Schedule
of
Investments
May
31,
2026
Victory
Portfolios
IV
Victory
High
Income
Municipal
Fund
1
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Corporate
Bonds
(0.5%)
Health
Care
(0.5%):
Springshire
Retirement
LLC
,
6/30/26
(a)
(b)
(c)
..................................
$
9,000
$
2,970
Total
Corporate
Bonds
(Cost
$8,809)
a
a
a
2,970
Municipal
Bonds
(98.1%)
Alabama
(0.5%):
Baldwin
County
IDA
Revenue
AMT
,
Series
A
,
4
.30
%
,
3/1/56
,
(Put
Date
3/1/33)
(d)
(e)
......
1,000
983
Black
Belt
Energy
Gas
District
Revenue
Series
A
,
5
.25
%
,
5/1/56
,
(Put
Date
5/1/32)
(e)
...............................
1,000
1,019
Series
B
,
5
.00
%
,
10/1/35
,
Continuously
Callable
@100
........................
1,000
1,019
3,021
Arizona
(2.4%):
Arizona
IDA
Revenue
,
Series
A
,
4
.00
%
,
7/15/56
,
Continuously
Callable
@100
(d)
.........
1,040
750
Sierra
Vista
IDA
Revenue
,
Series
A
,
6
.25
%
,
6/15/56
,
Continuously
Callable
@100
(d)
......
2,500
2,412
Tempe
IDA
Revenue
Series
A
,
6
.13
%
,
10/1/47
,
Continuously
Callable
@100
(d)
......................
1,110
933
Series
A
,
6
.13
%
,
10/1/52
,
Continuously
Callable
@100
(d)
......................
1,000
804
The
IDA
of
the
City
of
Phoenix
Arizona
Revenue
,
5
.40
%
,
10/1/36
,
Continuously
Callable
@101
...........................................................
12,360
10,068
14,967
Arkansas
(1.3%):
Arkansas
Development
Finance
Authority
Revenue
,
Series
A
,
6
.75
%
,
7/1/61
,
Continuously
Callable
@103
(d)
...................................................
2,000
2,001
Arkansas
Development
Finance
Authority
Revenue
AMT
,
Series
A
,
6
.88
%
,
7/1/48
,
Continuously
Callable
@105
(d)
........................................
5,000
5,342
Fayetteville
Public
Facilities
Board
Revenue
,
5
.50
%
,
12/1/54
,
Continuously
Callable
@103
..
1,100
1,140
8,483
California
(10.4%):
California
Infrastructure
&
Economic
Development
Bank
Revenue
AMT
,
Series
B
,
12
.00
%
,
1/1/65
,
(Put
Date
11/2/26)
(d)
(e)
.........................................
5,265
2,933
California
Municipal
Finance
Authority
Revenue
6
.20
%
,
6/15/54
,
Continuously
Callable
@102
(d)
............................
1,600
1,680
Series
A
,
5
.00
%
,
11/1/46
,
Continuously
Callable
@100
(d)
......................
2,000
1,959
Series
A
,
5
.25
%
,
9/1/55
,
Continuously
Callable
@100
.........................
570
581
Series
A
,
5
.50
%
,
1/1/60
,
Continuously
Callable
@103
(d)
......................
2,310
2,320
Series
B
,
5
.25
%
,
12/1/36
,
Continuously
Callable
@100
(d)
......................
6,115
5,523
Series
B
,
5
.50
%
,
12/1/39
,
Continuously
Callable
@100
(d)
......................
4,530
4,022
California
School
Finance
Authority
Revenue
Series
A
,
5
.13
%
,
6/1/59
,
Continuously
Callable
@100
(d)
......................
1,500
1,327
Series
A
,
5
.38
%
,
5/1/63
,
Continuously
Callable
@100
(d)
......................
1,000
950
Series
A
,
5
.13
%
,
6/1/64
,
Continuously
Callable
@100
(d)
......................
850
742
Golden
State
Tobacco
Securitization
Corp.
Revenue
Series
A-1
,
4
.21
%
,
6/1/50
,
Continuously
Callable
@100
.......................
21,000
15,112
Series
B-2
,
6/1/66
,
Continuously
Callable
@28
(f)
............................
145,000
14,557
Inland
Empire
Tobacco
Securitization
Corp.
Revenue
,
Series
C-1
,
6/1/36
,
Continuously
Callable
@52
(f)
....................................................
20,000
10,396
Tobacco
Securitization
Authority
of
Southern
California
Revenue
,
6/1/46
,
Continuously
Callable
@29
(f)
....................................................
10,000
2,871
64,973
Colorado
(6.8%):
Aerotropolis
Regional
Transportation
Authority
Revenue
4
.38
%
,
12/1/52
,
Continuously
Callable
@103
...............................
5,000
4,176
5
.75
%
,
12/1/54
,
Continuously
Callable
@103
(d)
............................
6,500
6,539
Colorado
Educational
&
Cultural
Facilities
Authority
Revenue
5
.80
%
,
4/1/54
,
Continuously
Callable
@102
(d)
.............................
2,500
2,444
5
.75
%
,
4/1/59
,
Continuously
Callable
@102
(d)
.............................
1,000
934
Series
A-1
,
6
.88
%
,
2/1/59
,
Continuously
Callable
@100
(d)
.....................
5,000
5,266
Dominion
Water
&
Sanitation
District
Revenue
,
5
.88
%
,
12/1/52
,
Continuously
Callable
@103
4,949
5,069
Green
Valley
Ranch
East
Metropolitan
District
No.
6,
GO
,
Series
A
,
5
.88
%
,
12/1/50
,
Continuously
Callable
@103
...........................................
5,100
5,160
Larkridge
Metropolitan
District
No.
2,
GO
,
5
.25
%
,
12/1/48
,
Continuously
Callable
@101
...
4,000
3,961
Victory
Portfolios
IV
Victory
High
Income
Municipal
Fund
2
(Unaudited)
Schedule
of
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Mineral
Business
Improvement
District,
GO
,
Series
A
,
5
.75
%
,
12/1/54
,
Continuously
Callable
@103
(d)
.........................................................
$
1,000
$
994
Olde
Towne
Metropolitan
District,
GO
,
6
.00
%
,
12/1/53
,
Continuously
Callable
@103
(d)
....
2,000
1,924
Parterre
Metropolitan
District
No.
5,
GO
,
Series
A
,
6
.13
%
,
12/1/55
,
Continuously
Callable
@103
...........................................................
2,000
2,058
Pinery
Commercial
Metropolitan
District
No.
2
Revenue
,
5
.75
%
,
12/1/54
,
Continuously
Callable
@103
.....................................................
1,465
1,456
Riverpark
Metropolitan
District/Arapahoe
County,
GO
6
.00
%
,
12/1/42
,
Continuously
Callable
@103
...............................
750
766
6
.38
%
,
12/1/54
,
Continuously
Callable
@103
...............................
1,400
1,428
Willow
Bend
Metropolitan
District,
GO
,
Series
B
,
7
.63
%
,
12/15/49
,
Continuously
Callable
@102
...........................................................
755
758
42,933
Connecticut
(0.6%):
Stamford
Housing
Authority
Revenue
Series
A
,
6
.38
%
,
10/1/45
,
Continuously
Callable
@102
........................
1,000
1,049
Series
A
,
6
.50
%
,
10/1/55
,
Continuously
Callable
@102
........................
1,500
1,520
Series
A
,
6
.25
%
,
10/1/60
,
Continuously
Callable
@102
........................
1,100
1,112
3,681
Delaware
(1.7%):
Delaware
State
Economic
Development
Authority
Revenue
4
.00
%
,
6/1/52
,
Continuously
Callable
@100
...............................
2,250
1,662
4
.00
%
,
6/1/57
,
Continuously
Callable
@100
...............................
1,380
949
Series
A
,
6
.00
%
,
7/1/65
,
Continuously
Callable
@103
(d)
......................
5,000
5,035
Town
of
Milton
Special
Tax
5
.70
%
,
9/1/44
,
Continuously
Callable
@100
(d)
.............................
1,000
1,014
5
.95
%
,
9/1/53
,
Continuously
Callable
@100
(d)
.............................
1,750
1,765
10,425
District
of
Columbia
(0.9%):
District
of
Columbia
Tobacco
Settlement
Financing
Corp.
Revenue
,
Series
A
,
6/15/46
,
Continuously
Callable
@29
(f)
..........................................
25,000
5,797
Florida
(4.9%):
Capital
Projects
Finance
Authority
Revenue
6
.50
%
,
6/15/54
,
Continuously
Callable
@100
(d)
............................
275
282
6
.63
%
,
6/15/59
,
Continuously
Callable
@100
(d)
............................
445
455
Capital
Trust
Agency,
Inc.
Revenue
,
Series
A
,
5
.25
%
,
12/1/58
,
Continuously
Callable
@100
(d)
6,000
5,718
Capital
Trust
Authority
Revenue
Series
A
,
6
.25
%
,
12/15/43
,
Continuously
Callable
@100
(d)
.....................
2,140
1,945
Series
A
,
5
.00
%
,
6/1/54
,
Continuously
Callable
@100
(d)
......................
3,300
3,005
Series
A
,
5
.25
%
,
7/1/55
,
Continuously
Callable
@100
(d)
......................
500
481
Series
A
,
5
.25
%
,
12/1/55
,
Continuously
Callable
@100
........................
665
668
Series
A
,
5
.38
%
,
7/1/65
,
Continuously
Callable
@100
(d)
......................
1,850
1,788
County
of
Lake
Revenue
,
5
.00
%
,
1/15/49
,
Continuously
Callable
@100
(d)
..............
1,525
1,322
County
of
Palm
Beach
Revenue
,
Series
A
,
5
.75
%
,
10/1/65
,
Continuously
Callable
@100
(d)
..
2,000
2,055
Florida
Development
Finance
Corp.
Revenue
5
.00
%
,
6/1/31
,
Continuously
Callable
@103
(d)
.............................
300
310
5
.00
%
,
6/1/35
,
Continuously
Callable
@103
(d)
.............................
225
232
5
.00
%
,
6/1/51
,
Continuously
Callable
@103
(d)
.............................
9,000
8,388
Florida
Development
Finance
Corp.
Revenue
AMT
,
0.00%
,
7/15/32
,
(Put
Date
7/15/28)
(b)
(d)
(e)
...................................................
3,000
906
Florida
Local
Government
Finance
Commission
Revenue
,
Series
A
,
6
.88
%
,
11/15/64
,
Continuously
Callable
@103
(d)
........................................
3,000
3,070
30,625
Georgia
(0.5%):
The
Development
Authority
of
Cobb
County
Revenue
6
.25
%
,
6/1/55
,
Continuously
Callable
@102
(d)
.............................
1,000
1,023
6
.25
%
,
6/1/64
,
Continuously
Callable
@102
(d)
.............................
2,000
2,024
3,047
Guam
(0.2%):
Guam
Economic
Development
&
Commerce
Authority
Revenue
,
5
.63
%
,
6/1/47
,
Continuously
Callable
@100
.....................................................
1,100
1,073
Victory
Portfolios
IV
Victory
High
Income
Municipal
Fund
3
(Unaudited)
Schedule
of
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Idaho
(0.2%):
Idaho
Health
Facilities
Authority
Revenue
,
3
.00
%
,
3/1/51
,
Continuously
Callable
@100
....
$
1,370
$
977
Illinois
(2.0%):
Southwestern
Illinois
Development
Authority
Revenue
5
.00
%
,
6/1/53
,
Continuously
Callable
@100
...............................
11,785
10,514
8
.00
%
,
6/1/53
,
Continuously
Callable
@100
...............................
1,225
1,098
Village
of
Matteson
Tax
Allocation
,
6
.50
%
,
12/1/35
,
Continuously
Callable
@100
........
1,220
1,231
12,843
Indiana
(8.4%):
City
of
Anderson
Revenue
,
5
.38
%
,
1/1/40
,
Continuously
Callable
@102
(d)
.............
8,090
6,797
City
of
Hammond
Revenue
,
7
.50
%
,
2/1/29
,
Continuously
Callable
@100
(d)
.............
24,990
24,878
City
of
Lafayette
Revenue
,
5
.80
%
,
1/1/37
,
Continuously
Callable
@101
................
3,000
3,001
Indiana
Finance
Authority
Revenue
,
5
.38
%
,
7/1/47
,
Continuously
Callable
@100
.........
2,500
2,156
Indiana
Housing
&
Community
Development
Authority
Revenue
5
.50
%
,
1/1/37
,
Continuously
Callable
@100
...............................
8,075
8,075
Series
A
,
5
.00
%
,
1/1/39
,
Continuously
Callable
@103
(d)
......................
8,615
8,097
53,004
Kansas
(2.2%):
Kansas
Development
Finance
Authority
Revenue
Series
A
,
5
.25
%
,
11/15/33
,
Continuously
Callable
@102
.......................
400
378
Series
A
,
5
.50
%
,
11/15/38
,
Continuously
Callable
@102
.......................
2,500
2,231
Series
A
,
5
.25
%
,
11/15/53
,
Continuously
Callable
@102
.......................
15,405
11,294
13,903
Louisiana
(0.5%):
Louisiana
Public
Facilities
Authority
Revenue
,
6
.00
%
,
6/15/59
,
Continuously
Callable
@102
(d)
.........................................................
3,000
3,015
Massachusetts
(0.9%):
Massachusetts
Development
Finance
Agency
Revenue
Series
A
,
5
.50
%
,
12/1/44
,
Continuously
Callable
@103
(d)
......................
3,260
3,067
Series
A
,
5
.88
%
,
12/1/60
,
Continuously
Callable
@103
(d)
......................
2,830
2,570
5,637
Michigan
(4.3%):
City
of
Detroit
Certificates
of
Participation
,
Series
B
,
0.00%
(
US0003M
+
34
bps
)
,
6/15/34
,
Callable
9/15/26
@
100
(b)
(g)
..........................................
8,150
8,068
Flint
International
Academy
Revenue
,
5
.75
%
,
10/1/37
,
Continuously
Callable
@100
.......
3,000
3,001
Michigan
Finance
Authority
Revenue
,
5
.75
%
,
4/1/40
,
Continuously
Callable
@102
........
5,720
5,916
Michigan
Strategic
Fund
Revenue
Series
B
,
7
.75
%
,
3/1/40
,
Continuously
Callable
@105
(h)
......................
6,970
6,482
Series
B
,
7
.50
%
,
11/1/41
,
Continuously
Callable
@105
(h)
......................
4,000
3,751
27,218
Minnesota
(2.2%):
City
of
Bethel
Revenue
6
.00
%
,
7/1/57
,
Continuously
Callable
@102
...............................
1,310
1,194
Series
A
,
5
.00
%
,
7/1/48
,
Continuously
Callable
@102
.........................
4,210
3,474
Series
A
,
5
.00
%
,
7/1/53
,
Continuously
Callable
@102
.........................
1,000
767
City
of
Deephaven
Revenue
,
Series
A
,
5
.50
%
,
7/1/50
,
Continuously
Callable
@100
.......
1,500
1,500
City
of
Rochester
Revenue
Series
A
,
5
.13
%
,
9/1/38
,
Continuously
Callable
@100
.........................
2,930
2,467
Series
A
,
5
.25
%
,
9/1/43
,
Continuously
Callable
@100
.........................
3,145
2,495
Housing
&
Redevelopment
Authority
of
The
City
of
St.
Paul
Minnesota
Revenue
,
Series
A
,
5
.50
%
,
7/1/52
,
Continuously
Callable
@100
(d)
.............................
2,000
1,979
13,876
Missouri
(0.5%):
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
Revenue
,
6
.50
%
,
6/1/56
,
Continuously
Callable
@100
(d)
........................................
3,000
2,981
New
Jersey
(1.0%):
New
Jersey
Economic
Development
Authority
Revenue
,
Series
A
,
5
.38
%
,
7/1/47
,
Continuously
Callable
@100
(d)
...................................................
2,500
2,347
New
Jersey
Economic
Development
Authority
Revenue
AMT
,
6
.63
%
,
1/1/45
,
Continuously
Callable
@104
(d)
...................................................
4,000
4,213
6,560
Victory
Portfolios
IV
Victory
High
Income
Municipal
Fund
4
(Unaudited)
Schedule
of
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
New
Mexico
(1.1%):
County
of
Otero
Certificates
of
Participation
,
9
.00
%
,
4/1/28
,
Continuously
Callable
@100
...
$
7,310
$
6,967
New
York
(10.3%):
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
Revenue
0.00%,
10/1/28
(b)
(d)
................................................
213
3
0.00%,
10/1/38
,
Continuously
Callable
@100
(b)
(d)
..........................
2,357
32
Build
NYC
Resource
Corp.
Revenue
Series
A
,
7
.00
%
,
12/15/55
,
Continuously
Callable
@100
(d)
.....................
3,000
3,029
Series
A
,
5
.50
%
,
6/1/56
,
Continuously
Callable
@100
(d)
......................
1,000
968
Series
B-1
,
5
.65
%
,
12/15/32
,
Continuously
Callable
@100
(d)
...................
2,000
1,963
City
of
Cortland,
GO
,
Series
A
,
6
.00
%
,
5/14/27
,
Continuously
Callable
@100
............
1,000
1,000
Nassau
County
Tobacco
Settlement
Corp.
Revenue
Series
A-3
,
5
.00
%
,
6/1/35
,
Continuously
Callable
@100
.......................
19,015
11,532
Series
A-3
,
5
.13
%
,
6/1/46
,
Continuously
Callable
@100
.......................
6,245
3,711
New
York
City
Housing
Development
Corp.
Revenue
,
Series
F
,
5
.25
%
,
12/15/31
,
Continuously
Callable
@100
.....................................................
3,625
3,729
New
York
Counties
Tobacco
Trust
IV
Revenue
Series
A
,
6
.25
%
,
6/1/41
,
Continuously
Callable
@100
(d)
......................
1,500
1,500
Series
A
,
5
.00
%
,
6/1/42
,
Continuously
Callable
@100
.........................
9,700
7,654
Series
A
,
5
.00
%
,
6/1/45
,
Continuously
Callable
@100
.........................
5,000
3,259
New
York
Counties
Tobacco
Trust
V
Revenue
,
Series
S-4A
,
6/1/60
,
Continuously
Callable
@9
(d)
(f)
.........................................................
51,600
3,303
New
York
Counties
Tobacco
Trust
VI
Revenue
Series
A-2B
,
5
.00
%
,
6/1/45
,
Continuously
Callable
@100
......................
7,440
6,448
Series
A-2B
,
5
.00
%
,
6/1/51
,
Continuously
Callable
@100
......................
7,665
5,644
Suffolk
Regional
Off-Track
Betting
Corp.
Revenue
,
6
.00
%
,
12/1/53
,
Continuously
Callable
@100
...........................................................
3,000
3,060
Westchester
County
Local
Development
Corp.
Revenue
,
4
.50
%
,
7/1/56
,
Continuously
Callable
@104
(d)
.........................................................
9,000
7,477
64,312
North
Carolina
(0.7%):
North
Carolina
Medical
Care
Commission
Revenue
,
Series
A
,
5
.50
%
,
9/1/54
,
Continuously
Callable
@103
.....................................................
4,180
4,199
Ohio
(3.1%):
Buckeye
Tobacco
Settlement
Financing
Authority
Revenue
Series
B-2
,
5
.00
%
,
6/1/55
,
Continuously
Callable
@100
.......................
6,450
5,187
Series
B-3
,
6/1/57
,
Continuously
Callable
@22
(f)
............................
206,000
14,101
19,288
Pennsylvania
(6.2%):
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Revenue
,
6
.00
%
,
5/1/42
,
Continuously
Callable
@100
(d)
........................................
1,500
1,639
Delaware
County
IDA
Revenue
,
Series
A
,
5
.13
%
,
6/1/46
,
Continuously
Callable
@100
(d)
...
8,465
8,292
Latrobe
IDA
Revenue
,
5
.50
%
,
3/1/56
,
Continuously
Callable
@100
...................
1,065
1,073
Montgomery
County
IDA
Revenue
,
5
.25
%
,
11/1/54
,
Continuously
Callable
@100
........
1,850
1,813
Philadelphia
Authority
For
Industrial
Development
Revenue
5
.13
%
,
12/15/44
,
Continuously
Callable
@100
(d)
............................
6,045
5,843
5
.25
%
,
6/1/48
,
Continuously
Callable
@100
(d)
.............................
3,500
3,460
5
.38
%
,
6/1/53
,
Continuously
Callable
@100
(d)
.............................
4,370
4,263
Series
A
,
5
.00
%
,
11/15/31
,
Continuously
Callable
@100
(a)
.....................
725
623
Series
A
,
5
.63
%
,
7/1/48
,
Continuously
Callable
@100
(d)
......................
4,055
3,982
Series
A
,
5
.00
%
,
11/15/50
,
Continuously
Callable
@100
(a)
.....................
8,295
5,531
Series
A
,
6
.25
%
,
6/1/55
,
Continuously
Callable
@100
.........................
845
877
Philadelphia
IDA
Revenue
,
5
.50
%
,
6/15/43
,
Continuously
Callable
@100
(d)
............
1,750
1,774
39,170
Puerto
Rico
(7.9%):
Commonwealth
of
Puerto
Rico
11/1/43
(f)
........................................................
5,361
3,699
11/1/51
(f)
........................................................
10,000
3,975
11/1/51
(f)
........................................................
25,000
8,000
11/1/51
(f)
........................................................
0
—
(i)
Puerto
Rico
Industrial
Development
Co.
Revenue
,
7
.00
%
,
1/1/54
,
Continuously
Callable
@100
(h)
.........................................................
5,900
5,797
Victory
Portfolios
IV
Victory
High
Income
Municipal
Fund
5
(Unaudited)
Schedule
of
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Puerto
Rico
Sales
Tax
Financing
Corp.
Sales
Tax
Revenue
Series
A-1
,
7/1/46
,
Continuously
Callable
@41
(f)
............................
$
30,435
$
11,190
Series
A-1
,
7/1/51
,
Continuously
Callable
@30
(f)
............................
36,282
9,819
Series
A-1
,
4
.75
%
,
7/1/53
,
Continuously
Callable
@100
.......................
1,000
974
Series
A-1
,
5
.00
%
,
7/1/58
,
Continuously
Callable
@100
.......................
6,500
6,409
49,863
Rhode
Island
(0.1%):
Central
Falls
Detention
Facility
Corp.
Revenue
,
0.00%
,
7/15/35
,
Continuously
Callable
@100
(a)
(b)
.......................................................
2,065
725
South
Carolina
(0.4%):
South
Carolina
Jobs-Economic
Development
Authority
Revenue
,
Series
A
,
5
.50
%
,
6/15/33
,
Continuously
Callable
@100
...........................................
2,500
2,447
Texas
(8.6%):
Arlington
Higher
Education
Finance
Corp.
Revenue
5
.45
%
,
3/1/49
,
Continuously
Callable
@100
(a)
(d)
...........................
16,195
13,819
Series
A
,
6
.63
%
,
3/1/29
,
Continuously
Callable
@100
(a)
.......................
340
330
Series
A
,
7
.00
%
,
3/1/34
,
Continuously
Callable
@100
(a)
.......................
375
364
Series
A
,
7
.13
%
,
3/1/44
,
Continuously
Callable
@100
(a)
.......................
7,030
6,820
City
of
Houston
Hotel
Occupancy
Tax
&
Special
Revenue
,
Series
C
,
9/1/49
,
Continuously
Callable
@52
(f)
....................................................
750
234
Clifton
Higher
Education
Finance
Corp.
Revenue
Series
A
,
5
.75
%
,
6/15/44
,
Continuously
Callable
@100
(d)
......................
575
548
Series
A
,
6
.00
%
,
6/15/54
,
Continuously
Callable
@100
(d)
......................
800
742
Greater
Texas
Cultural
Education
Facilities
Finance
Corp.
Revenue
0.00%,
2/1/50
,
Continuously
Callable
@104
(a)
(b)
(d)
.........................
16,755
9,198
Series
B
,
0.00%
,
2/1/33
,
Continuously
Callable
@100
(a)
(b)
(d)
..................
3,335
1,831
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Revenue
,
Series
A-1
,
5
.50
%
,
1/1/57
,
Continuously
Callable
@103
...........................................
4,500
4,265
Port
of
Port
Arthur
Navigation
District
Revenue
Series
A
,
1
.50
%
,
4/1/40
,
Continuously
Callable
@100
(j)
.......................
1,150
1,150
Series
B
,
1
.50
%
,
4/1/40
,
Continuously
Callable
@100
(j)
.......................
5,900
5,900
Series
C
,
1
.50
%
,
4/1/40
,
Continuously
Callable
@100
(j)
.......................
4,300
4,300
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
,
Series
A
,
5
.75
%
,
12/1/54
,
Continuously
Callable
@103
...........................................
5,875
4,385
53,886
Utah
(1.2%):
Downtown
Daybreak
Public
Infrastructure
District
No.
1
Tax
Allocation
,
5
.88
%
,
3/1/51
,
Continuously
Callable
@103
(d)
........................................
1,000
1,016
Grapevine
Wash
Local
District,
GO
,
Series
A-1
,
6
.00
%
,
3/1/55
,
Continuously
Callable
@103
(d)
.........................................................
3,300
3,292
Mida
Cormont
Public
Infrastructure
District,
GO
,
Series
A-2
,
0.00%
,
6/1/55
,
Continuously
Callable
@103
(d)
(h)
................................................
2,365
2,072
Point
Phase
1
Public
Infrastructure
District
No.
1
Revenue
,
Series
A-1
,
6
.13
%
,
3/1/55
,
Continuously
Callable
@103
...........................................
1,000
1,036
7,416
Virgin
Islands
(0.4%):
Virgin
Islands
Public
Finance
Authority
Revenue
,
Series
A
,
6
.00
%
,
4/1/53
,
Continuously
Callable
@100
(d)
...................................................
2,400
2,455
Virginia
(1.5%):
Tobacco
Settlement
Financing
Corp.
Revenue
Series
A-1
,
6
.71
%
,
6/1/46
,
Continuously
Callable
@100
.......................
8,865
6,571
Series
D-2
,
6/1/47
,
Continuously
Callable
@30
(f)
............................
14,000
2,931
9,502
Washington
(1.1%):
Washington
State
Housing
Finance
Commission
Revenue
Series
A
,
5
.50
%
,
7/1/50
,
Continuously
Callable
@100
(d)
......................
2,000
2,004
Series
A
,
5
.75
%
,
7/1/60
,
Continuously
Callable
@100
(d)
......................
5,000
5,034
7,038
Wisconsin
(3.1%):
Public
Finance
Authority
Revenue
0.00%,
6/30/26
(a)
(b)
................................................
