TABLE
OF
CONTENTS
Victory
Portfolios
IV
1
Victory
Pioneer
Equity
Income
Fund
2
Victory
Pioneer
Floating
Rate
Fund
4
Victory
Pioneer
Mid
Cap
Value
Fund
12
Victory
Pioneer
Equity
Premium
Income
Fund
14
Victory
Pioneer
High
Yield
Fund
19
Victory
Pioneer
CAT
Bond
Fund
26
Victory
Pioneer
ILS
Interval
Fund
41
Schedule
of
Portfolio
Investments
July
31,
2026
Victory
Portfolios
IV
Victory
Pioneer
Equity
Income
Fund
2
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.9%)
Communication
Services
(6.3%):
Comcast
Corp.
,
Class
A
..................................................
812,376
$
19,465
The
Walt
Disney
Co.
....................................................
225,917
21,731
Verizon
Communications,
Inc.
..............................................
220,538
10,323
51,519
Consumer
Discretionary
(9.8%):
Amazon.com,
Inc.
(a)
....................................................
32,838
8,918
Darden
Restaurants,
Inc.
..................................................
26,661
5,428
Ford
Motor
Co.
........................................................
1,018,359
14,950
Lowe's
Cos.,
Inc.
.......................................................
75,433
15,676
McDonald's
Corp.
......................................................
15,260
4,130
NIKE,
Inc.
,
Class
B
.....................................................
189,334
7,897
The
Home
Depot,
Inc.
...................................................
24,498
8,132
The
TJX
Cos.,
Inc.
......................................................
89,304
14,051
79,182
Consumer
Staples
(8.2%):
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
187,496
7,792
Mondelez
International,
Inc.
,
Class
A
.........................................
88,922
5,541
PepsiCo,
Inc.
..........................................................
116,992
16,327
Target
Corp.
..........................................................
114,981
16,614
The
Hershey
Co.
.......................................................
55,819
9,771
The
Kraft
Heinz
Co.
.....................................................
420,079
10,859
66,904
Energy
(10.0%):
Chevron
Corp.
.........................................................
22,130
4,356
ConocoPhillips
Co.
.....................................................
199,228
24,003
Devon
Energy
Corp.
.....................................................
345,781
15,605
Expand
Energy
Corp.
....................................................
55,895
5,256
ExxonMobil
Holdings
Corp.
...............................................
204,074
31,721
80,941
Financials
(20.9%):
American
International
Group,
Inc.
..........................................
184,067
14,464
Bank
of
America
Corp.
...................................................
466,610
28,906
JPMorgan
Chase
&
Co.
..................................................
93,455
32,877
Morgan
Stanley
........................................................
55,200
11,615
Northern
Trust
Corp.
....................................................
92,448
16,843
State
Street
Corp.
.......................................................
130,197
23,977
Truist
Financial
Corp.
....................................................
344,707
17,870
Wells
Fargo
&
Co.
......................................................
264,684
22,882
169,434
Health
Care
(11.8%):
AbbVie,
Inc.
..........................................................
18,822
4,723
Bristol-Myers
Squibb
Co.
.................................................
295,476
19,298
Johnson
&
Johnson
.....................................................
86,269
22,115
Medtronic
PLC
........................................................
219,423
18,736
Sanofi
SA
,
ADR
........................................................
403,503
17,383
UnitedHealth
Group,
Inc.
.................................................
14,227
5,896
Zimmer
Biomet
Holdings,
Inc.
.............................................
84,594
7,946
96,097
Industrials
(13.1%):
3M
Co.
..............................................................
140,337
24,738
Carrier
Global
Corp.
.....................................................
61,266
3,787
Deere
&
Co.
..........................................................
12,489
7,402
Honeywell
Aerospace,
Inc.
(a)
..............................................
48,499
10,027
Honeywell
International,
Inc.
..............................................
48,499
11,788
Owens
Corning
........................................................
42,825
5,948
Rockwell
Automation,
Inc.
................................................
10,762
5,167
Union
Pacific
Corp.
.....................................................
38,845
11,348
Victory
Portfolios
IV
Victory
Pioneer
Equity
Income
Fund
3
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
United
Parcel
Service,
Inc.
,
Class
B
..........................................
249,478
$
26,000
106,205
Information
Technology
(14.0%):
Accenture
PLC
,
Class
A
..................................................
122,694
20,357
Cisco
Systems,
Inc.
.....................................................
187,163
21,709
HP,
Inc.
..............................................................
292,294
7,971
International
Business
Machines
Corp.
........................................
75,736
16,938
Microsoft
Corp.
........................................................
49,623
23,061
QUALCOMM,
Inc.
.....................................................
56,907
8,400
Salesforce,
Inc.
........................................................
53,138
9,779
Texas
Instruments,
Inc.
...................................................
18,664
5,146
113,361
Materials
(1.3%):
LyondellBasell
Industries
NV
,
Class
A
........................................
47,743
2,964
PPG
Industries,
Inc.
.....................................................
69,572
7,689
10,653
Real
Estate
(0.8%):
AvalonBay
Communities,
Inc.
..............................................
34,112
6,331
Utilities
(3.7%):
CMS
Energy
Corp.
......................................................
117,929
8,490
Duke
Energy
Corp.
......................................................
123,658
15,510
Eversource
Energy
......................................................
80,830
5,787
29,787
Total
Common
Stocks
(Cost
$612,428)
a
a
a
810,414
Total
Investments
(Cost
$612,428)
—
99.9%
810,414
Other
assets
in
excess
of
liabilities
—  0.1%
1,143
NET
ASSETS
-
100.00%
$
811,557
At
July
31,
2026,
the
Fund's
investments
in
foreign
securities
were
7.0%
of
net
assets.
(a)
Non-income
producing
security.
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
July
31,
2026
Victory
Portfolios
IV
Victory
Pioneer
Floating
Rate
Fund
4
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(0.2%)
ABS
Other
(0.2%):
US
Bank
NA,
Series
2025-SUP1,
Class
D,
6.32%
(SOFR30A+270bps),
2/25/32,
Callable
12/25/28
@
100(a)(b)(c)
..............................................
$
428
$
432
Total
Asset-Backed
Securities
(Cost
$428)
a
a
a
432
Collateralized
Loan
Obligations
(3.4%)
Cash
Flow
CLO
(3.4%):
CIFC
Funding
Ltd.
......................................................
Series
2025-2A,
Class
D2,
7.30%
(
TSFR3M+355bps),
4/15/38,
Callable
4/15/27
@
100(a)(b)
.........................................................
1,000
980
Series
2025-2A,
Class
E,
8.15%
(TSFR3M+440bps),
4/15/38,
Callable
4/15/27
@
100(a)
(b)
.............................................................
1,000
987
Crown
Point
CLO
Ltd.,
Series
2021-11A,
Class
ER,
9.90%
(TSFR3M+615bps)
,
2/28/38,
Callable
4/17/27
@
100(a)(b)
..........................................
1,000
957
Dryden
41
Senior
Loan
Fund,
Series
2015-41A,
Class
DR,
6.61%
(TSFR3M+286bps),
4/15/31,
Callable
10/15/26
@
100(a)(b)
.........................................
1,000
1,004
Magnetite
XXX
Ltd.,
Series
2021-30A,
Class
D2R,
7.81%
(TSFR3M+400bps),
10/25/37,
Callable
10/25/26
@
100(a)(b)
.........................................
1,000
1,002
Voya
CLO
Ltd.
........................................................
Series
2025-1A,
Class
D2,
7.48%
(TSFR3M+375bps),
4/20/38,
Callable
4/20/27
@
100(a)(b)
.........................................................
1,000
981
Series
2025-1A,
Class
E,
8.33%
(TSFR3M+460bps),
4/20/38,
Callable
4/20/27
@
100(a)
(b)
.............................................................
1,000
987
6,898
Total
Collateralized
Loan
Obligations
(Cost
$7,007)
a
a
a
6,898
Collateralized
Mortgage
Obligations
(0.1%)
Commercial
MBS
(0.1%):
FREMF
Mortgage
Trust
..................................................
Series
2020-KF74,
Class
C,
10.00%
(SOFR30A+636bps),
1/25/27(a)(b)
............
74
74
Series
2020-KF83,
Class
C,
12.75%
(SOFR30A+911bps),
7/25/30
,
Callable
6/25/30
@
100(a)(b)
.........................................................
92
95
169
Total
Collateralized
Mortgage
Obligations
(Cost
$170)
a
a
a
169
Shares
Common
Stocks
(0.3%)
Health
Care
(0.0%):
Sound
Inpatient
Physicians(d)(e)
............................................
414,755
—
—
Industrials
(0.3%):
Grupo
Aeromexico
SAB
de
CV(d)
...........................................
339,540
526
Total
Common
Stocks
(Cost
$255)
a
a
a
526
Principal
Amount
(000)
Senior
Secured
Loans
(75.9%)
Communication
Services
(1.2%):
Houghton
Mifflin
Harcourt
Co.,
Term
B
Loan,
First
Lien,
9.08%
(SOFR01M+535bps),
4/9/29(a)
.........................................................
$
1,436
1,022
Level
3
Financing,
Inc.,
Term
B-5
Refinancing
Loan
(SOFR01M+275bps),
3/29/32(f)
......
780
784
Nexstar
Media,
Inc.,
Term
B7
Loan,
6.48%
(SOFR01M+275bps),
3/21/33(a)
............
242
242
Windstream
Services
LLC,
2025
Term
Loan,
7.64%
(SOFR01M+400bps),
10/6/32(a)
......
306
307
2,355
Consumer
Discretionary
(8.6%):
AI
Aqua
Merger
Sub,
Inc.
FKA
Osmosis
Buyer
Ltd.,
Initial
Term
B
USD
Loans,
6.15%
(SOFR01M+250bps),
7/5/33(a)
.........................................
370
370
Victory
Portfolios
IV
Victory
Pioneer
Floating
Rate
Fund
5
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
American
Axle
&
Manufacturing
Inc.,
Tranche
C
Term
Loan,
6.93%
(SOFR01M+325bps),
2/3/33(a)
.........................................................
$
1,234
$
1,242
Aramark
Services,
Inc.
U.S.
Term
B-10
Loan,
5.48%
(SOFR01M+175bps),
6/24/30(a)
.....
1,139
1,142
Caesars
Entertainment,
Inc.,
Incremental
Term
B-1
Loan,
5.98%
(SOFR01M+225bps),
2/6/31(a)
.........................................................
383
367
Champions
Financing,
Inc.,
Initial
Term
Loans,
8.42%
(SOFR03M+475bps),
2/23/29(a)
....
1,545
1,505
Clear
Channel
Outdoor
Holdings,
Inc.,
2024
Refinancing
Term
Loan,
7.85%
(SOFR01M+400bps),
8/23/28(a)
........................................
801
805
Discovery
Global
Holdings,
Inc.,
Initial
Dollar
Term
Loan,
6.23%
(SOFR01M+250bps),
6/3/33(a)
.........................................................
681
683
Great
Outdoors
Group
LLC,
Term
B-3
Loan,
6.98%
(SOFR01M+325bps),
1/23/32(a)
......
1,227
1,234
Harbor
Freight
Tools
USA,
Inc.,
Initial
Term
Loan,
5.98%
(SOFR01M+225bps),
6/11/31(a)
..
1,440
1,440
Life
Time,
Inc.,
2025
Repriced
Term
Loan
B,
First
Lien,
5.67%
(SOFR01M+200bps),
11/5/31(a)
........................................................
320
321
Lucky
Bucks
LLC,
First
Out
Priority
Exit
Term
Loans,
11.25%
(SOFR06M+765bps),
10/2/28(a)
........................................................
89
83
Lucky
Bucks
LLC,
Priority
Second
Out
Term
Loan,
11.25%
(SOFR06M+765bps),
10/2/29(a)
191
115
McGraw-Hill
Education,
Inc.,
Term
Loan
B
(2025),
6.23%
(SOFR01M+250bps),
8/6/31(a)
..
950
952
Petco
Health
and
Wellness
Co.,
Inc.,
2026
Term
Loan,
7.98%
(SOFR03M+425bps),
2/3/31(a)
1,290
1,289
PetSmart,
Inc.,
Term
Loan
B,
7.72%
(SOFR01M+400bps),
8/18/32(a)
.................
1,624
1,630
River
Rock
Entertainment
Authority,
Term
Loan,
12.65%
(SOFR01M+900bps),
11/24/31(a)
.
555
547
SP
Motion
Holdco
Ltd.,
6/24/33(f)
...........................................
187
187
Sunrise
HoldCo
III
BV
(f/k/a
UPC
Broadband
Holding
BV),
Facility
AAA,
6.34%
(SOFR06M+247bps),
2/17/32(a)
........................................
1,174
1,158
The
Men's
Wearhouse
LLC,
Initial
Term
Loan,
9.41%
(SOFR03M+575bps),
1/28/31(a)
.....
143
144
Townsquare
Media,
Inc.,
Initial
Term
Loan,
8.59%
(SOFR06M+500bps),
2/19/30(a)
.......
983
727
Travel
+
Leisure
Co.,
2024
Incremental
Term
(2025)
Loan,
5.73%
(SOFR01M+200bps),
12/14/29(a)
.......................................................
978
980
USI,
Inc.,
2024
Term
Loan,
5.98%
(SOFR03M+225bps),
9/27/30(a)
..................
603
603
17,524
Consumer
Staples
(3.1%):
Chobani
LLC,
October
2025
Term
Loan
B,
First
Lien,
5.98%
(SOFR01M+225bps),
10/28/32(a)
.......................................................
3,234
3,250
Froneri
International
Ltd.,
Facility
B6,
6.45%
(SOFR06M+250bps),
9/30/32(a)
...........
950
946
Jupiter
Buyer,
Inc.,
Initial
Term
Loan,
7.73%
(SOFR03M+400bps),
11/3/31(a)
...........
1,170
1,178
Reynolds
Consumer
Products
LLC,
Term
Loan
B,
5.48%
(SOFR01M+175bps),
3/4/32(a)
...
721
725
Treehouse
Foods,
Inc.,
Initial
Term
Loan,
7.98%
(SOFR01M+425bps),
2/4/33(a)
.........
189
190
6,289
Energy
(0.9%):
Bayonne
Energy
Center
LLC,
Term
Loan,
6.73%
(SOFR03M+300bps),
10/1/32(a)
........
543
547
Meade
Pipeline
Co.
LLC,
Term
Loan
B,
5.68%
(SOFR03M+200bps),
9/22/32(a)
.........
390
390
Traverse
Midstream
Partners
LLC,
Term
Loan
B,
5.99%
(SOFR03M+225bps),
4/21/33(a)
...
886
887
1,824
Financials
(32.8%):
1261229
BC
Ltd.,
Initial
Term
Loan,
9.98%
(SOFR01M+625bps),
10/8/30(a)
............
950
924
Acrisure
LLC,
2025
Term
Loan
B7,
6.98%
(SOFR01M+325bps),
6/21/32(a)
............
852
771
Ahead
DB
Holdings
LLC,
Term
B-5
Facility,
6.23%
(SOFR03M+250bps),
2/3/31(a)
.......
1,291
1,283
Ahlstrom
Holding
3
Oy
FKA
Spa
Holdings
3,
Additional
Facility
B1,
8.24%
(SOFR03M+451bps),
5/24/30(a)
........................................
631
633
AIP
RD
Buyer
Corp.,
Term
B
Loan,
First
Lien,
7.23%
(SOFR01M+350bps),
12/23/30(a)
...
1,341
1,331
Allspring
Buyer
LLC,
2024
Specified
Refinancing
Term
Loan,
6.75%
(SOFR03M+300bps),
11/1/30(a)
........................................................
844
849
Apple
Bidco
LLC,
Term
Loan,
6.23%
(SOFR01M+250bps),
9/23/31(a)
................
1,297
1,301
ARC
Falcon
I,
Inc.,
Initial
Term
B
Loans,
8.15%
(SOFR01M+450bps),
4/1/33(a)
.........
1,582
1,460
Arcline
FM
Holdings
LLC,
2025-1
Term
Loan,
6.60%
(SOFR06M+275bps),
6/24/30(a)
....
1,699
1,706
Arsenal
AIC
Parent
LLC,
2025
Term
B
Loan,
6.48%
(SOFR01M+275bps),
8/19/30(a)
.....
864
869
AS
Mileage
Plan
IP
Ltd.,
2026
Incremental
Term
Loan,
5.73%
(SOFR03M+200bps),
5/12/33(a)
........................................................
559
559
Asurion
LLC,
New
B-12
Term
Loan,
8.07%
(SOFR03M+425bps),
9/19/30(a)
............
604
590
Asurion
LLC,
New
B-14
Term
Loans,
7.57%
(SOFR03M+375bps),
2/23/33(a)
...........
2,175
2,044
Asurion
LLC,
New
B-4
Term
Loan,
9.33%
(SOFR03M+551bps),
1/22/29(a)
............
294
293
Carriage
Purchaser,
Inc.,
Term
B
Loan,
7.23%
(SOFR01M+350bps),
9/29/28(a)
..........
1,613
1,621
Victory
Portfolios
IV
Victory
Pioneer
Floating
Rate
Fund
6
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Chariot
Buyer
LLC,
2025
New
Term
Loan
B,
6.73%
(SOFR01M+300bps),
9/8/32(a)
......
$
1,203
$
1,206
Chase
Corp.,
Initial
Term
Loan,
7.76%
(SOFR03M+400bps),
4/12/32(a)
...............
1,012
1,015
Citadel
Securities
LP,
2026
Term
Loans,
5.66%
(SOFR03M+200bps),
6/10/33(a)
.........
1,331
1,331
Clydesdale
Acquisition
Holdings,
Inc.,
2025
Incremental
Closing
Date
Term
B
Loan,
6.98%
(SOFR01M+325bps),
4/1/32(a)
.........................................
861
824
Clydesdale
Acquisition
Holdings,
Inc.,
Term
B
Loan,
6.91%
(SOFR01M+318bps),
4/13/29(a)
1,000
979
CoreWeave
Compute
Acquisition
Co.
IV
LLC,
Additional
Delayed
Draw
Term
Loan,
8.14%
(SOFRDAILY+450bps),
11/17/31(a)
.....................................
932
933
CPI
Holdco
B
LLC,
2025
Fourth
Amendment
Incremental
Term
Loan,
5.73%
(SOFR01M+200bps),
5/19/31(a)
........................................
580
580
Crown
Finance
US,
Inc.,
Term
Loan
B,
8.17%
(SOFR01M+450bps),
12/2/31(a)
..........
