortgage
Obligations
(Cost
$156,037)
a
a
a
164,356
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Income
Fund
20
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Shares
a
Value
(000)
Common
Stocks
(49.9%)
Communication
Services
(0.9%):
Pinterest,
Inc.
,
Class
A
(h)
.................................................
430,597
$
8,465
T-Mobile
US,
Inc.
......................................................
360,214
70,422
78,887
Consumer
Discretionary
(0.9%):
Brightstar
Lottery
PLC
...................................................
3,052,046
40,073
Darden
Restaurants,
Inc.
..................................................
64,529
12,942
General
Motors
Co.
.....................................................
54,072
4,158
Honma
Golf
Ltd.
(a)
(h)
...................................................
5,055,000
1,904
Hyundai
Motor
Co.
.....................................................
11,464
4,104
Kia
Corp.
............................................................
26,274
2,689
Nitori
Holdings
Co.
Ltd.
..................................................
875,800
12,400
78,270
Consumer
Staples
(1.7%):
Associated
British
Foods
PLC
..............................................
991,989
24,661
Bakkafrost
P/F
.........................................................
82,922
4,135
Conagra
Brands,
Inc.
....................................................
406,472
5,833
Fomento
Economico
Mexicano
SAB
de
CV
,
ADR
...............................
603,298
71,334
Magnit
PJSC
(h)
(i)
......................................................
195,032
—
Unilever
PLC
.........................................................
712,672
41,671
X5
Retail
Group
NV
,
GDR
(d)
(h)
(i)
..........................................
48,325
—
147,634
Energy
(6.7%):
APA
Corp.
............................................................
138,724
5,650
BW
LPG
Ltd.
(a)
.......................................................
2,175,948
43,421
Coterra
Energy,
Inc.
.....................................................
249,175
8,948
Energy
Transfer
LP
.....................................................
2,158,739
43,585
Enterprise
Products
Partners
LP
.............................................
594,844
23,020
Expand
Energy
Corp.
....................................................
433,550
44,287
HF
Sinclair
Corp.
.......................................................
1,151,318
77,380
LUKOIL
PJSC
(h)
(i)
.....................................................
47,954
—
MPLX
LP
............................................................
872,763
49,110
Ovintiv,
Inc.
..........................................................
871,040
53,613
Permian
Resources
Corp.
,
Class
A
...........................................
2,310,029
49,943
Plains
All
American
Pipeline
LP
............................................
364,794
8,398
Range
Resources
Corp.
...................................................
403,881
17,569
Rosneft
Oil
Co.
PJSC
(h)
(i)
................................................
1,271,403
—
Shell
PLC
,
ADR
.......................................................
1,149,016
104,181
SM
Energy
Co.
........................................................
365,411
11,339
Tourmaline
Oil
Corp.
....................................................
244,900
11,863
Viper
Energy,
Inc.
,
Class
A
................................................
93,812
4,632
Western
Midstream
Partners
LP
.............................................
249,581
10,852
567,791
Financials
(19.4%):
ABN
AMRO
Bank
NV
,
Class
CV
...........................................
713,049
24,763
AGNC
Investment
Corp.
.................................................
1,527,394
16,832
Angel
Oak
Mortgage
REIT,
Inc.
............................................
944,060
8,563
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
614,255
13,561
Banco
de
Sabadell
SA
...................................................
21,800,259
84,383
Bank
of
America
Corp.
...................................................
7,557,197
404,008
Bank
of
Ireland
Group
PLC
...............................................
3,000,917
58,959
BlackRock
TCP
Capital
Corp.
..............................................
2,118,828
9,153
BNP
Paribas
SA
........................................................
195,305
20,453
Capital
One
Financial
Corp.
...............................................
122,358
23,407
Citizens
Financial
Group,
Inc.
..............................................
1,057,622
68,798
Danske
Bank
A/S
.......................................................
613,426
31,533
DNB
Bank
ASA
........................................................
787,655
23,856
Edenred
SE
...........................................................
1,148,377
28,681
First
Abu
Dhabi
Bank
PJSC
...............................................
165,590
792
FS
KKR
Capital
Corp.
...................................................
1,201,418
13,516
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Income
Fund
21
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Shares
a
Value
(000)
Goldman
Sachs
BDC,
Inc.
................................................
274,421
$
2,698
Grupo
Financiero
Banorte
SAB
de
CV
,
Class
O
.................................
10,403,600
112,966
Hana
Financial
Group,
Inc.
................................................
1,073,803
92,597
Huntington
Bancshares,
Inc.
...............................................
3,223,048
54,018
Intesa
Sanpaolo
SpA
.....................................................
4,366,045
29,592
KB
Financial
Group,
Inc.
.................................................
822,295
88,982
KeyCorp
.............................................................
2,728,671
60,331
Ladder
Capital
Corp.
,
Class
A
..............................................
528,740
5,435
Morgan
Stanley
Direct
Lending
Fund
........................................
40,000
620
Nexi
SpA
(a)
..........................................................
19,402,341
92,180
Nordea
Bank
Abp
.......................................................
3,033,852
56,935
Regions
Financial
Corp.
..................................................
3,746,763
106,970
Rithm
Capital
Corp.
.....................................................
906,673
8,867
Two
Harbors
Investment
Corp.
.............................................
511,976
5,924
U.S.
Bancorp
..........................................................
1,902,916
107,819
1,657,192
Health
Care
(4.3%):
Bristol-Myers
Squibb
Co.
.................................................
2,149,555
130,242
Elevance
Health,
Inc.
....................................................
78,835
29,675
Pfizer,
Inc.
............................................................
1,564,705
41,778
Sanofi
SA
............................................................
1,589,044
148,863
Viatris,
Inc.
...........................................................
751,615
11,229
361,787
Industrials
(3.7%):
BayCurrent,
Inc.
.......................................................
494,700
15,989
CSG
NV
(h)
...........................................................
47,994
1,037
Fuji
Electric
Co.
Ltd.
....................................................
345,900
28,911
Hensoldt
AG
..........................................................
308,177
27,894
Honeywell
International,
Inc.
..............................................
29,235
6,266
Hyundai
Rotem
Co.
Ltd.
..................................................
286,922
51,941
Logista
Integral
SA
.....................................................
320,422
12,515
MasTec,
Inc.
(h)
........................................................
63,660
25,085
Paychex,
Inc.
..........................................................
634,157
58,742
Regal
Rexnord
Corp.
....................................................
139,319
29,958
Star
Bulk
Carriers
Corp.
..................................................
1,077,637
27,081
Union
Pacific
Corp.
.....................................................
61,787
16,650
United
Parcel
Service,
Inc.
,
Class
B
..........................................
42,405
4,614
Webuild
SpA
..........................................................
3,178,536
9,416
316,099
Information
Technology
(5.5%):
Adobe,
Inc.
(h)
.........................................................
328,461
80,834
Capgemini
SE
.........................................................
275,709
33,329
Cisco
Systems,
Inc.
.....................................................
1,060,511
97,037
FUJIFILM
Holdings
Corp.
................................................
1,397,500
25,798
International
Business
Machines
Corp.
........................................
244,299
56,428
QUALCOMM,
Inc.
.....................................................
96,618
17,351
Samsung
Electronics
Co.
Ltd.
..............................................
1,040,361
154,665
465,442
Materials
(4.3%):
Amcor
PLC
...........................................................
1,072,522
40,799
Barrick
Mining
Corp.
....................................................
1,656,003
65,147
Buzzi
SpA
............................................................
1,483,650
81,005
Celanese
Corp.
,
Class
A
..................................................
255,992
17,346
CRH
PLC
............................................................
576,879
68,314
Newmont
Corp.
........................................................
263,093
29,227
PPG
Industries,
Inc.
.....................................................
195,042
21,162
thyssenkrupp
AG
.......................................................
2,890,767
34,216
Torex
Gold
Resources,
Inc.
................................................
288,200
11,869
369,085
Real
Estate
(0.5%):
BXP,
Inc.
.............................................................
28,433
1,662
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Income
Fund
22
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Shares
a
Value
(000)
Crown
Castle,
Inc.
......................................................
55,229
$
4,903
Douglas
Emmett,
Inc.
....................................................
183,641
1,985
Gaming
and
Leisure
Properties,
Inc.
.........................................
122,382
5,931
Sino
Land
Co.
Ltd.
......................................................
6,162,000
9,826
SL
Green
Realty
Corp.
...................................................
470,692
19,962
44,269
Utilities
(2.0%):
CMS
Energy
Corp.
......................................................
108,924
8,359
Eversource
Energy
......................................................
1,834,052
129,668
FirstEnergy
Corp.
.......................................................
593,504
28,203
166,230
Total
Common
Stocks
(Cost
$3,491,995)
a
a
a
4,252,686
Preferred
Stocks
(0.0%)(j)
Financials
(0.0%):(j)
First
Horizon
Corp.
,
Series
F
,
4
.70
%
(k)
.......................................
12,040
214
Total
Preferred
Stocks
(Cost
$217)
a
a
a
214
Principal
Amount
(000)
Convertible
Corporate
Bonds
(0.1%)
Financials
(0.1%):
Redwood
Trust,
Inc.
,
7
.75
%
,
6/15/27
.........................................
$
9,685
9,782
Total
Convertible
Corporate
Bonds
(Cost
$9,227)
a
a
a
9,782
Senior
Secured
Loans
(0.1%)
Consumer
Discretionary
(0.0%):(j)
Clear
Channel
Outdoor
Holdings,
Inc.,
2024
Refinancing
Term
Loan
,
7
.77
%
(
SOFR01M
+
400
bps
)
,
8/23/28
(f)
........................................
$
498
501
Lucky
Bucks
LLC,
Priority
First
Out
Exit
Term
Loan
,
11
.25
%
(
SOFR06M
+
750
bps
)
,
10/2/28
(f)
14
13
Lucky
Bucks
LLC,
Priority
Second
Out
Term
Loan
,
6
.25
%
(
SOFR06M
+
250
bps
)
,
10/2/29
(f)
.
29
22
536
Financials
(0.0%):(j)
Eastern
Power
LLC
(Eastern
Covert
Midco
LLC)
-
Term
Loan
,
8
.40
%
(
SOFR01M
+
475
bps
)
,
4/3/29
(f)
.........................................................
326
329
Health
Care
(0.1%):
U.S.
Renal
Care,
Inc.,
Closing
Date
Term
Loan
,
8
.77
%
(
SOFR01M
+
500
bps
)
,
6/28/28
(f)
....
808
765
Industrials
(0.0%):(j)
Groupe
Solmax
Inc.,
Initial
Term
Loan
,
8
.71
%
(
SOFR03M
+
475
bps
)
,
7/24/28
(f)
..........
938
756
Materials
(0.0%):(j)
Mativ
Holdings,
Inc.,
New
Term
B
Loan
,
8
.15
%
(
SOFR01M
+
450
bps
)
,
4/4/33
(f)
..........
313
311
Total
Senior
Secured
Loans
(Cost
$2,910)
a
a
a
2,697
Corporate
Bonds
(3.0%)
Communication
Services
(0.1%):
Clear
Channel
Outdoor
Holdings,
Inc.
7
.75
%
,
4/15/28
,
Callable
6/4/26
@
100
(a)
.................................
570
574
7
.50
%
,
6/1/29
,
Callable
6/4/26
@
100
(a)
..................................
1,860
1,863
EchoStar
Corp.
,
6
.75
%
,
11/30/30
,
Callable
11/30/26
@
102
(l)
.......................
10,853
11,012
13,449
Energy
(0.2%):
PBF
Holding
Co.
LLC/PBF
Finance
Corp.
,
9
.88
%
,
3/15/30
,
Callable
3/15/27
@
104.94
(a)
...
14,200
15,258
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Income
Fund
23
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Information
Technology
(2.5%):
Oracle
Corp.
3
.80
%
,
11/15/37
,
Callable
5/15/37
@
100
..................................
$
45,257
$
35,786
3
.60
%
,
4/1/50
,
Callable
10/1/49
@
100
...................................
67,968
40,694
3
.95
%
,
3/25/51
,
Callable
9/25/50
@
100
..................................
19,645
12,349
5
.95
%
,
9/26/55
,
Callable
3/26/55
@
100
..................................
57,379
48,062
3
.85
%
,
4/1/60
,
Callable
10/1/59
@
100
...................................
11,386
6,598
4
.10
%
,
3/25/61
,
Callable
9/25/60
@
100
..................................
89,349
54,138
6
.13
%
,
8/3/65
,
Callable
2/3/65
@
100
....................................
19,247
16,047
213,674
Real
Estate
(0.2%):
Alexandria
Real
Estate
Equities,
Inc.
3
.00
%
,
5/18/51
,
Callable
11/18/50
@
100
..................................
10,844
6,686
3
.55
%
,
3/15/52
,
Callable
9/15/51
@
100
..................................
13,631
9,189
15,875
Total
Corporate
Bonds
(Cost
$274,005)
a
a
a
258,256
Insurance-Linked
Securities
(0.6%)
Collateralized
Reinsurance
(0.0%):(j)
Multiperil
-
Worldwide
-
(0.0%):(j)
Gamboge
Re
,
3/31/30
(h)
(i)
(m)
.............................................
4,000
642
Merion
Re
,
2025-1
,
12/31/30
(h)
(i)
(m)
........................................
1,000
16
658
Event
Linked
Bonds
(0.6%):
Earthquake
-
California
-
(0.0%):(j)
Sutter
Re
,
10
.26
%
(
FHMMUSTF
+
675
bps
)
,
6/19/26
(a)
(f)
(i)
.........................
500
501
TorRey
Pines
Re
9
.58
%
,
(
JMMMUSTF
+
604
bps
)
,
6/7/27
(a)
(f)
(i)
.............................
250
259
10
.65
%
,
(
JMMMUSTF
+
711
bps
)
,
6/7/27
,
Callable
6/7/26
@
102.25
(a)
(f)
(i)
.........
250
258
Earthquake
-
U.S.
-
(0.0%):(j)
Acorn
Re
,
6
.62
%
(
GSMMUSTF
+
310
bps
)
,
11/5/27
,
Callable
6/4/26
@
102.5
(a)
(f)
(i)
.......
500
506
Flood
-
U.S.
-
(0.0%):(j)
FloodSmart
Re
,
17
.87
%
(
FHMMUSTF
+
1436
bps
)
,
3/12/27
(a)
(f)
(i)
....................
1,500
1,568
Health
-
U.S.
-
(0.1%):
Vitality
Re
XIV
7
.01
%
,
(
FHMMUSTF
+
350
bps
)
,
1/5/27
(a)
(f)
(i)
.............................
3,250
3,282
8
.01
%
,
(
FHMMUSTF
+
450
bps
)
,
1/5/27
(a)
(f)
(i)
.............................
600
609
Multiperil
-
Florida
-
(0.0%):(j)
Sanders
Re
III
,
11
.27
%
(
BRMMUSDF
+
772
bps
)
,
6/5/26
(a)
(f)
(i)
......................
