Schedule
of
Portfolio
Investments
June
30,
2026
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
1
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(19.0%)
ABS
Auto
(3.2%):
ACM
Auto
Trust,
Series
2025-1A,
Class
A,
5.38%,
6/20/29,
Callable
12/20/26
@
100(a)
....
$
999
$
997
Alloya
Auto
Receivables
Trust,
Series
2025-1A,
Class
A2,
4.78%,
10/25/27(a)
...........
1,080
1,080
Ally
Bank
Auto
Credit-Linked
Notes,
Series
2025-B,
Class
E,
6.16%,
9/15/33,
Callable
10/15/28
@
100(a)
..................................................
2,750
2,746
American
Credit
Acceptance
Receivables
Trust
.................................
Series
2023-3,
Class
D,
6.82%,
10/12/29,
Callable
6/12/27
@
100(a)
..............
13,010
13,177
Series
2023-4,
Class
C,
6.99%,
9/12/30,
Callable
8/12/27
@
100(a)
...............
959
962
Series
2026-1,
Class
A,
4.16%,
7/12/29,
Callable
5/12/29
@
100(a)
...............
9,743
9,731
American
Heritage
Auto
Receivables
Trust,
Series
2024-1A,
Class
A2,
4.83%,
3/15/28(a)
...
302
302
Arivo
Acceptance
Auto
Loan
Receivables
Trust
.................................
Series
2024-1A,
Class
A,
6.46%,
4/17/28(a)
................................
536
537
Series
2025-1A,
Class
A2,
4.92%,
5/15/29(a)
...............................
4,185
4,192
Avid
Automobile
Receivables
Trust,
Series
2021-1,
Class
F,
5.16%,
10/16/28,
Callable
7/15/26
@
100(a)
.........................................................
1,408
1,347
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2021-2A,
Class
D,
4.08%,
2/20/28,
Callable
2/20/27
@
100(a)
..............
3,285
3,260
Series
2023-2A,
Class
D,
7.26%,
10/20/27(a)
...............................
3,833
3,844
Series
2023-3A,
Class
D,
7.32%,
2/20/28(a)
................................
2,720
2,736
Series
2023-4A,
Class
D,
7.31%,
6/20/29(a)
................................
6,240
6,311
Bayview
Opportunity
Master
Fund
Trust,
Series
2024-CAR1F,
Class
A,
6.97%,
7/29/32,
Callable
11/28/26
@
100(a)
...........................................
1,604
1,606
Bayview
Opportunity
Master
Fund
VII
LLC
....................................
Series
2024-CAR1,
Class
A,
4.73%
(SOFR30A+110bps),
12/26/31,
Callable
6/25/27
@
100(a)(b)
.........................................................
2,284
2,292
Series
2024-CAR1,
Class
C,
5.13%
(SOFR30A+150bps),
12/26/31,
Callable
6/25/27
@
100(a)(b)
.........................................................
537
539
BOF
URSA
VI
Funding
Trust
I,
Series
2023-CAR1,
Class
A2,
5.54%,
10/27/31,
Callable
5/25/27
@
100(a)
...................................................
240
241
BOF
VII
Al
Funding
Trust
I,
Series
2023-CAR3,
Class
A2,
6.29%,
7/26/32
,
Callable
9/25/27
@
100(a)
.........................................................
2,378
2,406
Carvana
Auto
Receivables
Trust,
Series
2022-N1,
Class
D,
4.13%,
12/11/28,
Callable
2/10/28
@
100(a)
.........................................................
730
724
Chesapeake
Funding
II
LLC
...............................................
Series
2023-2A,
Class
A1,
6.16%,
10/15/35
,
Callable
8/15/26
@
100(a)
............
839
841
Series
2023-2A,
Class
A2,
4.69%
(SOFR30A+110bps),
10/15/35,
Callable
8/15/26
@
100(a)(b)
.........................................................
1,268
1,268
Series
2024-1A,
Class
A2,
4.36%
(SOFR30A+77bps),
5/15/36,
Callable
4/15/27
@
100(a)(b)
.........................................................
989
990
Drive
Auto
Receivables
Trust,
Series
2025-1,
Class
A2,
4.87%,
8/15/28
................
86
86
Exeter
Automobile
Receivables
Trust
.........................................
Series
2022-1A,
Class
E,
5.02%,
10/15/29,
Callable
7/15/27
@
100(a)
.............
24,300
24,137
Series
2022-6A,
Class
D,
8.03%,
4/6/29,
Callable
3/15/28
@
100
.................
1,246
1,262
FCCU
Auto
Receivables
Trust,
Series
2025-1A,
Class
A3,
4.85%,
6/17/30,
Callable
12/15/28
@
100(a)
.........................................................
10,000
10,023
FHF
Issuer
Trust
.......................................................
Series
2023-2A,
Class
A2,
6.79%,
10/15/29,
Callable
12/15/27
@
100(a)
...........
874
879
Series
2024-3A,
Class
B,
5.04%,
2/17/31,
Callable
2/15/28
@
100(a)
..............
2,250
2,190
Series
2026-1A,
Class
A2,
5.41%,
9/16/30,
Callable
2/15/30
@
100(a)
.............
10,000
10,035
FHF
Trust,
Series
2023-1A,
Class
A2,
6.57%,
6/15/28,
Callable
9/15/26
@
100(a)
.........
228
228
GLS
Auto
Receivables
Issuer
Trust
..........................................
Series
2022-3A,
Class
D,
6.42%,
6/15/28,
Callable
12/15/27
@
100(a)
.............
2,251
2,265
Series
2023-1A,
Class
E,
11.42%,
3/15/30,
Callable
3/15/28
@
100(a)
.............
5,540
5,906
Series
2023-4A,
Class
C,
6.65%,
8/15/29,
Callable
12/15/28
@
100(a)
.............
2,364
2,378
GLS
Auto
Select
Receivables
Trust
..........................................
Series
2024-1A,
Class
D,
6.43%
,
1/15/31,
Callable
1/15/29
@
100(a)
..............
1,935
1,986
Series
2025-1A,
Class
A2,
4.71%,
4/15/30,
Callable
7/15/29
@
100(a)
.............
4,756
4,765
Huntington
Bank
Auto
Credit-Linked
Notes
....................................
Series
2024-2,
Class
C,
6.21%
(SOFR30A+260bps),
10/20/32,
Callable
5/20/28
@
100(a)
(b)
.............................................................
2,676
2,683
Series
2025-1,
Class
B,
4.96%,
3/21/33,
Callable
1/20/29
@
100(a)
...............
6,333
6,334
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
2
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Lendbuzz
Securitization
Trust
..............................................
Series
2023-3A,
Class
A2,
7.50%,
12/15/28,
Callable
12/15/27
@
100(a)
...........
$
2,557
$
2,590
Series
2024-1A,
Class
A2,
6.19%,
8/15/29,
Callable
2/15/28
@
100(a)
.............
2,108
2,114
Series
2024-2A,
Class
A2,
5.99%,
5/15/29,
Callable
6/15/28
@
100(a)
.............
2,700
2,713
Series
2025-1A,
Class
A2,
5.10%,
10/15/30,
Callable
5/15/28
@
100(a)
............
5,279
5,283
Lobel
Automobile
Receivables
Trust,
Series
2025-1,
Class
A,
5.06%,
11/15/27(a)
.........
121
121
Merchants
Fleet
Funding
LLC
..............................................
Series
2023-1A,
Class
A,
7.21%,
5/20/36
,
Callable
8/20/26
@
100(a)
..............
1,689
1,694
Series
2025-1A,
Class
A,
4.49%,
1/20/39,
Callable
3/20/29
@
100(a)
..............
4,200
4,194
NextGear
Floorplan
Master
Owner
Trust,
Series
2024-2A,
Class
A1,
4.47%
(SOFR30A+88bps),
9/15/29(a)(b)
.......................................
9,280
9,324
Oscar
US
Funding
XVII
LLC,
Series
2024-2A,
Class
A2,
4.63%,
12/10/27(a)
............
414
414
Prestige
Auto
Receivables
Trust,
Series
2021-1A,
Class
E,
3.47%,
3/15/29,
Callable
9/15/26
@
100(a)
...........................................................
3,240
3,220
Research-Driven
Pagaya
Motor
Asset
Trust,
Series
2026-3A,
Class
A2,
4.85%,
3/26/35,
Callable
5/25/28
@
100(a)
............................................
8,500
8,490
SAFCO
Auto
Receivables
Trust
............................................
Series
2025-1A,
Class
A,
5.46%,
9/10/29,
Callable
12/10/27
@
100(a)
.............
2,846
2,840
Series
2025-1A,
Class
B,
5.63%,
10/10/30,
Callable
12/10/27
@
100(a)
............
2,000
1,981
Santander
Bank
Auto
Credit-Linked
Notes,
Series
2024-B,
Class
E,
6.80%,
1/18/33,
Callable
2/15/29
@
100(a)
...................................................
3,609
3,643
SCCU
Auto
Receivables
Trust,
Series
2025-1A,
Class
A2,
4.67%,
11/15/28(a)
...........
5,799
5,805
Securitized
Term
Auto
Receivables
Trust,
Series
2025-A,
Class
B,
5.04%,
7/25/31,
Callable
2/25/28
@
100(a)
...................................................
1,406
1,414
Tricolor
Auto
Securitization
Trust
...........................................
Series
2022-1A,
Class
E,
7.79%,
8/16/27,
Callable
7/15/26
@
100(a)(c)
............
987
757
Series
2023-1A,
Class
D,
8.56%,
7/15/27,
Callable
7/15/26
@
100(a)(c)
............
1,552
1,376
Series
2024-1A,
Class
A,
6
.61%,
10/15/27,
Callable
11/15/26
@
100(a)(c)
..........
1,449
1,378
Series
2024-1A,
Class
B,
6.53%,
12/15/27,
Callable
11/15/26
@
100(a)(c)
..........
3,750
3,024
Series
2024-2A,
Class
A,
6.36%,
12/15/27(a)(c)
.............................
2,219
2,038
Series
2024-3A,
Class
A,
5.22%,
6/15/28,
Callable
10/15/27
@
100(a)(c)
...........
4,745
3,914
Series
2025-1A,
Class
A,
4.94%,
2/15/29,
Callable
5/15/28
@
100(a)(c)
............
21,577
13,097
Series
2025-1A,
Class
C,
5.72%,
10/15/29,
Callable
5/15/28
@
100(a)(c)
...........
5,320
957
Series
2025-2A,
Class
A,
5.12%,
1/16/29(a)(c)
..............................
18,218
11,149
U.S.
Bank
NA,
Series
2023-1,
Class
B,
6.79%,
8/25/32,
Callable
11/25/26
@
100(a)
.......
185
186
United
Auto
Credit
Securitization
Trust,
Series
2024-1,
Class
D,
8.30%,
11/12/29,
Callable
10/10/27
@
100(a)
..................................................
2,647
2,673
USAA
Auto
Owner
Trust,
Series
2023-A,
Class
A3,
5.58%,
5/15/28,
Callable
12/15/26
@
100(a)
...........................................................
160
161
Veros
Auto
Receivables
Trust
..............................................
Series
2023-1,
Class
C,
8.32%,
11/15/28,
Callable
10/15/26
@
100(a)
.............
2,489
2,511
Series
2025-1,
Class
A,
5.31%,
9/15/28,
Callable
2/15/28
@
100(a)
...............
3,167
3,173
Series
2026-1,
Class
B,
4.84%,
5/15/29,
Callable
11/15/28
@
100(a)
..............
1,580
1,576
Westlake
Automobile
Receivables
Trust,
Series
2025-P1,
Class
A2,
4.65%,
2/15/28(a)
......
2,360
2,362
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2024-1A,
Class
A2,
4.47%
(TSFR1M+83bps),
2/18/39(a)(b)
...............
1,956
1,959
Series
2025-3A,
Class
A1,
4.08%,
9/18/40(a)
...............................
7,000
6,947
252,364
ABS
Card
(0.4%):
Continental
Finance
Credit
Card
ABS
Master
Trust,
Series
2024-A,
Class
A,
5.78%,
12/15/32
,
Callable
9/15/27
@
100(a)
............................................
3,543
3,559
Mission
Lane
Credit
Card
Master
Trust
.......................................
Series
2024-B,
Class
A,
5.88%,
1/15/30(a)
.................................
5,300
5,310
Series
2025-A,
Class
A,
5.80%,
5/15/30,
Callable
2/15/27
@
100(a)
...............
8,580
8,603
Newday
Funding
Master
Flt,
Series
2023-1,
Class
A2,
5.42%,
11/17/31(d)
..............
5,700
5,719
Synchrony
Card
Funding
LLC,
Series
2023-A2,
Class
A,
5.74%,
10/15/29
..............
8,880
8,920
32,111
ABS
Home
(2.7%):
BARC,
Series
2026-CES1,
Class
A1A,
4.84%,
1/25/56,
Callable
2/25/29
@
100(a)(d)
......
13,227
13,052
COOPR
Residential
Mortgage
Trust,
Series
2025-CES4,
Class
A1A,
5.04%,
11/25/60,
Callable
10/25/28
@
100(a)(d)
................................................
3,649
3,617
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
3
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Cross
Mortgage
Trust,
Series
2025-CES1,
Class
A1A,
5.30%,
11/25/60,
Callable
8/25/28
@
100(a)(d)
.........................................................
$
22,221
$
22,156
Deephaven
Residential
Mortgage
Trust,
Series
2026-CES1,
Class
A1A,
5.31%,
3/25/61,
Callable
4/25/29
@
100(a)(d)
..........................................
16,236
16,184
Delta
Funding
Home
Equity
Loan
Trust,
Series
1997-2,
Class
A6,
7.04%,
6/25/27,
Callable
7/25/26
@
100
.....................................................
—(e)
—(e)
GS
Mortgage-Backed
Securities
Trust
........................................
Series
2025-CES1,
Class
A1A,
5.57%,
5/25/55,
Callable
3/25/28
@
100(a)(d)
.......
3,946
3,953
Series
2026-CES2,
Class
A1A,
5.23%,
6/25/56,
Callable
4/25/29
@
100(a)(d)
.......
3,282
3,268
J.P.
Morgan
Mortgage
Trust,
Series
2026-CES1,
Class
A1A,
4.91%,
6/25/56,
Callable
1/25/29
@
100(a)(d)
.......................................................
16,004
15,837
NovaStar
Mortgage
Funding
Trust,
Series
2003-1,
Class
A2,
3.77%
(TSFR1M+89bps),
5/25/33,
Callable
7/25/26
@
100(b)
......................................
11
11
RCKT
Mortgage
Trust
...................................................
Series
2024-CES7,
Class
A1A,
5.16%,
10/25/44,
Callable
9/25/27
@
100(a)(d)
.......
268
267
Series
2025-CES9,
Class
A1A,
4.79%,
9/25/55,
Callable
9/25/28
@
100(a)(d)
.......
1,782
1,761
Series
2026-CES1,
Class
A1A,
4.83%,
1/25/56,
Callable
1/25/29
@
100(a)(d)
.......
17,010
16,791
SAIF
Securitization
Trust,
Series
2026-CES1,
Class
A1A,
5.40%,
2/25/56,
Callable
3/25/29
@
100(a)(d)
.........................................................
18,726
18,632
Saluda
Grade
Alternative
Mortgage
Trust,
Series
2024-CES1,
Class
A1,
6.31%,
3/25/54,
Callable
7/25/30
@
100(a)(d)
..........................................
3,478
3,507
Towd
Point
Mortgage
Trust
................................................
Series
2024-CES1,
Class
A1A,
5.85%,
1/25/64,
Callable
1/25/27
@
100(a)(d)
.......
10,391
10,397
Series
2024-CES2,
Class
A1A,
6.13%,
2/25/64,
Callable
2/25/27
@
100(a)(d)
.......
4,570
4,580
Series
2024-CES4,
Class
A1,
5.12%,
9/25/64,
Callable
9/25/27
@
100(a)(d)
.........
8,561
8,534
Vista
Point
Securitization
Trust
.............................................
Series
2024-CES1,
Class
A1,
6.68%,
5/25/54,
Callable
5/25/27
@
100(a)(d)
.........
3,881
3,904
Series
2024-CES2,
Class
A1,
5.25%,
10/25/54,
Callable
9/25/27
@
100(a)(d)
........
1,682
1,676
Series
2025-CES3,
Class
A1,
5.30%,
11/25/55,
Callable
10/25/28
@
100(a)(d)
.......
29,959
29,778
Series
2026-CES1,
Class
A1,
5.04%,
2/25/56
,
Callable
2/25/29
@
100(a)(d)
.........
28,895
28,581
206,486
ABS
Other
(12.7%):
321
Henderson
Receivables
I
LLC
...........................................
Series
2005-1A,
Class
A1,
3.97%
(TSFR1M+34bps),
11/15/40,
Callable
7/15/26
@
100(a)(b)
.........................................................
271
266
Series
2006-2A,
Class
A1,
3.94%
(TSFR1M+31bps),
6/15/41,
Callable
1/15/30
@
100(a)
(b)
.............................................................
41
41
Series
2006-3A,
Class
A1,
3.94%
(TSFR1M+31bps),
9/15/41,
Callable
12/15/30
@
100(a)(b)
.........................................................
166
165
Accelerated
Assets
LLC,
Series
2024-HE2,
Class
A,
5.35%,
10/25/39,
Callable
10/25/29
@
100(a)
...........................................................
6,934
6,909
ACHM
Mortgage
Trust,
Series
2024-HE1,
Class
A,
6.55%,
5/25/39,
Callable
2/25/29
@
100(a)
4,451
4,532
ACHV
ABS
Trust,
Series
2024-2PL,
Class
A,
5.07%
,
10/27/31,
Callable
3/25/27
@
100(a)
..
1,399
1,401
Affirm
Asset
Securitization
Trust
............................................
Series
2025-X2,
Class
A,
4.45%,
10/15/30,
Callable
5/15/27
@
100(a)
.............
14,313
14,323
Series
2026-X1,
Class
A,
4.27%,
4/15/31
,
Callable
11/15/27
@
100(a)
.............
8,655
8,651
Alterna
Funding
III
LLC,
Series
2024-1A,
Class
A,
6.26%,
5/16/39(a)
.................
10,756
10,766
Amur
Equipment
Finance
Receivables
XIV
LLC,
Series
2024-2A,
Class
A2,
5.19%,
7/21/31,
Callable
8/20/28
@
100(a)
............................................
4,057
4,085
Angel
Oak
Mortgage
Trust
................................................
Series
2025-HB1,
Class
A1,
5.43%
(SOFR30A+180bps),
2/25/55,
Callable
4/25/28
@
100(a)(b)
.........................................................
5,906
5,945
Series
2025-HB2,
Class
A1,
5.23%
(SOFR30A+160bps),
12/25/55,
Callable
11/25/28
@
100(a)(b)
.........................................................
14,199
14,263
Aqua
Finance
Trust
.....................................................
Series
2019-A,
Class
A,
3.14%,
7/16/40,
Callable
7/15/26
@
100(a)
...............
877
850
Series
2020-AA,
Class
A,
1.90%,
7/17/46,
Callable
7/17/26
@
100(a)
.............
991
931
Series
2021-A,
Class
A,
1.54%,
7/17/46,
Callable
2/17/28
@
100(a)
...............
1,524
1,387
Ascent
Career
Funding
Trust,
Series
2024-1A,
Class
A,
6.77%,
10/25/32(a)
.............
3,341
3,355
Avtech
Equipment
Receivables
Funding
LLC,
Series
2026-1A,
Class
A,
4.55%,
2/15/33,
Callable
1/15/29
@
100(a)
............................................
3,676
3,667
Bayview
Opportunity
Master
Fund
VII
LLC,
Series
2024-EDU1,
Class
A,
5.08%
(SOFR30A+145bps),
6/25/47(a)(b)
......................................
2,206
2,220
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
4
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
BHG
Securitization
Trust
.................................................
Series
2023-B,
Class
A,
6.92%,
12/17/36,
Callable
9/17/29
@
100(a)
..............
$
1,361
$
1,404
Series
2024-1CON,
Class
A,
5.81%,
4/17/35,
Callable
6/17/29
@
100(a)
...........
2,202
2,233
Blackbird
Capital
II
Aircraft
Lease
Ltd.,
Series
2021-1A,
Class
A,
2.44%,
7/15/46,
Callable
7/15/28
@
100(a)
...................................................
2,369
2,246
Blue
Bridge
Funding
LLC,
Series
2023-1A,
Class
A,
7.37%,
11/15/30,
Callable
1/15/27
@
100(a)
...........................................................
1,081
1,085
BRAVO
Residential
Funding
Trust,
Series
2025-HE1,
Class
A1,
4.98%
(SOFR30A+135bps),
9/25/72,
Callable
9/25/28
@
100(a)(b)
....................................
15,343
15,378
BXG
Receivables
Note
Trust,
Series
2020-A,
Class
B,
2.49%,
2/28/36,
Callable
3/28/27
@
100(a)
...........................................................
110
108
Centerstone
SBA
Trust,
Series
2023-1,
Class
A,
7.60%
(PRIME+85bps),
12/27/50,
Callable
4/25/28
@
100(a)(b)
.................................................
3,124
3,122
Channel
EF
LLC
.......................................................
Series
2026-1A,
Class
A2,
5.00%,
1/17/34,
Callable
9/15/29
@
100(a)
.............
10,000
9,985
Series
2026-1A,
Class
C,
5.69%,
1/17/34,
Callable
9/15/29
@
100(a)
..............
3,000
2,994
Citigroup
Mortgage
Loan
Trust,
Series
2026-HE1,
Class
A1,
4.98%
(SOFR30A+135bps),
10/25/56,
Callable
5/25/29
@
100(a)(b)
...................................
16,554
16,553
College
Ave
Student
Loans
LLC,
Series
2019-A,
Class
A1,
5.16%
(TSFR1M+151bps),
12/28/48,
Callable
2/25/32
@
100(a)(b)
...................................
2,664
2,678
Commercial
Equipment
Finance
LLC,
Series
2024-1A,
Class
A,
5.97%,
7/16/29,
Callable
6/15/27
@
100(a)
...................................................
1,049
1,053
Commonbond
Student
Loan
Trust
...........................................
Series
2016-B,
Class
A1,
2.73%,
10/25/40,
Callable
7/25/26
@
100(a)
.............
52
51
Series
2016-B,
Class
A2,
5.21%
(TSFR1M+156bps),
10/25/40,
Callable
7/25/26
@
100(a)(b)
.........................................................
17
17
Series
2017-AGS,
Class
A2,
4.61%
(TSFR1M+96bps),
5/25/41,
Callable
7/25/26
@
100(a)(b)
.........................................................
285
283
Series
2017-BGS,
Class
A2,
4.41%
(TSFR1M+76bps),
9/25/42,
Callable
7/25/26
@
100(a)(b)
.........................................................
241
238
Series
2017-BGS,
Class
C,
4.44%,
9/25/42,
Callable
7/25/26
@
100(a)
............
71
58
Series
2018-AGS,
Class
A2,
4.26%
(TSFR1M+61bps),
2/25/44,
Callable
7/25/26
@
100(a)(b)
.........................................................
243
241
Series
2018-BGS,
Class
A2,
4.33%
(TSFR1M+68bps),
9/25/45,
Callable
7/25/26
@
100(a)(b)
.........................................................
484
478
Series
2018-CGS,
Class
A2,
4.56%
(TSFR1M+91bps),
2/25/46(a)(b)
..............
174
173
Series
2019-AGS,
Class
A2,
4.66%
(TSFR1M+101bps),
1/25/47,
Callable
3/25/28
@
100(a)(b)
.........................................................
400
396
Crossroads
Asset
Trust,
Series
2024-A,
Class
A2,
5.90%,
8/20/30,
Callable
1/20/28
@
100(a)
6,230
6,267
DailyPay
Securitization
Trust,
Series
2025-1A,
Class
A,
5.63%,
6/26/28,
Callable
3/25/27
@
100(a)
...........................................................
4,740
4,755
Dell
Equipment
Finance
Trust,
Series
2026-1A,
Class
D,
5.19%,
11/22/32,
Callable
11/22/28
@
100(a)
...........................................................
2,430
2,421
Dext
ABS
LLC,
Series
2023-1,
Class
A2,
5.99%,
3/15/32,
Callable
4/15/27
@
100(a)
......
97
97
Equify
ABS
LLC,
Series
2024-1A,
Class
A,
5.43%,
4/18/33,
Callable
4/15/28
@
100(a)
....
2,250
2,255
Fig
Six
Trust,
Series
2026-PF1,
Class
A,
5.76%,
8/25/56(a)(d)
.......................
5,000
5,014
FIGRE
Trust
..........................................................
Series
2024-HE2,
Class
A,
6.38%,
5/25/54,
Callable
4/25/27
@
100(a)(d)
...........
5,283
5,366
Series
2024-HE3,
Class
A,
5.94%,
7/25/54,
Callable
4/25/27
@
100(a)(d)
...........
3,152
3,179
Series
2025-HE3,
Class
A,
5.56%,
5/25/55,
Callable
11/25/27
@
100(a)(d)
..........
3,049
3,052
Series
2025-HE4,
Class
A,
5.41%,
7/25/55,
Callable
7/25/30
@
100(a)(d)
...........
2,870
2,860
Series
2025-HE6,
Class
A,
5.04%,
9/25/55,
Callable
3/25/28
@
100(a)(d)
...........
10,706
10,571
Series
2025-PF2,
Class
A,
5.02%,
10/25/55(a)(d)
............................
3,962
3,897
Series
2026-HF3,
Class
A1A,
5.03%
(SOFR30A+140bps)
,
3/25/56,
Callable
12/25/31
@
100(a)(b)
.........................................................
6,197
6,215
Foundation
Finance
Trust
.................................................
Series
2021-1A,
Class
A,
1.27%,
5/15/41,
Callable
4/15/28
@
100(a)
..............
1,832
1,747
Series
2021-2A,
Class
A,
2.19%,
1/15/42,
Callable
5/15/29
@
100(a)
..............
1,035
986
Gracie
Point
International
Funding
LLC,
Series
2025-1A,
Class
A,
5.09%
(SOFR30A+150bps),
8/15/28,
Callable
8/15/27
@
100(a)(b)
....................................
12,500
12,516
GreenSky
Home
Improvement
Issuer
Trust
....................................
Series
2025-2A,
Class
A2,
4.93%,
6/25/60(a)
...............................
569
570
Series
2025-2A,
Class
D,
5.56%,
6/25/60(a)
................................
1,368
1,361
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
5
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
GS
Mortgage-Backed
Securities
Trust
........................................
Series
2024-HE1,
Class
A1,
5.23%
(SOFR30A+160bps),
8/25/54,
Callable
6/25/27
@
100(a)(b)
.........................................................
$
14,875
$
14,914
Series
2024-HE2,
Class
A1,
5.13%
(SOFR30A+150bps),
1/25/55,
Callable
10/25/27
@
100(a)(b)
.........................................................
9,638
9,658
Series
2025-HE1,
Class
A1,
5.18%
(SOFR30A+155bps),
10/25/55,
Callable
7/25/28
@
100(a)(b)
.........................................................
2,751
2,761
Series
2025-HE2,
Class
A1,
5.18%
(SOFR30A+155bps),
12/25/65,
Callable
10/25/28
@
100(a)(b)
.........................................................
20,143
20,221
Series
2025-SL1,
Class
A1,
5.85%,
11/25/67,
Callable
3/25/28
@
100(a)(d)
.........
7,871
7,893
Series
2026-AH2,
Class
A1A,
5.03%
(
SOFR30A+140bps),
11/25/56,
Callable
6/25/29
@
100(a)(b)
.........................................................
16,500
16,500
Harvest
SBA
Loan
Trust
..................................................
Series
2023-1,
Class
A,
6.95%
(SOFR30A+325bps),
10/25/50,
Callable
11/25/30
@
100(a)(b)
.........................................................
3,776
3,864
Series
2024-1,
Class
A,
5.95%
(
SOFR30A+225bps),
12/25/51,
Callable
9/25/33
@
100(a)
(b)
.............................................................
5,947
5,985
J.P.
Morgan
Mortgage
Trust
...............................................
Series
2023-HE1,
Class
A1,
5.36%
(SOFR30A+175bps),
11/25/53,
Callable
7/20/26
@
100(a)(b)
.........................................................
2,821
2,823
Series
2023-HE2,
Class
A1,
5.31%
(SOFR30A+170bps),
3/20/54,
Callable
10/20/26
@
100(a)(b)
.........................................................
5,811
5,823
Series
2023-HE3,
Class
A1,
5.21%
(SOFR30A+160bps),
5/20/54,
Callable
12/20/26
@
100(a)(b)
.........................................................
4,120
4,129
Series
2024-HE2,
Class
A1,
4.81%
(SOFR30A+120bps),
10/20/54,
Callable
5/20/27
@
100(a)(b)
.........................................................
6,049
6,057
Series
2024-HE3,
Class
A1,
4.81%
(SOFR30A+120bps),
2/25/55,
Callable
9/20/27
@
100(a)(b)
.........................................................
8,134
8,151
Series
2025-HE1,
Class
A1,
4.76%
(SOFR30A+115bps),
7/20/55,
Callable
2/20/28
@
100(a)(b)
.........................................................
18,454
18,477
Series
2025-HE2,
Class
A1,
4.86%
(SOFR30A+125bps),
11/20/55,
Callable
7/20/28
@
100(a)(b)
.........................................................
18,399
18,437
Series
2025-HE3,
Class
A1,
4.96%
(SOFR30A+135bps),
3/20/56,
Callable
11/20/28
@
100(a)(b)
.........................................................
26,739
26,880
Series
2026-HE1,
Class
A1,
4.86%
(SOFR30A+125bps),
9/20/56,
Callable
4/20/29
@
100(a)(b)
.........................................................
15,843
15,899
Kinetic
Advantage
Master
Owner
Trust,
Series
2025-1A,
Class
A,
5.79%
(SOFR30A+220bps),
10/15/29,
Callable
10/15/27
@
100(a)(b)
..................................
7,610
7,640
Libra
Solutions
LLC,
Series
2025-1A,
Class
A,
6.36%,
8/15/39(a)
....................
3,770
3,723
Lunar
Structured
Aircraft
Portfolio
Notes,
Series
2021-1,
Class
A,
2.64%,
10/15/46(a)
......
1,057
1,003
Marlette
Funding
Trust,
Series
2025-1A,
Class
A,
4.75%,
7/16/35,
Callable
2/15/29
@
100(a)
908
909
MMP
Capital
LLC,
Series
2025-A,
Class
A,
5.36%,
12/15/31,
Callable
11/15/28
@
100(a)
..
3,001
3,007
MVW
LLC,
Series
2021-1WA,
Class
A,
1.14%,
1/22/41,
Callable
3/20/27
@
100(a)
.......
563
549
Navient
Private
Education
Refi
Loan
Trust,
Series
2021-CA,
Class
A,
1.06%,
10/15/69
,
Callable
4/15/30
@
100(a)
............................................
411
372
Nelnet
Student
Loan
Trust
................................................
Series
2021-A,
Class
APT2,
1.36%,
4/20/62,
Callable
1/20/29
@
100(a)
............
381
360
Series
2021-DA,
Class
AFL,
4.44%
(TSFR1M+80bps),
4/20/62,
Callable
4/20/32
@
100(a)
(b)
.........................................................
1,953
1,946
Newtek
Small
Business
Loan
Trust
..........................................
Series
2021-1,
Class
A,
6.50%
(PRIME-25bps),
12/25/48,
Callable
7/25/26
@
100(a)(b)
726
727
Series
2023-1,
Class
A,
6.25%
(PRIME-50bps),
7/25/50,
Callable
9/25/28
@
100(a)(b)
.
2,187
2,204
NMEF
Funding
LLC,
Series
2023-A,
Class
A2,
6.57%,
6/17/30,
Callable
6/15/27
@
100(a)
..
105
105
NYCTL
Trust,
Series
2025-A,
Class
A,
4.84%,
11/10/38(a)
.........................
6,412
6,344
Oaktree
ABF
Equipment
ST
LLC,
Series
2026-1A,
Class
A2,
4.50%,
10/17/33,
Callable
8/15/28
@
100(a)
...................................................
8,000
7,994
OBX
Trust
............................................................
Series
2025-HE1,
Class
A1,
5.23%
(SOFR30A+160bps),
2/25/55,
Callable
3/25/28
@
100(a)(b)
.........................................................
11,795
11,849
Series
2025-HE2,
Class
A1,
5.08%
(SOFR30A+145bps),
8/25/55,
Callable
8/25/28
@
100(a)(b)
.........................................................
9,634
9,687
Series
2026-HE1,
Class
A1A,
4.98%
(SOFR30A+135bps),
2/25/56,
Callable
2/25/29
@
100(a)(b)
.........................................................
25,234
25,265
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
6
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2026-HE2,
Class
A1A,
4.95%
(SOFR30A+135bps),
6/25/56,
Callable
6/25/29
@
100(a)(b)
.........................................................
$
7,050
$
7,050
OneMain
Financial
Issuance
Trust,
Series
2022-S1,
Class
B,
4.36%,
5/14/35,
Callable
7/14/26
@
100(a)
.........................................................
8,000
7,989
Oportun
Issuance
Trust
...................................................
Series
2021-C,
Class
A,
2.18%,
10/8/31,
Callable
7/8/26
@
100(a)
................
1,859
1,833
Series
2025-B,
Class
A,
4.88%,
5/9/33,
Callable
6/8/27
@
100(a)
.................
8,000
7,993
Series
2025-B,
Class
B,
5.28%,
5/9/33
,
Callable
6/8/27
@
100(a)
.................
8,000
7,993
Series
2026-A,
Class
A,
4.32%,
1/9/34,
Callable
2/8/28
@
100(a)
................
3,000
2,972
Series
2026-A,
Class
B,
5.06%,
1/9/34,
Callable
2/8/28
@
100(a)
................
5,000
4,972
Oxford
Finance
Credit
Fund
III
LP,
Series
2024-A,
Class
A2,
6.68%,
1/14/32(a)
..........
6,203
6,244
Oxford
Finance
Funding
LLC,
Series
2022-1A,
Class
B,
4.10%,
2/15/30(a)
.............
3,147
3,077
Pagaya
AI
Debt
Grantor
Trust
..............................................
Series
2024-10,
Class
A,
5.18%,
6/15/32,
Callable
11/15/26
@
100(a)
.............
1,440
1,442
Series
2024-10,
Class
B,
5.75%,
6/15/32,
Callable
11/15/26
@
100(a)
.............
3,016
3,023
Series
2024-11,
Class
A,
5.09%,
7/15/32,
Callable
12/15/26
@
100(a)
.............
2,414
2,418
Series
2024-11,
Class
AB,
5.40%,
7/15/32,
Callable
12/15/26
@
100(a)(d)
..........
2,468
2,472
Series
2024-5,
Class
A,
6.28%,
10/15/31,
Callable
7/15/26
@
100(a)
..............
917
917
Series
2024-9,
Class
A,
5.07%,
3/15/32
,
Callable
10/15/26
@
100(a)
..............
298
298
Series
2025-1,
Class
A,
5.16%,
7/15/32,
Callable
2/15/27
@
100(a)(d)
.............
1,733
1,736
Series
2025-1,
Class
A2,
5.16%,
7/15/32,
Callable
2/15/27
@
100(a)
..............
1,031
1,032
Series
2025-1,
Class
B,
5.63%,
7/15/32,
Callable
2/15/27
@
100(a)
...............
1,708
1,710
Series
2025-6,
Class
A2,
4.50%,
4/15/33,
Callable
9/15/27
@
100(a)
..............
4,748
4,715
Series
2025-7,
Class
A2,
4.53%,
5/15/33,
Callable
10/15/27
@
100(a)
.............
9,465
9,417
Series
2025-R3,
Class
A,
4.84%,
1/18/33,
Callable
11/15/27
@
100(a)
.............
10,175
10,148
Pagaya
AI
Debt
Trust
....................................................
Series
2025-R1,
Class
B,
5.71%,
6/15/32,
Callable
11/15/27
@
100(a)
.............
4,031
4,037
Series
2025-REV1,
Class
A,
5.01%,
8/15/35,
Callable
12/15/27
@
100(a)
...........
8,000
7,933
PEAR
LLC
...........................................................
Series
2021-1,
Class
B,
1/15/34(a)(f)(g)
...................................
2,586
2,672
Series
2022-1,
Class
A2,
7.25%,
10/15/34(a)
...............................
2,179
2,189
Series
2023-1,
Class
A,
7.42%,
7/15/35,
Callable
9/15/27
@
100(a)
...............
8,671
8,728
Series
2024-1,
Class
A,
6.95%,
2/15/36,
Callable
3/15/28
@
100(a)
...............
4,027
4,026
PFS
Financing
Corp.,
Series
2025-A,
Class
A,
4.24%
(SOFR30A+65bps),
1/15/29(a)(b)
....
15,250
15,263
Post
Road
Equipment
Finance
LLC
..........................................
Series
2024-1A,
Class
A2,
5.59%,
11/15/29,
Callable
3/15/27
@
100(a)
............
257
257
Series
2025-1A,
Class
A2,
4.90%,
5/15/31,
Callable
5/15/28
@
100(a)
.............
2,417
2,426
Prodigy
Finance
DAC,
Series
2021-1A,
Class
A,
5.01%
(TSFR1M+136bps),
7/25/51,
Callable
11/25/26
@
100(a)(b)
................................................
1,186
1,183
Purchasing
Power
Funding
LLC
............................................
Series
2026-A,
Class
A,
4.37%,
8/15/30,
Callable
2/15/28
@
100(a)
...............
5,500
5,430
Series
2026-A,
Class
D,
5.40%,
8/15/30,
Callable
2/15/28
@
100(a)
...............
4,840
4,798
RCKT
Trust,
Series
2025-1A,
Class
A,
4.90%,
7/25/34,
Callable
3/25/28
@
100(a)
........
1,636
1,638
RCKTL,
Series
2025-2A,
Class
A,
4.48%,
11/27/34,
Callable
9/25/28
@
100(a)
..........
3,479
3,481
Reach
ABS
Trust
.......................................................
Series
2024-1A,
Class
B,
6.29%,
2/18/31,
Callable
11/15/27
@
100(a)
.............
4,362
4,376
Series
2024-2A,
Class
A,
5.88%,
7/15/31,
Callable
9/15/28
@
100(a)
..............
118
118
Series
2025-1A,
Class
A,
4.96%,
8/16/32,
Callable
5/15/29
@
100(a)
..............
4,247
4,251
Series
2025-2A,
Class
A,
4.93%,
8/18/32,
Callable
10/15/29
@
100(a)
.............
2,974
2,980
Series
2025-2A,
Class
C,
5.69%,
8/18/32,
Callable
10/15/29
@
100
(a)
.............
11,500
11,486
Series
2026-1A,
Class
D,
5.16%,
2/15/33,
Callable
3/15/30
@
100(a)
..............
17,160
16,827
Series
2026-2A,
Class
A,
4.34%,
2/15/35,
Callable
10/15/30
@
100(a)
.............
4,660
4,655
Series
2026-2A,
Class
D,
5.67%,
2/15/35,
Callable
10/15/30
@
100(a)
.............
3,270
3,266
ReadyCap
Lending
Small
Business
Loan
Trust
..................................
Series
2019-2,
Class
A,
6.25%
(PRIME-50bps),
12/27/44,
Callable
7/25/26
@
100(a)(b)
589
589
Series
2023-3,
Class
A,
6.82%
(PRIME+7
bps),
4/25/48,
Callable
11/25/27
@
100(a)(b)
.
5,190
5,243
Regents
Capital
Equipment
Receivables
LLC
...................................
Series
2026-1A,
Class
A,
5.11%,
1/31/34,
Callable
1/15/30
@
100(a)
..............
8,899
8,869
Series
2026-1A,
Class
B,
5.59%,
1/31/34
,
Callable
1/15/30
@
100(a)
..............
1,000
993
Regional
Management
Issuance
Trust,
Series
2024-2,
Class
A,
5.11%,
12/15/33,
Callable
12/15/26
@
100(a)
..................................................
6,240
6,249
Rosy
Blue
Carat
SCS,
Series
2018-1,
Class
A2R,
7.79%
(TSFR1M+411bps),
3/15/30(a)(b)(f)
5,156
5,174
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
7
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Saluda
Grade
Alternative
Mortgage
Trust
......................................
Series
2025-LOC4,
Class
A1A,
5.38%
(SOFR30A+175bps),
6/25/55,
Callable
6/25/28
@
100(a)(b)
.........................................................
$
18,072
$
18,179
Series
2025-LOC5,
Class
A1A,
5.25%
(TSFR1M+160bps)
,
10/25/55,
Callable
9/25/28
@
100(a)(b)
.........................................................
10,194
10,260
Series
2026-HB1,
Class
A1A,
5.05%
(TSFR1M+140bps),
4/25/56,
Callable
1/25/29
@
100(a)(b)
.........................................................
42,786
42,833
Series
2026-HB1,
Class
M1,
5.35%
(TSFR1M+170bps),
4/25/56
,
Callable
1/25/29
@
100(a)(b)
.........................................................
5,200
5,217
Series
2026-LOC6,
Class
A1A,
5.15%
(TSFR1M+150bps),
6/25/56,
Callable
6/25/29
@
100(a)(b)
.........................................................