1,231
1,238
DIRECTV
Financing
LLC,
2026
Refinancing
Term
B
Loan
Facility,
8.32%
(SOFR03M+450bps),
8/2/29(a)
.........................................
583
587
Dotdash
Meredith,
Inc.,
Term
B-2
Loan,
7.15%
(SOFR01M+350bps),
6/16/32(a)
.........
476
451
DS
Parent,
Inc.,
Term
B
Loans,
9.23%
(SOFR03M+550bps),
1/31/31(a)
................
1,438
1,167
Eastern
Power
LLC,
Term
Loan
B,
8.48%
(SOFR01M+475bps),
4/3/29(a)
..............
1,756
1,766
EP
Purchaser
LLC,
Closing
Date
Term
Loan,
7.28%
(SOFR03M+361bps),
11/6/28(a)
......
1,202
775
Evergreen
AcqCo
1
LP,
2025
Initial
Term
Loan,
6.17%
(SOFR03M+250bps),
9/17/32(a)
....
420
421
Fiesta
Purchaser,
Inc.,
Second
Refinancing
Term
Loan,
6.48%
(SOFR01M+275bps),
2/12/31(a)
1,568
1,544
First
Advantage
Holdings
LLC,
Term
Loan
B,
6.48%
(SOFR03M+275bps),
10/31/31(a)
....
724
723
First
Student
Bidco,
Inc.,
Term
Loan
B,
5.98%
(SOFR03M+225bps),
8/15/30(a)
..........
272
273
Fleet
Midco
I
Ltd.,
Facility
B3
Term
Loan,
2/10/31(f)
.............................
679
680
Fortress
Intermediate
3,
Inc.,
2025
Term
Loan
B,
6.68%
(SOFR01M+300bps),
6/27/31(a)
...
1,366
1,366
Gainwell
Acquisition
Corp.,
Term
B
Loan,
7.83%
(SOFR03M+410bps),
10/1/27(a)
........
2,193
2,176
Genesys
Cloud
Services
Holdings
II
LLC
(f/k/a
Greeneden
US
Holdings
II
LLC),
2025
Dollar
Term
Loans,
6.23%
(SOFR01M+250bps),
1/30/32(a)
.........................
1,000
966
Goat
Holdco
LLC,
Term
B
Loans,
6.23%
(SOFR01M+250bps),
1/27/32(a)
..............
413
414
Hamilton
Projects
Acquiror
LLC,
Term
Loan,
6.23%
(SOFR01M+250bps),
5/30/31(a)
.....
519
520
Hillenbrand,
Inc.,
Term
Loan
B,
7.23%
(SOFR01M+350bps),
2/10/33(a)
...............
175
173
Hudson
River
Trading
LLC,
Term
B-2
Loans,
6.17%
(SOFR01M+250bps),
3/18/30(a)
.....
888
887
Hyperion
Refinance
SARL.,
2025-2
Dollar
Term
Loan,
6.48%
(SOFR01M+275bps),
2/18/31(a)
........................................................
909
875
IMC
Financing
LLC,
Term
B-1
Loan,
6.22%
(SOFR01M+250bps),
6/21/32(a)
...........
451
453
Ineos
Finance
PLC,
2030
Dollar
Term
Loans,
6.98%
(SOFR01M+325bps),
2/19/30(a)
.....
1,063
1,008
Innio
North
America
Holding,
Inc.,
2026
Extended
Facility
B
(USD),
5.65%
(SOFR03M+200bps),
11/28/31(a)
.......................................
723
720
Inspired
Education
US
Holdings,
Inc.,
Facility
B7
Loan,
6.57%
(SOFR03M+275bps),
2/28/31(a)
........................................................
512
513
ION
Platform
Finance
US,
Inc.,
Initial
Dollar
Term
Loans,
7.48%
(SOFR03M+375bps),
9/30/32(a)
........................................................
1,506
1,197
Iron
Mountain
Information
Management
LLC,
Amendment
No.1
Incremental
Term
B
Loan,
5.73%
(SOFR01M+200bps),
1/31/31(a)
...................................
346
345
Jefferies
Finance
LLC,
Initial
Term
Loan
2024,
6.42%
(SOFR01M+275bps),
10/21/31(a)
...
652
653
LBM
Acquisition
LLC,
Amendment
No.
4
Incremental
Term
Loan,
8.72%
(SOFR01M+500bps),
6/6/31(a)
.........................................
774
664
LC
Ahab
US
Bidco
LLC,
Initial
Term
Loan,
6.32%
(SOFR03M+250bps),
5/1/31(a)
.......
570
571
Lightning
Power
LLC,
Initial
Term
B
Loan,
5.75%
(SOFR01M+200bps),
8/18/31(a)
.......
1,162
1,164
Long
Ridge
Energy
LLC,
Term
Loan
B,
8.23%
(SOFR03M+450bps),
2/19/32(a)
.........
1,188
1,191
LS
Group
OpCo
Acquisition
LLC,
Term
Loan
B,
6.17%
(SOFR03M+250bps),
4/23/31(a)
...
497
497
LSF12
Badger
Bidco
LLC,
2025
Term
Loan
B,
8.73%
(SOFR01M+500bps),
8/30/30(a)
....
924
924
M6
ETX
Holdings
II
Midco
LLC,
Term
Loan
B,
6.23%
(SOFR01M+250bps),
4/1/32(a)
....
651
655
Medline
Borrower
LP,
2030
Refinanced
Term
Loan,
5.23%
(SOFR01M+150bps),
5/31/33(a)
.
540
538
Mermaid
Bidco,
Inc.,
Facility
B
(USD)
Loan,
6.91%
(SOFR03M+325bps),
7/2/31(a)
......
381
376
Neptune
BidCo
US,
Inc.,
2026
Dollar
Term
B
Loan,
8.86%
(SOFR03M+510bps),
2/3/33(a)
..
965
961
Oak-Eagle
AcquireCo,
Inc.,
Term
Loan
B1,
3/24/33(f)
............................
680
685
OEP
Glass
Purchaser
LLC,
Initial
Term
Loans,
7.73%
(SOFR03M+400bps),
3/2/33(a)
.....
329
330
Olympus
Water
US
Holding
Corp.,
Term
B-6
Dollar
Loan,
6.73%
(SOFR03M+300bps),
6/23/31(a)
........................................................
484
484
Osttra
Group
Ltd.,
Term
Loan,
First
Lien,
7.26%
(SOFR03M+350bps),
10/12/32(a)
.......
496
498
Padagis
LLC,
Term
B
Loan,
8.74%
(SOFR03M+501bps),
7/6/28(a)
...................
1,151
1,108
Park
River
Holdings,
Inc.,
2025
Term
Loan
B,
First
Lien,
8.23%
(SOFR03M+450bps),
3/17/31(a)
........................................................
778
779
Phoenix
Guarantor,
Inc.,
Tranche
B-6
Loan,
5.73%
(SOFR01M+200bps),
2/21/31(a)
.......
1,748
1,750
Victory
Portfolios
IV
Victory
Pioneer
Floating
Rate
Fund
7
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Pioneer
OpCo
LLC,
Term
Loan
B,
7.00%
(SOFR01M+325bps),
5/6/33(a)
..............
$
187
$
188
SCIL
USA
Holdings
LLC,
Facility
B2,
7.65%
(SOFR03M+400bps),
10/29/32(a)
.........
871
875
Sedgwick
Claims
Management
Services,
Inc.,
2024
Term
Loan,
6.23%
(SOFR01M+250bps),
7/31/31(a)
........................................................
1,644
1,635
SGH2
LLC,
Initial
Dollar
Term
Loan,
8.23%
(SOFR03M+450bps),
8/18/32(a)
...........
908
912
Sword
Purchaser
LLC,
Initial
Dollar
Term
Loans,
7.73%
(SOFR01M+400bps),
4/11/33(a)
...
930
899
Tega
MC
Australia
Holdings
Pty
Ltd.,
Term
B
Loans,
7.16%
(SOFR03M+350bps),
3/25/33(a)
927
933
Tidal
Waste
&
Recycling
Holdings
LLC,
Term
Loan
B,
6.48%
(SOFR03M+275bps),
10/24/31(a)
.......................................................
902
903
Turquoise
Topco
Ltd.,
Initial
Term
Loans,
6.98%
(SOFR03M+325bps),
12/30/32(a)
.......
429
427
Vantor
Holdings,
Inc.,
Initial
Term
Loan,
8.12%
(SOFR06M+450bps),
3/3/33(a)
..........
520
523
Voyager
Parent
LLC,
2026
Refinancing
Term
B
Loan,
7.98%
(SOFR03M+425bps),
7/1/32(a)
744
746
WH
Borrower
LLC,
Initial
Term
Loan,
8.14%
(SOFR03M+450bps),
2/20/32(a)
..........
249
251
Windsor
Holdings
III
LLC,
2025
Refinancing
Term
Loan
B,
6.48%
(SOFR01M+275bps),
8/1/30(a)
.........................................................
585
587
67,047
Health
Care
(10.3%):
Amneal
Pharmaceuticals
LLC,
Amendment
No.
2
Term
Loan,
6.73%
(SOFR01M+300bps),
8/2/32(a)
.........................................................
1,301
1,306
DaVita,
Inc.,
2025
Tranche
B-2
Term
loan,
5.48%
(SOFR01M+175bps),
5/9/31(a)
........
693
693
Endo
Finance
Holdings,
Inc.,
Term
Loan
B,
7.48%
(SOFR01M+375bps),
4/23/31(a)
.......
958
960
EyeCare
Partners
LLC,
Tranche
B
Term
Loan,
4.83%
(SOFR03M+110bps),
11/30/28(a)
....
1,862
914
Hanger,
Inc.,
Delayed
Draw
Term
Loan,
7.23%
(SOFR01M+350bps),
10/23/31(a)
........
215
217
Hanger,
Inc.,
Initial
Term
Loan,
7.23%
(SOFR01M+350bps),
10/23/31(a)
...............
1,659
1,672
Hologic,
Inc.,
USD
Initial
Term
B
Loan,
5.99%
(SOFR03M+225bps),
4/7/33(a)
..........
638
628
Jazz
Financing
Lux
SARL,
Tranche
B-2
Dollar
Facility,
5.98%
(SOFR01M+225bps),
5/5/28(a)
1,114
1,118
LifePoint
Health,
Inc.,
Term
Loan
B,
7.50%
(SOFR03M+375bps),
5/19/31(a)
............
1,374
1,316
Lumexa
Imaging,
Inc.,
Amendment
No.
7
Replacement
Term
Loan,
6.23%
(SOFR03M+250bps),
12/17/32(a)
.......................................
833
836
McKesson
Medical-Surgical
Top
Holdings,
Inc.,
Amendment
No.
1
Term
B
Loans,
5.98%
(SOFR03M+225bps),
6/3/32(a)
.........................................
329
330
Option
Care
Health,
Inc.,
2025
Amendment
Term
Loans,
5.48%
(SOFR01M+175bps),
9/22/32(a)
........................................................
615
617
Organon
&
Co.,
Dollar
Term
Loan,
5.98%
(SOFR01M+225bps),
5/19/31(a)
.............
2,086
2,088
Select
Medical
Corp.,
Tranche
B-3
Term
Loans,
6.73%
(SOFR01M+300bps),
12/3/31(a)
....
423
425
Sotera
Health
Holdings
LLC,
2026
Refinancing
Term
Loan,
5.98%
(SOFR01M+225bps),
5/30/31(a)
........................................................
1,717
1,725
Sound
Inpatient
Physicians,
Inc.,
Tranche
B
Term
Loan,
8.99%
(SOFR03M+526bps),
6/28/28(a)
........................................................
1,277
1,251
Sound
Inpatient
Physicians,
Inc.,
Tranche
C
Term
Loan,
10.74%
(SOFR03M+701bps),
6/28/29(a)
........................................................
300
289
Summit
Behavioral
Healthcare
LLC,
First
Out
Term
Loan,
9.48%
(SOFR03M+575bps),
10/15/30(a)
.......................................................
203
205
Summit
Behavioral
Healthcare
LLC,
Second
Out
Term
Loan,
First
Lien,
7.98%
(SOFR03M+425bps),
10/15/30(a)
.......................................
1,269
803
U.S.
Renal
Care,
Inc.,
Closing
Date
Term
Loan,
8.85%
(SOFR01M+511bps),
6/28/28(a)
....
1,507
1,481
Upstream
Newco,
Inc.,
December
2025
Extended
Modified
Term
Loans,
8.24%
(SOFR03M+451bps),
11/20/29(a)
.......................................
2,397
2,226
21,100
Industrials
(10.9%):
AAdvantage
Loyalty
IP
Ltd.
(American
Airlines,
Inc.),
Repriced
Term
Loan,
5.98%
(SOFR03M+225bps),
4/20/28(a)
........................................
997
997
Adient
US
LLC,
Term
Loan
B-2,
5.73%
(SOFR01M+200bps),
1/29/31(a)
..............
434
435
Albion
Financing
3
SARL,
2025-A
Refinancing
USD
Term
Loans,
6.63%
(SOFR03M+300bps),
5/21/31(a)
........................................
1,619
1,627
Allied
Universal
Holdco
LLC,
Amendment
7
Replacement
U.S.
Dollar
Term
Loan,
6.98%
(SOFR01M+325bps),
8/20/32(a)
........................................
952
956
Carrix,
Inc.,
Delayed
Term
Loan,
7/18/33(f)
....................................
64
64
Carrix,
Inc.,
Term
Loan
B,
7/18/33(f)
.........................................
321
320
Columbus
McKinnon
Corp.,
Term
Loan
B,
7.23%
(SOFR03M+350bps),
2/3/33(a)
........
458
460
Core
&
Main
LP,
Tranche
F
Term
Loan,
5.48%
(SOFR01M+175bps),
7/1/33(a)
..........
424
426
Cornerstone
Building
Brands,
Inc.,
New
Term
Loan
B,
7.01%
(SOFR03M+335bps),
4/12/28(a)
440
226
Victory
Portfolios
IV
Victory
Pioneer
Floating
Rate
Fund
8
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Cyberswift
US
Finco
LLC,
Term
Loan
B,
7.48%
(SOFR03M+375bps),
10/8/32(a)
........
$
391
$
392
Formula
One
Management
Ltd.,
Term
Loan
B1,
5.48%
(SOFR03M+175bps),
9/19/31(a)
....
1,224
1,226
Garda
World
Security
Corp.,
Fifteenth
Additional
Term
Loan,
6.51%
(SOFR03M+275bps),
2/1/29(a)
.........................................................
184
184
Garrett
LX
I
SARL,
Dollar
Initial
Term
Loans,
5.57%
(SOFR03M+175bps),
1/30/32(a)
.....
186
186
Genesee
&
Wyoming,
Inc.,
Initial
Term
Loan
B,
5.48%
(SOFR03M+175bps),
4/10/31(a)
....
1,067
1,065
Gloves
Buyer,
Inc.,
Initial
Term
Loans,
7.42%
(SOFR03M+375bps),
5/24/32(a)
..........
879
881
Groupe
Solmax,
Inc.,
Term
Loan,
8.60%
(SOFR01M+486bps),
7/24/28(a)
..............
1,014
942
Karman
Holdings
LLC,
2026
Term
Loan
B
Incremental,
6.48%
(SOFR03M+275bps),
4/1/32(a)
.........................................................
845
850
Novae
LLC,
Tranche
B
Term
Loan,
8.88%
(SOFR03M+515bps),
12/22/28(a)
............
2,633
2,047
OneSky
Flight
LLC,
Initial
Term
Loan,
6.42%
(SOFR01M+275bps),
2/17/33(a)
..........
452
453
Pitney
Bowes,
Inc.,
Tranche
B
Term
Loan,
7.48%
(SOFR03M+375bps),
3/19/32(a)
........
1,129
1,131
Prime
Security
Services
Borrower
LLC
(fka
Protection
1
Security
Solutions),
2025
Incremental
Term
B-2
Loans,
5.41%
(SOFR01M+175bps),
3/8/32(a)
.......................
260
258
Prime
Security
Services
Borrower,
LLC
(aka
Protection
1
Security
Solutions),
Term
B1
Loan,
5.66%
(SOFR01M+200bps),
10/15/30(a)
..................................
858
856
Pro
Mach
Group,
Inc.,
Amendment
No.
8
Refinancing
Term
Loan,
6.23%
(SOFR01M+250bps),
10/18/32(a)
.......................................................
383
384
Quikrete
Holdings,
Inc.,
Tranche
B-3
Term
Loan,
5.98%
(SOFR01M+225bps),
2/10/32(a)
...
505
506
Shift4
Payments
LLC,
Amendment
No.
3
Refinancing
Term
Loan,
5.73%
(SOFR03M+200bps),
7/6/32(a)
.........................................................
575
575
Southern
Veterinary
Partners
LLC,
2025
New
Term
Loan,
6.16%
(SOFR03M+250bps),
12/4/31(a)
........................................................
620
621
Stonepeak
Nile
Parent
LLC,
Amendment
No.
3
Term
Loan,
5.66%
(SOFR03M+200bps),
4/9/32(a)
.........................................................
431
431
TransDigm,
Inc.,
New
Tranche
K
Term
Loan,
5.98%
(SOFR01M+225bps),
3/22/30(a)
.....
774
775
Tulip
Holdco
de
LLC,
7/21/33(f)
............................................
747
747
U.S.
Anesthesia
Partners,
Inc.,
Initial
Term
Loan,
7.76%
(SOFR01M+411bps),
10/2/28(a)
...
948
950
Verde
Purchaser
LLC,
Initial
Term
Loan,
7.73%
(SOFR03M+400bps),
11/29/30(a)
........
894
851
Vestis
Corp.,
Term
B-1
Loan,
5.92%
(SOFR03M+225bps),
2/24/31(a)
.................
496
493
22,315
Information
Technology
(5.2%):
ACI
Rover
Parent
LLC,
Initial
Loans,
5.98%
(SOFR03M+225bps),
6/8/33(a)
............
185
185
Amber
Acquisitionco
LLC,
7/25/33(f)
........................................
750
750
Cloud
Software
Group,
Inc.,
Tenth
Amendment
Tranche
B-2
Term
Loan,
6.98%
(SOFR03M+325bps),
3/24/31(a)
........................................
2,003
1,821
Coherent
Corp.
(f/k/a
II-VI
Incorporated),
New
Term
Loan
B,
5.48%
(SOFR01M+175bps),
7/2/29(a)
.........................................................
555
556
KBR,
Inc.,
2024
Refinancing
Term
Loans,
5.73%
(SOFR01M+200bps),
1/17/31(a)
........