650
653
Multiperil
-
U.S.
-
(0.5%):
Aquila
Re
,
8
.94
%
(
BRMMUSDF
+
539
bps
)
,
6/7/27
,
Callable
6/4/26
@
106
(a)
(f)
(i)
........
500
511
Bonanza
Re
7
.26
%
,
(
MSMMUSTF
+
375
bps
)
,
12/19/27
(a)
(f)
(i)
...........................
250
252
9
.01
%
,
(
MSMMUSTF
+
550
bps
)
,
12/19/27
(a)
(f)
(i)
...........................
1,000
1,005
Four
Lakes
Re
9
.35
%
,
(
BRMMUSDF
+
552
bps
)
,
1/7/27
,
Callable
6/4/26
@
102.5
(a)
(f)
(i)
..........
250
253
12
.47
%
,
(
BRMMUSDF
+
970
bps
)
,
1/7/27
,
Callable
6/4/26
@
103.25
(a)
(f)
(i)
.........
250
251
9
.05
%
,
(
BRMMUSDF
+
550
bps
)
,
1/7/28
,
Callable
12/31/26
@
102
(a)
(f)
(i)
..........
250
255
11
.80
%
,
(
BRMMUSDF
+
825
bps
)
,
1/7/28
,
Callable
12/31/26
@
102.75
(a)
(f)
(i)
.......
250
252
Fuchsia
,
2024-1
,
8
.66
%
(
FRMMUSTI
+
514
bps
)
,
4/6/28
,
Callable
6/4/26
@
104
(a)
(f)
(i)
.....
1,000
1,023
Herbie
Re
,
10
.79
%
(
JMMMUSTF
+
725
bps
)
,
1/8/29
,
Callable
12/31/27
@
102
(a)
(f)
(i)
......
500
502
High
Point
Re
,
9
.19
%
(
BRMMUSDF
+
564
bps
)
,
1/6/27
,
Callable
6/4/26
@
102.25
(a)
(f)
(i)
...
2,000
2,023
Merna
Re
II
11
.89
%
,
(
GSMMUSTI
+
838
bps
)
,
7/7/26
(a)
(f)
(i)
.............................
1,300
1,314
10
.98
%
,
(
GSMMUSTI
+
747
bps
)
,
7/7/27
(a)
(f)
(i)
.............................
750
772
12
.00
%
,
(
GSMMUSTI
+
849
bps
)
,
7/7/27
,
Callable
6/30/26
@
103.25
(a)
(f)
(i)
........
1,500
1,541
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Income
Fund
24
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Mystic
Re
15
.51
%
,
(
GSMMUSTI
+
1200
bps
)
,
1/8/27
(a)
(f)
(i)
............................
$
1,750
$
1,757
8
.41
%
,
(
GSMMUSTI
+
490
bps
)
,
1/10/28
(a)
(f)
(i)
.............................
250
251
Residential
Re
11
.13
%
,
(
JMMMUSTF
+
759
bps
)
,
12/6/26
(a)
(f)
(i)
...........................
500
506
9
.51
%
,
(
JMMMUSTF
+
597
bps
)
,
12/6/27
(a)
(f)
(i)
............................
750
777
12
.24
%
,
(
JMMMUSTF
+
870
bps
)
,
12/6/27
(a)
(f)
(i)
...........................
1,250
1,286
8
.92
%
,
(
JMMMUSTF
+
538
bps
)
,
12/6/28
(a)
(f)
(i)
............................
1,000
1,020
10
.48
%
,
(
JMMMUSTF
+
694
bps
)
,
12/6/28
(a)
(f)
(i)
...........................
1,000
1,010
Sanders
Re
7
.54
%
,
(
BRMMUSDF
+
399
bps
)
,
4/7/29
(a)
(f)
(i)
.............................
2,500
2,535
8
.91
%
,
(
BRMMUSDF
+
536
bps
)
,
4/7/29
(a)
(f)
(i)
.............................
2,500
2,530
Sanders
Re
III
9
.02
%
,
(
BRMMUSDF
+
547
bps
)
,
4/7/27
(a)
(f)
(i)
.............................
1,600
1,627
9
.11
%
,
(
BRMMUSDF
+
556
bps
)
,
4/7/28
(a)
(f)
(i)
.............................
750
777
Solomon
Re
,
9
.03
%
(
GSMMUSTI
+
552
bps
)
,
6/8/26
(a)
(f)
(i)
.........................
250
251
Multiperil
-
U.S.
&
Canada
-
(0.0%):(j)
Atlas
Re
,
15
.88
%
(
SOFR
+
1222
bps
)
,
6/8/27
(a)
(f)
(i)
...............................
750
807
Easton
Re
,
11
.05
%
(
BRMMUSDF
+
750
bps
)
,
1/8/27
(a)
(f)
(i)
.........................
500
505
Galileo
Re
,
10
.51
%
(
GSMMUSTI
+
700
bps
)
,
1/7/28
,
Callable
6/4/26
@
104.5
(a)
(f)
(i)
......
1,250
1,288
Kilimanjaro
II
Re
9
.80
%
,
(
BRMMUSDF
+
625
bps
)
,
6/30/28
,
Callable
8/8/26
@
102.25
(a)
(f)
(i)
.........
250
260
10
.80
%
,
(
BRMMUSDF
+
725
bps
)
,
6/30/28
,
Callable
7/8/26
@
102.5
(a)
(f)
(i)
.........
750
785
Multiperil
-
U.S.
Regional
-
(0.0%):(j)
Aquila
Re
10
.78
%
,
(
BNMMDTSC
+
726
bps
)
,
6/8/26
(a)
(f)
(i)
............................
500
502
12
.35
%
,
(
BNMMDTSC
+
883
bps
)
,
6/8/26
(a)
(f)
(i)
............................
250
252
Multiperil
-
Worldwide
-
(0.0%):(j)
Atlas
Capital
,
11
.23
%
(
SOFR
+
757
bps
)
,
6/5/26
(a)
(f)
(i)
............................
1,250
1,260
Cat
Re
,
2001
,
15
.78
%
(
JMMMUSTF
+
1224
bps
)
,
1/8/27
(a)
(f)
(i)
......................
750
758
Kendall
Re
,
9
.76
%
(
GSMMUSTI
+
625
bps
)
,
4/30/27
(a)
(f)
(i)
.........................
1,000
1,020
Silk
Road
Re
,
9
.52
%
(
BNMMDTSC
+
600
bps
)
,
1/10/28
,
Callable
6/4/26
@
104.75
(a)
(f)
(i)
...
500
504
Wind
Storm
-
Florida
-
(0.0%):(j)
Marlon
Re
,
10
.85
%
(
JMMMUSTF
+
731
bps
)
,
6/7/27
,
Callable
7/1/26
@
104.25
(a)
(f)
(i)
.....
250
260
Merna
Re
II
,
12
.26
%
(
GSMMUSTI
+
875
bps
)
,
7/7/27
(a)
(f)
(i)
........................
750
771
Palm
Re
,
13
.22
%
(
BNMMDTSC
+
970
bps
)
,
6/7/27
,
Callable
6/4/26
@
104.5
(a)
(f)
(i)
.......
250
260
Purple
Re
,
12
.67
%
(
JMMMUSTF
+
913
bps
)
,
6/7/27
(a)
(f)
(i)
.........................
500
515
Wind
Storm
-
Massachusetts
-
(0.0%):(j)
Mayflower
Re
,
8
.44
%
(
FHMMUSTF
+
493
bps
)
,
7/8/27
,
Callable
7/8/26
@
101.25
(a)
(f)
(i)
...
1,000
1,017
Wind
Storm
-
Mexico
-
(0.0%):(j)
International
Bank
for
Reconstruction
&
Development
15
.86
%
,
(
SOFR
+
1222
bps
)
,
4/24/28
(a)
(f)
(i)
................................
250
268
17
.36
%
,
(
SOFR
+
1372
bps
)
,
4/24/28
(a)
(f)
(i)
................................
250
259
Wind
Storm
-
North
Carolina
-
(0.0%):(j)
Blue
Ridge
Re
8
.76
%
,
(
FHMMUSTF
+
525
bps
)
,
1/8/27
(a)
(f)
(i)
.............................
750
758
11
.50
%
,
(
FHMMUSTF
+
799
bps
)
,
1/8/27
(a)
(f)
(i)
............................
1,250
1,262
Wind
Storm
-
Texas
-
(0.0%):(j)
Alamo
Re
12
.59
%
,
(
FHMMUSTF
+
908
bps
)
,
6/7/26
(a)
(f)
(i)
............................
1,500
1,508
10
.05
%
,
(
FHMMUSTF
+
654
bps
)
,
6/7/27
(a)
(f)
(i)
............................
500
500
11
.94
%
,
(
FHMMUSTF
+
843
bps
)
,
6/7/27
(a)
(f)
(i)
............................
250
250
Wind
Storm
-
U.S.
-
(0.0%):(j)
Merna
Re
,
13
.98
%
(
GSMMUSTI
+
1047
bps
)
,
7/7/26
(a)
(f)
(i)
.........................
1,600
1,623
Wind
Storm
-
U.S.
Multistate
-
(0.0%):(j)
Gateway
Re
,
9
.45
%
(
BRMMUSDF
+
590
bps
)
,
7/8/27
,
Callable
6/16/26
@
103.25
(a)
(f)
(i)
....
250
254
Wind
Storm
-
U.S.
Regional
-
(0.0%):(j)
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Income
Fund
25
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Citrus
Re
,
10
.14
%
(
BRMMUSDF
+
659
bps
)
,
6/7/26
(a)
(f)
(i)
.........................
$
1,000
$
1,003
50,366
Reinsurance
Sidecars
(0.0%):(j)
Multiperil
-
Worldwide
-
(0.0%):(j)
Alturas
Re
7/31/26
(h)
(i)
(n)
....................................................
1,000
28
12/31/27
(h)
(i)
(n)
...................................................
25
—
(g)
Sector
Re
V
12/1/29
(a)
(i)
(m)
(o)
..................................................
2
188
12/1/29
(a)
(d)
(i)
(m)
(o)
...............................................
2
219
Thopas
Re
12/31/26
(h)
(i)
(n)
...................................................
1,500
22
12/31/26
(h)
(i)
(n)
...................................................
1,000
4
12/31/28
(h)
(i)
(n)
...................................................
2,500
—
12/31/29
(h)
(i)
(n)
...................................................
2,500
12
12/31/30
(h)
(i)
(n)
...................................................
2,500
127
Viribus
Re
12/31/26
(h)
(i)
(n)
...................................................
1,500
—
12/31/28
(h)
(i)
(n)
...................................................
2,000
—
600
Total
Insurance-Linked
Securities
(Cost
$50,887)
a
a
a
51,624
Equity
Linked
Notes
(22.9%)
Communication
Services
(1.2%):
BNP
Paribas
Issuance
BV
(Pinterest,
Inc.)
,
20
.77
%
,
3/23/27
........................
1,285
24,341
Canadian
Imperial
Bank
of
Commerce
(T-Mobile
US,
Inc.)
,
9
.70
%
,
3/19/27
.............
37
7,432
Mizuho
Structured
Products
BV
(T-Mobile
US,
Inc.)
,
10
.12
%
,
3/22/27
.................
37
7,327
The
Toronto-Dominion
Bank
(Reddit,
Inc.)
,
24
.37
%
,
4/9/27
........................
160
22,369
Wells
Fargo
Bank
NA
(Netflix,
Inc.)
,
13
.15
%
,
3/9/27
.............................
287
25,805
Wells
Fargo
Bank
NA
(Pinterest,
Inc.)
,
15
.18
%
,
10/13/26
..........................
300
6,433
Wells
Fargo
Bank
NA
(Stubhub
Holdings,
Inc.)
,
34
.45
%
,
10/16/26
....................
188
1,783
95,490
Consumer
Discretionary
(3.9%):
Bank
of
America
NA
(Brightstar
Lottery
PLC)
,
14
.14
%
,
8/24/26
.....................
575
7,418
BNP
Paribas
Issuance
BV
(General
Motors
Co.)
,
11
.03
%
,
2/8/27
(a)
...................
266
21,059
Citigroup
Global
Markets
Holdings,
Inc.
(General
Motors
Co.)
,
10
.70
%
,
11/3/26
(a)
.......
235
17,085
Citigroup
Global
Markets
Holdings,
Inc.
(YETI
Holdings,
Inc.)
,
14
.68
%
,
11/19/26
(a)
......
551
20,547
Goldman
Sachs
Bank
USA
(YETI
Holdings,
Inc.)
,
13
.50
%
,
8/24/26
...................
257
9,290
HSBC
Bank
PLC
(Amazon.com,
Inc.)
9
.35
%
,
7/28/26
....................................................
123
29,810
11
.11
%
,
12/31/26
...................................................
93
22,395
HSBC
Bank
PLC
(Genuine
Parts
Co.)
,
10
.88
%
,
3/8/27
............................
136
14,896
JPMorgan
Chase
Bank
NA
(Amazon.com,
Inc.)
9
.39
%
,
9/24/26
....................................................
158
38,509
11
.10
%
,
2/8/27
.....................................................
63
15,777
JPMorgan
Chase
Bank
NA
(Lululemon
Athletica,
Inc.)
,
17
.02
%
,
3/8/27
,
Callable
4/10/27
@
100
.............................................................
89
13,700
Mizuho
Markets
Cayman
LP
(Airbnb,
Inc.)
,
14
.10
%
,
5/8/26
........................
76
10,201
Mizuho
Markets
Cayman
LP
(Brightstar
Lottery
PLC)
,
13
.96
%
,
8/17/26
...............
368
4,903
Mizuho
Markets
Cayman
LP
(Crocs,
Inc.)
,
15
.34
%
,
7/10/26
........................
210
21,124
Mizuho
Markets
Cayman
LP
(General
Motors
Co.)
,
10
.92
%
,
12/30/26
.................
172
13,319
The
Toronto-Dominion
Bank
(Amazon.com,
Inc.)
,
11
.40
%
,
12/30/26
..................
93
22,549
Wells
Fargo
Bank
NA
(Airbnb,
Inc.)
,
10
.90
%
,
12/30/26
............................
209
27,894
Wells
Fargo
Bank
NA
(Amazon.com,
Inc.)
,
9
.01
%
,
9/17/26
.........................
103
25,473
335,949
Consumer
Staples
(0.9%):
BNP
Paribas
Issuance
BV
(BJ's
Wholesale
Club
Holdings,
Inc.)
,
9
.43
%
,
10/14/26
(a)
.......
210
18,976
Canadian
Imperial
Bank
of
Commerce
(BJ's
Wholesale
Club
Holdings,
Inc.)
,
9
.95
%
,
11/24/26
142
13,479
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Income
Fund
26
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Citigroup
Global
Markets
Holdings,
Inc.
(Celsius
Holdings,
Inc.)
20
.96
%
,
11/18/26
(a)
.................................................
$
289
$
10,628
21
.03
%
,
11/19/26
(a)
.................................................