20,500
20,528
SCF
Equipment
Leasing
LLC,
Series
2025-1A,
Class
A2,
4.82%,
7/22/30
,
Callable
10/20/28
@
100(a)
...........................................................
1,058
1,058
SLM
Private
Credit
Student
Loan
Trust,
Series
2007-A,
Class
A4A,
4.17%
(TSFR3M+50bps),
12/16/41,
Callable
6/15/28
@
100(b)
.....................................
1,603
1,583
SMB
Private
Education
Loan
Trust
..........................................
Series
2018-B,
Class
A2B,
4.46%
(TSFR1M+83bps),
1/15/37(a)(b)
...............
404
404
Series
2023-B,
Class
A1B,
5.39%
(SOFR30A+180bps),
10/16/56(a)(b)
............
3,176
3,216
Series
2023-C,
Class
A1B,
5.14%
(
SOFR30A+155bps),
11/15/52(a)(b)
............
3,977
4,000
SoFi
Consumer
Loan
Program
Trust
.........................................
Series
2025-2,
Class
A,
4.82%,
6/25/34,
Callable
6/25/28
@
100(a)
...............
3,379
3,384
Series
2026-1,
Class
A,
4.06%,
12/26/35,
Callable
3/25/29
@
100(a)
..............
7,792
7,767
Series
2026-2,
Class
A,
4.27%,
3/25/36,
Callable
6/25/29
@
100(a)
...............
8,380
8,369
SpringCastle
America
Funding
LLC,
Series
2020-AA,
Class
A,
1.97%,
9/25/37,
Callable
7/25/26
@
100(a)
...................................................
770
724
STAR
Trust,
Series
2025-SFR6,
Class
A,
5.03%
(TSFR1M+140bps),
8/17/42,
Callable
8/17/27
@
100(a)(b)(h)
....................................................
23,400
23,385
Stonepeak
ABS,
Series
2021-1A,
Class
AA,
2.30%,
2/28/33(a)
......................
804
789
Stream
Innovations
Issuer
Trust,
Series
2024-1A,
Class
A,
6.27%,
7/15/44,
Callable
3/15/31
@
100(a)
...........................................................
1,736
1,780
The
National
Collegiate
Trust,
Series
2007-A,
Class
A,
3.99%
(US0001M+30bps),
5/25/31,
Callable
7/25/26
@
100(a)(b)
..........................................
514
504
Towd
Point
Asset
Trust,
Series
2018-SL1,
Class
B,
4.81%
(TSFR1M+116bps),
1/25/46(a)(b)
.
207
207
Towd
Point
Mortgage
Trust
................................................
Series
2025-FIX2,
Class
A1,
5.25%,
10/25/65,
Callable
10/25/28
@
100(a)(d)
.......
19,059
18,966
Series
2025-HE1,
Class
A1A,
4.98%
(SOFR30A+135bps),
7/25/65,
Callable
7/25/28
@
100(a)(b)
.........................................................
13,729
13,747
Series
2025-HE2,
Class
A1A,
4.98%
(SOFR30A+135bps),
9/25/65,
Callable
9/25/28
@
100(a)(b)
.........................................................
16,521
16,538
Trafigura
Securitisation
Finance
PLC
.........................................
Series
2024-1A,
Class
A1,
5.04%
(SOFR+140bps),
11/15/27(a)(b)
................
9,950
9,988
Series
2026-1A,
Class
A,
5.12%,
12/15/29(a)
...............................
4,090
4,081
U.S.
Bank
NA
.........................................................
Series
2025-SUP1,
Class
B,
5.58%,
2/25/32,
Callable
1/25/29
@
100(a)(h)
..........
2,505
2,500
Series
2026-RVM1,
Class
B1,
4.96%,
12/25/46,
Callable
9/25/33
@
100(a)
.........
4,984
4,923
Uniti
Fiber
Abs
Issuer
LLC,
Series
2025-2A,
Class
C,
7.83%,
1/20/56,
Callable
1/20/29
@
100(a)
...........................................................
2,500
2,551
Upgrade
Master
Pass-Thru
Trust,
Series
2025-ST2,
Class
A,
6.11%,
6/15/32,
Callable
12/15/27
@
100(a)
.........................................................
2,728
2,738
Upgrade
Receivables
Trust,
Series
2024-1A,
Class
D,
8.90%,
2/18/31,
Callable
11/15/27
@
100(a)
...........................................................
2,000
2,054
Upstart
Securitization
Trust
................................................
Series
2024-1,
Class
A,
5.33%,
11/20/34,
Callable
7/20/28
@
100(a)
..............
1,057
1,058
Series
2025-2,
Class
A2,
5.22%,
6/20/35,
Callable
1/20/29
@
100(a)
..............
1,835
1,837
Series
2025-3,
Class
A2,
4.60%,
9/20/35,
Callable
1/20/29
@
100(a)
..............
3,128
3,126
Series
2025-4,
Class
A2,
4.56%,
11/20/35,
Callable
6/20/29
@
100(a)
.............
12,053
12,049
Series
2026-2,
Class
A2,
4.54%,
5/20/36,
Callable
3/20/30
@
100(a)
..............
5,000
4,991
US
Bank
C&I
Credit-Linked
Notes
..........................................
Series
2025-SUP2,
Class
B2,
4.98%
(SOFR30A+135bps),
9/25/32,
Callable
12/25/29
@
100(a)(b)(h)
.......................................................
4,804
4,780
Series
2025-SUP2,
Class
D,
5.83%
(SOFR30A+220bps),
9/25/32
,
Callable
12/25/29
@
100(a)(b)(h)
.......................................................
1,716
1,721
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
8
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Verdant
Receivables
LLC,
Series
2023-1A,
Class
A2,
6.24%,
1/13/31,
Callable
10/12/27
@
100(a)
...........................................................
$
1,547
$
1,563
Westgate
Resorts
LLC
...................................................
Series
2023-1A,
Class
C,
7.49%,
12/20/37
,
Callable
4/20/27
@
100(a)
.............
2,001
2,031
Series
2024-1A,
Class
C,
7.06%,
1/20/38,
Callable
11/20/27
@
100(a)
.............
4,377
4,416
Series
2026-1A,
Class
C,
6.08%,
10/20/39,
Callable
9/20/29
@
100(a)
.............
4,583
4,575
Willis
Engine
Structured
Trust
VI,
Series
2021-A,
Class
B,
5.44%,
5/15/46,
Callable
5/15/29
@
100(a)
...........................................................
5,744
5,632
Wilshire
Mortgage
Loan
Trust,
Series
1997-2,
Class
A6,
4.04%
(TSFR1M+39bps),
5/25/28,
Callable
7/25/26
@
100(b)
............................................
4
4
998,460
Agency
ABS
Other
(0.0%):(i)
Navient
Student
Loan
Trust,
Series
2021-1A,
Class
A1B,
4.34%
(SOFR30A+71bps),
12/26/69,
Callable
12/25/32
@
100(a)(b)
.........................................
2,133
2,109
Total
Asset-Backed
Securities
(Cost
$1,513,952)
a
a
a
1,491,530
Collateralized
Loan
Obligations
(16.2%)
Cash
Flow
CLO
(16.2%):
ABPCI
Direct
Lending
Fund
CLO
LLC,
Series
2025-21A,
Class
A1,
5.21%
(TSFR3M+153bps),
7/20/37,
Callable
10/20/27
@
100(a)(b)
....................
4,850
4,851
ABPCI
Direct
Lending
Fund
CLO
V
Ltd.,
Series
2019-6A,
Class
A2RR,
5.27%
(TSFR3M+160bps),
1/27/37,
Callable
1/27/27
@
100(a)(b)
.....................
4,250
4,227
ACREC
LLC
..........................................................
Series
2025-FL3,
Class
A,
4.95%
(TSFR1M+131bps),
8/18/42,
Callable
1/18/27
@
100(a)(b)
.........................................................
12,460
12,460
Series
2026-FL4,
Class
A,
5.09%
(TSFR1M+145bps),
1/18/43,
Callable
1/18/28
@
100(a)(b)
.........................................................
2,060
2,060
Series
2026-FL4,
Class
AS,
5.24%
(TSFR1M+160bps),
1/18/43,
Callable
1/18/28
@
100(a)(b)
.........................................................
5,840
5,831
Series
2026-FL5,
Class
A,
4.95%
(TSFR1M+135bps),
7/18/43,
Callable
6/18/28
@
100(a)(b)(h)
.......................................................
5,160
5,168
ACREC
Ltd.,
Series
2021-FL1,
Class
AS,
5.25%
(TSFR1M+161bps),
10/16/36,
Callable
7/16/26
@
100(a)(b)
.................................................
3,388
3,387
ACRES
Commercial
Realty
Issuer
LLC
.......................................
Series
2026-FL4,
Class
A,
5.09%
(TSFR1M+145bps),
8/18/44,
Callable
8/18/28
@
100(a)(b)
.........................................................
21,790
21,841
Series
2026-FL4,
Class
AS,
5.34%
(TSFR1M+170bps),
8/18/44,
Callable
8/18/28
@
100(a)(b)
.........................................................
10,890
10,915
ACRES
LLC,
Series
2025-FL3,
Class
A,
5.26%
(TSFR1M+162bps),
8/18/40,
Callable
8/18/27
@
100(a)(b)(h)
....................................................
11,114
11,127
AGL
CLO
Ltd.
........................................................
Series
2020-3A,
Class
XR,
4.62%
(TSFR3M+95bps),
4/15/38,
Callable
4/15/27
@
100(a)
(b)
.............................................................
2,753
2,755
Series
2021-14A,
Class
AR,
4.80%
(TSFR3M+113bps),
12/2/34,
Callable
7/21/26
@
100(a)(b)
.........................................................
6,820
6,823
AGL
Core
CLO
Ltd.,
Series
2023-27A,
Class
XR,
4.47%
(TSFR3M+80bps),
1/21/39,
Callable
1/21/28
@
100(a)(b)
.................................................
2,475
2,474
Anchorage
Capital
CLO
Ltd.
...............................................
Series
2019-11A,
Class
XR2,
4.76%
(TSFR3M+110bps),
7/22/37,
Callable
7/22/26
@
100(a)(b)
.........................................................
2,000
1,999
Series
2024-29A,
Class
XR,
4.64%
(TSFR3M+98bps),
3/31/39(a)(b)
..............
4,000
3,998
Arbor
Realty
Collateralized
Loan
Obligation
Ltd.
................................
Series
2025-BTR1,
Class
A,
5.57%
(TSFR1M+193bps),
1/20/41,
Callable
5/20/27
@
100(a)(b)
.........................................................
8,070
8,095
Series
2025-BTR1,
Class
AS,
6.28%
(TSFR1M+264bps),
1/20/41,
Callable
5/20/27
@
100(a)(b)
.........................................................
15,475
15,559
Arbor
Realty
Commercial
Real
Estate
Notes
LLC
................................
Series
2025-FL1,
Class
A,
4.99%
(TSFR1M+135bps),
1/20/43
,
Callable
1/20/28
@
100(a)(b)
.........................................................
8,990
8,991
Series
2025-FL1,
Class
B,
5.93%
(TSFR1M+229bps),
1/20/43,
Callable
1/20/28
@
100(a)(b)
.........................................................
6,980
6,988
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
9
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.,
Series
2022-FL1,
Class
A,
5.04%
(SOFR30A+145bps),
1/15/37,
Callable
7/15/26
@
100(a)(b)
....................
$
4,732
$
4,732
AREIT
Ltd.
...........................................................
Series
2025-CRE10,
Class
A,
5.02%
(TSFR1M+139bps),
12/17/29
,
Callable
7/17/27
@
100(a)(b)
.........................................................
35,350
35,356
Series
2025-CRE11,
Class
A,
5.19%
(TSFR1M+155bps),
7/25/43,
Callable
7/18/28
@
100(a)(b)(h)
.......................................................
19,830
19,911
ASP
PIF
CLO
I
LLC,
Series
2025-1A,
Class
A1,
5.14%
(TSFR3M+148bps),
1/15/38(a)(b)
..
15,000
14,823
Bain
Capital
Credit
CLO
Ltd.
..............................................
Series
2021-7A,
Class
A2R,
4.91%
(TSFR3M+125bps),
1/22/35,
Callable
7/22/26
@
100(a)(b)
.........................................................
6,500
6,481
Series
2022-4A,
Class
XR,
4.78%
(TSFR3M+110bps),
10/16/37
,
Callable
10/16/26
@
100(a)(b)
.........................................................
3,500
3,501
Series
2022-6A,
Class
XR,
4.81%
(TSFR3M+115bps),
1/22/38,
Callable
1/22/27
@
100(a)(b)
.........................................................
3,750
3,750
BAR
Issuer
LLC,
Series
2026-FL1,
Class
A,
5.24%
(TSFR1M+160bps),
8/20/43
,
Callable
10/20/28
@
100(a)(b)(h)
..............................................
16,400
16,471
Bardot
CLO
Ltd.,
Series
2019-2A,
Class
ARR,
4.64%
(TSFR3M+98bps),
10/22/32,
Callable
7/22/26
@
100(a)(b)
.................................................
9,494
9,496
Battery
Park
CLO
Ltd.,
Series
2019-1A,
Class
XR,
4.62%
(
TSFR3M+95bps),
7/15/36,
Callable
7/15/26
@
100(a)(b)
.................................................
1,450
1,450
Bayfront
Iabs
VIII
PTE
Ltd.
...............................................
Series
8A,
Class
A,
4.98%
(SOFR+138bps),
7/11/47,
Callable
7/11/29
@
100(a)(b)
....
14,000
13,993
Series
8A,
Class
B,
5.40%
(SOFR+180
bps),
7/11/47,
Callable
7/11/29
@
100(a)(b)
....
6,000
5,996
BCRED
BSL
Static
CLO
Ltd.,
Series
2025-1A,
Class
AR,
4.92%
(TSFR3M+125bps),
7/24/35,
Callable
7/24/26
@
100(a)(b)
..........................................
3,596
3,597
BDS
LLC
............................................................
Series
2024-FL13,
Class
A,
5.22%
(
TSFR1M+158bps),
9/19/39,
Callable
8/19/28
@
100(a)(b)(h)
.......................................................
4,293
4,295
Series
2025-FL14,
Class
A,
4.92%
(TSFR1M+128bps),
10/17/42,
Callable
9/21/27
@
100(a)(b)(h)
.......................................................
10,910
10,910
Series
2026-FL17,
Class
A,
4.99%
(TSFR1M+135bps),
5/19/43,
Callable
11/19/28
@
100(a)(b)(h)
.......................................................
7,940
7,953
Benefit
Street
Partners
CLO
XVII
Ltd.,
Series
2019-17A,
Class
XR2,
4.82%
(TSFR3M+115bps),
10/15/37,
Callable
10/15/26
@
100(a)(b)
...................
5,833
5,833
Birch
Grove
CLO
8
Ltd.,
Series
2024-8A,
Class
XR,
4.58%
(TSFR3M+90bps),
4/20/39,
Callable
4/20/28
@
100(a)(b)
..........................................
2,350
2,347
Blackrock
Rainier
CLO
VI
Ltd.,
Series
2021-6A,
Class
XR,
4.93%
(TSFR3M+125bps),
4/20/37,
Callable
7/20/27
@
100(a)(b)
....................................
14,210
14,173
BlueMountain
CLO
XXII
Ltd.,
Series
2018-22A,
Class
A1,
5.01%
(TSFR3M+134bps),
7/15/31,
Callable
7/15/26
@
100(a)(b)
....................................
848
848
BlueMountain
CLO
XXXIII
Ltd.,
Series
2021-33A,
Class
X,
4.68%
(TSFR3M+100bps),
10/20/38
,
Callable
10/20/27
@
100(a)(b)
..................................
2,017
2,017
Brightwood
Capital
MM
CLO
Ltd.
..........................................
Series
2023-1A,
Class
XR,
4.72%
(TSFR3M+105bps),
10/15/35,
Callable
10/15/26
@
100(a)(b)
.........................................................
2,494
2,494
Series
2025-1A,
Class
D,
8.58%
(TSFR3M+491bps),
4/15/36,
Callable
7/15/27
@
100(a)
(b)
.............................................................
3,000
2,943
Brsp
Ltd.
.............................................................
Series
2026-FL3,
Class
AS,
5.34%
(TSFR1M+170bps),
8/19/43,
Callable
9/19/28
@
100(a)(b)(h)
.......................................................
3,242
3,253
Series
2026-FL3,
Class
B,
5.59%
(TSFR1M+195bps),
8/19/43
,
Callable
9/19/28
@
100(a)(b)(h)
.......................................................
10,381
10,394
BSPDF
Issuer
LLC
.....................................................
Series
2026-FL3,
Class
A,
5.09%
(TSFR1M+145bps),
9/18/43,
Callable
9/18/28
@
100(a)(b)(h)
.......................................................
12,330
12,374
Series
2026-FL4,
Class
A,
5.09%
(TSFR1M+145bps),
11/18/43,
Callable
12/18/28
@
100(a)(b)(h)
.......................................................
16,760
16,786
BSPRT
Issuer
LLC
......................................................
Series
2024-FL11,
Class
A,
5.26%
(TSFR1M+164bps),
7/15/39,
Callable
9/15/27
@
100(a)(b)
.........................................................
9,920
9,955
Series
2025-FL12,
Class
A,
5.02%
(TSFR1M+139bps),
1/17/43,
Callable
4/17/28
@
100(a)(b)
.........................................................
9,660
9,681
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
10
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
BXDL
Static
CLO
LLC,
Series
2025-1A,
Class
A1,
4.98%
(TSFR3M+130bps),
7/20/35,
Callable
7/20/26
@
100(a)(b)
..........................................
$
5,540
$
5,538
CarVal
CLO
IV
Ltd.,
Series
2021-1A,
Class
X,
4.53%
(
TSFR3M+85bps),
3/31/38,
Callable
10/20/27
@
100(a)(b)
................................................
3,000
2,995
Cayuga
Park
CLO
Ltd.,
Series
2020-1A,
Class
XR2,
4.58%
(TSFR3M+90bps),
10/17/38,
Callable
1/17/28
@
100(a)(b)
..........................................
3,667
3,668
Cedar
Funding
XIV
CLO
Ltd.,
Series
2021-14A,
Class
X,
4.72%
(TSFR3M+105bps),
10/15/37,
Callable
10/15/26
@
100(a)(b)
..................................
486
486
Cedar
Funding
XV
CLO
Ltd.,
Series
2022-15A,
Class
XR,
4.63%
(TSFR3M+95bps),
1/20/39,
Callable
1/20/28
@
100(a)(b)
..........................................
3,500
3,503
Cerberus
Loan
Funding
XLIX
LLC
..........................................
Series
2024-5A,
Class
A,
5.02%
(TSFR3M+135bps),
1/15/34,
Callable
7/15/26
@
100(a)
(b)
.............................................................
4,424
4,422
Series
2024-5A,
Class
B,
5.42%
(TSFR3M+175bps),
1/15/34,
Callable
7/15/26
@
100(a)
(b)
.............................................................
6,000
5,998
Series
2024-5A,
Class
C,
5.77%
(TSFR3M+210bps),
1/15/34,
Callable
7/15/26
@
100(a)
(b)
.............................................................
3,000
2,998
Cerberus
Loan
Funding
XXXVII
LP,
Series
2022-1A,
Class
A2,
4.02%,
4/15/34,
Callable
7/15/26
@
100(a)
...................................................
4,000
3,940
Crown
Point
CLO
IV
Ltd.,
Series
2018-4A,
Class
C,
5.84%
(TSFR3M+216bps),
4/20/31,
Callable
7/20/26
@
100(a)(b)
..........................................
1,440
1,439
D2
Multifamily
Credit
Issuer
Ltd.,
Series
2026-FL1,
Class
A,
5.09%
(TSFR1M+145bps),
11/19/43,
Callable
12/19/28
@
100(a)(b)(h)
................................
13,170
13,196
Deerpath
Capital
CLO
Ltd.,
Series
2021-1A,
Class
A1R,
5.47%
(TSFR3M+180bps),
7/15/36,
Callable
7/15/26
@
100(a)(b)
..........................................
10,675
10,670
Dwight
Issuer
LLC
......................................................
Series
2025-FL1,
Class
A,
5.30%
(TSFR1M+166bps),
6/18/42,
Callable
7/19/27
@
100(a)(b)
.........................................................
11,800
11,837
Series
2025-FL1,
Class
B,
6.43%
(TSFR1M+279bps),
6/18/42,
Callable
7/19/27
@
100(a)(b)
.........................................................
15,550
15,608
Series
2026-FL2,
Class
A,
5.00%
(TSFR1M+140bps),
1/18/44,
Callable
12/18/28
@
100(a)(b)(h)
.......................................................
5,330
5,335
Elevation
CLO
Ltd.,
Series
2021-12A,
Class
XR2,
4.65%
(TSFR3M+100bps),
4/20/37,
Callable
10/20/27
@
100(a)(b)
.........................................
2,653
2,653
Ellington
CLO
III
Ltd.,
Series
2018-3A,
Class
C,
6.19%
(TSFR3M+251bps),
7/20/30,
Callable
7/20/26
@
100(a)(b)
.................................................
1,935
1,931
Flatiron
CLO
Ltd.,
Series
2021-1A,
Class
XR,
4.78%
(TSFR3M+110bps),
10/19/37,
Callable
10/19/26
@
100(a)(b)
................................................
2,400
2,401
Fortress
Credit
Opportunities
IX
CLO
Ltd.,
Series
2017-9A,
Class
A1TR,
5.48%
(TSFR3M+181bps),
10/15/33(a)(b)
......................................
8,943
8,949
Fortress
Credit
Opportunities
XXIX
CLO
Ltd.
..................................
Series
2025-29A,
Class
A1,
4.93%
(TSFR3M+125bps),
4/20/33
,
Callable
7/20/26
@
100(a)(b)
.........................................................
8,993
8,994
Series
2025-29A,
Class
B,
5.33%
(TSFR3M+165bps),
4/20/33,
Callable
7/20/26
@
100(a)(b)
.........................................................
8,180
8,183
Fortress
Credit
Opportunities
XXXI
CLO
Ltd.,
Series
2025-31A,
Class
A1,
5.18%
(
TSFR3M+150bps),
7/20/33,
Callable
7/20/26
@
100(a)(b)
.....................
7,071
7,064
Fortress
Credit
Opportunities
XXXV
CLO
Ltd.
.................................
Series
2025-35A,
Class
A1,
5.08%
(TSFR3M+140bps),
7/20/33,
Callable
7/20/26
@
100(a)(b)
.........................................................
10,166
10,168
Series
2025-35A,
Class
B1,
5.53%
(TSFR3M+185bps),
7/20/33,
Callable
7/20/26
@
100(a)(b)
.........................................................
3,980
3,980
Series
2025-35A,
Class
C1,
6.18%
(TSFR3M+250bps),
7/20/33,
Callable
7/20/26
@
100(a)(b)
.........................................................
3,960
3,962
FS
Rialto
Issuer
LLC
....................................................
Series
2021-FL3,
Class
A,
5.00%
(TSFR1M+136bps),
11/16/36,
Callable
7/16/26
@
100(a)(b)
.........................................................
8,795
8,800
Series
2024-FL9,
Class
A,
5.27%
(TSFR1M+163bps),
10/19/39,
Callable
10/19/27
@
100(a)(b)
.........................................................
23,030
23,093
Series
2025-FL10,
Class
A,
5.02%
(TSFR1M+139bps),
8/19/42,
Callable
8/19/27
@
100(a)(b)(h)
.......................................................
13,250
13,270
Series
2026-FL11,
Class
A,
5.09%
(TSFR1M+145bps),
1/19/44,
Callable
3/19/29
@
100(a)(b)(h)
.......................................................
21,820
21,888
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
11
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Funding
CLO
Ltd.,
Series
2020-6A,
Class
XR,
4.62%
(TSFR3M+95bps),
10/23/34,
Callable
10/23/26
@
100(a)(b)
................................................
$
633
$
633
GCRED
BSL
CLO
1,
Series
2025-BSL1A,
Class
A2,
4.96%
(TSFR3M+130bps),
1/20/34,
Callable
1/20/27
@
100(a)(b)
..........................................
8,000
7,983
Goldentree
Loan
Management
US
CLO
10
Ltd.,
Series
2021-10A,
Class
XR,
4.73%
(TSFR3M+105bps),
10/20/37,
Callable
10/20/26
@
100(a)(b)
...................
1,575
1,575
GoldenTree
Loan
Management
US
CLO
Ltd.,
Series
2024-21AR,
Class
XR,
4.54%
(TSFR3M+90bps),
10/20/39(a)(b)
.......................................
3,500
3,500
Golub
Capital
Partners
CLO
51M
LP,
Series
2021-51A,
Class
AR,
4.86%
(TSFR3M+120bps),
5/5/36,
Callable
8/5/26
@
100(a)(b)
......................................
6,000
5,985
Golub
Capital
Partners
CLO
61M,
Series
2022-61A,
Class
A1AR,
4.90%
(
TSFR3M+123bps),
7/25/35,
Callable
7/25/26
@
100(a)(b)
....................................
20,460
20,453
Golub
Capital
Partners
Short
Duration
........................................
Series
2022-1A,
Class
A1R,
5.12%
(TSFR3M+145bps),
7/25/33,
Callable
7/25/26
@
100(a)(b)
.........................................................
4,936
4,936
Series
2022-1A,
Class
BR,
5.67%
(TSFR3M+200bps),
7/25/33,
Callable
7/25/26
@
100(a)(b)
.........................................................
9,377
9,368
Series
2022-1A,
Class
CR,
6.42%
(TSFR3M+275bps),
7/25/33,
Callable
7/25/26
@
100(a)(b)
.........................................................
11,990
11,991
Great
Lakes
CLO
Ltd.,
Series
2019-1A,
Class
X,
4.72%
(TSFR3M+105bps),
4/15/37,
Callable
4/15/27
@
100(a)(b)
.................................................
3,143
3,142
Great
Lakes
CLO
VI
LLC,
Series
2021-6A,
Class
XR,
4.77%
(TSFR3M+110bps),
7/15/37,
Callable
7/15/27
@
100(a)(b)
..........................................
4,496
4,503
Greystone
CRE
Notes
LLC
................................................
Series
2025-FL4,
Class
A,
5.11%
(TSFR1M+148bps),
1/15/43,
Callable
5/15/28
@
100(a)(b)(h)
.......................................................
17,710
17,740
Series
2025-FL4,
Class
AS,
5.76%
(TSFR1M+214bps),
1/15/43,
Callable
5/15/28
@
100(a)(b)
(h)
.......................................................
4,030
4,067
GS
REFT,
Series
2026-FL1,
Class
A,
5.14%
(TSFR1M+150bps),
10/19/43,
Callable
9/19/28
@
100(a)(b)(h)
.......................................................
7,750
7,779
HPS
Loan
Management
Ltd.,
Series
10A-16,
Class
XR3,
4.63%
(TSFR3M+95bps),
4/20/34,
Callable
7/20/26
@
100(a)(b)
..........................................
214
214
INCREF
LLC,
Series
2026-FL3,
Class
A,
5.05%
(TSFR1M+140bps),
1/19/44,
Callable
12/19/28
@
100(a)(b)(h)
..............................................
6,100
6,108
KREF
Ltd.
............................................................
Series
2021-FL2,
Class
AS,
5.05%
(TSFR1M+141bps),
2/15/39
,
Callable
7/15/26
@
100(a)(b)
.........................................................
6,010
6,009
Series
2022-FL3,
Class
A,
5.09%
(TSFR1M+145bps),
2/17/39,
Callable
7/17/26
@
100(a)(b)
.........................................................
3,594
3,594
Lake
Shore
MM
CLO
IV
Ltd.,
Series
2021-1A,
Class
XR,
4.97%
(TSFR3M+130bps),
1/15/37
,
Callable
1/15/27
@
100(a)(b)
..........................................
995
995
LCM
Ltd.
............................................................
Series
35A,
Class
A1R,
4.75%
(TSFR3M+108bps),
10/15/34,
Callable
7/15/26
@
100(a)
(b)
.............................................................
4,000
4,001
Series
35A,
Class
BR,
5.32%
(TSFR3M+165bps),
10/15/34,
Callable
7/15/26
@
100
(a)
(b)
.............................................................
3,450
3,449
LMNT
CRE
LLC
.......................................................
Series
2025-FL3,
Class
A,
5.19%
(TSFR1M+155bps),
7/21/43,
Callable
5/21/28
@
100(a)(b)(h)
.......................................................
20,160
20,185
Series
2025-FL3,
Class
AS,
5.54%
(TSFR1M+190bps),
7/21/43,
Callable
5/21/28
@
100(a)(b)
(h)
.......................................................
20,110
20,174
LoanCore
Issuer
LLC
....................................................
Series
2025-CRE8,
Class
A,
5.02%
(TSFR1M+139bps),
8/17/42,
Callable
8/17/27
@
100(a)(b)(h)
.......................................................
6,740
6,741
Series
2025-CRE9,
Class
A,
5.09%
(TSFR1M+145bps),
8/18/42,
Callable
5/15/28
@
100
(a)(b)
.........................................................
11,250
11,281
LoanCore
Issuer
Ltd.
....................................................
Series
2021-CRE6,
Class
A,
5.04%
(TSFR1M+141bps),
11/15/38,
Callable
7/15/26
@
100(a)(b)
.........................................................
94
94
Series
2021-CRE6,
Class
AS,
5.39%
(TSFR1M+176bps),
11/15/38,
Callable
7/15/26
@
100(a)
(b)
.........................................................
5,000
5,001
Magnetite
XXII
Ltd.,
Series
2019-22A,
Class
X,
4.67%
(TSFR3M+100bps),
7/15/36,
Callable
7/15/26
@
100(a)(b)
.................................................
3,000
3,000
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
12
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
MCF
CLO
10
Ltd.,
Series
2023-1A,
Class
XR,
4.67%
(TSFR3M+100bps),
4/15/37,
Callable
4/15/27
@
100(a)(b)
.................................................
$
2,613
$
2,615
MCF
CLO
VII
LLC
.....................................................
Series
2017-3A,
Class
ER2,
10.68%
(TSFR3M+700bps),
7/20/37,
Callable
7/20/27
@
100(a)(b)
.........................................................
4,500
4,485
Series
2017-3A,
Class
XR2,
4.88%
(TSFR3M+120bps),
7/20/37
,
Callable
7/20/27
@
100(a)(b)
.........................................................
3,257
3,257
MF1
LLC
............................................................
Series
2024-FL15,
Class
A,
5.33%
(TSFR1M+169bps),
8/18/41,
Callable
7/18/26
@
100(a)(b)
.........................................................
13,870
13,888
Series
2024-FL16,
Class
A,
5.18%
(TSFR1M+154bps),
11/18/39
,
Callable
10/18/26
@
100(a)(b)
.........................................................
19,480
19,507
Series
2025-FL19,
Class
A,
5.13%
(TSFR1M+149bps),
5/18/42,
Callable
11/18/26
@
100(a)(b)
.........................................................
19,300
19,342
Series
2025-FL20,
Class
A,
5.09%
(TSFR1M+145bps),
2/18/43,
Callable
2/18/28
@
100(a)(b)
.........................................................
6,900
6,909
Series
2026-FL21,
Class
A,
4.99%
(TSFR1M+135bps),
2/18/41,
Callable
7/18/28
@
100(a)(b)(h)
.......................................................
20,270
20,276
Series
2026-FL21,
Class
AS,
5.19%
(TSFR1M+155bps),
2/18/41,
Callable
7/18/28
@
100(a)(b)(h)
.......................................................
9,704
9,708
MF1
Ltd.
.............................................................
Series
2021-FL7,
Class
A,
4.83%
(TSFR1M+119bps),
10/16/36,
Callable
7/16/26
@
100(a)(b)
.........................................................
3,173
3,173
Series
2021-FL7,
Class
AS,
5.20%
(TSFR1M+156bps),
10/16/36,
Callable
7/16/26
@
100(a)(b)
.........................................................
6,379
6,375
Series
2022-FL8,
Class
A,
4.99%
(TSFR1M+135bps),
2/19/37,
Callable
7/17/26
@
100(a)(b)
.........................................................
9,683
9,683
MidOcean
Credit
CLO
XI
Ltd.,
Series
2022-11A,
Class
A1R2,
4.89%
(TSFR3M+121bps),
1/18/36,
Callable
7/18/26
@
100(a)(b)
....................................
8,290
8,297
Midocean
Credit
CLO
XXIII,
Series
2026-23A,
Class
X,
4.58%
(TSFR3M+94bps),
7/18/39,
Callable
7/18/28
@
100(a)(b)
..........................................
4,000
4,000
Monroe
Capital
MML
CLO
XII
Ltd.,
Series
2021-2A,
Class
A1,
5.43%
(TSFR3M+176bps),
9/14/33,
Callable
9/14/26
@
100(a)(b)
....................................
4,125
4,123
Monroe
Capital
MML
CLO
XIII
Ltd.
.........................................
Series
2022-1A,
Class
A1N,
5.32%
(TSFR3M+168bps),
2/24/34,
Callable
8/24/26
@
100(a)(b)
.........................................................
3,902
3,903
Series
2022-1A,
Class
B,
5.69%
(TSFR3M+205bps),
2/24/34,
Callable
8/24/26
@
100(a)
(b)
.............................................................
3,000
2,987
Monroe
Capital
MML
CLO
XV
LLC,
Series
2023-1A,
Class
AR,
4.94%
(TSFR3M+127bps),
9/23/35,
Callable
10/23/26
@
100(a)(b)
...................................
8,460
8,452
Morgan
Stanley
Eaton
Vance
CLO
Ltd.,
Series
2021-1A,
Class
X,
4.67%
(TSFR3M+100bps),
10/23/37,
Callable
10/23/27
@
100(a)(b)
..................................
3,789
3,793
Mountain
View
CLO
XVII
Ltd.,
Series
2023-1A,
Class
XR,
4.67%
(TSFR3M+100bps),
10/15/38
,
Callable
10/15/27
@
100(a)(b)
..................................
1,125
1,125
Neuberger
Berman
Loan
Advisers
LaSalle
Street
Lending
CLO
II
Ltd.,
Series
2024-2A,
Class
A1R,
5.02%
(TSFR3M+134bps),
4/20/38,
Callable
4/20/27
@
100(a)(b)
...........
10,000
10,015
New
Mountain
CLO
1
Ltd.,
Series
1A,
Class
X,
4.62%
(TSFR3M+95bps),
1/15/38,
Callable
1/15/27
@
100(a)(b)
.................................................
1,167
1,167
Northwoods
Capital
XI-B
Ltd.,
Series
2018-11BA,
Class
XR,
4.88%
(TSFR3M+120bps),
7/19/37,
Callable
7/19/26
@
100(a)(b)
....................................
2,053
2,053
OCP
CLO
Ltd.,
Series
2017-14A,
Class
XR,
4.78%
(TSFR3M+110bps),
7/20/37,
Callable
7/20/26
@
100(a)(b)
.................................................
1,500
1,500
Octagon
Investment
Partners
Ltd.,
Series
2020-5A,
Class
XRR,
4.57%
(TSFR3M+90bps),
4/15/37,
Callable
4/15/27
@
100(a)(b)
....................................
2,968
2,968
Octagon
Ltd.,
Series
2023-1A,
Class
XR,
4.53%
(TSFR3M+85bps),
10/20/38,
Callable
1/20/28
@
100(a)(b)
.......................................................
7,333
7,330
Owl
Rock
CLO
IV
Ltd.
..................................................
Series
2020-4A,
Class
A1R,
5.50%
(TSFR3M+186bps),
8/20/33,
Callable
8/20/26
@
100(a)(b)
.........................................................
1,851
1,852
Series
2020-4A,
Class
A2R,
5.80%
(TSFR3M+216bps),
8/20/33,
Callable
8/20/26
@
100(a)(b)
.........................................................
250
250
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
13
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Owl
Rock
CLO
XXI
LLC
.................................................
Series
2025-21A,
Class
A,
5.07%
(TSFR3M+140bps),
7/24/34,
Callable
7/24/26
@
100(a)(b)
.........................................................
$
4,862
$
4,856
Series
2025-21A,
Class
B,
5.57%
(TSFR3M+190bps),
7/24/34,
Callable
7/24/26
@
100(a)(b)
.........................................................
3,290
3,280
Palmer
Square
CLO
Ltd.,
Series
2020-3A,
Class
X,
4.85%
(TSFR3M+120bps),
11/15/36,
Callable
11/15/26
@
100(a)(b)
.........................................
1,053
1,054
Pennantpark
CLO
IX
LLC
................................................
Series
2024-9A,
Class
A1RN,
5.03%
(TSFR3M+135bps),
4/20/34,
Callable
7/20/26
@
100(a)(b)
.........................................................
4,890
4,889
Series
2024-9A,
Class
A2R,
5.13%
(TSFR3M+145bps)
,
4/20/34,
Callable
7/20/26
@
100(a)(b)
.........................................................
4,400
4,400
PFP
Ltd.
.............................................................
Series
2024-11,
Class
A,
5.44%
(TSFR1M+183bps),
9/17/39,
Callable
9/17/27
@
100(a)
(b)(h)
...........................................................
1,232
1,233
Series
2026-13,
Class
A,
5.14%
(TSFR1M+150bps),
8/18/43
,
Callable
7/18/28
@
100(a)
(b)
.............................................................
7,650
7,656
Series
2026-13,
Class
AS,
5.29%
(TSFR1M+165bps),
8/18/43,
Callable
7/18/28
@
100(a)(b)
.........................................................
10,950
10,950
Series
2026-14,
Class
A,
4.97%
(TSFR1M+132bps),
12/18/43,
Callable
1/18/29
@
100(a)
(b)
.........................................................
5,530
5,528
Pikes
Peak
CLO
6,
Series
2020-6A,
Class
ARR,
4.59%
(TSFR3M+94bps),
5/18/34,
Callable
8/18/26
@
100(a)(b)
.................................................
14,300
14,298
Post
CLO
Ltd.,
Series
2021-1A,
Class
AR,
4.75%
(TSFR3M+108bps),
10/15/34,
Callable
7/15/26
@
100(a)(b)
.................................................
15,800
15,807
PRPM
Issuer
LLC,
Series
2026-CRE1,
Class
A,
5.31%
(TSFR1M+167bps),
3/19/43,
Callable
4/19/28
@
100(a)(b)(h)
...............................................
14,210
14,265
Rad
CLO
3
Ltd.,
Series
2019-3A,
Class
XR2,
4.72%
(TSFR3M+105bps),
7/15/37
,
Callable
7/15/26
@
100(a)(b)
.................................................
2,456
2,456
RAD
CLO
Ltd.,
Series
2024-23A,
Class
XR,
4.49%
(TSFR3M+85bps),
7/20/41(a)(b)
......
1,000
1,000
Recette
CLO
Ltd.,
Series
2015-1A,
Class
AR3,
4.71%
(TSFR3M+103bps),
4/20/34,
Callable
7/20/26
@
100(a)(b)
.................................................
10,000
10,004
Regatta
X
Funding
Ltd.,
Series
2017-3A,
Class
X,
4.68%
(TSFR3M+100bps),
7/17/37,
Callable
7/17/26
@
100(a)(b)
..........................................
2,650
2,647
Sculptor
CLO
XXX
Ltd.,
Series
30A,
Class
XR,
4.73%
(TSFR3M+105bps),
7/20/38
,
Callable
7/20/27
@
100(a)(b)
.................................................
2,143
2,144
Signal
Peak
CLO
4
Ltd.
..................................................
Series
2017-4A,
Class
AR2,
4.79%
(TSFR3M+112bps),
10/26/34,
Callable
7/26/26
@
100(a)(b)
.........................................................
8,000
8,005
Series
2017-4A,
Class
XR2,
4.52%
(TSFR3M+85bps),
10/26/34,
Callable
7/26/26
@
100(a)(b)
.........................................................
500
500
Silver
Rock
CLO
II
Ltd.,
Series
2021-2A,
Class
X,
4.99%
(TSFR3M+131bps),
1/20/35,
Callable
7/20/26
@
100(a)(b)
..........................................
267
267
Silver
Rock
CLO
III,
Series
2023-3A,
Class
XR,
4.63%
(TSFR3M+95
bps),
1/20/38,
Callable
1/20/28
@
100(a)(b)
.................................................
2,125
2,124
Silver
Rock
CLO
IV
Ltd.,
Series
2024-4A,
Class
X,
4.88%
(TSFR3M+120bps),
10/20/37,
Callable
10/20/26
@
100(a)(b)
.........................................
3,111
3,111
Sixth
Street
CLO
IX
Ltd.,
Series
2017-9A,
Class
X,
4.62%
(TSFR3M+95bps),
7/21/37,
Callable
7/21/26
@
100(a)(b)
..........................................
1,600
1,600
Sixth
Street
CLO
XII
Ltd.,
Series
2018-12A,
Class
XR2,
4.48%
(TSFR3M+80bps),
1/17/39,
Callable
1/17/28
@
100(a)(b)
..........................................
1,329
1,328
Sound
Point
CLO
V-R
Ltd.,
Series
2014-1RA,
Class
A,
5.09%
(TSFR3M+141bps),
7/18/31,
Callable
7/18/26
@
100(a)(b)
..........................................