10,640
–
5
.00
%
,
6/1/29
,
Continuously
Callable
@100
(d)
.............................
280
280
Victory
Portfolios
IV
Victory
High
Income
Municipal
Fund
6
(Unaudited)
Schedule
of
Investments
—
continued
May
31,
2026
Security
Name
Acquisition
Date
Cost
Value
Springshire
Retirement
LLC
...........................................
12/1/2021
8,809
$
2,970
Total
(0.5%
of
net
assets)
$8,809
$2,970
Security
Description
Principal
Amount
(000)
a
Value
(000)
5
.00
%
,
6/1/39
,
Continuously
Callable
@100
(d)
.............................
$
1,710
$
1,576
Series
2021-A
,
4
.00
%
,
6/1/41
,
Continuously
Callable
@103
(d)
..................
2,000
1,764
Series
A
,
4
.25
%
,
8/1/26
(d)
............................................
75
75
Series
A
,
5
.25
%
,
7/15/33
(d)
...........................................
230
238
Series
A
,
5
.00
%
,
8/1/36
,
Continuously
Callable
@100
(d)
......................
2,000
1,878
Series
A
,
5
.00
%
,
6/1/37
,
Continuously
Callable
@103
(d)
......................
500
512
Series
A
,
5
.38
%
,
6/1/37
,
Continuously
Callable
@100
(d)
......................
335
332
Series
A
,
6
.00
%
,
7/15/43
,
Continuously
Callable
@100
(d)
......................
230
238
Series
A
,
5
.13
%
,
8/1/46
,
Continuously
Callable
@100
(d)
......................
2,500
2,198
Series
A
,
5
.88
%
,
6/1/52
,
Continuously
Callable
@100
(d)
......................
900
893
Series
A
,
6
.25
%
,
7/15/53
,
Continuously
Callable
@100
(d)
......................
640
652
Series
A
,
7
.13
%
,
4/1/56
,
Continuously
Callable
@102
(d)
......................
3,000
2,929
Series
A
,
4
.00
%
,
6/1/61
,
Continuously
Callable
@100
(d)
......................
1,150
825
Series
A
,
6
.00
%
,
6/1/62
,
Continuously
Callable
@100
(d)
......................
1,565
1,568
Series
A
,
6
.50
%
,
7/15/63
,
Continuously
Callable
@100
(d)
......................
1,175
1,194
Series
A
,
6
.00
%
,
6/15/64
,
Continuously
Callable
@102
(d)
......................
1,000
999
Public
Finance
Authority
Revenue
AMT
,
6
.00
%
,
7/1/60
,
(Put
Date
1/1/31)
(d)
(e)
..........
1,000
1,013
19,164
Total
Municipal
Bonds
(Cost
$681,135)
a
a
a
615,471
Total
Investments
(Cost
$689,944)
—
98.6%
618,441
Other
assets
in
excess
of
liabilities
—  1.4%
8,789
NET
ASSETS
-
100.00%
$
627,230
(a)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
May
31,
2026.
(b)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(c)
The
following
table
details
the
earliest
acquisition
date,
cost,
and
market
value
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
May
31,
2026
(amounts
in
thousands):
(d)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2026,
the
fair
value
of
these
securities
was
$262,247
(thousands)
and
amounted
to
41.8%
of
net
assets.
(e)
Put
Bond.
(f)
Zero-coupon
bond.
(g)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
May
31,
2026.
(h)
Stepped
coupon
security
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
(i)
Rounds
to
less
than
$1
thousand.
(j)
Variable
Rate
Demand
Notes
that
provide
the
rights
to
sell
the
security
at
face
value
on
either
that
day
or
within
the
rate-reset
period.
The
interest
rate
is
reset
on
the
put
date
at
a
stipulated
daily,
weekly,
monthly,
quarterly,
or
other
specified
time
interval
to
reflect
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
AMT
—
Alternative
Minimum
Tax
bps
—
Basis
points
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
GO
—
General
Obligation
IDA
—
Industrial
Development
Authority
LLC
—
Limited
Liability
Company
US0003M
—
3
Month
US
Dollar
London
Interbank
Offered
Rate,
rate
disclosed
as
of
May
31,
2026,
based
on
the
last
reset
date
of
the
security.
Schedule
of
Portfolio
Investments
May
31,
2026
Victory
Portfolios
IV
Victory
Pioneer
Active
Credit
Fund
7
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(5.1%)
ABS
Auto
(1.9%):
American
Credit
Acceptance
Receivables
Trust,
Series
2025-4,
Class
D,
5.25%,
9/12/31,
Callable
5/12/28
@
100(a)
............................................
$
100
$
100
FHF
Issuer
Trust,
Series
2024-3A,
Class
D,
6.01%,
12/15/31,
Callable
1/15/28
@
100(a)
....
110
104
Merchants
Fleet
Funding
LLC,
Series
2025-1A,
Class
D,
5.76%,
1/20/39,
Callable
4/20/29
@
100(a)
...........................................................
150
149
Prestige
Auto
Receivables
Trust,
Series
2021-1A,
Class
E,
3.47%,
3/15/29,
Callable
8/15/26
@
100(a)
...........................................................
200
198
Research-Driven
Pagaya
Motor
Asset
Trust,
Series
2025-3A,
Class
A2,
5.15%,
2/27/34,
Callable
6/25/27
@
100(a)
............................................
160
160
Veros
Auto
Receivables
Trust
..............................................
Series
2024-1,
Class
B,
6.60%,
6/15/28,
Callable
7/15/27
@
100(a)
...............
180
181
Series
2024-1,
Class
C,
7.57%,
12/15/28,
Callable
7/15/27
@
100(a)
..............
210
215
1,107
ABS
Home
(0.7%):
JP
Morgan
Mortgage
Trust,
Series
2026-ACES1,
Class
B1,
6.50%,
4/25/66,
Callable
2/25/31
@
100(a)(b)
.......................................................
220
218
Vista
Point
Securitization
Trust
.............................................
Series
2024-CES3,
Class
A2,
5.99%,
1/25/55,
Callable
12/25/27
@
100(a)(b)
........
100
101
Series
2026-CES2,
Class
M1,
6.28%,
5/25/56,
Callable
4/25/29
@
100(a)(b)
........
100
99
418
ABS
Other
(2.5%):
ACHM
Trust,
Series
2025-HE3,
Class
A,
5.20%,
11/25/55,
Callable
11/25/32
@
100(a)(b)
...
110
109
Angel
Oak
Mortgage
Trust,
Series
2025-HB2,
Class
A1,
5.21%
(SOFR30A+160bps),
12/25/55,
Callable
11/25/28
@
100(a)(c)
.........................................
92
93
Ascent
Career
Funding
Trust,
Series
2024-1A,
Class
A,
6.77%,
10/25/32(a)
.............
32
32
BHG
Securitization
Trust
.................................................
Series
2022-C,
Class
E,
9.73%,
10/17/35,
Callable
10/17/28
@
100(a)
.............
100
105
Series
2023-B,
Class
B,
7.45%,
12/17/36,
Callable
7/17/29
@
100(a)
..............
61
63
FIGRE
Trust,
Series
2025-HE6,
Class
A,
5.04%,
9/25/55,
Callable
3/25/28
@
100(a)(b)
....
105
104
RCKTL,
Series
2025-2A,
Class
D,
5.25%,
11/25/34,
Callable
9/25/28
@
100(a)
..........
130
128
Tricon
Residential
Trust,
Series
2025-SFR1,
Class
D,
5.63%
(TSFR1M+200bps),
3/17/42(a)(c)
(d)
.............................................................
100
100
Upstart
Securitization
Trust,
Series
2025-2,
Class
D,
8.00%,
6/20/35,
Callable
1/20/29
@
100(a)
...........................................................
750
774
1,508
Total
Asset-Backed
Securities
(Cost
$3,039)
a
a
a
3,033
Collateralized
Loan
Obligations
(2.9%)
Cash
Flow
CLO
(2.9%):
ACREC
LLC,
Series
2025-FL3,
Class
A,
4.94%
(TSFR1M+131bps),
8/18/42,
Callable
1/18/27
@
100(a)(c)
.......................................................
200
200
Arbor
Realty
Collateralized
Loan
Obligation
Ltd.,
Series
2025-BTR1,
Class
B,
6.79%
(TSFR1M+319bps),
1/18/41,
Callable
5/20/27
@
100(a)(c)
.....................
160
161
AREIT
Ltd.
...........................................................
Series
2025-CRE10,
Class
A,
5.01%
(TSFR1M+139bps),
12/17/29,
Callable
7/17/27
@
100(a)(c)
.........................................................
330
330
Series
2025-CRE11,
Class
A,
5.18%
(TSFR1M+155bps),
8/15/41,
Callable
7/18/28
@
100(a)(c)(d)
.......................................................
150
151
BDS
LLC,
Series
2025-FL14,
Class
A,
4.89%
(TSFR1M+128bps),
10/21/42,
Callable
9/21/27
@
100(a)(c)(d)
.....................................................
100
100
FS
Rialto
Issuer
LLC,
Series
2025-FL10,
Class
A,
5.00%
(TSFR1M+139bps),
3/1/33,
Callable
8/19/27
@
100(a)(c)(d)
...............................................
120
120
LoanCore
Issuer
LLC
....................................................
Series
2025-CRE8,
Class
A,
5.01%
(TSFR1M+139bps),
8/17/42,
Callable
8/17/27
@
100(a)(c)(d)
.......................................................
100
100
Series
2025-CRE9,
Class
A,
5.08%
(TSFR1M+145bps),
8/18/42,
Callable
5/15/28
@
100(a)(c)
.........................................................
130
130
Victory
Portfolios
IV
Victory
Pioneer
Active
Credit
Fund
8
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
MF1
Ltd.
.............................................................
Series
2021-FL7,
Class
A,
4.82%
(TSFR1M+119bps),
10/16/36,
Callable
6/16/26
@
100(a)(c)
.........................................................
$
38
$
38
Series
2021-FL7,
Class
AS,
5.19%
(TSFR1M+156bps),
10/16/36,
Callable
6/16/26
@
100(a)(c)
.........................................................
101
101
Series
2024-FL15,
Class
A,
5.31%
(TSFR1M+169bps),
8/18/41,
Callable
7/18/26
@
100(a)(c)
.........................................................
168
169
PFP
Ltd.,
Series
2026-13,
Class
AS,
5.26%
(TSFR1M+165bps),
8/18/43,
Callable
7/18/28
@
100(a)(c)
.........................................................
120
120
1,720
Total
Collateralized
Loan
Obligations
(Cost
$1,715)
a
a
a
1,720
Collateralized
Mortgage
Obligations
(12.1%)
Commercial
MBS
(2.0%):
BWAY
Mortgage
Trust,
Series
2013-1515,
Class
B,
3.47%,
3/10/33,
Callable
3/10/27
@
100(a)
110
101
BX
Commercial
Mortgage
Trust,
Series
2024-SLCT,
Class
E,
7.02%
(TSFR1M+339bps),
1/15/42(a)(c)(d)
....................................................
390
386
PRM
Trust,
Series
2025-PRM6,
Class
E,
6.58%,
7/5/33(a)(b)(d)
.....................
100
100
SLG
Office
Trust,
Series
2026-OMA,
Class
F,
7.92%,
4/15/41(a)(b)(d)
.................
100
101
SMRT,
Series
2022-MINI,
Class
E,
6.33%
(TSFR1M+270bps),
1/15/39(a)(c)(d)
..........
100
100
Velocity
Commercial
Capital
Loan
Trust
......................................
Series
2024-6,
Class
A,
5.81%,
12/25/54,
Callable
4/25/31
@
100(a)(b)
............
91
92
Series
2025-1,
Class
A,
6.03%,
2/25/55,
Callable
4/25/29
@
100(a)(b)
.............
104
105
VRTX
Trust,
Series
2025-HQ,
Class
B,
5.49%,
8/5/42(a)(b)(d)
......................
100
99
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2026-1250B,
Class
C,
5.41%,
3/10/41(a)(b)(d)
100
99
1,183
Private
CMO
Floating
(4.9%):
Bellemeade
Re
Ltd.
.....................................................
Series
2025-1,
Class
M1B,
6.11%
(SOFR30A+250bps),
10/25/35,
Callable
8/25/28
@
100(a)(c)
.........................................................
150
151
Series
2025-1,
Class
M1C,
6.86%
(SOFR30A+325bps),
10/25/35,
Callable
8/25/28
@
100(a)(c)
.........................................................
450
456
Connecticut
Avenue
Securities
Trust
.........................................
Series
2022-R02,
Class
2B2,
11.26%
(SOFR30A+765bps),
1/25/42,
Callable
1/25/27
@
100(a)(c)
.........................................................
200
208
Series
2022-R05,
Class
2B2,
10.61%
(SOFR30A+700bps),
4/25/42,
Callable
4/25/27
@
100(a)(c)
.........................................................
200
210
Series
2022-R09,
Class
2B1,
10.36%
(SOFR30A+675bps),
9/25/42,
Callable
9/25/27
@
100(a)(c)
.........................................................
230
245
Series
2024-R01,
Class
1B2,
7.61%
(SOFR30A+400bps),
1/25/44,
Callable
1/25/29
@
100(a)(c)
.........................................................
180
190
Federal
Home
Loan
Mortgage
Corporation
MSCR
Trust,
Series
2021-MN1,
Class
B1,
11.36%
(SOFR30A+775bps),
1/25/51,
Callable
1/25/29
@
100(a)(c)
....................
50
55
Federal
Home
Loan
Mortgage
Corporation
STACR
REMIC
Trust
....................
Series
2021-DNA5,
Class
B2,
9.11%
(SOFR30A+550bps),
1/25/34(a)(c)
...........
140
170
Series
2021-HQA1,
Class
B2,
8.61%
(SOFR30A+500bps),
8/25/33(a)(c)
...........
175
206
Series
2021-HQA2,
Class
B2,
9.06%
(SOFR30A+545bps),
12/25/33(a)(c)
..........
175
212
Series
2023-HQA2,
Class
M1B,
6.96%
(SOFR30A+335bps),
6/25/43,
Callable
6/25/28
@
100(a)(c)
.......................................................
200
205
Series
2025-HQA1,
Class
M2,
5.26%
(SOFR30A+165bps),
2/25/45,
Callable
2/25/30
@
100(a)(c)
.........................................................
50
50
Federal
Home
Loan
Mortgage
Corporation
STACR
Trust
..........................
Series
2019-FTR1,
Class
B2,
12.08%
(SOFR30A+846bps),
1/25/48,
Callable
5/25/29
@
100(a)(c)
.........................................................
170
200
Series
2019-FTR3,
Class
B2,
8.56%
(SOFR30A+491bps),
9/25/47,
Callable
12/25/29
@
100(a)(c)
.........................................................
240
263
Home
Re
Ltd.,
Series
2026-1,
Class
M2,
6.81%
(SOFR30A+320bps),
1/25/36,
Callable
1/25/28
@
100(a)(c)
.................................................
150
151
2,972
Victory
Portfolios
IV
Victory
Pioneer
Active
Credit
Fund
9
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Private
CMO
Other
(5.2%):
A&D
Mortgage
Trust,
Series
2024-NQM3,
Class
M1,
6.88%,
7/25/69,
Callable
6/25/27
@
100(a)(b)
.........................................................
$
130
$
131
BRAVO
Residential
Funding
Trust
..........................................
Series
2024-NQM3,
Class
B2,
8.33%,
3/25/64,
Callable
3/25/27
@
100(a)(b)
........
380
385
Series
2024-NQM5,
Class
B2,
8.07%,
6/25/64,
Callable
7/25/27
@
100(a)(b)
........
180
182
COLT
Mortgage
Loan
Trust,
Series
2024-5,
Class
B1,
7.30%,
8/25/69,
Callable
9/25/27
@
100(a)(b)
.........................................................
140
142
Federal
Home
Loan
Mortgage
Corporation
Seasoned
Credit
Risk
Transfer
Trust
..........
Series
2019-1,
Class
M,
4.75%,
7/25/58,
Callable
1/25/45
@
100(a)(b)
.............
207
207
Series
2019-2,
Class
M,
4.75%,
8/25/58,
Callable
1/25/52
@
100(a)(b)
.............
248
243
Imperial
Fund
Mortgage
Trust,
Series
2022-NQM5,
Class
B1,
6.25%,
8/25/67,
Callable
6/25/26
@
100(a)(b)
.......................................................
110
110
LHOME
Mortgage
Trust,
Series
2024-RTL3,
Class
A1,
6.90%,
5/25/29,
Callable
12/25/26
@
100(a)(b)(d)
.......................................................
210
211
MFRA
Trust,
Series
2024-NQM3,
Class
B1,
7.61%,
12/25/69,
Callable
12/25/27
@
100(a)(b)
180
184
Morgan
Stanley
Residential
Mortgage
Loan
Trust,
Series
2023-NQM1,
Class
B2,
7.32%,
9/25/68,
Callable
10/25/26
@
100(a)(b)
...................................
240
240
PRKCM
Trust,
Series
2023-AFC4,
Class
M1,
7.91%,
11/25/58,
Callable
10/25/26
@
100(a)(b)
180
181
PRPM
Trust,
Series
2025-NQM1,
Class
B1,
7.78%,
11/25/69,
Callable
2/25/28
@
100(a)(b)
.
120
121
Verus
Securitization
Trust
.................................................
Series
2023-8,
Class
B1,
8.07%,
12/25/68,
Callable
12/25/26
@
100(a)(b)
..........
330
334
Series
2024-3,
Class
M1,
6.89%,
4/25/69,
Callable
4/25/27
@
100(a)(b)
............
160
161
Series
2024-INV2,
Class
B2,
7.91%,
8/26/69,
Callable
8/25/27
@
100(a)(b)
.........
300
303
3,135
Total
Collateralized
Mortgage
Obligations
(Cost
$7,222)
a
a
a
7,290
Shares
Preferred
Stocks
(0.8%)
Financials
(0.8%):
Bank
of
America
Corp.,
Series
LL,
5.00%(e)
...................................
4,610
93
Capital
One
Financial
Corp.,
Series
L,
4.38%(e)
.................................
1,048
17
JPMorgan
Chase
&
Co.,
Series
MM,
4.20%(e)
..................................
5,554
96
KeyCorp,
Series
G,
5.63%(e)
..............................................
1,865
39
Morgan
Stanley,
Series
O,
4.25%(e)
..........................................
7,701
132
State
Street
Corp.,
Series
G,
5.35%(e)
........................................
1,190
26
U.S.
Bancorp,
Series
L,
3.75%(e)
...........................................
1,130
17
Wells
Fargo
&
Co.,
Series
DD,
4.25%(e)
......................................
4,689
78
498
Total
Preferred
Stocks
(Cost
$518)
a
a
a
498
Convertible
Preferred
Stocks
(0.2%)
Information
Technology
(0.2%):
Oracle
Corp.,
Series
D,
6.50%,
1/15/29
.......................................
1,600
102
Total
Convertible
Preferred
Stocks
(Cost
$80)
a
a
a
102
Principal
Amount
(000)
Senior
Secured
Loans
(1.5%)
Communication
Services
(0.5%):
Nexstar
Media,
Inc.,
Term
B-7
Loan,
3/21/33(f)
.................................
$
142
142
Windstream
Services
LLC,
2025
Term
Loan,
First
Lien,
7.65%
(SOFR01M+400bps),
9/25/32(c)
........................................................
166
167
309
Consumer
Discretionary
(0.6%):
River
Rock
Entertainment
Authority,
Term
Loan,
First
Lien,
12.65%
(SOFR01M+900bps),
11/24/31(c)
.......................................................
400
397
Victory
Portfolios
IV
Victory
Pioneer
Active
Credit
Fund
10
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Financials
(0.4%):
1261229
BC
Ltd.,
Initial
Term
Loan,
First
Lien,
9.90%
(SOFR01M+625bps),
10/8/30(c)
....
$
233
$
225
Total
Senior
Secured
Loans
(Cost
$922)
a
a
a
931
Corporate
Bonds
(24.0%)
Communication
Services
(1.4%):
CSC
Holdings
LLC,
11.75%,
1/31/29,
Callable
6/13/26
@
105.88(a)
..................
200
126
Meta
Platforms,
Inc.
6.20%,
5/15/46,
Callable
11/15/45
@
100
..................................
220
223
5.63%,
11/15/55,
Callable
5/15/55
@
100
..................................
115
106
5.75%,
11/15/65,
Callable
5/15/65
@
100
..................................
190
174
Uniti
Group
LP/
Uniti
Group
Finance,
Inc./CSL
Capital
LLC
8.63%,
6/15/32,
Callable
6/15/28
@
104.31(a)
..............................
90
94
8.63%,
6/15/32,
Callable
6/15/28
@
104.31(a)
..............................
105
110
833
Consumer
Discretionary
(1.8%):
Expedia
Group,
Inc.,
5.50%,
4/15/36,
Callable
1/15/36
@
100
.......................
365
361
General
Motors
Financial
Co.,
Inc.,
5.90%,
1/7/35,
Callable
10/7/34
@
100
.............
440
454
Mobility
Global,
Inc.,
5.45%,
6/15/31,
Callable
5/15/31
@
100(a)
....................
55
56
Resorts
World
Las
Vegas
LLC/RWLV
Capital,
Inc.,
8.45%,
7/27/30,
Callable
5/27/30
@
100(a)
200
199
1,070
Consumer
Staples
(1.3%):
PepsiCo,
Inc.,
4.15%,
2/11/47,
Callable
8/11/46
@
100
............................
520
594
Sysco
Corp.,
4.40%,
7/25/31,
Callable
6/25/31
@
100
.............................
170
166
760
Energy
(4.6%):
Cheniere
Energy
Partners
LP,
5.35%,
11/30/36,
Callable
5/30/36
@
100(a)
..............
900
900
Columbia
Pipelines
Holding
Co.
LLC,
5.00%,
11/17/32,
Callable
9/17/32
@
100(a)
.......
235
234
Columbia
Pipelines
Operating
Co.
LLC,
5.51%,
5/15/36,
Callable
2/15/36
@
100(a)
.......
40
40
Delek
Logistics
Partners
LP/
Delek
Logistics
Finance
Corp.,
6.88%,
6/1/34,
Callable
6/1/29
@
103.44(a)
.........................................................
224
227
Enerflex
,
Inc.,
6.88%,
1/15/31,
Callable
1/15/28
@
103.44(a)
........................
70
72
Energy
Transfer
LP,
7.13%
(H15T5Y+531bps),
Callable
5/15/30
@
100(c)(e)
............
172
178
Harvest
Midstream
I
LP,
6.75%,
5/15/34,
Callable
5/15/29
@
103.38(a)
................
60
62
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.
6.00%,
4/15/30,
Callable
7/3/26
@
102(a)
.................................
90
89
6.25%,
4/15/32,
Callable
5/15/27
@
103.13(a)
..............................
179
176
7.25%,
2/15/35,
Callable
2/15/30
@
103.63(a)
..............................
45
46
Ngpl
Pipeco
LLC,
5.60%,
8/15/36,
Callable
2/15/36
@
100(a)
.......................
120
120
Summit
Midstream
Holdings
LLC,
8.63%,
10/31/29,
Callable
7/31/26
@
104.31(a)
........
220
229
Venture
Global
Plaquemines
LNG
LLC
6.13%,
12/15/30,
Callable
9/15/30
@
100(a)
...............................
100
103
6.50%,
1/15/34,
Callable
7/15/33
@
100(a)
................................
75
78
6.75%,
1/15/36,
Callable
7/15/35
@
100(a)
................................
140
149
Wildfire
Intermediate
Holdings
LLC,
7.50%,
10/15/29,
Callable
10/15/26
@
103.75(a)
.....
72
74
2,777
Financials
(7.9%):
AEGON
Funding
Co.
LLC,
5.63%,
5/7/36,
Callable
2/7/36
@
100
....................
240
240
Ally
Financial,
Inc.,
6.18%
(SOFR+229bps),
7/26/35,
Callable
7/26/34
@
100(c)
.........
160
163
Citadel
Securities
Global
Holdings
LLC,
6.20%,
6/18/35,
Callable
3/18/35
@
100(a)
.......
260
267
Citigroup,
Inc.
6.63%
(H15T5Y+300bps),
Callable
2/15/31
@
100(c)(e)
......................
355
361
6.88%
(H15T5Y+289bps),
Callable
8/15/30
@
100(c)(e)
......................
105
107
CNO
Financial
Group,
Inc.,
6.45%,
6/15/34,
Callable
3/15/34
@
100
..................
233
243
European
Bank
for
Reconstruction
&
Development,
2/2/32,
MTN(g)(h)
................
3,565
367
Ford
Motor
Credit
Co.
LLC
3.63%,
6/17/31,
Callable
3/17/31
@
100
..................................
429
395
5.87%,
10/31/35,
Callable
7/31/35
@
100
.................................
400
394
Victory
Portfolios
IV
Victory
Pioneer
Active
Credit
Fund
11
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Freedom
Mortgage
Holdings
LLC
9.13%,
5/15/31,
Callable
5/15/27
@
104.56(a)
..............................
$
120
$
124
8.38%,
4/1/32,
Callable
4/1/28
@
104.19(a)
................................
25
25
Goldman
Sachs
Bank
USA,
4.66%
(SOFR+72bps),
6/3/29,
Callable
6/3/28
@
100(c)
......
325
326
HUT
8
DC
LLC,
6.19%,
11/15/42,
Callable
5/15/42
@
100(a)
.......................
95
96
Hyundai
Capital
America,
4.50%,
9/18/30,
Callable
8/18/30
@
100(a)
.................
70
69
ION
Platform
Finance
US,
Inc./ION
Platform
Finance
SARL,
9.00%,
8/1/29,
Callable
8/1/26
@
104.5(a)
.......................................................
305
281
Jane
Street
Group/JSG
Finance,
Inc.,
6.75%,
5/1/33,
Callable
5/1/28
@
103.38(a)
.........
154
158
Jefferies
Financial
Group,
Inc.
6.20%,
4/14/34,
Callable
1/14/34
@
100
..................................
275
284
5.50%,
2/15/36,
Callable
11/15/35
@
100
..................................
60
59
MetLife,
Inc.,
5.85%
(H15T5Y+182bps),
3/15/56,
Callable
3/15/36
@
100(c)
............
110
109
Old
National
Bancorp,
5.77%
(TSFR3M+220bps),
2/15/36,
Callable
2/15/31
@
100(c)
.....
25
25
OneMain
Finance
Corp.,
6.50%,
3/15/33,
Callable
9/15/28
@
103.25
..................