298
11,165
JPMorgan
Chase
Bank
NA
(Celsius
Holdings,
Inc.)
,
19
.70
%
,
4/27/27
..................
462
15,758
The
Toronto-Dominion
Bank
(Celsius
Holdings,
Inc.)
,
19
.81
%
,
12/15/26
...............
241
8,599
Wells
Fargo
Bank
NA
(Simply
Good
Foods
Co.)
,
12
.83
%
,
1/27/27
....................
175
2,680
81,285
Energy
(1.3%):
Canadian
Imperial
Bank
of
Commerce
(HF
Sinclair
Corp.)
,
12
.51
%
,
1/26/27
............
213
12,750
Citigroup
Global
Markets
Holdings,
Inc.
(HF
Sinclair
Corp.)
15
.37
%
,
6/8/26
(a)
..................................................
351
13,922
25
.36
%
,
6/12/26
....................................................
410
25,762
HSBC
Bank
Plc
(Range
Resources
Corp.)
,
13
.00
%
,
5/8/26
.........................
532
20,522
Mizuho
Markets
Cayman
LP
(Range
Resources
Corp.)
11
.41
%
,
9/18/26
....................................................
351
12,974
12
.54
%
,
10/20/26
...................................................
328
13,213
Royal
Bank
of
Canada
(Ovintiv,
Inc.)
,
13
.39
%
,
9/18/26
(a)
..........................
216
9,899
Wells
Fargo
Bank
NA
(HF
Sinclair
Corp.)
,
13
.01
%
,
2/11/27
........................
298
16,748
125,790
Financials
(1.8%):
BNP
Paribas
Issuance
BV
(Capital
One
Financial
Corp.)
,
11
.83
%
,
3/9/27
...............
115
22,851
Goldman
Sachs
Bank
USA
(PayPal
Holdings,
Inc.)
,
13
.34
%
,
12/31/26
.................
236
12,316
HSBC
Bank
PLC
(PayPal
Holdings,
Inc.)
,
13
.40
%
,
12/30/26
........................
354
18,553
JPMorgan
Chase
Bank
NA
(PayPal
Holdings,
Inc.)
,
11
.91
%
,
6/25/26
..................
146
7,707
JPMorgan
Chase
Bank
NA
(Worldline
SA)
,
23
.98
%
,
9/29/26
........................
1,902
2,111
Merrill
Lynch
BV
(Apollo
Global
Management,
Inc.)
,
16
.32
%
,
4/1/27
.................
75
8,949
Mizuho
Markets
Cayman
LP
(Apollo
Global
Management,
Inc.)
,
23
.76
%
,
6/18/26
........
150
18,165
Mizuho
Markets
Cayman
LP
(PayPal
Holdings,
Inc.)
12
.13
%
,
5/14/26
....................................................
138
7,009
10
.84
%
,
8/7/26
....................................................
159
8,277
11
.12
%
,
9/29/26
....................................................
220
11,509
Royal
Bank
of
Canada
(PayPal
Holdings,
Inc.)
,
14
.42
%
,
11/12/26
(a)
..................
187
10,627
The
Toronto-Dominion
Bank
(PayPal
Holdings,
Inc.)
,
13
.97
%
,
2/12/27
................
541
24,152
Wells
Fargo
Bank
NA
(Coinbase
Global,
Inc.)
,
18
.37
%
,
6/25/26
.....................
31
5,972
158,198
Health
Care
(0.7%):
BNP
Paribas
Issuance
BV
(BioNTech
SE)
,
17
.02
%
,
6/18/26
(a)
......................
96
9,828
HSBC
Bank
PLC
(Biogen,
Inc.)
,
11
.35
%
,
10/14/26
...............................
81
13,365
HSBC
Bank
PLC
(Humana,
Inc.)
,
13
.62
%
,
8/10/26
...............................
58
13,762
Mizuho
Markets
Cayman
LP
(New
Amsterdam
Pharma
Co.
NV)
,
19
.56
%
,
10/20/26
.......
199
5,878
Wells
Fargo
Bank
NA
(Hims
&
Hers
Health,
Inc.)
,
33
.63
%
,
5/8/26
....................
209
5,805
48,638
Industrials
(2.8%):
Bank
of
America
NA
(Trex
Co.,
Inc.)
,
15
.59
%
,
1/27/27
............................
258
10,192
Bank
of
Montreal
(Red
Cat
Holdings,
Inc.)
,
33
.95
%
,
5/4/27
(a)
.......................
456
6,365
Canadian
Imperial
Bank
of
Commerce
(MasTe,
Inc.)
,
14
.40
%
,
12/23/26
................
47
11,494
Citigroup
Global
Markets
Holdings,
Inc.
(AeroVironment,
Inc.)
,
23
.16
%
,
5/5/27
..........
27
5,456
Citigroup
Global
Markets
Holdings,
Inc.
(Generac
Holdings,
Inc.)
,
12
.20
%
,
7/30/26
(a)
.....
72
12,189
Citigroup
Global
Markets
Holdings,
Inc.
(Kratos
Defense
&
Security
Solutions,
Inc.)
,
23
.16
%
,
5/5/27
...........................................................
84
5,520
Citigroup
Global
Markets
Holdings,
Inc.
(MasTe,
Inc.)
,
14
.93
%
,
2/8/27
(a)
..............
62
16,660
Citigroup
Global
Markets
Holdings,
Inc.
(Regal
Rexnord
Corp.)
15
.54
%
,
12/15/26
(a)
.................................................
95
15,036
14
.28
%
,
2/8/27
(a)
..................................................
99
16,451
14
.08
%
,
2/11/27
(a)
..................................................
140
24,829
JP
Morgan
Structured
Products
BV
(MasTe,
Inc.)
,
15
.42
%
,
10/26/26
..................
32
7,121
Mizuho
Markets
Cayman
LP
(Forgent
Power
Solutions,
Inc.)
,
18
.13
%
,
4/23/27
...........
501
17,432
Mizuho
Markets
Cayman
LP
(Regal
Rexnord
Corp.)
,
15
.64
%
,
12/11/26
................
71
11,183
Royal
Bank
of
Canada
(Regal
Rexnord
Corp.)
,
14
.00
%
,
2/10/27
(a)
...................
120
20,349
Royal
Bank
of
Canada
(Uber
Technologies,
Inc.)
,
12
.59
%
,
2/16/27
(a)
.................
194
14,384
Royal
Bank
of
Canada
(United
Rentals,
Inc.)
,
12
.08
%
,
2/10/27
(a)
....................
20
17,242
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Income
Fund
27
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Wells
Fargo
Bank
NA
(MasTe,
Inc.)
,
14
.81
%
,
12/11/26
............................
$
48
$
11,319
Wells
Fargo
Bank
NA
(Regal
Rexnord
Corp.)
,
13
.93
%
,
2/16/27
......................
91
16,800
240,022
Information
Technology
(6.8%):
Bank
of
America
(Advanced
Micro
Devices,
Inc.)
,
16
.06
%
,
5/19/26
...................
93
10,453
Citigroup
Global
Markets
Holdings,
Inc.
(Adobe,
Inc.)
,
12
.76
%
,
2/10/27
(a)
.............
65
16,760
Citigroup
Global
Markets
Holdings,
Inc.
(Ondas,
Inc.)
,
31
.46
%
,
5/5/27
................
526
5,629
Citigroup
Global
Markets
Holdings,
Inc.
(Salesforce,
Inc.)
,
16
.15
%
,
5/6/27
(a)
............
92
16,474
Citigroup
Global
Markets
Holdings,
Inc.
(Twilio,
Inc.)
,
16
.72
%
,
9/24/26
(a)
.............
118
13,218
HSBC
Bank
PLC
(Adobe,
Inc.)
,
11
.13
%
,
12/31/26
...............................
40
10,490
HSBC
Bank
PLC
(Advanced
Micro
Devices,
Inc.)
19
.49
%
,
10/20/26
...................................................
55
14,000
20
.00
%
,
3/8/27
....................................................
75
17,573
HSBC
Bank
PLC
(Microsoft
Corp.)
,
10
.27
%
,
3/8/27
..............................
40
16,162
HSBC
Bank
PLC
(Salesforce,
Inc.)
15
.00
%
,
3/9/27
....................................................
126
23,176
14
.87
%
,
3/10/27
....................................................
224
41,539
JP
Morgan
Structured
Products
BV
(Dell
Technologies,
Inc.)
,
17
.27
%
,
10/26/26
..........
42
6,935
JPMorgan
Chase
Bank
NA
(Adobe,
Inc.)
12
.02
%
,
12/22/26
(o)
.................................................
30
7,933
12
.50
%
,
2/8/27
....................................................
51
13,197
JPMorgan
Chase
Bank
NA
(Ambarella,
Inc.)
,
20
.05
%
,
11/3/26
......................
80
5,629
JPMorgan
Chase
Bank
NA
(Axcelis
Technologies,
Inc.)
,
17
.10
%
,
8/17/26
...............
366
30,556
JPMorgan
Chase
Bank
NA
(First
Solar,
Inc.)
,
16
.78
%
,
3/22/27
.......................
40
8,178
JPMorgan
Chase
Bank
NA
(NVIDIA
Corp.)
,
15
.93
%
,
3/8/27
........................
82
16,218
JPMorgan
Chase
Bank
NA
(Salesforce,
Inc.)
,
13
.99
%
,
3/23/27
......................
80
14,618
Merrill
Lynch
BV
(Adobe,
Inc.)
,
11
.88
%
,
9/18/26
................................
67
17,377
Merrill
Lynch
BV
(Salesforce,
Inc.)
,
15
.32
%
,
4/8/27
..............................
66
11,903
Merrill
Lynch
International
&
Co.
CV
(First
Solar,
Inc.)
,
16
.60
%
,
3/19/27
..............
40
8,081
Mizuho
Markets
Cayman
LP
(Advanced
Micro
Devices,
Inc.)
16
.49
%
,
5/6/26
....................................................
150
15,689
15
.29
%
,
9/22/26
....................................................
77
13,249
18
.09
%
,
10/16/26
...................................................
45
10,315
Mizuho
Markets
Cayman
LP
(Intuit,
Inc.)
,
17
.40
%
,
3/9/27
..........................
60
22,917
Mizuho
Markets
Cayman
LP
(NetApp,
Inc.)
,
11
.22
%
,
10/28/26
......................
81
8,893
Royal
Bank
of
Canada
(Adobe,
Inc.)
,
14
.81
%
,
2/24/27
(a)
..........................
76
19,106
Royal
Bank
of
Canada
(Datadog,
Inc.)
,
18
.67
%
,
2/24/27
(a)
.........................
75
9,357
The
Toronto-Dominion
Bank
(Adobe,
Inc.)
,
12
.40
%
,
12/16/26
.......................
51
13,723
The
Toronto-Dominion
Bank
(Intuit,
Inc.)
,
16
.20
%
,
2/24/27
........................
50
19,136
The
Toronto-Dominion
Bank
(Trimble,
Inc.)
,
11
.62
%
,
4/22/27
.......................
191
12,636
Wells
Fargo
Bank
NA
(Advanced
Micro
Devices,
Inc.)
,
15
.48
%
,
6/24/26
...............
449
57,869
Wells
Fargo
Bank
NA
(Microsoft
Corp.)
,
10
.14
%
,
2/27/27
..........................
49
19,794
Wells
Fargo
Bank
NA
(Okta,
Inc.)
,
16
.49
%
,
2/24/27
..............................
108
8,324
Wells
Fargo
Bank
NA
(QUALCOMM,
Inc.)
,
11
.88
%
,
7/10/26
.......................
68
11,511
568,618
Materials
(3.5%):
Bank
of
America
NA
(Barrick
Mining
Corp.)
,
12
.12
%
,
6/24/26
......................
1,015
23,100
Bank
of
America
NA
(thyssenkrupp
AG)
19
.45
%
,
6/29/26
....................................................
1,247
13,731
17
.00
%
,
9/23/26
....................................................
989
13,513
BNP
Paribas
Issuance
BV
(Alcoa
Corp.)
,
18
.76
%
,
2/10/27
(a)
........................
269
15,547
BNP
Paribas
Issuance
BV
(Barrick
Mining
Corp.)
,
17
.87
%
,
4/8/27
....................
314
12,168
Canadian
Imperial
Bank
of
Commerce
(Celanese
Corp.)
,
21
.55
%
,
4/22/27
..............
253
17,245
Citigroup
Global
Markets
Holdings,
Inc.
(Barrick
Mining
Corp.)
,
20
.68
%
,
6/2/26
(a)
.......
324
13,107
Citigroup
Global
Markets
Holdings,
Inc.
(Newmont
Corp.)
,
17
.39
%
,
2/10/27
(a)
..........
160
17,855
Citigroup
Global
Markets
Holdings,
Inc.
(USA
Rare
Earth,
Inc.)
43
.47
%
,
11/13/26
(a)
.................................................
393
7,946
39
.52
%
,
11/27/26
(a)
.................................................
461
8,042
39
.47
%
,
12/2/26
(a)
..................................................
555
7,977
Goldman
Sachs
Bank
USA
(USA
Rare
Earth,
Inc.)
,
43
.86
%
,
11/6/26
..................
457
10,205
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Income
Fund
28
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
HSBC
Bank
PLC
(Barrick
Mining
Corp.)
15
.87
%
,
11/2/26
....................................................
$
417
$
14,161
16
.10
%
,
12/4/26
....................................................
360
13,991
JP
Morgan
Structured
Products
BV
(B2Gold
Corp.)
,
20
.41
%
,
5/5/27
..................
1,694
7,909
JPMorgan
Chase
Bank
NA
(B2Gold
Corp.)
,
17
.35
%
,
6/24/26
.......................
2,841
11,109
JPMorgan
Chase
Bank
NA
(Newmont
Corp.)
,
16
.72
%
,
4/8/27
.......................
116
12,297
Merrill
Lynch
BV
(Newmont
Corp.)
,
12
.84
%
,
6/24/26
............................
384
23,513
The
Toronto-Dominion
Bank
(Celanese
Corp.)
,
22
.41
%
,
3/30/27
.....................
274
17,144
The
Toronto-Dominion
Bank
(USA
Rare
Earth,
Inc.)
,
39
.23
%
,
11/25/26
................
677
11,827
Wells
Fargo
Bank
NA
(B2Gold
Corp.)
,
18
.36
%
,
5/6/26
............................
3,026
9,684
Wells
Fargo
Bank
NA
(Teck
Resources
Ltd.)
,
12
.41
%
,
7/13/26
......................
390
17,711
299,782
Total
Equity
Linked
Notes
(Cost
$1,964,546)
a
a
a
1,953,772
Yankee
Dollars
(1.8%)
Financials
(0.9%):
BPCE
SA
,
3
.12
%
(
SOFR
+
173
bps
)
,
10/19/32
,
Callable
10/19/31
@
100
(a)
(f)
............
2,500
2,218
European
Bank
for
Reconstruction
&
Development
,
28
.00
%
,
9/27/27
,
MTN
.............