2,270
2,270
Sound
Point
CLO
XVI
Ltd.,
Series
2017-2A,
Class
D,
7.53%
(TSFR3M+386bps),
7/25/30,
Callable
7/25/26
@
100(a)(b)
..........................................
3,000
3,008
Sound
Point
CLO
XX
Ltd.,
Series
2018-2A,
Class
A,
5.03%
(TSFR3M+136bps),
7/26/31,
Callable
7/26/26
@
100(a)(b)
..........................................
525
525
Sound
Point
CLO
XXXIII
Ltd.,
Series
2022-1A,
Class
AR,
4.77%
(TSFR3M+110bps),
4/20/35,
Callable
7/25/26
@
100(a)(b)
....................................
10,000
9,991
Starwood
LLC
.........................................................
Series
2024-SIF4A,
Class
A,
5.38%
(TSFR3M+170bps),
10/17/36,
Callable
7/17/26
@
100(a)(b)
.........................................................
14,000
14,015
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
14
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2024-SIF4A,
Class
C,
6.18%
(TSFR3M+250bps),
10/17/36
,
Callable
7/17/26
@
100(a)(b)
.........................................................
$
2,390
$
2,391
Series
2025-SIF5A,
Class
A,
5.22%
(TSFR3M+155bps),
4/15/37,
Callable
10/15/26
@
100(a)(b)
.........................................................
10,110
10,110
Series
2025-SIF5A,
Class
D,
7.27%
(TSFR3M+360bps),
4/15/37,
Callable
10/15/26
@
100(a)(b)
.........................................................
2,130
2,134
Symphony
CLO
36
Ltd.,
Series
2025-52A,
Class
XR,
4.57%
(TSFR3M+90bps),
1/20/36,
Callable
1/20/27
@
100(a)(b)
..........................................
5,500
5,500
Symphony
CLO
XIX
Ltd.,
Series
2018-19A,
Class
A,
4.90%
(TSFR3M+122bps),
4/16/31
,
Callable
7/16/26
@
100(a)(b)
..........................................
44
44
Trestles
CLO
IV
Ltd.,
Series
2021-4A,
Class
X,
4.56%
(TSFR3M+90bps),
10/30/38,
Callable
1/30/28
@
100(a)(b)
.................................................
4,000
3,995
Trinitas
CLO
VII
Ltd.,
Series
2017-7A,
Class
A1R2,
4.73%
(TSFR3M+106bps)
,
1/25/35,
Callable
7/25/26
@
100(a)(b)
..........................................
12,000
11,973
Trinitas
CLO
XI
Ltd.,
Series
2019-11A,
Class
X,
4.86%
(TSFR3M+119bps),
7/15/34,
Callable
1/15/27
@
100(a)(b)
.................................................
345
345
TRTX
Issuer
Ltd.,
Series
2025-FL6,
Class
A,
5.17%
(
TSFR1M+154bps),
9/18/42,
Callable
9/18/27
@
100(a)(b)(h)
...............................................
18,650
18,702
Twin
Brook
CLO
LLC,
Series
2024-2A,
Class
CR,
5.63%
(TSFR3M+195bps),
10/20/35,
Callable
10/20/26
@
100(a)(b)
.........................................
13,000
12,984
Venture
CLO
Ltd.,
Series
2021-41A,
Class
A1RR,
4.81%
(TSFR3M+113bps),
1/20/34,
Callable
7/20/26
@
100(a)(b)
..........................................
9,479
9,485
Voya
CLO
Ltd.
........................................................
Series
2019-1A,
Class
X,
4.87%
(TSFR3M+120bps),
10/15/37,
Callable
10/15/26
@
100(a)(b)
.........................................................
3,111
3,111
Series
2024-6A,
Class
X,
4.78%
(TSFR3M+110bps),
1/20/38,
Callable
1/20/27
@
100(a)
(b)
.............................................................
2,857
2,857
Wellfleet
CLO
Ltd.,
Series
2022-1A,
Class
XR,
4.87%
(TSFR3M+120bps),
7/15/37,
Callable
7/15/26
@
100(a)(b)
.................................................
3,421
3,422
Wind
River
CLO
Ltd.,
Series
2023-1A,
Class
XR,
4.82%
(TSFR3M+115bps),
7/25/38,
Callable
7/25/27
@
100(a)(b)
..........................................
1,200
1,200
Woodmont
Trust,
Series
2023-12A,
Class
A1R,
5.07%
(TSFR3M+140bps),
10/25/32,
Callable
7/25/26
@
100(a)(b)
.................................................
11,433
11,434
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)
.........................................................
2,176
2,176
Series
2019-1A,
Class
DR,
8.94%
(TSFR3M+526bps),
7/16/31,
Callable
7/16/26
@
100(a)(b)
.........................................................
6,000
6,043
Series
2021-1A,
Class
A2AR,
5.47%
(TSFR3M+180bps),
7/15/33,
Callable
7/15/26
@
100(a)(b)
.........................................................
12,010
12,016
Zais
CLO
Ltd.,
Series
2020-16A,
Class
A1R2,
4.81%
(TSFR3M+113bps),
10/20/34,
Callable
7/20/26
@
100(a)(b)
.................................................
8,000
7,980
1,270,978
Total
Collateralized
Loan
Obligations
(Cost
$1,269,275)
a
a
a
1,270,978
Collateralized
Mortgage
Obligations
(15.1%)
Agency
CMO
Floating
(2.7%):
Fannie
Mae
Trust,
Series
2003-W6,
Class
F,
4.08%
(SOFR30A+46bps),
9/25/42,
Callable
7/25/26
@
100(b)
...................................................
624
622
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
2003-107,
Class
FD,
4.24%
(SOFR30A+61bps),
11/25/33(b)
...............
57
57
Series
2004-54,
Class
FN,
4.19%
(SOFR30A+56bps),
7/25/34(b)
................
15
15
Series
2006-11,
Class
FB,
4.04%
(SOFR30A+41bps),
3/25/36(b)
.................
9
9
Series
2006-115,
Class
BF,
3.98%
(SOFR30A+35bps),
12/25/36(b)
...............
18
18
Series
2006-34,
Class
FA,
4.05%
(SOFR30A+42bps),
5/25/36(b)
.................
51
51
Series
2006-56,
Class
FC,
4.03%
(SOFR30A+40bps),
7/25/36(b)
.................
24
24
Series
2006-70,
Class
BF,
4.29%
(SOFR30A+66bps),
8/25/36(b)
.................
6
6
Series
2007-58,
Class
FA,
3.99%
(SOFR30A+36bps),
6/25/37(b)
.................
29
29
Series
2025-85,
Class
FH,
4.53%
(SOFR30A+90bps),
10/25/55(b)
................
28,176
28,357
Series
2106,
Class
F,
4.16%
(SOFR30A+56bps),
12/15/28(b)
...................
22
22
Series
2122,
Class
FD,
4.06%
(SOFR30A+46bps),
2/15/29(b)
...................
12
12
Series
2186,
Class
FY,
4.31%
(SOFR30A+71bps),
4/15/28(b)
...................
3
3
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
15
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2368,
Class
AF,
4.66%
(SOFR30A+106bps),
10/15/31(b)
.................
$
11
$
11
Series
2411,
Class
FR,
4.31%
(SOFR30A+71bps),
6/15/31(b)
...................
23
23
Series
2432,
Class
FH,
4.41%
(SOFR30A+81bps),
3/15/32(b)
...................
30
30
Series
2471,
Class
FD,
4.71%
(SOFR30A+111bps),
3/15/32(b)
..................
50
50
Series
2498,
Class
FQ,
4.31%
(SOFR30A+71bps),
9/15/32(b)
...................
20
20
Series
2543,
Class
EF,
4.06%
(SOFR30A+46bps),
12/15/32(b)
..................
14
14
Series
2551,
Class
FD,
4.11%
(SOFR30A+51bps),
1/15/33(b)
...................
93
93
Series
2567,
Class
FJ,
4.11%
(SOFR30A+51bps),
2/15/33(b)
....................
64
64
Series
2577,
Class
FA,
4.26%
(SOFR30A+66bps),
2/15/33(b)
...................
27
27
Series
2585,
Class
FD,
4.21%
(SOFR30A+61bps),
12/15/32(b)
..................
2
2
Series
2614,
Class
FV,
5.21%
(SOFR30A+161bps),
5/15/33(b)
..................
36
36
Series
2631,
Class
FC,
4.11%
(SOFR30A+51bps),
6/15/33(b)
...................
43
43
Series
2711,
Class
FA,
4.71%
(SOFR30A+111bps),
11/15/33(b)
.................
23
23
Series
2976,
Class
LF,
4.05%
(SOFR30A+45bps),
5/15/35(b)
...................
109
108
Series
3012,
Class
FE,
3.96%
(SOFR30A+36bps),
8/15/35(b)
...................
—(e)
—(e)
Series
3067,
Class
FA,
4.06%
(SOFR30A+46bps),
11/15/35(b)
..................
21
21
Series
3117,
Class
EF,
4.06%
(SOFR30A+46bps),
2/15/36(b)
...................
46
46
Series
3122,
Class
FP,
4.01%
(SOFR30A+41bps),
3/15/36(b)
...................
30
29
Series
3147,
Class
PF,
4.01%
(SOFR30A+41bps),
4/15/36(b)
...................
18
18
Series
3175,
Class
FE,
4.02%
(SOFR30A+42bps),
6/15/36(b)
...................
150
149
Series
3191,
Class
FE,
4.11%
(SOFR30A+51bps),
7/15/36(b)
...................
9
9
Series
3221,
Class
FW,
4.13%
(SOFR30A+53bps),
9/15/36(b)
...................
82
82
Series
3222,
Class
FN,
4.11%
(SOFR30A+51bps),
9/15/36(b)
...................
24
24
Series
3247,
Class
FA,
3.96%
(SOFR30A+36bps),
8/15/36(b)
...................
76
76
Series
3266,
Class
F,
4.01%
(SOFR30A+41
bps),
1/15/37(b)
....................
143
142
Series
3307,
Class
FT,
3.95%
(SOFR30A+35bps),
7/15/34(b)
...................
57
56
Series
3315,
Class
F,
4.05%
(SOFR30A+45bps),
5/15/37(b)
....................
4
4
Series
3376,
Class
FM,
4.33%
(SOFR30A+73bps),
10/15/37(b)
..................
19
19
Series
3560,
Class
FA,
4.96%
(SOFR30A+136bps),
5/15/37(b)
..................
78
80
Series
3708,
Class
PF,
4.06%
(SOFR30A+46bps),
7/15/40(b)
...................
17
17
Series
3867,
Class
FD,
4.06%
(SOFR30A+46bps),
5/15/41(b)
...................
8
8
Series
4056,
Class
QF,
4.06%
(SOFR30A+46bps),
12/15/41(b)
..................
12
12
Series
5563,
Class
FB,
4.58%
(SOFR30A+95bps),
6/25/55(b)
...................
10,483
10,567
Series
5574,
Class
F,
4.53%
(SOFR30A+90bps),
9/25/55(b)
....................
28,194
28,360
Series
5576,
Class
FD,
4.48%
(SOFR30A+85bps),
9/25/55(b)
...................
5,938
5,966
Series
5592,
Class
PF,
4.53%
(SOFR30A+90bps),
5/25/55(b)
...................
22,145
22,282
Series
5594,
Class
FA,
4.53%
(SOFR30A+90bps),
11/25/53(b)
..................
24,840
24,994
Federal
Home
Loan
Mortgage
Corporation
REMICs
..............................
Series
2006-104,
Class
GF,
4.06%
(SOFR30A+43bps),
11/25/36(b)
...............
38
38
Series
2439,
Class
F,
4.71%
(SOFR30A+111bps),
3/15/32(b)
....................
59
59
Series
2470,
Class
AF,
4.71%
(SOFR30A+111bps),
3/15/32(b)
..................
73
74
Series
2916,
Class
NF,
3.96%
(SOFR30A+36bps),
1/15/35(b)
...................
14
14
Series
3042,
Class
PF,
3.96%
(SOFR30A+36bps),
8/15/35(b)
...................
16
16
Series
3102,
Class
FG,
4.01%
(SOFR30A+41bps),
1/15/36(b)
...................
9
9
Series
3117,
Class
FE,
4.01%
(SOFR30A+41bps),
2/15/36(b)
...................
88
88
Series
3173,
Class
FC,
4.13%
(SOFR30A+53bps),
6/15/36(b)
...................
71
71
Series
3181,
Class
HF,
4.21%
(SOFR30A+61bps),
7/15/36(b)
...................
109
109
Series
3239,
Class
EF,
4
.06%
(SOFR30A+46bps),
11/15/36(b)
..................
89
89
Series
3239,
Class
FB,
4.06%
(SOFR30A+46bps),
11/15/36(b)
..................
43
43
Series
3373,
Class
FB,
4.29%
(SOFR30A+69bps),
10/15/37(b)
..................
196
196
Series
3610,
Class
FA,
4.41%
(SOFR30A+81bps),
12/15/39(b)
..................
109
110
Federal
Home
Loan
Mortgage
Corporation
REMICS,
Series
2377,
Class
FE,
4.31%
(SOFR30A+71bps),
11/15/31,
Callable
7/15/26
@
100(b)
......................
11
11
Federal
Home
Loan
Mortgage
Corporation,
STRIPS
..............................
Series
237,
Class
F14,
4.11%
(SOFR30A+51bps),
5/15/36(b)
...................
43
42
Series
239,
Class
F30,
4.01%
(SOFR30A+41bps),
8/15/36(b)
...................
183
181
Series
244,
Class
F22,
4.06%
(SOFR30A+46bps),
12/15/36(b)
..................
50
50
Federal
National
Mortgage
Association
.......................................
Series
1997-46,
Class
FA,
4.22%
(SOFR30A+61bps),
7/18/27(b)
.................
—(e)
—(e)
Series
2000-47,
Class
FD,
4.29%
(SOFR30A+66bps),
12/25/30(b)
................
9
9
Series
2001-35,
Class
F,
4.34%
(SOFR30A+71bps),
7/25/31(b)
..................
38
39
Series
2001-37,
Class
F,
4.24%
(SOFR30A+61bps),
8/25/31(b)
..................
8
8
Series
2001-50,
Class
FQ,
4.34%
(SOFR30A+71bps),
11/25/31(b)
................
79
80
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
16
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2001-65,
Class
F,
4.34%
(SOFR30A+71bps),
11/25/31(b)
.................
$
35
$
35
Series
2001-69,
Class
FA,
4.34%
(SOFR30A+71bps),
7/25/31(b)
.................
24
24
Series
2002-1,
Class
FC,
4.44%
(SOFR30A+81bps),
1/25/32(b)
.................
29
29
Series
2002-13,
Class
FD,
4.64%
(SOFR30A+101bps),
3/25/32(b)
................
40
40
Series
2002-34,
Class
FA,
4.22%
(SOFR30A+61bps),
5/18/32(b)
.................
19
19
Series
2002-56,
Class
FN,
4.74%
(SOFR30A+111bps),
7/25/32(b)
................
43
44
Series
2002-58,
Class
FD,
4.34%
(SOFR30A+71bps),
8/25/32(b)
................
17
17
Series
2002-77,
Class
F,
4.34%
(SOFR30A+71bps),
12/25/32(b)
.................
32
33
Series
2002-82,
Class
FB,
4.24%
(SOFR30A+61bps),
12/25/32(b)
................
22
22
Series
2002-90,
Class
FH,
4.24%
(SOFR30A+61bps),
9/25/32(b)
................
31
31
Series
2002-92,
Class
FB,
4.39%
(SOFR30A+76bps),
4/25/30(b)
.................
12
12
Series
2003-31,
Class
FM,
4.24%
(SOFR30A+61bps),
4/25/33(b)
................
81
81
Series
2003-7,
Class
FA,
4.49%
(SOFR30A+86bps),
2/25/33(b)
..................
26
26
Series
2005-W3,
Class
2AF,
3.96%
(SOFR30A+33bps),
3/25/45,
Callable
7/25/26
@
100(b)
...........................................................
172
171
Series
2007-100,
Class
YF,
4.29%
(SOFR30A+66bps),
10/25/37(b)
...............
15
15
Series
2007-103,
Class
AF,
4.74%
(SOFR30A+111bps),
3/25/37(b)
...............
24
24
Series
2007-57,
Class
FA,
3.97%
(SOFR30A+34bps),
6/25/37(b)
.................
7
7
Series
2007-66,
Class
FB,
4.14%
(SOFR30A+51bps),
7/25/37(b)
.................
7
7
Series
2007-85,
Class
FG,
4.24%
(SOFR30A+61bps),
9/25/37(b)
................
83
83
Series
2007-91,
Class
FB,
4.34%
(SOFR30A+71bps),
10/25/37(b)
................
116
116
Series
2007-98,
Class
FD,
4.19%
(SOFR30A+56bps),
6/25/37(b)
................
10
10
Series
2007-W1,
Class
1AF1,
4.00%
(SOFR30A+37bps),
11/25/46,
Callable
9/25/27
@
100(b)
...........................................................
155
153
Series
2008-6,
Class
FA,
4.44%
(SOFR30A+81bps),
2/25/38(b)
..................
14
14
Series
2009-113,
Class
FB,
4.29%
(SOFR30A+66bps),
1/25/40(b)
................
40
40
Series
2010-43,
Class
FD,
4.34%
(SOFR30A+71bps),
5/25/40(b)
................
15
15
Series
2010-43,
Class
IF,
4.24%
(SOFR30A+61bps),
5/25/40(b)
.................
68
68
Series
2012-40,
Class
PF,
4.24%
(SOFR30A+61bps),
4/25/42(b)
.................
61
60
Series
2024-98,
Class
F,
4.53%
(SOFR30A+90bps),
1/25/55(b)
..................
18,163
18,259
Series
2025-15,
Class
FE,
4.53%
(SOFR30A+90bps),
4/25/55(b)
.................
16,366
16,470
Series
2025-43,
Class
FH,
4.48%
(SOFR30A+85bps),
1/25/55(b)
................
24,842
24,948
Series
2025-77,
Class
FC,
4.48%
(SOFR30A+85bps),
5/25/55(b)
.................
15,434
15,508
Series
2025-78,
Class
PF,
4.53%
(SOFR30A+90bps),
9/25/55(b)
.................
7,603
7,647
Federal
National
Mortgage
Association
REMICs
................................
Series
2001-72,
Class
FB,
4.64%
(SOFR30A+101bps),
12/25/31(b)
...............
33
34
Series
2001-81,
Class
FL,
4.37%
(SOFR30A+76bps),
1/18/32(b)
.................
10
10
Series
2002-93,
Class
FH,
4.24%
(SOFR30A+61
bps),
1/25/33(b)
................
31
31
Series
2003-42,
Class
JF,
4.24%
(SOFR30A+61bps),
5/25/33(b)
.................
34
34
Series
2003-8,
Class
FJ,
4.09%
(SOFR30A+46bps),
2/25/33(b)
..................
6
6
Series
2004-52,
Class
FW,
4.14%
(SOFR30A+51bps),
7/25/34(b)
................
61
61
Series
2005-83,
Class
KT,
4.04%
(SOFR30A+41bps),
10/25/35(b)
................
55
54
Series
2005-83,
Class
LF,
4.05%
(SOFR30A+42bps),
2/25/35(b)
.................
34
34
Series
2006-42,
Class
CF,
4.19%
(SOFR30A+56bps),
6/25/36(b)
.................
71
71
Series
2006-82,
Class
F,
4.31%
(SOFR30A+68bps),
9/25/36(b)
..................
17
17
Series
2007-110,
Class
FA,
4.36%
(SOFR30A+73bps),
12/25/37(b)
...............
22
22
Series
2007-13,
Class
FA,
3.99%
(SOFR30A+36bps),
3/25/37(b)
.................
35
34
Series
2007-2,
Class
FT,
3.99%
(SOFR30A+36bps),
2/25/37(b)
..................
133
132
Series
2007-41,
Class
FA,
4.14%
(SOFR30A+51bps),
5/25/37(b)
.................
9
9
Series
2007-50,
Class
FN,
3.98%
(SOFR30A+35bps),
6/25/37(b)
................
87
86
Series
2007-7,
Class
FJ,
3.94%
(SOFR30A+31bps),
2/25/37(b)
..................
57
56
Series
2007-92,
Class
OF,
4.31%
(SOFR30A+68bps),
9/25/37(b)
.................
34
34
Series
2007-93,
Class
FD,
4.29%
(SOFR30A+66bps),
9/25/37(b)
................
20
20
Series
2008-88,
Class
FA,
4.96%
(SOFR30A+133bps),
10/25/38(b)
...............
59
60
Freddie
Mac
Strips,
Series
239,
Class
F29,
3.96%
(SOFR30A+36bps),
8/15/36(b)
.........
42
42
Government
National
Mortgage
Association
....................................
Series
2005-16,
Class
FA,
4.00%
(TSFR1M+36bps),
2/20/35(b)
.................
125
124
Series
2005-3,
Class
FC,
4.00%
(TSFR1M+36bps),
1/16/35(b)
..................
125
124
Series
2008-69,
Class
FA,
4.25%
(TSFR1M+61bps),
8/20/38(b)
.................
49
49
Series
2009-66,
Class
UF,
4.75%
(TSFR1M+111bps),
8/16/39(b)
.................
50
50
Series
2009-92,
Class
FJ,
4.43%
(TSFR1M+79bps),
10/16/39(b)
.................
35
35
209,323
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
17
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Agency
CMO
Other
(0.0%):(i)
Federal
National
Mortgage
Association
.......................................
Series
2005-W3,
Class
3A,
4.82%,
4/25/45
,
Callable
7/25/26
@
100(d)
............
$
17
$
18
Series
2005-W4,
Class
3A,
5.56%,
6/25/45,
Callable
1/25/27
@
100(d)
............
18
18
36
Commercial
MBS
(4.1%):
BAY
Trust,
Series
2026-MDWS,
Class
A,
5.24%
(TSFR1M+164bps),
6/15/41(a)(b)
(h)
.....
23,910
23,820
BLP
Commercial
Mortgage
Trust,
Series
2024-IND2,
Class
A,
4.97%
(TSFR1M+134bps),
3/15/41(a)(b)(h)
....................................................
20,761
20,780
BX
Commercial
Mortgage
Trust
............................................
Series
2021-21M,
Class
A,
4.47%
(TSFR1M+84bps),
10/15/36(a)(b)
(h)
............
646
646
Series
2024-AIRC,
Class
A,
5.32%
(TSFR1M+169bps),
8/15/41(a)(b)(h)
...........
11,795
11,839
Series
2024-SLCT,
Class
A,
4.95%
(TSFR1M+132bps),
1/15/42(a)(b)(h)
...........
12,960
12,936
Series
2024-SLCT,
Class
E,
7.02%
(TSFR1M+
339bps),
1/15/42(a)(b)(h)
...........
5,080
5,093
BX
Trust,
Series
2026-PNDA,
Class
A,
4.93%
(TSFR1M+130bps),
5/15/43(a)(b)(h)
.......
9,460
9,481
BXP
Trust,
Series
2017-CQHP,
Class
B,
4.77%
(TSFR1M+115bps),
11/15/34(a)(b)(h)
.....
8,000
7,491
CG-CCRE
Commercial
Mortgage
Trust,
Series
2014-FL1,
Class
B,
4.89%
(TSFR1M+126bps),
6/15/31,
Callable
7/15/26
@
100(a)(b)(h)
..................................
2,171
2,165
CLNY
Trust,
Series
2019-IKPR,
Class
B,
5.46%
(TSFR1M+184bps),
11/15/38(a)(b)(h)
....
7,500
7,397
COMM
Mortgage
Trust,
Series
2024-WCL1,
Class
A,
5.47%
(TSFR1M+184bps),
6/15/41(a)
(b)(h)
...........................................................
14,000
13,996
EQUS
Mortgage
Trust,
Series
2021-EQAZ,
Class
A,
4.65%
(TSFR1M+102bps),
10/15/38,
Callable
10/15/26
@
100(a)(b)(h)
.......................................
9,137
9,134
GS
Mortgage
Securities
Corp.
Trust
..........................................
Series
2018-TWR,
Class
A,
4.82%
(TSFR1M+120bps),
7/15/31(a)(b)(h)
...........
6,720
6,149
Series
2020-DUNE,
Class
A,
4.99%
(TSFR1M+136bps),
12/15/36(a)(b)(h)
.........
5,974
5,968
Series
2020-DUNE,
Class
E,
6.39%
(TSFR1M+276bps),
12/15/36(a)(b)(h)
.........
4,000
3,808
HIH
Trust,
Series
2024-61P,
Class
A,
5.47%
(TSFR1M+184bps),
10/15/41(a)(b)(h)
........
8,575
8,597
Hilt
Commercial
Mortgage
Trust
............................................
Series
2024-ORL,
Class
A,
5.17%
(TSFR1M+154bps),
5/15/37(a)(b)(h)
............
3,980
3,983
Series
2024-ORL,
Class
B,
5.57%
(TSFR1M+194bps),
5/15/37(a)(b)(h)
............
5,470
5,473
HTL
Commercial
Mortgage
Trust
...........................................
Series
2024-T53,
Class
C,
7.32%,
5/10/39(a)(d)(h)
...........................
1,000
1,006
Series
2024-T53,
Class
D,
8.47%,
5/10/39(a)(d)(h)
...........................
4,515
4,563
HYT
Commercial
Mortgage
Trust,
Series
2024-RGCY,
Class
A,
5.47%
(TSFR1M+184bps),
9/15/41(a)(b)(h)
....................................................
7,255
7,264
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
..........................
Series
2018-WPT,
Class
CFL,
5.50%
(TSFR1M+189bps),
7/5/33(a)(b)(h)
..........
4,000
2,720
Series
2019-BKWD,
Class
C,
5.84%
(TSFR1M+221bps),
9/15/29(a)(b)(h)
..........
3,600
3,204
Series
2019-MFP,
Class
E,
5.83%
(TSFR1M+221bps),
7/15/36(a)(b)(h)
............
4,226
2,641
Series
2024-OMNI,
Class
B,
5.99%,
10/5/39(a)(d)(h)
.........................
2,200
2,202
KIND
Trust,
Series
2021-KIND,
Class
A,
4.69%
(TSFR1M+106bps),
8/15/38(a)(b)(h)
.....
9,917
9,902
KSL
Commercial
Mortgage
Trust,
Series
2026-HT3,
Class
A,
5.10%
(TSFR1M+150bps),
6/15/43(a)(b)(h)
....................................................
4,080
4,085
MCR
Mortgage
Trust
....................................................
Series
2024-HF1,
Class
A,
5.42%
(TSFR1M+179bps),
12/15/41(a)(b)(h)
...........
3,682
3,686
Series
2024-HTL,
Class
B,
6.03%
(TSFR1M+241bps),
2/15/37(a)(b)(h)
............
5,582
5,584
Series
2024-TWA,
Class
A,
5.92%,
6/12/39(a)(h)
............................
4,330
4,343
MHP
Commercial
Mortgage
Trust,
Series
2025-MHIL2,
Class
A,
5.13%
(TSFR1M+150bps),
9/15/40(a)(b)(h)
....................................................
11,480
11,487
MLTI
Trust,
Series
2026-MLTI,
Class
A2,
5.27%
(TSFR1M+165bps),
6/15/31(a)(b)(h)
.....
5,000
5,003
Morgan
Stanley
Capital
I
Trust,
Series
2018-BOP,
Class
B,
4.92%
(TSFR1M+130bps),
8/15/33(a)(b)(h)
....................................................
7,980
5,246
Natixis
Commercial
Mortgage
Securities
Trust,
Series
2019-MILE,
Class
B,
5.51%
(TSFR1M+188bps),
7/15/36(a)(b)(h)
.....................................
3,490
3,316
PRM
Trust,
Series
2025-PRM6,
Class
E,
6.80%,
7/5/33(a)(d)(h)
.....................
4,350
4,341
SHR
Trust,
Series
2024-LXRY,
Class
A,
5.58%
(TSFR1M+195bps),
10/15/41(a)(b)(h)
.....
18,840
18,864
SKY
Trust,
Series
2025-LINE,
Class
A,
6.21%
(TSFR1M+259bps),
4/15/42(a)(b)
.........
8,033
8,076
SREIT
Trust,
Series
2021-MFP2,
Class
A,
4.56%
(
TSFR1M+94bps),
11/15/36(a)(b)(h)
.....
15,900
15,895
THPT
Mortgage
Trust
...................................................
Series
2023-THL,
Class
A,
7.23%,
12/10/34(a)(d)(h)
.........................
5,431
5,448
Series
2023-THL,
Class
B,
7.92%,
12/10/34(a)(d)(h)
.........................
4,150
4,159
TX
Trust,
Series
2024-HOU,
Class
A,
5.22%
(TSFR1M+159bps),
6/15/39(a)(b)(h)
........
6,000
5,993
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
18
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Velocity
Commercial
Capital
Loan
Trust
......................................
Series
2023-1,
Class
A,
6.47%,
1/25/53,
Callable
7/25/31
@
100(a)(d)
.............
$
1,312
$
1,325
Series
2024-1,
Class
A,
6.55%,
1/25/54,
Callable
5/25/35
@
100(a)(d)
.............
2,859
2,893
Series
2024-2,
Class
A,
6.58%,
4/25/54,
Callable
3/25/29
@
100(a)(d)
.............
2,355
2,382
Series
2026-1,
Class
A,
5.10%,
2/25/56,
Callable
2/25/29
@
100(a)(d)
.............
5,303
5,226
Series
2026-2,
Class
A,
5.45%,
5/25/56(a)(d)
...............................
9,425
9,432
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2026-1250B,
Class
A,
4.83%,
3/10/41(a)(d)(h)
3,740
3,692
XCAL
Mortgage
Trust,
Series
2019-1,
Class
A,
7.48%
(
TSFR1M+386bps),
11/6/23(a)(b)(c)(f)
(h)
.............................................................
8,715
610
323,344
Private
CMO
Floating
(6.7%):
660
SRT
I
LLC,
Series
2026-MTG1,
Class
M1,
5.61%
(SOFR30A+200bps),
10/25/55,
Callable
6/25/31
@
100(a)(b)
.................................................
4,857
4,857
Bellemeade
Re
Ltd.,
Series
2025-1,
Class
M1A,
5.18%
(SOFR30A+155bps),
10/25/35,
Callable
8/25/28
@
100(a)(b)
..........................................
1,171
1,171
Chase
Mortgage
Finance
Corp.
.............................................
Series
2021-CL1,
Class
M1,
4.83%
(SOFR30A+120bps),
2/25/50,
Callable
10/25/38
@
100
(a)(b)
.........................................................
5,882
5,812
Series
2021-CL1,
Class
M2,
4.98%
(SOFR30A+135bps),
2/25/50,
Callable
10/25/38
@
100(a)(b)
.........................................................
1,522
1,494
Series
2021-CL1,
Class
M3,
5.18%
(SOFR30A+155bps),
2/25/50,
Callable
10/25/38
@
100(a)(b)
.........................................................
877
860
Connecticut
Avenue
Securities
Trust
.........................................
Series
2022-R01,
Class
1M1,
4.63%
(SOFR30A+100bps),
12/25/41,
Callable
12/25/26
@
100(a)(b)
.........................................................
263
263
Series
2022-R02,
Class
2M2,
6.63%
(SOFR30A+300bps),
1/25/42,
Callable
1/25/27
@
100(a)(b)
.........................................................
12,808
12,941
Series
2022-R09,
Class
2M1,
6.13%
(SOFR30A+250bps),
9/25/42,
Callable
9/25/27
@
100(a)(b)
.........................................................
859
865
Series
2023-R03,
Class
2M1,
6.13%
(SOFR30A+250bps),
4/25/43,
Callable
4/25/28
@
100(a)(b)
.........................................................
879
885
Series
2023-R06,
Class
1M1,
5.33%
(SOFR30A+170bps),
7/25/43,
Callable
7/25/28
@
100(a)(b)
.........................................................
1,328
1,331
Series
2023-R07,
Class
2M1,
5.58%
(SOFR30A+195bps),
9/25/43,
Callable
9/25/28
@
100(a)(b)
.........................................................
285
286
Series
2024-R01,
Class
1M1,
4.68%
(SOFR30A+105bps),
1/25/44,
Callable
1/25/29
@
100(a)(b)
.........................................................
1,134
1,134
Series
2024-R02,
Class
1M1,
4.73%
(SOFR30A+110bps),
2/25/44,
Callable
2/25/29
@
100(a)(b)
.........................................................
604
604
Series
2024-R03,
Class
2M1,
4.78%
(SOFR30A+115
bps),
3/25/44,
Callable
3/25/29
@
100(a)(b)
.........................................................
2,268
2,268
Series
2024-R03,
Class
2M2,
5.58%
(SOFR30A+195bps),
3/25/44,
Callable
3/25/29
@
100(a)(b)
.........................................................
10,370
10,446
Series
2024-R04,
Class
1A1,
4.63%
(SOFR30A+100bps),
5/25/44
,
Callable
5/25/29
@
100(a)(b)
.........................................................
19,834
19,846
Series
2024-R05,
Class
2A1,
4.63%
(SOFR30A+100bps),
7/25/44,
Callable
7/25/29
@
100(a)(b)
.........................................................
16,147
16,167
Series
2024-R06,
Class
1A1,
4.78%
(SOFR30A+115bps),
9/25/44,
Callable
9/25/29
@
100(a)(b)
.........................................................
6,845
6,862
Series
2025-R01,
Class
1A1,
4.58%
(SOFR30A+95bps),
1/25/45,
Callable
1/25/30
@
100(a)(b)
.........................................................
9,893
9,899
Series
2025-R01,
Class
1M1,
4.73%
(SOFR30A+110bps),
1/25/45,
Callable
1/25/30
@
100(a)(b)
.........................................................
4,813
4,814
Series
2025-R02,
Class
1A1,
4.63%
(SOFR30A+100bps),
2/25/45,
Callable
2/25/30
@
100(a)(b)
.........................................................
38
38
Series
2025-R02,
Class
1M1,
4.78%
(SOFR30A+115bps),
2/25/45,
Callable
2/25/30
@
100(a)(b)
.........................................................
1,630
1,630
Series
2025-R03,
Class
2A1,
5.08%
(SOFR30A+145bps),
3/25/45,
Callable
3/25/30
@
100(a)(b)
.........................................................
3,554
3,571
Series
2025-R04,
Class
1M1,
4.83%
(SOFR30A+120bps),
5/25/45,
Callable
5/25/30
@
100(a)(b)
.........................................................
2,416
2,417
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
19
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2025-R05,
Class
2A1,
4.63%
(SOFR30A+100bps),
7/25/45,
Callable
7/25/30
@
100(a)(b)
.........................................................
$
6,229
$
6,238
Series
2025-R05,
Class
2M1,
4.83%
(SOFR30A+120bps),
7/25/45,
Callable
7/25/30
@
100(a)(b)
.........................................................
8,774
8,782
Series
2025-R06,
Class
1A1,
4.53%
(SOFR30A+90bps),
9/25/45,
Callable
9/25/30
@
100(a)(b)
.........................................................
6,088
6,092
Series
2025-R06,
Class
1M1,
4.58%
(SOFR30A+95bps),
9/25/45,
Callable
9/25/30
@
100(a)(b)
.........................................................
6,598
6,594
Series
2026-R03,
Class
2A1,
4.73%
(SOFR30A+110bps),
4/25/46,
Callable
4/25/31
@
100(a)(b)
.........................................................
13,990
14,027
Series
2026-R03,
Class
2M1,
4.88%
(SOFR30A+125bps),
4/25/46,
Callable
4/25/31
@
100(a)(b)
.........................................................
25,781
25,808
Eagle
RE
Ltd.
.........................................................
Series
2021-2,
Class
M1C,
7.08%
(SOFR30A+345bps),
4/25/34,
Callable
2/25/27
@
100(a)(b)
.........................................................
91
91
Series
2023-1,
Class
M1B,
7.58%
(SOFR30A+395bps),
9/26/33,
Callable
9/25/28
@
100(a)(b)
.........................................................
6,638
6,773
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2017-C04,
Class
2M2C,
6.59%
(SOFR30A+296bps),
11/25/29,
Callable
5/25/27
@
100(b)
.....................
7,265
7,368
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
2023-HQA3,
Class
M1,
5.48%
(SOFR30A+185bps),
11/25/43,
Callable
11/25/28
@
100(a)(b)
.......................................................
5,159
5,184
Series
2024-DNA1,
Class
A1,
4.98%
(SOFR30A+135bps),
2/25/44,
Callable
2/25/29
@
100(a)(b)
.........................................................
1,269
1,274
Series
2026-DNA2,
Class
M1,
4.83%
(SOFR30A+120bps),
3/25/46,
Callable
3/25/31
@
100(a)(b)
.........................................................
20,375
20,390
Federal
Home
Loan
Mortgage
Corporation
MSCR
Trust,
Series
2021-MN1,
Class
M1,
5.63%
(SOFR30A+200bps),
1/25/51,
Callable
1/25/29
@
100(a)(b)
....................
141
141
Federal
Home
Loan
Mortgage
Corporation
REMICs
..............................
Series
2025-HQA1,
Class
A1,
4.58%
(SOFR30A+95bps),
2/25/45,
Callable
2/25/30
@
100(a)(b)
.........................................................
7,181
7,187
Series
2025-HQA1,
Class
M1,
4.78%
(SOFR30A+115bps),
2/25/45,
Callable
2/25/30
@
100(a)
(b)
.........................................................
22,897
22,901
Federal
Home
Loan
Mortgage
Corporation
STACR
REMIC
Trust
....................
Series
2021-DNA5,
Class
M2,
5.28%
(SOFR30A+165bps),
1/25/34(a)(b)
..........
1,183
1,185
Series
2021-DNA6,
Class
M2,
5.13%
(SOFR30A+150bps),
10/25/41
,
Callable
10/25/26
@
100(a)(b)
.......................................................
2,243
2,245
Series
2021-DNA7,
Class
M1,
4.48%
(SOFR30A+85bps),
11/25/41,
Callable
11/25/26
@
100(a)(b)
.........................................................
110
110
Series
2022-DNA1,
Class
M2,
6.13%
(SOFR30A+250bps),
1/25/42,
Callable
1/25/27
@
100(a)
(b)
.........................................................
13,000
13,110
Series
2022-DNA4,
Class
M1A,
5.83%
(SOFR30A+220bps),
5/25/42,
Callable
5/25/27
@
100(a)(b)
.......................................................
5,156
5,182
Series
2022-DNA6,
Class
M1A,
5.78%
(SOFR30A+215bps),
9/25/42,
Callable
9/25/27
@
100(a)(b)
.......................................................
219
219
Series
2023-HQA1,
Class
M1A,
5.63%
(SOFR30A+200bps),
5/25/43,
Callable
5/25/28
@
100(a)(b)
.......................................................
841
847
Series
2023-HQA2,
Class
M1A,
5.63%
(SOFR30A+200bps),
6/25/43,
Callable
6/25/28
@
100(a)(b)
.......................................................
792
792
Series
2024-DNA1,
Class
M1,
4.98%
(SOFR30A+135bps),
2/25/44,
Callable
2/25/29
@
100(a)(b)
.........................................................
868
869
Series
2024-DNA3,
Class
A1,
4.68%
(SOFR30A+105bps),
10/25/44,
Callable
10/25/29
@
100(a)(b)
.......................................................
11,003
11,020
Series
2024-HQA2,
Class
A1,
4.88%
(SOFR30A+125bps),
8/25/44,
Callable
8/25/29
@
100(a)(b)
.........................................................
18,766
18,841
Series
2024-HQA2,
Class
M1,
4.83%
(SOFR30A+120bps),
8/25/44,
Callable
8/25/29
@
100(a)(b)
.........................................................
5,023
5,025
Series
2025-DNA1,
Class
A1,
4.58%
(SOFR30A+95bps),
1/25/45,
Callable
1/25/30
@
100(a)(b)
.........................................................
13,586
13,597
Series
2025-DNA1,
Class
M1,
4.68%
(SOFR30A+105bps),
1/25/45,
Callable
1/25/30
@
100(a)(b)
.........................................................
5,802
5,802
Series
2025-DNA4,
Class
A1,
4.53%
(SOFR30A+90bps),
10/25/45,
Callable
10/25/30
@
100(a)(b)
.........................................................
19,124
19,129
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
20
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2025-DNA4,
Class
M1,
4.73%
(SOFR30A+110bps),
10/25/45,
Callable
10/25/30
@
100(a)(b)
.......................................................
$
20,205
$
20,214
Series
2026-HQA1,
Class
A1,
4.63%
(SOFR30A+100bps),
5/25/46
,
Callable
5/25/31
@
100(a)(b)
.........................................................
6,035
6,045
Series
2026-HQA1,
Class
M1,
4.88%
(SOFR30A+125bps),
5/25/46,
Callable
5/25/31
@
100(a)(b)
.........................................................
4,265
4,270
Federal
National
Mortgage
Association
.......................................
Series
2026-R01,
Class
2A1,
4.48%
(
SOFR30A+85bps),
1/25/46,
Callable
1/25/31
@
100(a)(b)
.........................................................
10,625
10,620
Series
2026-R01,
Class
2M1,
4.63%
(SOFR30A+100bps),
1/25/46,
Callable
1/25/31
@
100(a)(b)
.........................................................