735
737
MH
Sub
I
LLC,
2024
December
New
Term
Loans,
7.98%
(SOFR01M+425bps),
12/31/31(a)
.
2,319
2,073
MKS
Instruments,
Inc.,
2026-1
Dollar
Term
B
Loans,
5.42%
(SOFR01M+175bps),
2/4/33(a)
.
553
554
Project
Alpha
Intermediate
Holding,
Inc.,
Incremental
Term
Loan
B,
First
Lien,
6.98%
(SOFR03M+325bps),
10/28/30(a)
.......................................
958
753
Proofpoint,
Inc.,
2025-B
Incremental
Term
Loan,
6.73%
(SOFR03M+300bps),
8/31/28(a)
...
877
874
Smartronix
LLC,
Term
Loan,
8.23%
(SOFR01M+450bps),
2/9/32(a)
..................
1,214
1,159
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B-8
Loan,
5.73%
(SOFR01M+200bps),
5/9/31(a)
.........................................................
1,110
1,110
10,572
Materials
(1.5%):
Koppers,
Inc.,
2023
Term
B-2
Loan,
6.24%
(SOFR01M+250bps),
4/10/30(a)
............
1,213
1,218
Nouryon
Finance
BV,
2026
Term
Loan
B,
7.17%
(SOFR01M+350bps),
7/31/31(a)
........
238
238
Schweitzer-Mauduit
International,
Inc.,
New
Term
Loan
B,
8.23%
(SOFR01M+450bps),
4/4/33(a)
.........................................................
870
872
Worthington
Steel,
Inc.,
Initial
Term
Loan,
7.73%
(SOFR01M+400bps),
6/1/33(a)
........
801
805
3,133
Real
Estate
(0.3%):
QTS
Thunder
Managing
Issuer
LLC,
Term
Loan,
6.03%
(SOFR03M+225bps),
7/22/33(a)
...
96
94
RealPage,
Inc.,
Initial
Term
Loan,
First
Lien,
6.99%
(SOFR03M+326bps),
4/24/28(a)
......
621
595
689
Victory
Portfolios
IV
Victory
Pioneer
Floating
Rate
Fund
9
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Utilities
(1.1%):
Alpha
Generation
LLC,
Initial
Term
B
Loan,
5.48%
(SOFR01M+175bps),
9/30/31(a)
......
$
641
$
639
Alpha
Generation
LLC,
Term
Loan,
5.48%
(SOFR01M+175bps),
6/10/33(a)
............
345
343
Birdsboro
Power
LLC,
Term
Loan
B,
7.50%
(SOFR03M+375bps),
10/8/32(a)
...........
187
188
Lackawanna
Energy
Center
LLC,
Term
Loan
B,
6.43%
(SOFR01M+275bps),
8/5/32(a)
.....
401
401
Pathfinder
Power
LLC,
6/22/33(f)
...........................................
750
750
2,321
Total
Senior
Secured
Loans
(Cost
$159,221)
a
a
a
155,169
Corporate
Bonds
(7.1%)
Communication
Services
(1.0%):
Gray
Media,
Inc.,
7.25%,
8/15/33,
Callable
8/15/28
@
103.63(b)
.....................
575
569
Stagwell
Global
LLC,
5.63%,
8/15/29
,
Callable
9/5/26
@
100(b)
.....................
750
729
Uniti
Group
LP/Uniti
Group
Finance,
Inc./CSL
Capital
LLC,
8.63%,
6/15/32,
Callable
6/15/28
@
104.31(b)
......................................................
750
766
2,064
Energy
(1.4%):
CQP
Holdco
LP/BIP-V
Chinook
Holdco
LLC,
7.50%,
12/15/33,
Callable
12/15/28
@
103.75(b)
........................................................
330
346
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.,
6.88%,
5/15/34,
Callable
5/15/29
@
103.44(b)
...
1,000
979
Venture
Global
Calcasieu
Pass
LLC,
3.88%,
8/15/29,
Callable
2/15/29
@
100(b)
..........
500
476
Wildfire
Intermediate
Holdings
LLC,
7.50%,
10/15/29,
Callable
10/15/26
@
103.75(b)
.....
1,000
1,030
2,831
Financials
(1.2%):
Ally
Financial,
Inc.,
6.18%
(SOFR+229bps),
7/26/35,
Callable
7/26/34
@
100(a)
.........
1,000
1,004
Citizens
Financial
Group,
Inc.,
6.65%
(SOFR+233bps),
4/25/35,
Callable
4/25/34
@
100(a)
.
500
528
ION
Platform
Finance
US,
Inc./ION
Platform
Finance
SARL,
9.00%,
8/1/29,
Callable
9/5/26
@
104.5(b)
.......................................................
1,000
932
2,464
Health
Care
(0.5%):
AdaptHealth
LLC,
5.13%,
3/1/30,
Callable
8/16/26
@
101.28(b)
.....................
1,000
964
Industrials
(1.4%):
Goat
Holdco
LLC,
6.75%,
2/1/32,
Callable
2/1/28
@
103.38(b)
......................
1,000
1,016
OneSky
Flight
LLC,
8.88%,
12/15/29,
Callable
12/15/26
@
104.44(b)
.................
1,000
1,051
Shift4
Payments
LLC/Shift4
Payments
Finance
Sub,
Inc.,
6.75%,
8/15/32,
Callable
8/15/27
@
103.38(b)
........................................................
750
751
2,818
Information
Technology
(0.5%):
Cloud
Software
Group
LLC,
6.50%,
3/31/29,
Callable
8/16/26
@
103.25(b)
.............
1,000
977
Materials
(0.9%):
Methanex
US
Operations,
Inc.,
6.25%,
3/15/32,
Callable
9/15/31
@
100(b)
.............
1,000
1,010
Novelis
Corp.,
3.88%,
8/15/31,
Callable
9/5/26
@
101.94(b)
........................
1,000
908
1,918
Utilities
(0.2%):
Vistra
Operations
Co.
LLC,
4.38%,
5/1/29,
Callable
8/16/26
@
100(b)
.................
500
488
Total
Corporate
Bonds
(Cost
$14,379)
a
a
a
14,524
Insurance-Linked
Securities
(0.9%)
Event
Linked
Bonds
(0.9%):
Health
-
U.S.
-
(0.1%):
Vitality
Re
XIV,
7.04%
(FHMMUSTF+350bps),
1/5/27(a)(b)(g)
.....................
250
252
Multiperil
-
U.S.
-
(0.3%):
Bonanza
Re,
2024-1
B,
7.27%
(MSMMUSTF+350bps),
12/19/27(a)(b)(g)
..............
250
252
Sanders
Re
II
7.57%
(BRMMUSDF+399bps),
4/7/29(a)(b)(g)
.............................
250
252
8.94%
(BRMMUSDF+536bps),
4/7/29(a)(b)(g)
.............................
250
254
Victory
Portfolios
IV
Victory
Pioneer
Floating
Rate
Fund
10
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
(a)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
July
31,
2026.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
July
31,
2026,
the
fair
value
of
these
securities
was
$22,362
(thousands)
and
amounted
to
10.9%
of
net
assets.
(c)
Security
is
interest
only.
(d)
Non-income
producing
security.
(e)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
July
31,
2026.
(f)
The
rates
for
this
senior
secured
loan
will
be
known
on
settlement
date
of
the
loan,
subsequent
to
this
report
date.
Senior
secured
loans
have
rates
that
will
fluctuate
over
time
in
line
with
prevailing
interest
rates.
(g)
The
following
table
details
the
earliest
acquisition
date,
cost,
and
market
value
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
July
31,
2026
(amounts
in
thousands):
(h)
Amount
represents
less
than
0.05%
of
net
assets.
Security
Description
Principal
Amount
(000)
a
Value
(000)
Multiperil
-
U.S.
&
Canada
-
(0.3%):
Kilimanjaro
II
Re
9.83%
(
BRMMUSDF+625bps),
6/30/28(a)(b)(g)
............................
$
250
$
259
10.83%
(BRMMUSDF+725bps),
6/30/28(a)(b)(g)
...........................
250
260
Windstorm
-
Florida
-
(0.1%):
Integrity
Re,
4.04%
(FHMMUSTF+50bps),
6/6/30(a)(b)(g)
.........................
123
86
Windstorm
-
U.S.
Northeast
-
(0.1%):
3264
Re,
2024-1
A,
10.54%
(FHMMUSTF+700bps),
7/8/27(a)(b)(g)
..................
250
256
1,871
Reinsurance
Sidecars
(0.0%):(h)
Multiperil
-
Worldwide
-
(0.0%):(h)
Alturas
Re,
2022-3,
12/31/27(d)(g)(i)
.........................................
20
—(j)
Total
Insurance-Linked
Securities
(Cost
$1,873)
a
a
a
1,871
Shares
Exchange-Traded
Funds
(1.0%)
Invesco
Senior
Loan
ETF
.................................................
50,000
1,020
State
Street
Blackstone
Senior
Loan
ETF
......................................
25,000
1,010
Total
Exchange-Traded
Funds
(Cost
$2,056)
a
a
a
2,030
Short-Term
Investments
(10.7%)
Principal
Amount
(000)
a
a
a
a
U.S.
Treasury
Obligations
(10.7%):
U.S.
Treasury
Bills
0.90%,
8/4/26(k)
...................................................
$
14,000
13,999
3.07%,
8/20/26(k)
..................................................
3,981
3,974
3.33%,
9/3/26(k)
...................................................
4,000
3,987
Total
U.S.
Treasury
Obligations
21,960
Total
Short-Term
Investments
(Cost
$21,956)
a
a
a
21,960
Total
Investments
(Cost
$207,345)
—
99.6%
203,579
Other
assets
in
excess
of
liabilities
—  0.4%
909
NET
ASSETS
-
100.00%
$
204,488
At
July
31,
2026,
the
Fund's
investments
in
foreign
securities
were
8.4%
of
net
assets.
Security
Name
Acquisition
Date
Cost
Value
3264
Re,
2024-1
A
..................................................
6/24/24
$
250
$
256
Alturas
Re,
2022-3
..................................................
4/11/23
—
—
Bonanza
Re,
2024-1
B
...............................................
12/16/24
250
252
Integrity
Re
.......................................................
5/9/22
123
86
Kilimanjaro
II
Re,
2024-1
A
...........................................
6/24/24
250
259
Kilimanjaro
II
Re,
2024-1
B
...........................................
6/24/24
250
260
Sanders
Re
II,
2024-3
A
..............................................
12/10/24
250
252
Sanders
Re
II,
2024-3
B
..............................................
12/10/24
250
254
Vitality
Re
XIV
....................................................
1/25/23
250
252
Total
(0.9%
of
net
assets)
$1,873
$1,871
Victory
Portfolios
IV
Victory
Pioneer
Floating
Rate
Fund
11
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
(i)
Issued
as
preference
shares.
(j)
Rounds
to
less
than
$1
thousand.
(k)
Rate
represents
the
effective
yield
at
July
31,
2026.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
BRMMUSDF
—
BlackRock
Liquidity
Fund
Treasury
Trust
Fund
Portfolio
Fund
Yield
CLO
—
Collateralized
Loan
Obligations
ETF
—
Exchange-Traded
Fund
FREMF
—
Freddie
Mac
Multifamily
Fixed-Rate
Mortgage
Loans
FHMMUSTF
—
Federated
Hermes
U.S.
Treasury
Cash
Reserves
Fund
Yield
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MSMMUSTF
—
Morgan
Stanley
Institutional
Liquidity
Funds
Treasury
Securities
Portfolio
Fund
Yield
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFRDAILY
—
Secured
Overnight
Financing
Rate
Daily
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
July
31,
2026.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
July
31,
2026.
SOFR06M
—
6
Month
SOFR,
rate
disclosed
as
of
July
31,
2026.
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
July
31,
2026.
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
July
31,
2026.
Forward
Currency
Contracts
At
July
31,
2026,
the
Fund's
open
forward
currency
contracts
were
as
follows:
Currency
Purchased
In
Exchange
for
(000)
Currency
Sold
Deliver
(000)
Counterparty
Settlement
Date
Net
Unrealized
Appreciation/
(Depreciation)
(000)
U.S.
Dollar
674
Mexican
Peso
11,987
State
Street
9/25/26
$
(15)
Total
Net
Forward
Currency
Contracts
$
(15)
Schedule
of
Portfolio
Investments
July
31,
2026
Victory
Portfolios
IV
Victory
Pioneer
Mid
Cap
Value
Fund
12
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(100.0%)
Communication
Services
(1.9%):
Fox
Corp.
,
Class
A
......................................................
257,251
$
14,980
Consumer
Discretionary
(8.8%):
D.R.
Horton,
Inc.
.......................................................
78,247
11,194
eBay,
Inc.
............................................................
104,792
11,947
Expedia
Group,
Inc.
.....................................................
52,131
15,365
Ford
Motor
Co.
........................................................
594,248
8,724
Genuine
Parts
Co.
......................................................
115,345
14,346
Lear
Corp.
............................................................
56,408
7,369
68,945
Consumer
Staples
(6.3%):
Maplebear,
Inc.
(a)
......................................................
154,991
6,912
Sprouts
Farmers
Market,
Inc.
(a)
............................................
98,688
8,602
Sysco
Corp.
...........................................................
159,294
13,578
Target
Corp.
..........................................................
64,439
9,311
The
Clorox
Co.
........................................................
57,732
5,515
The
Hershey
Co.
.......................................................
27,717
4,852
48,770
Energy
(9.8%):
Baker
Hughes
Co.
,
Class
A
................................................
244,143
14,768
Chord
Energy
Corp.
.....................................................
138,485
19,440
Devon
Energy
Corp.
.....................................................
559,053
25,230
Range
Resources
Corp.
...................................................
278,963
11,198
Valero
Energy
Corp.
.....................................................
19,871
6,218
76,854
Financials
(23.0%):
American
International
Group,
Inc.
..........................................
175,003
13,752
Citizens
Financial
Group,
Inc.
..............................................
238,552
17,092
M&T
Bank
Corp.
.......................................................
93,555
23,042
Northern
Trust
Corp.
....................................................
135,639
24,712
Old
Republic
International
Corp.
............................................
225,032
9,723
Raymond
James
Financial,
Inc.
.............................................
127,274
22,398
Regions
Financial
Corp.
..................................................
513,338
15,888
State
Street
Corp.
.......................................................
193,714
35,674
Truist
Financial
Corp.
....................................................
332,776
17,251
179,532
Health
Care
(6.7%):
Biogen,
Inc.
(a)
.........................................................
54,604
11,082
GE
HealthCare
Technologies,
Inc.
...........................................
197,716
13,449
Labcorp
Holdings,
Inc.
...................................................
38,220
11,817
Zimmer
Biomet
Holdings,
Inc.
.............................................
165,898
15,583
51,931
Industrials
(17.3%):
AerCap
Holdings
NV
....................................................
85,723
12,936
AGCO
Corp.
..........................................................
131,777
13,462
Delta
Air
Lines,
Inc.
.....................................................
106,662
9,326
Dover
Corp.
...........................................................
80,595
16,491
Emerson
Electric
Co.
....................................................
54,003
8,091
Fortune
Brands
Innovations,
Inc.
............................................
182,826
9,006
Generac
Holdings,
Inc.
(a)
.................................................
24,215
4,773
J.B.
Hunt
Transport
Services,
Inc.
...........................................
47,058
12,788
Paychex,
Inc.
..........................................................
39,866
4,658
Regal
Rexnord
Corp.
....................................................
61,441
12,609
Rockwell
Automation,
Inc.
................................................
24,943
11,975
Terex
Corp.
...........................................................
82,545
5,187
The
Brink's
Co.
........................................................
65,739
7,787
WESCO
International,
Inc.
................................................
18,270
6,276
135,365
Victory
Portfolios
IV
Victory
Pioneer
Mid
Cap
Value
Fund
13
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Information
Technology
(8.2%):
CDW
Corp.
...........................................................
45,527
$
6,729
Motorola
Solutions,
Inc.
..................................................
24,915
10,857
NetApp,
Inc.
..........................................................
91,153
16,271
Ralliant
Corp.
.........................................................
149,191
9,753
Trimble,
Inc.
(a)
........................................................
129,828
7,346
Western
Digital
Corp.
....................................................
11,437
6,231
Zoom
Communications,
Inc.
,
Class
A
(a)
......................................
72,949
7,008
64,195
Materials
(4.0%):
Amrize
Ltd.
(a)
.........................................................
195,968
9,585
International
Paper
Co.
...................................................
213,468
8,716
PPG
Industries,
Inc.
.....................................................
117,188
12,951
31,252
Real
Estate
(6.9%):
AvalonBay
Communities,
Inc.
..............................................
51,931
9,639
Extra
Space
Storage,
Inc.
.................................................
52,431
7,762
First
Industrial
Realty
Trust,
Inc.
............................................
114,567
7,543
Gaming
and
Leisure
Properties,
Inc.
.........................................
181,006
8,108
Healthpeak
Properties,
Inc.
................................................
192,212
4,196
Host
Hotels
&
Resorts,
Inc.
................................................
312,383
7,850
Kimco
Realty
Corp.
.....................................................
338,898
8,635
53,733
Utilities
(7.1%):
CenterPoint
Energy,
Inc.
..................................................
411,841
17,314
Eversource
Energy
......................................................
219,829
15,738
Exelon
Corp.
..........................................................
213,826
9,797
Public
Service
Enterprise
Group,
Inc.
.........................................
160,894
12,337
55,186
Total
Common
Stocks
(Cost
$547,689)
a
a
a
780,743
Total
Investments
(Cost
$547,689)
—
100.0%
780,743
Other
assets
in
excess
of
liabilities
—  0.0%(b)
147
NET
ASSETS
-
100.00%
$
780,890
(a)
Non-income
producing
security.
(b)
Amount
represents
less
than
0.05%
of
net
assets.
Schedule
of
Portfolio
Investments
July
31,
2026
Victory
Portfolios
IV
Victory
Pioneer
Equity
Premium
Income
Fund
14
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(40.5%)
Communication
Services
(1.3%):
Verizon
Communications,
Inc.
..............................................
46,069
$
2,157
Consumer
Discretionary
(0.3%):
Brightstar
Lottery
PLC
...................................................
54,886
551
Consumer
Staples
(3.7%):
Altria
Group,
Inc.
.......................................................
31,257
2,136
Ambev
SA,
ADR
.......................................................
368,277
1,145
British
American
Tobacco
PLC,
ADR
........................................