200
195
Pinnacle
Financial
Partners,
Inc.,
5.60%
(SOFR+170bps),
5/19/32,
Callable
5/19/31
@
100(c)
70
70
Regions
Bank,
4.76%
(SOFR+81bps),
7/27/29,
Callable
7/27/28
@
100(c)
..............
330
331
Starwood
Property
Trust,
Inc.,
6.13%,
6/1/31,
Callable
12/1/30
@
100(a)
...............
30
30
4,719
Health
Care
(0.2%):
US
Acute
Care
Solutions
LLC,
9.75%,
5/15/29,
Callable
7/3/26
@
104.88(a)
............
154
148
Industrials
(0.6%):
United
Airlines
Holdings,
Inc.
4.88%,
3/1/29,
Callable
12/1/28
@
100
...................................
315
311
5.38%,
3/1/31,
Callable
9/1/30
@
100
....................................
30
30
341
Information
Technology
(1.9%):
Foundry
JV
Holdco
LLC
6.10%,
1/25/36,
Callable
10/24/35
@
100(a)
...............................
200
210
6.30%,
1/25/39,
Callable
10/25/38
@
100(a)
...............................
200
211
MKS,
Inc.,
4.25%,
2/15/34,
Callable
2/15/29
@
102.13(a)
..........................
270
307
Oracle
Corp.
5.95%,
9/26/55,
Callable
3/26/55
@
100
..................................
151
132
6.70%,
2/4/56,
Callable
8/4/55
@
100
....................................
260
251
6.85%,
2/4/66,
Callable
8/4/65
@
100
....................................
65
62
1,173
Materials
(2.0%):
ARC
Falcon
I,
Inc./
Arclin
USA
LLC/New
Arclin
US
Holding
Corp.,
9.75%,
8/19/42,
Callable
3/1/29
@
104.88(a)
.................................................
440
425
Ball
Corp.,
4.25%,
7/1/32,
Callable
4/1/32
@
100
................................
130
153
Celanese
US
Holdings
LLC
7.70%,
11/15/33,
Callable
8/15/33
@
100
..................................
165
177
7.38%,
2/15/34,
Callable
2/15/29
@
103.69
................................
250
261
Novelis
Corp.,
6.38%,
8/15/33,
Callable
8/15/28
@
103.19(a)
.......................
190
192
1,208
Sovereign
Bond
(0.9%):
Ivory
Coast
Government
International
Bond,
4.88%,
1/30/32(a)
......................
228
261
Mexico
Government
International
Bond,
5.13%,
5/4/37,
Callable
2/4/37
@
100
..........
217
253
514
Utilities
(1.4%):
American
Electric
Power
Co.,
Inc.
5.80%
(H15T5Y+213bps),
3/15/56,
Callable
12/15/30
@
100(c)
.................
135
135
6.05%
(H15T5Y+194bps),
3/15/56,
Callable
12/15/35
@
100(c)
.................
155
154
NRG
Energy,
Inc.,
6.13%,
5/15/36,
Callable
5/15/31
@
103.06(a)
....................
276
275
Spire,
Inc.
6.25%
(H15T5Y+256bps),
6/1/56,
Callable
3/1/31
@
100(c)
....................
25
25
6.45%
(H15T5Y+233bps),
6/1/56,
Callable
3/1/36
@
100(c)
....................
65
65
Victory
Portfolios
IV
Victory
Pioneer
Active
Credit
Fund
12
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
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)
..............................
$
90
$
90
6.50%,
2/1/36,
Callable
10/15/30
@
103.25(a)
..............................
90
90
834
Total
Corporate
Bonds
(Cost
$14,351)
a
a
a
14,377
Insurance-Linked
Securities
(0.0%)
Reinsurance
Sidecars
(0.0%):
Multiperil
-
Worldwide
-
(0.0%):
Viribus
Re
2018,
12/31/26(
i
)(j)(k)
...........................................
250
—
Viribus
Re
2019,
12/31/26(
i
)(j)(k)
...........................................
106
—
—
Total
Insurance-Linked
Securities
(Cost
$4)
a
a
a
—
Equity
Linked
Notes
(9.6%)
ABS
Other
(0.4%):
Royal
Bank
of
Canada
(Mosaic
Solar
Loan
Trust),
19.23%,
5/6/27(a)
..................
10
242
Communication
Services
(0.4%):
The
Toronto
Dominion
Bank
(Reddit,
Inc.),
20.39%,
4/1/27
.........................
2
258
Consumer
Discretionary
(0.3%):
HSBC
Bank
PLC
(VF
Corp.),
22.05%,
7/9/26
..................................
13
179
Energy
(0.6%):
Goldman
Sachs
Bank
USA
(APA
Corp.),
17.56%,
3/16/27
..........................
6
199
Mizuho
Markets
Cayman
LP
(Range
Resources
Corp.),
12.54%,
10/20/26
..............
5
184
383
Financials
(1.9%):
Merrill
Lynch
BV
(Apollo
Global
Management,
Inc.),
16.32%,
4/1/27
.................
2
265
Merrill
Lynch
BV
(Salesforce,
Inc.),
16.46%,
6/8/27
..............................
2
325
Societe
Generale
SA
(Zebra
Technologies
Corp.),
16.09%,
6/4/27
....................
1
293
Wells
Fargo
Bank
NA
(
Maplebear
,
Inc.),
17.24%,
6/4/27
...........................
7
295
1,178
Health
Care
(0.3%):
BNP
Paribas
Issuance
BV
(BioNTech
SE),
17.02%,
6/18/26(a)
......................
2
146
Industrials
(1.8%):
JPMorgan
Structured
Products
BV
(Generac
Holdings,
Inc.),
15.05%,
2/22/27
...........
1
292
Mizuho
Markets
Cayman
LP
(
Forgent
Power
Solutions,
Inc.),
18.13%,
4/23/27
...........
8
296
Mizuho
Markets
Cayman
LP
(Regal
Rexnord
Corp.),
15.64%,
12/11/26
................
2
249
Wells
Fargo
Bank
NA
(
MasTe
,
Inc.),
14.81%,
12/11/26
............................
1
258
1,095
Information
Technology
(2.6%):
Citigroup
Global
Markets
Holdings,
Inc.
(Okta,
Inc.),
16.34%,
2/22/27(a)
...............
3
287
Mizuho
Markets
Cayman
LP
(Intuit,
Inc.),
17.40%,
3/9/27
..........................
1
209
Royal
Bank
of
Canada
(Adobe,
Inc.),
14.81%,
2/24/27(a)
..........................
1
280
The
Toronto-Dominion
Bank
(Trimble,
Inc.),
11.62%,
4/22/27
.......................
4
224
Wells
Fargo
Bank
NA
(Microsoft
Corp.),
10.14%,
2/27/27
..........................
1
294
Wells
Fargo
Bank
NA
(
Ralliant
Corp.),
14.70%,
3/16/27
...........................
4
205
1,499
Materials
(0.9%):
BNP
Paribas
Issuance
BV
(Barrick
Mining
Corp.),
17.87%,
4/8/27
....................
6
252
Canadian
Imperial
Bank
of
Commerce
(Celanese
Corp.),
21.55%,
4/22/27
..............
4
230
The
Toronto-Dominion
Bank
(USA
Rare
Earth,
Inc.),
39.23%,
11/25/26
................
5
81
563
Victory
Portfolios
IV
Victory
Pioneer
Active
Credit
Fund
13
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Utilities
(0.4%):
Goldman
Sachs
Bank
USA
(Constellation
Energy
Corp.),
17.73%,
4/1/27
...............
$
1
$
225
Total
Equity
Linked
Notes
(Cost
$5,643)
a
a
a
5,768
Yankee
Dollars
(31.9%)
Communication
Services
(0.7%):
Total
Play
Telecomunicaciones
SA
de
CV,
11.13%,
12/31/32,
Callable
7/1/28
@
105(a)
.....
435
411
Consumer
Discretionary
(0.6%):
Brightstar
Lottery
PLC/Brightstar
Global
Solutions
Corp.,
5.75%,
1/15/33,
Callable
12/15/28
@
102.88(a)
......................................................
140
136
Wynn
Macau
Ltd.,
6.75%,
2/15/34,
Callable
8/15/28
@
103.38(a)
....................
200
201
337
Consumer
Staples
(0.7%):
Grupo
Nutresa
SA,
9.00%,
5/12/35,
Callable
2/12/35
@
100(a)
......................
400
438
Energy
(2.4%):
Aker
BP
ASA,
5.25%,
10/30/35,
Callable
7/30/35
@
100(a)
........................
192
188
Borr
IHC
Ltd./
Borr
Finance
LLC
10.38%,
11/15/30,
Callable
11/15/26
@
105.19(a)
............................
175
186
8.75%,
1/15/32,
Callable
7/15/28
@
104.38(a)
..............................
200
201
9.00%,
1/15/34,
Callable
7/15/29
@
104.5(a)
...............................
200
201
International
Petroleum
Corp.,
7.50%,
10/10/30,
Callable
10/10/28
@
103
..............
350
359
Saudi
Arabian
Oil
Co.,
6.38%,
6/2/55,
Callable
12/2/54
@
100(a)
....................
230
234
South
Bow
Canadian
Infrastructure
Holdings
Ltd.,
7.50%
(H15T5Y+367bps),
3/1/55,
Callable
12/1/34
@
100(c)
...................................................
55
59
TransCanada
PipeLines
Ltd.,
6.37%
(H15T5Y+212bps),
10/17/56,
Callable
7/17/36
@
100(c)
40
41
1,469
Financials
(20.6%):
ABRA
Global
Finance,
14.00%,
10/22/29,
Callable
10/22/26
@
106.5(a)(l)
.............
282
267
African
Development
Bank,
5.88%
(H15T5Y+165bps),
Callable
5/7/35
@
100(c)(e)
.......
452
443
Alamo
Re
Ltd.,
12.57%
(FHMMUSTF+908bps),
6/7/26(a)(c)
.......................
250
250
Allianz
SE,
6.55%
(H15T5Y+232bps),
Callable
10/30/33
@
100(a)(c)(e)
...............
400
406
ASG
Finance
DAC,
9.75%,
5/15/29,
Callable
7/3/26
@
104.88(a)
....................
200
150
Avolon
Holdings
Funding
Ltd.
5.15%,
1/15/30,
Callable
12/15/29
@
100(a)
...............................
152
153
4.70%,
1/30/31,
Callable
12/30/30
@
100(a)
...............................
75
74
Baldwin
Re
Ltd.,
7.28%
(BRMMUSDF+375bps),
7/9/32,
Callable
7/7/26
@
104.5(a)(c)
....
250
253
Banco
Bilbao
Vizcaya
Argentaria
SA,
7.12%
(H15T5Y+299bps),
Callable
5/8/33
@
100(c)(e)
200
202
Banco
Santander
SA,
7.25%
(H15T5Y+284bps),
Callable
12/3/35
@
100(c)(e)
...........
200
201
Bank
of
Montreal,
4.88%
(SOFR+96bps),
6/2/32,
Callable
6/2/31
@
100(c)
.............
900
901
Blue
Ridge
Re
Ltd.,
6.99%
(FHMMUSTF+350bps),
1/8/29,
Callable
1/8/27
@
103(a)(c)
....
250
250
BNP
Paribas
SA
6.87%
(H15T5Y+285bps),
Callable
12/15/33
@
100(a)(c)(e)
....................
200
199
7.45%
(H15T5Y+313bps),
Callable
6/27/35
@
100(a)(c)(e)
....................
200
206
Bonanza
RE
Ltd.,
9.00%
(MSMMUSTF+550bps),
12/19/27(a)(c)
....................
250
250
BPCE
SA,
5.77%
(SOFR+163bps),
6/2/37,
Callable
6/2/36
@
100(a)(c)
................
250
252
Bridge
Street
Re
Ltd.,
7.53%
(JMMMUSTF+400bps),
1/7/32,
Callable
7/3/26
@
102.75(a)(c)
250
250
Citrus
Re
Ltd.,
12.24%
(BRMMUSDF+871bps),
6/7/30(a)(c)
.......................
250
250
Commonwealth
Re
Ltd.,
7.39%
(JMMMUSTF+386bps),
7/8/30(a)(c)
.................
250
250
Credit
Agricole
SA,
5.26%
(SOFR+143bps),
1/12/37,
Callable
1/12/36
@
100(a)(c)
.......
370
364
Foundation
Re
IV
Ltd.,
7.03%
(JMMMUSTF+350bps),
1/5/34,
Callable
1/1/27
@
102.5(a)(c)
250
250
Four
Lakes
Re
Ltd.,
9.03%
(BRMMUSDF+550bps),
1/7/32,
Callable
12/31/26
@
102(a)(c)
.
250
254
Fuchsia
London
Bridge
2
PCC
Ltd.,
8.65%
(FRMMUSTI+514bps),
4/6/33,
Callable
7/3/26
@
104(a)(c)
.........................................................
250
254
Galileo
Re
Ltd.,
6.78%
(JMMMUSTF+325bps),
10/9/34,
Callable
1/8/27
@
103(a)(c)
......
250
251
Global
Aircraft
Leasing
Co.
Ltd.,
8.75%,
9/1/27,
Callable
7/3/26
@
104.38(a)
............
158
162
Herbie
Re
Ltd.,
10.78%
(JMMMUSTF+725bps),
1/7/33,
Callable
12/31/27
@
102(a)(c)
....
250
252
HSBC
Holdings
PLC,
6.95%
(H15T5Y+264bps),
Callable
8/27/31
@
100(c)(e)
..........
285
290
ING
Groep
NV,
7.00%
(USISSO05+359bps),
Callable
11/16/32
@
100(c)(e)
............
200
206
Victory
Portfolios
IV
Victory
Pioneer
Active
Credit
Fund
14
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Kilimanjaro
II
Re
Ltd.
7.51%
(GSMMUSTI+400bps),
7/8/33,
Callable
7/8/26
@
106(a)(c)
...............
$
250
$
254
10.01%
(GSMMUSTI+650bps),
7/8/33,
Callable
7/8/26
@
107(a)(c)
..............
250
254
Macquarie
Bank
Ltd.,
5.64%
(H15T1Y+145bps),
8/13/36,
Callable
8/13/35
@
100(a)(c)
....
200
200
Mayflower
Re
Ltd.,
10.00%
(FHMMUSTF+651bps),
7/8/26(a)(c)
....................
250
251
Meiji
Yasuda
Life
Insurance
Co.,
6.10%
(H15T5Y+291bps),
6/11/55,
Callable
6/11/35
@
100(a)(c)
.........................................................
543
553
Merna
Re
Enterprise
Ltd.,
9.94%
(3
Month
U.S.
Treasury
Bill+625bps),
7/9/29(a)(c)
.......
250
250
Merna
Reinsurance
II
Ltd.,
13.98%
(GSMMUSTI+1047bps),
7/7/26(a)(c)
..............
250
251
Nippon
Life
Insurance
Co.,
6.50%
(H15T5Y+319bps),
4/30/55,
Callable
4/30/35
@
100(a)(c)
228
240
Serbia
International
Bond,
4.88%,
5/6/38(a)
....................................
245
281
Societe
Generale
SA,
5.44%
(SOFR+173bps),
10/3/36,
Callable
10/3/35
@
100(a)(c)
......
250
246
Sumitomo
Life
Insurance
Co.,
5.87%
(H15T5Y+265bps),
9/10/55,
Callable
9/10/35
@
100(a)
(c)
.............................................................
564
563
Sumitomo
Mitsui
Financial
Group,
Inc.,
5.33%
(H15T5Y+130bps),
3/3/41,
Callable
3/3/36
@
100(c)
...........................................................
290
284
The
Dai-ichi
Life
Insurance
Co.
Ltd.,
6.20%
(H15T5Y+252bps),
Callable
1/16/35
@
100(a)(c)
(e)
.............................................................
510
521
UBS
AG,
4.68%
(SOFR+74bps),
11/29/30,
Callable
11/29/29
@
100(c)
................
480
481
UBS
Group
AG,
7.00%
(USISSO05+330bps),
Callable
2/5/35
@
100(a)(c)(e)
...........
227
230
12,349
Industrials
(1.5%):
Avianca
Midco
2
PLC
9.63%,
2/14/30,
Callable
2/14/27
@
104.81(a)
..............................
200
195
9.50%,
1/28/31,
Callable
1/28/28
@
104.75(a)
..............................
200
193
Danaos
Corp.,
6.88%,
10/15/32,
Callable
10/15/28
@
103.44(a)
......................
150
155
Element
Fleet
Management
Corp.,
4.80%,
5/29/29,
Callable
4/29/29
@
100(a)
...........
35
35
Grupo
Aeromexico
SAB
de
CV,
8.63%,
11/15/31,
Callable
11/15/27
@
104.31(a)
.........
345
351
929
Sovereign
Bond
(5.4%):
Brazilian
Government
International
Bond
4.88%,
4/23/33
....................................................
215
251
6.25%,
5/22/36
....................................................
570
565
Chile
Government
International
Bond,
3.88%,
4/14/36,
Callable
1/14/36
@
100
..........
255
294
Colombia
Government
International
Bond,
6.13%,
1/21/31,
Callable
12/21/30
@
100
......
200
199
Dominican
Republic
International
Bond,
5.88%,
10/28/35,
Callable
7/28/35
@
100(a)
......
190
186
Indonesia
Government
International
Bond
5.69%,
5/29/36,
Callable
2/29/36
@
100
..................................
200
204
4.46%,
3/4/38,
Callable
12/4/37
@
100
...................................
275
310
Mexico
Government
International
Bond,
6.13%,
2/9/38,
Callable
11/9/37
@
100
..........
200
196
Morocco
Government
International
Bond,
4.75%,
5/26/34(a)
........................
513
604
Turkiye
Government
International
Bond,
6.38%,
5/22/31
...........................
405
402
3,211
Total
Yankee
Dollars
(Cost
$19,137)
a
a
a
19,144
U.S.
Government
Agency
Mortgages
(16.3%)
Federal
National
Mortgage
Association
2.50%,
7/25/56
....................................................
2,900
2,425
Federal
National
Mortgage
Association,
TBA
5.50%,
2/2/33
.....................................................
1,100
1,103
5.00%,
7/5/34(m)
...................................................
5,000
4,913
3.50%,
2/6/35
.....................................................
1,500
1,362
7,378
Total
U.S.
Government
Agency
Mortgages
(Cost
$9,763)
a
a
a
9,803
U.S.
Treasury
Obligations
(14.5%)
U.S.
Treasury
Bills
1.78%,
6/2/26(g)
...................................................
1,800
1,800
2.74%,
6/4/26(g)
...................................................
1,035
1,035
Victory
Portfolios
IV
Victory
Pioneer
Active
Credit
Fund
15
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Name
Acquisition
Date
Cost
Value
Viribus
Re
2018
....................................................
12/22/2017
4
$
—
Viribus
Re
2019
....................................................
3/25/2019
—
—
Total
(–%
of
net
assets)
$4
$—
At
May
31,
2026,
the
Fund's
investments
in
foreign
securities
were
35.6%
of
net
assets.
Security
Description
Principal
Amount
(000)
a
Value
(000)
3.23%,
6/9/26(g)
...................................................
$
5,900
$
5,895
Total
U.S.
Treasury
Obligations
(Cost
$8,730)
a
a
a
8,730
Total
Investments
(Cost
$71,124)
—
118.9%
71,396
Liabilities
in
excess
of
other
assets
—  (18.9)%
(11,374)
NET
ASSETS
-
100.00%
$
60,022
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2026,
the
fair
value
of
these
securities
was
$32,697
(thousands)
and
amounted
to
54.5%
of
net
assets.
(b)
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
May
31,
2026.
(c)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
May
31,
2026.
(d)
Security
is
interest
only.
(e)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(f)
The
rates
for
this
senior
secured
loan
will
be
known
on
settlement
date
of
the
loan,
subsequent
to
this
report
date.
Senior
secured
loans
have
rates
that
will
fluctuate
over
time
in
line
with
prevailing
interest
rates.
(g)
Rate
represents
the
effective
yield
at
May
31,
2026.
(h)
Zero-coupon
bond.
(
i
)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
May
31,
2026.
(j)
Issued
as
preference
shares.
(k)
The
following
table
details
the
earliest
acquisition
date,
cost,
and
market
value
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
May
31,
2026
(amounts
in
thousands):
(l)
Up
to
8.00%
of
the
coupon
may
be
PIK.
(m)
Security
or
a
portion
of
the
security
purchased
on
a
delayed-delivery
and/or
when-issued
basis.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
BRMMUSDF
—
BlackRock
Liquidity
Fund
Treasury
Trust
Fund
Portfolio
Fund
Yield
CLO
—
Collateralized
Loan
Obligations
CMO
—
Collateralized
Mortgage
Obligations
FRMMUSTI
—
Western
Asset
Institutional
U.S.
Treasury
Reserves
Fund
Yield
FHMMUSTF
—
Federated
Hermes
US
Treasury
Cash
Reserves
Fund
Yield
GSMMUSTI
—
Goldman
Sachs
Money
Market
U.S.
Treasury
Instrument
Index
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
May
31,
2026.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
May
31,
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
REMIC
—
Real
Estate
Mortgage
Investment
Conduits
SOFR
—
Secured
Overnight
Financing
Rate
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
May
31,
2026.
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
May
31,
2026.
STACR
—
Structured
Agency
Credit
Risk
TBA
—
To
Be
Announced
Securities
TSFR1M
—
1
Month
Term
SOFR,
rate
disclosed
as
of
May
31,
2026.
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
May
31,
2026.
Victory
Portfolios
IV
Victory
Pioneer
Active
Credit
Fund
16
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
@
Forward
Currency
Contracts
At
May
31,
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)
Korean
Won
215,000
U.S.
Dollar
144
State
Street
6/25/26
$
(1)
Japanese
Yen
54,000
U.S.
Dollar
341
Citi
Group
Global
Markets
Inc
7/28/26
–*
Japanese
Yen
230,000
U.S.
Dollar
1,456
Goldman
Sachs
7/28/26
(6)
Total
Net
Forward
Currency
Contracts
$
(7)
*
Rounds
to
less
than
$1
thousand.
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
10-Year
U.S.
Treasury
Note
Futures
......
16
9/21/26
$
1,748
$
1,757
$
9
2-Year
U.S.
Treasury
Note
Futures
.......
18
9/30/26
3,714
3,718
4
$
13
Futures
Contracts
Sold
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
10-Year
U.S.
Ultra
Futures
............
95
9/21/26
$
10,572
$
10,647
$
(75)
30-Year
U.S.
Treasury
Bond
Futures
.....
17
9/21/26
1,880
1,908
(28)
5-Year
U.S.
Treasury
Note
Futures
.......
65
9/30/26
6,944
6,969
(25)
Ultra
Long
Term
U.S.
Treasury
Bond
Futures.
..........................
13
9/21/26
1,464
1,487
(23)
$
(151)
Total
unrealized
appreciation
$
13
Total
unrealized
depreciation
(151)
Total
net
unrealized
appreciation
(depreciation)
$
(138)
Centrally
Cleared
Credit
Default
Swap
Agreements
-
Buy
Protection(a)
Underlying
Instruments
Fixed
Deal
Pay
Rate
Maturity
Date
Payment
Frequency
Notional
Amount
(000)(b)
Value
(000)
Premiums
Paid
(Received)
(000)
Unrealized
Appreciation
(Depreciation)
(000)
Markit
CDX
North
America
High
Yield
Index
Series
45
...........................
5.00%
6/20/31
Quarterly
$
16,276
$
(685)
$
(219)
$
(466)
$
(685)
$
(219)
$
(466)
(a)
When
a
credit
event
occurs
as
defined
under
the
terms
of
the
swap
agreement,
the
Fund
as
a
buyer
of
credit
protection
will
either
(
i
)
receive
from
the
seller
of
protection
an
amount
equal
to
the
par
value
of
the
defaulted
reference
entity
and
deliver
the
reference
entity
or
(ii)
receive
a
net
amount
equal
to
the
par
value
of
the
defaulted
reference
entity
less
its
recovery
value.  
(b)
The
notional
amount
is
the
maximum
amount
that
a
seller
of
credit
protection
would
be
obligated
to
pay
upon
occurrence
of
a
credit
event.
Schedule
of
Portfolio
Investments
May
31,
2026
Victory
Portfolios
IV
Victory
Pioneer
Disciplined
Growth
Fund
17
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(100.0%)
Communication
Services
(17.4%):
Alphabet,
Inc.
,
Class
A
...................................................
455,936
$
173,411
Live
Nation
Entertainment,
Inc.
(a)
...........................................
155,076
26,116
Meta
Platforms,
Inc.
,
Class
A
..............................................
158,190
100,057
Netflix,
Inc.
(a)
.........................................................
467,250
40,193
Pinterest,
Inc.
,
Class
A
(a)
.................................................
1,088,008
21,815
Spotify
Technology
SA
(a)
.................................................
100,859
50,195
411,787
Communications
Equipment
(3.0%):
Arista
Networks,
Inc.
(a)
..................................................
297,129
47,383
Motorola
Solutions,
Inc.
..................................................
57,983
23,383
70,766
Consumer
Discretionary
(11.9%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
246,236
32,826
Amazon.com,
Inc.
(a)
....................................................
660,494
178,756
DoorDash,
Inc.
,
Class
A
(a)
................................................
123,594
19,687
On
Holding
AG
,
Class
A
(a)
................................................
463,264
18,910
The
TJX
Cos.,
Inc.
......................................................
211,153
32,676
282,855
Consumer
Staples
(1.1%):
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
........................................
301,423
25,705
Electronic
Equipment,
Instruments
&
Components
(2.0%):
Keysight
Technologies,
Inc.
(a)
.............................................
141,339
47,819
Energy
(0.7%):
Cheniere
Energy,
Inc.
....................................................
78,585
17,671
Financials
(3.2%):
American
Express
Co.
...................................................
87,712
27,758
The
Charles
Schwab
Corp.
................................................
288,152
25,170
Toast,
Inc.
,
Class
A
(a)
....................................................
841,479
21,904
74,832
Health
Care
(6.9%):
Alnylam
Pharmaceuticals,
Inc.
(a)
...........................................
36,801
11,113
Eli
Lilly
&
Co.
.........................................................
79,481
87,827
Intuitive
Surgical,
Inc.
(a)
.................................................
87,579
37,190
Natera,
Inc.
(a)
.........................................................
101,281
22,623
Newamsterdam
Pharma
Co.
NV
(a)
..........................................
172,663
5,815
164,568
Industrials
(11.1%):
Eaton
Corp.
PLC
.......................................................
128,163
51,342
Ferguson
Enterprises,
Inc.
.................................................
124,343
28,098
GE
Vernova,
Inc.
.......................................................
69,885
67,671
HEICO
Corp.