21,278
21,270
Series
2026-R02,
Class
1A1,
4.58%
(SOFR30A+95bps),
2/25/46,
Callable
2/25/31
@
100(a)(b)
.........................................................
12,000
12,010
Freddie
Mac
STACR
Debt
Notes
............................................
Series
2017-HQA2,
Class
M2B,
6.39%
(SOFR30A+276bps),
12/25/29,
Callable
6/25/27
@
100(b)
.........................................................
3,862
3,913
Series
2017-HRP1,
Class
M2,
6.19%
(
SOFR30A+256bps),
12/25/42,
Callable
5/25/30
@
100(b)
...........................................................
635
637
Freddie
Mac
STACR
REMIC
Trust
..........................................
Series
2023-DNA1,
Class
M1A,
5.73%
(SOFR30A+210bps),
3/25/43,
Callable
3/25/28
@
100(a)(b)
.......................................................
4,258
4,306
Series
2023-HQA3,
Class
A1,
5.48%
(SOFR30A+185bps),
11/25/43,
Callable
11/25/28
@
100(a)(b)
.......................................................
16,181
16,260
Series
2024-DNA2,
Class
A1,
4.88%
(SOFR30A+125bps),
5/25/44,
Callable
5/25/29
@
100(a)(b)
.........................................................
12,074
12,114
Series
2024-DNA2,
Class
M1,
4.83%
(
SOFR30A+120bps),
5/25/44,
Callable
5/25/29
@
100(a)(b)
.........................................................
6,151
6,156
Series
2024-HQA1,
Class
A1,
4.88%
(SOFR30A+125bps),
3/25/44,
Callable
3/25/29
@
100(a)(b)
.........................................................
22,856
22,929
Home
Re
Ltd.
.........................................................
Series
2026-1,
Class
M1A,
4.83%
(
SOFR30A+120bps),
1/25/36,
Callable
10/25/28
@
100(a)(b)
.........................................................
3,865
3,865
Series
2026-1,
Class
M1B,
5.78%
(SOFR30A+215bps),
1/25/36,
Callable
10/25/28
@
100(a)(b)
.........................................................
10,340
10,369
JP
Morgan
Mortgage
Trust
................................................
Series
2018-7FRB,
Class
A2,
4.51%
(TSFR1M+86bps),
4/25/46,
Callable
11/25/29
@
100(a)(b)
.........................................................
4,510
4,470
Series
2018-7FRB,
Class
A3,
4.51%
(TSFR1M+86bps),
4/25/46,
Callable
11/25/29
@
100(a)(b)
.........................................................
739
719
JP
Morgan
Seasoned
Mortgage
Trust,
Series
2014-1,
Class
AM,
4.26%
(TSFR1M+61bps),
5/25/33,
Callable
7/25/26
@
100(a)(b)
....................................
400
396
JPMorgan
Chase
Bank
NA
................................................
Series
2019-CL1,
Class
M1,
5.11%
(TSFR1M+146bps),
4/25/47,
Callable
3/25/31
@
100(a)
(b)
.........................................................
2,513
2,532
Series
2021-CL1,
Class
M1,
4.93%
(SOFR30A+130bps),
3/25/51,
Callable
11/25/36
@
100(a)(b)
.........................................................
5,476
5,466
Merrill
Lynch
Mortgage
Investors
Trust
.......................................
Series
2003-H,
Class
A1,
4.40%
(TSFR1M+75bps),
1/25/29
,
Callable
7/25/26
@
100(b)
141
122
Series
2004-B,
Class
A2,
4.67%
(TSFR6M+97bps),
5/25/29,
Callable
7/25/26
@
100(b)
58
57
Series
2004-C,
Class
A2B,
5.31%
(TSFR6M+143bps),
7/25/29,
Callable
7/25/26
@
100(b)
...........................................................
4
4
New
Residential
Mortgage
Loan
Trust,
Series
2017-5A,
Class
A1,
5.26%
(TSFR1M+161bps),
6/25/57,
Callable
12/25/30
@
100(a)(b)
...................................
3,945
4,011
Oaktown
Re
VII
Ltd.,
Series
2021-2,
Class
M1B,
6.53%
(SOFR30A+290bps),
4/25/34,
Callable
10/25/26
@
100(a)(b)
.........................................
851
854
Radnor
Re
Ltd.
........................................................
Series
2021-1,
Class
M2,
6.78%
(SOFR30A+315bps),
12/27/33,
Callable
7/25/26
@
100(a)(b)
.........................................................
282
282
Series
2021-2,
Class
M1B,
7.33%
(SOFR30A+370bps),
11/25/31,
Callable
8/25/27
@
100(a)(b)
.........................................................
809
813
Series
2023-1,
Class
M1A,
6.33%
(SOFR30A+270bps),
7/25/33,
Callable
7/25/28
@
100(a)(b)
.........................................................
2
2
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
21
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
RESI
Finance
LP,
Series
2003-CB1,
Class
B3,
5.19%
(TSFR1M+156bps),
6/10/35,
Callable
7/10/26
@
102(a)(b)
.................................................
$
593
$
511
STACR
Trust,
Series
2018-HRP1,
Class
B1,
7.49%
(SOFR30A+386bps),
4/25/43,
Callable
5/25/28
@
100(a)(b)
.................................................
3,485
3,574
Towd
Point
Mortgage
Trust,
Series
2019-HY1,
Class
A1,
4.76%
(TSFR1M+111bps),
10/25/48,
Callable
1/25/29
@
100(a)(b)
..........................................
511
511
Triangle
Re
Ltd.,
Series
2023-1,
Class
M1A,
7.03%
(SOFR30A+340bps),
11/25/33,
Callable
8/25/28
@
100(a)(b)
.................................................
2,205
2,213
528,799
Private
CMO
Other
(1.6%):
Bear
Stearns
Mortgage
Securities,
Inc.,
Series
1997-6,
Class
3B1,
4.93%,
6/25/30,
Callable
7/25/26
@
100(d)
...................................................
2
2
Cascade
Funding
Mortgage
Trust
...........................................
Series
2025-HB16,
Class
A,
3.00%,
3/25/35(a)(d)
............................
5,569
5,512
Series
2025-HB16,
Class
M3,
3.00%,
3/25/35,
Callable
9/25/27
@
100(a)(d)
........
2,900
2,790
CFMT
LLC
...........................................................
Series
2024-HB14,
Class
A,
3.00%,
6/25/34,
Callable
6/25/27
@
100(a)(d)
..........
9,106
9,005
Series
2024-HB14,
Class
M1,
3.00%,
6/25/34,
Callable
6/25/27
@
100(a)(d)
........
3,950
3,856
Series
2024-HB15,
Class
A,
4.00%,
8/25/34(a)(d)
............................
3,135
3,123
CLIP
Trust,
Series
2026-NQM1,
Class
A1,
5.22%,
5/25/71,
Callable
4/25/29
@
100(a)(d)
...
10,630
10,568
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
2018-1,
Class
M,
4.75%,
5/25/57,
Callable
5/25/41
@
100(d)
...............
2,101
2,060
Series
2019-3,
Class
M,
4.75%,
10/25/58,
Callable
3/25/44
@
100(d)
..............
1,876
1,847
Series
2026-DNA1,
Class
A1,
4.48%
(SOFR30A+85bps),
2/25/46,
Callable
1/25/31
@
100(a)(b)
.........................................................
22,491
22,479
Series
2026-DNA1,
Class
M1,
4.63%
(SOFR30A+100bps),
2/25/46,
Callable
1/25/31
@
100(a)(b)
.........................................................
19,108
19,102
IMS
Ecuadorian
Mortgage
Trust,
Series
2021-1,
Class
GA,
3.40%,
8/18/43(a)
...........
2,140
2,063
JP
Morgan
Mortgage
Trust
................................................
Series
2014-IVR3,
Class
B4,
5.78%,
9/25/44,
Callable
7/25/26
@
100(a)(d)
.........
783
780
Series
2018-7FRB,
Class
B1,
5
.11%,
4/25/46,
Callable
11/25/29
@
100(a)(d)
........
5,404
5,398
Series
2018-7FRB,
Class
B2,
5.11%,
4/25/46,
Callable
11/25/29
@
100(a)(d)
........
5,110
5,085
JP
Morgan
Seasoned
Mortgage
Trust
.........................................
Series
2014-1,
Class
B1,
4.28%,
5/25/33
,
Callable
7/25/26
@
100(a)(d)
............
284
283
Series
2014-1,
Class
B2,
4.28%,
5/25/33,
Callable
7/25/26
@
100(a)(d)
............
265
263
Series
2014-1,
Class
B3,
4.28%,
5/25/33,
Callable
7/25/26
@
100(a)(d)
............
204
203
JP
Morgan
Trust,
Series
2015-1,
Class
1A14,
5.08%,
12/25/44,
Callable
7/25/26
@
100(a)(d)
61
60
Merrill
Lynch
Mortgage
Investors
Trust
.......................................
Series
2003-G,
Class
A3,
5.87%,
1/25/29,
Callable
7/25/26
@
100(d)
..............
2
2
Series
2004-D,
Class
A3,
5.73%,
9/25/29,
Callable
7/25/26
@
100(d)
..............
7
7
Morgan
Stanley
Residential
Mortgage
Loan
Trust
................................
Series
2014-1A,
Class
B4,
5.26%,
6/25/44,
Callable
7/25/26
@
100(a)(d)
...........
2,564
2,534
Series
2024-NQM2,
Class
B1A,
7.73%,
5/25/69,
Callable
5/25/27
@
100(a)(d)
.......
8,449
8,505
Ocwen
Loan
Investment
Trust
..............................................
Series
2024-HB1,
Class
A,
3.00%,
2/25/37,
Callable
7/25/26
@
100(a)
.............
1,030
1,021
Series
2024-HB1,
Class
M1,
3.00%,
2/25/37,
Callable
7/25/26
@
100(a)
...........
2,300
2,264
Series
2024-HB1,
Class
M2,
3.00%,
2/25/37,
Callable
7/25/26
@
100(a)
...........
1,020
1,002
Onity
Loan
Investment
Trust
...............................................
Series
2024-HB2,
Class
A,
5.00%,
8/25/37(a)(d)
.............................
2,477
2,476
Series
2026-HB1,
Class
A,
3.00%,
3/25/39,
Callable
3/25/29
@
100(a)(d)
..........
7,137
6,913
Series
2026-HB2,
Class
A,
3.00%,
5/25/39(a)(d)
.............................
5,000
4,892
Series
2026-HB2,
Class
M2,
3.00%,
5/25/39(a)(d)
...........................
2,500
2,308
126,403
Total
Collateralized
Mortgage
Obligations
(Cost
$1,201,106)
a
a
a
1,187,905
Senior
Secured
Loans
(1.9%)
Communication
Services
(0.1%):
Dotdash
Meredith,
Inc.,
Term
B-2
Loan,
7.12%
(SOFR01M+350bps),
6/7/32(b)
..........
541
512
Houghton
Mifflin
Harcourt
Co.,
Term
B
Loan,
First
Lien,
9.01%
(SOFR03M+535bps),
4/7/29(b)
.........................................................
963
760
Level
3
Financing,
Inc.,Term
B-5
Refinancing
Loan,
6.39%
(SOFR01M+275bps),
3/29/32(b)
1,139
1,141
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
22
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Windstream
Services
LLC,
2025
Term
Loan,
First
Lien,
7.64%
(SOFR01M+400bps),
9/25/32(b)
........................................................
$
945
$
952
3,365
Consumer
Discretionary
(0.3%):
American
Axle
&
Manufacturing,
Inc.,
Tranche
C
Term
Loan,
First
Lien,
6.92%
(SOFR03M+325bps),
9/20/32(b)
........................................
1,407
1,410
American
Axle
&
Manufacturing,
Inc.,
Tranche
C
Term
Loan,
First
Lien,
6.87%
(SOFR01M+325bps)(b)
..............................................
913
915
Caesars
Entertainment,
Inc.,
Incremental
Term
B-1
Loan,
5.89%
(SOFR01M+225bps),
2/6/31(b)
.........................................................
2,488
2,391
Charter
Communications
Operating
LLC,
Term
Loan
B-5,
First
Lien,
5.94%
(SOFR03M+225bps),
12/15/31(b)
.......................................
2,850
2,815
Churchill
Downs,
Inc.,
2021
Incremental
Term
B
Loan,
First
Lien,
5.39%
(SOFR01M+175bps),
3/17/28(b)
........................................
474
475
Clear
Channel
Outdoor
Holdings,
Inc.,
2024
Refinancing
Term
Loan,
7.76%
(SOFR01M+400bps),
8/23/28(b)
........................................
245
246
DK
Crown
Holdings,
Inc.,
Term
B
Loans,
First
Lien,
5.37%
(SOFR01M+175bps),
3/4/32(b)
.
3,311
3,308
Flutter
Financing
BV,
Third
Incremental
Term
B
Loans,
First
Lien,
5.73%
(SOFR03M+200bps),
6/4/32(b)
.........................................
568
566
Great
Outdoors
Group
LLC,
Term
Loan
B,
First
Lien,
6.89%
(SOFR01M+325bps),
3/5/32(b)
2,058
2,066
Hilton
Grand
Vacations
Borrower
LLC,
Amendment
No.
4
Term
Loan,
First
Lien,
5.64%
(SOFR01M+200bps),
1/17/31(b)
........................................
980
979
Live
Nation
Entertainment,
Inc.,
Initial
Term
B
Loan,
5.64%
(SOFR01M+200bps),
10/19/32(b)
960
962
Marriott
Ownership
Resorts,
Inc.,
2024
Incremental
Term
Loan,
First
Lien,
5.89%
(SOFR01M+225bps),
4/1/31(b)
.........................................
980
983
Petco
Health
and
Wellness
Company,
Inc.,
2026
Term
Loan,
First
Lien,
7.98%
(SOFR03M+425bps),
1/22/31(b)
........................................
902
891
PetSmart
LLC,
Term
Loan
B,
First
Lien,
7.65%
(SOFR01M+400bps),
8/9/32(b)
..........
1,716
1,717
Valvoline,
Inc.,
Term
B
Loan,
3/19/32(j)
......................................
998
1,000
20,724
Consumer
Staples
(0.1%):
Energizer
Holdings,
Inc.,
Initial
Term
Loan,
5.64%
(SOFR01M+200bps),
3/19/32(b)
.......
1,745
1,744
Froneri
International
Ltd.,
Facility
B6,
First
Lien,
6.13%
(SOFR06M+250bps),
7/16/32(b)
...
1,746
1,735
Jupiter
Buyer,
Inc.,
Initial
Term
Loan,
7.73%
(SOFR03M+400bps),
11/3/31(b)
...........
506
508
Primo
Brands
Corp.,
6.48%
(SOFR03M+275bps),
3/19/31(b)
.......................
978
983
4,970
Energy
(0.1%):
Bayonne
Energy
Center
LLC,
Term
B
Advance,
6.73%
(SOFR03M+300bps),
9/22/32(b)
....
1,957
1,967
Buckeye
Partners
LP,
2025
Tranche
B-7
Term
Loan,
5.39%
(SOFR01M+175bps),
11/22/32(b)
2,057
2,066
Hilcorp
Energy
I
LP,
Initial
Loan,
First
Lien,
5.39%
(SOFR01M+175bps),
2/5/30(b)
.......
2,002
2,003
6,036
Financials
(0.7%):
Ahead
DB
Holdings
LLC,
Term
B-5
Loan,
First
Lien,
6.23%
(SOFR03M+250bps),
2/3/31(b)
1,713
1,683
Allspring
Buyer
LLC,
2024
Specified
Refinancing
Term
Loan,
First
Lien,
6.75%
(SOFR03M+300bps),
11/1/30(b)
........................................
742
745
Asurion
LLC,
New
B-12
Term
Loan,
First
Lien,
7.91%
(SOFR03M+425bps),
9/19/30(b)
...
1,135
1,124
Asurion
LLC,
New
Term
B-14
Term
Loan,
First
Lien,
7.41%
(SOFR01M+375bps),
2/23/33(b)
2,569
2,436
AthenaHealth
Group,
Inc.,
Initial
Term
Loan,
6.39%
(SOFR01M+275bps),
2/15/29(b)
......
455
455
Avolon
TLB
Borrower
1
US
LLC,
Term
B-6
Loan,
5.39%
(SOFR01M+175bps),
6/24/30(b)
.
1,192
1,193
Carriage
Purchaser,
Inc.,
Term
B
Loan,
7.14%
(SOFR01M+350bps),
9/29/28(b)
..........
1,430
1,437
Citadel
Securities
Global
Holdings
LLC,
2026
Term
Loans,
5.66%
(SOFR03M+200bps),
6/10/33(b)
........................................................
1,418
1,417
Directv
Financing
LLC,
2024
Refinancing
Term
B
Loan,
First
Lien,
9.18%
(SOFR03M+551bps),
8/2/29(b)
.........................................
616
620
Eastern
Power
LLC,
Term
Loan,
8.39%
(SOFR01M+475bps),
4/3/28(b)
................
785
790
First
Advantage
Holdings
LLC,
Term
Loan
B,
First
Lien,
6.48%
(SOFR03M+275bps),
10/31/31(b)
.......................................................
2,649
2,617
Gloves
Buyer,
Inc.,
Term
Loan,
First
Lien,
7.64%
(SOFR01M+400bps),
1/17/32(b)
.......
2,125
2,131
HIG
Finance
2
Limited,
2025-2
Dollar
Refinancing
Term
Loan,
6.39%
(SOFR01M+275bps),
2/18/31(b)
........................................................
2,371
2,226
Hudson
River
Trading
LLC,
Term
B-2
Loan,
6.14%
(SOFR01M+250bps),
3/18/30(b)
......
1,883
1,873
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
23
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Ineos
US
Finance
LLC,
2031
Dollar
Term
Loan,
6.64%
(SOFR01M+300bps),
2/7/31(b)
....
$
1,715
$
1,528
Innio
North
America
Holding,
Inc.,
5.15%
(SOFR03M+150bps),
11/2/31(b)
.............
2,000
1,997
Inspired
Finco
Holdings
Ltd.,
Facility
B7
Loan,
6.41%
(SOFR03M+275bps),
2/28/31(b)
....
1,083
1,086
ION
Platform
Finance
US,
Inc.,
Initial
Dollar
Term
Loan,
First
Lien,
7.48%
(SOFR03M+375bps),
9/30/32(b)
........................................
1,935
1,405
Iron
Mountain
Information
Management
LLC,
Amendment
No.1
Incremental
Term
B
Loan,
5.64%
(SOFR01M+200bps),
1/31/31(b)
...................................
1,008
1,008
Jane
Street
Group
LLC,
Seventh
Amendment
Extended
Term
Loan,
5.67%
(SOFR03M+200bps),
12/15/31(b)
.......................................
3,940
3,909
Jefferies
Finance
LLC,
Initial
Term
Loan,
First
Lien,
6.39%
(SOFR01M+275bps),
10/21/31(b)
1,702
1,702
Knife
River,
2026
Tranche
B
Term,
5.40%
(SOFR03M+175bps),
3/8/32(b)
..............
1,477
1,482
LC
Ahab
US
Bidco
LLC,
Second
Amendment
Incremental
Term
Loan,
First
Lien,
6.14%
(SOFR01M+250bps),
4/14/31(b)
........................................
1,724
1,725
Lightning
Power
LLC,
Initial
Term
B
Loan,
5.64%
(SOFR01M+200bps),
8/18/31(b)
.......
2,955
2,962
Long
Ridge
Energy
LLC,
Term
Loan
B,
First
Lien,
8.23%
(SOFR03M+450bps),
2/19/32(b)
.
1,117
1,121
NorthRiver
Midstream
Finance
LP,
Initial
Term
B
Loan,
First
Lien,
5.94%
(SOFR03M+225bps),
8/16/30(b)
........................................
748
750
Oak-Eagle
AcquireCo,
Inc.,
Term
Loan
B1,
3/24/33(j)
.............................
1,079
1,083
OEP
Glass
Purchaser
LLC,
Initial
Term
Loan,
7.73%
(SOFR03M+400bps),
3/2/33(b)
......
1,365
1,363
Olympus
Water
US
Holding
Corporation,
Term
B-6
Dollar
Loan,
First
Lien,
6.73%
(SOFR03M+300bps),
6/23/31(b)
........................................
625
625
Outfront
Media
Capital
LLC,
Term
Loan,
5.40%
(SOFR01M+175bps),
9/16/32(b)
........
1,161
1,162
Padagis
LLC,
Term
B
Loans,
First
Lien,
8.69%
(SOFR03M+501bps),
7/6/28(b)
..........
783
743
Scil
USA
Holdings
LLC,
Facility
B2,
7.65%
(SOFR03M+400bps),
10/8/32(b)
...........
2,412
2,412
Sedgwick
Claims
Management
Services,
Inc.,
2024
Term
Loan,
First
Lien,
6.14%
(SOFR01M+250bps),
2/24/28(b)
........................................
988
976
Trans
Union
LLC,
2024
Refinancing
Term
B-8
Loan,
5.39%
(SOFR01M+175bps),
6/24/31(b)
2,687
2,684
Virgin
Media
Bristol
LLC,
Facility
Q
Advance,
6.99%
(SOFR01M+336bps),
1/31/29(b)
....
1,025
984
WhiteWater
DBR
Holdco
LLC,
Term
B-1
Loan,
6.00%
(SOFR03M+225bps),
3/3/31(b)
....
1,214
1,219
Windsor
Holdings
III
LLC,
2025
Dollar
Refinancing
Term
B
Loan,
6.39%
(SOFR01M+275bps),
8/1/30(b)
.........................................
1,790
1,792
56,465
Health
Care
(0.1%):
EyeCare
Partners
LLC,
Tranche
B
Term
Loan,
8.34%
(SOFR03M+471bps),
11/30/28(b)
....
959
469
Hologic,
Inc.,
USD
Initial
Term
B
Loan,
First
Lien,
5.99%
(SOFR03M+225bps),
1/14/33(b)
.
1,417
1,388
LifePoint
Health,
Inc.,
Term
Loan
B,
First
Lien,
7.42%
(SOFR03M+375bps),
5/19/31(b)
....
687
678
Lumexa
Imaging,
Inc.,  Amendment
No.
5
Replacement
Term
Loan,
12/15/32(j)
..........
610
612
Medline
Borrower
LP,
2030
Refinanced
Term
Loan,
5.14%
(SOFR01M+150bps),
5/31/33(b)
.
873
868
Organon
&
Co.,
2024
Refinancing
Dollar
Term
Loan
Facility,
First
Lien,
5.89%
(SOFR01M+225bps),
5/19/31(b)
........................................
1,973
1,975
Perrigo
Investments
LLC,
2024
Refinancing
Term
B
Loan,
First
Lien,
5.64%
(SOFR01M+200bps),
4/20/29(b)
........................................
1,221
1,219
Phoenix
Guarantor,
Inc.,
Tranche
B-6,
5.64%
(SOFR01M+200bps),
2/21/31(b)
...........
2,655
2,653
Sotera
Health
Holdings
LLC,
2026
Refinancing
Term
Loan,
First
Lien,
5.89%
(SOFR01M+225bps),
5/30/31(b)
........................................
844
846
10,708
Industrials
(0.3%):
AAdvantage
Loyality
IP
Ltd,,
2025
Replacement
Term
Loan,
First
Lien,
5.93%
(SOFR03M+225bps),
4/20/28(b)
........................................
1,019
1,014
Allied
Universal
Holdco
LLC,
Amendment
No.
7
Replacement
U.S.
Dollar
Term
Loan,
6.89%
(SOFR01M+325bps),
8/6/32(b)
.........................................
1,144
1,145
Arcosa,
Inc.,
2025
Refinancing
Term
Loan,
First
Lien,
5.64%
(SOFR01M+200bps),
6/17/32(b)
1,128
1,131
Cengage
Learning,
Inc.,
Existing
Term
Loan,
First
Lien,
6.64%
(SOFR03M+300bps),
3/24/31(b)
........................................................
938
930
Cengage
Learning,
Inc.,
Existing
Term
Loan,
First
Lien,
6.65%
(SOFR01M+300bps)(b)
....
554
549
Garda
World
Security
Corp.,
Fifteenth
Additional
Term
Loan,
6.42%
(SOFR03M+275bps),
2/1/29(b)
.........................................................
1,466
1,466
Novae
LLC,
Tranche
B
Term
Loan,
8.88%
(SOFR03M+515bps),
12/22/28(b)
............
1,436
1,140
OneSky
Flight
LLC,
Initial
Term
Loans,
6.39%
(SOFR01M+275bps),
2/4/33(b)
..........
1,355
1,362
Pitney
Bowes,
Inc.,
Tranche
B
Term
Loan
2,
7.48%
(SOFR03M+375bps),
3/19/32(b)
......
2,322
2,325
Prime
Security
Services
Borrower
LLC,
2024-1
Refinancing
Term
B-1
Loan
,
First
Lien,
5.62%
(SOFR01M+200bps),
10/15/30(b)
..................................
1,548
1,541
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
24
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Prime
Security
Services
Borrower
LLC,
2025
Incremental
Term
B-2
Loan,
First
Lien,
5.37%
(SOFR01M+175bps),
3/8/32(b)
.........................................
$
673
$
664
Quikrete
Holdings,
Inc.,
Tranche
B-3
Term
Loan
,
First
Lien,
5.89%
(SOFR01M+225bps),
2/10/32(b)
........................................................
1,975
1,976
TransDigm,
Inc.,
New
Tranche
K
Term
Loan,
First
Lien,
5.89%
(SOFR01M+225bps),
3/22/30(b)
........................................................
1,493
1,494
U.S.
Anesthesia
Partners,
Inc.,
Initial
Term
Loan
,
First
Lien,
7.73%
(SOFR01M+411bps),
10/2/28(b)
........................................................
1,286
1,289
Verde
Purchaser
LLC,
Initial
Term
Loan,
First
Lien,
7.73%
(SOFR03M+400bps),
11/29/30(b)
2,792
2,648
Vestis
Corp.,
Term
B-1
Loan,
First
Lien,
5.92%
(SOFR03M+225bps),
2/24/31(b)
.........
620
614
WEX,
Inc.,
Term
B-3
Loan,
5.39%
(SOFR01M+175
bps),
3/5/32(b)
...................
2,665
2,660
23,948
Information
Technology
(0.1%):
CACI
International,
Inc.,
Tranche
B
Term
Loan,
5.39%
(SOFR01M+175bps),
10/30/31(b)
...
1,970
1,972
Coherent
Corp.,
Term
B-3
Loan,
5.39%
(SOFR01M+175bps),
7/2/29(b)
................
1,000
1,001
Gen
Digital,
Inc.,
Second
Amendment
Incremental
Term
B
Loan,
5.39%
(SOFR01M+175bps),
2/13/32(b)
........................................................
1,481
1,463
Gen
Digital,
Inc.,
Tranche
B-1
Term
Loan,
5.39%
(SOFR01M+175bps),
9/12/29(b)
.......
632
625
MH
Sub
I
LLC,
2024
December
New
Term
Loans,
First
Lien,
7.89%
(SOFR01M+425bps),
12/31/31(b)
.......................................................
816
708
Qnity
Electronics,
Inc.,
Initial
Term
Loan,
5.67%
(SOFR03M+200bps),
8/12/32(b)
........
1,887
1,892
Smartronix
LLC,
Term
Loan,
8.14%
(SOFR01M+450bps),
2/9/32(b)
..................
1,354
1,309
SS&C
Technologies,
Inc.,
Term
B-8
Loan,
First
Lien,
5.64%
(SOFR01M+200bps),
5/9/31(b)
.
803
802
9,772
Materials
(0.1%):
Koppers,
Inc.,
Term
B-2
Loan,
6.15%
(SOFR01M+250bps),
4/10/30(b)
................
485
487
Minerals
Technologies
Inc.,
Term
B
Loan,
5.64%
(SOFR01M+200bps),
11/26/31(b)
.......
1,075
1,078
Novelis
Holdings,
Inc.,
Initial
Term
Loan,
5.48%
(SOFR03M+175bps),
3/11/32(b)
........
2,902
2,901
Owens
Brockway
Glass
Container,
Inc.,
Tranche
B-1
Term
Loan
B
Facility,
First
Lien,
6.64%
(SOFR01M+300bps),
9/30/32(b)
........................................
1,682
1,669
Schweitzer-Mauduit
International,
Inc.,
New
Term
Loan
B,
8.14%
(SOFR01M+450bps),
3/30/33(b)
........................................................
1,793
1,798
Solstice
Advanced
Materials,
Inc.,
Term
Loan
B,
First
Lien,
5.41%
(SOFR03M+175bps),
10/29/32(b)
.......................................................
1,097
1,102
9,035
Utilities
(0.0%):(i)
Alpha
Generation
LLC,
Initial
Term
B
Loan,
5.39%
(SOFR01M+175bps),
9/30/31(b)
......
1,360
1,350
Talen
Energy
Supply
LLC,
2025-1
Incremental
Term
B
Loan,
5.64%
(SOFR01M+200bps),
10/12/32(b)
.......................................................
746
742
2,092
Total
Senior
Secured
Loans
(Cost
$149,030)
a
a
a
147,115
Corporate
Bonds
(21.8%)
Communication
Services
(0.3%):
Take-Two
Interactive
Software,
Inc.,
3.70%,
4/14/27,
Callable
3/14/27
@
100
............
11,600
11,532
T-Mobile
US,
Inc.,
3.75%,
4/15/27,
Callable
2/15/27
@
100
........................
13,223
13,155
24,687
Consumer
Discretionary
(0.8%):
Daimler
Truck
Finance
North
America
LLC
4.63%
(SOFR+96bps),
9/25/27(a)(b)
.....................................
6,400
6,423
4.47%
(
SOFR+84bps),
1/13/28(a)(b)
.....................................
10,000
10,023
General
Motors
Financial
Co.,
Inc.
4.99%
(SOFRINDX+135bps),
5/8/27(b)
..................................
10,200
10,252
4.69%
(SOFRINDX+105bps),
7/15/27(b)
.................................
14,060
14,086
4.85%
(SOFRINDX+117bps),
4/4/28(b)
..................................
15,400
15,472
HOA
RoyaltyCo
LLC,
4.72%,
11/22/55,
Callable
8/1/26
@
100(a)(c)(f)
................
5,165
1,087
Volkswagen
Group
of
America
Finance
LLC,
4.71%
(SOFR+106bps),
8/14/26(a)(b)
.......
4,550
4,554
61,897
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
25
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Consumer
Staples
(0.7%):
BAT
Capital
Corp.
3.22%,
9/6/26,
Callable
7/12/26
@
100
...................................
$
14,036
$
14,010
3.56%,
8/15/27,
Callable
5/15/27
@
100
..................................
11,209
11,099
Cargill,
Inc.,
4.25%
(SOFR+61bps),
2/11/28(a)(b)
...............................
15,080
15,106
Philip
Morris
International,
Inc.,
4.30%
(SOFR+66bps),
10/27/28(b)
..................
18,350
18,375
58,590
Energy
(0.8%):
Chevron
USA,
Inc.,
4.22%
(SOFR+57bps),
8/13/28(b)
............................
16,740
16,821
Energy
Transfer
LP
3.90%,
7/15/26
....................................................
10,339
10,337
6.05%,
12/1/26,
Callable
11/1/26
@
100
..................................
14,006
14,096
5.55%,
2/15/28,
Callable
1/15/28
@
100
..................................
8,041
8,148
MPLX
LP,
4.13%,
3/1/27,
Callable
12/1/26
@
100
...............................
4,719
4,708
ONEOK,
Inc.,
5.55%,
11/1/26,
Callable
10/1/26
@
100
............................
4,210
4,223
The
Williams
Cos.,
Inc.,
3.75%,
6/15/27,
Callable
3/15/27
@
100
....................
8,200
8,146
66,479
Financials
(14.8%):
Ally
Financial,
Inc.,
7.10%,
11/15/27,
Callable
10/15/27
@
100
......................
13,700
14,106
American
Express
Co.
4.57%
(SOFR+93bps),
7/26/28,
Callable
7/26/27
@
100(b)
.....................
8,500
8,534
5.04%
(SOFR+93bps),
7/26/28,
Callable
7/26/27
@
100(b)
.....................
10,100
10,157
4.45%
(SOFR+81bps),
7/20/29
,
Callable
7/20/28
@
100(b)
.....................
24,090
24,211
American
Honda
Finance
Corp.
4.44%
(SOFR+77bps),
3/12/27(b)
.......................................
15,670
15,699
4.56%
(SOFR+90bps),
9/1/28(b)
........................................
12,450
12,471
Athene
Global
Funding
4.50%
(SOFRINDX+83bps),
1/7/27(a)(b)
.................................
18,270
18,292
4.88%
(SOFRINDX+121bps),
3/25/27(a)(b)
...............................
4,000
4,014
Bank
of
America
Corp.
5.02%
(SOFR+135bps),
9/15/27,
Callable
9/15/26
@
100(b)
....................
14,980
15,012
5.93%
(SOFR+134bps),
9/15/27
,
Callable
9/15/26
@
100(b)
....................
12,000
12,035
3.82%
(TSFR3M+184bps),
1/20/28,
Callable
1/20/27
@
100,
MTN(b)
.............
11,700
11,658
4.69%
(SOFR+105bps),
2/4/28,
Callable
2/4/27
@
100(b)
......................
8,300
8,322
4.47%
(SOFR+83bps),
1/24/29
,
Callable
1/24/28
@
100(b)
.....................
14,080
14,122
Bank
of
America
NA,
4.67%
(SOFR+102bps),
8/18/26,
Callable
7/17/26
@
100(b)
........
15,450
15,455
BMW
US
Capital
LLC
4.45%
(SOFRINDX+78bps),
3/19/27(a)(b)
................................
7,900
7,923
4.57%
(
SOFRINDX+92bps),
8/13/27(a)(b)
................................
11,890
11,946
Brown
&
Brown,
Inc.,
4.60%,
12/23/26
.......................................
10,450
10,455
Capital
One
Financial
Corp.
3.75%,
3/9/27,
Callable
2/9/27
@
100
....................................
1,590
1,583
4.93%
(SOFR+206bps),
5/10/28
,
Callable
5/10/27
@
100(b)
....................
11,700
11,728
Caterpillar
Financial
Services
Corp.
4.19%
(SOFR+52bps),
3/3/28(b)
........................................
13,000
13,026
4.29%
(SOFR+64bps),
8/15/28(b)
.......................................
15,840
15,890
Citibank
NA
4.73%
(SOFRINDX+106bps),
12/4/26,
Callable
11/4/26
@
100(b)
...............
12,450
12,479
4.17%
(SOFR+50bps),
6/18/28,
Callable
6/18/27
@
100(b)
.....................
21,710
21,718
Citigroup,
Inc.
4.94%
(SOFR+128bps),
2/24/28,
Callable
2/24/27
@
100(b)
....................
4,005
4,023
4.79%
(
SOFR+114bps),
5/7/28,
Callable
5/7/27
@
100(b)
......................
15,270
15,335
4.54%
(SOFR+87bps),
3/4/29,
Callable
3/4/28
@
100(b)
.......................
21,300
21,361
CNO
Global
Funding,
5.88%,
6/4/27(a)
.......................................
11,455
11,584
Equitable
America
Global
Funding,
4.38%
(SOFR+71bps),
9/15/27(a)(b)
...............
14,460
14,441
Fidelity
National
Information
Services,
Inc.,
4.88%
(SOFR+121bps),
3/10/29(b)
..........
25,000
25,179
Fifth
Third
Bancorp,
1.71%
(SOFR+69bps),
11/1/27
,
Callable
11/1/26
@
100(b)
..........
6,992
6,924
Fiserv,
Inc.
3.20%,
7/1/26
.....................................................
1,528
1,528
5.15%,
3/15/27,
Callable
2/15/27
@
100
..................................
10,000
10,037
Goldman
Sachs
Bank
USA,
4.39%
(SOFRINDX+72bps),
6/3/29,
Callable
6/3/28
@
100(b)
..
28,255
28,298
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
26
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
HOA
Funding
LLC
8/20/51(f)(g)
......................................................
$
2,050
$
—
8/20/51(f)(g)
......................................................
2,050
—
HOA
NewCo
LLC,
7.43%,
11/22/55,
Callable
8/1/26
@
100(a)(c)(f)
..................
2,067
51
Hyundai
Capital
America,
Inc.
5.13%
(SOFR+150bps),
1/8/27(a)(b)
.....................................
8,090
8,127
4.79%
(SOFR+112bps),
6/23/27(a)(b)
....................................
21,960
22,067
4.71%
(SOFR+104bps),
6/24/27(a)(b)
....................................
5,650
5,677
4.70%
(SOFR+103bps),
9/24/27(a)(b)
....................................
12,570
12,619
Jefferies
Financial
Group,
Inc.
4.85%,
1/15/27
....................................................
8,800
8,807
4.30%,
2/11/27,
Callable
8/11/26
@
100,
MTN
..............................
25,040
24,999
JPMorgan
Chase
&
Co.
4.44%
(SOFR+77bps),
9/22/27,
Callable
9/22/26
@
100(b)
.....................
14,055
14,066
4.84%
(SOFR+120bps),
1/23/28,
Callable
1/23/27
@
100(b)
....................
4,980
5,003
4.56%
(SOFR+92bps),
4/22/28,
Callable
4/22/27
@
100(b)
.....................
7,780
7,807
4.98%
(SOFR+93bps),
7/22/28,
Callable
7/22/27
@
100(b)
.....................
7,015
7,046
4.44%
(
SOFR+80bps),
1/24/29,
Callable
1/24/28
@
100(b)
.....................
17,580
17,642
4.46%
(SOFR+82bps),
4/23/30,
Callable
4/23/29
@
100(b)
.....................
16,300
16,336
JPMorgan
Chase
Bank
NA,
4.67%
(SOFR+100bps),
12/8/26,
Callable
11/8/26
@
100(b)
....
10,000
10,026
MassMutual
Global
Funding
II
4.41%
(SOFR+77bps),
1/29/27(a)(b)
.....................................
3,000
3,008
4.37%
(SOFR+74bps),
4/9/27(a)(b)
......................................
11,972
12,003
4.30%
(SOFR+66bps),
1/22/29(a)(b)
.....................................
13,720
13,710
Mastercard,
Inc.,
4.06%
(
SOFRINDX+39bps),
6/8/28(b)
...........................
32,080
32,081
Metropolitan
Life
Global
Funding
I
3.45%,
12/18/26(a)
..................................................
10,102
10,073
4.37%
(SOFRINDX+70bps),
6/11/27(a)(b)
................................
9,900
9,926
4.36%
(SOFR+70bps),
8/25/28(a)(b)
.....................................
8,900
8,919
Morgan
Stanley,
4.66%
(SOFR+102bps),
4/13/28,
Callable
4/13/27
@
100(b)
............
13,480
13,521
Morgan
Stanley
Bank
NA
4.80%
(SOFR+117bps),
10/30/26,
Callable
9/30/26
@
100(b)
...................
12,500
12,525
4.72%
(SOFR+108bps),
1/14/28
,
Callable
1/14/27
@
100(b)
....................
10,240
10,272
4.53%
(SOFR+87bps),
5/26/28,
Callable
5/26/27
@
100(b)
.....................
19,000
19,053
4.97%
(SOFR+93bps),
7/14/28,
Callable
7/14/27
@
100(b)
.....................
6,320
6,347
4.53%
(SOFR+90bps),
1/12/29
,
Callable
1/12/28
@
100(b)
.....................
6,300
6,319
Morgan
Stanley
Private
Bank
NA,
4.45%
(SOFR+77bps),
7/6/28,
Callable
7/6/27
@
100(b)
.
19,230
19,260
National
Rural
Utilities
Cooperative
Finance
Corp.,
4.07%
(SOFRINDX+43bps),
8/9/27(b)
..
11,570
11,571
National
Securities
Clearing
Corp.
4.22%
(SOFR+57bps),
5/20/27(a)(b)
.....................................
15,300
15,337
4.10%
(SOFR+43bps),
6/9/28(a)(b)
......................................
9,510
9,521
New
York
Life
Global
Funding,
4.30%
(SOFR+66bps),
7/25/28(a)(b)
.................
28,290
28,323
Northwestern
Mutual
Global
Funding,
4.32%
(SOFR+66bps),
8/25/28(a)(b)
.............
13,420
13,434
Pacific
Life
Global
Funding
II
4.49%
(SOFR+85bps),
2/5/27(a)(b)
......................................
16,200
16,248
4.25%
(SOFR+58bps),
12/20/27(a)(b)
....................................
13,600
13,620
PNC
Bank
NA,
4.37%
(SOFR+73bps),
7/21/28,
Callable
7/21/27
@
100(b)
.............
6,550
6,563
Principal
Life
Global
Funding
II,
4.46%
(SOFR+81bps),
8/18/28(a)(b)
.................
10,590
10,607
State
Street
Corp.
4.28%
(SOFR+64bps),
10/22/27,
Callable
9/22/27
@
100(b)
....................
5,380
5,398
4.59%
(SOFR+95bps),
4/24/28,
Callable
4/24/27
@
100(b)
.....................
10,995
11,034
The
Bank
of
New
York
Mellon
Corp.
4.35%
(SOFRINDX+68bps),
6/9/28,
Callable
6/9/27
@
100(b)
..................
7,080
7,090
4.47%
(SOFRINDX+83bps),
7/21/28,
Callable
7/21/27
@
100(b)
................