197,470
3,806
Global
Aircraft
Leasing
Co.
Ltd.
,
8
.75
%
,
9/1/27
,
Callable
6/4/26
@
104.38
(a)
............
4,675
4,742
International
Finance
Corp.
10
.75
%
,
2/15/28
,
MTN
...............................................
26,000
5,094
11
.50
%
,
1/16/30
,
MTN
...............................................
153,575
30,418
Intesa
Sanpaolo
SpA
,
7
.78
%
(
H15T1Y
+
390
bps
)
,
6/20/54
,
Callable
6/20/53
@
100
(a)
(f)
....
15,621
18,114
Lloyds
Banking
Group
PLC
,
6
.75
%
(
H15T5Y
+
315
bps
)
,
Callable
9/27/31
@
100
(f)
(k)
.....
10,000
10,288
Societe
Generale
SA
,
6
.22
%
(
H15T1Y
+
320
bps
)
,
6/15/33
,
Callable
6/15/32
@
100
(a)
(f)
....
6,220
6,431
81,111
Sovereign
Bond
(0.9%):
Brazil
Letras
do
Tesouro
Nacional
,
4/1/27
(o)
...................................
186,200
33,407
Hungary
Government
Bond
,
4
.50
%
,
5/27/32
....................................
1,441,490
4,295
Indonesia
Treasury
Bond
,
6
.88
%
,
4/15/29
.....................................
161,493,000
9,388
Philippine
Government
Bond
,
6
.75
%
,
9/15/32
..................................
576,400
9,316
Russian
Federal
Bond
-
OFZ
0
.00
%
,
2/3/27
(b)
(i)
(p)
...............................................
59,074
—
0
.00
%
,
3/23/33
(b)
(d)
(i)
(p)
............................................
61,885
—
Trinidad
&
Tobago
Government
International
Bond
,
4
.50
%
,
8/4/26
(a)
.................
2,113
2,109
Turkiye
Government
Bond
36
.00
%
,
8/12/26
....................................................
521,809
11,458
12
.40
%
,
3/8/28
....................................................
176,760
2,667
72,640
Total
Yankee
Dollars
(Cost
$155,421)
a
a
a
153,751
U.S.
Government
Agency
Mortgages
(16.0%)
Federal
Home
Loan
Mortgage
Corporation
5
.50
%
,
8/1/45
-
2/1/56
...............................................
348,779
353,159
5
.00
%
,
1/1/46
-
1/1/56
...............................................
207,605
205,681
3
.00
%
,
8/1/50
-
8/1/52
...............................................
6,508
5,776
2
.50
%
,
2/1/51
-
2/1/52
...............................................
7,910
6,806
6
.00
%
,
6/1/53
-
3/1/55
...............................................
92,039
94,656
6
.50
%
,
9/1/53
-
10/1/54
..............................................
12,684
13,319
4
.50
%
,
10/1/53
-
2/1/56
..............................................
22,160
21,431
700,828
Federal
National
Mortgage
Association
5
.00
%
,
1/1/46
-
4/1/56
...............................................
279,042
276,228
2
.50
%
,
8/1/50
-
2/1/52
...............................................
40,092
34,436
3
.00
%
,
4/1/51
.....................................................
280
251
5
.50
%
,
8/1/52
-
11/1/55
..............................................
228,601
230,792
4
.50
%
,
9/1/52
-
7/1/55
...............................................
72,810
70,451
6
.50
%
,
2/1/53
-
10/1/53
..............................................
12,129
12,678
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Income
Fund
29
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
April
30,
2026,
the
fair
value
of
these
securities
was
$868,778
(thousands)
and
amounted
to
10.2%
of
net
assets.
(b)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(c)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
April
30,
2026.
(d)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
April
30,
2026.
(e)
Security
is
interest
only.
(f)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
April
30,
2026.
(g)
Rounds
to
less
than
$1
thousand.
(h)
Non-income
producing
security.
(i)
The
following
table
details
the
earliest
acquisition
date,
cost,
and
market
value
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
April
30,
2026
(amounts
in
thousands):
Security
Description
Principal
Amount
(000)
a
Value
(000)
6
.00
%
,
6/1/53
-
1/1/55
...............................................
$
38,138
$
38,994
663,830
Total
U.S.
Government
Agency
Mortgages
(Cost
$1,360,603)
a
a
a
1,364,658
U.S.
Treasury
Obligations
(1.5%)
U.S.
Treasury
Bills
3
.41
%
,
5/21/26
(q)
..................................................
50,000
49,900
3
.46
%
,
5/26/26
(q)
..................................................
80,000
79,801
Total
U.S.
Treasury
Obligations
(Cost
$129,702)
a
a
a
129,701
Total
Investments
(Cost
$7,645,474)
—
98.4%
8,388,513
Other
assets
in
excess
of
liabilities
—  1.6%
134,436
NET
ASSETS
-
100.00%
$
8,522,949
At
April
30,
2026,
the
Fund's
investments
in
foreign
securities
were
27.2%
of
net
assets.
Security
Name
Acquisition
Date
Cost
Value
Acorn
Re
.........................................................
10/25/2024
$
500
$
506
Alamo
Re
........................................................
4/12/2023
1,500
1,508
Alamo
Re
........................................................
4/4/2024
250
250
Alamo
Re
........................................................
4/4/2024
500
500
Alturas
Re
,
2021-3
..................................................
7/1/2021
82
28
Alturas
Re
,
2022-2
..................................................
4/11/2023
—
—
Aquila
Re
........................................................
5/10/2023
500
502
Aquila
Re
........................................................
4/26/2024
500
511
Aquila
Re
........................................................
5/10/2023
250
252
Atlas
Capital
......................................................
5/17/2023
1,250
1,260
Atlas
Re
.........................................................
5/24/2024
750
807
Blue
Ridge
Re
.....................................................
11/14/2023
750
758
Blue
Ridge
Re
.....................................................
11/14/2023
1,250
1,262
Bonanza
Re
.......................................................
12/16/2024
250
252
Bonanza
Re
.......................................................
12/16/2024
1,000
1,005
Cat
Re
,
2001
......................................................
11/14/2023
750
758
Citrus
Re
.........................................................
4/27/2023
1,000
1,003
Easton
Re
........................................................
5/16/2024
498
505
FloodSmart
Re
.....................................................
2/29/2024
1,500
1,568
Four
Lakes
Re
.....................................................
12/11/2024
250
252
Four
Lakes
Re
.....................................................
12/11/2024
250
255
Four
Lakes
Re
.....................................................
12/8/2023
250
253
Four
Lakes
Re
.....................................................
12/8/2023
250
251
Fuchsia
,
2024-1
....................................................
12/18/2024
1,000
1,023
Galileo
Re
........................................................
12/4/2023
1,253
1,288
Gamboge
Re
......................................................
5/9/2024
1,295
642
Gateway
Re
.......................................................
3/11/2024
250
254
Herbie
Re
........................................................
12/17/2024
500
502
High
Point
Re
.....................................................
12/1/2023
2,000
2,023
International
Bank
for
Reconstruction
&
Development
........................
4/3/2024
250
259
International
Bank
for
Reconstruction
&
Development
........................
5/1/2024
250
268
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Income
Fund
30
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
(j)
Amount
represents
less
than
0.05%
of
net
assets.
(k)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(l)
All
of
the
coupon
is
PIK.
(m)
Issued
as
participation
notes.
(n)
Issued
as
preference
shares.
(o)
Zero-coupon
bond.
(p)
Stepped
coupon
security
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
(q)
Rate
represents
the
effective
yield
at
April
30,
2026.
Security
Name
Acquisition
Date
Cost
Value
Kendall
Re
.......................................................
4/22/2024
$
1,000
$
1,020
Kilimanjaro
II
Re
...................................................
6/24/2024
750
785
Kilimanjaro
II
Re
...................................................
6/24/2024
250
260
LUKOIL
PJSC
.....................................................
4/3/2020
3,354
—
Magnit
PJSC
......................................................
4/15/2020
12,537
—
Marlon
Re
........................................................
5/24/2024
250
260
Mayflower
Re
.....................................................
6/21/2024
1,000
1,017
Merion
Re
,
2025-1
..................................................
1/16/2025
—
16
Merna
Re
........................................................
4/5/2023
1,600
1,623
Merna
Re
II
.......................................................
4/5/2023
1,300
1,314
Merna
Re
II
.......................................................
5/8/2024
750
771
Merna
Re
II
.......................................................
5/8/2024
1,500
1,541
Merna
Re
II
.......................................................
5/8/2024
750
772
Mystic
Re
........................................................
12/17/2024
250
251
Mystic
Re
........................................................
12/12/2023
1,749
1,757
Palm
Re
.........................................................
4/4/2024
250
260
Purple
Re
........................................................
4/2/2024
500
515
Residential
Re
.....................................................
11/7/2023
750
777
Residential
Re
.....................................................
11/4/2024
1,000
1,010
Residential
Re
.....................................................
11/22/2022
500
506
Residential
Re
.....................................................
11/7/2023
1,250
1,286
Residential
Re
.....................................................
11/4/2024
1,000
1,020
Rosneft
Oil
Co.
PJSC
................................................
12/6/2019
9,625
—
Russian
Federal
Bond
-
OFZ
...........................................
9/14/2021
884
—
Russian
Federal
Bond
-
OFZ
...........................................
9/14/2021
824
—
Sanders
Re
.......................................................
12/10/2024
2,500
2,535
Sanders
Re
.......................................................
12/10/2024
2,500
2,530
Sanders
Re
III
.....................................................
5/24/2023
650
653
Sanders
Re
III
.....................................................
1/16/2024
750
777
Sanders
Re
III
.....................................................
3/24/2023
1,600
1,627
Sector
Re
V
.......................................................
12/4/2024
2
219
Sector
Re
V
.......................................................
12/31/2024
2
188
Silk
Road
Re
......................................................
12/23/2024
500
504
Solomon
Re
.......................................................
6/12/2023
250
251
Sutter
Re
.........................................................
6/6/2023
500
501
Thopas
Re
,
2020
...................................................
12/30/2019
—
5
Thopas
Re
,
2021
...................................................
12/30/2020
—
22
Thopas
Re
,
2023
...................................................
2/15/2023
—
—
Thopas
Re
,
2024
...................................................
2/2/2024
—
12
Thopas
Re
,
2025
...................................................
1/10/2025
—
127
TorRey
Pines
Re
...................................................
1/29/2025
250
258
TorRey
Pines
Re
...................................................
7/16/2024
250
259
Viribus
Re
,
2019
...................................................
3/25/2019
—
—
Viribus
Re
,
2023
...................................................
2/2/2023
—
—
Vitality
Re
XIV
....................................................
1/25/2023
600
609
Vitality
Re
XIV
....................................................
1/25/2023
3,256
3,282
X5
Retail
Group
NV
,
GDR
............................................
9/17/2020
1,738
—
Total
(0.6%
of
net
assets)
$79,849
$51,624
ABS
—
Asset-Backed
Securities
ADR
—
American
Depositary
Receipt
BNMMDTSC
—
Dreyfus
Treasury
Securities
Cash
Management
Fund
Yield
bps
—
Basis
points
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Income
Fund
31
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
BRMMUSDF
—
BlackRock
Liquidity
Fund
Treasury
Trust
Fund
Portfolio
Fund
Yield
CMO
—
Collateralized
Mortgage
Obligations
FRMMUSTI
—
Western
Asset
Institutional
U.S.
Treasury
Reserves
Fund
Yield
FHMMUSTF
—
Federated
Hermes
US
Treasury
Cash
Reserves
Fund
Yield
GDR
—
Global
Depositary
Receipt
GSMMUSTF
—
Goldman
Sachs
Money
Market
U.S.
Treasury
Fund
Index
GSMMUSTI
—
Goldman
Sachs
Money
Market
U.S.
Treasury
Instrument
Index
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
April
30,
2026.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
April
30,
2026.
JMMMUSTF
—
JPMorgan
100%
US
Treasury
Securities
Money
Market
Fund
Yield
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MSMMUSTF
—
Morgan
Stanley
Institutional
Liquidity
Funds
Treasury
Securities
Portfolio
Fund
Yield
MTN
—
Medium
Term
Note
PIK
—
Payment-in-Kind
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
REMIC
—
Real
Estate
Mortgage
Investment
Conduits
SOFR
—
Secured
Overnight
Financing
Rate
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
April
30,
2026.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
April
30,
2026.
SOFR06M
—
6
Month
SOFR,
rate
disclosed
as
of
April
30,
2026.
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
April
30,
2026.
STACR
—
Structured
Agency
Credit
Risk
Forward
Currency
Contracts
At
April
30,
2026,
the
Fund's
open
forward
currency
contracts
were
as
follows:
Currency
Purchased
In
Exchange
for
(000)
Currency
Sold
Deliver
(000)
Counterparty
Settlement
Date
Net
Unrealized
Appreciation/
(Depreciation)
(000)
U.S.
Dollar
350,463
European
Euro
295,095
Goldman
Sachs
6/24/26
$
3,290
Japanese
Yen
64,090,000
U.S.
Dollar
407,065
Morgan
Stanley
7/2/26
4,379
$
7,669
European
Euro
295,219
U.S.
Dollar
350,463
Goldman
Sachs
6/24/26
(
3,145
)
U.S.
Dollar
403,655
Japanese
Yen
64,090,000
Citigroup
Global
Markets
Inc.
7/2/26
(
7,788
)
$
(
10,933
)
Total
Net
Forward
Currency
Contracts
$
(
3,264
)
Futures
Contracts
Sold
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
E-Mini
S&P
500
Futures
..............
3,706
6/18/26
$
1,242,392
$
1,342,267
$
(
99,875
)
Euro
Stoxx
50
Futures
...............
2,403
6/19/26
163,575
164,705
(
1,130
)
Nikkei
225
OSE
Futures
..............
466
6/11/26
162,423
177,196
(
14,773
)
$
(
115,778
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
115,778
)
Total
net
unrealized
appreciation
(depreciation)
$
(
115,778
)
Schedule
of
Portfolio
Investments
April
30,
2026
Victory
Portfolios
IV
Victory
Pioneer
Securitized
Income
Fund
32
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(37.0%)
ABS
Auto
(16.6%):
ACM
Auto
Trust,
Series
2024-2A,
Class
B,
9.21%,
8/20/31,
Callable
8/20/26
@
100(a)
.....
$
213
$
215
Ally
Bank
Auto
Credit-Linked
Notes
.........................................
Series
2024-A,
Class
F,
9.89%,
5/17/32,
Callable
11/15/27
@
100(a)
..............
492
506
Series
2024-A,
Class
G,
12.75%,
5/17/32,
Callable
11/15/27
@
100(a)
.............
239
246
Series
2024-B,
Class
G,
11.40%,
9/15/32,
Callable
3/15/28
@
100(a)
..............
391
398
Series
2025-A,
Class
F,
6.94%,
6/15/33,
Callable
6/15/28
@
100(a)
...............