..........................................................
63,575
22,135
Republic
Services,
Inc.
,
Class
A
............................................
91,775
18,395
Uber
Technologies,
Inc.
(a)
................................................
545,227
38,384
United
Rentals,
Inc.
.....................................................
37,489
37,327
263,352
IT
Services
(1.7%):
Shopify,
Inc.
,
Class
A
(a)
..................................................
333,103
39,543
Materials
(2.2%):
CRH
PLC
............................................................
238,598
25,957
The
Sherwin-Williams
Co.
................................................
85,635
26,019
51,976
Semiconductors
&
Semiconductor
Equipment
(20.7%):
Advanced
Micro
Devices,
Inc.
(a)
............................................
194,218
100,236
ASML
Holding
NV
,
Class
NY
..............................................
32,617
52,603
Broadcom,
Inc.
........................................................
242,127
108,175
NVIDIA
Corp.
.........................................................
944,556
199,434
Victory
Portfolios
IV
Victory
Pioneer
Disciplined
Growth
Fund
18
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
a
Value
(000)
Qnity
Electronics,
Inc.
...................................................
203,237
$
31,705
492,153
Software
(13.5%):
Autodesk,
Inc.
(a)
.......................................................
127,827
29,568
Microsoft
Corp.
........................................................
204,261
91,967
Oracle
Corp.
..........................................................
243,343
54,942
Palo
Alto
Networks,
Inc.
(a)
................................................
217,485
61,263
ServiceNow,
Inc.
(a)
.....................................................
244,077
30,356
Synopsys,
Inc.
(a)
.......................................................
108,600
51,652
319,748
Technology
Hardware,
Storage
&
Peripherals
(4.6%):
Apple,
Inc.
...........................................................
297,569
92,859
Everpure,
Inc.
,
Class
A
(a)
.................................................
210,584
16,744
109,603
Utilities
(0.0%):(b)
Fervo
Energy
Co.
,
Class
A
(a)
..............................................
835
31
Total
Common
Stocks
(Cost
$1,485,048)
a
a
a
2,372,409
Total
Investments
(Cost
$1,485,048)
—
100.0%
2,372,409
Other
assets
in
excess
of
liabilities
—  (0.0)%(b)
62
NET
ASSETS
-
100.00%
$
2,372,471
At
May
31,
2026,
the
Fund's
investments
in
foreign
securities
were
10.3%
of
net
assets.
(a)
Non-income
producing
security.
(b)
Amount
represents
less
than
0.05%
of
net
assets.
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
May
31,
2026
Victory
Portfolios
IV
Victory
Pioneer
Disciplined
Value
Fund
19
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(98.4%)
Communication
Services
(7.3%):
Comcast
Corp.,
Class
A
..................................................
379,988
$
9,450
Meta
Platforms,
Inc.,
Class
A
..............................................
6,747
4,268
Pinterest,
Inc.,
Class
A(a)
.................................................
64,854
1,300
The
Walt
Disney
Co.
....................................................
107,513
10,948
Verizon
Communications,
Inc.
..............................................
93,321
4,462
30,428
Consumer
Discretionary
(7.2%):
D.R.
Horton,
Inc.
.......................................................
24,098
3,544
Darden
Restaurants,
Inc.
..................................................
10,533
2,148
Ford
Motor
Co.
........................................................
404,804
7,060
Lowe's
Cos.,
Inc.
.......................................................
36,393
7,801
NIKE,
Inc.,
Class
B
.....................................................
48,997
2,265
The
Home
Depot,
Inc.
...................................................
6,138
1,947
The
TJX
Cos.,
Inc.
......................................................
32,564
5,039
29,804
Consumer
Staples
(6.6%):
BJ's
Wholesale
Club
Holdings,
Inc.(a)
........................................
13,033
1,112
Mondelez
International,
Inc.,
Class
A
.........................................
69,499
4,251
PepsiCo,
Inc.
..........................................................
22,759
3,282
Target
Corp.
..........................................................
53,260
6,768
The
Hershey
Co.
.......................................................
28,307
5,492
The
Kraft
Heinz
Co.
.....................................................
148,571
3,567
Unilever
PLC,
ADR
.....................................................
52,106
2,941
27,413
Energy
(9.5%):
ConocoPhillips
Co.
.....................................................
95,575
10,894
Devon
Energy
Corp.
.....................................................
141,704
6,304
EQT
Corp.
............................................................
45,474
2,498
Expand
Energy
Corp.
....................................................
18,511
1,721
Exxon
Mobil
Corp.
.....................................................
103,929
15,097
Phillips
66
Co.
.........................................................
15,540
2,733
39,247
Financials
(21.9%):
American
International
Group,
Inc.
..........................................
87,856
6,522
Bank
of
America
Corp.
...................................................
280,895
14,494
JPMorgan
Chase
&
Co.
..................................................
53,324
15,960
Morgan
Stanley
........................................................
27,519
5,724
Northern
Trust
Corp.
....................................................
21,953
3,632
State
Street
Corp.
.......................................................
87,557
13,627
T.
Rowe
Price
Group,
Inc.
.................................................
10,470
1,095
The
Goldman
Sachs
Group,
Inc.
............................................
9,041
9,272
Truist
Financial
Corp.
....................................................
93,098
4,488
U.S.
Bancorp
..........................................................
140,395
7,701
Wells
Fargo
&
Co.
......................................................
105,920
8,213
90,728
Health
Care
(12.3%):
Biogen,
Inc.(a)
.........................................................
27,824
5,453
Bristol-Myers
Squibb
Co.
.................................................
75,155
4,297
Johnson
&
Johnson
.....................................................
52,763
11,889
Labcorp
Holdings,
Inc.
...................................................
9,932
2,583
Medtronic
PLC
........................................................
69,051
5,097
Sanofi
SA,
ADR
........................................................
164,129
7,167
UnitedHealth
Group,
Inc.
.................................................
7,383
2,808
Vertex
Pharmaceuticals,
Inc.(a)
.............................................
7,324
3,278
Zimmer
Biomet
Holdings,
Inc.
.............................................
102,560
8,444
51,016
Industrials
(14.0%):
3M
Co.
..............................................................
64,632
9,897
Victory
Portfolios
IV
Victory
Pioneer
Disciplined
Value
Fund
20
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
a
Value
(000)
Builders
FirstSource
,
Inc.(a)
...............................................
12,477
$
952
Carrier
Global
Corp.
.....................................................
47,494
3,034
Deere
&
Co.
..........................................................
7,101
3,850
Fortune
Brands
Innovations,
Inc.
............................................
64,134
2,497
Honeywell
International,
Inc.
..............................................
38,526
9,164
Owens
Corning
........................................................
19,991
2,515
Rockwell
Automation,
Inc.
................................................
15,854
7,151
Union
Pacific
Corp.
.....................................................
36,785
9,661
United
Parcel
Service,
Inc.,
Class
B
..........................................
89,888
9,590
58,311
Information
Technology
(14.4%):
Accenture
PLC,
Class
A
..................................................
14,912
2,790
Adobe,
Inc.(a)
.........................................................
13,833
3,586
Cisco
Systems,
Inc.
.....................................................
98,196
11,825
HP,
Inc.
..............................................................
116,318
3,145
International
Business
Machines
Corp.
........................................
37,639
11,209
Microsoft
Corp.
........................................................
7,754
3,491
NetApp,
Inc.
..........................................................
28,672
4,997
QUALCOMM,
Inc.
.....................................................
26,756
6,716
Salesforce,
Inc.
........................................................
25,255
4,826
Texas
Instruments,
Inc.
...................................................
24,204
7,399
59,984
Materials
(2.3%):
CRH
PLC
............................................................
29,732
3,235
LyondellBasell
Industries
NV,
Class
A
........................................
36,382
2,425
PPG
Industries,
Inc.
.....................................................
33,644
3,801
9,461
Utilities
(2.9%):
American
Electric
Power
Co.,
Inc.
...........................................
36,829
4,665
CMS
Energy
Corp.
......................................................
63,925
4,639
Duke
Energy
Corp.
......................................................
22,860
2,806
12,110
Total
Common
Stocks
(Cost
$338,102)
a
a
a
408,502
Principal
Amount
(000)
Equity
Linked
Notes
(1.3%)
ABS
Other
(0.2%):
Royal
Bank
of
Canada
(Mosaic
Solar
Loan
Trust),
19.23%,
5/6/27(b)
..................
$
35
808
Consumer
Discretionary
(0.4%):
BOFA
Finance
LLC
(Lululemon
Athletica,
Inc.),
16.00%,
2/1/27
.....................
11
1,601
Financials
(0.5%):
Citigroup
Global
Markets
Holdings,
Inc.
(Pinterest,
Inc.),
17.78%,
2/8/27(b)
.............
46
935
Citigroup
Global
Markets
Holdings,
Inc.
(Workday,
Inc.),
20.37%,
4/28/27
..............
7
850
Wells
Fargo
Bank
NA
(NVIDIA
Corp.),
15.13%,
5/19/27
..........................
2
408
2,193
Information
Technology
(0.2%):
HSBC
Bank
PLC
(Salesforce,
Inc.),
15.00%,
3/9/27
..............................
4
803
Total
Equity
Linked
Notes
(Cost
$5,978)
a
a
a
5,405
Total
Investments
(Cost
$344,080)
—
99.7%
413,907
Other
assets
in
excess
of
liabilities
—  0.3%
1,125
NET
ASSETS
-
100.00%
$
415,032
At
May
31,
2026,
the
Fund's
investments
in
foreign
securities
were
5.1%
of
net
assets.
(a)
Non-income
producing
security.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2026,
the
fair
value
of
these
securities
was
$1,743
(thousands)
and
amounted
to
0.4%
of
net
assets.
Victory
Portfolios
IV
Victory
Pioneer
Disciplined
Value
Fund
21
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
ABS
—
Asset-Backed
Securities
ADR
—
American
Depositary
Receipt
LLC
—
Limited
Liability
Company
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
May
31,
2026
Victory
Portfolios
IV
Victory
Pioneer
Global
Equity
Fund
22
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(96.0%)
Canada
(1.7%):
Materials
(1.7%):
Barrick
Mining
Corp.
....................................................
338,980
$
14,424
Denmark
(0.9%):
Financials
(0.9%):
Danske
Bank
A/S
.......................................................
140,097
7,380
France
(1.9%):
Health
Care
(1.6%):
Sanofi
SA
............................................................
154,588
13,530
Information
Technology
(0.3%):
Capgemini
SE
.........................................................
26,142
3,108
16,638
Germany
(2.1%):
Health
Care
(0.4%):
BioNTech
SE,
ADR(a)
...................................................
34,460
3,307
Industrials
(1.4%):
Hensoldt
AG
..........................................................
117,150
12,084
Materials
(0.3%):
thyssenkrupp
AG
.......................................................
226,507
3,103
18,494
Ireland
(5.1%):
Consumer
Staples
(0.6%):
Kerry
Group
PLC,
Class
A
................................................
61,372
5,238
Financials
(1.9%):
Bank
of
Ireland
Group
PLC
...............................................
825,059
16,765
Materials
(2.6%):
CRH
PLC
............................................................
206,388
22,453
44,456
Italy
(2.1%):
Financials
(0.8%):
Nexi
SpA
(b)
..........................................................
1,774,537
7,248
Materials
(1.3%):
Buzzi
SpA
............................................................
205,762
11,110
18,358
Japan
(5.7%):
Consumer
Discretionary
(0.6%):
Nitori
Holdings
Co.
Ltd.
..................................................
302,400
4,985
Financials
(0.9%):
Sumitomo
Mitsui
Financial
Group,
Inc.
.......................................
218,600
7,986
Industrials
(3.2%):
Fuji
Electric
Co.
Ltd.
....................................................
152,600
14,762
Mitsubishi
Electric
Corp.
.................................................
323,300
13,291
28,053
Information
Technology
(1.0%):
FUJIFILM
Holdings
Corp.
................................................
392,900
8,197
49,221
Mexico
(1.6%):
Consumer
Staples
(0.6%):
Fomento
Economico
Mexicano
SAB
de
CV,
ADR
...............................
43,777
5,211
Financials
(1.0%):
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
.................................
790,600
8,244
13,455
Victory
Portfolios
IV
Victory
Pioneer
Global
Equity
Fund
23
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Netherlands
(1.4%):
Financials
(1.4%):
ABN
AMRO
Bank
NV,
Class
CV
...........................................
291,746
$
11,602
Russian
Federation
(0.0%):
Consumer
Staples
(0.0%):
Magnit
PJSC(a)(c)(d)
....................................................
26,745
—
Energy
(0.0%):
Rosneft
Oil
Co.
PJSC(a)(c)(d)
..............................................
553,394
—
—
South
Korea
(8.3%):
Financials
(3.4%):
Hana
Financial
Group,
Inc.
................................................
187,622
14,336
KB
Financial
Group,
Inc.
.................................................
156,657
15,673
30,009
Industrials
(1.1%):
Hyundai
Rotem
Co.
Ltd.
..................................................
71,060
9,455
Information
Technology
(3.8%):
Samsung
Electronics
Co.
Ltd.
..............................................
155,178
32,695
72,159
Spain
(0.4%):
Financials
(0.4%):
Banco
de
Sabadell
SA
...................................................
1,125,565
3,789
Taiwan
(1.9%):
Information
Technology
(1.9%):
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.................................
221,000
16,639
United
Kingdom
(3.6%):
Consumer
Discretionary
(0.6%):
Persimmon
PLC
........................................................
343,174
5,141
Consumer
Staples
(0.4%):
Unilever
PLC,
ADR
.....................................................
68,844
3,886
Energy
(1.8%):
Shell
PLC,
ADR
.......................................................
184,209
15,496
Financials
(0.8%):
Willis
Towers
Watson
PLC
................................................
27,333
6,824
31,347
United
States
(59.3%):
Communication
Services
(5.6%):
Alphabet,
Inc.,
Class
A
...................................................
98,078
37,303
T-Mobile
US,
Inc.
......................................................
61,098
11,458
48,761
Consumer
Discretionary
(1.9%):
Airbnb,
Inc.,
Class
A(a)
..................................................
32,572
4,342
Darden
Restaurants,
Inc.
..................................................
18,822
3,838
eBay,
Inc.
............................................................
72,561
7,929
16,109
Consumer
Staples
(1.5%):
BJ's
Wholesale
Club
Holdings,
Inc.(a)
........................................
98,989
8,442
Celsius
Holdings,
Inc.(a)
..................................................
142,081
4,727
13,169
Energy
(3.1%):
Expand
Energy
Corp.
....................................................
35,544
3,305
HF
Sinclair
Corp.
.......................................................
132,750
9,278
Ovintiv
,
Inc.
..........................................................
89,688
5,026
Range
Resources
Corp.
...................................................
188,677
7,349
Victory
Portfolios
IV
Victory
Pioneer
Global
Equity
Fund
24
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
3
(a)
Non-income
producing
security.
Security
Description
Shares
Value
(000)
Valero
Energy
Corp.
.....................................................
7,133
$
1,746
26,704
Financials
(10.9%):
Bank
of
America
Corp.
...................................................
682,127
35,198
Citizens
Financial
Group,
Inc.
..............................................
127,413
7,933
Huntington
Bancshares,
Inc.
...............................................
650,974
10,650
KeyCorp
.............................................................
375,179
8,002
PayPal
Holdings,
Inc.
....................................................
171,416
7,671
Regions
Financial
Corp.
..................................................
662,699
18,556
U.S.
Bancorp
..........................................................
112,111
6,149
94,159
Health
Care
(5.5%):
AbbVie,
Inc.
..........................................................
18,617
4,053
Bristol-Myers
Squibb
Co.
.................................................
125,222
7,160
Cardinal
Health,
Inc.
....................................................
84,152
16,561
Elevance
Health,
Inc.
....................................................
26,931
10,589
Eli
Lilly
&
Co.
.........................................................
4,875
5,387
Pfizer,
Inc.
............................................................
138,008
3,613
47,363
Industrials
(5.0%):
EMCOR
Group,
Inc.
....................................................
6,383
5,278
Generac
Holdings,
Inc.(a)
.................................................
16,866
4,687
MasTec
,
Inc.(a)
........................................................
17,573
6,649
Regal
Rexnord
Corp.
....................................................
77,073
15,550
Uber
Technologies,
Inc.(a)
................................................
104,346
7,346
Union
Pacific
Corp.
.....................................................
15,831
4,158
43,668
Information
Technology
(21.7%):
Adobe,
Inc.(a)
.........................................................
55,386
14,357
Advanced
Micro
Devices,
Inc.(a)
............................................
56,992
29,413
Axcelis
Technologies,
Inc.(a)
..............................................
98,977
14,887
Cisco
Systems,
Inc.
.....................................................
217,354
26,174
Everpure
,
Inc.,
Class
A(a)
.................................................
110,650
8,798
International
Business
Machines
Corp.
........................................
47,421
14,122
Microsoft
Corp.
........................................................
60,786
27,368
NVIDIA
Corp.
.........................................................
116,386
24,574
QUALCOMM,
Inc.
.....................................................
39,549
9,927
Salesforce,
Inc.
........................................................
96,111
18,367
187,987
Materials
(1.4%):
Newmont
Corp.
........................................................
108,366
11,900
Utilities
(2.7%):
Eversource
Energy
......................................................
290,661
19,843
FirstEnergy
Corp.
.......................................................
76,397
3,544
23,387
513,207
Total
Common
Stocks
(Cost
$581,942)
831,169
Principal
Amount
(000)
a
U.S.
Treasury
Obligations
(2.5%)
U.S.
Treasury
Bills
3.41%,
6/16/26(e)
..................................................
$
8,300
8,288
3.48%,
6/23/26(e)
..................................................
13,000
12,971
Total
U.S.
Treasury
Obligations
(Cost
$21,259)
21,259
Total
Investments
(Cost
$603,201)
—
98.5%
852,428
Other
assets
in
excess
of
liabilities
—
1.5%
13,069
NET
ASSETS
-
100.00%
$
865,497
Victory
Portfolios
IV
Victory
Pioneer
Global
Equity
Fund
25
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2026,
the
fair
value
of
these
securities
was
$7,248
(thousands)
and
amounted
to
0.8%
of
net
assets.
(c)
The
following
table
details
the
earliest
acquisition
date,
cost,
and
market
value
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
May
31,
2026
(amounts
in
thousands):
(d)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
May
31,
2026.
(e)
Rate
represents
the
effective
yield
at
May
31,
2026.
Security
Name
Acquisition
Date
Cost
Value
Magnit
PJSC
......................................................
7/23/2020
$
1,858
$
—
Rosneft
Oil
Co.
PJSC
................................................
6/23/2021
4,457
—
Total
(–%
of
net
assets)
$6,314
$—
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
May
31,
2026
Victory
Portfolios
IV
Victory
Pioneer
Short
Term
Income
Fund
26
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(30.1%)
ABS
Auto
(10.1%):
ACM
Auto
Trust,
Series
2025-1A,
Class
A,
5.38%,
6/20/29,
Callable
11/20/26
@
100(a)
....
$
63
$
63
Ally
Bank
Auto
Credit-Linked
Notes
.........................................
Series
2024-A,
Class
D,
6.32%,
5/17/32,
Callable
11/15/27
@
100(a)
..............
112
114
Series
2024-A,
Class
E,
7.92%,
5/17/32,
Callable
11/15/27
@
100(a)
..............
94
95
Series
2025-A,
Class
E,
6.07%,
6/15/33,
Callable
8/15/28
@
100(a)
...............
1,896
1,898
American
Credit
Acceptance
Receivables
Trust
.................................
Series
2023-4,
Class
E,
9.79%,
8/12/31,
Callable
8/12/27
@
100(a)
...............
2,830
2,963
Series
2024-3,
Class
D,
6.04%,
7/12/30
,
Callable
11/12/27
@
100(a)
..............
2,000
2,032
Series
2025-2,
Class
D,
5.50%,
7/14/31,
Callable
9/12/28
@
100(a)
...............
1,970
1,994
Arivo
Acceptance
Auto
Loan
Receivables
Trust
.................................
Series
2022-2A,
Class
C,
9.84%,
3/15/29,
Callable
8/15/27
@
100(a)
..............
525
500
Series
2024-1A,
Class
B,
6.87%,
6/17/30,
Callable
7/15/28
@
100(a)
..............
1,970
1,995
Series
2025-1A,
Class
D,
5.82%,
1/15/32,
Callable
6/15/29
@
100(a)
..............
2,500
2,494
Avid
Automobile
Receivables
Trust
..........................................
Series
2021-1,
Class
F,
5.16%,
10/16/28,
Callable
6/15/26
@
100(a)
...............
992
932
Series
2023-1,
Class
C,
7.35%,
12/15/27,
Callable
1/15/27
@
100(a)
..............
104
104
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2023-3A,
Class
D,
7.32%,
2/20/28(a)
................................
1,790
1,804
Series
2023-4A,
Class
D,
7.31%,
6/20/29(a)
................................
1,010
1,025
Bayview
Opportunity
Master
Fund
..........................................
Series
2024-CAR1,
Class
B,
4.91%
(
SOFR30A+130bps),
12/26/31,
Callable
4/25/27
@
100(a)(b)
.........................................................
503
504
Series
2024-CAR1,
Class
D,
5.66%
(SOFR30A+205bps),
12/26/31,
Callable
4/25/27
@
100(a)(b)
.........................................................
287
289
Series
2024-CAR1F,
Class
A,
6.97%,
7/29/32,
Callable
10/28/26
@
100(a)
..........
156
156
CarMax
Select
Receivables
Trust,
Series
2026-A,
Class
C,
4.43%,
5/17/32,
Callable
7/15/29
@
100
.............................................................
2,420
2,392
Carvana
Auto
Receivables
Trust
............................................
Series
2022-N1,
Class
D,
4.13%,
12/11/28,
Callable
1/10/28
@
100(a)
.............
80
79
Series
2023-N4,
Class
C,
6.59%,
2/11/30,
Callable
10/10/29
@
100(a)
.............
2,110
2,151
Drive
Auto
Receivables
Trust,
Series
2024-2,
Class
D,
4.94%,
5/17/32,
Callable
5/15/28
@
100
1,830
1,841
Exeter
Automobile
Receivables
Trust
.........................................
Series
2022-1A,
Class
E,
5.02%,
10/15/29,
Callable
5/15/27
@
100(a)
.............
4,060
4,038
Series
2022-3A,
Class
D,
6.76%,
9/15/28,
Callable
9/15/27
@
100
................
227
229
Series
2022-6A,
Class
E,
11.61%,
6/17/30,
Callable
3/15/28
@
100(a)
.............
895
933
Series
2023-5A,
Class
D,
7.13%,
2/15/30,
Callable
7/15/28
@
100
................
1,100
1,131
Series
2024-4A,
Class
E,
7.65%,
2/17/32,
Callable
12/15/28
@
100(a)
.............
1,520
1,583
Series
2024-5A,
Class
D,
5.06%,
2/18/31,
Callable
3/15/29
@
100
................
1,360
1,364
Exeter
Select
Automobile
Receivables
Trust,
Series
2025-2,
Class
D,
5.34%,
1/15/32,
Callable
2/15/29
@
100
.....................................................
600
598
FCCU
Auto
Receivables
Trust,
Series
2025-1A,
Class
D,
6.29%,
7/15/33,
Callable
12/15/28
@
100(a)
...........................................................
2,360
2,391
FHF
Issuer
Trust
.......................................................
Series
2023-2A,
Class
B,
7.49%,
11/15/29,
Callable
11/15/27
@
100(a)
............
1,662
1,697
Series
2023-2A,
Class
C,
7.97%,
12/17/29,
Callable
11/15/27
@
100(a)
............
388
395
Series
2024-1A,
Class
A2,
5.69%,
2/15/30,
Callable
12/15/27
@
100(a)
............
489
491
Series
2024-3A,
Class
C,
5.43%,
3/17/31,
Callable
1/15/28
@
100(a)
..............
2,272
2,181
Series
2024-3A,
Class
D,
6.01%,
12/15/31,
Callable
1/15/28
@
100(a)
.............
1,290
1,219
FHF
Trust,
Series
2023-1A,
Class
A2,
6.57%,
6/15/28,
Callable
10/15/26
@
100(a)
........
39
39
Foursight
Capital
Automobile
Receivables
Trust,
Series
2024-1,
Class
D,
6.83%,
3/15/30,
Callable
7/15/27
@
100(a)
............................................
1,000
1,021
GLS
Auto
Receivables
Issuer
Trust
..........................................
Series
2021-4A,
Class
E,
4.43%,
10/16/28,
Callable
2/15/27
@
100(a)
.............
1,220
1,218
Series
2023-1A,
Class
C,
6.41%,
8/15/29,
Callable
6/15/28
@
100(a)
..............
1,089
1,113
Series
2023-1A,
Class
D,
7.93%,
7/15/30,
Callable
6/15/28
@
100(a)
..............
1,000
1,052
Series
2023-1A,
Class
E,
11.42%,
3/15/30
,
Callable
3/15/28
@
100(a)
.............
710
761
Series
2024-2A,
Class
D,
6.37%,
8/15/31,
Callable
12/15/28
@
100(a)
.............
2,300
2,364
Series
2024-3A,
Class
D,
5.53%,
2/18/31,
Callable
1/15/29
@
100(a)
..............
2,670
2,694
Series
2025-2A,
Class
D,
5.59%,
1/15/31,
Callable
5/15/29
@
100(a)
..............
790
798
GLS
Auto
Select
Receivables
Trust
..........................................
Series
2023-2A,
Class
C,
7.31%,
1/15/30,
Callable
9/15/28
@
100(a)
..............
1,429
1,478
Victory
Portfolios
IV
Victory
Pioneer
Short
Term
Income
Fund
27
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2024-1A,
Class
D,
6.43%,
1/15/31,
Callable
9/15/28
@
100(a)
..............
$
1,300
$
1,335
Series
2024-4A,
Class
D,
5.28%,
10/15/31,
Callable
2/15/29
@
100(a)
.............
887
885
Huntington
Bank
Auto
Credit-Linked
Notes
....................................
Series
2024-1,
Class
C,
6.78%
(SOFR30A+315bps),
5/20/32
,
Callable
10/20/27
@
100(a)
(b)
.............................................................
135
136
Series
2024-2,
Class
C,
6.23%
(SOFR30A+260bps),
10/20/32,
Callable
4/20/28
@
100(a)
(b)
.............................................................
327
328
Series
2025-2,
Class
C,
5.98%
(SOFR30A+235bps),
9/20/33,
Callable
2/20/29
@
100(a)
(b)
.............................................................