17,665
17,724
The
Charles
Schwab
Corp.,
4.72%
(SOFRINDX+105bps),
3/3/27,
Callable
2/3/27
@
100(b)
.
18,000
18,070
The
Goldman
Sachs
Group,
Inc.
4.49%
(SOFR+82bps),
9/10/27,
Callable
9/10/26
@
100(b)
.....................
4,100
4,103
4.56%
(SOFR+92bps),
10/21/27,
Callable
10/21/26
@
100(b)
...................
3,174
3,178
5.68%
(TSFR3M+201bps),
10/28/27,
Callable
10/28/26
@
100(b)
................
10,500
10,553
4.78%
(SOFR+112bps),
2/24/28,
Callable
2/24/27
@
100(b)
....................
3,369
3,382
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
27
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
The
PNC
Financial
Services
Group,
Inc.
5.10%
(SOFR+80bps),
7/23/27,
Callable
7/23/26
@
100(b)
.....................
$
14,600
$
14,604
5.30%
(SOFR+134bps),
1/21/28,
Callable
1/21/27
@
100(b)
....................
7,700
7,733
4.26%
(SOFR+62bps),
1/26/29,
Callable
1/26/28
@
100(b)
.....................
7,160
7,163
4.32%
(SOFRINDX+68bps),
10/26/29,
Callable
10/26/28
@
100(b)
..............
16,000
16,000
Toyota
Motor
Credit
Corp.
4.32%
(SOFR+65bps),
3/19/27(b)
.......................................
10,500
10,526
4.32%
(SOFRINDX+65bps),
3/13/29(b)
..................................
20,300
20,316
Truist
Bank,
4.41%
(SOFR+77bps),
7/24/28,
Callable
7/24/27
@
100(b)
...............
17,630
17,641
U.S.
Bank
NA
4.33%
(SOFR+69bps),
10/22/27,
Callable
10/22/26
@
100(b)
...................
20,930
20,946
4.31%
(SOFR+66bps),
5/20/29
,
Callable
5/19/28
@
100(b)
.....................
16,270
16,270
Wells
Fargo
&
Co.
4.42%
(SOFR+78bps),
1/24/28,
Callable
1/24/27
@
100(b)
.....................
8,575
8,589
4.71%
(SOFR+107bps),
4/22/28,
Callable
4/22/27
@
100(b)
....................
23,010
23,108
4.55%
(SOFR+88
bps),
9/15/29,
Callable
9/15/28
@
100(b)
.....................
13,700
13,747
Wells
Fargo
Bank
NA,
4.70%
(SOFR+106bps),
8/7/26,
Callable
7/7/26
@
100(b)
.........
12,760
12,767
1,162,002
Health
Care
(1.4%):
Augusta
SpinCo
Corp.,
4.32%,
9/23/27
.......................................
26,355
26,290
Elevance
Health,
Inc.,
4.50%,
10/30/26
.......................................
12,335
12,351
Eli
Lilly
&
Co.,
4.17%
(SOFR+53bps),
10/15/28(b)
..............................
20,140
20,184
GE
HealthCare
Technologies,
Inc.,
5.65%,
11/15/27,
Callable
10/15/27
@
100
...........
8,000
8,115
HCA,
Inc.,
4.53%
(SOFR+87bps),
3/1/28,
Callable
2/1/28
@
100(b)
..................
16,000
16,060
Merck
&
Co.,
Inc.,
4.13%
(SOFR+46bps),
9/15/27(b)
.............................
7,000
7,014
Pfizer,
Inc.,
4.15%
(SOFR+50bps),
11/15/27(b)
.................................
6,280
6,294
U.S.
Bank
NA,
4.56%
(SOFR+91bps),
5/15/28,
Callable
5/14/27
@
100(b)
.............
12,000
12,036
108,344
Industrials
(1.0%):
Honeywell
Aerospace,
Inc.
3.90%,
3/16/28(a)
..................................................
20,000
19,798
4.30%
(SOFRINDX+63bps),
3/16/29(a)(b)
................................
7,550
7,553
L3Harris
Technologies,
Inc.,
5.40%,
1/15/27
...................................
18,126
18,215
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
3.40%,
11/15/26,
Callable
8/15/26
@
100(a)
................................
4,460
4,442
5.35%,
1/12/27,
Callable
12/12/26
@
100(a)
...............................
4,474
4,489
RTX
Corp.,
3.50%,
3/15/27,
Callable
12/15/26
@
100
.............................
20,126
20,021
74,518
Information
Technology
(0.7%):
Amphenol
Corp.,
4.18%
(SOFR+53bps),
11/15/27(b)
.............................
15,060
15,075
ESC
Gab,
8/20/51(f)(g)
..................................................
5,300
—
Jabil,
Inc.,
4.25%,
5/15/27,
Callable
4/15/27
@
100
..............................
6,600
6,593
Oracle
Corp.
4.40%
(SOFR+76bps),
8/3/28(b)
........................................
12,000
11,896
4.75%
(SOFRINDX+111bps),
2/4/29(b)
...................................
17,920
17,904
51,468
Materials
(0.3%):
Amrize
Finance
US
LLC,
3.50%,
9/22/26,
Callable
7/12/26
@
100
...................
19,600
19,566
Utilities
(1.0%):
Alliant
Energy
Finance
LLC,
5.40%,
6/6/27,
Callable
5/6/27
@
100(a)
.................
5,000
5,034
Constellation
Energy
Generation
LLC
3.90%,
1/8/28
.....................................................
10,000
9,914
4.23%
(SOFR+60bps),
1/8/28(b)
........................................
6,680
6,685
FirstEnergy
Corp.,
3.90%,
7/15/27,
Callable
4/15/27
@
100
.........................
5,490
5,459
KeySpan
Gas
East
Corp.,
2.74%,
8/15/26,
Callable
8/1/26
@
100(a)
...................
15,408
15,375
NextEra
Energy
Capital
Holdings,
Inc.
3.55%,
5/1/27,
Callable
2/1/27
@
100
....................................
5,000
4,967
4.44%
(SOFRINDX+80bps),
2/4/28(b)
...................................
6,645
6,672
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
28
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Vistra
Operations
Co.
LLC
5.05%,
12/30/26(a)
..................................................
$
8,500
$
8,506
3.70%,
1/30/27,
Callable
11/30/26
@
100(a)
................................
16,400
16,293
78,905
Total
Corporate
Bonds
(Cost
$1,703,971)
a
a
a
1,706,456
Insurance-Linked
Securities
(0.0%)(i)
Event
Linked
Bonds
(0.0%):(i)
Earthquake
-
California
-
(0.0%):(i)
Torrey
Pines
Re
9.59%
(JMMMUSTF+604bps),
6/7/27(a)(b)(k)
.............................
500
514
10.66%
(JMMMUSTF+711bps),
6/7/27(a)(b)(k)
.............................
250
257
Windstorm
-
Florida
-
(0.0%):(i)
Integrity
Re,
4.02%
(FHMMUSTF+50bps),
6/6/30(a)(b)(k)
.........................
1,107
623
1,394
Reinsurance
Sidecars
(0.0%):(i)
Multiperil
-
Worldwide
-
(0.0%):(i)
Alturas
Re
2.80%
7/31/26(f)(k)(l)
(m)
.............................................
4,000
112
1.25%
12/31/27(f)(k)(l)(m)
............................................
421
5
Gleneagles
Re,
2022,
12/31/27(f)(k)(l)(n)
......................................
3,000
—
Thopas
Re,
2022,
12/31/27(f)(k)(l)(m)
........................................
3,500
22
Viribus
Re,
2019,
12/31/26(f)(k)(l)(m)
........................................
2,500
—
139
Total
Insurance-Linked
Securities
(Cost
$3,302)
a
a
a
1,533
Yankee
Dollars
(12.1%)
Energy
(0.6%):
Enbridge,
Inc.
5.90%,
11/15/26,
Callable
10/15/26
@
100
.................................
10,000
10,043
5.25%,
4/5/27,
Callable
3/5/27
@
100
....................................
8,435
8,483
Korea
National
Oil
Corp.,
4.34%
(SOFR+67bps),
9/29/28(a)(b)
......................
25,280
25,313
Woodside
Finance
Ltd.,
3.70%,
3/15/28,
Callable
12/15/27
@
100(a)
..................
5,000
4,919
48,758
Financials
(11.1%):
ABN
AMRO
Bank
NV,
5.45%
(SOFRINDX+178bps),
9/18/27,
Callable
9/18/26
@
100(a)(b)
23,300
23,371
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
6.10%,
1/15/27,
Callable
12/15/26
@
100
.................................
11,000
11,081
6.45%,
4/15/27,
Callable
3/15/27
@
100
..................................
15,500
15,698
Australia
&
New
Zealand
Banking
Group
Ltd.
4.29%
(SOFR+62bps),
6/18/28(a)(b)
.....................................
8,607
8,638
4.25%
(SOFR+61bps),
1/22/29(a)(b)
.....................................
4,740
4,740
Banco
Santander
SA
5.05%
(SOFR+138bps),
3/14/28,
Callable
3/14/27
@
100(b)
....................
12,000
12,061
4.75%
(SOFR+112bps),
7/15/28,
Callable
7/15/27
@
100(b)
....................
16,400
16,487
4.62%
(SOFR+99bps),
4/15/29(b)
.......................................
20,000
20,056
Bank
of
Montreal
4.29%
(SOFRINDX+62bps),
9/15/26,
MTN(b)
.............................
8,100
8,106
4.25%
(
SOFR+62bps),
1/13/28,
MTN(b)
..................................
12,400
12,434
4.42%
(SOFRINDX+75bps),
9/22/28,
Callable
9/22/27
@
100(b)
................
14,790
14,827
4.50%
(SOFR+86bps),
1/27/29,
Callable
1/27/28
@
100(b)
.....................
16,723
16,772
Banque
Federative
du
Credit
Mutuel
SA
5.03%
(SOFRINDX+140bps),
7/13/26(a)(b)
...............................
7,000
7,003
4.77%
(SOFR+113bps),
1/23/27(a)(b)
....................................
3,220
3,235
4.72%
(SOFRINDX+107bps),
2/16/28(a)(b)
...............................
5,700
5,749
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
29
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Barclays
PLC
5.55%
(
SOFR+188bps),
9/13/27,
Callable
9/13/26
@
100(b)
....................
$
12,316
$
12,351
5.16%
(SOFR+149bps),
3/12/28,
Callable
3/12/27
@
100(b)
....................
12,500
12,575
5.67%
(SOFR+149bps),
3/12/28,
Callable
3/12/27
@
100(b)
....................
5,000
5,040
4.72%
(SOFR+108
bps),
11/11/29,
Callable
11/11/28
@
100(b)
..................
7,030
7,079
BNP
Paribas
SA,
2.59%
(SOFR+123bps),
1/20/28,
Callable
1/20/27
@
100(a)(b)
.........
5,000
4,947
BPCE
SA,
5.62%
(SOFRINDX+198bps),
10/19/27,
Callable
10/19/26
@
100(a)(b)
.......
16,060
16,128
Canadian
Imperial
Bank
of
Commerce
4.61%
(SOFR+94bps),
6/28/27(b)
.......................................
17,160
17,257
4.60%
(SOFRINDX+93bps),
9/11/27,
Callable
9/11/26
@
100(b)
................
6,900
6,908
4.35%
(SOFR+72bps),
1/13/28,
Callable
1/13/27
@
100
(b)
.....................
17,830
17,856
4.86%
(SOFR+72bps),
1/13/28,
Callable
1/13/27
@
100(b)
.....................
7,700
7,718
Cooperatieve
Rabobank
UA
4.58%
(SOFRINDX+90bps),
10/5/26(b)
..................................
8,000
8,013
4.23%
(SOFR+59bps),
10/17/28(b)
......................................
16,170
16,200
Credit
Agricole
SA,
4.88%
(SOFR+121bps),
9/11/28,
Callable
9/11/27
@
100(a)(b)
.......
12,000
12,072
Federation
des
Caisses
Desjardins
du
Quebec
4.27%
(SOFR+63bps),
1/27/27(a)(b)
.....................................
23,280
23,324
4.55%,
8/23/27(a)
..................................................
12,036
12,055
HSBC
Holdings
PLC,
5.21%
(SOFR+157bps),
8/14/27,
Callable
8/14/26
@
100(b)
........
8,700
8,713
ING
Groep
NV
5.23%
(SOFRINDX+156bps),
9/11/27,
Callable
9/11/26
@
100(b)
................
20,100
20,148
4.02%
(SOFR+183bps),
3/28/28,
Callable
3/28/27
@
100(b)
....................
5,000
4,981
Lloyds
Banking
Group
PLC
5.20%
(SOFRINDX+156bps),
8/7/27,
Callable
8/7/26
@
100(b)
.................
10,000
10,011
5.26%
(SOFRINDX+158bps),
1/5/28,
Callable
1/5/27
@
100(b)
.................
13,841
13,918
4.71%
(SOFRINDX+106bps),
11/26/28,
Callable
11/26/27
@
100(b)
..............
10,245
10,296
Macquarie
Bank
Ltd.,
4.41%
(SOFR+74bps),
6/12/28(a)(b)
.........................
11,450
11,512
Mizuho
Bank
Ltd.,
4.44%
(SOFR+80bps),
4/16/29(a)(b)
...........................
6,825
6,865
Mizuho
Financial
Group,
Inc.,
4.53%
(SOFR+85bps),
7/13/30,
Callable
7/13/29
@
100(b)
...
11,820
11,820
Mizuho
Markets
Cayman
LP,
4.16%
(SOFR+52bps),
11/16/26,
Callable
10/16/26
@
100,
MTN(a)(b)
.......................................................
11,430
11,438
National
Australia
Bank
Ltd.
4.24%
(SOFR+60bps),
10/26/27(a)(b)
....................................
7,430
7,453
4.32%
(SOFR+65bps),
6/13/28(a)(b)
.....................................
17,061
17,134
4.20%
(SOFR+53bps),
12/13/28(a)(b)
....................................
5,770
5,774
4.21%
(SOFR+54bps),
6/4/29(a)(b)
......................................
8,785
8,791
National
Bank
of
Canada
4.67%
(SOFRINDX+103bps),
7/2/27(b)
..................................
8,190
8,190
4.41%
(SOFR+77bps),
1/20/29,
Callable
1/20/28
@
100(b)
.....................
13,440
13,464
NatWest
Group
PLC,
4.91%
(SOFR+125bps),
3/1/28,
Callable
3/1/27
@
100(b)
..........
6,000
6,027
NatWest
Markets
PLC
4.55%
(SOFR+90bps),
5/17/27(a)(b)
.....................................
13,580
13,635
4.62%
(SOFR+95bps),
3/21/28(a)(b)
.....................................
15,400
15,500
Nomura
Holdings,
Inc.,
4.93%
(SOFR+125bps),
7/2/27(b)
.........................
20,260
20,417
Nordea
Bank
Abp,
5.38%,
9/22/27(a)
.........................................
12,625
12,770
NTT
Finance
Corp.,
4.57%,
7/16/27(a)
.......................................
12,180
12,190
Royal
Bank
of
Canada
4.23%
(SOFRINDX+59bps),
11/2/26,
MTN(b)
..............................
4,800
4,805
4.59%
(SOFRINDX+95bps),
1/19/27(b)
..................................
15,280
15,329
4.36%
(SOFRINDX+72bps),
10/18/27,
Callable
10/18/26
@
100(b)
..............
6,956
6,963
4.49%
(SOFRINDX+82bps),
3/27/28,
Callable
3/27/27
@
100(b)
................
20,320
20,375
4.47%
(SOFRINDX+83bps),
1/24/29
,
Callable
1/24/28
@
100(b)
................
4,621
4,634
Santander
UK
Group
Holdings
PLC,
4.74%
(SOFRINDX+107bps),
9/22/29,
Callable
9/22/28
@
100(b)
.........................................................
7,100
7,124
Skandinaviska
Enskilda
Banken
AB,
4.35%
(SOFRINDX+68bps),
3/12/29(a)(b)
..........
12,730
12,773
Societe
Generale
SA,
5.04%
(SOFR+141bps),
4/13/29,
Callable
4/13/28
@
100(a)(b)
......
17,440
17,591
Standard
Chartered
PLC
5.56%
(SOFR+193bps),
7/6/27,
Callable
7/6/26
@
100(a)(b)
....................
8,600
8,602
4.88%
(SOFR+124bps)
,
1/21/29,
Callable
1/21/28
@
100(a)(b)
..................
17,580
17,737
Sumitomo
Mitsui
Financial
Group,
Inc.,
4.39%
(SOFR+76bps),
1/15/29(b)
..............
16,755
16,745
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
30
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Sumitomo
Mitsui
Trust
Bank
Ltd.
4.82%
(SOFR+115bps),
9/14/26(a)(b)
....................................
$
3,835
$
3,842
4.42%
(SOFR+75bps),
9/11/28(a)(b)
.....................................
14,400
14,461
The
Bank
of
Nova
Scotia
4.45%
(SOFRINDX+78bps),
6/4/27,
MTN(b)
..............................
11,130
11,177
4.43%
(SOFR+76bps),
9/15/28,
Callable
9/15/27
@
100(b)
.....................
28,520
28,577
4.54%
(
SOFR+89bps),
2/14/29,
Callable
2/14/28
@
100(b)
.....................
14,460
14,506
The
Toronto-Dominion
Bank
4.72%
(SOFR+108bps),
7/17/26(b)
......................................
4,000
4,001
4.26%
(SOFR+59bps),
9/10/26(b)
.......................................
11,667
11,677
4.21%
(SOFR+58bps),
1/13/28(b)
.......................................
12,430
12,456
4.46%
(SOFR+82bps),
1/31/28(b)
.......................................
5,985
6,016
4.58%
(SOFR+91bps),
6/2/28(b)
........................................
11,850
11,939
4.38%
(SOFR+75bps),
10/13/28(b)
......................................
8,070
8,096
870,254
Industrials
(0.1%):
Element
Fleet
Management
Corp.,
5.64%,
3/13/27,
Callable
2/13/27
@
100(a)
...........
5,703
5,742
Materials
(0.2%):
Rio
Tinto
Finance
USA
PLC,
4.51%
(SOFRINDX+84bps),
3/14/28(b)
.................
12,350
12,430
Utilities
(0.1%):
EDP
Finance
BV,
1.71%,
1/24/28(a)
.........................................
7,521
7,202
ENEL
Finance
International
NV,
3.50%,
4/6/28(a)
...............................
5,000
4,906
12,108
Total
Yankee
Dollars
(Cost
$946,664)
a
a
a
949,292
U.S.
Government
Agency
Mortgages
(3.0%)
Federal
Home
Loan
Mortgage
Corporation
3.50%,
7/1/51
-
5/1/56
...............................................
10,397
9,438
6.00%,
8/1/53
-
9/1/54
...............................................
12,096
12,497
6.50%,
7/1/54
-
12/1/55
..............................................
37,817
39,597
61,532
Federal
National
Mortgage
Association
6.25%
(H15T1Y+213bps),
9/1/32(b)
.....................................
1
1
3.00%,
3/1/47
.....................................................
1,581
1,431
6.02%
(RFUCCT1Y+167bps),
1/1/48(b)
..................................
3
3
3.50%,
4/1/52
-
5/1/56
...............................................
3,817
3,466
6.00%,
5/1/53
-
10/1/54
..............................................
14,374
14,720
6.50%,
12/1/53
-
6/1/54
..............................................
30,942
32,114
5.50%,
10/1/54
....................................................
4,832
4,857
56,592
Federal
National
Mortgage
Association,
TBA
5.50%,
1/25/30
-
9/29/32
.............................................
43,000
43,300
5.00%,
1/9/34
.....................................................
26,000
25,519
3.50%,
2/28/35
....................................................
4,700
4,261
3.00%,
6/9/35
.....................................................
18,000
15,684
88,764
Government
National
Mortgage
Association,
TBA
6.50%,
5/18/29
....................................................
11,000
11,395
6.00%,
7/20/56
....................................................
15,000
15,314
26,709
Total
U.S.
Government
Agency
Mortgages
(Cost
$233,059)
a
a
a
233,597
Commercial
Paper
(8.9%)
Consumer
Discretionary
(1.1%):
Alimentation
Couche-Tard,
Inc.,
3.96%,
7/2/26(a)(o)
.............................
38,000
37,991
AutoZone,
Inc.
3.87%,
7/7/26(a)(o)
.................................................
15,000
14,989
3.88%,
7/9/26(a)(o)
.................................................
25,000
24,976
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
31
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
O'Reilly
Automotive,
Inc.,
3.92%,
7/6/26(a)(o)
..................................
$
9,500
$
9,494
87,450
Energy
(0.8%):
Kinder
Morgan,
Inc.,
4.09%,
7/1/26(a)(o)
......................................
26,000
25,997
Targa
Resources
Corp.,
3.97%,
7/1/26(a)(o)
....................................
38,750
38,746
64,743
Financials
(1.9%):
Lseg
US
Finance
Corp.,
3.92%,
7/7/26(a)(o)
....................................
38,000
37,971
Marsh
&
McLennan
Cos.,
Inc.,
3.89%,
7/2/26(a)(o)
..............................
25,000
24,995
PACCAR
Financial
Corp.,
3.69%,
7/7/26(a)(o)
..................................
10,000
9,993
Prudential
Funding
LLC,
3.62%,
7/1/26(a)(o)
...................................
35,000
34,996
S&P
Global,
Inc.,
3.93%,
7/8/26(a)(o)
........................................
38,000
37,967
145,922
Health
Care
(0.2%):
HCA,
Inc.,
4.08%,
7/1/26(a)(o)
.............................................
15,000
14,998
Industrials
(0.9%):
Carrier
Global
Corp.,
3.88%,
7/1/26(a)(o)
.....................................
38,000
37,996
Fiserv,
Inc.
1.94%,
7/2/26(a)(o)
.................................................
15,000
14,998
3.25%,
7/6/26(a)(o)
.................................................
15,000
14,992
67,986
Real
Estate
(1.7%):
AvalonBay
Communities,
Inc.,
3.88%,
7/1/26(a)(o)
...............................
30,000
29,996
ERP
Operating
LP,
3.88%,
7/1/26(a)(o)
.......................................
38,000
37,996
Realty
Income
Corp.,
3.88%,
7/1/26(a)(o)
.....................................
30,000
29,997
UDR,
Inc.,
3.89%,
7/2/26(a)(o)
.............................................
38,000
37,992
135,981
Utilities
(2.3%):
CenterPoint
Energy
Resources
corp.,
3.84%,
7/1/26(a)(o)
..........................
10,000
9,999
CenterPoint
Energy,
Inc.,
3.81%,
7/1/26(a)(o)
...................................
31,000
30,997
Consolidated
Edison
Co.
of
New
York,
Inc.,
3.89%,
7/6/26(a)(o)
.....................
38,000
37,975
Duke
Energy
Corp.,
3.78%,
7/7/26(a)(o)
......................................
36,000
35,974
NGPL
PipeCo
LLC,
4.12%,
7/1/26(a)(o)
......................................
30,500
30,496
Wec
Energy
Group,
Inc.,
3.88%,
7/1/26(a)(o)
...................................
38,000
37,996
183,437
Total
Commercial
Paper
(Cost
$700,588)
a
a
a
700,517
Repurchase
Agreements
(4.2%)
Bank
of
America
Corp.,
3.64%,
purchased
on
6/30/26,
with
a
maturity
date
of
7/1/26,
with
a
repurchase
value
of
$40,004
(collateralized
by
U.S.
Treasury
Bonds,
0.00%,
due
2/15/34-
5/15/38,
with
an
aggregate
value
of
$40,800)
...................................
40,000
40,000
Bank
of
Nova
Scotia,
3.64%,
purchased
on
6/30/26,
with
a
maturity
date
of
7/1/26,
with
a
repurchase
value
of
$56,296
(collateralized
by
a
U.S.
Treasury
Bond,
2.25%,
due
2/15/52,
with
a
value
of
$57,985)
......................................................
56,290
56,290
RBC
Dominion
Securities,
Inc.,
3.64%,
purchased
on
6/30/26,
with
a
maturity
date
of
7/1/26,
with
a
repurchase
value
of
$106,301
(collateralized
by
U.S.
Treasury
Notes
and
Bonds,
1.38%-
6.63,
due
2/15/27-11/15/48,
with
an
aggregate
value
of
$108,427)
....................
106,290
106,290
Toronto
Dominion
Bank,
3.65%,
purchased
on
6/30/26,
with
a
maturity
date
of
7/1/26,
with
a
repurchase
value
of
$88,159
(collateralized
by
a
U.S.
Treasury
Bond
and
GNMA
Securities,
5.00%-5.50%,
due
1/20/55-5/20/56,
with
an
aggregate
value
of
$89,913)
...............
88,150
88,150
Toronto
Dominion
Bank,
3.64%,
purchased
on
6/30/26,
with
a
maturity
date
of
7/1/26,
with
a
repurchase
value
of
$38,154
(collateralized
by
U.S.
Treasury
Notes
and
Bonds,
2.75%-4.00,
due
4/30/27-6/30/28,
with
an
aggregate
value
of
$38,913)
..........................
38,150
38,150
Total
Repurchase
Agreements
(Cost
$328,880)
a
a
a
328,880
Total
Investments
(Cost
$8,049,827)
—
102.2%
8,017,803
Liabilities
in
excess
of
other
assets
—  (2.2)%
(170,138)
NET
ASSETS
-
100.00%
$
7,847,665
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
32
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Name
Acquisition
Date
Cost
Value
Alturas
Re,
2021-3
..................................................
7/1/2021
$
288
$
112
Alturas
Re,
2022-2
..................................................
1/6/2022
—
5
Gleneagles
Re,
2022
.................................................
1/18/2022
1,157
—
Integrity
Re
.......................................................
5/9/2022
1,107
623
Thopas
Re,
2022
...................................................
2/7/2022
—
22
Torrey
Pines
Re
....................................................
5/17/2024
500
514
Torrey
Pines
Re
....................................................
5/17/2024
250
257
Viribus
Re,
2019
...................................................
12/27/2018
—
—
Total
(0.0%
of
net
assets)
$3,302
$1,533
At
June
30,
2026,
the
Fund's
investments
in
foreign
securities
were
21.7%
of
net
assets.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
June
30,
2026,
the
fair
value
of
these
securities
was
$5,176,926
(thousands)
and
amounted
to
66.0%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
June
30,
2026.
(c)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(d)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
June
30,
2026.
(e)
Rounds
to
less
than
$1
thousand.
(f)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
June
30,
2026.
(g)
Zero-coupon
bond.
(h)
Security
is
interest
only.
(i)
Amount
represents
less
than
0.05%
of
net
assets.
(j)
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.
(k)
The
following
table
details
the
earliest
acquisition
date,
cost,
and
market
value
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
June
30,
2026
(amounts
in
thousands):
(l)
Non-income
producing
security.
(m)
Issued
as
preference
shares.
(n)
Issued
as
participation
notes.
(o)
Rate
represents
the
effective
yield
at
June
30,
2026.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CLO
—
Collateralized
Loan
Obligations
CMO
—
Collateralized
Mortgage
Obligations
FHMMUSTF
—
Federated
Hermes
U.S.
Treasury
Cash
Reserves
Fund
Yield
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
June
30,
2026.
JMMMUSTF
—
JPMorgan
100%
U.S.
Treasury
Securities
Money
Market
Fund
Yield
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
June
30,
2026.
REMIC
—
Real
Estate
Mortgage
Investment
Conduits
RFUCCT1Y
—
Refinitiv
USD
Interbank
Offered
Rate
Customer
Cash
Fallbacks
Term
1
Year,
rate
disclosed
as
of
June
30,
2026
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of
June
30,
2026.
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
June
30,
2026.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
June
30,
2026.
SOFR06M
—
6
Month
SOFR,
rate
disclosed
as
of
June
30,
2026.
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
June
30,
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
June
30,
2026.
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
June
30,
2026.
US0001M
—
1
Month
U.S.
Dollar
London
Interbank
Offered
Rate,
rate
disclosed
as
of
June
30,
2026,
based
on
the
last
reset
date
of
the
security.
Victory
Portfolios
IV
Victory
Pioneer
Multi-Asset
Ultrashort
Income
Fund
33
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
TBA
Sales
Commitments
Security
Description
Principal
Amount
(000)
Value
(000)
TBA
Sales
Commitments
-
(1.30%)
Collateralized
Mortgage
Obligations
—  (1.30%)
Federal
National
Mortgage
Association,
TBA
6.00%
,
5/4/31
....................................................
$
(26,400)
$
(26,987)
6.50%
,
2/26/30
....................................................
(68,600)
(70,885)
Total
TBA
Sales
Commitments
(Proceeds  $97,801)
$(97,872)
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
2-Year
U.S.
Treasury
Note
Futures
...........
750
9/30/26
$
154,760
$
154,600
$
(160)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(160)
Total
net
unrealized
appreciation
(depreciation)
$
(160)
Schedule
of
Portfolio
Investments
June
30,
2026
Victory
Portfolios
IV
Victory
Pioneer
Fundamental
Growth
Fund
34
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(100.1%)
Communication
Services
(11.5%):
Alphabet,
Inc.
,
Class
C
...................................................
784,428
$
277,162
Netflix,
Inc.
(a)
.........................................................
2,070,800
147,855
Pinterest,
Inc.
,
Class
A
(a)
.................................................
7,890,702
165,941
Spotify
Technology
SA
(a)
.................................................
218,518
100,328
The
Walt
Disney
Co.
....................................................
370,239
35,636
726,922
Communications
Equipment
(2.1%):
Motorola
Solutions,
Inc.
..................................................
315,188
130,894
Consumer
Discretionary
(14.3%):
Amazon.com,
Inc.
(a)
....................................................
1,206,679
287,600
Booking
Holdings,
Inc.
...................................................
729,075
129,950
O'Reilly
Automotive,
Inc.
(a)
...............................................
1,355,612
124,838
Ross
Stores,
Inc.
.......................................................
741,320
157,790
The
Home
Depot,
Inc.
...................................................
102,752
36,239
The
TJX
Cos.,
Inc.
......................................................
1,129,182
171,071
907,488
Electronic
Equipment,
Instruments
&
Components
(5.3%):
Amphenol
Corp.
,
Class
A
.................................................
1,920,646
338,648
Financials
(8.0%):
Intercontinental
Exchange,
Inc.
.............................................
1,094,386
134,730
Mastercard,
Inc.
,
Class
A
.................................................
238,299
122,390
Visa,
Inc.
,
Class
A
......................................................
736,906
252,825
509,945
Health
Care
(11.3%):
Eli
Lilly
&
Co.
.........................................................
278,215
333,700
Intuitive
Surgical,
Inc.
(a)
.................................................
321,384
127,808
Thermo
Fisher
Scientific,
Inc.
..............................................
179,643
90,066
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
336,906
167,351
718,925
Industrials
(10.2%):
Eaton
Corp.
PLC
.......................................................
374,109
159,415
Rockwell
Automation,
Inc.
................................................
257,703
127,584
The
Boeing
Co.
(a)
......................................................
721,429
156,168
Uber
Technologies,
Inc.
(a)
................................................
2,822,671
203,684
646,851
IT
Services
(2.0%):
Shopify,
Inc.
,
Class
A
(a)
..................................................
1,103,242
125,968
Materials
(1.0%):
Linde
PLC
............................................................
119,881
62,211
Semiconductors
&
Semiconductor
Equipment
(17.2%):
Advanced
Micro
Devices,
Inc.
(a)
............................................
520,541
302,387
Analog
Devices,
Inc.
....................................................
301,897
119,904
ASML
Holding
NV
,
Class
NY
,
NYS
.........................................
159,783
317,879
Microchip
Technology,
Inc.
................................................
1,823,355
166,290
NVIDIA
Corp.
.........................................................
909,903
182,063
1,088,523
Software
(9.6%):
Microsoft
Corp.
........................................................
814,948
303,992
ServiceNow,
Inc.
(a)
.....................................................
739,490
73,417
Synopsys,
Inc.
(a)
.......................................................
517,150
230,685
608,094
Victory
Portfolios
IV
Victory
Pioneer
Fundamental
Growth
Fund
35
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Shares
a
Value
(000)
Technology
Hardware,
Storage
&
Peripherals
(7.6%):
Apple,
Inc.
...........................................................
1,657,643
$
479,656
Total
Common
Stocks
(Cost
$3,103,101)
a
a
a
6,344,125
Total
Investments
(Cost
$3,103,101)
—
100.1%
6,344,125
Liabilities
in
excess
of
other
assets
—  (0.1)%
(8,477)
NET
ASSETS
-
100.00%
$
6,335,648
At
June
30,
2026,
the
Fund's
investments
in
foreign
securities
were
11.1%
of
net
assets.
(a)
Non-income
producing
security.
NYS
—
New
York
Registered
Shares
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
June
30,
2026
Victory
Portfolios
IV
Victory
Pioneer
Strategic
Income
Fund
1
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(7.5%)
ABS
Auto
(2.8%):
ACM
Auto
Trust,
Series
2024-2A,
Class
B,
9.21%,
8/20/31,
Callable
9/20/26
@
100(a)
.....
$
799
$
802
Ally
Bank
Auto
Credit-Linked
Notes
.........................................
Series
2024-A,
Class
D,
6.32%,
5/17/32,
Callable
12/15/27
@
100(a)
..............
442
446
Series
2024-A,
Class
G,
12.75%,
5/17/32,
Callable
12/15/27
@
100(a)
.............
1,013
1,040
Series
2024-B,
Class
G,
11.40%,
9/15/32,
Callable
6/15/28
@
100(a)
..............
1,923
1,945
American
Credit
Acceptance
Receivables
Trust
.................................
Series
2024-3,
Class
D,
6.04%,
7/12/30,
Callable
2/12/28
@
100(a)
...............
3,260
3,302
Series
2025-4,
Class
D,
5.25%,
9/12/31,
Callable
5/12/28
@
100(a)
...............
4,130
4,120
Arivo
Acceptance
Auto
Loan
Receivables
Trust,
Series
2022-1A,
Class
D,
7.38%,
9/17/29,
Callable
11/15/26
@
100(a)
...........................................
2,000
1,962
Exeter
Automobile
Receivables
Trust
.........................................
Series
2024-4A,
Class
E,
7.65%,
2/17/32,
Callable
5/15/29
@
100(a)
..............
14,800
15,366
Series
2024-5A,
Class
E,
7.22%,
5/17/32,
Callable
3/15/29
@
100(a)
..............
13,220
13,548
Series
2025-1A,
Class
E,
7.48%,
9/15/32,
Callable
5/15/29
@
100(a)
..............
10,730
10,937
Series
2025-3A,
Class
E,
7.52%,
12/15/32,
Callable
9/15/29
@
100(a)
.............
7,560
7,683
GLS
Auto
Receivables
Issuer
Trust
..........................................
Series
2024-2A,
Class
E,
7.98%,
5/15/31,
Callable
2/15/29
@
100(a)
..............
2,830
2,945
Series
2024-3A,
Class
E,
7.25%,
6/16/31,
Callable
5/15/29
@
100(a)
..............
12,197
12,492
Series
2025-2A,
Class
E,
7.73%,
6/15/32,
Callable
8/15/29
@
100(a)
..............
4,270
4,438
Huntington
Bank
Auto
Credit-Linked
Notes
....................................
Series
2024-1,
Class
D,
8.86%
(SOFR30A+525bps),
5/20/32,
Callable
11/20/27
@
100(a)
(b)
.............................................................
332
337
Series
2024-2,
Class
D,
7.61%
(SOFR30A+400bps),
10/20/32,
Callable
5/20/28
@
100(a)
(b)
.............................................................
539
538
Merchants
Fleet
Funding
LLC
..............................................
Series
2024-1A,
Class
E,
9.35%,
4/20/37,
Callable
3/20/27
@
100(a)
..............
3,200
3,227
Series
2025-1A,
Class
A,
4.49%,
1/20/39,
Callable
3/20/29
@
100(a)
..............
6,700
6,691
Prestige
Auto
Receivables
Trust,
Series
2025-1A,
Class
D,
6.02%,
7/15/31,
Callable
3/15/29
@
100(a)
...........................................................
2,959
2,941
Santander
Bank
Auto
Credit-Linked
Notes,
Series
2024-A,
Class
F,
10.17%,
6/15/32,
Callable
9/15/28
@
100(a)
...................................................
1,631
1,684
Tricolor
Auto
Securitization
Trust
...........................................
Series
2024-1A,
Class
E,
11.91%,
9/17/29,
Callable
11/15/26
@
100(a)(c)
..........
4,022
1,028
Series
2024-2A,
Class
D,
7.61%,
8/15/28,
Callable
6/15/28
@
100(a)(c)
............
7,690
1,972
Series
2024-3A,
Class
E,
8.64%,
7/15/30,
Callable
10/15/27
@
100(a)(c)
...........
2,550
293
Veros
Auto
Receivables
Trust
..............................................
Series
2024-1,
Class
D,
9.87%,
5/15/31,
Callable
9/15/27
@
100(a)
...............
3,500
3,666
Series
2026-1,
Class
A,
4.53%,
8/15/28(a)
.................................
1,945
1,944
105,347
ABS
Card
(0.2%):
Continental
Finance
Credit
Card
ABS
Master
Trust
...............................
Series
2022-A,
Class
C,
9.33%,
10/15/30(a)
................................
3,050
3,062
Series
2022-A,
Class
D,
12.42%,
10/15/30(a)
...............................
3,000
3,056
Series
2024-A,
Class
A,
5.78%,
12/15/32,
Callable
9/15/27
@
100(a)
..............
1,900
1,909
8,027
ABS
Home
(0.4%):
GS
Mortgage-Backed
Securities
Trust,
Series
2025-CES1,
Class
A1A,
5.57%,
5/25/55,
Callable
3/25/28
@
100(a)(d)
..........................................
3,475
3,481
RCKT
Mortgage
Trust,
Series
2026-CES6,
Class
A1A,
5.32%,
6/25/56,
Callable
6/25/30
@
100(a)(d)
.........................................................
8,980
8,977
Vista
Point
Securitization
Trust,
Series
2024-CES1,
Class
A1,
6.68%,
5/25/54,
Callable
5/25/27
@
100(a)(d)
.......................................................
3,632
3,653
16,111
ABS
Other
(4.1%):
321
Henderson
Receivables
III
LLC
.........................................
Series
2008-1A,
Class
C,
9.36%,
1/15/48,
Callable
10/15/26
@
100(a)
.............
500
505
Series
2008-1A,
Class
D,
10.81%,
1/15/50,
Callable
10/15/26
@
100(a)
............
500
506
Accelerated
Assets
LLC
..................................................
Series
2018-1,
Class
B,
4.51%,
12/2/33(a)
.................................
115
114
Series
2018-1,
Class
C,
6.65%,
12/2/33(a)
.................................
163
157
Victory
Portfolios
IV
Victory
Pioneer
Strategic
Income
Fund
2
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Amur
Equipment
Finance
Receivables
XI
LLC,
Series
2022-2A,
Class
E,
9.32%,
10/22/29,
Callable
8/20/26
@
100(a)
............................................
$
1,413
$
1,420
Amur
Equipment
Finance
Receivables
XII
LLC,
Series
2023-1A,
Class
D,
7.48%,
7/22/30,
Callable
6/20/27
@
100(a)
............................................
5,250
5,377
Amur
Equipment
Finance
Receivables
XIII
LLC,
Series
2024-1A,
Class
D,
6.57%,
4/21/31,
Callable
2/20/28
@
100(a)
............................................
4,910
5,001
Amur
Equipment
Finance
Receivables
XIV
LLC,
Series
2024-2A,
Class
E,
8.88%,
10/20/32,
Callable
8/20/28
@
100(a)
............................................
2,176
2,227
BHG
Securitization
Trust,
Series
2022-C,
Class
E,
9.73%,
10/17/35,
Callable
12/17/28
@
100(a)
...........................................................
6,410
6,723
Blackbird
Capital
II
Aircraft
Lease
Ltd.,
Series
2021-1A,
Class
B,
3.45%,
7/15/46,
Callable
7/15/28
@
100(a)
...................................................
2,662
2,546
Blue
Owl
Asset
Leasing
Trust
LLC,
Series
2024-1A,
Class
D,
8.00%,
12/15/31,
Callable
6/15/27
@
100(a)
...................................................
3,180
3,227
Cascade
MH
Asset
Trust
..................................................
Series
2021-MH1,
Class
B1,
4.57%,
2/25/46,
Callable
7/25/36
@
100(a)
...........
2,150
1,816
Series
2021-MH1,
Class
B3,
7.65%,
2/25/46,
Callable
7/25/36
@
100(a)(d)
.........
4,000
3,602
Cologix
Canadian
Issuer
LP,
Series
2022-1CAN,
Class
A2,
4.94%,
1/25/52,
Callable
7/25/26
@
100(a)
.........................................................
7,465
5,232
Commonbond
Student
Loan
Trust,
Series
2017-BGS,
Class
C,
4.44%,
9/25/42,
Callable
7/25/26
@
100(a)
...................................................
71
58
Crockett
Partners
Equipment
Co.
IIA
LLC
.....................................
Series
2024-1C,
Class
A,
6.05%,
1/20/31,
Callable
4/20/29
@
100(a)
..............
3,981
4,014
Series
2024-1C,
Class
C,
10.16%,
1/20/31,
Callable
4/20/29
@
100(a)
.............