20,000
1,213
Magnit
PJSC(a)(b)(c)
....................................................
23,507
—
WH
Group
Ltd.(d)
......................................................
1,500,500
1,617
6,111
Energy
(4.0%):
BP
PLC,
ADR
.........................................................
75,931
3,433
Chord
Energy
Corp.
.....................................................
10,021
1,407
Enbridge,
Inc.
.........................................................
26,700
1,454
LUKOIL
PJSC(a)(b)(c)
..................................................
45,047
—
WhiteHawk
Minerals
Corp.,
Class
A(a)
.......................................
14,855
393
6,687
Financials
(17.0%):
AGNC
Investment
Corp.
.................................................
144,584
1,541
ASR
Nederland
NV
.....................................................
38,462
3,144
Aviva
PLC
............................................................
159,319
1,489
Banco
de
Sabadell
SA
...................................................
452,069
1,733
BW
LPG
Ltd.(d)
.......................................................
98,487
2,228
Citizens
Financial
Group,
Inc.
..............................................
43,755
3,135
DBS
Group
Holdings
Ltd.
.................................................
65,120
3,758
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
.................................
154,700
1,792
ING
Groep
NV,
ADR
....................................................
40,000
1,397
Oversea-Chinese
Banking
Corp.
Ltd.
.........................................
99,600
2,262
PayPal
Holdings,
Inc.
....................................................
8,847
506
Redwood
Trust,
Inc.
.....................................................
297,974
1,362
Regions
Financial
Corp.
..................................................
70,524
2,183
T-Tekhnologii
MKPAO,
GDR(a)(b)
..........................................
17,852
—
U.S.
Bancorp
..........................................................
30,520
1,923
28,453
Health
Care
(2.0%):
Bristol-Myers
Squibb
Co.
.................................................
30,900
2,018
Pfizer,
Inc.
............................................................
53,214
1,331
3,349
Industrials
(2.2%):
CSG
NV(a)
...........................................................
981
18
Paychex,
Inc.
..........................................................
17,082
1,996
Star
Bulk
Carriers
Corp.
..................................................
55,231
1,588
3,602
Information
Technology
(1.3%):
Accenture
PLC,
Class
A
..................................................
6,604
1,096
International
Business
Machines
Corp.
........................................
5,099
1,140
2,236
Materials
(1.6%):
Amcor
PLC
...........................................................
18,303
822
Rio
Tinto
PLC,
ADR
....................................................
19,475
1,886
2,708
Real
Estate
(2.3%):
BXP,
Inc.
.............................................................
17,830
1,251
Cousins
Properties,
Inc.
..................................................
49,452
1,560
Douglas
Emmett,
Inc.
....................................................
90,449
1,069
3,880
Victory
Portfolios
IV
Victory
Pioneer
Equity
Premium
Income
Fund
15
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Utilities
(4.8%):
Dominion
Energy,
Inc.
...................................................
41,915
$
2,899
Eversource
Energy
......................................................
36,203
2,592
FirstEnergy
Corp.
.......................................................
54,170
2,617
8,108
Total
Common
Stocks
(Cost
$57,743)
a
a
a
67,842
Preferred
Stocks
(0.1%)
Real
Estate
(0.1%):
Wheeler
Real
Estate
Investment
Trust,
Inc.(a)(b)
.................................
204
78
Total
Preferred
Stocks
(Cost
$168)
a
a
a
78
Convertible
Preferred
Stocks
(0.5%)
Communication
Services
(0.5%):
Alphabet,
Inc.,
Series
B,
6.25%
.............................................
17,788
893
Total
Convertible
Preferred
Stocks
(Cost
$849)
a
a
a
893
Principal
Amount
(000)
Equity
Linked
Notes
(57.6%)
Communication
Services
(2.0%):
JPMorgan
Structured
Products
BV
(Spotify
Technology
SA),
16.32%,
4/7/27
............
$
2
733
Netflix,
Inc.
(Netflix,
Inc.),
12.01%,
2/1/27
.....................................
13
1,002
The
Toronto-Dominion
Bank
(Reddit,
Inc.),
20.39%,
4/1/27
........................
9
1,303
Wells
Fargo
Bank
NA
(Pinterest,
Inc.),
15.18%,
10/13/26
..........................
14
347
Wells
Fargo
Bank
NA
(Stubhub
Holdings,
Inc.),
34.45%,
10/16/26
....................
4
42
3,427
Consumer
Discretionary
(9.3%):
Bank
of
Montreal
(Carter's,
Inc.),
19.93%,
5/17/27(d)
.............................
32
1,219
BNP
Paribas
Issuance
BV
(On
Holding
AG),
16.23%,
12/17/26
......................
15
603
BNP
Paribas
Issuance
BV
(Victoria's
Secret
&
Co.),
21.64%,
1/22/27(d)
................
18
1,209
BNP
Paribas
Issuance
BV
(YETI
Holdings,
Inc.),
15.32%,
8/3/26,
MTN(d)
.............
28
1,187
BNP
Paribas
SA
(Dick'S
Sporting
Goods,
Inc.),
16.38%,
8/5/27
......................
6
1,213
Canadian
Imperial
Bank
of
Commerce
(First
Watch
Restaurant
Group,
Inc.),
17.00%,
12/10/26
60
852
Canadian
Imperial
Bank
of
Commerce
(Mobileye
Global,
Inc.),
19.50%,
12/4/26
.........
129
1,104
Citigroup
Global
Markets
Holdings,
Inc.
(Kura
Sushi
USA,
Inc.),
15.71%,
12/10/26(d)
.....
15
695
Draftkings,
Inc.
(DraftKings,
Inc.),
18.85%,
2/1/27
...............................
36
920
Goldman
Sachs
Bank
USA
(Five
Below,
Inc.),
15.23%,
10/22/26
.....................
7
1,197
JPMorgan
Chase
&
Co.
(DraftKings,
Inc.),
16.16%,
8/5/27
.........................
14
337
JPMorgan
Structured
Products
BV
(Crocs,
Inc.),
14.76%,
8/6/26
.....................
10
1,167
Merrill
Lynch
BV
(Aritzia,
Inc.),
15.80%,
8/5/27
................................
13
1,246
Royal
Bank
of
Canada
(DoorDash,
Inc.),
16.57%,
6/15/27(d)
........................
8
1,318
Societe
Generale
SA
(Etsy,
Inc.),
19.03%,
6/4/27
................................
19
1,294
15,561
Consumer
Staples
(4.1%):
BNP
Paribas
Issuance
BV
(elf
Beauty,
Inc.),
19.82%,
3/19/27
.......................
16
1,251
BNP
Paribas
Issuance
BV
(Vita
Coco
Co.,
Inc.),
20.24%,
9/23/26
....................
14
837
BNP
Paribas
SA
(Sprouts
Farmers
Market,
Inc.),
17.08%,
8/10/27
....................
5
401
Citigroup
Global
Markets
Holdings,
Inc.
(Sprouts
Farmers
Market,
Inc.),
17.00%,
7/8/27
....
14
1,250
The
Toronto-Dominion
Bank
(Celsius
Holdings,
Inc.)
19.29%,
10/9/26
....................................................
13
415
19.81%,
12/15/26
...................................................
26
834
Wells
Fargo
Bank
NA
(Maplebear,
Inc.),
17.24%,
6/4/27
...........................
30
1,281
Wells
Fargo
Bank
NA
(Simply
Good
Foods
Co.),
12.83%,
1/27/27
....................
54
606
6,875
Energy
(2.8%):
Bank
of
Montreal
(Cameco
Corp.),
19.85%,
3/2/27
...............................
9
867
Canadian
Imperial
Bank
of
Commerce
(Cameco
Corp.),
19.25%,
11/19/26
..............
15
1,327
Goldman
Sachs
Bank
USA
(APA
Corp.),
17.56%,
3/16/27
..........................
35
1,187
Victory
Portfolios
IV
Victory
Pioneer
Equity
Premium
Income
Fund
16
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
JPMorgan
Structured
Products
BV
(Energy
Fuels,
Inc.),
22.50%,
8/21/26
...............
$
69
$
768
Royal
Bank
of
Canada
(Ovintiv,
Inc.),
13.39%,
9/18/26(d)
..........................
10
472
4,621
Financials
(1.4%):
HSBC
Bank
PLC
(Affirm
Holdings,
Inc.),
20.70%,
1/26/27
.........................
16
1,115
Royal
Bank
of
Canada
(PayPal
Holdings,
Inc.),
14.42%,
11/12/26(d)
..................
3
179
Wells
Fargo
Bank
NA
(Toast,
Inc.),
16.63%,
1/26/27
..............................
32
1,035
2,329
Health
Care
(1.8%):
Bank
of
Montreal
(Dentsply
Sirona,
Inc.),
21.40%,
7/20/27(d)
.......................
42
538
HSBC
Bank
PLC
(Humana,
Inc.),
13.62%,
8/10/26
...............................
3
777
Merrill
Lynch
BV
(Newamsterdam
Pharma
Co.
NV),
22.23%,
5/28/27
.................
47
1,196
Mizuho
Markets
Cayman
LP
(New
Amsterdam
Pharma
Co.
NV),
19.56%,
10/20/26
.......
5
128
Wells
Fargo
Bank
NA
(Phreesia,
Inc.),
15.91%,
8/21/26
...........................
37
403
3,042
Industrials
(8.5%):
BNP
Paribas
SA
(Modine
Manufacturing
Co.),
24.04%,
7/9/27
......................
5
1,088
Canadian
Imperial
Bank
of
Commerce
(Regal
Rexnord
Corp.),
18.60%,
6/8/27
...........
4
820
Canadian
Imperial
Bank
of
Commerce
(Sunbelt
Rentals
Holdings,
Inc.),
17.96%,
7/14/27
...
16
1,185
Canadian
Imperial
Bank
of
Commerce
(Trex
Co.,
Inc.),
16.20%,
1/26/27
...............
27
1,143
Citigroup
Global
Markets
Holdings,
Inc.
(Alaska
Airlines
Pass
Through
Trust),
21.27%,
5/6/27(d)
.........................................................
19
826
HSBC
Bank
PLC
(AeroVironment,
Inc.),
18.50%,
9/8/26
..........................
4
545
JP
Morgan
Ktos
(Kratos
Defense
&
Security
Solutions,
Inc.),
19.88%,
9/8/26
............
13
616
JPMorgan
Structured
Products
BV
(Generac
Holdings,
Inc.),
15.05%,
2/22/27
...........
4
715
JPMorgan
Structured
Products
BV
(Lyft,
Inc.),
18.79%,
9/4/26
......................
62
957
JPMorgan
Structured
Products
BV
(MasTe,
Inc.),
15.42%,
10/26/26
...................
1
180
Mizuho
Markets
Cayman
LP
(Forgent
Power
Solutions,
Inc.),
18.13%,
4/23/27
...........
23
719
Mizuho
Markets
Cayman
LP
(Regal
Rexnord
Corp.),
15.64%,
12/11/26
................
5
802
Societe
Generale
SA
(Fortune
Brands
Innovations,
Inc.),
1.47%,
7/8/27
................
30
1,349
Societe
Generale
SA
(United
Airlines
Holdings,
Inc.),
17.45%,
6/7/27(d)
...............
11
1,282
The
Toronto-Dominion
Bank
(Generac
Holdings,
Inc.),
21.57%,
8/9/27
................
6
1,216
Wells
Fargo
Bank
NA
(MasTe,
Inc.),
14.81%,
12/11/26
............................
4
771
14,214
Information
Technology
(20.5%):
Bank
of
Montreal
(Datadog,
Inc.),
19.30%,
2/22/27
...............................
6
835
Bank
of
Montreal
(Qnity
Electronics,
Inc.),
16.22%,
2/8/27
.........................
11
1,151
Bank
of
Montreal
(Snowflake,
Inc.),
19.47%,
6/3/27(d)
............................
5
954
BNP
Paribas
Issuance
BV
(Broadcom,
Inc.),
15.20%,
10/9/26(d)
.....................
4
1,317
BNP
Paribas
Issuance
BV
(Micron
Technology,
Inc.),
14.99%,
8/21/26(d)
..............
8
1,142
Citigroup
Global
Markets
Holdings,
Inc.
(Okta,
Inc.),
16.34%,
2/22/27(d)
...............
9
808
Citigroup
Global
Markets
Holdings,
Inc.
(Ondas,
Inc.),
31.46%,
5/5/27
................
71
629
Citigroup
Global
Markets
Holdings,
Inc.
(Ralliant
Corp.),
17.61%,
6/3/27
..............
14
834
Citigroup
Global
Markets
Holdings,
Inc.
(Twilio,
Inc.),
16.72%,
9/24/26(d)
.............
7
802
Goldman
Sachs
Bank
USA
(Dell
Technologies,
Inc.),
18.50%,
4/7/27
..................
4
839
HSBC
Bank
PLC
(Advanced
Micro
Devices,
Inc.),
19.49%,
10/20/26
.................
2
411
HSBC
Bank
PLC
(Entegris,
Inc.),
19.32%,
3/2/27
................................
7
804
JP
Morgan
Amba
(Ambarella,
Inc.),
20.60%,
11/16/26
............................
13
1,210
JPMorgan
Structured
Products
BV
(Dell
Technologies,
Inc.),
17.27%,
10/26/26
..........
5
818
JPMorgan
Structured
Products
BV
(Marvell
Technology,
Inc.),
19.01%,
1/22/27
..........
12
1,090
JPMorgan
Structured
Products
BV
(Microchip
Technology,
Inc.),
16.22%,
12/17/26
.......
11
726
JPMorgan
Structured
Products
BV
(Shopify,
Inc.),
17.43%,
10/9/26
...................
5
628
Merrill
Lynch
BV
(Adobe,
Inc.),
11.88%,
9/18/26
................................
1
308
Merrill
Lynch
BV
(Qualcomm,
Inc.),
21.60%,
7/9/27
.............................
7
1,106
Merrill
Lynch
International
&
Co.
CV
(First
Solar,
Inc.),
16.60%,
3/19/27
..............
6
1,260
Mizuho
Market
Cayman
LP
(Qualcomm,
Inc.),
17.11%,
8/5/27
......................
3
457
Mizuho
Markets
Cayman
LP
(Advanced
Micro
Devices,
Inc.),
18.09%,
10/16/26
.........
2
394
Mizuho
Markets
Cayman
LP
(Applied
Materials,
Inc.),
17.01%,
2/8/27
................
3
1,190
Mizuho
Markets
Cayman
LP
(Everpure,
Inc.),
16.21%,
9/4/26
.......................
18
1,137
Mizuho
Markets
Cayman
LP
(Nokia
Oyj),
21.10%,
5/11/27
.........................
95
971
Mizuho
Markets
Cayman
LP
(NVIDIA
Corp.),
15.41%,
5/18/27
.....................
1
227
Victory
Portfolios
IV
Victory
Pioneer
Equity
Premium
Income
Fund
17
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
(a)
Non-income
producing
security.
(b)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
July
31,
2026.
(c)
The
following
table
details
the
earliest
acquisition
date,
cost,
and
market
value
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
July
31,
2026
(amounts
in
thousands):
Security
Description
Principal
Amount
(000)
a
Value
(000)
Mizuho
Markets
Cayman
LP
(Zscaler,
Inc.),
20.07%,
9/23/26
.......................
$
5
$
757
Royal
Bank
of
Canada
(Broadcom,
Inc.),
16.92%,
11/19/26(d)
.......................
4
1,504
Royal
Bank
of
Canada
(International
Business
Machines
Corp.),
18.08%,
8/13/27(d)
.......
6
1,260
Royal
Bank
of
Canada
(Micron
Technology,
Inc.),
17.00%,
10/9/26(d)
.................
7
1,350
Societe
Generale
SA
(Zebra
Technologies
Corp.),
16.09%,
6/4/27(d)
..................
5
1,249
The
Toronto-Dominion
Bank
(Bel
Fuse,
Inc.),
20.27%,
9/23/26
......................
4
862
The
Toronto-Dominion
Bank
(BILL
Holdings,
Inc.),
17.75%,
9/21/26
.................
19
856
The
Toronto-Dominion
Bank
(Ultra
Clean
Holdings,
Inc.),
17.95%,
9/21/26
.............
41
1,128
Wells
Fargo
Bank
NA
(Axcelis
Technologies,
Inc.),
16.95%,
8/6/26
...................
9
771
Wells
Fargo
Bank
NA
(Intuit,
Inc.),
16.36%,
4/1/27
...............................
3
1,004
Wells
Fargo
Bank
NA
(Nvidia
Corp.),
15.13%,
5/19/27
............................
2
392
Wells
Fargo
Bank
NA
(Ralliant
Corp.),
14.70%,
3/16/27
...........................
24
1,210
34,391
Materials
(5.8%):
Bank
of
Montreal
(James
Hardie
Industries
PLC),
20.02%,
7/8/27(d)
..................
50
1,317
Canadian
Imperial
Bank
of
Commerce
(Celanese
Corp.),
21.55%,
4/22/27
..............
12
631
Citigroup
Global
Markets
Holdings,
Inc.
(Albemarle
Corp.),
19.13%,
5/6/27
.............
4
600
Citigroup
Global
Markets
Holdings,
Inc.
(Almonty
Industries,
Inc.)
29.33%,
8/9/27
....................................................
36
395
29.37%,
8/10/27
....................................................
38
416
Citigroup
Global
Markets
Holdings,
Inc.
(James
Hardie
Industries
PLC),
13.37%,
9/4/26(d)
..
35
769
Goldman
Sachs
Bank
USA
(USA
Rare
Earth,
Inc.),
43.86%,
11/6/26
..................
35
574
HSBC
Bank
PLC
(Barrick
Mining
Corp.)
15.87%,
11/2/26
....................................................
35
1,158
16.10%,
12/4/26
....................................................
19
719
JPMorgan
Structured
Products
BV
(B2Gold
Corp.),
20.41%,
5/5/27
...................
239
985
Royal
Bank
of
Canada
(FMC
Corp.),
24.18%,
1/22/27(d)
..........................
75
922
Royal
Bank
of
Canada
(Mosaic
Solar
Loan
Trust),
19.23%,
5/6/27(d)
..................
34
752
The
Toronto-Dominion
Bank
(Celanese
Corp.),
22.41%,
3/30/27
.....................
10
521
9,759
Utilities
(1.4%):
Goldman
Sachs
Bank
USA
(Constellation
Energy
Corp.),
17.73%,
4/1/27
...............
5
1,235
Goldman
Sachs
Bank
USA
(Ormat
Technologies,
Inc.),
14.03%,
7/19/27
...............