2,158
2,161
LAD
Auto
Receivables
Trust,
Series
2024-1A,
Class
D,
6.15%,
6/16/31,
Callable
11/15/27
@
100(a)
...........................................................
1,000
1,021
Lendbuzz
Securitization
Trust
..............................................
Series
2023-3A,
Class
A2,
7.50%,
12/15/28,
Callable
3/15/28
@
100(a)
............
239
243
Series
2024-2A,
Class
B,
6.52%,
7/16/29,
Callable
7/15/28
@
100(a)
..............
1,500
1,518
Series
2024-3A,
Class
B,
5.03%,
11/15/30,
Callable
10/15/28
@
100(a)
............
1,550
1,548
Merchants
Fleet
Funding
LLC
..............................................
Series
2023-1A,
Class
E,
10
.80%,
5/20/36,
Callable
7/20/26
@
100(a)
.............
1,000
1,013
Series
2025-1A,
Class
D,
5.76%,
1/20/39,
Callable
4/20/29
@
100(a)
..............
1,520
1,513
Prestige
Auto
Receivables
Trust
............................................
Series
2021-1A,
Class
E,
3.47%,
3/15/29,
Callable
8/15/26
@
100(a)
..............
1,350
1,336
Series
2023-1A,
Class
E,
9.88%,
5/15/30,
Callable
9/15/27
@
100(a)
..............
2,500
2,477
Series
2023-2A,
Class
C,
7.12%,
8/15/29,
Callable
1/15/28
@
100(a)
..............
1,655
1,662
Series
2024-1A,
Class
D,
6.21%
,
2/15/30,
Callable
3/15/28
@
100(a)
..............
1,967
1,982
Series
2024-2A,
Class
D,
5.15%,
7/15/30,
Callable
8/15/28
@
100(a)
..............
970
962
Series
2025-1A,
Class
C,
5.52%,
2/15/30,
Callable
3/15/29
@
100(a)
..............
2,580
2,591
SAFCO
Auto
Receivables
Trust,
Series
2024-1A,
Class
C,
6.96%,
1/18/30,
Callable
6/18/27
@
100(a)
...........................................................
498
499
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2023-B,
Class
E,
8.41%,
12/15/33,
Callable
12/15/27
@
100(a)
.............
412
419
Series
2024-B,
Class
E,
6.80%,
1/18/33,
Callable
1/15/29
@
100(a)
...............
662
667
Santander
Drive
Auto
Receivables
Trust
.......................................
Series
2024-2,
Class
D,
6.28%,
8/15/31,
Callable
3/15/28
@
100
.................
1,120
1,148
Series
2024-4,
Class
D,
5.32%,
12/15/31,
Callable
6/15/28
@
100
................
1,980
1,993
Tricolor
Auto
Securitization
Trust
...........................................
Series
2022-1A,
Class
F,
0.00%,
7/16/29,
Callable
6/15/26
@
100(a)(c)
............
750
414
Series
2023-1A,
Class
D,
0.00%,
7/15/27,
Callable
6/15/26
@
100
(a)(c)
............
606
538
Series
2024-1A,
Class
B,
0.00%,
12/15/27,
Callable
11/15/26
@
100(a)(c)
..........
1,000
807
Series
2024-1A,
Class
D,
0.00%,
4/17/28,
Callable
11/15/26
@
100(a)(c)
...........
3,755
1,032
Series
2024-2A,
Class
B,
0.00%,
2/15/28(a)(c)
..............................
1,000
685
Series
2024-2A,
Class
D,
0.00%,
8/15/28,
Callable
6/15/28
@
100(a)(c)
............
1,850
475
Series
2024-3A,
Class
D,
0.00%,
4/16/29,
Callable
10/15/27
@
100(a)(c)
...........
3,000
392
Series
2025-1A,
Class
C
,
0.00%,
10/15/29,
Callable
5/15/28
@
100(a)(c)
...........
2,680
569
Series
2025-1A,
Class
D,
0.00%,
4/15/31,
Callable
5/15/28
@
100(a)(c)
............
892
96
U.S.
Bank
NA,
Series
2023-1,
Class
B,
6.79%,
8/25/32,
Callable
10/25/26
@
100(a)
.......
30
31
United
Auto
Credit
Securitization
Trust,
Series
2024-1,
Class
D,
8.30%,
11/12/29,
Callable
7/10/27
@
100(a)
...................................................
787
796
Veros
Auto
Receivables
Trust
..............................................
Series
2024-1,
Class
C,
7.57%,
12/15/28,
Callable
7/15/27
@
100(a)
..............
2,620
2,676
Series
2024-1,
Class
D,
9.87%,
5/15/31,
Callable
7/15/27
@
100(a)
...............
1,000
1,053
Series
2025-1,
Class
C,
6.17%,
12/17/29,
Callable
2/15/28
@
100(a)
..............
2,320
2,350
VStrong
Auto
Receivables
Trust,
Series
2023-A,
Class
D,
9.31%,
2/15/30,
Callable
7/15/28
@
100(a)
...........................................................
550
591
Western
Funding
Auto
Loan
Trust,
Series
2025-1,
Class
C,
5.34%,
11/15/35(a)
...........
2,500
2,513
98,668
ABS
Card
(0.7%):
Continental
Finance
Credit
Card
ABS
Master
Trust
...............................
Series
2022-A,
Class
C,
9.33%,
10/15/30(a)
................................
750
756
Series
2024-A,
Class
A,
5.78%,
12/15/32,
Callable
9/15/27
@
100(a)
..............
1,250
1,257
Mission
Lane
Credit
Card
Master
Trust
.......................................
Series
2024-B,
Class
A,
5.88%,
1/15/30(a)
.................................
1,900
1,906
Series
2024-B,
Class
B,
6.32%,
1/15/30(a)
.................................
1,240
1,245
Victory
Portfolios
IV
Victory
Pioneer
Short
Term
Income
Fund
28
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2025-A,
Class
A,
5.80%,
5/15/30,
Callable
2/15/27
@
100(a)
...............
$
1,420
$
1,426
6,590
ABS
Home
(2.8%):
BARC,
Series
2026-CES1,
Class
A1A,
4.84%,
1/25/56,
Callable
2/25/29
@
100(a)(d)
......
1,772
1,751
Cross
Mortgage
Trust,
Series
2025-CES1,
Class
A1A,
5.30%,
11/25/60,
Callable
8/25/28
@
100(a)(d)
.........................................................
1,250
1,249
Deephaven
Residential
Mortgage
Trust,
Series
2025-CES1,
Class
A1A,
5.22%,
10/25/55,
Callable
11/25/28
@
100(a)(d)
.........................................
2,204
2,197
JP
Morgan
Mortgage
Trust,
Series
2026-ACES1,
Class
B1,
6.50%,
4/25/66
,
Callable
2/25/31
@
100(a)(d)
.......................................................
830
823
New
Century
Home
Equity
Loan
Trust,
Series
2004-A,
Class
AII9,
5.47%,
8/25/34,
Callable
6/25/26
@
100(d)
...................................................
1
2
NovaStar
Mortgage
Funding
Trust,
Series
2003-1,
Class
A2,
4.48%
(TSFR1M+89bps),
5/25/33,
Callable
6/25/26
@
100(b)
......................................
18
17
Saluda
Grade
Alternative
Mortgage
Trust,
Series
2024-CES1,
Class
A1,
6.31%,
3/25/54,
Callable
7/25/28
@
100(a)(d)
..........................................
1,522
1,537
Towd
Point
Mortgage
Trust
................................................
Series
2024-CES1,
Class
A1A,
5.85%,
1/25/64,
Callable
1/25/27
@
100(a)(d)
.......
2,012
2,017
Series
2024-CES2,
Class
A1A,
6.12%,
2/25/64,
Callable
2/25/27
@
100(a)(d)
.......
1,633
1,640
Series
2024-CES4,
Class
A2,
5.17%,
9/25/64,
Callable
9/25/27
@
100(a)(d)
.........
2,890
2,881
Series
2024-CES6,
Class
A2,
6.00%,
11/25/64,
Callable
11/25/27
@
100(a)(d)
.......
4,932
4,966
Vista
Point
Securitization
Trust
.............................................
Series
2024-CES1,
Class
A1,
6.68%,
5/25/54,
Callable
5/25/27
@
100(a)(d)
.........
565
570
Series
2024-CES3,
Class
A2,
5.99%,
1/25/55,
Callable
12/25/27
@
100(a)(d)
........
900
906
Series
2025-CES3,
Class
A1,
5.30%,
11/25/55,
Callable
10/25/28
@
100(a)(d)
.......
2,995
2,987
Series
2026-CES1,
Class
A1,
5.04%,
2/25/56
,
Callable
2/25/29
@
100(a)(d)
.........
4,013
3,979
27,522
ABS
Other
(16.5%):
321
Henderson
Receivables
I
LLC,
Series
2006-2A,
Class
A1,
3.94%
(TSFR1M+31bps),
6/15/41,
Callable
3/15/30
@
100(a)(b)
....................................
11
11
321
Henderson
Receivables
LLC,
Series
2005-1A,
Class
A1,
3.97%
(TSFR1M+34bps),
11/15/40,
Callable
6/15/26
@
100(a)(b)
...................................
20
20
Accelerated
LLC,
Series
2021-1H,
Class
C,
2.35%,
10/20/40,
Callable
4/15/28
@
100(a)
....
189
175
ACHM
Mortgage
Trust,
Series
2024-HE1,
Class
A,
6.55%,
5/25/39,
Callable
4/25/30
@
100(a)
679
693
ACHM
Trust
..........................................................
Series
2024-HE2,
Class
A,
5.35%,
10/25/39,
Callable
2/25/30
@
100(a)
............
598
598
Series
2025-HE3,
Class
A,
5.20%,
11/25/55,
Callable
11/25/32
@
100(a)(d)
.........
2,935
2,902
Amur
Equipment
Finance
Receivables
XI
LLC,
Series
2022-2A,
Class
D,
7.25%,
5/21/29,
Callable
8/20/26
@
100(a)
............................................
800
805
Amur
Equipment
Finance
Receivables
XII
LLC,
Series
2023-1A,
Class
D,
7.48%,
7/22/30,
Callable
6/20/27
@
100(a)
............................................
650
668
Amur
Equipment
Finance
Receivables
XIV
LLC,
Series
2024-2A,
Class
D,
5.97%,
10/20/31,
Callable
8/20/28
@
100(a)
............................................
1,360
1,378
Amur
Equipment
Finance
Receivables
XV
LLC,
Series
2025-1A,
Class
D,
5.68%,
8/20/32,
Callable
6/20/29
@
100(a)
............................................
2,180
2,200
Angel
Oak
Mortgage
Trust
................................................
Series
2025-HB2,
Class
A1,
5.21%
(SOFR30A+160bps),
12/25/55
,
Callable
11/25/28
@
100(a)(b)
.........................................................
1,621
1,627
Series
2025-HB2,
Class
M2,
6.06%
(SOFR30A+245bps),
12/25/55,
Callable
11/25/28
@
100(a)(b)
.........................................................
4,378
4,423
Aqua
Finance
Trust
.....................................................
Series
2019-A,
Class
C,
4.01%,
7/16/40,
Callable
6/15/26
@
100(a)
...............
530
518
Series
2020-AA,
Class
C,
3.97%,
7/17/46,
Callable
6/17/26
@
100(a)
.............
365
351
Ascent
Career
Funding
Trust,
Series
2024-1A,
Class
A,
6.77%,
10/25/32(a)
.............
768
772
Bayview
Opportunity
Master
Fund,
Series
2024-EDU1,
Class
B,
5.21%
(SOFR30A+160bps),
6/25/47(a)(b)
......................................................
2,597
2,608
BHG
Securitization
Trust
.................................................
Series
2021-B,
Class
D,
3.17%,
10/17/34,
Callable
10/17/27
@
100(a)
.............
2,340
2,256
Series
2022-C,
Class
B,
5.93%,
10/17/35,
Callable
10/17/28
@
100(a)
.............
53
53
Series
2023-B,
Class
B,
7.45%,
12/17/36,
Callable
7/17/29
@
100(a)
..............
868
902
Series
2024-1CON,
Class
B,
6.49%,
4/17/35,
Callable
6/17/29
@
100(a)
...........
1,074
1,098
Series
2024-1CON,
Class
C,
6.86%,
4/17/35,
Callable
6/17/29
@
100(a)
...........
473
481
Victory
Portfolios
IV
Victory
Pioneer
Short
Term
Income
Fund
29
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2025-2CON,
Class
D,
5.95%,
9/17/36,
Callable
8/17/32
@
100(a)
...........
$
2,420
$
2,407
Blackbird
Capital
II
Aircraft
Lease
Ltd.,
Series
2021-1A,
Class
B,
3.45%,
7/15/46,
Callable
7/15/28
@
100(a)
...................................................
396
379
Blue
Bridge
Funding
LLC,
Series
2023-1A,
Class
A,
7.37%,
11/15/30,
Callable
2/15/27
@
100(a)
...........................................................
261
263
Blue
Owl
Asset
Leasing
Trust
LLC
..........................................
Series
2024-1A,
Class
B,
5.41%,
3/15/30,
Callable
6/15/27
@
100(a)
..............
1,100
1,108
Series
2024-1A,
Class
D,
8.00%,
12/15/31,
Callable
6/15/27
@
100(a)
.............
1,080
1,095
BXG
Receivables
Note
Trust,
Series
2020-A,
Class
B,
2.49%,
2/28/36,
Callable
3/28/27
@
100(a)
...........................................................
77
75
Centerstone
SBA
Trust,
Series
2023-1,
Class
A,
7.60%
(PRIME+85bps),
12/27/50,
Callable
10/25/29
@
100(a)(b)
................................................
462
462
CFMT
LLC
...........................................................
Series
2023-HB12,
Class
M1,
4.25%,
4/25/33(a)(d)
..........................
250
249
Series
2023-HB12,
Class
M2,
4.25%,
4/25/33(a)(d)
..........................
750
743
Series
2023-HB12,
Class
M3,
4.25%,
4/25/33(a)(d)
..........................
200
198
Chase
Funding
Trust
.....................................................
Series
2003-3,
Class
2A2,
4.24%
(TSFR1M+65bps),
4/25/33,
Callable
6/25/26
@
100(b)
16
16
Series
2003-6,
Class
1A7,
4.82%,
11/25/34,
Callable
6/25/26
@
100(d)
............
28
27
Commercial
Equipment
Finance
LLC,
Series
2024-1A,
Class
A,
5.97%,
7/16/29,
Callable
6/15/27
@
100(a)
...................................................
299
301
Commonbond
Student
Loan
Trust,
Series
2017-BGS,
Class
C,
4.44%,
9/25/42,
Callable
6/25/26
@
100(a)
...................................................
18
14
Countrywide
Asset-Backed
Certificates,
Series
2004-SD3,
Class
A2,
4.80%
(
TSFR1M+121bps),
9/25/34,
Callable
6/25/26
@
100(a)(b)
.....................
100
97
CP
EF
Asset
Securitization
II
LLC,
Series
2023-1A,
Class
A,
7.48%,
3/15/32,
Callable
7/15/27
@
100(a)
.........................................................
25
25
Crossroads
Asset
Trust,
Series
2024-A,
Class
C,
6.52%,
8/20/30,
Callable
2/20/28
@
100(a)
.
2,050
2,104
Dell
Equipment
Finance
Trust,
Series
2024-2,
Class
D,
5.29%,
2/24/31,
Callable
2/22/27
@
100(a)
...........................................................
500
502
Dext
ABS
LLC,
Series
2023-2,
Class
A2,
6.56%,
5/15/34,
Callable
12/15/27
@
100
(a)
.....
8
8
Elara
HGV
Timeshare
Issuer
LLC,
Series
2025-A,
Class
D,
6.91%,
1/25/40,
Callable
11/25/31
@
100(a)
.........................................................
769
765
Equify
ABS
LLC,
Series
2024-1A,
Class
A,
5.43%,
4/18/33,
Callable
9/15/28
@
100(a)
....
456
457
FIGRE
Trust
..........................................................
Series
2024-HE2,
Class
A,
6.38%,
5/25/54,
Callable
4/25/27
@
100(a)(d)
...........
1,063
1,082
Series
2024-HE3,
Class
A,
5.94%,
7/25/54,
Callable
4/25/27
@
100(a)(d)
...........
1,379
1,391
Series
2025-HE2,
Class
A,
5.77%,
3/25/55
,
Callable
10/25/27
@
100(a)(d)
..........
1,534
1,548
Series
2025-HE6,
Class
A,
5.04%,
9/25/55,
Callable
3/25/28
@
100(a)(d)
...........
2,109
2,088
Series
2025-HE8,
Class
A,
5.21%,
11/25/55,
Callable
6/25/27
@
100(a)(d)
..........
1,076
1,069
FNA
8
LLC,
Series
2025-1,
Class
A,
5.62%,
3/15/45(a)(d)
..........................
2,529
2,521
Foundation
Finance
Trust
.................................................
Series
2021-1A,
Class
A,
1.27%,
5/15/41,
Callable
5/15/28
@
100(a)
..............
85
81
Series
2024-1A,
Class
B,
5.95%,
12/15/49
,
Callable
8/15/30
@
100(a)
.............
713
724
Gracie
Point
International
Funding
LLC
.......................................
Series
2025-1A,
Class
B,
5.65%
(SOFR30A+200bps),
8/15/28,
Callable
8/15/27
@
100(a)(b)
.........................................................
650
650
Series
2025-1A,
Class
C,
6.40%
(SOFR30A+275bps),
8/15/28,
Callable
8/15/27
@
100(a)(b)
.........................................................
1,000
1,001
GreenSky
Home
Improvement
Issuer
Trust,
Series
2025-2A,
Class
D,
5.56%,
6/25/60(a)
....
2,310
2,294
GS
Mortgage-Backed
Securities
Trust
........................................
Series
2024-HE1,
Class
A1,
5.21%
(
SOFR30A+160bps),
8/25/54,
Callable
6/25/27
@
100(a)(b)
.........................................................
1,642
1,647
Series
2024-HE2,
Class
A1,
5.11%
(SOFR30A+150bps),
1/25/55,
Callable
10/25/27
@
100(a)(b)
.........................................................
775
777
Series
2025-HE2,
Class
A1,
5.16%
(SOFR30A+155bps),
12/25/65
,
Callable
10/25/28
@
100(a)(b)
.........................................................
3,053
3,066
Series
2025-HE2,
Class
M1,
5.51%
(SOFR30A+190bps),
12/25/65,
Callable
10/25/28
@
100(a)(b)
.........................................................
2,500
2,523
Series
2025-SL1,
Class
A1,
5.85%,
11/25/67,
Callable
3/25/28
@
100(a)(d)
.........
1,982
1,992
Harvest
SBA
Loan
Trust
..................................................
Series
2023-1,
Class
A,
7.02%
(SOFR30A+325bps),
10/25/50,
Callable
12/25/30
@
100(a)(b)
.........................................................
336
347
Victory
Portfolios
IV
Victory
Pioneer
Short
Term
Income
Fund
30
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2024-1,
Class
A,
6.00%
(SOFR30A+225bps),
12/25/51,
Callable
8/25/31
@
100(a)
(b)
.............................................................
$
1,029
$
1,038
Hilton
Grand
Vacations
Trust,
Series
2024-2A,
Class
D,
6.91%,
3/25/38,
Callable
4/25/30
@
100(a)
...........................................................
474
483
Home
Partners
of
America
Trust,
Series
2019-2,
Class
F,
3.87%,
10/19/39,
Callable
6/17/26
@
100(a)(e)
.........................................................
5,495
5,346
JP
Morgan
Mortgage
Trust
................................................
Series
2023-HE1,
Class
A1,
5.38%
(SOFR30A+175bps),
11/25/53,
Callable
7/20/26
@
100(a)(b)
.........................................................
283
283
Series
2023-HE2,
Class
A1,
5.33%
(SOFR30A+170bps),
3/20/54,
Callable
10/20/26
@
100(a)(b)
.........................................................
549
550
Series
2023-HE3,
Class
A1,
5.23%
(SOFR30A+160bps),
5/25/54,
Callable
12/20/26
@
100(a)(b)
.........................................................
397
398
Series
2024-HE2,
Class
A1,
4.83%
(SOFR30A+120bps),
10/20/54,
Callable
5/20/27
@
100(a)(b)
.........................................................
1,622
1,623
Series
2024-HE3,
Class
A1,
4.83%
(SOFR30A+120bps),
2/25/55,
Callable
9/20/27
@
100(a)(b)
.........................................................
1,408
1,408
Series
2025-HE1,
Class
A1,
4.78%
(SOFR30A+115bps),
7/20/55,
Callable
2/20/28
@
100(a)(b)
.........................................................
1,784
1,785
Series
2025-HE3,
Class
A1,
4.98%
(SOFR30A+135bps),
3/25/56,
Callable
11/20/28
@
100(a)(b)
.........................................................
2,865
2,880
Libra
Solutions
LLC
.....................................................
Series
2024-1A,
Class
A,
5.88%,
9/30/38(a)
................................
1,810
1,803
Series
2025-1A,
Class
A,
6.36%,
8/15/39(a)
................................
600
598
Series
2025-1A,
Class
C,
9.90%,
8/15/39(a)
................................
1,000
993
Lunar
Structured
Aircraft
Portfolio
Notes,
Series
2021-1,
Class
A,
2.64%,
10/15/46(a)
......
314
298
Mosaic
Solar
Loan
Trust,
Series
2019-2A,
Class
D,
6.18%,
9/20/40
,
Callable
2/20/31
@
100(a)
63
62
MVW
LLC,
Series
2020-1A,
Class
C,
4.21%,
10/20/37,
Callable
8/20/26
@
100(a)
........
27
27
NMEF
Funding
LLC
....................................................
Series
2023-A,
Class
C,
8.04%,
6/17/30,
Callable
5/15/27
@
100(a)
...............
320
330
Series
2024-A,
Class
C,
6.33%,
12/15/31,
Callable
4/15/28
@
100(a)
..............
1,550
1,580
Series
2025-A,
Class
D,
8.07%,
7/15/32,
Callable
9/15/28
@
100(a)
...............
2,250
2,306
OBX
Trust,
Series
2026-HE1,
Class
A1A,
4.96%
(SOFR30A+135bps),
2/25/56,
Callable
2/25/29
@
100(a)(b)
.................................................
1,720
1,725
Octane
Receivables
Trust
.................................................
Series
2022-2A,
Class
D,
7.70%,
2/20/30,
Callable
2/20/27
@
100(a)
..............
1,610
1,636
Series
2023-1A,
Class
D,
7.76%,
3/20/30,
Callable
7/20/27
@
100(a)
..............
1,000
1,030
Series
2023-2A,
Class
E,
10.50%,
6/20/31,
Callable
10/20/27
@
100(a)
............
3,423
3,666
Series
2023-3A,
Class
D,
7.58%,
9/20/29,
Callable
11/20/27
@
100(a)
.............
965
996
Series
2024-1A,
Class
D,
6.43%,
10/21/30
,
Callable
4/20/28
@
100(a)
.............
1,000
1,023
Series
2024-RVM1,
Class
B,
5.27%,
1/22/46,
Callable
4/20/30
@
100(a)
...........
1,289
1,298
Oportun
Funding
Trust,
Series
2024-3,
Class
C,
6.25%,
8/15/29,
Callable
10/15/26
@
100(a)
.
650
651
Oportun
Issuance
Trust,
Series
2024-2,
Class
B,
5.83%,
2/9/32,
Callable
10/8/26
@
100(a)
..
93
93
Oxford
Finance
Credit
Fund
III
LP,
Series
2024-A,
Class
A2,
6.68%,
1/14/32(a)
..........
596
602
Oxford
Finance
Funding
LLC,
Series
2022-1A,
Class
B,
4.10%,
2/15/30(a)
.............
837
815
Pagaya
AI
Debt
Grantor
Trust
..............................................
Series
2024-10,
Class
B,
5.75%,
6/15/32,
Callable
11/15/26
@
100(a)
.............
2,305
2,313
Series
2024-11,
Class
AB,
5.40%,
7/15/32,
Callable
12/15/26
@
100(a)(d)
..........
918
921
Series
2025-1,
Class
B,
5.63%,
7/15/32,
Callable
2/15/27
@
100(a)
...............
780
782
Pagaya
AI
Debt
Trust,
Series
2025-R1,
Class
B,
5.71%,
6/15/32,
Callable
11/15/27
@
100(a)
.
724
726
PEAC
Solutions
Receivables
LLC
...........................................
Series
2024-1A,
Class
C,
6.62%,
1/21/31,
Callable
2/20/28
@
100(a)
..............
2,000
2,055
Series
2024-2A,
Class
C,
5.37%,
10/20/31,
Callable
6/20/27
@
100(a)
.............
3,110
3,130
PEAR
LLC
...........................................................
Series
2022-1,
Class
A2,
7.25%,
10/15/34(a)
...............................
549
555
Series
2023-1,
Class
A,
7.42%,
7/15/35,
Callable
9/15/27
@
100(a)
...............
948
963
Series
2024-1,
Class
A,
6.95%,
2/15/36,
Callable
3/15/28
@
100(a)
...............
589
592
Post
Road
Equipment
Finance
LLC
..........................................
Series
2024-1A,
Class
C,
5.81%,
10/15/30,
Callable
2/15/27
@
100(a)
.............
710
716
Series
2024-1A,
Class
E,
8.50%,
12/15/31,
Callable
2/15/27
@
100(a)
.............
400
409
Purchasing
Power
Funding
LLC,
Series
2026-A,
Class
D,
5.40%,
8/15/30,
Callable
2/15/28
@
100(a)
...........................................................
1,080
1,069
Victory
Portfolios
IV
Victory
Pioneer
Short
Term
Income
Fund
31
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
RCKT
Trust
...........................................................
Series
2025-1A,
Class
D,
5.42%,
7/25/34,
Callable
3/25/28
@
100(a)
..............
$
840
$
835
Series
2025-1A,
Class
E,
7.12%
,
7/25/34,
Callable
3/25/28
@
100(a)
..............
3,180
3,118
Reach
ABS
Trust
.......................................................
Series
2025-2A,
Class
C,
5.69%,
8/18/32,
Callable
10/15/29
@
100(a)
.............
2,000
2,003
Series
2026-1A,
Class
C,
4.80%,
2/15/33,
Callable
4/15/30
@
100(a)
..............
1,340
1,325
Series
2026-1A,
Class
D,
5.16%,
2/15/33,
Callable
4/15/30
@
100(a)
..............
2,520
2,484
ReadyCap
Lending
Small
Business
Loan
Trust
..................................