968
966
Arivo
Acceptance
Auto
Loan
Receivables
Trust
.................................
Series
2022-1A,
Class
D,
7.38%,
9/17/29,
Callable
10/15/26
@
100(a)
.............
400
402
Series
2022-2A,
Class
C,
9.84%,
3/15/29,
Callable
8/15/27
@
100(a)
..............
100
104
Avid
Automobile
Receivables
Trust,
Series
2021-1,
Class
F,
5.16%,
10/16/28,
Callable
5/15/26
@
100(a)
.........................................................
350
327
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2021-2A,
Class
D,
4.08%,
2/20/28,
Callable
2/20/27
@
100(a)
..............
840
832
Series
2023-3A,
Class
D,
7.32%,
2/20/28(a)
................................
990
999
Bayview
Opportunity
Master
Fund
VII
Trust,
Series
2024-CAR1F,
Class
A,
6.97%,
7/29/32,
Callable
9/28/26
@
100(a)
............................................
300
300
Carvana
Auto
Receivables
Trust
............................................
Series
2022-N1,
Class
D,
4.13%,
12/11/28,
Callable
1/10/28
@
100(a)
.............
174
173
Series
2024-N3,
Class
E,
7.66%,
4/12/32,
Callable
11/10/29
@
100(a)
.............
1,400
1,422
CPS
Auto
Receivables
Trust,
Series
2024-B,
Class
E,
8.36%,
11/17/31,
Callable
5/15/28
@
100(a)
...........................................................
1,160
1,206
Exeter
Automobile
Receivables
Trust
.........................................
Series
2022-1A,
Class
E,
5.02%,
10/15/29,
Callable
7/15/27
@
100(a)
.............
2,140
2,121
Series
2022-5A,
Class
D,
7.40%,
2/15/29,
Callable
11/15/27
@
100
...............
143
145
Series
2022-6A,
Class
E,
11.61%,
6/17/30,
Callable
12/15/27
@
100(a)
............
1,505
1,575
Series
2024-2A,
Class
E,
7.98%,
10/15/31,
Callable
7/15/28
@
100(a)
.............
1,320
1,367
Series
2024-3A,
Class
E,
7.84%,
10/15/31,
Callable
12/15/28
@
100(a)
............
2,637
2,729
Series
2024-4A,
Class
E,
7.65%,
2/17/32,
Callable
12/15/28
@
100(a)
.............
1,480
1,536
Series
2024-5A,
Class
E,
7.22%,
5/17/32,
Callable
10/15/28
@
100(a)
.............
2,130
2,178
Series
2025-1A,
Class
E,
7.48%,
9/15/32,
Callable
12/15/28
@
100(a)
.............
2,090
2,144
Series
2025-2A,
Class
E,
7.81%,
10/15/32,
Callable
2/15/29
@
100(a)
.............
2,640
2,723
Series
2025-3A,
Class
E,
7.52%,
12/15/32,
Callable
5/15/29
@
100(a)
.............
1,390
1,419
Series
2025-5A,
Class
E,
7.15%,
6/15/33,
Callable
12/15/29
@
100(a)
.............
1,870
1,879
FHF
Issuer
Trust
.......................................................
Series
2024-3A,
Class
D,
6.01%,
12/15/31,
Callable
2/15/28
@
100(a)
.............
503
476
Series
2025-1A,
Class
D,
5.95%,
6/15/32,
Callable
1/15/28
@
100(a)
..............
816
774
GLS
Auto
Receivables
Issuer
Trust
..........................................
Series
2023-2A,
Class
D,
6.31%,
3/15/29,
Callable
5/15/28
@
100(a)
..............
65
66
Series
2024-2A,
Class
E,
7.98%,
5/15/31,
Callable
8/15/28
@
100(a)
..............
1,170
1,219
Series
2024-3A,
Class
E,
7.25%,
6/16/31,
Callable
11/15/28
@
100(a)
.............
2,626
2,690
Series
2024-4A,
Class
E,
7.51%,
8/15/31,
Callable
11/15/28
@
100(a)
.............
2,500
2,582
Series
2025-1A,
Class
E,
7.19%,
3/15/32,
Callable
12/15/28
@
100(a)
.............
1,050
1,069
Series
2025-4A,
Class
E,
7.17%,
12/15/32,
Callable
11/15/29
@
100(a)
............
1,080
1,093
GLS
Auto
Select
Receivables
Trust,
Series
2024-1A,
Class
D,
6.43%,
1/15/31,
Callable
9/15/28
@
100(a)
.........................................................
1,270
1,303
Hertz
Vehicle
Financing
III
LLC,
Series
2025-3A,
Class
D,
8.55%,
12/26/29(a)
..........
760
772
Huntington
Bank
Auto
Credit-Linked
Notes
....................................
Series
2024-1,
Class
C,
6.79%
(SOFR30A+315bps),
5/20/32,
Callable
10/20/27
@
100(a)
(b)
.............................................................
89
90
Series
2025-2,
Class
D,
6.89%
(SOFR30A+325bps),
9/20/33,
Callable
10/20/29
@
100(a)
(b)
.............................................................
1,227
1,199
Lendbuzz
Securitization
Trust,
Series
2024-2A,
Class
B,
6.52%,
7/16/29,
Callable
1/15/28
@
100(a)
...........................................................
400
405
Merchants
Fleet
Funding
LLC,
Series
2025-1A,
Class
E,
8.48%,
1/20/39,
Callable
5/20/29
@
100(a)
...........................................................
1,000
1,001
Prestige
Auto
Receivables
Trust
............................................
Series
2022-1A,
Class
D,
8.08%,
8/15/28,
Callable
5/15/27
@
100(a)
..............
161
163
Series
2023-2A,
Class
D,
7.71%,
8/15/29,
Callable
6/15/28
@
100(a)
..............
220
223
Series
2024-2A,
Class
D,
5.15%,
7/15/30,
Callable
9/15/28
@
100(a)
..............
580
576
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2023-B,
Class
E,
8.41%,
12/15/33,
Callable
11/15/27
@
100(a)
.............
258
263
Victory
Portfolios
IV
Victory
Pioneer
Securitized
Income
Fund
33
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2024-A,
Class
F,
10.17%,
6/15/32,
Callable
7/15/28
@
100(a)
..............
$
433
$
445
Series
2024-B,
Class
E,
6.80%,
1/18/33,
Callable
11/15/28
@
100(a)
..............
373
377
Santander
Drive
Auto
Receivables
Trust,
Series
2024-1,
Class
C,
5.45%,
3/15/30,
Callable
12/15/27
@
100
....................................................
100
101
Tricolor
Auto
Securitization
Trust
...........................................
Series
2022-1A,
Class
F,
0.00%,
7/16/29,
Callable
5/15/26
@
100(a)(c)
............
500
277
Series
2024-2A,
Class
D,
0.00%,
8/15/28,
Callable
6/15/28
@
100(a)(c)
............
340
88
Series
2025-1A,
Class
D,
0.00%,
4/15/31,
Callable
5/15/28
@
100(a)(c)
............
1,310
150
Series
2025-1A,
Class
E,
0.00%,
4/15/32,
Callable
5/15/28
@
100(a)(c)
............
600
19
Series
2025-2A,
Class
E,
0.00%,
4/15/31,
Callable
10/15/29
@
100(a)(c)
...........
870
62
Series
2025-2A,
Class
F,
0.00%,
3/15/32,
Callable
10/15/29
@
100(a)(c)
...........
400
20
Veros
Auto
Receivables
Trust
..............................................
Series
2024-1,
Class
C,
7.57%,
12/15/28,
Callable
6/15/27
@
100(a)
..............
1,050
1,075
Series
2025-1,
Class
D,
8.79%,
5/17/32,
Callable
1/15/28
@
100(a)
...............
1,570
1,628
Series
2026-1,
Class
E,
7.74%,
7/15/31,
Callable
7/15/29
@
100(a)
...............
780
787
48,905
ABS
Card
(0.4%):
Continental
Finance
Credit
Card
ABS
Master
Trust
...............................
Series
2022-A,
Class
C,
9.33%,
10/15/30(a)
................................
200
202
Series
2024-A,
Class
A,
5.78%,
12/15/32,
Callable
9/15/27
@
100(a)
..............
290
292
Mercury
Financial
Credit
Card
Master
Trust,
Series
2024-2A,
Class
B,
7.43%,
7/20/29,
Callable
5/20/26
@
100(a)
............................................
380
381
Mission
Lane
Credit
Card
Master
Trust,
Series
2024-B,
Class
B,
6.32%,
1/15/30(a)
........
410
411
1,286
ABS
Home
(1.9%):
Deephaven
Residential
Mortgage
Trust,
Series
2026-CES1,
Class
A3,
5.93%,
3/25/61,
Callable
4/25/29
@
100(a)(d)
.................................................
1,290
1,286
J.P.
Morgan
Mortgage
Trust,
Series
2026-CES1,
Class
B1,
6.48%,
6/25/56,
Callable
1/25/29
@
100(a)(d)
.........................................................
1,080
1,071
Vista
Point
Securitization
Trust
.............................................
Series
2024-CES1,
Class
A1,
6.68%,
5/25/54,
Callable
5/25/27
@
100(a)(d)
.........
360
364
Series
2025-CES3,
Class
A1,
5.30%,
11/25/55,
Callable
10/25/28
@
100(a)(d)
.......
1,742
1,740
Series
2026-CES2,
Class
M1,
6.28%,
5/25/56,
Callable
4/25/30
@
100(a)(d)
........
1,080
1,075
5,536
ABS
Other
(18.1%):
Amur
Equipment
Finance
Receivables
XIV
LLC,
Series
2024-2A,
Class
E,
8.88%,
10/20/32,
Callable
8/20/28
@
100(a)
............................................
700
716
Ascent
Career
Funding
Trust
...............................................
Series
2024-1A,
Class
A,
6.77%,
10/25/32(a)
...............................
296
298
Series
2024-1A,
Class
B,
9.73%,
10/25/32,
Callable
10/25/27
@
100(a)
............
655
667
Auxilior
Term
Funding
LLC,
Series
2023-1A,
Class
E,
10.97%,
12/15/32,
Callable
1/15/28
@
100(a)
...........................................................
200
216
Bayview
Opportunity
Master
Fund
VII
LLC,
Series
2024-EDU1,
Class
D,
6.40%
(SOFR30A+275bps),
6/25/47(a)(b)
......................................
148
150
BHG
Securitization
Trust
.................................................
Series
2022-C,
Class
E,
9.73%,
10/17/35,
Callable
11/17/28
@
100(a)
.............
1,320
1,392
Series
2023-A,
Class
B,
6.35%,
4/17/36,
Callable
3/17/29
@
100(a)
...............
189
190
Series
2023-B,
Class
C,
8.15%,
12/17/36,
Callable
11/17/29
@
100(a)
.............
147
151
Series
2024-1CON,
Class
C,
6.86%,
4/17/35,
Callable
3/17/29
@
100(a)
...........
204
207
Blackbird
Capital
II
Aircraft
Lease
Ltd.,
Series
2021-1A,
Class
B,
3.45%,
7/15/46,
Callable
7/15/28
@
100(a)
...................................................
338
323
Blue
Owl
Asset
Leasing
Trust
LLC,
Series
2024-1A,
Class
D,
8.00%,
12/15/31,
Callable
7/15/27
@
100(a)
...................................................
480
487
Cascade
MH
Asset
Trust,
Series
2024-MH1,
Class
B1,
8.00%,
8/25/54,
Callable
7/25/27
@
100(a)(d)
.........................................................
1,159
1,060
CFMT
LLC
...........................................................
Series
2023-HB12,
Class
M3,
4.25%,
4/25/33(a)(d)
..........................
200
197
Series
2024-HB13,
Class
M3,
3.00%,
5/25/34,
Callable
12/25/26
@
100(a)(d)
.......
600
580
Series
2024-HB13,
Class
M4,
3.00%,
5/25/34,
Callable
12/25/26
@
100(a)(d)
.......
1,168
1,124
Crockett
Partners
Equipment
Co.
IIA
LLC,
Series
2024-1C,
Class
C,
10.16%,
1/20/31,
Callable
4/20/29
@
100(a)
...................................................
176
183
Victory
Portfolios
IV
Victory
Pioneer
Securitized
Income
Fund
34
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Elara
HGV
Timeshare
Issuer
LLC,
Series
2025-A,
Class
D,
6.91%,
1/25/40,
Callable
11/25/31
@
100(a)
.........................................................
$
822
$
815
Equify
ABS
LLC,
Series
2024-1A,
Class
A,
5.43%,
4/18/33,
Callable
7/15/28
@
100(a)
....
215
215
FIGRE
Trust
..........................................................
Series
2023-HE3,
Class
A,
6.44%,
11/25/53,
Callable
2/25/27
@
100(a)(d)
..........
85
87
Series
2024-HE3,
Class
A,
5.94%,
7/25/54,
Callable
4/25/27
@
100(a)(d)
...........
801
809
Series
2025-HE6,
Class
A,
5.04%,
9/25/55,
Callable
3/25/28
@
100(a)(d)
...........
1,079
1,072
Series
2026-HE4,
Class
E,
7.27%,
5/25/56(a)(d)
.............................
926
926
GreenSky
Home
Improvement
Issuer
Trust
....................................
Series
2025-1A,
Class
E,
8.65%,
3/25/60,
Callable
10/25/30
@
100(a)
.............
1,248
1,280
Series
2025-2A,
Class
E,
7.79%,
6/25/60(a)
................................
2,460
2,494
Series
2025-3A,
Class
E,
7.83%,
12/27/60,
Callable
2/25/32
@
100(a)
.............
2,000
2,032
GS
Mortgage-Backed
Securities
Trust,
Series
2025-HE1,
Class
M3,
6.10%
(SOFR30A+245bps),
10/25/55,
Callable
7/25/28
@
100(a)(b)
...................
750
753
Harvest
SBA
Loan
Trust,
Series
2024-1,
Class
A,
6.00%
(SOFR30A+225bps),
12/25/51,
Callable
3/25/31
@
100(a)(b)
..........................................
527
532
Hilton
Grand
Vacations
Trust,
Series
2024-2A,
Class
D,
6.91%,
3/25/38,
Callable
3/25/30
@
100(a)
...........................................................
153
156
HINNT
LLC,
Series
2025-B,
Class
E,
9.41%,
5/15/45,
Callable
6/15/29
@
100(a)
.........
1,133
1,130
Home
Partners
of
America
Trust,
Series
2019-1,
Class
E,
3.60%,
9/17/39,
Callable
5/17/26
@
100(a)(e)
.........................................................
320
312
J.P.
Morgan
Mortgage
Trust,
Series
2023-HE2,
Class
A1,
5.34%
(SOFR30A+170bps),
3/20/54,
Callable
10/20/26
@
100(a)(b)
.........................................