853
894
DataBank
Issuer,
Series
2024-1A,
Class
A2,
5.30%,
1/26/54,
Callable
1/25/27
@
100(a)
....
3,590
3,558
FIGRE
Trust
..........................................................
Series
2024-HE6,
Class
A,
5.72%,
12/25/54,
Callable
8/25/29
@
100(a)(d)
..........
11,068
11,133
Series
2025-HE1,
Class
A,
5.83%,
1/25/55,
Callable
2/25/28
@
100(a)(d)
...........
5,996
6,044
Series
2025-HE2,
Class
A,
5.78%,
3/25/55,
Callable
10/25/27
@
100(a)(d)
..........
2,880
2,899
Series
2025-HE5,
Class
A,
5.29%,
8/25/55,
Callable
2/25/28
@
100(a)(d)
...........
13,651
13,573
Series
2025-HE8,
Class
A,
5.21%,
11/25/55,
Callable
6/25/27
@
100(a)(d)
..........
5,577
5,529
Granite
Park
Equipment
Leasing
LLC,
Series
2023-1A,
Class
E,
7.00%,
6/20/35,
Callable
10/20/28
@
100(a)
..................................................
2,885
2,883
Home
Partners
of
America
Trust,
Series
2019-1,
Class
F,
4.10%,
9/17/39,
Callable
7/17/26
@
100(a)(e)
.........................................................
572
552
J.G.
Wentworth
XLI
LLC,
Series
2010-3A,
Class
A,
3.82%,
12/15/48,
Callable
7/15/26
@
100(a)
...........................................................
80
79
Libra
Solutions
LLC
.....................................................
Series
2024-1A,
Class
B,
7.91%,
9/30/38(a)
................................
2,010
1,991
Series
2025-1A,
Class
B,
8.06%,
8/15/39(a)
................................
3,830
3,776
Mosaic
Solar
Loan
Trust
..................................................
Series
2019-2A,
Class
D,
6.18%,
9/20/40,
Callable
2/20/31
@
100(a)
..............
722
715
Series
2021-1A,
Class
D,
3.71%,
12/20/46,
Callable
11/20/33
@
100(a)
............
2,726
2,106
NMEF
Funding
LLC
....................................................
Series
2022-B,
Class
C,
8.54%,
6/15/29,
Callable
8/15/26
@
100(a)
...............
5,950
5,978
Series
2024-A,
Class
C,
6.33%,
12/15/31,
Callable
2/15/28
@
100(a)
..............
5,450
5,536
Series
2024-A,
Class
D,
8.75%,
12/15/31,
Callable
2/15/28
@
100(a)
..............
4,997
5,159
PEAR
LLC,
Series
2021-1,
Class
B,
1/15/34(a)(f)(g)
..............................
5,517
5,700
Post
Road
Equipment
Finance
LLC,
Series
2024-1A,
Class
E,
8.50%,
12/15/31,
Callable
3/15/27
@
100(a)
...................................................
2,260
2,301
Reach
ABS
Trust,
Series
2026-1A,
Class
A,
4.32%,
2/15/33,
Callable
3/15/30
@
100(a)
....
4,459
4,456
RMF
Buyout
Issuance
Trust
...............................................
Series
2021-HB1,
Class
M4,
4.70%,
11/25/31(a)(d)
..........................
3,000
2,834
Series
2021-HB1,
Class
M5,
6.00%,
11/25/31(a)(d)
..........................
6,000
5,645
Series
2022-HB1,
Class
M5,
4.50%,
4/25/32,
Callable
4/25/27
@
100(a)(d)(f)
.......
3,750
146
Rosy
Blue
Carat
SCS,
Series
2018-1,
Class
A1R,
8.48%,
3/15/30(a)(f)
.................
1,031
1,038
SCF
Equipment
Leasing
LLC
..............................................
Series
2024-1A,
Class
E,
9.00%,
12/20/34,
Callable
11/20/29
@
100(a)
............
2,300
2,426
Series
2025-1A,
Class
E,
6.75%,
11/20/35,
Callable
10/20/28
@
100(a)
............
4,200
4,337
Series
2025-2A,
Class
E,
6.21%,
6/20/36,
Callable
3/20/28
@
100(a)
..............
3,390
3,319
Tricon
American
Homes
Trust,
Series
2020-SFR2,
Class
E1,
2.73%,
11/17/39(a)(e)
........
4,250
4,076
Upstart
Securitization
Trust
................................................
Series
2026-3,
Class
B,
5.35%,
7/20/36(a)
.................................
1,640
1,639
Victory
Portfolios
IV
Victory
Pioneer
Strategic
Income
Fund
3
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2026-3,
Class
C,
5.92%,
7/20/36(a)
.................................
$
3,350
$
3,350
156,197
Total
Asset-Backed
Securities
(Cost
$297,934)
a
a
a
285,682
Collateralized
Loan
Obligations
(1.0%)
Cash
Flow
CLO
(1.0%):
ACREC
LLC
..........................................................
Series
2026-FL5,
Class
A,
4.95%
(TSFR1M+135bps),
7/18/43,
Callable
6/18/28
@
100(a)(b)(e)
.......................................................
4,920
4,928
Series
2026-FL5,
Class
B,
5.35%
(TSFR1M+175bps),
7/18/43,
Callable
6/18/28
@
100(a)(b)(e)
.......................................................
1,660
1,661
Arbor
Realty
Collateralized
Loan
Obligation
Ltd.
................................
Series
2025-BTR1,
Class
A,
5.57%
(TSFR1M+193bps),
1/20/41,
Callable
5/20/27
@
100(a)(b)
.........................................................
1,660
1,665
Series
2025-BTR1,
Class
AS,
6.28%
(TSFR1M+264bps),
1/20/41,
Callable
5/20/27
@
100(a)(b)
.........................................................
4,180
4,203
Series
2025-BTR1,
Class
B,
6.83%
(TSFR1M+319bps),
1/20/41,
Callable
5/20/27
@
100(a)(b)
.........................................................
2,510
2,526
Series
2025-BTR1,
Class
C,
7.33%
(TSFR1M+369bps),
1/20/41,
Callable
5/20/27
@
100(a)(b)
.........................................................
1,390
1,399
AREIT
Ltd.,
Series
2022-CRE6,
Class
D,
6.46%
(SOFR30A+285bps),
1/20/37,
Callable
2/17/27
@
100(a)(b)
.................................................
3,600
3,602
Dwight
Issuer
LLC,
Series
2026-FL2,
Class
A,
5.00%
(TSFR1M+140bps),
1/18/44,
Callable
12/18/28
@
100(a)(b)(e)
..............................................
6,410
6,416
First
Eagle
BSL
CLO
Ltd.,
Series
2019-1A,
Class
C,
8.29%
(TSFR3M+461bps),
1/20/33,
Callable
7/20/26
@
100(a)(b)
..........................................
1,000
999
FS
Rialto
Issuer
LLC,
Series
2025-FL10,
Class
A,
5.02%
(TSFR1M+139bps),
8/19/42,
Callable
8/19/27
@
100(a)(b)(e)
........................................
6,110
6,119
Sound
Point
CLO
XXI
Ltd.,
Series
2018-3A,
Class
C,
7.23%
(TSFR3M+356bps),
10/26/31,
Callable
7/26/26
@
100(a)(b)
..........................................
4,750
4,532
38,050
Total
Collateralized
Loan
Obligations
(Cost
$38,150)
a
a
a
38,050
Collateralized
Mortgage
Obligations
(9.4%)
Agency
CMO
IO
(0.7%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
4087,
Class
SB,
2.32%
(SOFR30A+592bps),
7/15/42(b)(e)
................
5,681
487
Series
5003,
Class
KI,
2.50%,
8/25/50(e)
..................................
1,591
206
Federal
Home
Loan
Mortgage
Corporation
REMICs
..............................
Series
4091,
Class
SH,
2.84%
(SOFR30A+644bps),
8/15/42(b)(e)
................
3,309
451
Series
4601,
Class
NI,
3.50%,
9/15/45(e)
..................................
2,422
285
Series
4999,
Class
QI,
4.00%,
5/25/50(e)
..................................
1,642
340
Series
5067,
Class
GI,
4.00%,
12/25/50(e)
.................................
1,949
401
Federal
National
Mortgage
Association
.......................................
Series
2012-14,
Class
SP,
2.81%
(SOFR30A+644bps),
8/25/41(b)(e)
..............
1,039
67
Series
2018-43,
Class
SM,
2.46%
(SOFR30A+609bps),
6/25/48(b)(e)
.............
1,390
154
Series
2019-33,
Class
S,
2.31%
(SOFR30A+594bps),
7/25/49(b)(e)
...............
1,510
153
Series
2019-41,
Class
PS,
2.31%
(SOFR30A+594bps),
8/25/49(b)(e)
..............
1,229
151
Series
2019-41,
Class
SM,
2.31%
(SOFR30A+594bps),
8/25/49(b)(e)
.............
1,286
128
Federal
National
Mortgage
Association
REMICs
................................
Series
2019-59,
Class
AI,
4.00%,
10/25/39(e)
...............................
1,244
179
Series
2020-83,
Class
EI,
4.00%,
11/25/50(e)
...............................
1,414
291
Series
2021-78,
Class
CI,
4.50%,
11/25/51(e)
...............................
2,562
572
Government
National
Mortgage
Association
....................................
Series
2019-103,
Class
SB,
2.30%
(TSFR1M+594bps),
8/20/49(b)(e)
..............
1,390
147
Series
2019-117,
Class
SB,
9/20/49(e)(g)
..................................
12,232
66
Series
2019-128,
Class
IB,
3.50%,
10/20/49(e)
..............................
17,658
2,764
Series
2019-128,
Class
ID,
3.50%,
10/20/49(e)
..............................
17,671
2,767
Series
2019-159,
Class
CI,
3.50%,
12/20/49(e)
..............................
8,064
1,280
Series
2020-15,
Class
IM,
3.50%,
2/20/50(e)
...............................
1,501
250
Victory
Portfolios
IV
Victory
Pioneer
Strategic
Income
Fund
4
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2020-34,
Class
IO,
5.00%,
12/20/39(e)
...............................
$
12,701
$
2,289
Series
2020-7,
Class
CI,
3.50%,
1/20/50(e)
.................................
3,550
653
Series
2020-9,
Class
SA,
1/20/50(e)(g)
....................................
10,113
103
Series
2021-136,
Class
YI,
3.00%,
8/20/51(e)
...............................
8,461
993
Series
2021-140,
Class
IO,
2.50%,
8/20/51(e)
...............................
9,837
948
Series
2021-146,
Class
QI,
3.00%,
8/20/51(e)
...............................
2,925
464
Series
2021-182,
Class
TI,
3.50%,
10/20/51(e)
..............................
1,345
247
Series
2021-213,
Class
CI,
2.50%,
7/20/50(e)
...............................
2,098
266
Series
2021-213,
Class
EI,
2.50%,
1/20/49(e)
...............................
1,826
173
Series
2021-213,
Class
NI,
3.00%,
12/20/51(e)
..............................
2,681
321
Series
2021-42,
Class
KI,
2.50%,
3/20/51(e)
................................
1,971
251
Series
2021-96,
Class
BI,
3.50%,
6/20/51(e)
................................
3,362
571
Series
2023-168,
Class
ID,
2.50%,
3/20/51(e)
...............................
6,330
704
Series
2023-70,
Class
IO,
4.00%,
6/20/50(e)
................................
8,730
1,740
Series
2024-206,
Class
IO,
2.50%,
10/20/51(e)
..............................
10,139
994
Series
2024-24,
Class
AI,
2.50%,
8/20/51(e)
................................
8,344
799
Series
2025-120,
Class
IC,
4.50%,
1/20/50(e)
...............................
8,249
1,800
Series
2025-173,
Class
AI,
2.50%,
10/20/51(e)
..............................
32,311
3,261
27,716
Agency
CMO
Other
(0.1%):
Government
National
Mortgage
Association,
Series
2009-83,
Class
EB,
4.50%,
9/20/39
....
780
776
La
Hipotecaria
El
Salvadorian
Mortgage
Trust,
Series
2016-1A,
Class
A,
3.36%,
1/15/46,
Callable
4/15/31
@
100(a)
............................................
735
681
La
Hipotecaria
Mortgage
Trust,
Series
2019-2A,
Class
BBB,
4.75%,
9/29/46,
Callable
4/15/34
@
100(a)(f)
.......................................................
1,424
1,358
2,815
Commercial
MBS
(3.3%):
Alen
Mortgage
Trust,
Series
2021-ACEN,
Class
E,
7.74%
(TSFR1M+411bps),
4/15/34(a)(b)(e)
6,320
4,772
BAY
Trust,
Series
2026-MDWS,
Class
A,
5.24%
(TSFR1M+164bps),
6/15/41(a)(b)(e)
.....
15,100
15,043
Bayview
Commercial
Asset
Trust,
Series
2007-2A,
Class
IO,
7/25/37(a)(e)(f)(g)
..........
3,302
—(h)
Benchmark
Mortgage
Trust,
Series
2020-IG3,
Class
B,
3.35%,
9/15/48,
Callable
4/15/30
@
100(a)(d)
.........................................................
2,025
1,459
BSREP
Commercial
Mortgage
Trust,
Series
2021-DC,
Class
G,
7.59%
(TSFR1M+396bps),
8/15/38(a)(b)(e)
....................................................
1,704
582
COMM
Mortgage
Trust,
Series
2020-CX,
Class
A,
2.17%,
11/10/46,
Callable
11/10/30
@
100(a)(e)
.........................................................
3,750
3,194
CSAIL
Commercial
Mortgage
Trust,
Series
2015-C1,
Class
C,
3.89%,
4/15/50,
Callable
10/15/27
@
100(d)
..................................................
4,083
3,874
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
2021-K131,
Class
D,
9/25/54,
Callable
9/25/31
@
100(a)(g)
...............
5,000
3,129
Series
2021-KG05,
Class
C,
1/25/31(a)(g)
.................................
10,000
6,743
FREMF
Mortgage
Trust
..................................................
Series
2017-KW02,
Class
B,
3.86%,
12/25/26(a)(d)
..........................
4,500
4,438
Series
2017-KW03,
Class
B,
4.22%,
7/25/27(a)(d)
...........................
2,800
2,766
Series
2018-K154,
Class
B,
4.16%,
11/25/32(a)(d)
...........................
2,300
2,004
Series
2018-K157,
Class
B,
4.45%,
8/25/33(a)(d)
............................
1,875
1,646
Series
2018-KHG1,
Class
B,
4.03%,
12/25/27(a)(d)
..........................
6,364
6,120
Series
2018-KSW4,
Class
C,
8.71%
(SOFR30A+511bps),
10/25/28(a)(b)
...........
1,418
1,333
Series
2018-KW07,
Class
B,
4.25%,
10/25/31,
Callable
10/25/28
@
100(a)(d)
.......
975
893
Series
2019-KJ24,
Class
B,
7.60%,
10/25/27(a)(d)
...........................
2,245
2,169
Series
2020-KF74,
Class
C,
9.96%
(SOFR30A+636bps),
1/25/27(a)(b)
............
928
923
Series
2020-KF83,
Class
C,
12.71%
(SOFR30A+911bps),
7/25/30,
Callable
6/25/30
@
100(a)(b)
.........................................................
1,201
1,233
Series
2021-K131,
Class
X2A,
0.10%,
9/25/54,
Callable
6/25/31
@
100(a)(e)
........
80,944
318
Series
2021-K131,
Class
X2B,
0.10%,
9/25/54,
Callable
6/25/31
@
100(a)(e)
........
18,375
68
Series
2021-KG05,
Class
X2A,
0.10%,
1/25/31,
Callable
10/25/30
@
100(a)(e)
......
122,385
422
Series
2021-KG05,
Class
X2B,
0.10%,
1/25/31,
Callable
10/25/30
@
100(a)(e)
......
10,000
34
GS
Mortgage
Securities
Corp.
Trust,
Series
2020-DUNE,
Class
E,
6.39%
(TSFR1M+276bps),
12/15/36(a)(b)(e)
...................................................
4,800
4,570
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
..........................
Series
2019-MFP,
Class
E,
5.83%
(TSFR1M+221bps),
7/15/36(a)(b)(e)
............
556
347
Series
2020-LOOP,
Class
F,
3.99%,
12/5/38(a)(d)(e)
..........................
11,650
1,340
Victory
Portfolios
IV
Victory
Pioneer
Strategic
Income
Fund
5
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2024-OMNI,
Class
D,
5.99%,
10/5/39(a)(d)(e)
.........................
$
550
$
547
Key
Commercial
Mortgage
Securities
Trust,
Series
2019-S2,
Class
A3,
3.47%,
6/15/52,
Callable
6/15/29
@
100(a)
............................................
4,771
4,563
KSL
Commercial
Mortgage
Trust
...........................................
Series
2026-HT3,
Class
A,
5.10%
(TSFR1M+150bps),
6/15/43(a)(b)(e)
............
5,300
5,307
Series
2026-HT3,
Class
B,
5.40%
(TSFR1M+180bps),
6/15/43(a)(b)(e)
............
640
641
Series
2026-HT3,
Class
C,
5.65%
(TSFR1M+205bps),
6/15/43(a)(b)(e)
............
230
231
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2017-C33,
Class
D,
3.36%,
5/15/50,
Callable
5/15/27
@
100(a)
......................................
2,000
1,812
Morgan
Stanley
Capital
I
Trust
.............................................
Series
2014-150E,
Class
AS,
4.01%,
9/9/32,
Callable
9/9/27
@
100(a)(e)
...........
3,350
3,031
Series
2016-UBS9,
Class
D,
3.00%,
3/15/49,
Callable
7/15/26
@
100(a)
...........
1,550
1,209
Natixis
Commercial
Mortgage
Securities
Trust,
Series
2019-FAME,
Class
D,
4.54%,
8/15/36(a)
(d)(e)
...........................................................
1,030
662
Ready
Capital
Mortgage
Trust
..............................................
Series
2019-5,
Class
C,
5.05%,
2/25/52,
Callable
8/25/28
@
100(a)(d)
.............
561
557
Series
2019-5,
Class
E,
5.17%,
2/25/52,
Callable
8/25/28
@
100(a)(d)
.............
5,400
4,938
ReadyCap
Commercial
Mortgage
Trust,
Series
2019-6,
Class
C,
4.13%,
10/25/52,
Callable
2/25/34
@
100(a)(d)
.................................................
2,443
2,286
SLG
Office
Trust
.......................................................
Series
2021-OVA,
Class
E,
2.85%,
7/15/41(a)(e)
............................
8,350
7,179
Series
2021-OVA,
Class
F,
2.85%,
7/15/41(a)(e)
.............................
8,000
6,634
Soho
Trust,
Series
2021-SOHO,
Class
A,
2.79%,
8/10/38(a)(d)(e)
....................
1,500
1,274
UBS
Commercial
Mortgage
Trust,
Series
2018-C9,
Class
XB,
0.49%,
3/15/51,
Callable
3/15/28
@
100(d)(e)
.......................................................
67,584
401
Velocity
Commercial
Capital
Loan
Trust
......................................
Series
2024-6,
Class
A,
5.81%,
12/25/54,
Callable
3/25/32
@
100(a)(d)
............
4,210
4,212
Series
2025-1,
Class
A,
6.03%,
2/25/55,
Callable
1/25/45
@
100(a)(d)
.............
2,649
2,665
VRTX
Trust,
Series
2025-HQ,
Class
D,
6.82%,
8/5/42(a)(d)(e)
......................
4,680
4,620
Wells
Fargo
Commercial
Mortgage
Trust
......................................
Series
2026-1250B,
Class
C,
5.59%,
3/10/41(a)(d)(e)
.........................
790
777
Series
2026-1250B,
Class
D,
6.59%,
3/10/41(a)(d)(e)
.........................
390
388
123,354
Private
CMO
Floating
(2.9%):
Bellemeade
Re
Ltd.,
Series
2024-1,
Class
M1B,
6.83%
(SOFR30A+320bps),
8/25/34,
Callable
9/25/27
@
100(a)(b)
.................................................
2,288
2,295
Connecticut
Avenue
Securities
Trust
.........................................
Series
2020-SBT1,
Class
1M2,
7.39%
(SOFR30A+376bps),
2/25/40,
Callable
2/25/27
@
100(a)(b)
.........................................................
2,670
2,710
Series
2022-R02,
Class
2B1,
8.13%
(SOFR30A+450bps),
1/25/42,
Callable
1/25/27
@
100(a)(b)
.........................................................
7,980
8,136
Series
2024-R03,
Class
2M2,
5.58%
(SOFR30A+195bps),
3/25/44,
Callable
3/25/29
@
100(a)(b)
.........................................................
3,280
3,304
Series
2024-R05,
Class
2M2,
5.33%
(SOFR30A+170bps),
7/25/44,
Callable
7/25/29
@
100(a)(b)
.........................................................
2,644
2,648
Eagle
RE
Ltd.,
Series
2023-1,
Class
M1B,
7.58%
(SOFR30A+395bps),
9/26/33,
Callable
9/25/28
@
100(a)(b)
.................................................
8,080
8,243
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
2020-HQA3,
Class
B2,
13.74%
(SOFR30A+1011bps),
7/25/50,
Callable
7/25/30
@
100(a)(b)
.......................................................
2,670
3,475
Series
2021-HQA4,
Class
B1,
7.38%
(SOFR30A+375bps),
12/25/41,
Callable
12/25/26
@
100(a)(b)
.......................................................
2,340
2,368
Series
2021-MN1,
Class
M2,
7.38%
(SOFR30A+375bps),
1/25/51,
Callable
1/25/29
@
100(a)(b)
.........................................................
2,750
2,798
Federal
Home
Loan
Mortgage
Corporation
MSCR
Trust
...........................
Series
2021-MN1,
Class
B1,
11.38%
(SOFR30A+775bps),
1/25/51,
Callable
1/25/29
@
100(a)(b)
.........................................................
1,455
1,599
Series
2021-MN3,
Class
M2,
7.63%
(SOFR30A+400bps),
11/25/51,
Callable
7/25/36
@
100(a)(b)
.........................................................
6,000
6,148
Federal
Home
Loan
Mortgage
Corporation
STACR
REMIC
Trust
....................
Series
2020-DNA6,
Class
B2,
9.28%
(SOFR30A+565bps),
12/25/50,
Callable
12/25/30
@
100(a)(b)
.......................................................
2,630
3,020
Victory
Portfolios
IV
Victory
Pioneer
Strategic
Income
Fund
6
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2020-HQA5,
Class
B2,
11.03%
(SOFR30A+740bps),
11/25/50,
Callable
11/25/30
@
100(a)(b)
.......................................................
$
6,250
$
7,577
Series
2026-HQA1,
Class
A1,
4.63%
(SOFR30A+100bps),
5/25/46,
Callable
5/25/31
@
100(a)(b)
.........................................................
5,352
5,361
Series
2026-HQA1,
Class
M1,
4.88%
(SOFR30A+125bps),
5/25/46,
Callable
5/25/31
@
100(a)(b)
.........................................................
7,591
7,601
Federal
Home
Loan
Mortgage
Corporation
STACR
Trust,
Series
2019-FTR3,
Class
B2,
8.53%
(SOFR30A+491bps),
9/25/47,
Callable
12/25/29
@
100(a)(b)
...................
2,431
2,659
Home
Re
Ltd.
.........................................................
Series
2023-1,
Class
M1B,
8.23%
(SOFR30A+460bps),
10/25/33,
Callable
10/25/28
@
100(a)(b)
.........................................................
1,031
1,051
Series
2026-1,
Class
M1A,
4.83%
(SOFR30A+120bps),
1/25/36,
Callable
10/25/28
@
100(a)(b)
.........................................................
1,830
1,830
JPMorgan
Chase
Bank
NA
................................................
Series
2020-CL1,
Class
M3,
7.11%
(TSFR1M+346bps),
10/25/57,
Callable
8/25/36
@
100(a)(b)
.........................................................
3,758
3,966
Series
2021-CL1,
Class
M3,
5.43%
(SOFR30A+180bps),
3/25/51,
Callable
11/25/36
@
100(a)(b)
.........................................................
1,764
1,768
Series
2021-CL1,
Class
M4,
6.38%
(SOFR30A+275bps),
3/25/51,
Callable
11/25/36
@
100(a)(b)
.........................................................
1,565
1,583
Multifamily
Connecticut
Avenue
Securities
Trust,
Series
2019-01,
Class
M10,
6.99%
(SOFR30A+336bps),
10/25/49(a)(b)
.....................................
8,389
8,467
New
Residential
Mortgage
Loan
Trust,
Series
2020-2A,
Class
B4A,
6.20%
(TSFR1M+261bps),
10/25/46,
Callable
10/25/31
@
100(a)(b)
...................
6,049
6,104
Radnor
RE
Ltd.,
Series
2021-2,
Class
M2,
8.63%
(SOFR30A+500bps),
11/25/31,
Callable
8/25/27
@
100(a)(b)
.................................................
1,460
1,506
STACR
Trust,
Series
2018-HRP2,
Class
B2,
14.24%
(SOFR30A+1061bps),
2/25/47,
Callable
11/25/28
@
100(a)(b)
................................................
4,750
5,642
Towd
Point
Mortgage
Trust,
Series
2019-HY1,
Class
B2,
5.91%
(TSFR1M+226bps),
10/25/48,
Callable
1/25/29
@
100(a)(b)
..........................................
5,639
5,826
Triangle
Re
Ltd.,
Series
2023-1,
Class
M1A,
7.03%
(SOFR30A+340bps),
11/25/33,
Callable
8/25/28
@
100(a)(b)
.................................................
1,435
1,440
109,125
Private
CMO
IO
(0.1%):
Flagstar
Mortgage
Trust,
Series
2021-4,
Class
AX1,
0.20%,
6/1/51,
Callable
2/25/47
@
100(a)
(d)(e)
...........................................................
185,776
2,279
Hundred
Acre
Wood
Trust,
Series
2021-INV1,
Class
AX1,
0.24%,
7/25/51,
Callable
8/25/41
@
100(a)(d)(e)
.......................................................
60,120
798
JP
Morgan
Mortgage
Trust
................................................
Series
2021-10,
Class
AX1,
0.11%,
12/25/51,
Callable
10/25/46
@
100(a)(d)(e)
......
117,008
711
Series
2021-8,
Class
AX1,
0.11%,
12/25/51,
Callable
1/25/44
@
100(a)(d)(e)
........
102,115
615
4,403
Private
CMO
Other
(2.2%):
Bayview
MSR
Opportunity
Master
Fund
Trust,
Series
2021-2,
Class
A8,
2.50%,
6/25/51,
Callable
3/25/46
@
100(a)(d)
..........................................
5,970
4,117
BINOM
Securitization
Trust,
Series
2022-RPL1,
Class
M3,
3.00%,
2/25/61,
Callable
7/25/26
@
100(a)(d)
.......................................................
8,062
5,962
Brean
Asset
Backed
Securities
Trust,
Series
2021-RM1,
Class
A,
1.40%,
10/25/63,
Callable
9/25/27
@
100(a)(d)
.................................................
2,583
2,476
CFMT
LLC
...........................................................
Series
2024-HB14,
Class
M4,
3.00%,
6/25/34,
Callable
6/25/27
@
100(a)(d)
........
3,450
3,324
Series
2024-HB15,
Class
M4,
4.00%,
8/25/34(a)(d)
..........................
6,710
6,462
Citigroup
Mortgage
Loan
Trust,
Series
2018-RP3,
Class
B2,
3.25%,
3/25/61,
Callable
12/25/37
@
100(a)(d)
.......................................................
5,265
4,276
CSFB
Mortgage-Backed
Pass-Through
Certificates,
Series
2003-17,
Class
B1,
5.50%,
6/25/33,
Callable
7/25/26
@
100(d)
............................................
173
—(h)
CSMC
Trust,
Series
2021-RPL2,
Class
M3,
3.49%,
1/25/60,
Callable
10/25/37
@
100(a)(d)
.
2,639
1,769
Global
Mortgage
Securitization
Ltd.,
Series
2004-A,
Class
B2,
5.25%,
11/25/32,
Callable
7/25/26
@
100(a)
...................................................
172
—(h)
GS
Mortgage-Backed
Securities
Corp.
Trust
....................................
Series
2019-PJ3,
Class
B4,
3.96%,
3/25/50,
Callable
7/25/26
@
100(a)(d)
..........
2,157
1,891
Series
2019-PJ3,
Class
B5,
3.96%,
3/25/50,
Callable
7/25/26
@
100(a)(d)
..........
1,490
1,093
Victory
Portfolios
IV
Victory
Pioneer
Strategic
Income
Fund
7
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Imperial
Fund
Mortgage
Trust,
Series
2021-NQM2,
Class
B2,
4.27%,
9/25/56,
Callable
7/25/26
@
100(a)(d)
.......................................................
$
4,350
$
3,511
JP
Morgan
Mortgage
Trust
................................................
Series
2018-7FRB,
Class
B5,
5.11%,
4/25/46,
Callable
11/25/29
@
100(a)(d)
........
981
849
Series
2021-3,
Class
A5,
2.50%,
7/25/51,
Callable
10/25/41
@
100(a)(d)
...........
2,000
1,397
Series
2021-INV1,
Class
B3,
2.97%,
10/25/51,
Callable
9/25/47
@
100(a)(d)
........
1,824
1,513
La
Hipotecaria
El
Salvadorian
Mortgage
Trust,
Series
2021-1,
Class
GA,
4.35%,
7/13/52(a)
.
5,322
4,758
New
Residential
Mortgage
Loan
Trust,
Series
2020-RPL1,
Class
B1,
3.83%,
11/25/59,
Callable
10/25/42
@
100(a)(d)
................................................
13,904
11,929
Onity
Loan
Investment
Trust,
Series
2024-HB2,
Class
M3,
5.00%,
8/25/37,
Callable
8/25/27
@
100(a)(d)
.........................................................
1,950
1,898
PRMI
Securitization
Trust
.................................................
Series
2021-1,
Class
B2,
2.47%,
4/25/51,
Callable
10/25/47
@
100(a)(d)
...........
1,718
1,393
Series
2021-1,
Class
B3,
2.47%,
4/25/51,
Callable
10/25/47
@
100(a)(d)
...........
3,276
2,625
Provident
Funding
Mortgage
Trust
..........................................
Series
2021-1,
Class
B1,
2.38%,
4/25/51,
Callable
4/25/46
@
100(a)(d)
............
2,554
2,134
Series
2021-2,
Class
B2,
2.35%,
4/25/51,
Callable
7/25/45
@
100(a)(d)
............
2,480
2,011
Rate
Mortgage
Trust
.....................................................
Series
2021-HB1,
Class
B3,
2.70%,
12/25/51,
Callable
11/25/42
@
100(a)(d)
........
1,693
1,367
Series
2022-J1,
Class
B3,
2.75%,
1/25/52,
Callable
3/25/41
@
100(a)(d)
...........
3,633
3,019
Sequoia
Mortgage
Trust
..................................................
Series
2021-9,
Class
B4,
2.85%,
1/25/52,
Callable
1/25/49
@
100(a)(d)
............
1,783
910
Series
2022-1,
Class
B4,
2.94%,
2/25/52,
Callable
6/25/43
@
100(a)(d)
............
2,744
1,419
Towd
Point
Mortgage
Trust
................................................
Series
2017-1,
Class
B3,
3.73%,
10/25/56,
Callable
9/25/30
@
100(a)(d)
...........
5,000
4,241
Series
2021-R1,
Class
A1,
2.92%,
11/30/60(a)(d)
............................
8,187
7,306
Visio
Trust,
Series
2019-2,
Class
B1,
3.91%,
11/25/54,
Callable
7/25/26
@
100(a)(d)
......
800
768
84,418
Private
CMO
Z
(0.1%):
Brean
Asset
Backed
Securities
Trust,
Series
2021-RM2,
Class
M1,
1.75%,
10/25/61,
Callable
9/25/26
@
100(a)
...................................................
2,716
2,686
Total
Collateralized
Mortgage
Obligations
(Cost
$403,094)
a
a
a
354,517
Shares
Common
Stocks
(0.1%)
Communication
Services
(0.0%):(
i
)
Altice
France
SA(j)
.....................................................
55,163
1,102
Consumer
Discretionary
(0.0%):(
i
)
Desarrolladora
Homex
SAB
de
CV(f)(j)
.......................................
1,018,282
—(h)
Energy
(0.0%):(
i
)
Frontera
Energy
Corp.
...................................................
275
2
Industrials
(0.1%):
Grupo
Aeromexico
SAB
de
CV(j)
...........................................
1,281,710
2,311
Materials
(0.0%):
Emerald
Plantation
Holdings
Ltd.(f)
.........................................
162,828
—
Total
Common
Stocks
(Cost
$2,090)
a
a
a
3,415
Preferred
Stocks
(0.7%)
Financials
(0.7%):
Bank
of
America
Corp.,
Series
LL,
5.00%(k)
...................................
229,351
4,606
Capital
One
Financial
Corp.,
Series
L,
4.38%(k)
.................................
34,711
552
JPMorgan
Chase
&
Co.,
Series
MM,
4.20%(k)
..................................
309,879
5,321
KeyCorp,
Series
G,
5.63%(k)
..............................................
92,714
1,907
Morgan
Stanley,
Series
O,
4.25%(k)
.........................................
383,166
6,502
State
Street
Corp.,
Series
G,
5.35%(k)
........................................
59,110
1,270
U.S.
Bancorp,
Series
L,
3.75%(k)
...........................................
56,272
821
Victory
Portfolios
IV
Victory
Pioneer
Strategic
Income
Fund
8
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Shares
a
Value
(000)
Wells
Fargo
&
Co.,
Series
DD,
4.25%(k)
......................................
233,315
$
3,910
24,889
Total
Preferred
Stocks
(Cost
$26,059)
a
a
a
24,889
Principal
Amount
(000)
Convertible
Corporate
Bonds
(0.2%)
Communication
Services
(0.2%):
Live
Nation
Entertainment,
Inc.
2.88%,
1/15/30
....................................................
$
290
346
2.88%,
10/15/31(a)
..................................................
5,800
6,391
6,737
Real
Estate
(0.0%):(
i
)
Boston
Properties
LP,
2.00%,
10/1/30(a)
......................................
1,220
1,180
Total
Convertible
Corporate
Bonds
(Cost
$7,310)
a
a
a
7,917
Shares
Convertible
Preferred
Stocks
(0.2%)
Information
Technology
(0.2%):
Oracle
Corp.,
Series
D,
6.50%,
1/15/29
.......................................
129,200
5,808
Total
Convertible
Preferred
Stocks
(Cost
$6,460)
a
a
a
5,808
Principal
Amount
(000)
Senior
Secured
Loans
(0.7%)
Consumer
Discretionary
(0.2%):
Fitness
International
LLC,
Term
B
Loan,
First
Lien,
8.14%
(SOFR01M+450bps),
2/12/29(b)
.
$
789
791
River
Rock
Entertainment
Authority,
Term
Loan,
First
Lien,
12.62%
(SOFR01M+900bps),
11/24/31(b)
.......................................................
6,950
6,854
7,645
Financials
(0.2%):
1261229
BC
Ltd.,
Initial
Term
Loan,
First
Lien,
9.89%
(SOFR01M+625bps),
10/8/30(b)
....
4,811
4,676
LC
Ahab
US
Bidco
LLC,
Second
Amendment
Incremental
Term
Loan,
First
Lien,
6.14%
(SOFR01M+250bps),
4/14/31(b)
........................................
1,936
1,937
6,613
Health
Care
(0.0%):(
i
)
Endo
Finance
Holdings,
Inc.,
Term
B
Loan,
7.39%
(SOFR01M+375bps),
4/23/31(b)
.......
1,248
1,251
Industrials
(0.2%):
The
Hertz
Corporation,
Initial
Term
B
Loan,
First
Lien,
7.43%
(SOFR03M+376bps),
6/30/28(b)
........................................................
7,239
5,167
The
Hertz
Corporation,
Initial
Term
C
Loan,
7.43%
(SOFR03M+376bps),
6/30/28(b)
......
1,423
1,015
6,182
Materials
(0.1%):
WireCo
WorldGroup
,
Inc.,
2023
Term
B
Loan,
First
Lien,
7.41%
(SOFR03M+375bps),
11/13/28(b)
.......................................................
967
966
Worthington
Steel,
Inc.,
Initial
Term
Loan,
First
Lien,
7.62%
(SOFR01M+400bps),
6/1/33(b)
3,200
3,197
4,163
Total
Senior
Secured
Loans
(Cost
$27,751)
a
a
a
25,854
Corporate
Bonds
(26.8%)
Communication
Services
(1.0%):
CSC
Holdings
LLC,
4.63%,
12/1/30,
Callable
8/1/26
@
102.31(a)
....................
6,200
1,442
Meta
Platforms,
Inc.
6.20%,
5/15/46,
Callable
11/15/45
@
100
..................................
16,750
16,762
5.63%,
11/15/55,
Callable
5/15/55
@
100
..................................
4,455
4,037
5.75%,
11/15/65,
Callable
5/15/65
@
100
..................................
7,590
6,818
Space
Exploration
Technologies
Corp.,
5.65%,
7/15/33,
Callable
5/15/33
@
100(a)
........
8,315
8,265
Victory
Portfolios
IV
Victory
Pioneer
Strategic
Income
Fund
9
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Uniti
Group
LP/
Uniti
Group
Finance,
Inc./CSL
Capital
LLC,
8.63%,
6/15/32,
Callable
6/15/28
@
104.31(a)
......................................................
$
1,925
$
2,008
39,332
Consumer
Discretionary
(1.8%):
Avis
Budget
Car
Rental
LLC/Avis
Budget
Finance,
Inc.
8.00%,
2/15/31,
Callable
11/15/26
@
104(a)
................................
1,615
1,631
8.38%,
6/15/32,
Callable
6/15/28
@
104.19(a)
..............................
2,435
2,451
Champions
Financing,
Inc.,
8.75%,
2/15/29,
Callable
8/1/26
@
104.38(a)
...............
7,474
7,269
Expedia
Group,
Inc.,
5.50%,
4/15/36,
Callable
1/15/36
@
100
.......................
11,160
11,049
Ford
Motor
Co.,
6.10%,
8/19/32,
Callable
5/19/32
@
100
..........................
4,430
4,511
HOA
RoyaltyCo
LLC,
4.72%,
11/22/55,
Callable
8/1/26
@
100(a)(c)(f)
................
9,941
2,091
Mobility
Global,
Inc.,
5.45%,
6/15/31,
Callable
5/15/31
@
100(a)
....................
2,030
2,052
Petco
Health
&
Wellness
Co.,
Inc.,
8.25%,
2/1/31,
Callable
2/1/28
@
104.13(a)
..........
805
811
Resorts
World
Las
Vegas
LLC/RWLV
Capital,
Inc.
4.63%,
4/16/29,
Callable
1/16/29
@
100(a)
................................
17,100
15,451
4.63%,
4/6/31,
Callable
1/6/31
@
100(a)
..................................
5,300
4,430
The
Michaels
Cos.,
Inc.,
8.50%,
3/15/33,
Callable
3/15/29
@
104.25(a)
................
8,625
8,543
Volkswagen
Group
of
America
Finance
LLC,
5.80%,
3/27/35,
Callable
12/27/34
@
100(a)
..
4,538
4,586
Whirlpool
Corp.,
7.50%,
7/1/31,
Callable
7/1/28
@
103.75(a)
.......................
745
754
ZF
North
America
Capital,
Inc.,
7.13%,
4/14/30,
Callable
2/14/30
@
100(a)
.............
2,335
2,354
67,983
Consumer
Staples
(0.3%):
Albertsons
Cos.,
Inc./Safeway,
Inc./New
Albertsons
LP/Albertsons
LLC
5.50%,
3/31/31,
Callable
11/15/27
@
102.75(a)
.............................
2,600
2,540
5.75%,
3/31/34,
Callable
11/15/28
@
102.88(a)
.............................
6,965
6,633
Fiesta
Purchaser,
Inc.,
9.63%,
9/15/32,
Callable
9/15/27
@
104.81(a)
..................
1,038
1,017
10,190
Energy
(2.4%):
Archrock
Services
LP/
Archrock
Partners
Finance
Corp.,
6.00%,
2/1/34,
Callable
2/1/29
@
103(a)
...........................................................
1,535
1,526
Columbia
Pipelines
Holding
Co.
LLC
5.10%,
10/1/31,
Callable
8/1/31
@
100(a)
.................................
4,115
4,119
5.00%,
11/17/32,
Callable
9/17/32
@
100(a)
................................
6,760
6,685
Energy
Transfer
LP,
5.35%,
1/15/36,
Callable
10/15/35
@
100
.......................
3,960
3,943
Harvest
Midstream
I
LP,
6.75%,
5/15/34,
Callable
5/15/29
@
103.38(a)
................
1,620
1,643
Hess
Midstream
Operations
LP,
5.88%,
3/1/28,
Callable
7/12/26
@
102.94(a)
............
1,545
1,556
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.
6.88%,
5/15/34,
Callable
5/15/29
@
103.44(a)
..............................
7,930
7,716
7.25%,
2/15/35,
Callable
2/15/30
@
103.63(a)
..............................
23,191
22,834
Kodiak
Gas
Services
LLC,
5.88%,
4/1/31,
Callable
4/1/28
@
102.94(a)
................