Series
2019-2,
Class
A,
6.25%
(PRIME-50bps),
12/27/44,
Callable
6/25/26
@
100(a)(b)
48
48
Series
2023-3,
Class
A,
6.82%
(PRIME+7bps),
4/25/48,
Callable
2/25/28
@
100(a)(b)
.
478
483
Regional
Management
Issuance
Trust
........................................
Series
2024-2,
Class
B,
5.49%,
12/15/33,
Callable
12/15/26
@
100(a)
.............
1,850
1,858
Series
2024-2,
Class
C,
5.74%,
12/15/33,
Callable
12/15/26
@
100(a)
.............
1,250
1,255
RKTL,
Series
2026-1A,
Class
D,
5.21%,
2/26/35,
Callable
5/25/29
@
100(a)
............
950
933
RMF
Buyout
Issuance
Trust,
Series
2021-HB1,
Class
M3,
3.69%,
11/25/31(a)(d)
.........
1,000
955
Saluda
Grade
Alternative
Mortgage
Trust
......................................
Series
2023-FIG4,
Class
A,
6.72%,
11/25/53,
Callable
8/25/32
@
100(a)(d)
.........
666
683
Series
2025-FIG6,
Class
M1,
5.48%,
1/25/56,
Callable
7/25/34
@
100(a)(d)
.........
2,027
2,009
Series
2025-LOC5,
Class
A1A,
5.18%
(TSFR1M+160bps),
10/25/55,
Callable
9/25/28
@
100(a)(b)
.........................................................
1,595
1,606
Series
2026-HB1,
Class
A1A,
4.98%
(TSFR1M+140bps),
4/25/56,
Callable
1/25/29
@
100(a)(b)
.........................................................
3,009
3,013
Series
2026-HB1,
Class
M2,
5.73%
(TSFR1M+215bps),
4/25/56,
Callable
1/25/29
@
100(a)(b)
.........................................................
2,630
2,643
SCF
Equipment
Leasing
LLC,
Series
2024-1A,
Class
D,
6.58%,
6/21/33,
Callable
10/20/27
@
100(a)
...........................................................
480
492
SoFi
Consumer
Loan
Program
Trust,
Series
2025-2,
Class
D,
5.62%,
6/25/34,
Callable
6/25/28
@
100(a)
.........................................................
1,180
1,186
Stonepeak
ABS,
Series
2021-1A,
Class
AA,
2.30%,
2/28/33(a)
......................
129
127
Towd
Point
Mortgage
Trust,
Series
2025-FIX2,
Class
A1,
5.25%,
10/25/65,
Callable
10/25/28
@
100(a)(d)
.......................................................
3,048
3,042
Trafigura
Securitisation
Finance
PLC
.........................................
Series
2024-1A,
Class
A2,
5.98%,
11/15/27(a)
..............................
3,000
3,000
Series
2024-1A,
Class
B,
7.29%,
11/15/27(a)
...............................
1,610
1,625
Tricon
Residential
Trust,
Series
2025-SFR1,
Class
D,
5.63%
(TSFR1M+200bps),
3/17/42(a)(b)
(e)
.............................................................
830
830
U.S.
Bank
NA
.........................................................
Series
2025-SUP1,
Class
B,
5.58%,
2/25/32,
Callable
1/25/29
@
100(a)(e)
..........
509
509
Series
2025-SUP1,
Class
D,
6.31%
(SOFR30A+270bps),
2/25/32,
Callable
1/25/29
@
100(a)(b)(e)
.......................................................
917
924
Upstart
Securitization
Trust
................................................
Series
2025-2,
Class
B,
5.62%,
6/20/35,
Callable
1/20/29
@
100(a)
...............
2,970
2,989
Series
2025-2,
Class
C,
6.02%,
6/20/35,
Callable
1/20/29
@
100(a)
...............
2,010
2,021
Series
2025-2,
Class
D,
8.00%,
6/20/35,
Callable
1/20/29
@
100(a)
...............
750
774
Series
2026-2,
Class
C,
5.83%,
5/20/36,
Callable
5/20/30
@
100(a)
...............
990
989
Verdant
Receivables
LLC,
Series
2023-1A,
Class
A2,
6.24%,
1/13/31,
Callable
10/12/27
@
100(a)
...........................................................
294
298
VFI
ABS
LLC
.........................................................
Series
2023-1A,
Class
C,
9.26%,
12/24/29,
Callable
6/24/26
@
100(a)
.............
327
328
Series
2025-1A,
Class
C,
5.60%,
4/24/31,
Callable
5/24/28
@
100(a)
..............
1,375
1,376
Westgate
Resorts
LLC
...................................................
Series
2023-1A,
Class
C,
7.49%,
12/20/37,
Callable
4/20/27
@
100(a)
.............
420
427
Series
2023-1A,
Class
D,
10.14%,
12/20/37,
Callable
4/20/27
@
100(a)
............
210
215
Series
2024-1A,
Class
D,
9.26%,
1/20/38,
Callable
11/20/27
@
100(a)
.............
1,596
1,624
Willis
Engine
Structured
Trust
VI,
Series
2021-A,
Class
B,
5.44%,
5/15/46,
Callable
5/15/29
@
100(a)
...........................................................
596
586
Wingspire
Equipment
Finance
LLC,
Series
2024-1A,
Class
D,
6.31%,
9/20/32,
Callable
10/20/27
@
100(a)
..................................................
1,600
1,618
162,423
Total
Asset-Backed
Securities
(Cost
$304,768)
a
a
a
295,203
Victory
Portfolios
IV
Victory
Pioneer
Short
Term
Income
Fund
32
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Collateralized
Loan
Obligations
(10.0%)
Cash
Flow
CLO
(10.0%):
ACREC
LLC
..........................................................
Series
2025-FL3,
Class
A,
4.94%
(TSFR1M+131bps),
8/18/42,
Callable
1/18/27
@
100(a)(b)
.........................................................
$
2,170
$
2,170
Series
2026-FL4,
Class
A,
5.08%
(TSFR1M+145bps),
1/18/43,
Callable
1/18/28
@
100(a)(b)
.........................................................
300
300
Series
2026-FL4,
Class
AS,
5.23%
(TSFR1M+160bps),
1/18/43,
Callable
1/18/28
@
100(a)(b)
.........................................................
860
859
ACRES
Commercial
Realty
Issuer
LLC
.......................................
Series
2026-FL4,
Class
A,
5.08%
(TSFR1M+145bps),
8/18/44,
Callable
8/18/28
@
100(a)(b)
.........................................................
3,210
3,218
Series
2026-FL4,
Class
AS,
5.33%
(TSFR1M+170bps),
8/18/44,
Callable
8/18/28
@
100(a)(b)
.........................................................
1,610
1,614
ACRES
LLC,
Series
2025-FL3,
Class
A,
5.24%
(TSFR1M+162bps),
8/18/40,
Callable
8/18/27
@
100(a)(b)(e)
.....................................................
1,910
1,912
Arbor
Realty
Collateralized
Loan
Obligation
Ltd.
................................
Series
2025-BTR1,
Class
AS,
6.24%
(TSFR1M+264bps),
1/18/41
,
Callable
5/20/27
@
100(a)(b)
.........................................................
2,700
2,717
Series
2025-BTR1,
Class
B,
6.79%
(TSFR1M+319bps),
1/18/41,
Callable
5/20/27
@
100(a)(b)
.........................................................
4,365
4,401
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.,
Series
2022-FL1,
Class
A,
5.09%
(SOFR30A+145bps),
1/15/37,
Callable
6/15/26
@
100(a)(b)
....................
426
426
AREIT
Ltd.
...........................................................
Series
2024-CRE9,
Class
A,
5.31%
(TSFR1M+169bps),
5/17/41(a)(b)(e)
...........
285
285
Series
2025-CRE10,
Class
A,
5.01%
(TSFR1M+139bps),
12/17/29,
Callable
7/17/27
@
100(a)(b)
.........................................................
6,020
6,021
Series
2025-CRE11,
Class
A,
5.18%
(TSFR1M+155bps),
8/15/41,
Callable
7/18/28
@
100(a)(b)(e)
.......................................................
3,120
3,134
BAR  Issuer
LLC,
Series
2026-FL1,
Class
C,
6.00%
(TSFR1M+240bps),
8/20/43,
Callable
10/20/28
@
100(a)(b)(e)
..............................................
860
863
BDS
LLC,
Series
2024-FL13,
Class
A,
5.19%
(TSFR1M+158bps),
9/19/39,
Callable
8/19/28
@
100(a)(b)(e)
.....................................................
687
687
Brsp
Ltd.
.............................................................
Series
2026-FL3,
Class
AS,
5.31%
(TSFR1M+170bps),
8/19/43,
Callable
9/19/28
@
100(a)(b)(e)
.......................................................
450
451
Series
2026-FL3,
Class
B,
5.56%
(TSFR1M+195bps),
8/19/43,
Callable
9/19/28
@
100(a)(b)(e)
.......................................................
1,400
1,401
BSPDF
Issuer
LLC,
Series
2026-FL3,
Class
A,
5.08%
(TSFR1M+145bps),
9/18/43,
Callable
9/18/28
@
100(a)(b)(e)
...............................................
1,660
1,662
BSPRT
Issuer
LLC,
Series
2024-FL11,
Class
A,
5.27%
(TSFR1M+164bps),
7/15/39,
Callable
9/15/27
@
100(a)(b)
.................................................
1,630
1,636
Cerberus
Loan
Funding
XLIX
LLC
..........................................
Series
2024-5A,
Class
A,
5.02%
(TSFR3M+135bps),
1/15/34,
Callable
7/15/26
@
100(a)
(b)
.............................................................
2,096
2,095
Series
2024-5A,
Class
D,
7.17%
(TSFR3M+350bps),
1/15/34,
Callable
7/15/26
@
100(a)
(b)
.............................................................
2,000
1,996
Deerpath
Capital
CLO
Ltd.,
Series
2021-1A,
Class
A1R,
5.47%
(TSFR3M+180bps),
7/15/36,
Callable
7/15/26
@
100(a)(b)
..........................................
1,910
1,910
Dwight
Issuer
LLC,
Series
2025-FL1,
Class
B,
6.41%
(TSFR1M+279bps),
9/18/42,
Callable
7/18/27
@
100(a)(b)
.................................................
2,520
2,530
Ellington
CLO
III
Ltd.,
Series
2018-3A,
Class
C,
6.19%
(TSFR3M+251bps),
7/20/30,
Callable
7/20/26
@
100(a)(b)
.................................................
298
297
Fortress
Credit
Opportunities
IX
CLO
Ltd.,
Series
2017-9A,
Class
A1TR,
5.48%
(TSFR3M+181bps),
10/15/33(a)(b)
......................................
763
764
Fortress
Credit
Opportunities
XXIX
CLO
Ltd.,
Series
2025-29A,
Class
B,
5.33%
(TSFR3M+165bps),
4/20/33,
Callable
7/20/26
@
100(a)(b)
.....................
1,370
1,370
FS
Rialto
Issuer
LLC
....................................................
Series
2021-FL3,
Class
A,
4.99%
(
TSFR1M+136bps),
11/16/36,
Callable
6/16/26
@
100(a)(b)
.........................................................
1,002
1,003
Series
2024-FL9,
Class
A,
5.24%
(TSFR1M+163bps),
10/19/39,
Callable
10/19/27
@
100(a)(b)
.........................................................
3,910
3,921
Victory
Portfolios
IV
Victory
Pioneer
Short
Term
Income
Fund
33
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2025-FL10,
Class
A,
5.00%
(TSFR1M+139bps),
3/1/33
,
Callable
8/19/27
@
100(a)(b)(e)
.......................................................
$
2,250
$
2,250
Series
2026-FL11,
Class
A,
5.06%
(TSFR1M+145bps),
1/19/44,
Callable
3/19/29
@
100(a)(b)(e)
.......................................................
3,180
3,188
Golub
Capital
Partners
Short
Duration
........................................
Series
2022-1A,
Class
BR,
5.67%
(
TSFR3M+200bps),
7/25/33,
Callable
7/25/26
@
100(a)(b)
.........................................................
2,123
2,120
Series
2022-1A,
Class
DR,
8.27%
(TSFR3M+460bps),
7/25/33,
Callable
7/25/26
@
100(a)(b)
.........................................................
1,750
1,747
Greystone
CRE
Notes
LLC,
Series
2025-FL4,
Class
B,
6.22%
(
TSFR1M+259bps),
1/15/43,
Callable
5/15/28
@
100(a)(b)(e)
........................................
2,410
2,437
KREF
Ltd.,
Series
2022-FL3,
Class
A,
5.06%
(TSFR1M+145bps),
2/17/39,
Callable
6/17/26
@
100(a)(b)
.........................................................
605
605
LMNT
CRE
LLC
.......................................................
Series
2025-FL3,
Class
A,
5.15%
(
TSFR1M+155bps),
7/21/43,
Callable
5/21/28
@
100(a)(b)(e)
.......................................................
3,020
3,027
Series
2025-FL3,
Class
AS,
5.50%
(TSFR1M+190bps),
7/21/43,
Callable
5/21/28
@
100(a)(b)(e)
.......................................................
3,020
3,030
LoanCore
Issuer
LLC,
Series
2025-CRE8,
Class
A,
5.01%
(
TSFR1M+139bps),
8/17/42,
Callable
8/17/27
@
100(a)(b)(e)
........................................
890
890
MF1
Ltd.
.............................................................
Series
2021-FL7,
Class
A,
4.82%
(TSFR1M+119bps),
10/16/36,
Callable
6/16/26
@
100(a)(b)
.........................................................
554
554
Series
2022-FL8,
Class
A,
4.96%
(TSFR1M+135bps),
2/19/37,
Callable
6/17/26
@
100(a)(b)
.........................................................
1,020
1,020
Series
2024-FL15,
Class
A,
5.31%
(TSFR1M+169bps),
8/18/41,
Callable
7/18/26
@
100(a)(b)
.........................................................
4,912
4,919
Series
2024-FL16,
Class
A,
5.17%
(TSFR1M+154bps),
11/18/39,
Callable
10/18/26
@
100(a)(b)
.........................................................
3,430
3,435
MidOcean
Credit
CLO
XI
Ltd.,
Series
2022-11A,
Class
A1R2,
4.89%
(TSFR3M+121bps),
1/18/36,
Callable
7/18/26
@
100(a)(b)
....................................
710
711
Monroe
Capital
Mml
CLO
XII
Ltd.,
Series
2021-2A,
Class
A1,
5.44%
(
TSFR3M+176bps),
9/14/33,
Callable
6/14/26
@
100(a)(b)
....................................
1,079
1,079
PFP
Ltd.
.............................................................
Series
2024-11,
Class
A,
5.47%
(TSFR1M+183bps),
9/17/39,
Callable
9/17/27
@
100(a)
(b)(e)
...........................................................
187
187
Series
2026-13,
Class
B,
5.46%
(TSFR1M+185bps),
8/18/43,
Callable
7/18/28
@
100(a)
(b)
.............................................................
1,250
1,250
PRPM
Issuer
LLC,
Series
2026-CRE1,
Class
A,
5.29%
(TSFR1M+167bps),
3/19/43,
Callable
4/19/28
@
100(a)(b)(e)
...............................................
1,740
1,744
Sound
Point
CLO
V-R
Ltd.,
Series
2014-1RA,
Class
B,
5.69%
(
TSFR3M+201bps),
7/18/31,
Callable
7/18/26
@
100(a)(b)
..........................................
3,970
3,976
Sound
Point
CLO
XVI
Ltd.,
Series
2017-2A,
Class
D,
7.53%
(TSFR3M+386bps),
7/25/30,
Callable
7/25/26
@
100(a)(b)
..........................................
500
502
Starwood
LLC,
Series
2024-SIF4A,
Class
C,
6.18%
(TSFR3M+250bps),
10/17/36,
Callable
7/17/26
@
100(a)(b)
.................................................
1,610
1,611
TRTX
Issuer
Ltd.
.......................................................
Series
2025-FL6,
Class
A,
5.16%
(TSFR1M+154bps),
9/18/42,
Callable
9/18/27
@
100(a)(b)(e)
.......................................................
3,120
3,128
Series
2025-FL7,
Class
A,
5.08%
(TSFR1M+145bps),
6/18/43,
Callable
5/18/28
@
100(a)(b)(e)
.......................................................
2,390
2,391
Woodmont
Trust,
Series
2023-12A,
Class
A1R,
5.07%
(TSFR3M+140bps),
10/25/32,
Callable
7/25/26
@
100(a)(b)
.................................................
1,916
1,916
Z
Capital
Credit
Partners
CLO
Ltd.
..........................................
Series
2019-1A,
Class
BR,
5.94%
(TSFR3M+226bps),
7/16/31,
Callable
7/16/26
@
100(a)(b)
.........................................................
335
335
Series
2021-1A,
Class
A2AR,
5.47%
(TSFR3M+180bps),
7/15/33,
Callable
7/15/26
@
100(a)(b)
.........................................................
990
991
98,686
Total
Collateralized
Loan
Obligations
(Cost
$98,361)
a
a
a
98,686
Victory
Portfolios
IV
Victory
Pioneer
Short
Term
Income
Fund
34
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Collateralized
Mortgage
Obligations
(11.9%)
Agency
CMO
Floating
(0.1%):
Federal
Home
Loan
Mortgage
Corporation,
Series
T-20,
Class
A7,
4.03%
(SOFR30A+41bps),
12/25/29,
Callable
6/25/26
@
100(b)
.....................................
$
57
$
56
Federal
Home
Loan
Mortgage
Corporation
REMICS
.............................
Series
2315,
Class
FW,
4.31%
(SOFR30A+66bps),
4/15/27(b)
...................
—(f)
—(f)
Series
2334,
Class
FA,
4.26%
(SOFR30A+61bps),
7/15/31(b)
...................
35
35
Series
2391,
Class
FJ,
4.26%
(SOFR30A+61bps),
4/15/28(b)
...................
4
3
Series
2439,
Class
F,
4.76%
(SOFR30A+111bps),
3/15/32(b)
....................
14
15
Series
2470,
Class
AF,
4.76%
(SOFR30A+111bps),
3/15/32(b)
..................
22
22
Series
2489,
Class
FA,
4.76%
(SOFR30A+111bps),
2/15/32(b)
..................
20
20
Series
2498,
Class
FL,
4.33%
(SOFR30A+68bps),
3/15/32(b)
...................
32
32
Series
2916,
Class
NF,
4
.01%
(SOFR30A+36bps),
1/15/35(b)
...................
5
5
Series
3042,
Class
PF,
4.01%
(SOFR30A+36bps),
8/15/35(b)
...................
3
3
Series
3102,
Class
FG,
4.06%
(SOFR30A+41bps),
1/15/36(b)
...................
2
2
Series
3117,
Class
FE,
4.06%
(SOFR30A+41bps),
2/15/36(b)
...................
20
20
Series
3173,
Class
FC,
4.18%
(SOFR30A+53bps),
6/15/36(b)
...................
9
8
Series
3181,
Class
HF,
4.26%
(SOFR30A+61bps),
7/15/36(b)
...................
22
22
Series
3235,
Class
FX,
4.08%
(SOFR30A+43bps),
11/15/36(b)
..................
8
8
Series
3239,
Class
EF,
4.11%
(SOFR30A+46bps),
11/15/36(b)
..................
21
20
Series
3239,
Class
FB,
4.11%
(SOFR30A+46bps),
11/15/36(b)
..................
9
9
Series
3373,
Class
FB,
4.34%
(SOFR30A+69bps),
10/15/37(b)
..................
42
42
Series
3386,
Class
FB,
4.13%
(SOFR30A+49bps),
11/15/37(b)
..................
44
43
Series
3610,
Class
FA,
4.46%
(SOFR30A+81bps),
12/15/39(b)
..................
33
33
Series
3807,
Class
FM,
4.26%
(SOFR30A+61bps),
2/15/41(b)
...................
29
29
Series
3850,
Class
FC,
4.18%
(SOFR30A+53bps),
4/15/41(b)
...................
42
42
Series
3868,
Class
FA,
4.16%
(SOFR30A+51bps),
5/15/41(b)
...................
9
9
Series
4002,
Class
YF,
4.31%
(SOFR30A+66bps),
2/15/42(b)
...................
17
17
Federal
Home
Loan
Mortgage
Corporation
STRIPS
..............................
Series
237,
Class
F14,
4.16%
(SOFR30A+51bps),
5/15/36(b)
...................
12
12
Series
239,
Class
F30,
4.06%
(SOFR30A+41bps),
8/15/36(b)
...................
29
29
Series
244,
Class
F22,
4.11%
(SOFR30A+46bps),
12/15/36(b)
..................
11
11
Federal
National
Mortgage
Association
.......................................
Series
2005-W3,
Class
2AF,
3.95%
(SOFR30A+33bps),
3/25/45,
Callable
6/25/26
@
100(b)
...........................................................
84
83
Series
2007-W1,
Class
1AF1,
3.99%
(SOFR30A+37bps),
11/25/46
,
Callable
10/25/27
@
100(b)
...........................................................
54
54
Federal
National
Mortgage
Association
REMICS
................................
Series
2001-72,
Class
FB,
4.63%
(SOFR30A+101bps),
12/25/31(b)
...............
5
5
Series
2001-81,
Class
FL,
4.41%
(SOFR30A+76bps),
1/18/32(b)
.................
3
3
Series
2002-77,
Class
WF,
4.16%
(SOFR30A+51bps),
12/18/32(b)
...............
28
28
Series
2002-93,
Class
FH,
4.23%
(SOFR30A+61bps),
1/25/33(b)
................
7
7
Series
2003-42,
Class
JF,
4.23%
(SOFR30A+61bps),
5/25/33(b)
.................
9
9
Series
2003-63,
Class
F1,
4.03%
(SOFR30A+41bps),
11/25/27,
Callable
6/25/26
@
100(b)
...........................................................
13
13
Series
2003-8,
Class
FJ,
4.08%
(SOFR30A+46bps),
2/25/33(b)
..................
2
2
Series
2004-52,
Class
FW,
4.13%
(SOFR30A+51bps),
7/25/34(b)
................
14
14
Series
2005-83,
Class
KT,
4.03%
(SOFR30A+41bps),
10/25/35(b)
................
16
16
Series
2005-83,
Class
LF,
4.04%
(SOFR30A+42bps),
2/25/35(b)
.................
9
8
Series
2006-42,
Class
CF,
4.18%
(SOFR30A+56bps),
6/25/36(b)
.................
20
20
Series
2006-81,
Class
FA,
4.08%
(SOFR30A+46bps),
9/25/36(b)
.................
13
13
Series
2006-82,
Class
F,
4.30%
(SOFR30A+68bps),
9/25/36(b)
..................
5
5
Series
2007-110,
Class
FA,
4.35%
(SOFR30A+73bps),
12/25/37(b)
...............
6
6
Series
2007-13,
Class
FA,
3.98%
(SOFR30A+36bps),
3/25/37(b)
.................
10
10
Series
2007-14,
Class
F,
4.09%
(SOFR30A+47bps),
3/25/37(b)
..................
10
10
Series
2007-2,
Class
FT,
3.98%
(SOFR30A+36bps),
2/25/37(b)
..................
24
24
Series
2007-41,
Class
FA,
4.13%
(SOFR30A+51bps),
5/25/37(b)
.................
2
2
Series
2007-50,
Class
FN,
3.97%
(SOFR30A+35bps),
6/25/37(b)
................
25
25
Series
2007-58,
Class
FV,
3.98%
(SOFR30A+36bps),
6/25/37(b)
.................
33
33
Series
2007-7,
Class
FJ,
3.93%
(SOFR30A+31bps),
2/25/37(b)
..................
21
21
Series
2007-86,
Class
FC,
4.30%
(SOFR30A+68bps),
9/25/37(b)
.................
28
28
Series
2007-89,
Class
F,
4.31%
(SOFR30A+69bps),
9/25/37(b)
..................
26
26
Series
2007-9,
Class
FB,
4.08%
(SOFR30A+46bps),
3/25/37(b)
.................
25
25
Victory
Portfolios
IV
Victory
Pioneer
Short
Term
Income
Fund
35
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2007-92,
Class
OF,
4.30%
(SOFR30A+68bps),
9/25/37(b)
.................
$
7
$
7
Series
2008-53,
Class
FM,
4.63%
(SOFR30A+101bps),
7/25/38(b)
...............
18
18
Series
2008-88,
Class
FA,
4.95%
(SOFR30A+133bps),
10/25/38(b)
...............
17
17
Government
National
Mortgage
Association
....................................
Series
2005-16,
Class
FA,
3.97%
(TSFR1M+36bps),
2/20/35(b)
.................
29
29
Series
2005-3,
Class
FC,
3.99%
(TSFR1M+36bps),
1/16/35(b)
..................
29
28
Series
2008-9,
Class
FA,
4.22%
(TSFR1M+61bps),
2/20/38(b)
..................
23
23
Series
2013-51,
Class
JF,
4.02%
(TSFR1M+41bps),
8/20/40(b)
..................
35
34
1,193
Agency
CMO
Other
(0.0%):(g)
Federal
National
Mortgage
Association
.......................................
Series
2005-W3,
Class
3A,
4.80%,
4/25/45,
Callable
6/25/26
@
100(d)
............
29
30
Series
2005-W4,
Class
3A,
5.56%,
6/25/45,
Callable
10/25/27
@
100(d)
...........
19
20
Federal
National
Mortgage
Association
Grantor
Trust,
Series
2004-T2,
Class
2A,
5.42%,
7/25/43,
Callable
6/25/26
@
100(d)
......................................
86
86
136
Agency
CMO
Z
(0.0%):(g)
Federal
National
Mortgage
Association
REMICS,
Series
1999-25,
Class
Z,
6.00%,
6/25/29
..
5
4
Commercial
MBS
(4.6%):
Bayview
Commercial
Asset
Trust,
Series
2007-2A,
Class
IO,
4.89%,
7/25/37(d)(e)
........
315
—
BWAY
Mortgage
Trust,
Series
2013-1515,
Class
B,
3.47%,
3/10/33,
Callable
3/10/27
@
100(a)
4,735
4,368
BX
Commercial
Mortgage
Trust
............................................
Series
2024-AIRC,
Class
A,
5.32%
(TSFR1M+169bps),
7/25/43(a)(b)(e)
...........
1,761
1,768
Series
2024-SLCT,
Class
A,
4.95%
(TSFR1M+132bps),
1/15/42(a)(b)(e)
...........
1,870
1,865
Series
2024-SLCT,
Class
E,
7.02%
(TSFR1M+339bps),
1/15/42(a)(b)(e)
...........
890
881
COMM
Mortgage
Trust,
Series
2024-WCL1,
Class
A,
5.47%
(TSFR1M+184bps),
6/15/41(a)
(b)(e)
...........................................................