11
1,158
2,393
Total
Equity
Linked
Notes
(Cost
$101,081)
a
a
a
96,612
Convertible
Corporate
Bonds
(0.0%)
Sovereign
Bond
(0.0%):
Russian
Federal
Bond
-
OFZ,
0.00%,
2/3/27(b)(c)(e)
..............................
230,742
—
Total
Convertible
Corporate
Bonds
(Cost
$3,127)
a
a
a
—
Short-Term
Investments
(2.8%)
a
a
a
a
U.S.
Treasury
Obligations
(2.8%):
U.S.
Treasury
Bills,
0.90%,
8/4/26(f)
.........................................
4,620
4,620
Total
Short-Term
Investments
(Cost
$4,618)
a
a
a
4,620
Total
Investments
(Cost
$167,586)
—
101.5%
170,045
Liabilities
in
excess
of
other
assets
—  (1.5)%
(2,439)
NET
ASSETS
-
100.00%
$
167,606
At
July
31,
2026,
the
Fund's
investments
in
foreign
securities
were
52.1%
of
net
assets.
Security
Name
Acquisition
Date
Cost
Value
LUKOIL
PJSC
.....................................................
8/11/21
$
3,941
$
—
Victory
Portfolios
IV
Victory
Pioneer
Equity
Premium
Income
Fund
18
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
(d)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
July
31,
2026,
the
fair
value
of
these
securities
was
$26,916
(thousands)
and
amounted
to
16.1%
of
net
assets.
(e)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(f)
Rate
represents
the
effective
yield
at
July
31,
2026.
Security
Name
Acquisition
Date
Cost
Value
Magnit
PJSC
......................................................
12/1/21
$
1,792
$
—
Russian
Federal
Bond
-
OFZ
...........................................
10/7/20
3,127
—
Total
(–%
of
net
assets)
$8,860
$—
ADR
—
American
Depositary
Receipt
GDR
—
Global
Depositary
Receipt
LP
—
Limited
Partnership
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
July
31,
2026
Victory
Portfolios
IV
Victory
Pioneer
High
Yield
Fund
19
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Collateralized
Mortgage
Obligations
(0.0%)(a)
Private
CMO
Floating
(0.0%):(a)
DSLA
Mortgage
Loan
Trust
,
Series
2005-AR6
,
Class
2A1C
,
4
.62
%
(
TSFR1M
+
95
bps
)
,
10/19/45
,
Callable
8/19/26
@
100
(b)
.....................................
$
136
$
157
Private
CMO
Other
(0.0%):(a)
Global
Mortgage
Securitization
Ltd.
,
Series
2004-A
,
Class
B1
,
5
.25
%
,
11/25/32
,
Callable
8/25/26
@
100
(c)
...................................................
126
45
Total
Collateralized
Mortgage
Obligations
(Cost
$128)
a
a
a
202
Shares
Common
Stocks
(0.9%)
Communication
Services
(0.2%):
Altice
France
SA
(d)
.....................................................
45,018
877
Altice
Luxembourg
(d)
...................................................
2,845
44
921
Consumer
Discretionary
(0.0%):(a)
Desarrolladora
Homex
SAB
de
CV
(d)
(e)
......................................
1,443,476
—
(f)
Energy
(0.0%):(a)
Amplify
Energy
Corp.
(d)
.................................................
48
—
(f)
Financials
(0.0%):
Unifin
Financiera
SAB
de
CV
(d)
(e)
..........................................
138,656
—
Health
Care
(0.0%):(a)
Option
Care
Health,
Inc.
(d)
................................................
1,068
25
Industrials
(0.7%):
Atento
Luxco
1
SA
(d)
(e)
.................................................
191,704,660
1,214
Grupo
Aeromexico
SAB
de
CV
(d)
...........................................
1,266,410
1,960
3,174
Materials
(0.0%):(a)
Emerald
Plantation
Holdings
Ltd.
(e)
.........................................
459,481
—
LyondellBasell
Industries
NV
,
Class
A
........................................
148
9
9
Total
Common
Stocks
(Cost
$3,752)
a
a
a
4,129
Principal
Amount
(000)
Senior
Secured
Loans
(2.4%)
Consumer
Discretionary
(0.9%):
River
Rock
Entertainment
Authority,
Term
Loan
,
12
.65
%
(
SOFR01M
+
900
bps
)
,
11/24/31
(b)
.
$
4,435
4,374
Financials
(0.8%):
1261229
BC
Ltd.,
Initial
Term
Loan
,
9
.98
%
(
SOFR01M
+
625
bps
)
,
10/8/30
(b)
............
2,559
2,489
LC
Ahab
US
Bidco
LLC,
Initial
Term
Loan
,
6
.32
%
(
SOFR03M
+
250
bps
)
,
5/1/31
(b)
.......
1,400
1,402
3,891
Health
Care
(0.1%):
Endo
Finance
Holdings,
Inc.,
Term
Loan
B
,
7
.48
%
(
SOFR01M
+
375
bps
)
,
4/23/31
(b)
.......
644
645
Materials
(0.4%):
Worthington
Steel,
Inc.,
Initial
Term
Loan
,
7
.73
%
(
SOFR01M
+
400
bps
)
,
6/1/33
(b)
........
1,720
1,729
Utilities
(0.2%):
Alpha
Generation
LLC,
Initial
Term
B
Loan
,
5
.48
%
(
SOFR01M
+
175
bps
)
,
9/30/31
(b)
......
1,110
1,107
Total
Senior
Secured
Loans
(Cost
$11,667)
a
a
a
11,746
Corporate
Bonds
(73.2%)
Communication
Services
(7.8%):
APLD
ComputeCo
2
LLC
,
6
.75
%
,
3/15/31
,
Callable
3/15/28
@
103.38
(c)
..............
1,290
1,261
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.
,
4
.50
%
,
6/1/33
,
Callable
6/1/27
@
102.25
(c)
8,849
7,529
Victory
Portfolios
IV
Victory
Pioneer
High
Yield
Fund
20
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Clear
Channel
Outdoor
Holdings,
Inc.
7
.50
%
,
6/1/29
,
Callable
8/31/26
@
100
(c)
.................................
$
3,994
$
4,000
7
.50
%
,
3/15/33
,
Callable
9/15/28
@
103.75
(c)
..............................
685
718
CSC
Holdings
LLC
5
.38
%
,
2/1/28
,
Callable
9/5/26
@
100
(c)
..................................
895
519
11
.75
%
,
1/31/29
,
Callable
8/16/26
@
105.88
(c)
.............................
385
220
4
.50
%
,
11/15/31
,
Callable
11/15/26
@
102.25
(c)
............................
4,416
2,446
Gray
Media,
Inc.
10
.50
%
,
7/15/29
,
Callable
8/16/26
@
105.25
(c)
.............................
2,343
2,471
7
.25
%
,
8/15/33
,
Callable
8/15/28
@
103.63
(c)
..............................
1,934
1,913
Neptune
BidCo
US,
Inc.
9
.29
%
,
4/15/29
,
Callable
9/5/26
@
104.65
(c)
...............................
1,456
1,484
10
.38
%
,
5/15/31
,
Callable
11/15/27
@
105.19
(c)
............................
3,485
3,649
9
.50
%
,
2/15/33
,
Callable
2/15/29
@
104.75
(c)
..............................
1,125
1,146
Stagwell
Global
LLC
,
5
.63
%
,
8/15/29
,
Callable
9/5/26
@
100
(c)
.....................
4,558
4,433
Uniti
Group
LP/Uniti
Fiber
Holdings,
Inc./CSL
Capital
LLC
,
6
.00
%
,
1/15/30
,
Callable
9/5/26
@
101.5
(c)
.......................................................
1,500
1,431
Uniti
Group
LP/Uniti
Group
Finance,
Inc./CSL
Capital
LLC
8
.63
%
,
6/15/32
,
Callable
6/15/28
@
104.31
(c)
..............................
855
873
8
.63
%
,
6/15/32
,
Callable
6/15/28
@
104.31
(c)
..............................
1,430
1,460
Windstream
Services
LLC/Windstream
Escrow
Finance
Corp.
,
8
.25
%
,
10/1/31
,
Callable
10/1/27
@
104.13
(c)
................................................
2,326
2,421
37,974
Consumer
Discretionary
(8.9%):
Avis
Budget
Car
Rental
LLC/Avis
Budget
Finance,
Inc.
8
.00
%
,
2/15/31
,
Callable
11/15/26
@
104
(c)
................................
855
854
8
.38
%
,
6/15/32
,
Callable
6/15/28
@
104.19
(c)
..............................
1,950
1,941
Beazer
Homes
USA,
Inc.
,
8
.00
%
,
1/15/32
,
Callable
7/15/28
@
104
(c)
.................
730
744
Champions
Financing,
Inc.
,
8
.75
%
,
2/15/29
,
Callable
9/5/26
@
104.38
(c)
...............
4,208
4,164
Macy's
Retail
Holdings
LLC
6
.13
%
,
3/15/32
,
Callable
3/15/27
@
103.06
(c)
..............................
3,126
3,135
7
.38
%
,
8/1/33
,
Callable
8/1/28
@
103.69
(c)
................................
2,620
2,726
McGraw-Hill
Education,
Inc.
,
8
.00
%
,
8/1/29
,
Callable
9/5/26
@
100
(c)
................
4,506
4,469
Mohegan
Tribal
Gaming
Authority/MS
Digital
Entertainment
Holdings
LLC
8
.25
%
,
4/15/30
,
Callable
4/15/27
@
104.13
(c)
..............................
2,573
2,676
11
.88
%
,
4/15/31
,
Callable
4/15/27
@
105.94
(c)
.............................
1,427
1,547
Petco
Health
&
Wellness
Co.,
Inc.
,
8
.25
%
,
2/1/31
,
Callable
2/1/28
@
104.13
(c)
..........
4,812
4,827
PetSmart
LLC/PetSmart
Finance
Corp.
,
7
.50
%
,
9/15/32
,
Callable
9/15/28
@
103.75
(c)
.....
3,600
3,638
Spectrum
Brands,
Inc.
,
3
.88
%
,
3/15/31
,
Callable
9/5/26
@
101.94
(c)
..................
4,767
4,177
The
Michaels
Cos.,
Inc.
,
8
.50
%
,
3/15/33
,
Callable
3/15/29
@
104.25
(c)
................
5,155
5,107
Whirlpool
Corp.
,
7
.50
%
,
7/1/31
,
Callable
7/1/28
@
103.75
(c)
.......................
335
333
ZF
North
America
Capital,
Inc.
,
7
.50
%
,
3/24/31
,
Callable
1/24/31
@
100
(c)
.............
3,154
3,176
43,514
Consumer
Staples
(1.5%):
Energizer
Holdings,
Inc.
4
.38
%
,
3/31/29
,
Callable
9/5/26
@
100
(c)
.................................
1,032
994
6
.00
%
,
9/15/33
,
Callable
9/15/28
@
103
(c)
................................
3,155
2,990
Fiesta
Purchaser,
Inc.
7
.88
%
,
3/1/31
,
Callable
3/1/27
@
103.94
(c)
................................
530
530
9
.63
%
,
9/15/32
,
Callable
9/15/27
@
104.81
(c)
..............................
3,010
2,820
7,334
Energy
(12.7%):
Alliance
Resource
Operating
Partners
LP/Alliance
Resource
Finance
Corp.
,
8
.63
%
,
6/15/29
,
Callable
8/16/26
@
104.31
(c)
..........................................
4,699
4,903
CQP
Holdco
LP/BIP-V
Chinook
Holdco
LLC
,
7
.50
%
,
12/15/33
,
Callable
12/15/28
@
103.75
(c)
.........................................................
4,315
4,522
Delek
Logistics
Partners
LP/Delek
Logistics
Finance
Corp.
8
.63
%
,
3/15/29
,
Callable
8/16/26
@
104.31
(c)
..............................
2,227
2,311
7
.38
%
,
6/30/33
,
Callable
6/30/28
@
103.69
(c)
..............................
2,380
2,434
6
.88
%
,
6/1/34
,
Callable
6/1/29
@
103.44
(c)
................................
1,200
1,206
Enerflex,
Inc.
,
6
.88
%
,
1/15/31
,
Callable
1/15/28
@
103.44
(c)
........................
1,180
1,199
Victory
Portfolios
IV
Victory
Pioneer
High
Yield
Fund
21
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Energy
Transfer
LP
7
.13
%
(
H15T5Y
+
531
bps
)
,
Callable
5/15/30
@
100
(b)
(g)
......................
$
2,927
$
3,004
6
.70
%
(
H15T5Y
+
222
bps
)
,
1/15/57
,
Callable
10/15/36
@
100
(b)
.................
390
384
Harvest
Midstream
I
LP
,
6
.75
%
,
5/15/34
,
Callable
5/15/29
@
103.38
(c)
................
2,404
2,414
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.
6
.25
%
,
4/15/32
,
Callable
5/15/27
@
103.13
(c)
..............................
2,156
2,093
7
.25
%
,
2/15/35
,
Callable
2/15/30
@
103.63
(c)
..............................
3,108
3,083
Kodiak
Gas
Services
LLC
,
5
.88
%
,
4/1/31
,
Callable
4/1/28
@
102.94
(c)
................
2,952
2,919
Kraken
Oil
&
Gas
Partners
LLC
7
.63
%
,
8/15/29
,
Callable
9/5/26
@
103.81
(c)
...............................
5,348
5,400
7
.13
%
,
5/15/31
,
Callable
5/15/28
@
103.56
(c)
..............................
1,435
1,415
Magnolia
Oil
&
Gas
Operating
LLC/Magnolia
Oil
&
Gas
Finance
Corp.
,
6
.63
%
,
8/15/34
,
Callable
8/15/29
@
103.31
(c)
..........................................
775
775
Summit
Midstream
Holdings
LLC
,
8
.63
%
,
10/31/29
,
Callable
9/5/26
@
104.31
(c)
........
4,771
4,955
USA
Compression
Partners
LP/USA
Compression
Finance
Corp.
7
.13
%
,
3/15/29
,
Callable
9/5/26
@
103.56
(c)
...............................
3,953
4,038
6
.25
%
,
10/1/33
,
Callable
10/1/28
@
103.13
(c)
..............................
1,254
1,234
Venture
Global
Calcasieu
Pass
LLC
,
6
.00
%
,
5/1/36
,
Callable
11/1/35
@
100
(c)
...........
1,500
1,482
Venture
Global
Plaquemines
LNG
LLC
6
.13
%
,
12/15/30
,
Callable
9/15/30
@
100
(c)
...............................
1,515
1,539
7
.50
%
,
5/1/33
,
Callable
12/1/32
@
100
(c)
.................................
1,140
1,237
6
.50
%
,
1/15/34
,
Callable
7/15/33
@
100
(c)
................................
1,280
1,321
6
.75
%
,
1/15/36
,
Callable
7/15/35
@
100
(c)
................................
2,501
2,618
Wildfire
Intermediate
Holdings
LLC
,
7
.50
%
,
10/15/29
,
Callable
10/15/26
@
103.75
(c)
.....
5,024
5,176
61,662
Financials
(11.0%):
Ally
Financial,
Inc.
,
6
.18
%
(
SOFR
+
229
bps
)
,
7/26/35
,
Callable
7/26/34
@
100
(b)
.........
6,033
6,054
Asurion
LLC/Asurion
Co-Issuer,
Inc.
,
8
.38
%
,
2/1/34
,
Callable
2/1/29
@
104.19
(c)
........
1,620
1,476
Freedom
Mortgage
Corp.
6
.63
%
,
1/15/27
,
Callable
8/21/26
@
100
(c)
................................
250
250
12
.25
%
,
10/1/30
,
Callable
10/1/26
@
106.13
(c)
.............................
3,363
3,603
Freedom
Mortgage
Holdings
LLC
9
.25
%
,
2/1/29
,
Callable
9/5/26
@
104.63
(c)
................................
1,390
1,429
9
.13
%
,
5/15/31
,
Callable
5/15/27
@
104.56
(c)
..............................
1,040
1,066
8
.38
%
,
4/1/32
,
Callable
4/1/28
@
104.19
(c)
................................
215
216
FS
KKR
Capital
Corp.
,
7
.50
%
,
8/1/31
,
Callable
5/1/31
@
100
.......................
1,335
1,337
HUT
8
DC
LLC
,
6
.19
%
,
11/15/42
,
Callable
5/15/42
@
100
(c)
.......................
945
919
ION
Platform
Finance
US,
Inc./ION
Platform
Finance
SARL
9
.50
%
,
5/30/29
,
Callable
9/5/26
@
104.75
(c)
...............................
1,559
1,475
9
.00
%
,
8/1/29
,
Callable
9/5/26
@
104.5
(c)
.................................
2,992
2,789
LFS
Topco
LLC
,
8
.75
%
,
7/15/30
,
Callable
7/15/27
@
104.38
(c)
.....................
4,262
4,253
OneMain
Finance
Corp.
6
.13
%
,
5/15/30
,
Callable
11/15/29
@
100
..................................
695
691
6
.50
%
,
3/15/33
,
Callable
9/15/28
@
103.25
................................
3,047
2,975
6
.75
%
,
9/15/33
,
Callable
12/15/28
@
103.38
...............................
1,220
1,200
Provident
Funding
Associates
LP/PFG
Finance
Corp.
,
9
.75
%
,
9/15/29
,
Callable
9/15/26
@
104.88
(c)
.........................................................
4,315
4,455
Starwood
Property
Trust,
Inc.
5
.25
%
,
10/15/28
,
Callable
7/15/28
@
100
(c)
...............................
965
956
5
.88
%
,
8/15/29
,
Callable
5/15/29
@
100
(c)
................................
340
341
6
.13
%
,
6/1/31
,
Callable
12/1/30
@
100
(c)
.................................
1,005
1,003
Stonebriar
ABF
Issuer
LLC
,
8
.13
%
,
12/15/30
,
Callable
12/15/27
@
104.06
(c)
............
2,050
2,134
UWM
Holdings
LLC
,
6
.25
%
,
3/15/31
,
Callable
3/15/28
@
103.13
(c)
..................
5,040
4,497
Velocity
Vehicle
Group
LLC
,
8
.00
%
,
6/1/29
,
Callable
9/5/26
@
104
(c)
.................
5,741
5,690
Voyager
Parent
LLC
,
9
.25
%
,
7/1/32
,
Callable
7/1/28
@
104.63
(c)
....................
3,621
3,847
WS
Escrow
LLC
,
7
.75
%
,
6/1/33
,
Callable
6/1/29
@
103.88
(c)
.......................