150
150
Kinetic
Advantage
Master
Owner
Trust,
Series
2025-1A,
Class
A,
5.84%
(SOFR30A+220bps),
10/15/29,
Callable
10/15/27
@
100(a)(b)
..................................
1,700
1,707
Libra
Solutions
LLC
.....................................................
Series
2024-1A,
Class
B,
7.91%,
9/30/38(a)
................................
250
250
Series
2025-1A,
Class
C,
9.90%,
8/15/39(a)
................................
1,000
995
MMP
Capital
LLC,
Series
2025-A,
Class
C,
8.41%,
12/15/31,
Callable
7/15/28
@
100(a)
...
680
694
MPOWER
Education
Trust,
Series
2025-A,
Class
C,
10.84%,
7/21/42(a)
...............
890
881
Newtek
Small
Business
Loan
Trust,
Series
2022-1,
Class
A,
6.05%
(PRIME-70bps),
10/25/49,
Callable
4/25/27
@
100(a)(b)
..........................................
230
231
NMEF
Funding
LLC
....................................................
Series
2022-B,
Class
C,
8.54%,
6/15/29,
Callable
8/15/26
@
100(a)
...............
210
212
Series
2024-A,
Class
C,
6.33%,
12/15/31,
Callable
1/15/28
@
100(a)
..............
620
632
Series
2024-A,
Class
D,
8.75%,
12/15/31,
Callable
1/15/28
@
100(a)
..............
500
515
Series
2025-A,
Class
D,
8.07%,
7/15/32,
Callable
12/15/28
@
100(a)
..............
570
580
Series
2025-B,
Class
E,
7.66%,
1/18/33,
Callable
9/15/28
@
100(a)
...............
1,000
1,006
OBX
Trust,
Series
2026-HE1,
Class
A1A,
5.00%
(SOFR30A+135bps),
2/25/56,
Callable
2/25/29
@
100(a)(b)
.................................................
1,925
1,929
Octane
Receivables
Trust
.................................................
Series
2022-2A,
Class
D,
7.70%,
2/20/30,
Callable
1/20/27
@
100(a)
..............
410
417
Series
2023-1A,
Class
D,
7.76%,
3/20/30,
Callable
6/20/27
@
100(a)
..............
310
320
Series
2023-2A,
Class
E,
10.50%,
6/20/31,
Callable
8/20/27
@
100(a)
.............
660
706
Oportun
Funding
Trust,
Series
2024-3,
Class
C,
6.25%,
8/15/29,
Callable
10/15/26
@
100(a)
.
350
351
Oportun
Issuance
Trust
...................................................
Series
2024-2,
Class
C,
6.61%,
2/9/32,
Callable
10/8/26
@
100(a)
................
640
642
Series
2024-2,
Class
D,
10.47%,
2/9/32,
Callable
10/8/26
@
100(a)
...............
700
713
Oxford
Finance
Funding
LLC,
Series
2022-1A,
Class
B,
4.10%,
2/15/30(a)
.............
109
106
PEAC
Solutions
Receivables
LLC,
Series
2024-2A,
Class
C,
5.37%,
10/20/31,
Callable
6/20/27
@
100(a)
...................................................
990
996
PEAR
LLC,
Series
2023-1,
Class
A,
7.42%,
7/15/35,
Callable
9/15/27
@
100(a)
..........
241
246
Post
Road
Equipment
Finance
LLC,
Series
2024-1A,
Class
E,
8.50%,
12/15/31,
Callable
1/15/27
@
100(a)
...................................................
250
256
Progress
Residential
Trust
.................................................
Series
2021-SFR8,
Class
G,
4.01%,
10/17/38(a)(e)
...........................
200
198
Series
2021-SFR9,
Class
F,
4.05%,
11/17/40(a)(e)
...........................
100
96
Purchasing
Power
Funding
LLC,
Series
2026-A,
Class
E,
7.54%,
8/15/30,
Callable
2/15/28
@
100(a)
...........................................................
780
774
RCKT
Trust,
Series
2025-1A,
Class
E,
7.12%,
7/25/34,
Callable
2/25/28
@
100(a)
........
2,620
2,567
Reach
ABS
Trust
.......................................................
Series
2025-2A,
Class
D,
7.31%,
8/18/32,
Callable
10/15/29
@
100(a)
.............
1,580
1,624
Series
2026-1A,
Class
E,
6.45%,
2/15/33,
Callable
5/15/30
@
100(a)
..............
880
860
Victory
Portfolios
IV
Victory
Pioneer
Securitized
Income
Fund
35
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Saluda
Grade
Alternative
Mortgage
Trust
......................................
Series
2023-FIG4,
Class
A,
6.72%,
11/25/53,
Callable
8/25/32
@
100(a)(d)
.........
$
241
$
247
Series
2025-LOC4,
Class
M3,
6.60%
(SOFR30A+295bps),
6/25/55,
Callable
6/25/28
@
100(a)(b)
.........................................................
699
700
Series
2026-HB1,
Class
B1,
7.10%
(TSFR1M+345bps),
4/25/56,
Callable
1/25/29
@
100(a)(b)
.........................................................
1,030
1,037
Series
2026-HB1,
Class
M3,
6.10%
(TSFR1M+245bps),
4/25/56,
Callable
1/25/29
@
100(a)(b)
.........................................................
460
462
SCF
Equipment
Leasing
LLC
..............................................
Series
2024-1A,
Class
D,
6.58%,
6/21/33,
Callable
3/20/29
@
100(a)
..............
230
236
Series
2025-2A,
Class
E,
6.21%,
6/20/36,
Callable
10/20/31
@
100(a)
.............
1,610
1,572
Stream
Innovations
Issuer
Trust,
Series
2024-1A,
Class
B,
7.89%,
7/15/44,
Callable
3/15/31
@
100(a)
...........................................................
311
330
Trafigura
Securitisation
Finance
PLC,
Series
2024-1A,
Class
B,
7.29%,
11/15/27(a)
.......
390
394
Tricon
Residential
Trust,
Series
2025-SFR1,
Class
D,
5.65%
(TSFR1M+200bps),
3/17/42(a)(b)
(e)
.............................................................
520
520
Upstart
Securitization
Trust
................................................
Series
2025-2,
Class
D,
8.00%,
6/20/35,
Callable
11/20/28
@
100(a)
..............
1,060
1,088
Series
2026-2,
Class
C,
5.83%,
5/20/36,
Callable
5/20/30
@
100(a)
...............
1,410
1,409
VFI
ABS
LLC,
Series
2025-1A,
Class
D,
7.69%,
4/26/32,
Callable
12/24/27
@
100(a)
.....
3,255
3,269
Westgate
Resorts
LLC,
Series
2024-1A,
Class
D,
9.26%,
1/20/38,
Callable
11/20/27
@
100(a)
572
582
53,054
Total
Asset-Backed
Securities
(Cost
$111,210)
a
a
a
108,781
Collateralized
Loan
Obligations
(4.3%)
Cash
Flow
CLO
(4.3%):
Arbor
Realty
Collateralized
Loan
Obligation
Ltd.,
Series
2025-BTR1,
Class
C,
7.34%
(TSFR1M+369bps),
1/20/41,
Callable
5/20/27
@
100(a)(b)
.....................
1,880
1,891
AREIT
Ltd.,
Series
2024-CRE9,
Class
A,
5.34%
(TSFR1M+169bps),
5/17/41(a)(b)(e)
.....
62
62
BDS
LLC,
Series
2024-FL13,
Class
A,
5.24%
(TSFR1M+158bps),
9/19/39,
Callable
8/19/28
@
100(a)(b)(e)
.....................................................
375
375
BSPDF
Issuer
LLC,
Series
2026-FL3,
Class
E,
7.16%
(TSFR1M+350bps),
9/18/43,
Callable
9/18/28
@
100(a)(b)(e)
...............................................
945
946
BSPRT
Issuer
LLC,
Series
2024-FL11,
Class
A,
5.29%
(TSFR1M+164bps),
7/15/39,
Callable
9/15/27
@
100(a)(b)
.................................................
510
512
FS
Rialto
Issuer
LLC
....................................................
Series
2021-FL3,
Class
D,
6.28%
(TSFR1M+261bps),
11/16/36,
Callable
5/16/26
@
100(a)(b)
.........................................................
1,576
1,580
Series
2024-FL9,
Class
A,
5.29%
(TSFR1M+163bps),
10/19/39,
Callable
10/19/27
@
100(a)(b)
.........................................................
2,160
2,167
Golub
Capital
Partners
Short
Duration,
Series
2022-1A,
Class
DR,
8.27%
(TSFR3M+460bps),
7/25/33,
Callable
7/25/26
@
100(a)(b)
....................................
250
249
Greystone
CRE
Notes
LLC,
Series
2025-FL4,
Class
C,
6.54%
(TSFR1M+289bps),
1/15/43,
Callable
5/15/28
@
100(a)(b)(e)
........................................
1,110
1,129
KREF
Ltd.,
Series
2022-FL3,
Class
A,
5.11%
(TSFR1M+145bps),
2/17/39,
Callable
5/17/26
@
100(a)(b)
.........................................................
251
251
MF1
LLC
............................................................
Series
2024-FL14,
Class
A,
5.39%
(TSFR1M+174bps),
3/19/39,
Callable
5/19/26
@
100(a)(b)
.........................................................
763
764
Series
2024-FL15,
Class
A,
5.35%
(TSFR1M+169bps),
8/18/41,
Callable
7/18/26
@
100(a)(b)
.........................................................
1,790
1,793
Series
2024-FL16,
Class
A,
5.20%
(TSFR1M+154bps),
11/18/39,
Callable
10/18/26
@
100(a)(b)
.........................................................
850
851
PFP
Ltd.,
Series
2024-11,
Class
A,
5.49%
(TSFR1M+183bps),
9/17/39,
Callable
9/17/27
@
100(a)(b)(e)
.......................................................
74
74
12,644
Total
Collateralized
Loan
Obligations
(Cost
$12,575)
a
a
a
12,644
Victory
Portfolios
IV
Victory
Pioneer
Securitized
Income
Fund
36
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Collateralized
Mortgage
Obligations
(45.8%)
Commercial
MBS
(5.6%):
BX
Commercial
Mortgage
Trust
............................................
Series
2024-AIRC,
Class
A,
5.35%
(TSFR1M+169bps),
8/15/41(a)(b)(e)
...........
$
572
$
574
Series
2024-SLCT,
Class
E,
7.05%
(TSFR1M+339bps),
1/15/42(a)(b)(e)
...........
1,590
1,594
Series
2025-BCAT,
Class
E,
7.15%
(TSFR1M+350bps),
8/15/42(a)(b)(e)
...........
1,018
1,022
Series
2026-LP3,
Class
E,
6.85%
(TSFR1M+320bps),
4/15/43(a)(b)(e)
............
1,040
1,043
BX
Trust,
Series
2025-LUNR,
Class
E,
7.60%
(TSFR1M+395bps),
6/15/40(a)(b)(e)
.......
802
802
GSAT
Trust,
Series
2025-BMF,
Class
E,
6.95%
(TSFR1M+330bps),
7/15/40(a)(b)(e)
......
1,380
1,378
Hilt
Commercial
Mortgage
Trust,
Series
2024-ORL,
Class
D,
6.84%
(TSFR1M+319bps),
5/15/37(a)(b)(e)
....................................................
150
150
HTL
Commercial
Mortgage
Trust,
Series
2024-T53,
Class
D,
8.47%,
5/10/39(a)(d)(e)
......
1,315
1,333
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2024-OMNI,
Class
D,
5.99%,
10/5/39(a)(d)(e)
..............................................
100
99
MCR
Mortgage
Trust
....................................................
Series
2024-TWA,
Class
D,
7.40%,
6/12/39(a)(e)
............................
650
653
Series
2024-TWA,
Class
F,
10.38%,
6/12/39(a)(e)
............................
500
505
MHP
Commercial
Mortgage
Trust,
Series
2025-MHIL2,
Class
D,
6.30%
(TSFR1M+265bps),
9/15/40(a)(b)(e)
....................................................
1,640
1,642
Natixis
Commercial
Mortgage
Securities
Trust,
Series
2019-FAME,
Class
E,
4.54%,
8/15/36(a)
(d)(e)
...........................................................
500
185
PRM
Trust
............................................................
Series
2025-PRM6,
Class
E,
6.80%,
7/5/33(a)(d)(e)
..........................
1,140
1,138
Series
2025-PRM6,
Class
F,
7.29%,
7/5/33(a)(d)(e)
...........................
970
964
SLG
Office
Trust
.......................................................
Series
2021-OVA,
Class
F,
2.85%,
7/15/41(a)(e)
.............................
174
144
Series
2026-OMA,
Class
F,
7.92%,
4/15/41(a)(d)(e)
..........................
1,020
1,027
SMRT,
Series
2022-MINI,
Class
E,
6.36%
(TSFR1M+270bps),
1/15/39(a)(b)(e)
..........
1,220
1,217
THPT
Mortgage
Trust,
Series
2023-THL,
Class
C,
8.82%,
12/10/34(a)(d)(e)
.............
300
303
Velocity
Commercial
Capital
Loan
Trust,
Series
2020-1,
Class
M5,
4.29%,
2/25/50,
Callable
8/25/26
@
100(a)(d)
.................................................
215
163
Wells
Fargo
Commercial
Mortgage
Trust
......................................
Series
2026-1250B,
Class
C,
5.59%,
3/10/41(a)(d)(e)
.........................
300
296
Series
2026-1250B,
Class
D,
6.59%,
3/10/41(a)(d)(e)
.........................
300
297
16,529
Private
CMO
Floating
(23.1%):
Bellemeade
Re
Ltd.
.....................................................
Series
2021-3A,
Class
B1,
7.50%
(SOFR30A+385bps),
9/25/31,
Callable
5/25/26
@
100(a)(b)
.........................................................
356
366
Series
2024-1,
Class
M1B,
6.85%
(SOFR30A+320bps),
8/25/34,
Callable
4/25/27
@
100(a)(b)
.........................................................
301
303
Series
2025-1,
Class
M1C,
6.90%
(SOFR30A+325bps),
10/25/35,
Callable
8/25/28
@
100(a)(b)
.........................................................
1,270
1,287
Connecticut
Avenue
Securities
Trust
.........................................
Series
2020-R01,
Class
1B1,
7.01%
(SOFR30A+336bps),
1/25/40,
Callable
1/25/27
@
100(a)(b)
.........................................................
970
983
Series
2020-R02,
Class
2B1,
6.76%
(SOFR30A+311bps),
1/25/40,
Callable
1/25/27
@
100(a)(b)
.........................................................
1,240
1,255
Series
2021-R01,
Class
1B2,
9.65%
(SOFR30A+600bps),
10/25/41,
Callable
10/25/26
@
100(a)(b)
.........................................................
3,220
3,286
Series
2021-R02,
Class
2B2,
9.85%
(SOFR30A+620bps),
11/25/41,
Callable
11/25/26
@
100(a)(b)
.........................................................