2,000
2,006
GS
Mortgage
Securities
Corp.
Trust,
Series
2020-DUNE,
Class
A,
5.00%
(TSFR1M+136bps),
12/15/36(a)(b)(e)
...................................................
1,334
1,333
HIH
Trust,
Series
2024-61P,
Class
A,
5.47%
(TSFR1M+184bps),
10/15/41(a)(b)(e)
........
1,528
1,533
HILT
Commercial
Mortgage
Trust
...........................................
Series
2024-ORL,
Class
A,
5.17%
(TSFR1M+154bps),
5/15/37(a)(b)(e)
............
860
860
Series
2024-ORL,
Class
B,
5.57%
(TSFR1M+194bps),
5/15/37(a)(b)(e)
............
1,110
1,110
HTL
Commercial
Mortgage
Trust
...........................................
Series
2024-T53,
Class
B,
6.56%,
5/10/39(a)(d)(e)
...........................
950
957
Series
2024-T53,
Class
D,
8.20%,
5/10/39(a)(d)(e)
...........................
1,105
1,120
HYT
Commercial
Mortgage
Trust,
Series
2024-RGCY,
Class
A,
5.47%
(
TSFR1M+184bps),
9/15/41(a)(b)(e)
....................................................
1,150
1,150
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
..........................
Series
2019-MFP,
Class
E,
5.83%
(TSFR1M+221bps),
7/15/36(a)(b)(e)
............
371
222
Series
2024-OMNI,
Class
C,
5.80%,
10/5/39(a)(d)(e)
.........................
1,147
1,145
Series
2024-OMNI,
Class
D,
5.80%,
10/5/39(a)(d)(e)
.........................
160
159
KSL
Commercial
Mortgage
Trust,
Series
2026-HT3,
Class
D,
6.35%
(TSFR1M+275bps),
6/15/43(a)(b)(e)
....................................................
600
601
MCR
Mortgage
Trust
....................................................
Series
2024-HF1,
Class
A,
5.42%
(TSFR1M+179bps),
12/15/41(a)(b)(e)
...........
645
646
Series
2024-HTL,
Class
A,
5.39%
(TSFR1M+176bps),
2/15/37(a)(b)(e)
............
818
819
Series
2024-HTL,
Class
B,
6.04%
(TSFR1M+241bps),
2/15/37(a)(b)(e)
............
991
992
Series
2024-TWA,
Class
D,
7.40%,
6/12/39(a)(e)
............................
1,230
1,235
Natixis
Commercial
Mortgage
Securities
Trust,
Series
2019-MILE,
Class
B,
5.51%
(TSFR1M+188bps),
7/15/36(a)(b)(e)
.....................................
320
304
PRM
Trust
............................................................
Series
2025-PRM6,
Class
D,
5.68%,
7/5/33(a)(d)(e)
..........................
1,810
1,801
Series
2025-PRM6,
Class
E,
6.58%,
7/5/33(a)(d)(e)
..........................
700
700
SHR
Trust,
Series
2024-LXRY,
Class
A,
5.58%
(TSFR1M+195bps),
10/15/41(a)(b)(e)
.....
3,160
3,162
SKY
Trust,
Series
2025-LINE,
Class
A,
6.22%
(TSFR1M+259bps),
4/15/42(a)(b)
.........
1,326
1,329
THPT
Mortgage
Trust
...................................................
Series
2023-THL,
Class
A,
6.99%,
12/10/34(a)(d)(e)
..........................
1,117
1,123
Series
2023-THL,
Class
B,
7.67%,
12/10/34(a)(d)(e)
..........................
700
704
Velocity
Commercial
Capital
Loan
Trust
......................................
Series
2020-1,
Class
AFX,
2.61%,
2/25/50,
Callable
2/25/27
@
100(a)(d)
...........
408
383
Series
2023-1,
Class
A,
6.47%,
1/25/53,
Callable
3/25/29
@
100(a)(d)
.............
312
316
Victory
Portfolios
IV
Victory
Pioneer
Short
Term
Income
Fund
36
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2024-1,
Class
A,
6.55%,
1/25/54,
Callable
4/25/28
@
100(a)(d)
.............
$
505
$
512
Series
2024-2,
Class
A,
6.58%,
4/25/54,
Callable
5/25/30
@
100(a)(d)
.............
643
652
Series
2024-6,
Class
A,
5.81%,
12/25/54,
Callable
4/25/31
@
100(a)(d)
............
1,480
1,487
Series
2025-1,
Class
A,
6.03%,
2/25/55,
Callable
4/25/29
@
100(a)(d)
.............
1,955
1,973
Series
2025-5,
Class
A,
5.32%,
12/25/55,
Callable
9/25/37
@
100(a)(d)
............
2,134
2,123
Series
2026-1,
Class
A,
5.10%,
2/25/56
,
Callable
2/25/29
@
100(a)(d)
.............
1,826
1,807
Wells
Fargo
Commercial
Mortgage
Trust
......................................
Series
2026-1250B,
Class
A,
4.68%,
3/10/41(a)(d)(e)
.........................
1,020
1,009
Series
2026-1250B,
Class
C,
5.41%,
3/10/41(a)(d)(e)
.........................
340
336
Series
2026-1250B,
Class
D,
6.38%,
3/10/41(a)(d)(e)
.........................
170
168
XCAL
Mortgage
Trust,
Series
2019-1,
Class
A
(TSFR1M+386bps),
4/30/27(a)(b)(c)(e)(h)
...
996
70
44,729
Private
CMO
Floating
(3.8%):
Chase
Mortgage
Finance
Corp.,
Series
2021-CL1,
Class
M3,
5.16%
(SOFR30A+155bps),
2/25/50,
Callable
3/25/39
@
100(a)(b)
....................................
930
912
Connecticut
Avenue
Securities
Trust
.........................................
Series
2019-R06,
Class
2B1,
7.48%
(SOFR30A+386bps),
9/25/39
,
Callable
9/25/26
@
100(a)(b)
.........................................................
522
526
Series
2020-R02,
Class
2B1,
6.73%
(SOFR30A+311bps),
1/25/40,
Callable
1/25/27
@
100(a)(b)
.........................................................
920
930
Series
2020-SBT1,
Class
1M2,
7.38%
(SOFR30A+376bps),
2/25/40,
Callable
2/25/27
@
100(a)(b)
.........................................................
1,040
1,060
Series
2022-R02,
Class
2M2,
6.61%
(SOFR30A+300bps),
1/25/42,
Callable
1/25/27
@
100(a)(b)
.........................................................
2,597
2,628
Series
2022-R09,
Class
2B1,
10.36%
(SOFR30A+675bps),
9/25/42,
Callable
9/25/27
@
100(a)(b)
.........................................................
770
821
Series
2022-R09,
Class
2M1,
6.11%
(SOFR30A+250bps),
9/25/42,
Callable
9/25/27
@
100(a)(b)
.........................................................
133
134
Series
2023-R03,
Class
2M1,
6.11%
(SOFR30A+250bps),
4/25/43,
Callable
4/25/28
@
100(a)(b)
.........................................................
190
191
Series
2023-R06,
Class
1M1,
5.31%
(SOFR30A+170bps),
7/25/43,
Callable
7/25/28
@
100(a)(b)
.........................................................
60
60
Series
2024-R01,
Class
1M1,
4.66%
(SOFR30A+105bps),
1/25/44,
Callable
1/25/29
@
100(a)(b)
.........................................................
121
121
Series
2024-R02,
Class
1M1,
4.71%
(SOFR30A+110bps),
2/25/44
,
Callable
2/25/29
@
100(a)(b)
.........................................................
164
164
Series
2024-R03,
Class
2M1,
4.76%
(SOFR30A+115bps),
3/25/44,
Callable
3/25/29
@
100(a)(b)
.........................................................
122
122
Series
2024-R03,
Class
2M2,
5.56%
(SOFR30A+195bps),
3/25/44,
Callable
3/25/29
@
100(a)(b)
.........................................................
490
494
Series
2024-R04,
Class
1A1,
4.61%
(SOFR30A+100bps),
5/25/44,
Callable
5/25/29
@
100(a)(b)
.........................................................
885
887
Series
2024-R05,
Class
2A1,
4.61%
(SOFR30A+100bps),
7/25/44,
Callable
7/25/29
@
100(a)(b)
.........................................................
1,768
1,771
Series
2024-R06,
Class
1A1,
4.76%
(SOFR30A+115bps),
9/25/44,
Callable
9/25/29
@
100(a)(b)
.........................................................
1,032
1,034
Series
2024-R06,
Class
1M2,
5.21%
(SOFR30A+160bps),
9/25/44,
Callable
9/25/29
@
100(a)(b)
.........................................................
724
725
Series
2025-R01,
Class
1A1,
4.56%
(SOFR30A+95bps),
1/25/45,
Callable
1/25/30
@
100(a)(b)
.........................................................
1,070
1,071
Series
2025-R02,
Class
1M1,
4.76%
(SOFR30A+115bps),
2/25/45,
Callable
2/25/30
@
100(a)(b)
.........................................................
342
342
Series
2025-R06,
Class
1A1,
4.51%
(SOFR30A+90
bps),
9/25/45,
Callable
9/25/30
@
100(a)(b)
.........................................................
901
901
Series
2025-R06,
Class
1M1,
4.56%
(SOFR30A+95bps),
9/25/45,
Callable
9/25/30
@
100(a)(b)
.........................................................
783
783
Eagle
Re
Ltd.
..........................................................
Series
2021-2,
Class
M2,
7.86%
(SOFR30A+425bps),
4/25/34
,
Callable
2/25/27
@
100(a)(b)
.........................................................
810
821
Series
2023-1,
Class
M1A,
5.61%
(SOFR30A+200bps),
9/26/33,
Callable
9/25/28
@
100(a)(b)
.........................................................
17
17
Victory
Portfolios
IV
Victory
Pioneer
Short
Term
Income
Fund
37
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2023-1,
Class
M1B,
7.56%
(SOFR30A+395bps),
9/26/33,
Callable
9/25/28
@
100(a)(b)
.........................................................
$
630
$
644
Federal
Home
Loan
Mortgage
Corporation
STACR
REMIC
Trust
....................
Series
2021-DNA5,
Class
M2,
5.26%
(SOFR30A+165bps),
1/25/34(a)(b)
..........
228
228
Series
2021-DNA6,
Class
M2,
5.11%
(SOFR30A+150bps),
10/25/41,
Callable
10/25/26
@
100(a)
(b)
.......................................................
1,840
1,843
Series
2021-DNA7,
Class
M1,
4.46%
(SOFR30A+85bps),
11/25/41,
Callable
11/25/26
@
100(a)(b)
.........................................................
13
13
Series
2021-HQA3,
Class
M2,
5.71%
(SOFR30A+210bps),
9/25/41,
Callable
9/25/26
@
100(a)(b)
.........................................................
1,340
1,344
Series
2022-DNA1,
Class
M2,
6.11%
(SOFR30A+250bps),
1/25/42,
Callable
1/25/27
@
100(a)(b)
.........................................................
1,835
1,850
Series
2022-DNA2,
Class
M2,
7.36%
(SOFR30A+375bps),
2/25/42,
Callable
2/25/27
@
100(a)(b)
.........................................................
1,000
1,018
Series
2022-DNA3,
Class
M2,
7.96%
(SOFR30A+435bps),
4/25/42,
Callable
4/25/27
@
100(a)(b)
.........................................................
1,500
1,542
Series
2022-DNA6,
Class
M1A,
5.76%
(SOFR30A+215bps),
9/25/42,
Callable
9/25/27
@
100(a)(b)
.......................................................
26
26
Series
2023-HQA1,
Class
M1A,
5.61%
(SOFR30A+200bps),
5/25/43,
Callable
5/25/28
@
100(a)(b)
.......................................................
89
90
Series
2023-HQA2,
Class
M1A,
5.61%
(SOFR30A+200bps),
6/25/43,
Callable
6/25/28
@
100(a)(b)
.......................................................
74
74
Series
2024-DNA1,
Class
M1,
4.96%
(SOFR30A+135bps),
2/25/44,
Callable
2/25/29
@
100(a)(b)
.........................................................
170
170
Series
2024-DNA3,
Class
A1,
4.66%
(SOFR30A+105bps),
10/25/44,
Callable
10/25/29
@
100(a)(b)
.......................................................
847
848
Series
2024-HQA2,
Class
A1,
4.86%
(SOFR30A+125bps),
8/25/44,
Callable
8/25/29
@
100
(a)(b)
.........................................................
2,152
2,162
Series
2024-HQA2,
Class
M1,
4.81%
(SOFR30A+120bps),
8/25/44,
Callable
8/25/29
@
100(a)(b)
.........................................................
339
339
Series
2024-HQA2,
Class
M2,
5.41%
(SOFR30A+180bps),
8/25/44,
Callable
8/25/29
@
100(a)(b)
.........................................................
1,220
1,226
Series
2025-DNA1,
Class
A1,
4.56%
(SOFR30A+95bps),
1/25/45,
Callable
1/25/30
@
100(a)(b)
.........................................................
489
490
Series
2025-DNA1,
Class
M1,
4.66%
(SOFR30A+105bps),
1/25/45,
Callable
1/25/30
@
100(a)(b)
.........................................................
920
919
Series
2025-DNA4,
Class
M1,
4.71%
(SOFR30A+110bps),
10/25/45,
Callable
10/25/30
@
100(a)(b)
.......................................................
2,327
2,325
Home
Re
Ltd.
.........................................................
Series
2023-1,
Class
M1B,
8.21%
(SOFR30A+460bps),
10/25/33,
Callable
3/25/28
@
100(a)(b)
.........................................................
176
179
Series
2026-1,
Class
M1B,
5.76%
(SOFR30A+215bps),
1/25/36,
Callable
1/25/28
@
100(a)(b)
.........................................................
1,670
1,673
JP
Morgan
Seasoned
Mortgage
Trust,
Series
2014-1,
Class
AM,
4.20%
(TSFR1M+61bps),
5/25/33,
Callable
6/25/26
@
100(a)(b)
....................................
72
72
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2003-H,
Class
A1,
4.34%
(TSFR1M+75bps),
1/25/29,
Callable
6/25/26
@
100(b)
......................................
31
27
Radnor
Re
Ltd.
........................................................
Series
2021-1,
Class
M2,
6.76%
(SOFR30A+315bps),
12/27/33,
Callable
6/25/26
@
100(a)(b)
.........................................................
152
152
Series
2021-2,
Class
M1B,
7.31%
(SOFR30A+370bps),
11/25/31,
Callable
8/25/27
@
100(a)(b)
.........................................................
193
193
Series
2023-1,
Class
M1A,
6.31%
(SOFR30A+270bps),
7/25/33,
Callable
3/25/28
@
100(a)(b)
.........................................................
24
24
Series
2023-1,
Class
M1B,
7.96%
(SOFR30A+435bps),
7/25/33,
Callable
3/25/28
@
100(a)(b)
.........................................................
460
470
Series
2024-1,
Class
M1B,
6.51%
(SOFR30A+290bps),
9/25/34,
Callable
6/25/27
@
100(a)(b)
.........................................................
227
228
RESI
Finance
LP,
Series
2003-CB1,
Class
B3,
5.20%
(
TSFR1M+156bps),
6/10/35,
Callable
6/10/26
@
102(a)(b)
.................................................
136
116
Victory
Portfolios
IV
Victory
Pioneer
Short
Term
Income
Fund
38
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Triangle
Re
Ltd.,
Series
2023-1,
Class
M1A,
7.01%
(SOFR30A+340bps),
11/25/33,
Callable
5/25/28
@
100(a)(b)
.................................................
$
252
$
253
37,053
Private
CMO
Other
(3.4%):
A&D
Mortgage
Trust
....................................................
Series
2023-NQM2,
Class
M1,
8.28%,
5/25/68,
Callable
6/25/26
@
100(a)(d)
.......
500
498
Series
2024-NQM3,
Class
M1,
6.88%,
7/25/69,
Callable
6/25/27
@
100(a)(d)
.......
1,428
1,441
Bear
Stearns
Mortgage
Securities,
Inc.,
Series
1997-6,
Class
3B1,
4.94%,
6/25/30,
Callable
6/25/26
@
100(d)
...................................................
—(f)
—(f)
Cascade
Funding
Mortgage
Trust,
Series
2025-HB16,
Class
M3,
3.00%,
3/25/35,
Callable
9/25/27
@
100(a)(d)
.................................................
1,440
1,384
CFMT
LLC
...........................................................
Series
2024-HB14,
Class
M1,
3.00%,
6/25/34,
Callable
6/25/27
@
100(a)(d)
........
700
683
Series
2024-HB14,
Class
M2,
3.00%,
6/25/34,
Callable
6/25/27
@
100(a)(d)
........
510
497
Series
2024-HB15,
Class
M3,
4.00%,
8/25/34(a)(d)
..........................
1,140
1,110
CHNGE
Mortgage
Trust,
Series
2022-1,
Class
A1,
4.01%,
1/25/67,
Callable
6/25/26
@
100(a)
(d)
.............................................................
519
498
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2002-10,
Class
2A1,
7.50%,
5/25/32,
Callable
6/25/26
@
100
........................................
68
68
Ellington
Financial
Mortgage
Trust,
Series
2020-1,
Class
A3,
4.00%,
5/25/65,
Callable
6/25/26
@
100(a)(d)
.......................................................
1,000
978
Federal
Home
Loan
Mortgage
Corporation
Seasoned
Credit
Risk
Transfer
Trust
..........
Series
2017-1,
Class
M2,
4.00%,
1/25/56,
Callable
11/25/44
@
100(a)(d)
...........
1,388
1,353
Series
2018-1,
Class
M,
4.75%,
5/25/57,
Callable
8/25/43
@
100(d)
...............
1,312
1,289
Series
2018-4,
Class
M,
4.75%,
3/25/58,
Callable
11/25/51
@
100(a)
..............
2,436
2,394
Series
2019-1,
Class
M,
4.75%,
7/25/58,
Callable
1/25/45
@
100(a)(d)
.............
1,069
1,072
Series
2019-3,
Class
M,
4.75%,
10/25/58
,
Callable
6/25/44
@
100(d)
..............
1,523
1,502
Series
2020-1,
Class
M,
4.25%,
8/25/59,
Callable
8/25/43
@
100(a)(d)
.............
4,405
4,298
Series
2020-2,
Class
M,
4.25%,
11/25/59,
Callable
8/25/48
@
100(a)(d)
............
730
710
Imperial
Fund
Mortgage
Trust,
Series
2021-NQM2,
Class
M1,
2.49%,
9/25/56,
Callable
6/25/26
@
100(a)(d)
.................................................
400
294
IMS
Ecuadorian
Mortgage
Trust,
Series
2021-1,
Class
GA,
3.40%,
8/18/43(a)
...........
219
211
IndyMac
INDX
Mortgage
Loan
Trust,
Series
2004-AR6,
Class
6A1,
5.22%,
10/25/34,
Callable
6/25/26
@
100(d)
...................................................
15
14
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2003-G,
Class
A3,
6.00%,
1/25/29,
Callable
6/25/26
@
100(d)
...................................................
—(f)
1
Oceanview
Mortgage
Loan
Trust,
Series
2020-1,
Class
A3,
3.28%,
5/28/50,
Callable
6/28/26
@
100(a)(d)
.........................................................
450
400
Ocwen
Loan
Investment
Trust
..............................................
Series
2024-HB1,
Class
M2,
3.00%,
2/25/37,
Callable
6/25/26
@
100(a)
...........
480
471
Series
2024-HB1,
Class
M3,
3.00%,
2/25/37,
Callable
6/25/26
@
100(a)
...........
2,000
1,953
Onity
Loan
Investment
Trust,
Series
2024-HB2,
Class
M3,
5.00%,
8/25/37,
Callable
8/25/27
@
100(a)(d)
.........................................................
400
390
PRKCM
Trust,
Series
2023-AFC4,
Class
M1,
7.91%,
11/25/58,
Callable
10/25/26
@
100(a)(d)
3,820
3,842
RMF
Proprietary
Issuance
Trust,
Series
2019-1,
Class
A,
2.75%,
10/25/63(a)(d)
..........
486
470
Saluda
Grade
Alternative
Mortgage
Trust,
Series
2024-RTL5,
Class
A1,
7.76%,
4/25/30,
Callable
9/25/26
@
100(a)(d)(e)
........................................
345
345
Verus
Securitization
Trust,
Series
2024-3,
Class
M1,
6.89%,
4/25/69,
Callable
4/25/27
@
100(a)(d)
.........................................................
3,284
3,315
Visio
Trust,
Series
2019-2,
Class
M1,
3.26%,
11/25/54,
Callable
6/25/26
@
100(a)(d)
......
1,839
1,818
Vista
Point
Securitization
Trust,
Series
2020-2,
Class
A3,
2.50%,
4/25/65,
Callable
6/25/26
@
100(a)(d)
.........................................................
47
46
33,345
Total
Collateralized
Mortgage
Obligations
(Cost
$117,371)
a
a
a
116,460
Senior
Secured
Loans
(0.4%)
Communication
Services
(0.1%):
Lamar
Media
Corp.,
Term
B
Loan,
5.11%
(SOFR01M+150bps),
9/17/32(b)
.............
$
500
502
Level
3
Financing,
Inc.,Term
B-5
Refinancing
Loan,
6.38%
(SOFR01M+275bps),
3/29/32(b)
75
76
578
Victory
Portfolios
IV
Victory
Pioneer
Short
Term
Income
Fund
39
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Consumer
Discretionary
(0.0%):(g)
Hilton
Domestic
Operating
Co.,
Inc.,
Series
B-4
Term
Loan,
5.33%
(SOFR01M+175bps),
11/8/30(b)
........................................................
$
247
$
249
Financials
(0.1%):
Avolon
TLB
Borrower
1
(US)
LLC,
Term
B-6
Loan,
5.35%
(SOFR01M+175bps),
6/24/30(b)
239
240
Eastern
Power
LLC,
Term
Loan,
8.40%
(SOFR01M+475bps),
10/15/65(b)
..............
119
120
Outfront
Media
Capital
LLC,
Term
Loan,
5.36%
(SOFR01M+175bps),
9/16/32(b)
........
214
214
Phoenix
Guarantor,
Inc.,
Tranche
B-5
Term
Loan,
First
Lien,
6.15%
(SOFR01M+250bps),
2/21/31(b)
........................................................
234
235
Virgin
Media
Bristol
LLC,
Facility
Y,
6.97%
(SOFR06M+318bps),
3/31/31(b)
...........
236
213
1,022
Health
Care
(0.1%):
Elanco
Animal
Health,
Inc.,
2025
Refinancing
TLB
Loan,
5.40%
(SOFR01M+175bps),
10/28/32(b)
.......................................................
257
257
Sotera
Health
Holdings
LLC,
2026
Refinancing
Term
Loan,
First
Lien,
5.85%
(SOFR01M+225bps),
5/30/31(b)
........................................
235
235
Upstream
Newco,
Inc.,
December
2025
Extended/Modified
Term
Loan,
First
Lien,
8.19%
(SOFR03M+425bps),
11/20/29(b)
.......................................
241
229
721
Industrials
(0.0%):(g)
Setanta
Aircraft
Leasing
Dac,
New
Loan,
5.45%
(SOFR03M+175bps),
11/6/28(b)
.........
95
95
Materials
(0.1%):
Element
Solutions,
Inc.,
2026
Incremental
Tranche
B-3
Term
Loan,
5.40%
(SOFR01M+175bps),
12/18/30(b)
.......................................
525
528
WireCo
WorldGroup,
Inc.,
2023
Refinancing
Term
Loan,
7.41%
(SOFR03M+375bps),
11/13/28(b)
.......................................................
128
128
656
Real
Estate
(0.0%):(g)
RealPage,
Inc.,
Initial
Term
Loan,
First
Lien,
6.96%
(SOFR03M+300bps),
4/22/28(b)
......
239
232
Total
Senior
Secured
Loans
(Cost
$3,575)
a
a
a
3,553
Corporate
Bonds
(25.7%)
Communication
Services
(0.7%):
Take-Two
Interactive
Software,
Inc.,
3.70%,
4/14/27,
Callable
3/14/27
@
100
............
4,000
3,980
T-Mobile
US,
Inc.,
3.75%,
4/15/27,
Callable
2/15/27
@
100
........................
3,000
2,988
6,968
Consumer
Discretionary
(2.0%):
Daimler
Truck
Finance
North
America
LLC
5.13%,
9/25/27,
Callable
8/25/27
@
100(a)
................................
1,640
1,655
4.95%,
1/13/28,
Callable
12/13/27
@
100(a)
...............................
2,450
2,469
Expedia
Group,
Inc.,
4.63%,
8/1/27,
Callable
5/1/27
@
100
.........................
1,000
1,002
General
Motors
Financial
Co.,
Inc.
5.40%,
5/8/27
.....................................................
3,150
3,182
5.35%,
7/15/27
....................................................
2,800
2,828
Hyatt
Hotels
Corp.,
5.05%,
3/30/28,
Callable
2/29/28
@
100
........................
5,200
5,242
O'Reilly
Automotive,
Inc.,
5.75%,
11/20/26,
Callable
10/20/26
@
100
.................
1,800
1,810
Volkswagen
Group
of
America
Finance
LLC,
4.90%,
8/14/26(a)
.....................
1,815
1,816
20,004
Consumer
Staples
(0.9%):
BAT
Capital
Corp.,
4.70%,
4/2/27,
Callable
2/2/27
@
100
..........................
3,100
3,109
Philip
Morris
International,
Inc.,
4.38%,
11/1/27
.................................
5,800
5,813
8,922
Energy
(1.0%):
Energy
Transfer
LP,
6.05%,
12/1/26,
Callable
11/1/26
@
100
........................
2,100
2,115
MPLX
LP,
4.13%,
3/1/27,
Callable
12/1/26
@
100
...............................
1,800
1,798
ONEOK,
Inc.,
4.25%,
9/24/27,
Callable
8/24/27
@
100
............................
4,000
3,991
Victory
Portfolios
IV
Victory
Pioneer
Short
Term
Income
Fund
40
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Repsol
E&P
Capital
Markets
US
LLC,
4.81%,
9/16/28,
Callable
8/16/28
@
100(a)
........
$
2,000
$
2,004
9,908
Financials
(16.4%):
Ally
Financial,
Inc.
4.75%,
6/9/27,
Callable
5/9/27
@
100
....................................
2,700
2,709
7.10%,
11/15/27,
Callable
10/15/27
@
100
.................................
2,100
2,170
5.74%
(SOFRINDX+196bps),
5/15/29
,
Callable
5/15/28
@
100(b)
...............