720
745
53,401
Health
Care
(8.9%):
AdaptHealth
LLC
,
5
.13
%
,
3/1/30
,
Callable
8/16/26
@
101.28
(c)
.....................
6,456
6,225
CVS
Health
Corp.
,
7
.00
%
(
H15T5Y
+
289
bps
)
,
3/10/55
,
Callable
12/10/29
@
100
(b)
.......
1,650
1,699
DaVita,
Inc.
,
6
.75
%
,
7/15/33
,
Callable
7/15/28
@
103.38
(c)
.........................
4,805
4,926
DENTSPLY
SIRONA,
Inc.
,
8
.38
%
(
H15T5Y
+
438
bps
)
,
9/12/55
,
Callable
6/12/30
@
100
(b)
.
2,348
2,342
Victory
Portfolios
IV
Victory
Pioneer
High
Yield
Fund
22
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Encompass
Health
Corp.
,
5
.88
%
,
6/1/34
,
Callable
6/1/29
@
102.94
(c)
.................
$
975
$
965
Gaia
Purchaser,
Inc.
,
7
.63
%
,
7/15/33
,
Callable
7/15/29
@
103.81
(c)
...................
2,050
2,056
Meridian
ARC
Holdco
LLC
,
6
.25
%
,
4/30/31
,
Callable
4/30/28
@
103.13
(c)
.............
2,456
2,360
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV
,
5
.13
%
,
4/30/31
,
Callable
9/5/26
@
102.56
(c)
.........................................................
5,015
4,964
Prime
Healthcare
Services,
Inc.
,
9
.38
%
,
9/1/29
,
Callable
9/5/26
@
104.69
(c)
............
5,939
6,192
SCIL
IV
LLC/SCIL
USA
Holdings
LLC
,
9
.50
%
,
7/15/28
,
Callable
9/8/26
@
102.38
(c)
.....
1,855
2,205
Sotera
Health
Holdings
LLC
,
7
.38
%
,
6/1/31
,
Callable
6/1/27
@
103.69
(c)
..............
3,300
3,418
Tricida,
Inc.
5/15/27
(e)
(h)
(i)
....................................................
2,645
—
(f)
5/15/27
(e)
(i)
......................................................
2,645
—
(f)
U.S.
Acute
Care
Solutions
LLC
,
9
.75
%
,
5/15/29
,
Callable
9/5/26
@
104.88
(c)
...........
6,272
5,846
43,198
Industrials
(7.4%):
Allied
Universal
Holdco
LLC
,
7
.88
%
,
2/15/31
,
Callable
2/15/27
@
103.94
(c)
............
3,406
3,536
Allied
Universal
Holdco
LLC/Allied
Universal
Finance
Corp.
,
6
.00
%
,
6/1/29
,
Callable
9/5/26
@
100
(c)
.........................................................
590
585
Carriage
Purchaser,
Inc.
,
7
.88
%
,
10/15/29
,
Callable
9/5/26
@
101.97
(c)
................
2,780
2,748
Core
&
Main
LP
,
6
.00
%
,
7/1/34
,
Callable
7/1/29
@
103
(c)
.........................
505
502
EquipmentShare.com,
Inc.
,
7
.13
%
,
7/1/34
,
Callable
7/1/29
@
103.56
(c)
................
2,140
2,044
Goat
Holdco
LLC
,
6
.75
%
,
2/1/32
,
Callable
2/1/28
@
103.38
(c)
......................
4,916
4,995
Herc
Holdings,
Inc.
7
.00
%
,
6/15/30
,
Callable
6/15/27
@
103.5
(c)
...............................
530
547
5
.75
%
,
3/15/31
,
Callable
3/15/28
@
102.88
(c)
..............................
385
381
7
.25
%
,
6/15/33
,
Callable
6/15/28
@
103.63
(c)
..............................
800
826
6
.00
%
,
3/15/34
,
Callable
3/15/29
@
103
(c)
................................
3,015
2,956
KBR,
Inc.
,
4
.75
%
,
9/30/28
,
Callable
8/16/26
@
100
(c)
............................
3,085
3,036
OneSky
Flight
LLC
,
8
.88
%
,
12/15/29
,
Callable
12/15/26
@
104.44
(c)
.................
2,885
3,033
QXO
Building
Products,
Inc.
6
.50
%
,
7/15/31
,
Callable
7/15/28
@
103.25
(c)
..............................
355
356
6
.88
%
,
7/15/34
,
Callable
7/15/29
@
103.44
(c)
..............................
360
361
The
ADT
Security
Corp.
,
5
.88
%
,
10/15/33
,
Callable
10/15/32
@
100
(c)
................
2,491
2,415
Trinity
Industries,
Inc.
,
7
.75
%
,
7/15/28
,
Callable
8/16/26
@
101.94
(c)
.................
5,645
5,761
United
Airlines
Holdings,
Inc.
,
5
.38
%
,
3/1/31
,
Callable
9/1/30
@
100
..................
1,975
1,949
36,031
Information
Technology
(2.1%):
Core
Scientific
Finance
I
LLC
,
7
.75
%
,
5/15/31
,
Callable
5/15/28
@
103.88
(c)
...........
2,421
2,371
CoreWeave,
Inc.
,
9
.00
%
,
2/1/31
,
Callable
2/1/28
@
104.5
(c)
........................
2,460
2,221
NCR
Voyix
Corp.
,
5
.00
%
,
10/1/28
,
Callable
9/5/26
@
100
(c)
........................
1,599
1,549
Oracle
Corp.
6
.70
%
,
2/4/56
,
Callable
8/4/55
@
100
....................................
1,620
1,428
6
.85
%
,
2/4/66
,
Callable
8/4/65
@
100
....................................
3,143
2,765
10,334
Materials
(5.4%):
ARC
Falcon
I,
Inc./Arclin
USA
LLC/New
Arclin
US
Holding
Corp.
,
9
.75
%
,
3/1/33
,
Callable
3/1/29
@
104.88
(c)
.................................................
6,242
5,877
Celanese
US
Holdings
LLC
,
7
.70
%
,
11/15/33
,
Callable
8/15/33
@
100
.................
2,236
2,367
Clearwater
Paper
Corp.
,
4
.75
%
,
8/15/28
,
Callable
8/21/26
@
100
(c)
...................
3,283
2,897
Cleveland-Cliffs,
Inc.
7
.50
%
,
9/15/31
,
Callable
3/15/28
@
103.75
(c)
..............................
430
439
7
.00
%
,
3/15/32
,
Callable
3/15/27
@
103.5
(c)
...............................
2,347
2,352
7
.38
%
,
5/1/33
,
Callable
5/1/28
@
103.69
(c)
................................
1,250
1,263
7
.63
%
,
1/15/34
,
Callable
1/15/29
@
103.81
(c)
..............................
1,000
1,012
Commercial
Metals
Co.
,
6
.00
%
,
12/15/35
,
Callable
12/15/30
@
103
(c)
................
3,031
2,979
Hybar
LLC
,
7
.38
%
,
7/1/34
,
Callable
7/1/29
@
103.69
(c)
...........................
190
191
Mativ
Holdings,
Inc.
,
8
.00
%
,
10/1/29
,
Callable
10/1/26
@
104
(c)
.....................
2,558
2,532
Methanex
US
Operations,
Inc.
,
6
.25
%
,
3/15/32
,
Callable
9/15/31
@
100
(c)
..............
4,308
4,351
26,260
Real
Estate
(2.4%):
Beacon
Point
DC
LLC
,
6
.13
%
,
11/30/42
,
Callable
5/30/42
@
100
(c)
..................
1,300
1,248
Victory
Portfolios
IV
Victory
Pioneer
High
Yield
Fund
23
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Kennedy-Wilson,
Inc.
7
.00
%
,
6/1/31
,
Callable
6/1/28
@
103.5
(c)
.................................
$
950
$
967
7
.25
%
,
6/1/33
,
Callable
6/1/29
@
103.63
(c)
................................
1,525
1,544
Millrose
Properties,
Inc.
,
6
.25
%
,
9/15/32
,
Callable
9/15/28
@
103.13
(c)
................
2,545
2,543
PR
RNO
Property
Owner
1
LLC
,
6
.50
%
,
5/1/31
,
Callable
5/1/28
@
103.25
(c)
...........
2,780
2,618
Sopaipilla
Investor
LLC
,
7
.53
%
,
11/30/48
,
Callable
5/30/48
@
100
(c)
.................
1,395
1,446
Yondr
JK
1
LLC
,
6
.88
%
,
6/30/31
,
Callable
6/30/28
@
103.44
(c)
.....................
1,400
1,333
11,699
Utilities
(5.1%):
Alpha
Generation
LLC
,
6
.25
%
,
1/15/34
,
Callable
10/15/28
@
103.13
(c)
................
4,005
3,914
Leeward
Renewable
Energy
Operations
LLC
,
4
.25
%
,
7/1/29
,
Callable
9/5/26
@
100
(c)
.....
3,207
3,044
Long
Ridge
Energy
LLC
,
8
.75
%
,
2/15/32
,
Callable
2/15/28
@
104.38
(c)
...............
3,265
3,380
NRG
Energy,
Inc.
5
.88
%
,
5/15/34
,
Callable
5/15/29
@
102.94
(c)
..............................
1,580
1,551
6
.00
%
,
1/15/36
,
Callable
10/15/30
@
103
(c)
...............................
3,505
3,429
6
.13
%
,
5/15/36
,
Callable
5/15/31
@
103.06
(c)
..............................
2,053
2,026
Talen
Energy
Supply
LLC
6
.38
%
,
5/1/33
,
Callable
5/1/29
@
103.19
(c)
................................
1,505
1,482
6
.25
%
,
2/1/34
,
Callable
10/15/28
@
103.13
(c)
..............................
1,670
1,638
6
.50
%
,
2/1/36
,
Callable
10/15/30
@
103.25
(c)
..............................
1,670
1,649
The
AES
Corp.
,
6
.95
%
(
H15T5Y
+
289
bps
)
,
7/15/55
,
Callable
4/15/30
@
100
(b)
..........
2,566
2,520
24,633
Total
Corporate
Bonds
(Cost
$357,873)
a
a
a
356,040
Yankee
Dollars
(16.9%)
Communication
Services
(0.9%):
VZ
Secured
Financing
BV
5
.00
%
,
1/15/32
,
Callable
1/15/27
@
102.5
(c)
...............................
2,995
2,456
7
.50
%
,
1/15/33
,
Callable
10/15/28
@
103.75
(c)
.............................
2,320
2,082
4,538
Consumer
Discretionary
(1.0%):
Brightstar
Lottery
PLC/Brightstar
Global
Solutions
Corp.
,
5
.75
%
,
1/15/33
,
Callable
12/15/28
@
102.88
(c)
......................................................
4,975
4,801
Energy
(2.4%):
Borr
IHC
Ltd./Borr
Finance
LLC
8
.75
%
,
1/15/32
,
Callable
7/15/28
@
104.38
(c)
..............................
450
440
9
.00
%
,
1/15/34
,
Callable
7/15/29
@
104.5
(c)
...............................
4,045
3,962
Credito
Real
SAB
de
CV
Sofom
ER
,
8
.00
%
,
1/25/27
(i)
............................
700
—
(f)
Seadrill
Finance
Ltd.
,
6
.75
%
,
7/15/34
,
Callable
7/15/29
@
103.38
(c)
..................
3,007
2,895
Transocean
International
Ltd.
8
.25
%
,
5/15/29
,
Callable
8/16/26
@
104.13
(c)
..............................
1,110
1,145
8
.75
%
,
2/15/30
,
Callable
9/5/26
@
104.38
(c)
...............................
1,197
1,243
8
.50
%
,
5/15/31
,
Callable
5/15/27
@
104.25
(c)
..............................
1,110
1,158
7
.88
%
,
10/15/32
,
Callable
10/15/28
@
103.94
(c)
............................
495
516
11,359
Financials
(2.9%):
Banco
Santander
SA
,
7
.25
%
(
H15T5Y
+
284
bps
)
,
Callable
12/3/35
@
100
(b)
(g)
..........
1,000
1,003
Efesto
Bidco
SpA
Efesto
US
LLC
,
7
.50
%
,
2/15/32
,
Callable
2/15/28
@
103.75
(c)
.........
4,030
4,075
Global
Aircraft
Leasing
Co.
Ltd.
,
8
.75
%
,
9/1/27
,
Callable
9/5/26
@
102.19
(c)
............
6,900
7,010
Sovcombank
Via
Sovcom
Capital
DAC
(
H15T5Y
+
636
bps
)
,
Callable
2/17/27
@
100
(b)
(e)
(g)
(i)
(j)
......................
1,025
—
(
H15T5Y
+
638
bps
)
,
Callable
5/6/30
@
100
(b)
(e)
(g)
(i)
(j)
......................
750
—
Stonepeak
Motion
Holdco
Ltd./Stonepeak
Motion
Finco
LLC
,
6
.13
%
,
7/15/33
,
Callable
7/15/29
@
103.06
(c)
................................................
2,110
2,099
Unifin
Financiera
SAB
de
CV
,
0.00%
,
1/27/28
(e)
(i)
..............................
1,066
—
(f)
14,187
Health
Care
(1.0%):
1261229
BC
Ltd.
,
10
.00
%
,
4/15/32
,
Callable
4/15/28
@
105
(c)
......................
4,834
4,941
Victory
Portfolios
IV
Victory
Pioneer
High
Yield
Fund
24
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
(a)
Amount
represents
less
than
0.05%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
July
31,
2026.
(c)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
July
31,
2026,
the
fair
value
of
these
securities
was
$404,032
(thousands)
and
amounted
to
83.1%
of
net
assets.
(d)
Non-income
producing
security.
(e)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
July
31,
2026.
(f)
Rounds
to
less
than
$1
thousand.
(g)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(h)
Zero-coupon
bond.
(i)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(j)
The
following
table
details
the
earliest
acquisition
date,
cost,
and
market
value
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
July
31,
2026
(amounts
in
thousands):
(k)
Up
to
10.00%
of
the
coupon
may
be
PIK.
(l)
Rate
represents
the
effective
yield
at
July
31,
2026.
Security
Description
Principal
Amount
(000)
a
Value
(000)
Industrials
(3.6%):
Atento
Luxco
1
SA
,
20
.00
%
,
11/30/29
(c)
(e)
(k)
..................................
$
676
$
169
Czechoslovak
Group
AS
,
6
.50
%
,
1/10/31
,
Callable
7/10/27
@
103.25
.................
2,392
2,424
Danaos
Corp.
,
6
.88
%
,
10/15/32
,
Callable
10/15/28
@
103.44
(c)
......................
3,899
3,983
Garda
World
Security
Corp.
7
.75
%
,
2/15/28
,
Callable
9/5/26
@
101.94
(c)
...............................
1,880
1,906
6
.00
%
,
6/1/29
,
Callable
9/5/26
@
100
(c)
..................................
1,232
1,214
6
.50
%
,
1/15/31
,
Callable
11/15/27
@
103.25
(c)
.............................
410
415
8
.38
%
,
11/15/32
,
Callable
11/15/27
@
104.19
(c)
............................
962
977
GFL
Environmental,
Inc.
,
4
.38
%
,
8/15/29
,
Callable
9/5/26
@
100
(c)
..................
4,056
3,900
Grupo
Aeromexico
SAB
de
CV
,
8
.63
%
,
11/15/31
,
Callable
11/15/27
@
104.31
(c)
.........
2,525
2,544
17,532
Materials
(5.1%):
First
Quantum
Minerals
Ltd.
8
.63
%
,
6/1/31
,
Callable
8/16/26
@
104.31
(c)
...............................
4,651
4,839
6
.38
%
,
2/15/36
,
Callable
2/15/31
@
103.19
(c)
..............................
2,487
2,407
IAMGOLD
Corp.
,
5
.75
%
,
10/15/28
,
Callable
9/5/26
@
101.44
(c)
....................
5,082
5,070
Maxam
Prill
SARL
,
7
.75
%
,
7/15/30
,
Callable
7/2/27
@
103.88
(c)
....................
5,151
5,286
OI
European
Group
BV
,
4
.75
%
,
2/15/30
,
Callable
9/5/26
@
101.19
(c)
.................
2,609
2,392
Trekor
Metals
Ltd.
,
8
.25
%
,
5/1/30
,
Callable
11/1/26
@
104.13
(c)
.....................
4,559
4,737
24,731
Total
Yankee
Dollars
(Cost
$85,380)
a
a
a
82,089
Short-Term
Investments
(4.5%)
a
a
a
a
U.S.
Treasury
Obligations
(4.5%):
U.S.
Treasury
Bills
0
.90
%
,
8/4/26
(l)
....................................................
12,000
11,999
3
.01
%
,
8/18/26
(l)
...................................................
9,911
9,896
Total
U.S.
Treasury
Obligations
21,895
Total
Short-Term
Investments
(Cost
$21,891)
a
a
a
21,895
Total
Investments
(Cost
$480,691)
—
97.9%
476,101
Other
assets
in
excess
of
liabilities
—  2.1%
10,166
NET
ASSETS
-
100.00%
$
486,267
At
July
31,
2026,
the
Fund's
investments
in
foreign
securities
were
18.2%
of
net
assets.
Security
Name
Acquisition
Date
Cost
Value
Sovcombank
Via
Sovcom
Capital
DAC
...................................
11/10/21
$
1,025
$
—
Sovcombank
Via
Sovcom
Capital
DAC
...................................
1/30/20
750
—
Total
(–%
of
net
assets)
$1,775
$—
bps
—
Basis
points
CMO
—
Collateralized
Mortgage
Obligations
Victory
Portfolios
IV
Victory
Pioneer
High
Yield
Fund
25
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2026.
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
PIK
—
Payment-in-Kind
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
July
31,
2026.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
July
31,
2026.
TSFR1M
—
1
Month
Term
SOFR,
rate
disclosed
as
of
July
31,
2026.
Forward
Currency
Contracts
At
July
31,
2026,
the
Fund's
open
forward
currency
contracts
were
as
follows:
Currency
Purchased
In
Exchange
for
(000)
Currency
Sold
Deliver
(000)
Counterparty
Settlement
Date
Net
Unrealized
Appreciation/
(Depreciation)
(000)
European
Euro
3,725
U.S.
Dollar
4,266
StateStreet
10/23/26
$
43
U.S.