1,422
1,458
Series
2021-R03,
Class
1B2,
9.15%
(SOFR30A+550bps),
12/25/41,
Callable
12/25/26
@
100(a)(b)
.........................................................
1,510
1,547
Series
2022-R01,
Class
1B2,
9.65%
(SOFR30A+600bps),
12/25/41,
Callable
12/25/26
@
100(a)(b)
.........................................................
3,420
3,515
Series
2022-R04,
Class
1B2,
13.15%
(SOFR30A+950bps),
3/25/42,
Callable
3/25/27
@
100(a)(b)
.........................................................
2,470
2,638
Series
2022-R05,
Class
2B1,
8.15%
(SOFR30A+450bps),
4/25/42,
Callable
4/25/27
@
100(a)(b)
.........................................................
500
516
Series
2022-R05,
Class
2B2,
10.65%
(SOFR30A+700bps),
4/25/42,
Callable
4/25/27
@
100(a)(b)
.........................................................
4,160
4,381
Victory
Portfolios
IV
Victory
Pioneer
Securitized
Income
Fund
37
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2022-R06,
Class
1B2,
14.25%
(SOFR30A+1060bps),
5/25/42,
Callable
5/25/27
@
100(a)(b)
.........................................................
$
610
$
666
Series
2024-R01,
Class
1B2,
7.65%
(SOFR30A+400bps),
1/25/44,
Callable
1/25/29
@
100(a)(b)
.........................................................
1,450
1,528
Series
2024-R02,
Class
1B1,
6.15%
(SOFR30A+250bps),
2/25/44,
Callable
2/25/29
@
100(a)(b)
.........................................................
510
516
Series
2024-R02,
Class
1B2,
7.35%
(SOFR30A+370bps),
2/25/44,
Callable
2/25/29
@
100(a)(b)
.........................................................
540
566
Series
2024-R02,
Class
2B2,
11.30%
(SOFR30A+765bps),
1/25/42,
Callable
1/25/27
@
100(a)(b)
.........................................................
2,650
2,765
Series
2024-R03,
Class
2M2,
5.60%
(SOFR30A+195bps),
3/25/44,
Callable
3/25/29
@
100(a)(b)
.........................................................
430
434
Series
2024-R04,
Class
1B1,
5.85%
(SOFR30A+220bps),
5/25/44,
Callable
5/25/29
@
100(a)(b)
.........................................................
1,825
1,845
Series
2024-R04,
Class
1M2,
5.30%
(SOFR30A+165bps),
5/25/44,
Callable
5/25/29
@
100(a)(b)
.........................................................
1,000
1,002
Series
2024-R05,
Class
2B1,
5.65%
(SOFR30A+200bps),
7/25/44,
Callable
7/25/29
@
100(a)(b)
.........................................................
680
680
Series
2024-R06,
Class
1A1,
4.80%
(SOFR30A+115bps),
9/25/44,
Callable
9/25/29
@
100(a)(b)
.........................................................
678
680
Series
2024-R06,
Class
1M2,
5.25%
(SOFR30A+160bps),
9/25/44,
Callable
9/25/29
@
100(a)(b)
.........................................................
566
567
Eagle
Re
Ltd.
..........................................................
Series
2021-2,
Class
M2,
7.90%
(SOFR30A+425bps),
4/25/34,
Callable
2/25/27
@
100(a)(b)
.........................................................
290
295
Series
2023-1,
Class
M1B,
7.60%
(SOFR30A+395bps),
9/26/33,
Callable
9/25/28
@
100(a)(b)
.........................................................
240
245
Federal
Home
Loan
Mortgage
Corporation
Multifamily
Structured
Credit
Risk
Trust
.......
Series
2021-MN1,
Class
B1,
11.40%
(SOFR30A+775bps),
1/25/51,
Callable
1/25/29
@
100(a)(b)
.........................................................
700
768
Series
2021-MN3,
Class
M2,
7.65%
(SOFR30A+400bps),
11/25/51,
Callable
7/25/36
@
100(a)(b)
.........................................................
250
258
Federal
Home
Loan
Mortgage
Corporation
STACR
REMIC
Trust
....................
Series
2020-HQA1,
Class
B2,
8.86%
(SOFR30A+521bps),
1/25/50,
Callable
1/25/30
@
100(a)(b)
.........................................................
1,000
1,102
Series
2021-DNA1,
Class
B2,
8.40%
(SOFR30A+475bps),
1/25/51,
Callable
1/25/31
@
100(a)(b)
.........................................................
650
723
Series
2021-DNA5,
Class
B2,
9.15%
(SOFR30A+550bps),
1/25/34(a)(b)
...........
1,800
2,184
Series
2021-HQA1,
Class
B2,
8.65%
(SOFR30A+500bps),
8/25/33(a)(b)
...........
720
843
Series
2021-HQA2,
Class
B2,
9.10%
(SOFR30A+545bps),
12/25/33(a)(b)
..........
260
315
Series
2022-DNA1,
Class
M2,
6.15%
(SOFR30A+250bps),
1/25/42,
Callable
1/25/27
@
100(a)(b)
.........................................................
480
485
Series
2022-DNA3,
Class
B1,
9.30%
(SOFR30A+565bps),
4/25/42,
Callable
4/25/27
@
100(a)(b)
.........................................................
635
661
Series
2022-DNA3,
Class
B2,
13.40%
(SOFR30A+975bps),
4/25/42,
Callable
4/25/27
@
100(a)(b)
.........................................................
2,500
2,688
Series
2023-HQA2,
Class
M1B,
7.00%
(SOFR30A+335bps),
6/25/43,
Callable
6/25/28
@
100(a)(b)
.......................................................
3,410
3,499
Series
2024-HQA2,
Class
M2,
5.45%
(SOFR30A+180bps),
8/25/44,
Callable
8/25/29
@
100(a)(b)
.........................................................
520
523
Series
2025-DNA3,
Class
A1,
4.60%
(SOFR30A+95bps),
9/25/45,
Callable
9/25/30
@
100(a)(b)
.........................................................
1,682
1,683
Series
2025-DNA4,
Class
A1,
4.55%
(SOFR30A+90bps),
10/25/45,
Callable
10/25/30
@
100(a)(b)
.........................................................
3,774
3,776
Series
2025-DNA4,
Class
M1,
4.75%
(SOFR30A+110bps),
10/25/45,
Callable
10/25/30
@
100(a)(b)
.......................................................
2,153
2,154
Series
2025-HQA1,
Class
M2,
5.30%
(SOFR30A+165bps),
2/25/45,
Callable
2/25/30
@
100(a)(b)
.........................................................
290
290
Federal
Home
Loan
Mortgage
Corporation
STACR
Trust
..........................
Series
2018-HQA2,
Class
B2,
14.76%
(SOFR30A+1111bps),
10/25/48,
Callable
10/25/28
@
100(a)(b)
.......................................................
1,810
2,199
Series
2019-DNA3,
Class
B2,
11.91%
(SOFR30A+826bps),
7/25/49,
Callable
2/25/28
@
100(a)(b)
.........................................................
434
479
Victory
Portfolios
IV
Victory
Pioneer
Securitized
Income
Fund
38
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2019-DNA4,
Class
B2,
10.01%
(SOFR30A+636bps),
10/25/49,
Callable
12/25/28
@
100(a)(b)
.......................................................
$
350
$
381
Series
2019-FTR1,
Class
B2,
12.11%
(SOFR30A+846bps),
1/25/48,
Callable
5/25/29
@
100(a)(b)
.........................................................
2,320
2,732
Series
2019-FTR3,
Class
B2,
8.58%
(SOFR30A+491bps),
9/25/47,
Callable
12/25/29
@
100(a)(b)
.........................................................
1,950
2,128
Series
2019-FTR4,
Class
B2,
8.76%
(SOFR30A+511bps),
11/25/47,
Callable
12/25/29
@
100(a)(b)
.........................................................
580
636
Home
Re
Ltd.
.........................................................
Series
2022-1,
Class
B1,
12.65%
(SOFR30A+900bps),
10/25/34,
Callable
8/25/27
@
100(a)(b)
.........................................................
175
191
Series
2026-1,
Class
B1,
7.85%
(SOFR30A+420bps),
1/25/36,
Callable
2/25/28
@
100(a)
(b)
.............................................................
150
153
Series
2026-1,
Class
M1C,
6.25%
(SOFR30A+260bps),
1/25/36,
Callable
2/25/28
@
100(a)(b)
.........................................................
450
453
Series
2026-1,
Class
M2,
6.85%
(SOFR30A+320bps),
1/25/36,
Callable
2/25/28
@
100(a)(b)
.........................................................
270
272
J.P.
Morgan
Chase
Bank
NA,
Series
2021-CL1,
Class
M3,
5.45%
(SOFR30A+180bps),
3/25/51,
Callable
11/25/36
@
100(a)(b)
...................................
214
213
Multifamily
Connecticut
Avenue
Securities
Trust
................................
Series
2019-01,
Class
M10,
7.01%
(SOFR30A+336bps),
10/25/49(a)(b)
............
234
237
Series
2020-01,
Class
M10,
7.51%
(SOFR30A+386bps),
3/25/50(a)(b)
.............
397
403
Oaktown
Re
VII
Ltd.,
Series
2021-2,
Class
B1,
8.05%
(SOFR30A+440bps),
4/25/34,
Callable
10/25/26
@
100(a)(b)
................................................
300
303
Radnor
Re
Ltd.
........................................................
Series
2023-1,
Class
M1A,
6.35%
(SOFR30A+270bps),
7/25/33,
Callable
7/25/28
@
100(a)(b)
.........................................................
26
26
Series
2023-1,
Class
M1B,
8.00%
(SOFR30A+435bps),
7/25/33,
Callable
7/25/28
@
100(a)(b)
.........................................................
300
307
Series
2024-1,
Class
M1B,
6.55%
(SOFR30A+290bps),
9/25/34,
Callable
8/25/27
@
100(a)(b)
.........................................................
210
210
STACR
Trust,
Series
2018-HRP2,
Class
B2,
14.26%
(SOFR30A+1061bps),
2/25/47,
Callable
11/25/28
@
100(a)(b)
................................................
600
720
Triangle
Re
Ltd.
........................................................
Series
2021-3,
Class
M2,
7.40%
(SOFR30A+375bps),
2/25/34,
Callable
10/25/26
@
100(a)(b)
.........................................................
169
170
Series
2023-1,
Class
M1B,
8.90%
(SOFR30A+525bps),
11/25/33,
Callable
7/25/28
@
100(a)(b)
.........................................................
290
302
67,791
Private
CMO
IO
(0.1%):
Flagstar
Mortgage
Trust,
Series
2021-4,
Class
AX1,
0.20%,
6/1/51,
Callable
2/25/47
@
100(a)
(d)(e)
...........................................................
5,404
67
Hundred
Acre
Wood
Trust,
Series
2021-INV1,
Class
AX1,
0.23%,
7/25/51,
Callable
1/25/37
@
100(a)(d)(e)
.......................................................
3,324
44
J.P.
Morgan
Mortgage
Trust
...............................................
Series
2021-10,
Class
AX1,
0.11%,
12/25/51,
Callable
5/25/47
@
100(a)(d)(e)
.......
6,886
42
Series
2021-8,
Class
AX1,
0.11%,
12/25/51,
Callable
8/25/44
@
100(a)(d)(e)
........
5,818
35
188
Private
CMO
Other
(17.0%):
A&D
Mortgage
Trust
....................................................
Series
2023-NQM4,
Class
B1,
8.05%,
9/25/68,
Callable
10/25/26
@
100(a)(d)
.......
460
463
Series
2024-NQM1,
Class
B1,
8.44%,
2/25/69,
Callable
1/25/27
@
100(a)(d)
........
2,677
2,705
Series
2024-NQM4,
Class
B1B,
7.96%,
8/25/69,
Callable
9/25/27
@
100(a)(d)
.......
900
904
Series
2024-NQM5,
Class
B1A,
7.68%,
11/25/69,
Callable
11/25/27
@
100(a)(d)
.....
470
477
BRAVO
Residential
Funding
Trust
..........................................
Series
2023-NQM7,
Class
B1,
7.87%,
9/25/63,
Callable
10/25/26
@
100(a)(d)
.......
680
685
Series
2024-NQM2,
Class
B1,
7.91%,
2/25/64,
Callable
2/25/27
@
100(a)
..........
530
538
Series
2024-NQM3,
Class
B1,
8.10%,
3/25/64,
Callable
3/25/27
@
100(a)(d)
........
630
639
Series
2024-NQM5,
Class
B1,
7.38%,
6/25/64,
Callable
7/25/27
@
100(a)(d)
........
620
630
Series
2024-NQM5,
Class
B2,
8.08%,
6/25/64,
Callable
7/25/27
@
100(a)(d)
........
790
802
Cascade
Funding
Mortgage
Trust,
Series
2025-HB16,
Class
M3,
3.00%,
3/25/35,
Callable
9/25/27
@
100(a)(d)
.................................................
660
633
Victory
Portfolios
IV
Victory
Pioneer
Securitized
Income
Fund
39
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
CFMT
LLC
...........................................................
Series
2024-HB14,
Class
M3,
3.00%,
6/25/34,
Callable
6/25/27
@
100(a)(d)
........
$
610
$
589
Series
2024-HB15,
Class
M4,
4.00%,
8/25/34(a)(d)
..........................
800
767
COLT
Mortgage
Loan
Trust
...............................................
Series
2024-4,
Class
B1,
7.79%,
7/25/69,
Callable
7/25/27
@
100(a)(d)
............
1,160
1,179
Series
2024-5,
Class
B1,
7.30%,
8/25/69,
Callable
9/25/27
@
100(a)(d)
............
1,370
1,384
Series
2024-6,
Class
B1,
7.50%,
11/25/69,
Callable
10/25/27
@
100(a)(d)
..........
840
848
FARM
Mortgage
Trust,
Series
2021-1,
Class
B,
3.22%,
7/25/51,
Callable
5/25/47
@
100(a)(d)
72
55
Federal
Home
Loan
Mortgage
Corporation
Seasoned
Credit
Risk
Transfer
Trust
..........
Series
2018-1,
Class
M,
4.75%,
5/25/57,
Callable
5/25/44
@
100(d)
...............
265
260
Series
2019-1,
Class
M,
4.75%,
7/25/58,
Callable
9/25/45
@
100(a)(d)
.............
816
801
Series
2019-2,
Class
M,
4.75%,
8/25/58,
Callable
10/25/51
@
100(a)(d)
............
769
751
Series
2019-3,
Class
M,
4.75%,
10/25/58,
Callable
2/25/44
@
100(d)
..............
209
206
GCAT
Trust
...........................................................
Series
2021-CM1,
Class
M1,
3.28%,
4/25/65,
Callable
5/25/26
@
100(a)(d)
.........
510
472
Series
2023-NQM2,
Class
B1,
6.89%,
11/25/67,
Callable
5/25/26
@
100(a)(d)
.......
1,980
1,973
Series
2024-NQM1,
Class
B1,
7.88%,
1/25/59,
Callable
2/25/27
@
100(a)(d)
........