1,415
1,419
Kraken
Oil
&
Gas
Partners
LLC
7.63%,
8/15/29,
Callable
8/15/26
@
103.81(a)
..............................
1,130
1,141
7.13%,
5/15/31,
Callable
5/15/28
@
103.56(a)
..............................
3,785
3,701
NGPL
PipeCo
LLC,
5.60%,
8/15/36,
Callable
2/15/36
@
100(a)
.....................
2,980
2,964
SierraCol
Energy
Andina
LLC,
6.00%,
6/15/28,
Callable
8/1/26
@
100(a)
..............
3,645
3,514
SierraCol
Energy
Andina
LLC/
SierraCol
Energy
Arauca/Colombia
Energy
Development,
9.00%,
11/14/30,
Callable
11/14/27
@
104.5(a)
.............................
8,226
8,082
Venture
Global
Calcasieu
Pass
LLC,
6.00%,
5/1/36,
Callable
11/1/35
@
100(a)
...........
3,960
4,003
Venture
Global
Plaquemines
LNG
LLC
6.13%,
12/15/30,
Callable
9/15/30
@
100(a)
...............................
4,185
4,282
6.50%,
1/15/34,
Callable
7/15/33
@
100(a)
................................
4,840
5,043
Wildfire
Intermediate
Holdings
LLC,
7.50%,
10/15/29,
Callable
10/15/26
@
103.75(a)
.....
5,247
5,381
89,552
Financials
(11.2%):
Ally
Financial,
Inc.
6.18%
(SOFR+229bps),
7/26/35,
Callable
7/26/34
@
100(b)
....................
7,750
7,877
6.65%
(H15T5Y+245bps),
1/17/40,
Callable
10/19/34
@
100(b)
.................
5,823
5,760
Ameriprise
Financial,
Inc.,
4.80%,
6/15/31,
Callable
5/15/31
@
100
...................
1,165
1,165
Capital
One
Financial
Corp.
2.36%
(SOFR+134bps),
7/29/32,
Callable
7/29/31
@
100(b)
....................
6,950
6,033
6.18%
(SOFR+204bps),
1/30/36,
Callable
1/30/35
@
100(b)
....................
4,660
4,767
Victory
Portfolios
IV
Victory
Pioneer
Strategic
Income
Fund
10
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Citadel
Securities
Global
Holdings
LLC
5.50%,
6/18/30,
Callable
5/18/30
@
100(a)
................................
$
13,000
$
13,166
6.20%,
6/18/35,
Callable
3/18/35
@
100(a)
................................
5,517
5,638
Citigroup,
Inc.,
6.75%
(H15T5Y+257bps),
Callable
2/15/30
@
100(b)(k)
...............
15,889
16,111
Citizens
Financial
Group,
Inc.,
5.30%
(H15T5Y+145bps),
1/29/36,
Callable
1/29/31
@
100(b)
710
703
CNO
Financial
Group,
Inc.,
6.45%,
6/15/34,
Callable
3/15/34
@
100
..................
10,720
11,171
Farmers
Exchange
Capital
III,
5.45%
(TSFR3M+372bps),
10/15/54,
Callable
10/15/34
@
100(a)(b)
.........................................................
9,880
9,162
Farmers
Insurance
Exchange
4.75%
(SOFR03M+323bps),
11/1/57,
Callable
11/1/37
@
100(a)(b)
...............
13,080
11,119
7.00%
(H15T10Y+386bps),
10/15/64,
Callable
7/15/54
@
100(a)(b)
..............
6,810
6,843
First-Citizens
Bank
&
Trust
Co.,
5.10%
(SOFR+115bps),
7/13/29,
Callable
7/13/28
@
100(b)
3,695
3,700
Ford
Motor
Credit
Co.
LLC
5.88%,
11/7/29,
Callable
10/7/29
@
100
..................................
13,710
13,875
7.35%,
3/6/30,
Callable
1/6/30
@
100
....................................
3,700
3,912
3.63%,
6/17/31,
Callable
3/17/31
@
100
..................................
7,600
6,930
6.05%,
11/5/31,
Callable
9/5/31
@
100
...................................
10,520
10,650
6.53%,
3/19/32,
Callable
1/19/32
@
100
..................................
3,490
3,607
6.13%,
3/8/34,
Callable
12/8/33
@
100
...................................
2,052
2,065
6.50%,
2/7/35,
Callable
11/7/34
@
100
...................................
18,130
18,567
5.87%,
10/31/35,
Callable
7/31/35
@
100
.................................
11,710
11,465
Freedom
Mortgage
Holdings
LLC
9.13%,
5/15/31,
Callable
5/15/27
@
104.56(a)
..............................
4,780
4,942
8.38%,
4/1/32,
Callable
4/1/28
@
104.19(a)
................................
745
758
FS
KKR
Capital
Corp.,
7.50%,
8/1/31,
Callable
5/1/31
@
100
.......................
4,730
4,711
HUT
8
DC
LLC,
6.19%,
11/15/42,
Callable
5/15/42
@
100(a)
.......................
3,580
3,626
ION
Platform
Finance
US,
Inc./ION
Platform
Finance
SARL,
9.00%,
8/1/29,
Callable
8/1/26
@
104.5(a)
.......................................................
5,540
4,929
Jane
Street
Group/JSG
Finance,
Inc.,
6.75%,
5/1/33,
Callable
5/1/28
@
103.38(a)
.........
12,765
13,127
JPMorgan
Chase
&
Co.
4.25%
(SOFR+93bps),
10/22/31,
Callable
10/22/30
@
100(b)
...................
50,000
48,880
5.19%
(SOFR+130bps),
2/5/37,
Callable
2/5/36
@
100(b)
......................
9,800
9,638
Liberty
Mutual
Insurance
Co.,
7.70%,
10/15/97(a)
...............................
16,165
18,145
Lincoln
Financial
Global
Funding,
4.20%,
1/12/29(a)
.............................
2,240
2,209
Lincoln
National
Corp.
5.35%,
11/15/35,
Callable
8/15/35
@
100
..................................
2,315
2,262
6.80%
(H15T5Y+240bps),
7/15/56,
Callable
4/15/36
@
100(b)
..................
4,060
4,055
LSEG
US
Fin
Corp.,
5.25%,
3/23/36,
Callable
12/23/35
@
100(a)
....................
2,315
2,305
Massachusetts
Mutual
Life
Insurance
Co.,
5.95%,
6/1/56,
Callable
12/1/55
@
100(a)
......
9,180
9,094
MetLife,
Inc.,
5.85%
(H15T5Y+182bps),
3/15/56,
Callable
3/15/36
@
100(b)
............
4,465
4,405
Morgan
Stanley
5.95%
(H15T5Y+243bps),
1/19/38,
Callable
1/19/33
@
100(b)
..................
1,930
1,986
5.94%
(H15T5Y+180bps),
2/7/39,
Callable
2/7/34
@
100(b)
....................
7,605
7,843
Morgan
Stanley
Bank
NA,
4.79%
(SOFRINDX+97bps),
5/10/30,
Callable
5/10/29
@
100(b)
.
9,076
9,085
Northern
Trust
Corp.,
5.12%
(H15T5Y+105bps),
11/19/40,
Callable
11/19/35
@
100(b)
....
3,560
3,481
Old
National
Bancorp,
5.77%
(TSFR3M+220bps),
2/15/36,
Callable
2/15/31
@
100(b)
.....
1,070
1,070
OneMain
Finance
Corp.
6.13%,
5/15/30,
Callable
11/15/29
@
100
..................................
2,885
2,885
4.00%,
9/15/30,
Callable
8/1/26
@
102
...................................
5,775
5,338
PennyMac
Financial
Services,
Inc.,
6.75%,
2/15/34,
Callable
8/15/28
@
103.38(a)
........
4,460
4,281
Pinnacle
Financial
Partners,
Inc.,
5.60%
(SOFR+170bps),
5/19/32,
Callable
5/19/31
@
100(b)
2,720
2,729
Provident
Funding
Associates
LP/PFG
Finance
Corp.,
9.75%,
9/15/29,
Callable
9/15/26
@
104.88(a)
.........................................................
7,672
8,015
Prudential
Financial,
Inc.,
6.25%
(H15T5Y+178bps),
6/15/56,
Callable
3/15/36
@
100(b)
...
3,205
3,212
Regions
Bank,
4.75%
(SOFR+81bps),
7/27/29,
Callable
7/27/28
@
100(b)
..............
6,850
6,852
Rocket
Cos.,
Inc.
6.13%,
8/1/31,
Callable
8/1/28
@
103.06(a)
................................
1,405
1,435
6.50%,
6/15/34,
Callable
6/15/29
@
103.25(a)
..............................
1,070
1,097
Santander
Holdings
USA,
Inc.,
5.04%
(SOFR+110bps),
6/5/30,
Callable
6/5/29
@
100(b)
...
6,135
6,134
Victory
Portfolios
IV
Victory
Pioneer
Strategic
Income
Fund
11
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Starwood
Property
Trust,
Inc.
5.25%,
10/15/28,
Callable
7/15/28
@
100(a)
...............................
$
3,785
$
3,768
5.88%,
8/15/29,
Callable
5/15/29
@
100(a)
................................
950
953
5.75%,
1/15/31,
Callable
7/15/30
@
100(a)
................................
9,575
9,515
6.13%,
6/1/31,
Callable
12/1/30
@
100(a)
.................................
2,645
2,659
Synchrony
Financial,
7.25%
(H15T5Y+308bps),
Callable
8/15/31
@
100(b)(k)
...........
8,880
8,827
The
Goldman
Sachs
Group,
Inc.,
4.97%
(SOFR+103bps),
6/3/32,
Callable
6/3/31
@
100(b)
..
5,400
5,397
The
PNC
Financial
Services
Group,
Inc.,
5.42%
(H15T5Y+117bps),
1/25/41,
Callable
1/25/36
@
100(b)
.........................................................
2,785
2,736
UWM
Holdings
LLC,
6.25%,
3/15/31,
Callable
3/15/28
@
103.13(a)
..................
2,915
2,598
Velocity
Vehicle
Group
LLC,
8.00%,
6/1/29,
Callable
8/1/26
@
104(a)
.................
4,107
4,056
Versuni
Group
BV,
5.75%,
7/1/33,
Callable
7/1/29
@
102.88(a)
......................
5,935
6,706
WS
Escrow
LLC,
7.75%,
6/1/33,
Callable
6/1/29
@
103.88(a)
.......................
1,345
1,381
421,411
Health
Care
(0.7%):
Baxter
International,
Inc.,
4.90%,
12/15/30,
Callable
11/15/30
@
100
..................
1,550
1,539
DENTSPLY
SIRONA,
Inc.,
8.37%
(H15T5Y+438bps),
9/12/55,
Callable
6/12/30
@
100(b)
.
10,187
10,195
Encompass
Health
Corp.,
5.88%,
6/1/34,
Callable
6/1/29
@
102.94(a)
.................
2,585
2,580
Highmark,
Inc.,
5.75%,
5/15/36,
Callable
2/15/36
@
100(a)
.........................
2,870
2,892
Meridian
Arc
Holdco
LLC,
6.25%,
4/30/31,
Callable
4/30/28
@
103.13(a)
..............
2,710
2,716
Tricida
,
Inc.
5/15/27(c)(f)
......................................................
7,025
—(h)
5/15/27(f)(g)
......................................................
7,025
—(h)
U.S.
Acute
Care
Solutions
LLC,
9.75%,
5/15/29,
Callable
8/1/26
@
104.88(a)
...........
6,325
5,963
25,885
Industrials
(1.4%):
AECOM,
6.00%,
8/1/33,
Callable
8/1/28
@
103(a)
...............................
11,780
11,797
Alaska
Airlines,
Inc.,
6.50%,
6/1/31,
Callable
12/1/30
@
100(a)
......................
6,415
6,449
American
Airlines
Pass
Through
Trust,
3.95%,
7/11/30
............................
1,117
1,068
Core
&
Main
LP,
6.00%,
7/1/34,
Callable
7/1/29
@
103(a)
.........................
1,920
1,929
EquipmentShare.com,
Inc.,
7.13%,
7/1/34,
Callable
7/1/29
@
103.56(a)
................
5,690
5,591
Herc
Holdings,
Inc.
5.75%,
3/15/31,
Callable
3/15/28
@
102.88(a)
..............................
1,435
1,433
7.25%,
6/15/33,
Callable
6/15/28
@
103.63(a)
..............................
2,480
2,586
6.00%,
3/15/34,
Callable
3/15/29
@
103(a)
................................
1,450
1,440
Honeywell
Aerospace,
Inc.
4.60%,
3/16/33,
Callable
1/16/33
@
100(a)
................................
2,630
2,581
4.95%,
3/16/36,
Callable
12/16/35
@
100(a)
...............................
5,210
5,130
Qxo
Building
Products,
Inc.
6.50%,
7/15/31,
Callable
7/15/28
@
103.25(a)
..............................
940
958
6.88%,
7/15/34,
Callable
7/15/29
@
103.44(a)
..............................
940
965
The
ADT
Security
Corp.,
5.88%,
10/15/33,
Callable
10/15/32
@
100(a)
................
7,195
7,068
United
Airlines
Holdings,
Inc.,
5.38%,
3/1/31,
Callable
9/1/30
@
100
..................
2,520
2,502
Verisk
Analytics,
Inc.,
4.45%,
3/15/31,
Callable
2/15/31
@
100
......................
1,325
1,297
52,794
Information
Technology
(1.9%):
Core
Scientific
Finance
I
LLC,
7.75%,
5/15/31,
Callable
5/15/28
@
103.88(a)
...........
3,765
3,818
CoreWeave
,
Inc.,
9.00%,
2/1/31,
Callable
2/1/28
@
104.5(a)
........................
12,390
12,244
ESC
Gab,
8/20/51(f)(g)
..................................................
10,200
—
Foundry
JV
Holdco
LLC
5.90%,
1/25/30,
Callable
12/25/29
@
100(a)
...............................
8,134
8,392
6.15%,
1/25/32,
Callable
11/25/31
@
100(a)
................................
10,114
10,608
Intel
Corp.,
5.30%,
5/15/36,
Callable
2/15/36
@
100
..............................
3,360
3,343
Oracle
Corp.
5.95%,
9/26/55,
Callable
3/26/55
@
100
..................................
7,246
6,158
6.70%,
2/4/56,
Callable
8/4/55
@
100
....................................
18,115
17,050
6.85%,
2/4/66,
Callable
8/4/65
@
100
....................................
4,740
4,412
Qnity
Electronics,
Inc.
5.75%,
8/15/32,
Callable
8/15/28
@
102.88(a)
..............................
2,605
2,619
6.25%,
8/15/33,
Callable
8/15/28
@
103.13(a)
..............................
2,635
2,681
71,325
Victory
Portfolios
IV
Victory
Pioneer
Strategic
Income
Fund
12
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Materials
(1.6%):
ARC
Falcon
I,
Inc./
Arclin
USA
LLC/New
Arclin
US
Holding
Corp.,
9.75%,
3/1/33,
Callable
3/1/29
@
104.88(a)
.................................................
$
10,065
$
9,686
Celanese
US
Holdings
LLC,
7.70%,
11/15/33,
Callable
8/15/33
@
100
.................
3,570
3,814
Cleveland
Cliffs,
Inc.
7.50%,
9/15/31,
Callable
3/15/28
@
103.75(a)
..............................
920
931
7.00%,
3/15/32,
Callable
3/15/27
@
103.5(a)
...............................
3,185
3,160
7.38%,
5/1/33,
Callable
5/1/28
@
103.69(a)
................................
6,905
6,901
7.63%,
1/15/34,
Callable
1/15/29
@
103.81(a)
..............................
2,400
2,397
Commercial
Metals
Co.,
6.00%,
12/15/35,
Callable
12/15/30
@
103(a)
................
5,425
5,411
Hybar
LLC,
7.38%,
7/1/34,
Callable
7/1/29
@
103.69(a)
...........................
505
507
Novelis
Corp.,
6.38%,
8/15/33,
Callable
8/15/28
@
103.19(a)
.......................
7,050
7,101
Southern
Copper
Corp.,
5.35%,
6/24/36,
Callable
3/24/36
@
100
.....................
21,805
21,685
61,593
Real
Estate
(0.4%):
Beacon
Point
DC
LLC,
6.13%,
11/30/42,
Callable
5/30/42
@
100(a)
..................
6,565
6,621
CBRE
Services,
Inc.,
4.90%,
1/15/33,
Callable
11/15/32
@
100
......................
1,770
1,745
Highwoods
Realty
LP
3.05%,
2/15/30,
Callable
11/15/29
@
100
..................................
610
568
2.60%,
2/1/31,
Callable
11/1/30
@
100
...................................
640
571
5.35%,
1/15/33,
Callable
11/15/32
@
100
..................................
1,535
1,527
Kennedy-Wilson,
Inc.
7.00%,
6/1/31,
Callable
6/1/28
@
103.5(a)
.................................
2,510
2,566
7.25%,
6/1/33,
Callable
6/1/29
@
103.63(a)
................................
2,510
2,563
16,161
Utilities
(4.1%):
Alta
Wind
Holdings
LLC,
7.00%,
6/30/35(a)
...................................
556
539
American
Electric
Power
Co.,
Inc.
5.80%
(H15T5Y+213bps),
3/15/56,
Callable
12/15/30
@
100(b)
.................
37,263
37,058
6.05%
(H15T5Y+194bps),
3/15/56,
Callable
12/15/35
@
100(b)
.................
11,265
11,202
Basin
Electric
Power
Cooperative,
5.85%,
10/15/55,
Callable
4/15/55
@
100
............
2,113
2,068
Consolidated
Edison
Co.
of
New
York,
Inc.,
5.88%,
6/15/56,
Callable
12/15/55
@
100
.....
6,260
6,293
Dominion
Energy,
Inc.,
6.25%
(H15T5Y+170bps),
12/15/56,
Callable
9/16/36
@
100(b)
....
3,990
4,007
Duke
Energy
Carolinas
LLC,
5.15%,
6/15/36,
Callable
3/15/36
@
100
.................
4,270
4,274
Essential
Utilities,
Inc.,
5.13%,
3/15/36,
Callable
12/15/35
@
100
....................
2,860
2,819
Eversource
Energy
6.10%
(H15T5Y+252bps),
8/15/56,
Callable
5/15/31
@
100(b)
..................
2,290
2,286
6.35%
(H15T5Y+233bps),
8/15/56,
Callable
5/15/36
@
100(b)
..................
1,225
1,226
Long
Ridge
Energy
LLC,
8.75%,
2/15/32,
Callable
2/15/28
@
104.38(a)
...............
7,100
7,494
NextEra
Energy
Capital
Holdings,
Inc.
6.20%
(H15T5Y+177bps),
10/1/56,
Callable
7/4/36
@
100(b)
...................
3,925
3,921
6.63%
(H15T5Y+169bps),
10/1/66,
Callable
7/4/46
@
100(b)
...................
3,920
3,980
NRG
Energy,
Inc.,
6.13%,
5/15/36,
Callable
5/15/31
@
103.06(a)
....................
7,250
7,253
Public
Service
Enterprise
Group,
Inc.,
4.80%,
6/15/31,
Callable
5/15/31
@
100
...........
3,335
3,326
San
Diego
Gas
&
Electric
Co.,
5.20%,
3/15/36,
Callable
12/15/35
@
100
...............
2,135
2,125
Sempra
6.55%
(H15T5Y+214bps),
4/1/55,
Callable
1/1/35
@
100(b)
....................
10,760
10,847
6.37%
(H15T5Y+263bps),
4/1/56,
Callable
1/1/31
@
100(b)
....................
2,705
2,732
Southern
California
Edison
Co.,
4.95%,
9/15/31,
Callable
8/15/31
@
100
...............
3,460
3,453
Southern
Power
Co.,
4.80%,
6/15/31,
Callable
4/15/31
@
100
.......................
4,330
4,318
Spire,
Inc.
6.25%
(H15T5Y+256bps),
6/1/56,
Callable
3/1/31
@
100(b)
....................
3,561
3,547
6.45%
(H15T5Y+233bps),
6/1/56,
Callable
3/1/36
@
100(b)
....................
2,220
2,235
Talen
Energy
Supply
LLC
6.25%,
2/1/34,
Callable
10/15/28
@
103.13(a)
..............................
4,400
4,373
6.50%,
2/1/36,
Callable
10/15/30
@
103.25(a)
..............................
7,500
7,561
Vistra
Operations
Co.
LLC
4.60%,
10/15/30,
Callable
9/15/30
@
100(a)
...............................
10,970
10,793
4.70%,
1/31/31,
Callable
12/31/30
@
100(a)
...............................
1,225
1,201
5.35%,
1/31/36,
Callable
10/31/35
@
100(a)
...............................
1,735
1,700
Victory
Portfolios
IV
Victory
Pioneer
Strategic
Income
Fund
13
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
WEC
Energy
Group,
Inc.,
5.63%
(H15T5Y+191bps),
5/15/56,
Callable
2/15/31
@
100(b)
...
$
1,565
$
1,556
154,187
Total
Corporate
Bonds
(Cost
$1,013,758)
a
a
a
1,010,413
Insurance-Linked
Securities
(3.3%)
Collateralized
Reinsurance
(0.4%):
Multiperil
-
Massachusetts
-
(0.0%):(
i
)
Portsalon
Re,
5/31/28(f)(j)(l)(m)
............................................
400
286
Multiperil
-
U.S.
-
(0.3%):
Pi0047
Re,
6/30/31(f)(j)(l)(m)
..............................................
10,000
11,124
Multiperil
-
U.S.
&
Canada
-
(0.0%):(
i
)
Macclesfield
Re,
6/17/27(f)(j)(l)(m)
..........................................
1,000
1,003
Multiperil
-
Worldwide
-
(0.1%):
Cheltenham
Re
2026,
5/31/30(l)(m)
..........................................
1,000
823
Gamboge
Re,
3/31/30(f)(j)(l)(m)
............................................
5,000
803
Merion
Re
12/31/30(f)(j)(l)(m)
.................................................
750
12
12/31/31(f)(j)(l)(m)
.................................................
750
712
Old
Head
Re,
12/31/31(f)(j)(l)(m)
...........................................
500
449
Phoenix
3
RE
Pte
Ltd.,
1/4/39,
Callable
8/1/26
@
100(l)(m)
........................
1,000
1,247
Pine
Valley
Re,
12/31/31(f)(j)(l)(m)
..........................................
750
705
Tomtit
Re,
12/31/31(f)(j)(l)(m)
.............................................
500
530
Walton
Heath
Re,
12/15/27(f)(j)(l)(m)
........................................
2,000
115
Windstorm
-
North
Carolina
-
(0.0%):(
i
)
Mangrove
Re
2026
A,
4/30/32(f)(l)(m)
........................................
500
472
Mangrove
Re
2026
B,
4/30/32(f)(l)(m)
........................................
500
477
18,758
Event
Linked
Bonds
(1.9%):
Earthquake
-
California
-
(0.0%):(
i
)
Torrey
Pines
Re,
6.81%
(1
Month
U.S.
Treasury
Bill+300bps),
6/7/29,
Callable
6/1/27
@
102(a)(b)(m)
......................................................
400
402
Ursa
Re
II,
8.52%
(MSMMUSTF+500bps),
12/7/29,
Callable
12/7/27
@
102.75(a)(b)(m)
...
500
506
Earthquake
-
U.S.
-
(0.0%):(
i
)
Acorn
Re,
6.63%
(GSMMUSTF+310bps),
11/5/27,
Callable
8/1/26
@
102.5(a)(b)(m)
......
500
506
Herbie
Re,
7.77%
(MSMMUSTF+425bps),
1/7/30,
Callable
1/7/27
@
103(a)(b)(m)
.......
500
500
Veraison
Re
6.43%,
(GSMMUSTI+290bps),
3/8/29,
Callable
3/8/27
@
102.25(a)(b)(m)
.........
400
404
7.68%,
(GSMMUSTI+415bps),
3/8/29,
Callable
3/8/27
@
102.25(a)(b)(m)
.........
400
400
Flood
-
U.S.
-
(0.1%):
FloodSmart
Re,
17.88%
(FHMMUSTF+1436bps),
3/12/27(a)(b)(m)
..................
1,000
1,032
Health
-
U.S.
-
(0.2%):
Vitality
Re
XIV
7.02%,
(FHMMUSTF+350bps),
1/5/27(a)(b)(m)
............................
4,000
4,030
8.02%,
(FHMMUSTF+450bps),
1/5/27(a)(b)(m)
............................
400
404
Vitality
Re
XVII,
5.53%
(GSMMUSTI+200bps),
1/8/30(a)(b)(m)
....................
2,500
2,497
Multiperil
-
Massachusetts
-
(0.0%):(
i
)
Mayflower
Re,
7.02%
(FHMMUSTF+350bps),
7/7/28,
Callable
8/1/26
@
102.75(a)(b)(m)
..
500
508
Multiperil
-
U.S.
-
(0.6%):
Aquila
Re
I
8.95%,
(BRMMUSDF+539bps),
6/7/27,
Callable
8/1/26
@
103(a)(b)(m)
...........
500
507
7.31%,
(3
Month
U.S.
Treasury
Bill+350bps),
6/10/30,
Callable
6/7/27
@
104.5(a)(b)(m)
400
399
8.06%,
(3
Month
U.S.
Treasury
Bill+425bps),
6/10/30,
Callable
6/7/27
@
104.5(a)(b)(m)
400
399
Bonanza
Re
7.27%,
(MSMMUSTF+375bps),
12/19/27(a)(b)(m)
..........................
250
251
9.02%,
(MSMMUSTF+550bps),
12/19/27(a)(b)(m)
..........................
1,000
997
Victory
Portfolios
IV
Victory
Pioneer
Strategic
Income
Fund
14
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Commonwealth
Re,
7.30%
(JMMMUSTF+375bps),
7/10/28,
Callable
6/10/27
@
101.5(a)(b)
(m)
.............................................................
$
750
$
760
Foundation
Re
IV,
7.05%
(JMMMUSTF+350bps),
1/7/30,
Callable
1/1/27
@
102.5(a)(b)(m)
.
700
699
Four
Lakes
Re
9.08%,
(BRMMUSDF+552bps),
1/7/27,
Callable
8/1/26
@
102.5(a)(b)(m)
..........
250
251
9.06%,
(BRMMUSDF+550bps),
1/7/28,
Callable
12/31/26
@
102(a)(b)(m)
.........
750
762
11.81%,
(BRMMUSDF+825bps),
1/7/28,
Callable
12/31/26
@
102.75(a)(b)(m)
......
250
250
6.81%,
(BRMMUSDF+325bps),
1/8/29,
Callable
12/31/27
@
101.25(a)(b)(m)
.......
400
399
9.56%,
(BRMMUSDF+600bps),
1/8/29,
Callable
12/31/27
@
101.5(a)(b)(m)
........
1,250
1,240
Fuchsia
London
Bridge
2
PCC,
2024-1,
8.69%
(FRMMUSTI+514bps),
4/6/28,
Callable
8/1/26
@
104(a)(b)(m)
....................................................
750
760
Herbie
Re,
10.80%
(JMMMUSTF+725bps),
1/8/29,
Callable
12/31/27
@
102(a)(b)(m)
.....
500
504
High
Point
Re,
9.20%
(BRMMUSDF+564bps),
1/6/27,
Callable
8/1/26
@
102.25(a)(b)(m)
..
2,500
2,511
Long
Point
Re
IV,
7.31%
(1
Month
U.S.
Treasury
Bill+350bps),
6/3/30,
Callable
8/1/26
@
103.25(a)(b)(m)
....................................................
400
399
Matterhorn
Re,
11.31%
(BRMMUSDF+775bps),
2/16/29,
Callable
2/10/27
@
103.9(a)(b)(m)
300
297
Merna
Re
10.06%,
(3
Month
U.S.
Treasury
Bill+625bps),
7/9/29(a)(b)(m)
..................
850
885
13.06%,
(3
Month
U.S.
Treasury
Bill+925bps),
7/9/29(a)(b)(m)
..................
250
259
Merna
Re
Companywide,
10.55%
(JMMMUSTF+700bps),
7/7/28(a)(b)(m)
.............
500
514
Merna
Re
Enterprise,
11.30%
(JMMMUSTF+775bps),
7/7/28(a)(b)(m)
................
500
515
Merna
Re
II
11.00%,
(GSMMUSTI+747bps),
7/7/27(a)(b)(m)
............................
500
512
12.02%,
(GSMMUSTI+849bps),
7/7/27(a)(b)(m)
............................
1,000
1,020
Mystic
Re
IV,
15.53%
(GSMMUSTI+1200bps),
1/8/27(a)(b)(m)
.....................
600
603
Residential
Re
10.68%,
(JMMMUSTF+713bps),
12/6/26(a)(b)(m)
...........................
1,500
1,491
9.55%,
(JMMMUSTF+600bps),
12/6/27(a)(b)(m)
............................
750
778
12.46%,
(JMMMUSTF+891bps),
12/6/27(a)(b)(m)
...........................
1,500
1,541
8.84%,
(JMMMUSTF+538bps),
12/6/28(a)(b)(m)
............................
750
767
10.68%,
(JMMMUSTF+694bps),
12/6/28(a)(b)(m)
...........................
750
762
Sanders
Re
II
7.53%,
(GSMMUSTI+400bps),
4/7/28(a)(b)(m)
.............................
600
609
8.03%,
(GSMMUSTI+450bps),
4/7/28(a)(b)(m)
.............................
600
612
7.55%,
(BRMMUSDF+399bps),
4/7/29(a)(b)(m)
............................
1,500
1,514
8.92%,
(BRMMUSDF+536bps),
4/7/29(a)(b)(m)
............................
2,000
2,031
7.78%,
(GSMMUSTI+425bps),
4/8/30(a)(b)(m)
.............................
600
626
8.28%,
(GSMMUSTI+475bps),
4/8/30(a)(b)(m)
.............................
600
631
Sanders
Re
III
9.03%,
(BRMMUSDF+547bps),
4/7/27(a)(b)(m)
............................
250
253
9.55%,
(BRMMUSDF+599bps),
4/7/27(a)(b)(m)
............................
750
763
9.12%,
(BRMMUSDF+556bps),
4/7/28(a)(b)(m)
............................
750
779
8.81%,
(3
Month
U.S.
Treasury
Bill+500bps),
4/8/30(a)(b)(m)
...................
350
351
8.81%,
(3
Month
U.S.
Treasury
Bill+500bps),
4/7/31(a)(b)(m)
...................
400
403
Sanders
Re
IV
7.03%,
(HSMMUSTF+350bps),
4/8/30(a)(b)(m)
............................
350
351
7.03%,
(HSMMUSTF+350bps),
4/7/31(a)(b)(m)
............................
400
401
Skyline
Re
II,
2025-1,
7.31%
(1
Month
U.S.
Treasury
Bill+350bps),
1/7/30,
Callable
1/7/27
@
103.25(a)(b)(m)
....................................................
500
503
Multiperil
-
U.S.
&
Canada
-
(0.1%):
Atlas
Capital
DAC,
2024,
15.85%
(SOFR+1222bps),
6/8/27(a)(b)(m)
.................
750
797
Easton
Re,
11.05%
(BRMMUSDF+750bps),
1/8/27(a)(b)(m)
........................
250
251
Galileo
Re
10.53%,
(GSMMUSTI+700bps),
1/7/28,
Callable
8/1/26
@
104.5(a)(b)(m)
.........
1,000
1,028
6.80%,
(JMMMUSTF+325bps),
1/8/30,
Callable
1/8/27
@
103(a)(b)(m)
...........
500
500
Hypatia
Re,
8.53%
(BNMMDTSC+500bps),
5/14/29,
Callable
5/14/27
@
102.5(a)(b)(m)
...
400
399
Montoya
Re,
8.80%
(JMMMUSTF+525bps),
4/9/30,
Callable
4/15/27
@
104.5(a)(b)(m)
....
400
403
Multiperil
-
U.S.
Northeast
-
(0.0%):(
i
)
Locke
Tavern
Re,
6.80%
(JMMMUSTF+325bps),
4/9/29,
Callable
4/9/27
@
102(a)(b)(m)
...
400
397
Multiperil
-
Worldwide
-
(0.0%):(
i
)
Bridge
Street
Re,
11.30%
(JMMMUSTF+775bps),
1/8/29,
Callable
1/7/27
@
104.5(a)(b)(m)
.
800
800
Cat
Re,
2001,
15.79%
(JMMMUSTF+1224bps),
1/8/27(a)(b)(m)
.....................
500
504
Victory
Portfolios
IV
Victory
Pioneer
Strategic
Income
Fund
15
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Kendall
Re,
9.77%
(GSMMUSTI+625bps),
4/30/27(a)(b)(m)
.......................
$
1,000
$
1,019
Silk
Road
Re,
9.53%
(BNMMDTSC+600bps),
1/10/28,
Callable
8/1/26
@
104.75(a)(b)(m)
..
250
252
Windstorm
-
Florida
-
(0.0%):(
i
)
Integrity
Re,
4.02%
(FHMMUSTF+50bps),
6/6/30(a)(b)(m)
........................
277
156
Integrity
Re
III
11.52%,
(FHMMUSTF+800bps),
6/6/28(a)(b)(m)
............................
750
775
13.27%,
(FHMMUSTF+975bps),
6/6/28(a)(b)(m)
............................
750
770
Marlon,
10.86%
(JMMMUSTF+731bps),
6/7/27(a)(b)(m)
..........................
250
258
Merna
Re
II,
12.28%
(GSMMUSTI+875bps),
7/7/27(a)(b)(m)
.......................
500
515
Palm
Re,
11.28%
(BNMMDTSC+775bps),
6/7/28,
Callable
8/1/26
@
106.5(a)(b)(m)
......
750
765
Purple
Re
Ltd.,
12.68%
(JMMMUSTF+913bps),
6/7/27(a)(b)(m)
.....................
500
513
Windstorm
-
Massachusetts
-
(0.0%):(
i
)
Mayflower
Re,
8.44%
(FHMMUSTF+493bps),
7/8/27(a)(b)(m)
......................
750
763
Windstorm
-
North
Carolina
-
(0.2%):
Blue
Ridge
Re
8.77%,
(FHMMUSTF+525bps),
1/8/27(a)(b)(m)
............................
500
504
11.51%,
(FHMMUSTF+799bps),
1/8/27(a)(b)(m)
............................
1,250
1,258
7.02%,
(FHMMUSTF+350bps),
1/8/29,
Callable
1/8/27
@
103(a)(b)(m)
...........
250
250
9.52%,
(FHMMUSTF+600bps),
1/8/29,
Callable
1/8/27
@
104.5(a)(b)(m)
..........
250
250
Cape
Lookout
Re,
10.42%
(FHMMUSTF+690bps),
3/13/28,
Callable
3/14/27
@
102.25(a)(b)
(m)
.............................................................
1,750
1,825
Windstorm
-
U.S.
-
(0.5%):
Alamo
Re
11.06%,
(1
Month
U.S.
Treasury
Bill+725bps),
6/7/28(a)(b)(m)
..................
400
399
9.06%,
(1
Month
U.S.
Treasury
Bill+525bps),
6/7/29(a)(b)(m)
...................
400
399
Mayflower
Re
8.57%,
(FHMMUSTF+505bps),
7/8/26(a)(b)(m)
............................
2,500
2,500
10.03%,
(FHMMUSTF+651bps),
7/8/26(a)(b)(m)
............................
2,750
2,751
Merna
Re
II,
13.99%
(GSMMUSTI+1047bps),
7/7/26(a)(b)(m)
......................
9,250
9,250
Windstorm
-
U.S.
Gulf
-
(0.0%):(
i
)
Windrose
Re,
11.81%
(3
Month
U.S.
Treasury
Bill+800bps),
2/13/29,
Callable
2/15/27
@
104(a)(b)(m)
......................................................
750
747
Windstorm
-
U.S.
Multistate
-
(0.1%):
Chartwell
Re
9.91%,
(JMMMUSTF+636bps),
6/7/28,
Callable
6/7/27
@
102(a)(b)(m)
...........
625
644
11.16%,
(JMMMUSTF+761bps),
6/7/28,
Callable
8/1/26
@
104.5(a)(b)(m)
.........
250
257
Commonwealth
Re,
7.41%
(JMMMUSTF+386bps),
7/8/26(a)(b)(m)
..................
1,750
1,750
Gateway
Re,
9.46%
(BRMMUSDF+590bps),
7/8/27(a)(b)(m)
.......................
250
252
Windstorm
-
U.S.
Northeast
-
(0.1%):
Citrus
Re,
9.06%
(3
Month
U.S.
Treasury
Bill+525bps),
6/7/29,
Callable
6/1/27
@
102.75(a)(b)
(m)
.............................................................
400
405
Windrose
Re,
8.78%
(HSMMUSTF+525bps),
2/13/29,
Callable
2/15/27
@
102.5(a)(b)(m)
..
2,000
1,997
Windstorm
Mexico
-
(0.0%):(
i
)
International
Bank
for
Reconstruction
&
Development
15.84%,
(SOFR+1222bps),
4/24/28(a)(b)(m)
...............................
250
266
17.34%,
(SOFR+1372bps),
4/24/28(a)(b)(m)
...............................
250
256
Winterstorm
-
U.S.
-
(0.0%):(
i
)
Matterhorn
Re,
3.56%,
12/7/26(a)(m)
........................................
500
468
Winterstorm
-
U.S.
Northwest
-
(0.0%):(
i
)
Matterhorn
Re,
9.06%
(BRMMUSDF+550bps),
12/7/27,
Callable
6/7/27
@
101.65(a)(b)(m)
.
750
748
80,089
Reinsurance
Sidecars
(1.0%):
Multiperil
-
U.S.
-
(0.1%):
Carnoustie
Re,
12/31/31(f)(j)(l)(m)
..........................................
2,000
1,975
Multiperil
-
Worldwide
-
(0.9%):
Victory
Portfolios
IV
Victory
Pioneer
Strategic
Income
Fund
16
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Alturas
Re
2.80%,
7/31/26(f)(j)(m)(n)
............................................
$
237
$
7
1.25%,
12/31/27(f)(j)(m)(n)
...........................................
2,318
28
Bantry
Re
6/30/31(f)(j)(l)(m)
..................................................
3,250
3,779
12/31/31(f)(j)(l)(m)
.................................................
4,442
4,881
Berwick
Re,
12/31/31(f)(j)(l)(m)
............................................
2,220
2,231
Eden
Re
II
3/19/27(a)(f)(l)(m)
.................................................
30
120
3/17/28(a)(f)(l)(m)
.................................................
29
106
3/19/30(a)(f)(l)(m)
.................................................
2,800
300
Gleneagles
Re,
2022,
12/31/27(f)(j)(l)(m)
......................................
1,250
—
Gullane
Re,
12/31/31(f)(j)(l)(m)
............................................
3,856
2,980
Pangaea
Re,
12/31/31(f)(j)(l)(m)
............................................
1,500
1,449
Sector
Re
V
12/1/29(a)(f)(l)(m)
.................................................
3
194
12/1/30(a)(f)(l)(m)
.................................................
4,400
4,942
Thopas
Re
12/31/26(f)(j)(m)(n)
................................................
5,000
77
12/31/26(f)(j)(m)(n)
................................................
4,000
20
12/31/27(f)(j)(m)(n)
................................................
3,000
19
12/31/28(f)(j)(m)(n)
................................................
3,192
—
12/31/29(f)(j)(m)(n)
................................................
3,192
18
12/31/30(f)(j)(m)(n)
................................................
3,000
163
12/31/31(f)(j)(m)(n)
................................................
3,488
3,744
Viribus
Re
12/31/26(f)(j)(m)(n)
................................................
3,650
—
12/31/28(f)(j)(m)(n)
................................................
1,500
—
27,033
Total
Insurance-Linked
Securities
(Cost
$118,931)
a
a
a
125,880
Yankee
Dollars
(25.9%)
Communication
Services
(0.8%):
Total
Play
Telecomunicaciones
SA
de
CV,
11.13%,
12/31/32,
Callable
7/1/28
@
105(a)
.....
18,125
17,554
Turkcell
Iletisim
Hizmetleri
A/S,
7.65%,
1/24/32,
Callable
10/24/31
@
100(a)
...........
9,149
9,455
VZ
Secured
Financing
BV,
5.00%,
1/15/32,
Callable
1/15/27
@
102.5(a)
...............
4,205
3,680
30,689
Consumer
Discretionary
(0.2%):
Melco
Resorts
Finance
Ltd.,
6.50%,
9/24/33,
Callable
9/24/28
@
103.25(a)
.............
1,360
1,332
MGM
China
Holdings
Ltd.,
6.25%,
5/15/33,
Callable
5/15/29
@
103.13(a)
..............
5,240
5,122
6,454
Consumer
Staples
(0.1%):
Aragvi
Finance
International
DAC
11.13%,
11/20/29,
Callable
11/20/26
@
105.56(a)
............................
617
492
12.75%,
5/26/31,
Callable
5/26/28
@
106.38(a)
.............................
3,880
3,085
3,577
Energy
(1.7%):
Aker
BP
ASA,
5.25%,
10/30/35,
Callable
7/30/35
@
100(a)
........................
8,710
8,510
Credito
Real
SAB
de
CV
Sofom
ER,
8.00%,
1/25/27(c)
...........................