Dollar
7,420
European
Euro
6,510
JPMorgan
Chase
Bank
9/25/26
(
103
)
Total
Net
Forward
Currency
Contracts
$
(
60
)
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
$
38,363
$
(
3,117
)
$
(
2,054
)
$
(
1,063
)
$
(
3,117
)
$
(
2,054
)
$
(
1,063
)
(a)
When
a
credit
event
occurs
as
defined
under
the
terms
of
the
swap
agreement,
the
Fund
as
a
buyer
of
credit
protection
will
either
(i)
receive
from
the
seller
of
protection
an
amount
equal
to
the
par
value
of
the
defaulted
reference
entity
and
deliver
the
reference
entity
or
(ii)
receive
a
net
amount
equal
to
the
par
value
of
the
defaulted
reference
entity
less
its
recovery
value.  
(b)
The
notional
amount
is
the
maximum
amount
that
a
seller
of
credit
protection
would
be
obligated
to
pay
upon
occurrence
of
a
credit
event.
Schedule
of
Portfolio
Investments
July
31,
2026
Victory
Portfolios
IV
Victory
Pioneer
CAT
Bond
Fund
26
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Insurance-Linked
Securities
(95.6%)
Collateralized
Reinsurance
(11.0%):
Earthquake
-
California
-
(0.4%):
Adare
Re,
2026,
12/31/31(a)(b)(c)(d)
.........................................
$
10,045
$
10,470
Earthquake
-
U.S.
-
(0.2%):
Adare
Re,
2025-2,
9/30/31(a)(b)(c)(d)
........................................
5,030
5,411
Multiperil
-
Florida
-
(0.0%):(e)
Mangrove
Re,
5/31/32(a)(b)(c)(d)
...........................................
1,000
895
Multiperil
-
U.S.
&
Canada
-
(1.2%):
Falkirk
Re,
2026,
3/31/32(a)(b)(c)(d)
.........................................
7,500
7,361
Macclesfield
Re,
6/17/27(a)(c)(d)
...........................................
20,000
20,223
Multiperil
-
U.S.
Regional
-
(0.2%):
Ailsa
Re,
2026,
5/31/32(b)(c)(d)
............................................
4,966
4,779
Multiperil
-
Worldwide
-
(3.5%):
Amaranth
Re,
2026,
12/31/31(a)(b)(c)(d)
......................................
6,500
6,122
Cheltenham-PI0051
Re,
2026,
5/31/30(a)(b)(c)(d)
................................
13,000
10,966
Dartmouth
Re,
2026,
12/31/28(a)(b)(c)(d)
.....................................
1,250
1,076
Epsom
Re,
2025-2,
9/30/31(a)(b)(c)(d)
........................................
10,000
9,893
Llandudno
Re,
2026,
12/31/31(a)(b)(c)(d)
.....................................
6,000
5,600
Merion
Re
12/31/31(a)(b)(c)(d)
................................................
9,250
8,860
12/31/31(a)(b)(c)(d)
................................................
8,000
6,894
Old
Head
Re,
2026,
12/31/31(a)(b)(c)(d)
......................................
5,000
4,571
Phoenix
3
Re,
2025,
1/4/39,
Callable
9/5/26
@
100(a)(b)(c)(d)(f)
.....................
5,000
5,942
Pine
Valley
Re,
2026,
12/31/31(a)(b)(c)(d)
.....................................
750
715
Tomtit
Re,
2026,
12/31/31(a)(c)(d)
..........................................
18,250
19,507
Windstorm
-
Florida
-
(0.8%):
Ipswich-PI0057
Re,
2025,
5/31/31(a)(b)(c)(d)
...................................
4,956
279
Mangrove
Re
5/31/31(a)(b)(c)(d)
.................................................
10,250
9,670
5/31/32(a)(b)(c)(d)
.................................................
10,000
9,555
Windstorm
-
North
Carolina
-
(1.9%):
Mangrove
Re
4/30/32(a)(c)(d)
...................................................
26,416
25,446
4/30/32(a)(c)(d)
...................................................
19,250
18,388
Windstorm
-
U.S.
-
(2.7%):
Grantham
Re,
2026,
12/15/31(a)(b)(c)(d)
......................................
16,000
15,226
Oakmont
Re,
2026,
3/31/32(b)(c)(d)
.........................................
8,388
8,155
Stevenage
Re,
2026,
12/15/28(a)(b)(d)(g)
......................................
18,000
16,391
Telford
Re,
2026,
12/31/28(a)(b)(c)(d)
........................................
22,000
20,997
Windstorm
-
U.S.
Multistate
-
(0.1%):
White
Heron
Re
5/31/31(a)(b)(c)(d)
.................................................
8,200
331
5/31/32(a)(b)(c)(d)
.................................................
3,500
3,315
257,038
Event
Linked
Bonds
(83.8%):
Earthquake
-
California
-
(6.3%):
Matterhorn
Re
7.08%
(BRMMUSDF+350bps),
7/16/29,
Callable
7/9/27
@
102.35(d)(h)(i)
.........
7,750
7,738
6.08%
(BRMMUSDF+250bps),
7/19/30,
Callable
7/19/27
@
102.5(d)(h)(i)
.........
6,500
6,493
Sutter
Re,
2026-1
C,
7.39%
(3
Month
U.S.
Treasury
Bill+350bps),
6/7/30,
Callable
6/7/28
@
101.75(d)(h)(i)
.....................................................
2,750
2,746
Victory
Portfolios
IV
Victory
Pioneer
CAT
Bond
Fund
27
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Torrey
Pines
Re
9.62%
(JMMMUSTF+604bps),
6/7/27(d)(h)(i)
..............................
$
500
$
515
10.69%
(JMMMUSTF+711bps),
6/7/27(d)(h)(i)
.............................
325
334
7.33%
(BRMMUSDF+402bps),
6/7/28,
Callable
9/5/26
@
102.5(d)(h)(i)
...........
8,250
8,453
8.08%
(BRMMUSDF+482bps),
6/7/28,
Callable
9/5/26
@
103.5(d)(h)(i)
...........
10,750
11,005
10.08%
(BRMMUSDF+643bps),
6/7/28,
Callable
9/5/26
@
103.5(d)(h)(i)
..........
6,250
6,436
6.89%
(1
Month
U.S.
Treasury
Bill+300bps),
6/7/29,
Callable
6/1/27
@
102(d)(h)(i)
...
7,850
7,890
7.64%
(1
Month
U.S.
Treasury
Bill+375bps),
6/7/29,
Callable
6/1/27
@
102(d)(h)(i)
...
4,500
4,515
9.89%
(1
Month
U.S.
Treasury
Bill+600bps),
6/7/29,
Callable
6/1/27
@
103(d)(h)(i)
...
2,500
2,555
Ursa
Re
9.05%
(BNMMDTSC+550bps),
12/7/26(d)(h)(i)
............................
1,750
1,763
12.30%
(BNMMDTSC+875bps),
12/7/26(d)(h)(i)
...........................
5,000
5,084
12.83%
(JMMMUSTF+925bps),
12/7/26(d)(h)(i)
............................
4,250
4,311
Ursa
Re
II
11.02%
(MSMMUSTF+750bps),
6/7/28,
Callable
6/7/27
@
102.25(d)(h)(i)
.........
41,250
42,149
13.44%
(BRMMUSDF+986bps),
6/7/28,
Callable
6/7/27
@
103(d)(h)(i)
...........
9,500
9,964
8.52%
(MSMMUSTF+500bps),
12/7/29,
Callable
12/7/27
@
102.75(d)(h)(i)
........
25,000
25,273
Earthquake
-
Canada
-
(0.5%):
Ursa
Re,
2025-1
F,
11.05%
(GSMMUSTI+750bps),
2/22/28,
Callable
12/7/26
@
103.5(d)(h)(i)
10,750
11,070
Earthquake
-
Chile
-
(0.1%):
Maschpark
Re,
2024-1
A,
7.04%
(FHMMUSTF+350bps),
1/10/28,
Callable
1/10/27
@
101.5(d)(h)(i)
......................................................
1,500
1,524
Earthquake
-
Europe
-
(0.1%):
Azzurro
Re
II
DAC,
8.74%
(EUR003M+625bps),
4/20/28(d)(h)(i)
....................
1,000
1,167
Earthquake
-
Israel
-
(0.3%):
Turris
Re,
2025-1
A,
5.98%
(JMMMUSTF+240bps),
1/8/29,
Callable
12/1/27
@
101.75(d)(h)
(i)
..............................................................
6,000
5,995
Earthquake
-
Italy
-
(0.1%):
Lion
Re
DAC,
8.45%
(EUR003M+620bps),
6/15/29,
Callable
1/1/27
@
103.25(d)(h)(i)
....
1,000
1,166
Earthquake
-
Japan
-
(0.6%):
Kizuna
Re
III,
2026-1
A,
6.39%
(3
Month
U.S.
Treasury
Bill+250bps),
4/9/31(d)(h)(i)
......
2,750
2,801
Nakama
Re
6.24%
(3
Month
U.S.
Treasury
Bill+235bps),
4/4/29(d)(h)(i)
....................
8,000
8,041
5.99%
(3
Month
U.S.
Treasury
Bill+210bps),
4/23/30(d)(h)(i)
...................
2,000
1,997
5.99%
(3
Month
U.S.
Treasury
Bill+210bps),
4/9/31(d)(h)(i)
....................
1,750
1,748
Earthquake
-
Mexico
-
(0.1%):
International
Bank
for
Reconstruction
&
Development
7.86%
(SOFR+422bps),
4/24/28(d)(h)(i)
..................................
1,500
1,530
14.86%
(SOFR+1122bps),
4/24/28(d)(h)(i)
................................
500
508
Earthquake
-
U.S.
-
(3.0%):
Acorn
Re
6.64%
(GSMMUSTF+310bps),
11/5/27,
Callable
9/5/26
@
102.5(d)(h)(i)
..........
5,750
5,813
5.90%
(GSMMUSTI+235bps),
11/7/28,
Callable
11/7/26
@
101.5(d)(h)(i)
..........
13,750
13,850
Herbie
Re,
2026-1
A,
7.77%
(MSMMUSTF+425bps),
1/7/30,
Callable
1/7/27
@
103(d)(h)(i)
14,000
14,071
Logistics
Re,
2024-1
A,
9.38%
(FHMMUSTF+584bps),
12/21/27,
Callable
8/20/26
@
102(d)
(h)(i)
............................................................
500
511
Matterhorn
Re,
2026-3
C,
7.08%
(BRMMUSDF+350bps),
7/16/29,
Callable
7/9/27
@
102.35(d)(h)(i)
.....................................................
5,750
5,741
Nakama
Re,
2023-1
1,
6.04%
(TSFR3M+250bps),
5/9/28(d)(h)(i)
....................
250
251
Veraison
Re
8.29%
(GSMMUSTI+474bps),
3/8/27,
Callable
8/20/26
@
102.25(d)(h)(i)
..........
2,000
2,021
7.05%
(GSMMUSTI+419bps),
3/8/28,
Callable
9/5/26
@
102.75(d)(h)(i)
...........
10,500
10,585
8.55%
(GSMMUSTI+615bps),
3/8/28,
Callable
9/5/26
@
104(d)(h)(i)
.............
1,250
1,266
6.45%
(GSMMUSTI+290bps),
3/8/29,
Callable
3/8/27
@
102.25(d)(h)(i)
...........
7,100
7,171
7.70%
(GSMMUSTI+415bps),
3/8/29,
Callable
3/8/27
@
102.25(d)(h)(i)
...........
7,850
7,850
Earthquake
-
U.S.
&
Canada
-
(0.4%):
3264
Re,
2025-1
B,
6.54%
(FHMMUSTF+300bps),
2/7/28,
Callable
2/7/27
@
106.25(d)(h)(i)
7,000
7,043
Victory
Portfolios
IV
Victory
Pioneer
CAT
Bond
Fund
28
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Matterhorn
Re
6.08%
(BRMMUSDF+250bps),
9/22/28,
Callable
9/17/26
@
101.65(d)(h)(i)
........
$
2,250
$
2,251
7.33%
(BRMMUSDF+375bps),
9/22/28,
Callable
9/17/26
@
102.5(d)(h)(i)
.........
750
753
Earthquake
-
Worldwide
-
(0.0%):(e)
Liongate
Re
DAC,
2025,
7.22%
(SOFR+357bps),
4/25/28(d)(h)(i)
....................
1,000
1,006
Flood
-
Germany
-
(0.0%):(e)
Yardstick
Re
DAC,
4.40%
(EUR003M+195bps),
7/8/30,
Callable
1/1/27
@
101.8(d)(h)(i)
...
500
576
Flood
-
U.S.
-
(0.5%):
Floodsmart
Re
17.90%
(FHMMUSTF+1400bps),
3/12/27(d)(h)(i)
...........................
7,750
8,000
21.17%
(FHMMUSTF+1725bps),
3/12/27(d)(h)(i)
...........................
4,500
4,416
25.94%
(FHMMUSTF+2240bps),
3/11/30(d)(h)(i)
...........................
150
8
Health
-
U.S.
-
(0.1%):
Vitality
Re
XV
6.04%
(FHMMUSTF+250bps),
1/7/28(d)(h)(i)
..............................
1,000
1,007
7.04%
(FHMMUSTF+350bps),
1/7/28(d)(h)(i)
..............................
500
507
Vitality
Re
XVI
5.27%
(MSMMUSTF+175bps),
1/8/29(d)(h)(i)
.............................
750
746
5.77%
(MSMMUSTF+225bps),
1/8/29(d)(h)(i)
.............................
750
748
7.27%
(MSMMUSTF+375bps),
1/8/29(d)(h)(i)
.............................
2,750
2,735
Multiperil
-
Canada
-
(0.0%):(e)
MMIFS
Re,
5.18%
(CAONINDX+290bps),
1/10/28,
Callable
9/5/26
@
103(d)(h)(i)
.......
1,000
720
Multiperil
-
Europe
-
(0.1%):
Lion
Re
DAC,
2025,
7.95%
(EUR003M+537bps),
6/15/29,
Callable
9/5/26
@
104.25(d)(h)(i)
1,000
1,164
Multiperil
-
Florida
-
(0.9%):
Armor
Re
II
8.89%
(3
Month
U.S.
Treasury
Bill+500bps),
6/7/29(d)(h)(i)
....................
5,000
4,982
18.64%
(3
Month
U.S.
Treasury
Bill+1475bps),
6/7/29(d)(h)(i)
..................
3,500
3,462
Chartwell
Re
8.14%
(3
Month
U.S.
Treasury
Bill+425bps),
6/7/29(d)(h)(i)
....................
250
251
16.14%
(3
Month
U.S.
Treasury
Bill+1225bps),
6/7/29(d)(h)(i)
..................
1,000
997
Sanders
Re
II,
2025-2
A,
10.58%
(BRMMUSDF+700bps),
6/7/28(d)(h)(i)
..............
8,250
8,408
Sanders
Re
III,
2026-2
A-2,
7.89%
(3
Month
U.S.
Treasury
Bill+400bps),
6/7/30(d)(h)(i)
....
1,750
1,745
Multiperil
-
Kyrgyzstan
-
(0.1%):
Asian
Development
Bank,
2026,
9.65%
(SOFRINDX+600bps),
5/30/29(d)(h)(i)
..........
2,000
1,998
Multiperil
-
Massachusetts
-
(0.3%):
Mayflower
Re,
2025-1
A,
7.04%
(FHMMUSTF+350bps),
7/7/28,
Callable
9/5/26
@
102.75(d)
(h)(i)
............................................................
7,500
7,607
Multiperil
-
Puerto
Rico
-
(0.0%):(e)
Puerto
Rico
Parametric
Re,
2024-1
A,
12.55%
(GSMMUSTI+900bps),
6/7/27(d)(h)(i)
.....
500
515
Multiperil
-
Tajikistan
-
(0.1%):
Asian
Development
Bank,
2026,
9.65%
(SOFRINDX+600bps),
5/30/29(d)(h)(i)
..........
2,000
1,998
Multiperil
-
Texas
-
(0.3%):
Handshake
Re,
2025-1
A,
8.08%
(JMMMUSTF+450bps),
1/8/30,
Callable
1/8/27
@
100(d)(h)
(i)
..............................................................
8,100
7,964
Multiperil
-
U.S.
-
(28.5%):
Aquila
Re,
8.97%
(BRMMUSDF+539bps),
6/7/27,
Callable
9/5/26
@
103(d)(h)(i)
........
2,250
2,297
Aquila
Re
I
11.93%
(BRMMUSDF+835bps),
6/7/27,
Callable
6/5/27
@
100(d)(h)(i)
...........
3,750
3,830
7.39%
(3
Month
U.S.
Treasury
Bill+350bps),
6/10/30,
Callable
6/7/27
@
104.5(d)(h)(i)
7,350
7,331
8.14%
(3
Month
U.S.
Treasury
Bill+425bps),
6/10/30,
Callable
6/7/27
@
104.5(d)(h)(i)
7,350
7,331
Atela
Re,
2024-1
A,
17.83%
(BRMMUSDF+1425bps),
5/9/27(d)(h)(i)
.................
3,000
3,151
Baldwin
Re,
2023-1
A,
8.63%
(BRMMUSDF+493bps),
7/7/27,
Callable
9/5/26
@
101.75(d)(h)
(i)
..............................................................
750
759
Bonanza
Re
7.27%
(MSMMUSTF+350bps),
12/19/27(d)(h)(i)
............................
9,750
9,816
9.02%
(MSMMUSTF+509bps),
12/19/27(d)(h)(i)
............................
16,000
16,248
Victory
Portfolios
IV
Victory
Pioneer
CAT
Bond
Fund
29
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Commonwealth
Re
7.33%
(JMMMUSTF+375bps),
7/10/28,
Callable
6/10/27
@
101.5(d)(h)(i)
.........
$
10,000
$
10,115
6.58%
(BRMMUSDF+300bps),
7/9/29,
Callable
6/9/27
@
102.25(d)(h)(i)
..........
4,750
4,742
Finca
Re,
2025-1
A,
8.83%
(BRMMUSDF+525bps),
6/7/28,
Callable
6/7/27
@
101.75(d)(h)(i)
10,000
10,158
Foundation
Re
9.83%
(JMMMUSTF+625bps),
1/8/27,
Callable
9/5/26
@
102.5(d)(h)(i)
...........
11,955
11,997
7.08%
(JMMMUSTF+350bps),
1/7/30,
Callable
1/1/27
@
102.5(d)(h)(i)
...........
60,000
61,086
Four
Lakes
Re
9.10%
(BRMMUSDF+552bps),
1/7/27,
Callable
9/5/26
@
102.5(d)(h)(i)
...........