160
161
Homes
Trust,
Series
2024-NQM1,
Class
B1A,
7.35%,
7/25/69,
Callable
7/25/27
@
100(a)(d)
825
832
Imperial
Fund
Mortgage
Trust
..............................................
Series
2021-NQM2,
Class
B2,
4.27%,
9/25/56,
Callable
5/25/26
@
100(a)(d)
........
205
164
Series
2022-NQM5,
Class
B1,
6.25%,
8/25/67,
Callable
5/25/26
@
100(a)(d)
........
1,130
1,126
Series
2023-NQM1,
Class
B1,
8.06%,
2/25/68,
Callable
5/25/26
@
100(a)(d)
........
940
936
J.P.
Morgan
Mortgage
Trust,
Series
2026-ACES1,
Class
B1,
6.50%,
4/25/66,
Callable
2/25/31
@
100(a)(d)
.......................................................
2,240
2,219
LHOME
Mortgage
Trust
..................................................
Series
2024-RTL2,
Class
A1,
7.13%,
3/25/29,
Callable
10/25/26
@
100(a)(d)(e)
......
1,510
1,511
Series
2024-RTL3,
Class
A1,
6.90%,
5/25/29,
Callable
12/25/26
@
100(a)(d)(e)
......
1,520
1,526
MFA
Trust
............................................................
Series
2024-NQM2,
Class
B1A,
6.78%,
8/25/69,
Callable
9/25/27
@
100(a)(d)
.......
410
410
Series
2024-NQM2,
Class
B1B,
7.29%,
8/25/69,
Callable
9/25/27
@
100(a)(d)
.......
1,910
1,939
MFRA
Trust,
Series
2024-NQM3,
Class
B1,
7.61%,
12/25/69,
Callable
12/25/27
@
100(a)(d)
1,480
1,519
Morgan
Stanley
Residential
Mortgage
Loan
Trust
................................
Series
2023-NQM1,
Class
B2,
7.34%,
9/25/68,
Callable
10/25/26
@
100(a)(d)
.......
1,920
1,917
Series
2024-NQM1,
Class
B1,
7.76%,
12/25/68,
Callable
2/25/27
@
100(a)(d)
.......
1,580
1,587
New
Residential
Mortgage
Loan
Trust,
Series
2017-4A,
Class
B4,
5.14%,
5/25/57,
Callable
7/25/31
@
100(a)(d)
.................................................
119
113
Onity
Loan
Investment
Trust,
Series
2024-HB2,
Class
M3,
5.00%,
8/25/37,
Callable
8/25/27
@
100(a)(d)
.........................................................
170
166
PRKCM
Trust,
Series
2023-AFC3,
Class
B1,
7.77%,
9/25/58,
Callable
8/25/26
@
100(a)(d)
.
230
230
PRPM
Trust
...........................................................
Series
2023-NQM2,
Class
B1,
6.85%,
8/25/68,
Callable
9/25/26
@
100(a)(d)
........
390
390
Series
2024-NQM3,
Class
B1,
7.34%,
8/25/69,
Callable
10/25/27
@
100(a)(d)
.......
1,020
1,029
Series
2025-NQM1,
Class
B1,
7.78%,
11/25/69,
Callable
2/25/28
@
100(a)(d)
.......
1,430
1,447
Series
2025-NQM2,
Class
B1,
7.84%,
4/25/70,
Callable
5/25/28
@
100(a)(d)
........
1,575
1,593
Saluda
Grade
Alternative
Mortgage
Trust
......................................
Series
2024-RTL4,
Class
A1,
7.50%,
2/25/30,
Callable
7/25/26
@
100(a)(d)(e)
.......
1
1
Series
2024-RTL5,
Class
A1,
7.76%,
4/25/30,
Callable
9/25/26
@
100(a)(d)(e)
.......
146
146
Towd
Point
Mortgage
Trust,
Series
2022-SJ1,
Class
B1,
5.25%,
3/25/62,
Callable
5/25/26
@
100(a)(d)
.........................................................
250
247
Verus
Securitization
Trust
.................................................
Series
2023-4,
Class
B1,
8.01%,
5/25/68,
Callable
5/25/26
@
100(a)(d)
............
1,030
1,026
Series
2023-5,
Class
B2,
7.97%,
6/25/68,
Callable
6/25/26
@
100(a)(d)
............
560
559
Series
2023-6,
Class
B1,
7.76%,
9/25/68,
Callable
9/25/26
@
100(a)(d)
............
2,620
2,630
Series
2023-7,
Class
B1,
7.91%,
10/25/68,
Callable
10/25/26
@
100(a)(d)
..........
550
553
Series
2023-8,
Class
B1,
8.07%,
12/25/68,
Callable
12/25/26
@
100(a)(d)
..........
920
930
Series
2023-INV3,
Class
B1,
8.17%,
11/25/68,
Callable
11/25/26
@
100(a)(d)
.......
530
533
Series
2023-INV3,
Class
B2,
8.17%,
11/25/68,
Callable
11/25/26
@
100(a)(d)
.......
730
734
Series
2024-1,
Class
B1,
7.91%,
1/25/69,
Callable
1/25/27
@
100(a)(d)
............
170
172
Series
2024-2,
Class
B1,
7.86%,
2/25/69,
Callable
2/25/27
@
100(a)(d)
............
1,100
1,115
Series
2024-3,
Class
B1,
8.03%,
4/25/69,
Callable
4/25/27
@
100(a)(d)
............
686
698
Series
2024-4,
Class
B1,
7.64%,
6/25/69,
Callable
5/25/27
@
100(a)(d)
............
420
427
Series
2024-5,
Class
B1,
7.79%,
6/25/69,
Callable
6/25/27
@
100(a)(d)
............
510
520
Series
2024-7,
Class
B1,
6.50%,
9/25/69,
Callable
9/25/27
@
100(a)(d)
............
1,050
1,054
Victory
Portfolios
IV
Victory
Pioneer
Securitized
Income
Fund
40
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Vista
Point
Securitization
Trust,
Series
2020-2,
Class
M1,
3.40%,
4/25/65,
Callable
5/25/26
@
100(a)(d)
.........................................................
$
170
$
164
50,085
Total
Collateralized
Mortgage
Obligations
(Cost
$133,525)
a
a
a
134,593
Corporate
Bonds
(0.0%)(f)
Financials
(0.0%):(f)
HOA
Funding
LLC
8/20/51(g)
........................................................
200
—
8/20/51(g)
........................................................
200
—
HOA
NewCo
LLC,
11/22/55,
Callable
6/4/26
@
100(a)(c)
..........................
202
5
5
Total
Corporate
Bonds
(Cost
$5)
a
a
a
5
U.S.
Government
Agency
Mortgages
(8.0%)
Federal
National
Mortgage
Association
5.50%,
5/25/41
-
5/25/56
.............................................
7,000
7,073
3.50%,
5/25/55
....................................................
1,000
910
6.00%,
5/25/55
....................................................
2,300
2,348
6.50%,
5/25/55
....................................................
1,100
1,141
5.00%,
5/25/56
....................................................
3,600
3,546
3.00%,
6/25/56
....................................................
2,700
2,362
3.50%,
6/25/56
....................................................
1,600
1,455
18,835
Government
National
Mortgage
Association
6.00%,
5/20/56
....................................................
2,300
2,345
6.50%,
5/20/56
....................................................
2,300
2,403
4,748
Total
U.S.
Government
Agency
Mortgages
(Cost
$23,605)
a
a
a
23,583
U.S.
Treasury
Obligations
(13.3%)
U.S.
Treasury
Bills
3.28%,
5/12/26(h)
..................................................
3,000
2,997
3.41%,
5/19/26(h)
..................................................
19,300
19,265
3.50%,
6/2/26(h)
...................................................
3,800
3,788
3.51%,
6/4/26(h)
...................................................
13,000
12,956
Total
U.S.
Treasury
Obligations
(Cost
$39,006)
a
a
a
39,006
Total
Investments
(Cost
$319,926)
—
108.4%
318,612
Liabilities
in
excess
of
other
assets
—  (8.4)%
(24,568)
NET
ASSETS
-
100.00%
$
294,044
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
April
30,
2026,
the
fair
value
of
these
securities
was
$255,311
(thousands)
and
amounted
to
86.8%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
April
30,
2026.
(c)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(d)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
April
30,
2026.
(e)
Security
is
interest
only.
(f)
Amount
represents
less
than
0.05%
of
net
assets.
(g)
Zero-coupon
bond.
(h)
Rate
represents
the
effective
yield
at
April
30,
2026.
Victory
Portfolios
IV
Victory
Pioneer
Securitized
Income
Fund
41
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CLO
—
Collateralized
Loan
Obligations
CMO
—
Collateralized
Mortgage
Obligations
LLC
—
Limited
Liability
Company
MBS
—
Mortgage-Backed
Securities
PLC
—
Public
Limited
Company
PRIME
—
US
Prime
rate,
rate
disclosed
as
of
April
30,
2026.
SOFR
—
Secured
Overnight
Financing
Rate
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
April
30,
2026.
TSFR1M
—
1
Month
Term
SOFR,
rate
disclosed
as
of
April
30,
2026.
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
April
30,
2026.
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
2-Year
U.S.
Treasury
Note
Futures
.......
83
6/30/26
$
17,337
$
17,191
$
(146)
5-Year
U.S.
Treasury
Note
Futures
.......
43
6/30/26
4,715
4,637
(78)
$
(224)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(224)
Total
net
unrealized
appreciation
(depreciation)
$
(224)
Schedule
of
Portfolio
Investments
April
30,
2026
Victory
Portfolios
IV
Victory
Pioneer
Solutions
-
Balanced
Fund
42
(Unaudited)
Security
Description
Shares
a
Value
(000)
Affiliated
Mutual
Funds
(99.8%)
Victory
Pioneer
Active
Credit
Fund,
Class
Y
....................................
1,347,324
$
11,317
Victory
Pioneer
Balanced
Fund,
Class
R6
......................................
1,554,583
21,391
Victory
Pioneer
Bond
Fund,
Class
R6
........................................
3,534,476
29,866
Victory
Pioneer
CAT
Bond
Fund,
Class
R6
.....................................
2,020,034
22,584
Victory
Pioneer
Disciplined
Value
Fund,
Class
R6
...............................
248,373
4,327
Victory
Pioneer
Equity
Income
Fund,
Class
R6
..................................
164,028
4,330
Victory
Pioneer
Equity
Premium
Income
Fund,
Class
R6
...........................
2,504,489
32,558
Victory
Pioneer
Fund,
Class
R6
.............................................
95,427
4,747
Victory
Pioneer
Fundamental
Growth
Fund,
Class
R6
.............................
129,493
4,390
Victory
Pioneer
Global
Equity
Fund,
Class
R6
..................................
3,206,842
81,935
Victory
Pioneer
International
Equity
Fund,
Class
R6
..............................
1,145,491
42,555
Victory
Pioneer
Multi
Asset
Income
Fund,
Class
R6
..............................
9,340,953
129,279
Victory
Pioneer
Multi
Asset
Ultrashort
Income
Fund,
Class
R6
......................
2,984,389
28,740
Victory
Pioneer
Securitized
Income
Fund,
Class
Y
...............................
1,176,498
11,118
Victory
Pioneer
Short
Term
Income
Fund,
Class
R6
..............................
476,752
4,191
Victory
Pioneer
Strategic
Income
Fund,
Class
R6
................................
43,643
427
Total
Affiliated
Mutual
Funds
(Cost
$343,657)
a
a
a
433,755
Total
Investments
(Cost
$343,657)
—
99.8%
433,755
Other
assets
in
excess
of
liabilities
—  0.2%
946
NET
ASSETS
-
100.00%
$
434,701
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
7/31/2025
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
4/30/2026
Shares
Dividend
Income
Capital
Gain
Distributions
Victory
Pioneer
Active
Credit
Fund,
Class
Y
..........
$
—
$
11,343
$
—
$
—
$
(
26
)
$
11,317
1,347,324
$
319
$
—
Victory
Pioneer
Balanced
Fund,
Class
R6
.........
17,553
644
(
96
)
6
3,284
21,391
1,554,583
644
—
Victory
Pioneer
Bond
Fund,
Class
R6
.............
34,908
1,038
(
6,473
)
126
267
29,866
3,534,476
1,051
—
Victory
Pioneer
CAT
Bond
Fund,
Class
R6
,
Class
R6
..
20,361
8,166
(
5,751
)
(
20
)
(
172
)
22,584
2,020,034
1,870
—
Victory
Pioneer
Disciplined
Value
Fund,
Class
R6
....
2,874
1,172
(
32
)
—
*
313
4,327
248,373
201
—
Victory
Pioneer
Equity
Income
Fund,
Class
R6
.........
3,088
1,018
—
—
224
4,330
164,028
265
—
Victory
Pioneer
Equity
Premium
Income
Fund,
Class
R6
.............
24,744
8,046
(
1,119
)
(
5
)
892
32,558
2,504,489
2,047
—
Victory
Pioneer
Fund,
Class
R6
..................
3,163
1,205
(
49
)
3
425
4,747
95,427
307
—
Victory
Pioneer
Fundamental
Growth
Fund,
Class
R6
...
1,307
3,203
(
282
)
(
16
)
178
4,390
129,493
213
—
Victory
Pioneer
Global
Equity
Fund,
Class
R6
.........
75,538
13,003
(
17,904
)
3,324
7,974
81,935
3,206,842
8,590
—
Victory
Pioneer
International
Equity
Fund,
Class
R6
....
51,055
2,494
(
20,627
)
6,015
3,618
42,555
1,145,491
2,494
—
Victory
Pioneer
Multi
Asset
Income
Fund,
Class
R6
...
121,572
10,325
(
11,306
)
197
8,491
129,279
9,340,953
6,801
—
Victory
Pioneer
Multi
Asset
Ultrashort
Income
Fund,
Class
R6
.............
20,188
17,114
(
8,436
)
(
20
)
(
106
)
28,740
2,984,389
926
—
Victory
Pioneer
Securitized
Income
Fund,
Class
Y
....
12,759
1,631
(
3,071
)
(
2
)
(
199
)
11,118
1,176,498
530
—
Victory
Pioneer
Short
Term
Income
Fund,
Class
R6
...
16,135
302
(
12,136
)
207
(
317
)
4,191
476,752
297
—
Victory
Portfolios
IV
Victory
Pioneer
Solutions
-
Balanced
Fund
43
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
April
30,
2026
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
7/31/2025
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
4/30/2026
Shares
Dividend
Income
Capital
Gain
Distributions
Victory
Pioneer
Strategic
Income
Fund,
Class
R6
...
$
591
$
19
$
(
190
)
$
7
$
—
*
$
427
43,643
$
19
$
—
$
405,836
$
80,723
$
(
87,472
)
$
9,822
$
24,846
$
433,755
29,972,795
$
26,574
$
—
*
Rounds
to
less
than
$1
thousand.