6,660
1
Enbridge,
Inc.
7.20%
(H15T5Y+297bps),
6/27/54,
Callable
3/27/34
@
100(b)
..................
5,520
5,867
7.38%
(H15T5Y+312bps),
3/15/55,
Callable
12/15/29
@
100(b)
.................
5,520
5,806
8.50%
(H15T5Y+443bps),
1/15/84,
Callable
10/15/33
@
100(b)
.................
6,338
7,246
Energean
Israel
Finance
Ltd.,
5.88%,
3/30/31,
Callable
9/30/30
@
100(a)
...............
5,613
5,386
Eni
SpA
,
6.00%,
5/18/56,
Callable
11/18/55
@
100(a)
.............................
2,900
2,862
Seadrill
Finance
Ltd.,
6.75%,
7/15/34,
Callable
7/15/29
@
103.38(a)
..................
3,950
3,813
South
Bow
Canadian
Infrastructure
Holdings
Ltd.
7.50%
(H15T5Y+367bps),
3/1/55,
Callable
12/1/34
@
100(b)
...................
3,845
4,109
7.63%
(H15T5Y+395bps),
3/1/55,
Callable
12/1/29
@
100(b)
...................
9,271
9,710
TransCanada
PipeLines
Ltd.,
6.37%
(H15T5Y+212bps),
10/17/56,
Callable
7/17/36
@
100(b)
1,460
1,477
Victory
Portfolios
IV
Victory
Pioneer
Strategic
Income
Fund
17
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Vista
Energy
Argentina
SAU,
7.88%,
4/8/38,
Callable
4/8/31
@
103.94(a)
..............
$
3,315
$
3,413
YPF
SA,
6.95%,
7/21/27(a)
................................................
4,404
4,442
62,642
Financials
(12.4%):
ABRA
Global
Finance,
14.00%,
10/22/29,
Callable
10/22/26
@
106.5(a)(o)
.............
5,607
5,496
Access
Bank
PLC,
6.13%,
9/21/26(a)
........................................
5,180
5,167
African
Development
Bank,
5.88%
(H15T5Y+165bps),
Callable
5/7/35
@
100(b)(k)
......
12,945
12,754
Akbank
TAS,
7.95%
(H15T5Y+422bps),
Callable
2/19/31
@
100(a)(b)(k)
..............
7,440
7,176
Allianz
SE
6.50%
(H15T5Y+223bps),
Callable
10/30/34
@
100(a)(b)(k)
...................
4,000
4,018
6.55%
(H15T5Y+232bps),
Callable
10/30/33
@
100(a)(b)(k)
...................
10,600
10,748
5.60%
(H15T5Y+277bps),
9/3/54,
Callable
3/3/34
@
100(a)(b)
..................
3,800
3,810
ASG
Finance
DAC,
9.75%,
5/15/29,
Callable
8/1/26
@
104.88(a)
....................
5,565
4,619
Australia
&
New
Zealand
Banking
Group
Ltd.,
5.73%
(H15T5Y+162bps),
9/18/34,
Callable
9/18/29
@
100(a)(b)
.................................................
9,295
9,461
Avilease
Capital
Ltd.,
5.50%,
6/30/31,
Callable
5/30/31
@
100(a)
....................
5,450
5,487
Avolon
Holdings
Funding
Ltd.,
4.70%,
1/30/31,
Callable
12/30/30
@
100(a)
............
5,160
5,068
Banco
Bilbao
Vizcaya
Argentaria
SA,
7.12%
(H15T5Y+299bps),
Callable
5/8/33
@
100(b)(k)
7,400
7,495
Banco
Bradesco
SA,
6.50%,
1/22/30(a)
.......................................
8,900
9,159
Banco
Mercantil
del
Norte
SA,
8.37%
(H15T10Y+776bps),
Callable
10/14/30
@
100(a)(b)(k)
3,460
3,586
Banco
Santander
SA
7.25%
(H15T5Y+284bps),
Callable
12/3/35
@
100(b)(k)
......................
4,400
4,472
3.23%
(H15T1Y+160bps),
11/22/32,
Callable
8/22/31
@
100(b)
.................
8,400
7,601
6.92%,
8/8/33
.....................................................
5,000
5,429
5.44%,
4/15/36
....................................................
4,000
4,001
Banque
Federative
du
Credit
Mutuel
SA,
4.54%,
1/15/31(a)
........................
5,065
4,981
Banque
Ouest
Africaine
de
Developpement
,
4.70%,
10/22/31,
Callable
7/22/31
@
100(a)
...
8,430
7,769
BNP
Paribas
SA
6.87%
(H15T5Y+285bps),
Callable
12/15/33
@
100(a)(b)(k)
...................
7,330
7,326
7.38%
(H15T5Y+354bps),
Callable
9/10/34
@
100(a)(b)(k)
....................
2,101
2,189
7.45%
(H15T5Y+313bps),
Callable
6/27/35
@
100(a)(b)(k)
....................
17,270
17,819
BPCE
SA
3.12%
(SOFR+173bps),
10/19/32,
Callable
10/19/31
@
100(a)(b)
................
6,150
5,469
5.77%
(SOFR+163bps),
6/2/37,
Callable
6/2/36
@
100(a)(b)
....................
3,830
3,839
CaixaBank
SA,
4.82%
(SOFR+121bps),
4/22/32,
Callable
4/22/31
@
100(a)(b)
..........
2,515
2,494
Cidron
Aida
Finco
SARL,
7.00%,
10/27/31,
Callable
10/27/27
@
103.5(a)
..............
6,130
6,786
Credit
Agricole
SA
5.19%
(SOFR+113bps),
8/1/32,
Callable
8/1/31
@
100(a)(b)
....................
7,689
7,726
5.26%
(SOFR+143bps),
1/12/37,
Callable
1/12/36
@
100(a)(b)
..................
12,710
12,502
Deutsche
Bank
AG,
5.06%
(SOFR+141bps),
4/14/32,
Callable
4/14/31
@
100(b)
.........
3,260
3,252
European
Bank
for
Reconstruction
&
Development
6.25%,
4/11/28,
MTN
................................................
512,000
5,293
2/2/32,
MTN(g)
....................................................
212,795
21,362
7/11/36,
Callable
7/11/26
@
12.12(g)
.....................................
944,110
1,406
Federation
DES
Caisses
Desjardins
DU
Quebec,
5.02%,
5/27/31(a)
...................
10,440
10,508
Global
Aircraft
Leasing
Co.
Ltd.,
8.75%,
9/1/27,
Callable
8/1/26
@
104.38(a)
............
17,225
17,507
Hanwha
Life
Insurance
Co.
Ltd.,
6.30%
(H15T5Y+229bps),
6/24/55,
Callable
6/24/30
@
100(a)(b)
.........................................................
4,763
4,906
HSBC
Holdings
PLC
7.00%
(H15T5Y+280bps),
Callable
9/24/35
@
100(b)(k)
......................
4,335
4,446
4.71%
(SOFR+94bps),
5/12/30,
Callable
5/12/29
@
100(b)
.....................
9,040
9,002
ING
Groep
NV,
4.25%
(H15T5Y+286bps),
Callable
5/16/31
@
100(b)(k)
..............
13,819
12,514
International
Bank
for
Reconstruction
&
Development
10.00%,
9/16/26
....................................................
1,339,000
2,759
6.85%,
4/24/28
....................................................
581,000
6,071
6.50%,
4/17/30,
MTN
................................................
435,400
4,463
Lloyds
Banking
Group
PLC,
4.43%
(H15T1Y+82bps),
11/4/31,
Callable
11/4/30
@
100(b)
..
4,030
3,957
Macquarie
Bank
Ltd.,
5.82%
(H15T1Y+135bps),
6/10/37,
Callable
6/10/36
@
100(a)(b)
....
13,730
13,707
Manulife
Financial
Corp.,
4.99%,
12/11/35,
Callable
9/11/35
@
100
..................
5,065
4,986
MC
Brazil
Downstream
Trading
SARL,
7.25%,
6/30/31(a)
.........................
7,304
6,856
Meiji
Yasuda
Life
Insurance
Co.,
6.10%
(H15T5Y+291bps),
6/11/55,
Callable
6/11/35
@
100(a)(b)
.........................................................
17,015
17,182
Victory
Portfolios
IV
Victory
Pioneer
Strategic
Income
Fund
18
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Mitsubishi
UFJ
Financial
Group,
Inc.,
5.33%
(H15T1Y+102bps),
4/21/37,
Callable
4/21/36
@
100(b)
...........................................................
$
2,795
$
2,787
Mizuho
Financial
Group,
Inc.,
4.97%
(H15T1Y+83bps),
7/13/32,
Callable
7/13/31
@
100(b)
.
20,890
20,822
NatWest
Group
PLC,
6.48%
(H15T5Y+220bps),
6/1/34,
Callable
3/1/29
@
100(b)
........
6,765
7,013
Nippon
Life
Insurance
Co.,
6.50%
(H15T5Y+319bps),
4/30/55,
Callable
4/30/35
@
100(a)(b)
3,590
3,764
Nomura
Holdings,
Inc.
5.17%,
7/14/31
....................................................
5,600
5,614
5.55%,
7/14/36
....................................................
8,705
8,724
Nordea
Bank
Abp
,
3.75%
(H15T5Y+260bps),
Callable
3/1/29
@
100(a)(b)(k)
...........
8,302
7,797
Sovcombank
Via
SovCom
Capital
DAC,
7.60%
(H15T5Y+636bps),
Callable
2/17/27
@
100(b)
(c)(f)(k)(m)
.......................................................
5,010
—
Sumitomo
Life
Insurance
Co.,
5.87%
(H15T5Y+265bps),
9/10/55,
Callable
9/10/35
@
100(a)
(b)
.............................................................
18,800
18,706
The
Dai-ichi
Life
Insurance
Co.
Ltd.,
6.20%
(H15T5Y+252bps),
Callable
1/16/35
@
100(a)(b)
(k)
.............................................................
11,134
11,346
UniCredit
SpA
7.30%
(USISOA05+491bps),
4/2/34,
Callable
4/2/29
@
100(a)(b)
................
9,395
9,888
5.46%
(H15T5Y+475bps),
6/30/35,
Callable
6/30/30
@
100(a)(b)
................
23,889
24,017
Yapi
ve
Kredi
Bankasi
A/S,
9.74%
(H15T5Y+550bps),
Callable
4/4/29
@
100(a)(b)(k)
.....
3,595
3,678
468,780
Health
Care
(1.4%):
1261229
BC
Ltd.,
10.00%,
4/15/32,
Callable
4/15/28
@
105(a)
......................
5,375
5,444
Mehilainen
Yhtiot
Oy,
5.13%,
6/30/32,
Callable
6/30/28
@
102.56(a)
..................
1,285
1,481
Rede
D'or
Finance
SARL
6.45%,
9/9/35,
Callable
6/9/35
@
100(a)
..................................
8,770
8,516
6.55%,
4/28/36,
Callable
1/28/36
@
100(a)
................................
8,385
8,126
Teva
Pharmaceutical
Finance
Netherlands
II
BV,
4.38%,
5/9/30,
Callable
2/9/30
@
100
.....
22,674
26,375
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
5.13%,
5/9/29,
Callable
2/9/29
@
100
....
1,328
1,328
51,270
Industrials
(1.8%):
Avianca
Midco
2
PLC,
9.63%,
2/14/30,
Callable
2/14/27
@
104.81(a)
.................
11,240
11,136
Czechoslovak
Group
AS,
6.50%,
1/10/31,
Callable
7/10/27
@
103.25(a)
...............
22,477
22,813
Danaos
Corp.,
6.88%,
10/15/32,
Callable
10/15/28
@
103.44(a)
......................
8,035
8,301
Element
Fleet
Management
Corp.
4.80%,
5/29/29,
Callable
4/29/29
@
100(a)
................................
2,325
2,319
4.64%,
11/24/30,
Callable
10/24/30
@
100(a)
...............................
6,400
6,321
Grupo
Aeromexico
SAB
de
CV
8.25%,
11/15/29,
Callable
11/15/26
@
104.13(a)
............................
1,810
1,848
8.63%,
11/15/31,
Callable
11/15/27
@
104.31(a)
............................
3,915
4,013
Simpar
Europe
SA,
5.20%,
1/26/31,
Callable
8/1/26
@
102.6(a)
.....................
2,785
2,327
Transportes
Aereos
Portugueses
SA,
5.13%,
11/15/29,
Callable
5/15/29
@
100(a)
.........
7,700
8,961
68,039
Information
Technology
(0.2%):
Flex
Ltd.,
5.38%,
11/13/35,
Callable
8/13/35
@
100
..............................
3,695
3,644
Lutech
SpA
,
8.13%,
5/15/31,
Callable
5/15/28
@
104.06(a)
.........................
2,070
2,418
6,062
Materials
(0.5%):
Corp
Nacional
del
Cobre
de
Chile,
6.78%,
1/13/55,
Callable
7/13/54
@
100(a)
...........
7,500
8,075
First
Quantum
Minerals
Ltd.
8.00%,
3/1/33,
Callable
3/1/28
@
104(a)
..................................
1,840
1,924
7.25%,
2/15/34,
Callable
2/15/29
@
103.63(a)
..............................
2,440
2,501
6.38%,
2/15/36,
Callable
2/15/31
@
103.19(a)
..............................
2,000
1,963
Minerva
Luxembourg
SA,
4.38%,
3/18/31,
Callable
7/12/26
@
102.19(a)
...............
6,972
6,125
20,588
Real
Estate
(0.1%):
Essendi
SA,
5.63%,
5/15/32,
Callable
5/15/28
@
102.81(a)
.........................
5,055
5,880
Sovereign
Bond
(6.4%):
Argentine
Republic
Government
International
Bond
1.00%,
7/9/29,
Callable
8/1/26
@
100
....................................
246
225
4.13%,
7/9/35,
Callable
8/1/26
@
100(p)
..................................
5,956
4,759
Victory
Portfolios
IV
Victory
Pioneer
Strategic
Income
Fund
19
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Brazilian
Government
International
Bond,
6.25%,
5/22/36
..........................
$
15,870
$
15,711
Ciudad
Autonoma
De
Buenos
Aires/Government
Bonds
7.50%,
6/1/27(a)
...................................................
2,271
2,316
7.80%,
11/26/33(a)
..................................................
3,265
3,429
Dominican
Republic
International
Bond,
5.88%,
10/28/35,
Callable
7/28/35
@
100(a)
......
19,260
19,026
Egypt
Government
International
Bond
5.88%,
2/16/31(a)
..................................................
2,520
2,455
7.05%,
1/15/32(a)
..................................................
5,560
5,565
Egypt
Treasury
Bills,
12/22/26(g)
...........................................
455,450
8,315
Indonesia
Government
International
Bond
4.10%,
3/4/34,
Callable
12/4/33
@
100
...................................
18,340
20,583
5.69%,
5/29/36,
Callable
2/29/36
@
100
..................................
6,900
7,047
Ivory
Coast
Government
International
Bond
5.88%,
10/17/31(a)
..................................................
6,670
7,842
4.88%,
1/30/32(a)
..................................................
10,517
11,848
6.13%,
6/15/33(a)
..................................................
2,500
2,483
Kuwait
International
Government
Bond,
4.65%,
10/9/35(a)
.........................
13,684
13,356
Mexico
Government
International
Bond
5.63%,
2/9/34,
Callable
12/9/33
@
100
...................................
6,755
6,647
4.50%,
3/19/34,
Callable
12/19/33
@
100
.................................
14,650
16,698
6.25%,
8/27/37,
Callable
5/27/37
@
100
..................................
2,970
2,971
Morocco
Government
International
Bond,
4.75%,
5/26/34(a)
........................
9,705
11,311
Provincia
del
Chubut
Argentina,
9.45%,
4/29/36,
Callable
2/29/36
@
100(a)
.............
1,915
2,020
Romanian
Government
International
Bond
5.25%,
5/30/32(a)
..................................................
6,320
7,370
5.63%,
5/30/37(a)
..................................................
6,065
6,836
Serbia
International
Bond
4.25%,
5/6/31(a)
...................................................
3,925
4,491
2.05%,
9/23/36(a)
..................................................
6,600
5,974
4.88%,
5/6/38(a)
...................................................
2,620
2,994
Turkiye
Government
Bond,
30.00%,
9/12/29
...................................
842,603
16,255
Turkiye
Government
International
Bond
6.38%,
5/22/31
....................................................
10,710
10,697
6.30%,
3/14/33
....................................................
5,890
5,752
6.88%,
1/14/38
....................................................
5,820
5,708
Ukraine
Government
International
Bond
0.00%,
2/1/30(a)(g)(p)
...............................................
370
265
0.00%,
2/1/34(a)(g)(p)
...............................................
1,383
778
4.50%,
2/1/34(a)(p)
.................................................
1,466
1,027
0.00%,
2/1/35(a)(g)(p)
...............................................
1,169
700
4.50%,
2/1/35(a)(p)
.................................................
2,371
1,637
0.00%,
2/1/36(a)(g)(p)
...............................................
974
582
4.50%,
2/1/36(a)(p)
.................................................
2,937
2,009
Uruguay
Government
International
Bond,
9.75%,
7/20/33,
Callable
4/20/33
@
100
........
190,614
5,267
242,949
Utilities
(0.3%):
GDZ
Elektrik
Dagitim
A/S,
9.00%,
10/15/29,
Callable
10/15/26
@
104.5(a)
.............
4,640
4,472
Limak
Cimento
Sanayi
ve
Ticaret
A/S,
9.75%,
7/25/29,
Callable
8/1/26
@
104.88(a)
.......
6,520
6,591
11,063
Total
Yankee
Dollars
(Cost
$989,304)
a
a
a
977,993
U.S.
Government
Agency
Mortgages
(15.7%)
Federal
Home
Loan
Mortgage
Corporation
6.50%,
9/1/32
-
7/1/56
...............................................
8,078
8,469
6.00%,
1/1/33
-
6/1/56
...............................................
28,976
29,798
5.00%,
11/1/39
-
3/1/56
..............................................
3,248
3,242
5.50%,
6/1/41
-
6/1/56
...............................................
46,227
46,710
2.00%,
2/1/42
.....................................................
135
118
1.50%,
3/1/42
.....................................................
15,806
13,171
4.00%,
10/1/42
-
5/1/56
..............................................
14,786
13,873
4.50%,
3/1/47
.....................................................
389
385
Victory
Portfolios
IV
Victory
Pioneer
Strategic
Income
Fund
20
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
3.00%,
11/1/47
-
10/1/53
..............................................
$
25,203
$
21,994
2.50%,
5/1/51
-
7/1/52
...............................................
16,798
14,233
3.50%,
1/1/52
-
5/1/55
...............................................
15,744
14,293
7.00%,
12/1/55
-
7/1/56
..............................................
1,198
1,272
167,558
Federal
National
Mortgage
Association
7.00%,
5/1/28
-
7/1/56
...............................................
1,299
1,378
4.00%,
12/1/30
-
5/1/56
..............................................
13,193
12,670
6.50%,
5/1/31
-
7/1/56
...............................................
6,058
6,313
6.00%,
3/1/32
-
6/1/56
...............................................
23,535
24,281
5.50%,
5/1/33
-
7/1/56
...............................................
34,833
35,206
5.00%,
6/1/35
-
5/1/56
...............................................
15,517
15,520
2.00%,
12/1/41
-
11/1/51
..............................................
13,854
11,747
4.50%,
9/1/43
-
8/1/54
...............................................
5,338
5,256
3.00%,
10/1/46
-
2/1/57
..............................................
17,873
15,909
3.50%,
1/1/48
-
9/1/55
...............................................
45,622
41,511
2.50%,
9/1/50
-
4/1/52
...............................................
41,956
35,919
205,710
Federal
National
Mortgage
Association,
TBA
5.50%,
1/25/30
....................................................
29,000
29,456
5.00%,
8/16/30
-
1/9/34
..............................................
29,900
29,752
4.50%,
1/30/35
....................................................
28,200
26,992
3.50%,
2/28/35
....................................................
22,600
20,487
4.00%,
4/24/35
....................................................
1,100
1,027
3.00%,
6/9/35
.....................................................
7,200
6,274
113,988
Government
National
Mortgage
Association
6.50%,
1/20/28
-
7/15/35
.............................................
62
64
7.00%,
1/20/29
-
5/15/31
.............................................
1
–(h)
6.00%,
5/20/32
-
4/20/55
.............................................
11,034
11,288
5.50%,
7/15/33
-
10/20/37
.............................................
347
352
4.50%,
9/15/33
-
3/20/49
.............................................
5,549
5,456
5.00%,
9/15/33
....................................................
87
87
5.13%,
10/15/38
....................................................
42
43
5.75%,
10/15/38
....................................................
123
128
4.00%,
3/15/39
-
4/20/48
.............................................
13,547
12,857
3.50%,
10/15/42
-
7/20/47
.............................................
2,488
2,256
2.00%,
2/20/52
-
7/20/52
.............................................
1,689
1,386
33,917
Government
National
Mortgage
Association,
TBA
6.50%,
5/18/29
....................................................
9,000
9,323
5.50%,
8/15/32
....................................................
14,000
14,069
5.00%,
9/15/32
....................................................
14,000
13,801
3.00%,
7/5/34
.....................................................
12,000
10,648
2.50%,
9/28/34
....................................................
11,000
9,390
4.50%,
10/8/34
....................................................
2,000
1,921
2.00%,
12/20/34
....................................................
9,000
7,370
3.50%,
7/1/35
.....................................................
4,000
3,592
70,114
Total
U.S.
Government
Agency
Mortgages
(Cost
$599,977)
a
a
a
591,287
U.S.
Treasury
Obligations
(9.1%)
U.S.
Treasury
Bonds
4.63%,
11/15/45
....................................................
112,826
108,366
4.63%,
2/15/46
....................................................
33,000
31,675
4.63%,
11/15/55
....................................................
2,493
2,372
U.S.
Treasury
Inflation
Indexed
Bonds,
1.88%,
7/15/35(q)
..........................
34,734
33,973
U.S.
Treasury
Notes
4.25%,
1/31/30
....................................................
75,000
75,164
4.00%,
2/28/30
....................................................
45,000
44,728
3.88%,
12/31/32
....................................................
6,388
6,237
4.00%,
11/15/35
....................................................
4,842
4,684
Victory
Portfolios
IV
Victory
Pioneer
Strategic
Income
Fund
21
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
June
30,
2026,
the
fair
value
of
these
securities
was
$1,861,038
(thousands)
and
amounted
to
49.4%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
June
30,
2026.
(c)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(d)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
June
30,
2026.
(e)
Security
is
interest
only.
(f)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
June
30,
2026.
(g)
Zero-coupon
bond.
(h)
Rounds
to
less
than
$1
thousand.
(i)
Amount
represents
less
than
0.05%
of
net
assets.
(j)
Non-income
producing
security.
(k)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(l)
Issued
as
participation
notes.
(m)
The
following
table
details
the
earliest
acquisition
date,
cost,
and
market
value
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
June
30,
2026
(amounts
in
thousands):
Security
Description
Principal
Amount
(000)
a
Value
(000)
4.13%,
2/15/36
....................................................
$
37,979
$
37,053
Total
U.S.
Treasury
Obligations
(Cost
$349,841)
a
a
a
344,252
Short-Term
Investments
(1.7%)
a
a
a
a
U.S.
Treasury
Obligations
(0.9%):
U.S.
Treasury
Bills
3.33%,
7/14/26(q)
..................................................
12,000
11,984
3.49%,
7/28/26(q)
..................................................
20,000
19,946
Total
U.S.
Treasury
Obligations
31,930
Repurchase
Agreements
(0.8%):
Bank
of
America
Corp.,
3.64%,
purchased
on
6/30/26,
with
a
maturity
date
of
7/1/26,
with
a
repurchase
value
of
$31,003
(collateralized
by
U.S.
Treasury
Notes,
0.00%,
due
5/15/33-
5/15/48,
with
an
aggregate
value
of
$31,620)
...................................
31,000
31,000
Total
Short-Term
Investments
(Cost
$62,930)
a
a
a
62,930
Total
Investments
(Cost
$3,943,589)
—
102.3%
3,858,887
Liabilities
in
excess
of
other
assets
—  (2.3)%
(87,878)
NET
ASSETS
-
100.00%
$
3,771,009
At
June
30,
2026,
the
Fund's
investments
in
foreign
securities
were
30.6%
of
net
assets.
Security
Name
Acquisition
Date
Cost
Value
Acorn
Re
.........................................................
10/25/2024
$
500
$
506
Alamo
Re
........................................................
5/15/2026
400
399
Alamo
Re
........................................................
5/15/2026
400
399
Alturas
Re,
2021-3
..................................................
8/16/2021
17
7
Alturas
Re,
2022-2
..................................................
1/18/2022
—
28
Aquila
Re
I
.......................................................
4/26/2024
500
507
Aquila
Re
I
.......................................................
5/15/2026
400
399
Aquila
Re
I
.......................................................
5/15/2026
400
399
Atlas
Capital
DAC,
2024
.............................................
5/24/2024
750
797
Bantry
Re
........................................................
7/23/2025
2,695
3,779
Bantry
Re
........................................................
1/26/2026
4,368
4,881
Berwick
Re
.......................................................
2/4/2026
2,013
2,231
Blue
Ridge
Re
.....................................................
11/26/2025
250
250
Blue
Ridge
Re
.....................................................
11/14/2023
500
504
Blue
Ridge
Re
.....................................................
11/14/2023
1,250
1,258
Blue
Ridge
Re
.....................................................
11/26/2025
250
250
Bonanza
Re
.......................................................
12/16/2024
1,000
997
Bonanza
Re
.......................................................
12/16/2024
250
251
Bridge
Street
Re
....................................................
12/22/2025
800
800
Cape
Lookout
Re,
Series
A
............................................
2/27/2025
1,750
1,825
Carnoustie
Re
.....................................................
1/30/2026
1,800
1,975
Cat
Re,
2001
......................................................
11/14/2023
500
504
Victory
Portfolios
IV
Victory
Pioneer
Strategic
Income
Fund
22
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Security
Name
Acquisition
Date
Cost
Value
Chartwell
Re
......................................................
5/2/2025
$
625
$
644
Chartwell
Re
......................................................
5/2/2025
250
257
Cheltenham
Re
2026
................................................
6/30/2026
813
823
Citrus
Re
.........................................................
3/13/2026
400
405
Commonwealth
Re
..................................................
5/30/2025
1,759
1,750
Commonwealth
Re
..................................................
5/30/2025
750
760
Easton
Re
........................................................
5/16/2024
249
251
Eden
Re
II
........................................................
12/27/2024
—
300
Eden
Re
II,
Series
B
.................................................
1/17/2023
—
120
Eden
Re
II,
Series
B
.................................................
1/17/2023
—
106
FloodSmart
Re
.....................................................
2/29/2024
1,000
1,032
Foundation
Re
IV
...................................................
12/4/2025
700
699
Four
Lakes
Re
.....................................................
12/11/2025
400
399
Four
Lakes
Re
.....................................................
12/8/2023
250
251
Four
Lakes
Re
.....................................................
12/11/2024
763
762
Four
Lakes
Re
.....................................................
12/11/2024
250
250
Four
Lakes
Re
.....................................................
12/11/2025
1,250
1,240
Fuchsia
London
Bridge
2
PCC,
2024-1
...................................
12/18/2024
750
760
Galileo
Re
........................................................
12/4/2023
1,000
1,028
Galileo
Re
........................................................
12/8/2025
500
500
Gamboge
Re
......................................................
5/9/2024
95
803
Gateway
Re
.......................................................
3/11/2024
250
252
Gleneagles
Re,
2022
.................................................
1/18/2022
482
—
Gullane
Re
.......................................................
1/22/2026
2,498
2,980
Herbie
Re
........................................................
1/16/2026
500
500
Herbie
Re
........................................................
12/17/2024
500
504
High
Point
Re
.....................................................
12/1/2023
2,500
2,511
Hypatia
Re
.......................................................
4/30/2026
400
399
Integrity
Re
.......................................................
5/9/2022
277
156
Integrity
Re
III,
Series
A-2
............................................
2/21/2025
750
775
Integrity
Re
III,
Series
B-2
............................................
2/21/2025
750
770
International
Bank
for
Reconstruction
&
Development
........................
5/1/2024
250
266
International
Bank
for
Reconstruction
&
Development,
Series
C
.................
4/3/2024
250
256
Kendall
Re
.......................................................
4/22/2024
1,000
1,019
Locke
Tavern
Re
...................................................
3/5/2026
400
397
Long
Point
Re
IV
...................................................
5/19/2026
400
399
Macclesfield
Re
....................................................
2/24/2026
1,000
1,003
Mangrove
Re
2026
A
................................................
6/18/2026
471
472
Mangrove
Re
2026
B
................................................
6/18/2026
476
477
Marlon
..........................................................
5/24/2024
250
258
Matterhorn
Re
.....................................................
2/4/2026
300
297
Matterhorn
Re
.....................................................
5/8/2026
475
468
Matterhorn
Re
.....................................................
5/8/2026
750
748
Mayflower
Re
.....................................................
11/24/2025
2,534
2,500
Mayflower
Re
.....................................................
2/18/2026
2,790
2,751
Mayflower
Re
.....................................................
6/21/2024
750
763
Mayflower
Re
.....................................................
5/22/2025
500
508
Merion
Re
........................................................
1/30/2026
662
712
Merion
Re,
2025-1
..................................................
1/16/2025
—
12
Merna
Re
........................................................
5/13/2026
850
885
Merna
Re
........................................................
5/13/2026
250
259
Merna
Re
Companywide
.............................................
5/14/2025
500
514
Merna
Re
Enterprise,
Series
A
..........................................
5/14/2025
500
515
Merna
Re
II
.......................................................
5/8/2024
500
512
Merna
Re
II
.......................................................
2/12/2026
9,481
9,250
Merna
Re
II
.......................................................
5/8/2024
1,000
1,020
Merna
Re
II
.......................................................
5/8/2024
500
515
Montoya
Re
.......................................................
12/12/2025
400
403
Mystic
Re
IV
......................................................
12/12/2023
600
603
Old
Head
Re
......................................................
12/22/2025
405
449
Palm
Re
.........................................................
4/1/2025
750
765
Pangaea
Re
.......................................................
3/23/2026
1,332
1,449
Phoenix
3
RE
Pte
Ltd.
...............................................
12/21/2020
716
1,247
Pi0047
Re
........................................................
2/4/2026
10,000
11,124
Victory
Portfolios
IV
Victory
Pioneer
Strategic
Income
Fund
23
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
(n)
Issued
as
preference
shares.
(o)
All
of
the
coupon
is
PIK.
(p)
Stepped
coupon
security
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
(q)
Rate
represents
the
effective
yield
at
June
30,
2026.
Security
Name
Acquisition
Date
Cost
Value
Pine
Valley
Re
.....................................................
2/24/2026
$
664
$
705
Portsalon
Re
......................................................
7/15/2022
242
286
Purple
Re
Ltd.
.....................................................
4/2/2024
500
513
Residential
Re
.....................................................
11/7/2023
1,500
1,541
Residential
Re
.....................................................
11/7/2023
750
778
Residential
Re
.....................................................
11/4/2024
750
762
Residential
Re
.....................................................
11/22/2022
1,500
1,491
Residential
Re
.....................................................
11/4/2024
750
767
Sanders
Re
II
......................................................
12/10/2024
2,000
2,031
Sanders
Re
II
......................................................
12/10/2024
1,500
1,514
Sanders
Re
II
......................................................
3/13/2025
600
609
Sanders
Re
II
......................................................
3/13/2025
600
626
Sanders
Re
II
......................................................
3/13/2025
600
612
Sanders
Re
II
......................................................
3/13/2025
600
631
Sanders
Re
III
.....................................................
3/24/2023
250
253
Sanders
Re
III
.....................................................
1/16/2024
750
779
Sanders
Re
III
.....................................................
11/30/2022
750
763
Sanders
Re
III
.....................................................
2/24/2026
400
403
Sanders
Re
III
.....................................................
2/24/2026
350
351
Sanders
Re
IV
.....................................................
2/24/2026
400
401
Sanders
Re
IV
.....................................................
2/24/2026
350
351
Sector
Re
V
.......................................................
12/31/2024
—
194
Sector
Re
V
.......................................................
12/31/2025
4,400
4,942
Silk
Road
Re
......................................................
12/23/2024
250
252
Skyline
Re
II,
2025-1
................................................
12/23/2025
500
503
Sovcombank
Via
SovCom
Capital
DAC
...................................
11/10/2021
5,010
—
Thopas
Re
........................................................
1/30/2026
3,488
3,744
Thopas
Re,
2020
...................................................
12/30/2019
—
20
Thopas
Re,
2021
...................................................
12/30/2020
—
77
Thopas
Re,
2022
...................................................
2/15/2022
—
19
Thopas
Re,
2023
...................................................
2/15/2023
—
—
Thopas
Re,
2024
...................................................
2/2/2024
—
18
Thopas
Re,
2025
...................................................
1/10/2025
—
163
Tomtit
Re
........................................................
12/31/2025
588
530
Torrey
Pines
Re
....................................................
4/30/2026
400
402
Ursa
Re
II
........................................................
11/18/2025
500
506
Veraison
Re
.......................................................
1/30/2026
400
400
Veraison
Re
.......................................................
1/30/2026
400
404
Viribus
Re,
2019
...................................................
12/27/2018
—
—
Viribus
Re,
2023
...................................................
2/2/2023
—
—
Vitality
Re
XIV
....................................................
1/25/2023
400
404
Vitality
Re
XIV
....................................................
1/25/2023
4,005
4,030
Vitality
Re
XVII
...................................................
1/22/2026
2,500
2,497
Walton
Heath
Re
...................................................
7/13/2022
—
115
Windrose
Re
......................................................
1/29/2026
2,000
1,997
Windrose
Re
......................................................
1/30/2026
750
747
Total
(3.3%
of
net
assets)
$123,941
$125,880
ABS
—
Asset-Backed
Securities
BNMMDTSC
—
Dreyfus
Treasury
Securities
Cash
Management
Fund
Yield
bps
—
Basis
points
BRMMUSDF
—
BlackRock
Liquidity
Fund
Treasury
Trust
Fund
Portfolio
Fund
Yield
CLO
—
Collateralized
Loan
Obligations
CMO
—
Collateralized
Mortgage
Obligations
FREMF
—
Freddie
Mac
Multifamily
Fixed-Rate
Mortgage
Loans
FRMMUSTI
—
Western
Asset
Institutional
U.S.
Treasury
Reserves
Fund
Yield
FHMMUSTF
—
Federated
Hermes
U.S.
Treasury
Cash
Reserves
Fund
Yield
GSMMUSTF
—
Goldman
Sachs
Money
Market
U.S.
Treasury
Fund
Index
Victory
Portfolios
IV
Victory
Pioneer
Strategic
Income
Fund
24
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
GSMMUSTI
—
Goldman
Sachs
Money
Market
U.S.
Treasury
Instrument
Index
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
June
30,
2026.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
June
30,
2026.
H15T10Y
—
10
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
June
30,
2026.
HSMMUSTF
—
HSBC
U.S.
Treasury
Money
Market
Fund
Index
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
JMMMUSTF
—
JPMorgan
100%
U.S.
Treasury
Securities
Money
Market
Fund
Yield
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MSMMUSTF
—
Morgan
Stanley
Institutional
Liquidity
Funds
Treasury
Securities
Portfolio
Fund
Yield
MTN
—
Medium
Term
Note
PIK
—
Payment-in-Kind
PLC
—
Public
Limited
Company
REMIC
—
Real
Estate
Mortgage
Investment
Conduits
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of
June
30,
2026.
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
June
30,
2026.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
June
30,
2026.
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
June
30,
2026.
STACR
—
Structured
Agency
Credit
Risk
TBA
—
To
Be
Announced
Securities
TSFR1M
—
1
Month
Term
SOFR,
rate
disclosed
as
of
June
30,
2026.
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
June
30,
2026.
USISOA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
June
30,
2026.
TBA
Sales
Commitments
Security
Description
Principal
Amount
(000)
Value
(000)
TBA
Sales
Commitments
-
(1.60%)
Collateralized
Mortgage
Obligations
—  (1.60%)
Federal
National
Mortgage
Association,
TBA
5.50%
,
9/29/32
....................................................
$
(3,600)
$
(3,606)
6.00%
,
5/4/31
....................................................
(44,400)
(45,388)
6.50%
,
2/26/30
....................................................
(1,300)
(1,343)
7.00%
,
3/4/30
....................................................
(2,100)
(2,217)
Government
National
Mortgage
Association,
TBA
4.00%
,
12/21/34
...................................................
(6,000)
(5,577)
Total
TBA
Sales
Commitments
(Proceeds  $57,885)
$(58,131)
Forward
Currency
Contracts
At
June
30,
2026,
the
Fund's
open
forward
currency
contracts
were
as
follows:
Currency
Purchased
In
Exchange
for
(000)
Currency
Sold
Deliver
(000)
Counterparty
Settlement
Date
Net
Unrealized
Appreciation/
(Depreciation)
(000)
U.S.
Dollar
26,154
Australian
Dollar
36,180
StateStreet
7/24/26
$
1,115
U.S.
Dollar
103,575
European
Euro
88,771
StateStreet
8/21/26
1,927
U.S.
Dollar
16,372
Indian
Rupee
1,555,000
Citibank
NA
9/25/26
57
European
Euro
22,035
U.S.
Dollar
25,155
StateStreet
9/25/26
113
Turkish
Lira
1,135,850
U.S.
Dollar
20,287
StateStreet
1/7/27
516
$
3,728
Australian
Dollar
36,180
U.S.
Dollar
25,904
Citibank
NA
7/24/26
(865)
European
Euro
11,982
U.S.
Dollar
14,121
StateStreet
7/24/26
(418)
Japanese
Yen
4,580,485
U.S.
Dollar
28,909
StateStreet
7/28/26
(676)
Japanese
Yen
1,530,000
U.S.
Dollar
9,663
StateStreet
7/28/26
(232)
Kazakhstani
Tenge
358,775
U.S.
Dollar
749
Citibank
NA
7/29/26
(5)
Korean
Won
27,555,000
U.S.
Dollar
17,945
Citibank
NA
9/23/26
(109)
U.S.
Dollar
5,524
Canadian
Dollar
7,830
Citibank
NA
9/25/26
(19)
U.S.
Dollar
2,323
Mexican
Peso
41,300
Citibank
NA
9/25/26
(22)
Victory
Portfolios
IV
Victory
Pioneer
Strategic
Income
Fund
25
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2026
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Net
Unrealized
Appreciation/
(Depreciation)
(000)
Chilean
Peso
34,180,000
U.S.
Dollar
38,205
Citibank
NA
9/25/26
$
(1,091)
Japanese
Yen
5,050,000
U.S.
Dollar
31,449
StateStreet
9/29/26
(162)
U.S.
Dollar
8,521
Turkish
Lira
476,000
Citibank
NA
1/7/27
(197)
U.S.
Dollar
855
Turkish
Lira
48,810
Citibank
NA
1/7/27
(39)
U.S.
Dollar
10,664
Turkish
Lira
611,040
Citibank
NA
1/7/27
(528)
$
(4,363)
Total
Net
Forward
Currency
Contracts
$
(635)
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
2-Year
U.S.
Treasury
Note
Futures
...........
1,469
9/30/26
$
303,130
$
302,809
$
(321)
Australian
3-Year
Bond
Futures
.............
2,362
9/15/26
170,986
171,045
59
U.S.
10-Year
Ultra
Futures
................
1,453
9/21/26
162,202
163,417
1,215
Ultra
Long
Term
U.S.
Treasury
Bond
Futures
...
2,059
9/21/26
232,335
239,166
6,831
$
7,784
Futures
Contracts
Sold
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
10-Year
U.S.
Treasury
Note
Futures
..........
528
9/21/26
$
57,703
$
58,022
$
(319)
30-Year
U.S.
Treasury
Bond
Futures
.........
253
9/21/26
28,059
28,716
(657)
5-Year
U.S.
Treasury
Note
Futures
...........
227
9/30/26
24,326
24,300
26
Euro
Bund
Futures
......................
650
9/8/26
93,838
94,574
(736)
$
(1,686)
Total
unrealized
appreciation
$
8,131
Total
unrealized
depreciation
(2,033)
Total
net
unrealized
appreciation
(depreciation)
$
6,098
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
$
287,783
$
(23,570)
$
(18,036)
$
(5,533)
$
(23,570)
$
(18,036)
$
(5,533)
Centrally
Cleared
Credit
Default
Swap
Agreements
-
Sell
Protection
Underlying
Instruments
Fixed
Deal
Receive
Rate
Maturity
Date
Payment
Frequency
Notional
Amount
(000)
Value
(000)
Premiums
Paid
(Received)
(000)
Unrealized
Appreciation
(Depreciation)
(000)
American
Airlines
Group,
Inc.
..............
5.00%
6/20/30
Quarterly
$
8,215
$
586
$
(508)
$
1,094
CDS
Oracle
Corp.
......................
1.00%
12/20/30
Quarterly
18,135
(387)
$
(374)
(13)
CDS
Oracle
Corp.
......................
1.00%
6/20/31
Quarterly
9,565
(275)
$
(206)
(70)
$
(76)
$
(1,088)
$
1,011
(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.