3,130
3,179
American
Express
Co.
5.39%
(SOFR+97bps),
7/28/27,
Callable
7/28/26
@
100(b)
.....................
1,075
1,077
5.04%
(SOFR+93bps),
7/26/28,
Callable
7/26/27
@
100(b)
.....................
3,000
3,023
4.44%
(SOFR+81bps)
,
5/3/30,
Callable
5/3/29
@
100(b)
.......................
3,120
3,109
American
Honda
Finance
Corp.
4.45%,
10/22/27
....................................................
2,500
2,500
4.25%,
9/1/28
.....................................................
1,245
1,238
Athene
Global
Funding
5.52%,
3/25/27(a)
..................................................
1,300
1,311
5.35%,
7/9/27(a)
...................................................
1,230
1,237
Aviation
Capital
Group
LLC,
4.25%,
4/30/29,
Callable
3/30/29
@
100(a)
...............
4,700
4,627
Bank
of
America
Corp.
4.25%,
10/22/26,
MTN
...............................................
2,050
2,051
5.93%
(SOFR+134bps),
9/15/27,
Callable
9/15/26
@
100
(b)
....................
900
904
4.98%
(SOFR+83bps),
1/24/29,
Callable
1/24/28
@
100(b)
.....................
4,900
4,939
Brown
&
Brown,
Inc.,
4.70%,
6/23/28,
Callable
5/23/28
@
100
......................
3,800
3,808
Capital
One
Financial
Corp.
7.15%
(SOFR+244bps),
10/29/27,
Callable
10/29/26
@
100(b)
..................
1,100
1,112
4.93%
(SOFR+206bps),
5/10/28,
Callable
5/10/27
@
100(b)
....................
1,800
1,807
Citigroup,
Inc.
3.89%
(TSFR3M+182bps),
1/10/28,
Callable
1/10/27
@
100(b)
..................
2,200
2,193
4.64%
(
SOFR+114bps),
5/7/28,
Callable
5/7/27
@
100(b)
......................
3,195
3,202
4.79%
(SOFR+87bps),
3/4/29,
Callable
3/4/28
@
100(b)
.......................
5,700
5,726
Citizens
Bank
NA
4.58%
(SOFR+200bps),
8/9/28,
Callable
8/9/27
@
100(b)
......................
5,100
5,104
4.19%
(SOFR+70bps),
1/29/29,
Callable
1/29/28
@
100(b)
.....................
2,320
2,304
CNO
Global
Funding
5.88%,
6/4/27(a)
...................................................
3,100
3,141
4.88%,
12/10/27(a)
..................................................
1,005
1,006
Fidelity
National
Information
Services,
Inc.,
4.45%,
3/10/28
........................
2,720
2,713
Fifth
Third
Bank
NA,
4.97%
(SOFR+81bps),
1/28/28,
Callable
1/28/27
@
100(b)
.........
1,960
1,966
Fortitude
Global
Funding,
4.63%,
10/6/28(a)
...................................
5,000
4,952
Goldman
Sachs
Bank
USA,
4.66%
(SOFR+72bps),
6/3/29,
Callable
6/3/28
@
100(b)
......
2,130
2,133
HOA
Funding
LLC
8/20/51(i)
........................................................
900
—
8/20/51(i)
........................................................
900
—
HOA
NewCo
LLC,
11/22/55,
Callable
7/3/26
@
100(a)(c)(h)
.......................
908
22
Hyundai
Capital
America
5.30%,
3/19/27(a)
..................................................
1,000
1,008
5.28%,
6/24/27(a)
..................................................
1,200
1,210
4.30%,
9/24/27(a)
..................................................
1,600
1,596
Jefferies
Financial
Group,
Inc.
4.85%,
1/15/27
....................................................
2,100
2,106
4.30%,
2/11/27
,
Callable
8/11/26
@
100,
MTN
..............................
1,100
1,099
6.45%,
6/8/27
.....................................................
1,490
1,518
JP
Morgan
Chase
&
Co.
5.04%
(SOFR+119bps),
1/23/28,
Callable
1/23/27
@
100(b)
....................
500
502
4.98%
(SOFR+93bps),
7/22/28,
Callable
7/22/27
@
100(b)
.....................
1,255
1,264
4.49%
(SOFR+86bps),
10/22/28,
Callable
10/22/27
@
100(b)
...................
3,400
3,414
4.92%
(SOFR+80bps),
1/24/29,
Callable
1/24/28
@
100(b)
.....................
3,670
3,697
JP
Morgan
Chase
Bank
NA,
5.11%,
12/8/26,
Callable
11/8/26
@
100
..................
1,130
1,135
Lincoln
Financial
Global
Funding,
4.20%,
1/12/29(a)
.............................
1,285
1,268
LPL
Holdings,
Inc.,
5.70%,
5/20/27,
Callable
4/20/27
@
100
........................
1,590
1,608
Lseg
US
Fin
Corp.,
4.88%,
3/28/27,
Callable
2/28/27
@
100(a)
......................
2,700
2,714
Met
Tower
Global
Funding,
4.85%,
1/16/27(a)
..................................
1,900
1,908
Victory
Portfolios
IV
Victory
Pioneer
Short
Term
Income
Fund
41
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Metropolitan
Life
Global
Funding
I
5.05%,
6/11/27(a)
...................................................
$
2,000
$
2,020
3.30%,
3/21/29(a)
..................................................
1,040
1,006
Morgan
Stanley,
4.66%
(SOFR+102bps),
4/13/28
,
Callable
4/13/27
@
100(b)
............
3,500
3,511
Morgan
Stanley
Bank
NA
4.95%
(SOFR+108bps),
1/14/28,
Callable
1/14/27
@
100(b)
....................
1,400
1,406
4.51%
(SOFR+87bps),
5/26/28,
Callable
5/26/27
@
100(b)
.....................
1,000
1,002
5.50%
(SOFR+87
bps),
5/26/28,
Callable
5/26/27
@
100(b)
.....................
2,780
2,810
4.97%
(SOFR+93bps),
7/14/28,
Callable
7/14/27
@
100(b)
.....................
1,000
1,006
5.02%
(SOFR+91bps),
1/12/29,
Callable
1/12/28
@
100(b)
.....................
2,500
2,520
Pricoa
Global
Funding
I,
5.55%,
8/28/26(a)
....................................
1,000
1,003
Principal
Life
Global
Funding
II,
5.00%,
1/16/27(a)
..............................
2,400
2,412
Protective
Life
Global
Funding,
4.16%,
1/15/29(a)
...............................
4,880
4,814
Regions
Bank,
4.76%
(SOFR+81bps),
7/27/29,
Callable
7/27/28
@
100(b)
..............
1,805
1,811
Santander
Holdings
USA,
Inc.
6.12%
(SOFR+123bps),
5/31/27(b)
......................................
1,560
1,560
2.49%
(SOFR+125bps),
1/6/28,
Callable
1/6/27
@
100(b)
......................
1,610
1,591
The
Charles
Schwab
Corp.,
4.74%
(SOFR+78bps),
5/21/30,
Callable
5/21/29
@
100(b)
.....
1,190
1,196
The
PNC
Financial
Services
Group,
Inc.
5.10%
(SOFR+80bps),
7/23/27,
Callable
7/23/26
@
100(b)
.....................
3,700
3,703
5.30%
(SOFR+134bps),
1/21/28,
Callable
1/21/27
@
100(b)
....................
400
402
Toyota
Motor
Credit
Corp.,
4.55%,
8/7/26
.....................................
1,315
1,316
Truist
Bank,
4.14%
(SOFR+66bps),
1/27/29,
Callable
1/27/28
@
100(b)
...............
4,680
4,653
Truist
Financial
Corp.,
6.05%
(SOFR+205
bps),
6/8/27,
Callable
6/8/26
@
100,
MTN(b)
....
2,800
2,801
U.S.
Bancorp,
6.79%
(SOFR+188bps),
10/26/27,
Callable
10/26/26
@
100(b)
...........
3,300
3,331
U.S.
Bank
NA
4.73%
(SOFR+91bps),
5/15/28,
Callable
5/14/27
@
100(b)
.....................
3,150
3,160
4.54%
(SOFR+67bps),
5/20/29,
Callable
5/19/28
@
100(b)
.....................
3,030
3,031
Wells
Fargo
&
Co.
4.70%
(SOFR+107bps),
4/22/28,
Callable
4/22/27
@
100(b)
....................
1,390
1,396
5.57%
(SOFR+174bps),
7/25/29,
Callable
7/25/28
@
100(b)
....................
3,800
3,875
Wells
Fargo
Bank
NA
5.45%,
8/7/26,
Callable
7/7/26
@
100
....................................
1,600
1,602
5.25%,
12/11/26,
Callable
11/10/26
@
100
.................................
900
905
161,153
Industrials
(1.5%):
AGCO
Corp.,
5.45%,
3/21/27
,
Callable
2/21/27
@
100
............................
2,600
2,621
Broadridge
Financial
Solutions,
Inc.,
3.40%,
6/27/26
.............................
1,677
1,676
Delta
Air
Lines,
Inc.,
4.95%,
7/10/28,
Callable
6/10/28
@
100
.......................
2,880
2,894
Honeywell
Aerospace,
Inc.,
4.00%,
3/16/29,
Callable
2/16/29
@
100(a)
................
1,290
1,275
Owens
Corning,
3.40%,
8/15/26,
Callable
7/3/26
@
100
...........................
1,800
1,796
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.,
5.35%,
1/12/27,
Callable
12/12/26
@
100(a)
390
392
Sumisho
Air
Lease
Corp.
3.75%,
6/1/26
.....................................................
1,600
1,600
5.30%,
6/25/26
....................................................
1,130
1,131
The
Boeing
Co.,
6.26%,
5/1/27,
Callable
4/1/27
@
100
............................
1,000
1,016
14,401
Information
Technology
(1.1%):
CDW
LLC/CDW
Finance
Corp.,
2.67%,
12/1/26,
Callable
11/1/26
@
100
..............
1,750
1,735
Dell,
Inc.,
7.10%,
4/15/28
.................................................
1,595
1,674
Microchip
Technology,
Inc.,
4.90%,
3/15/28
....................................
2,450
2,465
Oracle
Corp.,
4.55%,
2/4/29,
Callable
1/4/29
@
100
..............................
4,400
4,356
10,230
Materials
(0.1%):
Georgia-Pacific
LLC,
4.40%,
5/15/29,
Callable
4/15/29
@
100(a)
....................
895
892
Utilities
(2.0%):
Ameren
Corp.,
5.70%,
12/1/26,
Callable
11/1/26
@
100
...........................
1,750
1,761
DTE
Energy
Co.,
4.95%,
7/1/27,
Callable
6/1/27
@
100
...........................
3,600
3,624
Monongahela
Power
Co.,
4.45%,
8/15/29,
Callable
7/15/29
@
100(a)
..................
1,595
1,592
NextEra
Energy
Capital
Holdings,
Inc.,
4.69%,
9/1/27
.............................
2,400
2,411
The
Brooklyn
Union
Gas
Co.,
4.63%,
8/5/27,
Callable
7/5/27
@
100(a)
................
3,000
3,000
Victory
Portfolios
IV
Victory
Pioneer
Short
Term
Income
Fund
42
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Vistra
Operations
Co.
LLC
5.05%,
12/30/26(a)
..................................................
$
1,500
$
1,504
3.70%,
1/30/27,
Callable
11/30/26
@
100(a)
................................
4,935
4,910
WEC
Energy
Group,
Inc.,
5.60%,
9/12/26,
Callable
8/12/26
@
100
...................
869
872
19,674
Total
Corporate
Bonds
(Cost
$251,447)
a
a
a
252,152
Insurance-Linked
Securities
(0.0%)(g)
Event
Linked
Bonds
(0.0%):(g)
Multiperil
-
U.S.
Regional
-
(0.0%):(g)
Long
Point
Re
IV,
4.03%
(BRMMUSDF+50bps),
6/1/26(b)(j)(k)
.....................
250
250
Wind
Storm
-
Florida
-
(0.0%):(g)
Integrity
Re,
3.99%
(FHMMUSTF+50bps),
6/6/30(b)(j)(k)
.........................
138
78
328
Reinsurance
Sidecars
(0.0%):(g)
Multiperil
-
Worldwide
-
(0.0%):(g)
Alturas
Re,
2022-2,
1.25%,
12/31/27(h)(j)
(k)(l)
.................................
185
4
Thopas
Re
12/31/26(h)(j)(k)(l)
.................................................
250
4
12/31/26(h)(j)(k)(l)
.................................................
500
2
12/31/27(h)(j)(k)(l)
.................................................
250
2
12
Total
Insurance-Linked
Securities
(Cost
$388)
a
a
a
340
Yankee
Dollars
(10.8%)
Communication
Services
(0.4%):
NBN
Co.
Ltd.,
4.00%,
10/1/27,
Callable
9/1/27
@
100(a)
..........................
4,200
4,177
Consumer
Discretionary
(0.5%):
Royal
Caribbean
Cruises
Ltd.,
5.50%,
4/1/28,
Callable
10/1/27
@
100(a)
...............
5,000
5,057
Consumer
Staples
(0.3%):
Alimentation
Couche-Tard,
Inc.,
3.55%,
7/26/27,
Callable
4/26/27
@
100(a)
.............
3,200
3,170
Energy
(0.2%):
Saudi
Arabian
Oil
Co.,
4.00%,
2/2/29,
Callable
1/2/29
@
100(a)
.....................
1,555
1,533
Financials
(7.4%):
ABN
AMRO
Bank
NV,
6.34%
(H15T1Y+165bps),
9/18/27,
Callable
9/18/26
@
100(a)(b)
...
1,300
1,307
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
6.10%,
1/15/27,
Callable
12/15/26
@
100
.................................
2,300
2,322
4.13%,
2/28/29,
Callable
1/28/29
@
100
..................................
3,000
2,960
Banco
Santander
SA,
4.60%,
4/15/29
.........................................
2,600
2,591
Bank
of
Montreal,
4.57%
(SOFR+88bps),
9/10/27,
Callable
9/10/26
@
100(b)
...........
4,400
4,402
Banque
Federative
du
Credit
Mutuel
SA,
4.70%
(SOFRINDX+107bps),
2/16/28(a)(b)
......
2,450
2,464
Barclays
PLC
6.50%
(SOFR+188bps),
9/13/27
,
Callable
9/13/26
@
100(b)
....................
1,600
1,609
4.84%
(SOFR+134bps),
9/10/28,
Callable
9/10/27
@
100(b)
....................
2,900
2,910
5.09%
(SOFR+96bps),
2/25/29,
Callable
2/25/28
@
100(b)
.....................
1,900
1,915
CaixaBank
SA,
6.68%
(SOFR+208bps),
9/13/27,
Callable
9/13/26
@
100(a)(b)
..........
3,000
3,018
Canadian
Imperial
Bank
of
Commerce
5.24%,
6/28/27
....................................................
3,300
3,337
4.51%
(SOFR+93bps),
9/11/27,
Callable
9/11/26
@
100(b)
.....................
2,000
2,001
HSBC
Holdings
PLC
5.21%
(
SOFR+261bps),
8/11/28,
Callable
8/11/27
@
100(b)
....................
1,500
1,512
5.13%
(SOFR+104bps),
11/19/28,
Callable
11/19/27
@
100(b)
..................
2,300
2,317
Hyundai
Capital
Services,
Inc.,
5.13%,
2/5/27(a)
................................
550
552
ING
Groep
NV,
6.08%
(SOFR+156
bps),
9/11/27,
Callable
9/11/26
@
100(b)
............
2,500
2,511
Victory
Portfolios
IV
Victory
Pioneer
Short
Term
Income
Fund
43
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Lloyds
Banking
Group
PLC
5.99%
(H15T1Y+148bps),
8/7/27,
Callable
8/7/26
@
100(b)
....................
$
2,030
$
2,036
5.46%
(H15T1Y+138bps),
1/5/28,
Callable
1/5/27
@
100(b)
....................
1,380
1,389
5.09%
(H15T1Y+85bps),
11/26/28,
Callable
11/26/27
@
100(b)
.................
2,000
2,018
Macquarie
Bank
Ltd.,
5.39%,
12/7/26(a)
......................................
1,340
1,348
Mitsubishi
UFJ
Financial
Group,
Inc.,
5.02%
(H15T1Y+195bps),
7/20/28,
Callable
7/20/27
@
100(b)
...........................................................
2,800
2,818
National
Bank
of
Canada
5.60%
(SOFR+104bps),
7/2/27,
Callable
7/2/26
@
100(b)
......................
4,100
4,104
4.17%
(SOFRINDX+76bps),
1/20/29,
Callable
1/20/28
@
100(b)
................
1,820
1,812
NatWest
Group
PLC,
4.89%
(SOFR+125bps),
3/1/28,
Callable
3/1/27
@
100(b)
..........
1,000
1,005
Nomura
Holdings,
Inc.,
5.59%,
7/2/27
........................................
3,300
3,336
Royal
Bank
of
Canada,
4.51%
(SOFRINDX+72bps),
10/18/27,
Callable
10/18/26
@
100(b)
.
2,800
2,802
Standard
Chartered
PLC,
5.69%
(H15T1Y+105bps),
5/14/28,
Callable
5/14/27
@
100(a)(b)
.
1,225
1,238
Sumitomo
Mitsui
Financial
Group,
Inc.,
4.11%,
1/15/29
...........................
3,420
3,388
Swedbank
AB,
6.14%,
9/12/26(a)
...........................................
1,800
1,810
The
Toronto-Dominion
Bank
5.53%,
7/17/26
....................................................
2,100
2,104
4.57%,
6/2/28
.....................................................
4,000
4,012
72,948
Industrials
(0.7%):
Element
Fleet
Management
Corp.
5.64%,
3/13/27,
Callable
2/13/27
@
100(a)
................................
3,215
3,242
4.80%,
5/29/29,
Callable
4/29/29
@
100(a)
................................
610
611
LG
Energy
Solution
Ltd.,
5.25%,
4/2/28(a)
.....................................
3,200
3,225
7,078
Information
Technology
(0.8%):
NXP
BV/NXP
Funding
LLC/NXP
USA,
Inc.,
4.30%,
8/19/28,
Callable
7/19/28
@
100
.....
5,050
5,030
SK
hynix,
Inc.,
6.38%,
1/17/28(a)
...........................................
3,000
3,093
8,123
Materials
(0.1%):
Anglo
American
Capital
PLC,
4.75%,
4/10/27(a)
................................
1,303
1,307
Sovereign
Bond
(0.3%):
Saudi
Government
International
Bond,
3.63%,
3/4/28(a)
...........................
2,600
2,563
Utilities
(0.1%):
Algonquin
Power
&
Utilities
Corp.,
5.37%,
6/15/26(m)
............................
500
500
Total
Yankee
Dollars
(Cost
$106,191)
a
a
a
106,456
U.S.
Government
Agency
Mortgages
(5.3%)
Federal
Home
Loan
Mortgage
Corporation
6.42%
(H15T1Y+236bps),
1/1/28(b)
.....................................
—(f)
–
(f)
6.23%
(H15T1Y+225bps),
11/1/31(b)
....................................
1
1
5.00%,
3/1/44
.....................................................
6
6
6.00%,
8/1/53
-
9/1/54
...............................................
3,047
3,142
6.50%,
7/1/54
-
12/1/55
..............................................
8,323
8,759
11,908
Federal
National
Mortgage
Association
5.96%
(H15T1Y+246bps),
4/1/28(b)
.....................................
1
1
6.50%,
4/1/29
-
6/1/54
...............................................
5,704
5,947
5.50%,
1/1/30
-
10/1/54
..............................................
3,895
3,950
7.00%,
1/1/36
.....................................................
6
7
6.47%
(RFUCCT1Y+176bps),
7/1/36(b)
..................................
5
5
4.66%
(ECOFC+193bps),
12/1/36(b)
.....................................
3
3
6.00%,
4/1/38
-
10/1/54
..............................................
4,095
4,193
3.00%,
3/1/47
.....................................................
60
55
14,161
Federal
National
Mortgage
Association,
TBA
5.50%,
1/25/30
-
2/2/33
..............................................
7,000
7,033
5.00%,
7/5/34
.....................................................
5,900
5,797
Victory
Portfolios
IV
Victory
Pioneer
Short
Term
Income
Fund
44
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
3.50%,
2/6/35
.....................................................
$
4,100
$
3,724
3.00%,
3/31/35
....................................................
4,300
3,755
20,309
Government
National
Mortgage
Association
6.50%,
5/15/31
-
10/15/37
.............................................
13
13
6.00%,
12/15/31
-
11/15/36
............................................
35
35
48
Government
National
Mortgage
Association,
TBA
6.50%,
11/21/28
....................................................
2,200
2,291
6.00%,
9/9/29
.....................................................
3,100
3,158
5,449
Total
U.S.
Government
Agency
Mortgages
(Cost
$51,625)
a
a
a
51,875
U.S.
Treasury
Obligations
(2.9%)
U.S.
Treasury
Bonds,
6.38%,
8/15/27
.........................................
7,000
7,201
U.S.
Treasury
Notes,
4.13%,
1/31/27
.........................................
21,000
21,042
Total
U.S.
Treasury
Obligations
(Cost
$28,141)
a
a
a
28,243
Commercial
Paper
(4.5%)
Energy
(1.7%):
Canadian
Natural
Resources
Ltd.,
7.90%,
6/2/26(a)(n)
.............................
5,000
4,998
Kinder
Morgan,
Inc.,
12.32%,
6/1/26(a)(n)
.....................................
6,000
5,998
Targa
Resources
Corp.,
11.95%,
6/1/26(a)(n)
...................................
6,000
5,998
16,994
Health
Care
(0.4%):
HCA,
Inc.,
12.33%,
6/1/26(a)(n)
............................................
4,000
3,999
Industrials
(0.5%):
Fiserv,
Inc.,
11.74%,
6/1/26(a)(n)
............................................
4,800
4,798
Real
Estate
(0.5%):
Realty
Income
Corp.,
11.68%,
6/1/26(a)(n)
.....................................
4,800
4,798
Utilities
(1.4%):
Duke
Energy
Corp.,
11.26%,
6/1/26(a)(n)
......................................
6,000
5,998
NGPL
Pipeco
LLC,
12.42%,
6/1/26(a)(n)
......................................
2,650
2,649
Wisconsin
Electric
Power
Co.,
7.53%,
6/2/26(a)(n)
...............................
5,000
4,998
13,645
Total
Commercial
Paper
(Cost
$44,249)
a
a
a
44,234
Total
Investments
(Cost
$1,006,116)
—
101.6%
997,202
Liabilities
in
excess
of
other
assets
—  (1.6)%
(15,269)
NET
ASSETS
-
100.00%
$
981,933
At
May
31,
2026,
the
Fund's
investments
in
foreign
securities
were
16.6%
of
net
assets.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2026,
the
fair
value
of
these
securities
was
$638,070
(thousands)
and
amounted
to
65.0%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
May
31,
2026.
(c)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(d)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
May
31,
2026.
(e)
Security
is
interest
only.
(f)
Rounds
to
less
than
$1
thousand.
(g)
Amount
represents
less
than
0.05%
of
net
assets.
(h)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
May
31,
2026.
(i)
Zero-coupon
bond.
(j)
Non-income
producing
security.
Victory
Portfolios
IV
Victory
Pioneer
Short
Term
Income
Fund
45
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Name
Acquisition
Date
Cost
Value
Alturas
Re,
2022-2
..................................................
1/18/2022
—
$
4
Integrity
Re
.......................................................
5/9/2022
138
78
Long
Point
Re
IV
...................................................
5/13/2022
250
250
Thopas
Re,
2020
...................................................
12/30/2019
—
2
Thopas
Re,
2021
...................................................
1/22/2021
—
4
Thopas
Re,
2022
...................................................
2/15/2022
—
2
Total
(0.0%
of
net
assets)
$388
$340
(k)
The
following
table
details
the
earliest
acquisition
date,
cost,
and
market
value
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
May
31,
2026
(amounts
in
thousands):
(l)
Issued
as
preference
shares.
(m)
Stepped
coupon
security
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
(n)
Rate
represents
the
effective
yield
at
May
31,
2026.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
BRMMUSDF
—
BlackRock
Liquidity
Fund
Treasury
Trust
Fund
Portfolio
Fund
Yield
CLO
—
Collateralized
Loan
Obligations
CMO
—
Collateralized
Mortgage
Obligations
ECOFC
—
Enterprise
11th
District
COFI
Replacement
Index
FHMMUSTF
—
Federated
Hermes
US
Treasury
Cash
Reserves
Fund
Yield
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
May
31,
2026.
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
PRIME
—
US
Prime
rate,
rate
disclosed
as
of
May
31,
2026.
REMIC
—
Real
Estate
Mortgage
Investment
Conduits
RFUCCT1Y
—
Refinitiv
USD
Interbank
Offered
Rate
Customer
Cash
Fallbacks
Term
1
Year,
rate
disclosed
as
of
May
31,
2026
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of
May
31,
2026.
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
May
31,
2026.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
May
31,
2026.
SOFR06M
—
6
Month
SOFR,
rate
disclosed
as
of
May
31,
2026.
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
May
31,
2026.
STACR
—
Structured
Agency
Credit
Risk
STRIPS
—
Separately
Trading  Registered
Interest
and
Principal
Securities
TBA
—
To
Be
Announced
Securities
TSFR1M
—
1
Month
Term
SOFR,
rate
disclosed
as
of
May
31,
2026.
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
May
31,
2026.
TBA
Sales
Commitments
Security
Description
Principal
Amount
(000)
Value
(000)
TBA
Sales
Commitments
-
(2.20%)
Collateralized
Mortgage
Obligations
—  (2.20%)
Federal
National
Mortgage
Association
6.00%
,
5/4/31
....................................................
$
(6,600)
$
(6,728)
6.50%
,
9/1/29
....................................................
(7,050)
(7,328)
6.50%
,
4/28/30
....................................................
(6,900)
(7,156)
Total
TBA
Sales
Commitments
(Proceeds  $21,181)
$(21,212)
Victory
Portfolios
IV
Victory
Pioneer
Short
Term
Income
Fund
46
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
2-Year
U.S.
Treasury
Note
Futures
.......
2,225
9/30/26
$
459,120
$
459,602
$
482
Futures
Contracts
Sold
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
10-Year
U.S.
Treasury
Note
Futures
......
40
9/21/26
$
4,371
$
4,393
$
(22)
10-Year
U.S.
Ultra
Futures
............
93
9/21/26
10,345
10,423
(78)
$
(100)
Total
unrealized
appreciation
$
482
Total
unrealized
depreciation
(100)
Total
net
unrealized
appreciation
(depreciation)
$
382