3,250
3,301
13.28%
(BRMMUSDF+970bps),
1/7/27,
Callable
9/5/26
@
103.25(d)(h)(i)
.........
2,750
2,752
8.63%
(BRMMUSDF+505bps),
1/7/28,
Callable
12/31/26
@
102(d)(h)(i)
..........
9,120
9,187
12.81%
(BRMMUSDF+923bps),
1/7/28,
Callable
12/31/26
@
102.75(d)(h)(i)
.......
8,000
8,078
6.83%
(BRMMUSDF+325bps),
1/8/29,
Callable
12/31/27
@
101.25(d)(h)(i)
........
5,350
5,339
9.58%
(BRMMUSDF+600bps),
1/8/29,
Callable
12/31/27
@
101.5(d)(h)(i)
.........
12,750
13,018
Fuchsia,
2024-1
A,
8.71%
(FRMMUSTI+514bps),
4/6/28,
Callable
9/5/26
@
104(d)(h)(i)
...
9,000
9,106
Gateway
Re,
2026-1
A,
13.58%
(BRMMUSDF+1000bps),
7/6/29,
Callable
6/15/27
@
106.4(d)
(h)(i)
............................................................
3,500
3,491
Harbor
Crest
Re,
2026-1
A,
8.31%
(1
Month
U.S.
Treasury
Bill+450bps),
7/22/30,
Callable
7/22/27
@
100(d)(h)(i)
...............................................
6,250
6,249
Herbie
Re
26.58%
(JMMMUSTF+2300bps),
1/8/27,
Callable
9/5/26
@
102.75(d)(h)(i)
........
1,500
1,438
10.48%
(JMMMUSTF+690bps),
1/7/28,
Callable
1/8/27
@
102.5(d)(h)(i)
..........
6,000
5,941
13.48%
(JMMMUSTF+990bps),
1/8/28,
Callable
1/8/27
@
103.25(d)(h)(i)
.........
1,500
1,479
10.83%
(JMMMUSTF+815bps),
1/8/29,
Callable
12/31/27
@
102(d)(h)(i)
..........
5,000
5,023
14.33%
(JMMMUSTF+1165bps),
1/8/29,
Callable
12/31/27
@
105.5(d)(h)(i)
........
2,000
2,019
High
Point
Re,
2023-1,
9.22%
(BRMMUSDF+549bps),
1/6/27,
Callable
9/5/26
@
102.25(d)
(h)(i)
............................................................
1,500
1,500
Hypatia
Re,
2025-1
A,
12.05%
(BNMMDTSC+920bps),
7/5/28,
Callable
7/27/27
@
102.25(d)
(h)(i)
............................................................
3,500
3,619
Long
Point
Re
IV,
2026-1
A,
7.39%
(1
Month
U.S.
Treasury
Bill+350bps),
6/3/30,
Callable
9/5/26
@
103.25(d)(h)(i)
.............................................
17,600
17,565
Matterhorn
Re
15.33%
(BRMMUSDF+1175bps),
2/16/29,
Callable
2/10/27
@
105.9(d)(h)(i)
.......
10,250
10,161
18.58%
(BRMMUSDF+1500bps),
2/16/29,
Callable
2/10/27
@
107.5(d)(h)(i)
.......
1,000
966
Merna
Re
11.33%
(JMMMUSTF+775bps),
7/7/28(d)(h)(i)
.............................
16,500
17,571
10.14%
(3
Month
U.S.
Treasury
Bill+625bps),
7/9/29(d)(h)(i)
...................
37,900
39,386
13.14%
(3
Month
U.S.
Treasury
Bill+925bps),
7/9/29(d)(h)(i)
...................
41,000
42,324
Merna
Re
Companywide,
2025-3
A,
10.58%
(JMMMUSTF+700bps),
7/7/28(d)(h)(i)
......
28,250
28,968
Merna
Re
II
11.02%
(GSMMUSTI+747bps),
7/7/27(d)(h)(i)
.............................
1,275
1,316
12.04%
(GSMMUSTI+849bps),
7/7/27(d)(h)(i)
.............................
5,000
5,195
Mountain
Re,
2026-1
A,
10.80%
(BNMMDTSC+725bps),
6/7/29,
Callable
6/7/27
@
105.5(d)
(h)(i)
............................................................
500
499
Mystic
Re
IV
15.55%
(GSMMUSTI+1285bps),
1/8/27(d)(h)(i)
............................
19,950
20,028
8.45%
(GSMMUSTI+490bps),
1/10/28(d)(h)(i)
.............................
5,000
4,992
13.21%
(GSMMUSTI+966bps),
1/10/28(d)(h)(i)
............................
1,750
1,740
17.68%
(GSMMUSTI+1413bps),
1/10/28(d)(h)(i)
...........................
750
704
One
Shield
Re,
2026-1
A,
11.58%
(BRMMUSDF+800bps),
4/27/29,
Callable
6/13/27
@
105.5(d)(h)(i)
......................................................
4,000
3,966
Residential
Re
9.58%
(JMMMUSTF+600bps),
12/6/27(d)(h)(i)
.............................
3,125
3,249
8.87%
(JMMMUSTF+529bps),
12/6/28(d)(h)(i)
.............................
5,000
5,095
10.71%
(JMMMUSTF+713bps),
12/6/28(d)(h)(i)
............................
9,500
9,665
16.30%
(GSMMUSTI+1275bps),
12/6/28(d)(h)(i)
...........................
8,000
8,289
6.83%
(JMMMUSTF+325bps),
12/6/29(d)(h)(i)
.............................
30,000
30,018
13.80%
(GSMMUSTI+1025bps),
12/6/29(d)(h)(i)
...........................
27,500
26,986
9.33%
(JMMMUSTF+575bps),
6/6/30(d)(h)(i)
..............................
21,000
20,954
Victory
Portfolios
IV
Victory
Pioneer
CAT
Bond
Fund
30
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Sanders
Re
II
7.55%
(GSMMUSTI+400bps),
4/7/28(d)(h)(i)
..............................
$
2,250
$
2,279
8.05%
(GSMMUSTI+450bps),
4/7/28(d)(h)(i)
..............................
4,750
4,831
7.57%
(BRMMUSDF+399bps),
4/7/29(d)(h)(i)
.............................
12,575
12,678
8.94%
(BRMMUSDF+536bps),
4/7/29(d)(h)(i)
.............................
18,000
18,250
7.80%
(GSMMUSTI+425bps),
4/8/30(d)(h)(i)
..............................
1,500
1,564
8.30%
(GSMMUSTI+475bps),
4/8/30(d)(h)(i)
..............................
5,250
5,512
Sanders
Re
III
9.05%
(BRMMUSDF+547bps),
4/7/27(d)(h)(i)
.............................
700
707
9.14%
(BRMMUSDF+556bps),
4/7/28(d)(h)(i)
.............................
7,750
8,029
8.89%
(3
Month
U.S.
Treasury
Bill+500bps),
4/8/30(d)(h)(i)
....................
11,000
11,035
8.89%
(3
Month
U.S.
Treasury
Bill+500bps),
4/7/31(d)(h)(i)
....................
15,000
15,105
Sanders
Re
IV
7.07%
(HSMMUSTF+350bps),
4/8/30(d)(h)(i)
..............................
4,750
4,752
7.07%
(HSMMUSTF+350bps),
4/7/31(d)(h)(i)
..............................
5,500
5,511
Skyline
Re
II,
2025-1
A,
7.39%
(1
Month
U.S.
Treasury
Bill+350bps),
1/7/30,
Callable
1/7/27
@
103.25(d)(h)(i)
...................................................
20,000
20,300
Solomon
Re,
2026-1
B,
11.30%
(GSMMUSTI+775bps),
6/7/29(d)(h)(i)
................
1,750
1,744
Topanga
Re
8.33%
(JMMMUSTF+475bps),
1/7/30,
Callable
1/1/28
@
103.15(d)(h)(i)
..........
10,500
10,655
9.33%
(JMMMUSTF+575bps),
1/7/30,
Callable
1/1/28
@
104.15(d)(h)(i)
..........
8,750
8,744
Tranquil
Re
-
Arthur
Re,
2026-1
A,
15.89%
(Treasury
Bill+1200bps),
7/7/28(d)(h)(i)
.......
5,000
5,062
Turicum
Re,
2026-1
A,
19.33%
(JMMMUSTF+1575bps),
4/9/29,
Callable
4/9/27
@
108.75(d)
(h)(i)
............................................................
5,500
5,522
Yosemite
Re,
2025-1
A,
10.80%
(GSMMUSTI+736bps),
6/7/28,
Callable
9/5/26
@
104.75(d)
(h)(i)
............................................................
1,000
1,039
Multiperil
-
U.S.
&
Canada
-
(14.1%):
3264
Re
11.05%
(GSMMUSTI+750bps),
6/8/28(d)(h)(i)
.............................
7,500
7,594
9.55%
(GSMMUSTI+600bps),
1/8/29,
Callable
1/7/27
@
102(d)(h)(i)
.............
12,000
12,098
10.05%
(GSMMUSTI+650bps),
1/8/29,
Callable
1/7/27
@
102(d)(h)(i)
............
14,000
13,898
Ashera
Re,
2024-1
A,
8.79%
(GSMMUSTI+524bps),
4/7/27(d)(h)(i)
..................
5,750
5,772
Atlas
Re,
2024-1
A,
15.86%
(SOFR+1342bps),
6/8/27(d)(h)(i)
.......................
3,000
3,210
Bridge
Street
Re,
2025-1
A,
7.58%
(JMMMUSTF+400bps),
1/7/28,
Callable
9/5/26
@
102.75(d)(h)(i)
.....................................................
12,250
12,301
Fuchsia,
2025-1
A,
6.82%
(FRMMUSTF+325bps),
4/6/29,
Callable
4/1/27
@
102.25(d)(h)(i)
6,750
6,677
Galileo
Re
10.55%
(GSMMUSTI+700bps),
1/7/28,
Callable
9/5/26
@
104.5(d)(h)(i)
...........
7,050
7,250
6.83%
(JMMMUSTF+325bps),
1/8/30,
Callable
1/8/27
@
103(d)(h)(i)
............
18,750
18,733
8.58%
(JMMMUSTF+500bps),
1/8/30,
Callable
1/8/27
@
101.25(d)(h)(i)
..........
17,500
17,085
Hypatia
Re,
2026-1
A,
8.55%
(BNMMDTSC+500bps),
5/14/29,
Callable
5/14/27
@
102.5(d)
(h)(i)
............................................................
8,850
8,861
Kilimanjaro
II
Re
9.83%
(BRMMUSDF+625bps),
6/30/28(d)(h)(i)
............................
8,250
8,553
10.83%
(BRMMUSDF+725bps),
6/30/28(d)(h)(i)
............................
4,500
4,687
7.55%
(GSMMUSTI+400bps),
7/9/29,
Callable
7/8/27
@
103(d)(h)(i)
.............
10,000
10,140
10.05%
(GSMMUSTI+650bps),
7/9/29,
Callable
7/8/27
@
103.5(d)(h)(i)
...........
6,750
6,859
7.55%
(GSMMUSTI+400bps),
7/8/30,
Callable
7/8/27
@
104.5(d)(h)(i)
............
14,250
14,545
10.05%
(GSMMUSTI+650bps),
7/8/30,
Callable
7/8/27
@
105.25(d)(h)(i)
..........
14,750
14,906
Kilimanjaro
III
Re,
2026-1
D-1,
15.64%
(3
Month
U.S.
Treasury
Bill+1175bps),
7/9/29,
Callable
7/8/27
@
103.75(d)(h)(i)
.......................................
10,500
10,529
Lapis
Re,
2025-1
A,
11.39%
(3
Month
U.S.
Treasury
Bill+838bps),
1/9/29,
Callable
1/9/27
@
104.5(d)(h)(i)
......................................................
2,500
2,530
Mona
Lisa
Re
13.33%
(BRMMUSDF+975bps),
6/25/27(d)(h)(i)
............................
6,500
6,706
15.58%
(BRMMUSDF+1200bps),
1/8/30,
Callable
1/28/27
@
108.25(d)(h)(i)
.......
15,000
15,086
9.08%
(BRMMUSDF+550bps),
1/8/31,
Callable
1/7/28
@
104.25(d)(h)(i)
..........
17,250
17,486
Montoya
Re
8.69%
(MSMMUSTF+517bps),
4/7/28,
Callable
4/15/27
@
102(d)(h)(i)
...........
5,750
5,699
8.83%
(JMMMUSTF+525bps),
4/9/30,
Callable
4/15/27
@
104.5(d)(h)(i)
..........
19,600
19,784
Mystic
Re
IV
6.80%
(GSMMUSTI+325bps),
1/8/29,
Callable
12/1/27
@
102(d)(h)(i)
............
3,500
3,465
10.45%
(GSMMUSTI+690bps),
1/8/29,
Callable
12/1/26
@
103(d)(h)(i)
...........
4,500
4,459
Victory
Portfolios
IV
Victory
Pioneer
CAT
Bond
Fund
31
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Northshore
Re
II,
2025-1
A,
8.58%
(BRMMUSDF+500bps),
4/7/28,
Callable
4/1/27
@
101.5(d)(h)(i)
......................................................
$
19,750
$
19,940
Ocelot
Re
11.33%
(BRMMUSDF+775bps),
1/7/27(d)(h)(i)
.............................
8,000
7,991
8.08%
(BRMMUSDF+449bps),
2/26/29,
Callable
2/26/27
@
103(d)(h)(i)
..........
9,750
10,044
Photon
Re,
2026-1
A,
11.58%
(JMMMUSTF+800bps),
3/7/30,
Callable
3/7/27
@
106.5(d)(h)
(i)
..............................................................
9,000
9,048
Quercian
Re,
2026-1,
10.89%
(3
Month
U.S.
Treasury
Bill+700bps),
6/9/29(d)(h)(i)
.......
1,750
1,751
Ramble
Re
10.06%
(JMMMUSTF+648bps),
3/5/27(d)(h)(i)
.............................
5,000
4,990
8.58%
(JMMMUSTF+500bps),
6/29/29,
Callable
7/1/27
@
103(d)(h)(i)
............
6,250
6,300
Riverfront
Re,
2025-1
B,
11.30%
(GSMMUSTI+775bps),
1/8/29,
Callable
6/30/27
@
105.5(d)
(h)(i)
............................................................
1,500
1,547
Titania
Re
9.80%
(GSMMUSTI+701bps),
11/26/27,
Callable
11/21/26
@
102.25(d)(h)(i)
.......
4,250
4,288
13.05%
(GSMMUSTI+1031bps),
11/26/27,
Callable
11/21/26
@
103(d)(h)(i)
........
3,750
3,704
11.39%
(3
Month
U.S.
Treasury
Bill+750bps),
4/30/29,
Callable
4/1/27
@
103.7(d)(h)(i)
3,250
3,248
Multiperil
-
U.S.
Multistate
-
(0.0%):(e)
Sabine
Re,
2026-1
A,
9.39%
(1
Month
U.S.
Treasury
Bill+550bps),
4/8/30,
Callable
4/1/27
@
106.75(d)(h)(i)
.....................................................
750
745
Multiperil
-
U.S.
Northeast
-
(0.6%):
Baldwin
Re,
2025-1
A,
7.33%
(BRMMUSDF+367bps),
7/9/29,
Callable
7/7/27
@
103(d)(h)(i)
6,500
6,574
Locke
Tavern
Re
6.83%
(JMMMUSTF+325bps),
4/9/29,
Callable
4/9/27
@
102(d)(h)(i)
............
2,600
2,581
7.83%
(JMMMUSTF+425bps),
4/9/29,
Callable
4/9/27
@
102.5(d)(h)(i)
...........
3,500
3,498
Multiperil
-
Worldwide
-
(3.9%):
Atlas
Capital
10.89%
(SOFR+835bps),
6/7/28,
Callable
9/5/26
@
104(d)(h)(i)
.................
5,000
5,091
9.64%
(SOFR+600bps),
6/7/29,
Callable
7/7/27
@
103(d)(h)(i)
..................
1,500
1,504
Black
Kite
Re,
2025-1
A,
11.50%
(BNMMUSTF+800bps),
5/8/28,
Callable
9/5/26
@
104(d)
(h)(i)
............................................................
1,000
1,030
Bridge
Street
Re,
2025-2
A,
11.33%
(JMMMUSTF+775bps),
1/8/29,
Callable
1/7/27
@
104.5(d)(h)(i)
......................................................
51,450
52,289
Cat
Re,
2023-1
A,
15.82%
(JMMMUSTF+1224bps),
1/8/27(d)(h)(i)
..................
9,250
9,305
Kendall
Re
9.80%
(GSMMUSTI+625bps),
4/30/27(d)(h)(i)
.............................
5,500
5,598
11.29%
(GSMMUSTI+774bps),
4/30/27(d)(h)(i)
............................
11,000
11,124
Montoya
Re,
2025-2
B,
16.08%
(JMMMUSTF+1250bps),
4/9/30,
Callable
4/15/27
@
106(d)
(h)(i)
............................................................
2,750
2,649
Silk
Road
Re,
2024-1,
9.55%
(BNMMDTSC+600bps),
1/10/28,
Callable
9/5/26
@
104.75(d)
(h)(i)
............................................................
2,000
2,015
Solomon
Re,
2026-1
A,
8.30%
(GSMMUSTI+475bps),
6/7/29(d)(h)(i)
.................
3,000
3,014
Wildfire
-
California
-
(2.0%):
123
Lights
Re
14.54%
(FHMMUSTF+1100bps),
9/14/28,
Callable
9/15/26
@
109(d)(h)(i)
.........
1,000
1,063
12.89%
(3
Month
U.S.
Treasury
Bill+900bps),
9/14/29,
Callable
9/15/27
@
106(d)(h)(i)
1,000
998
Golden
Bear
Re,
2026-1
A,
13.33%
(JMMMUSTF+975bps),
1/8/29,
Callable
1/1/27
@
107.5(d)(h)(i)
......................................................
40,000
41,724
Luca
Re,
2026-1
A,
9.14%
(3
Month
U.S.
Treasury
Bill+525bps),
7/9/29,
Callable
7/1/27
@
104.25(d)(h)(i)
.....................................................
2,250
2,324
Windstorm
-
Europe
-
(0.3%):
Blue
Sky
Re
DAC,
8.64%
(EUR003M+645bps),
1/26/27(d)(h)(i)
.....................
2,000
2,350
Recoletos
Re
DAC,
3.50%
(3
Month
U.S.
Treasury
Bill+350bps),
12/8/28,
Callable
12/1/26
@
102.5(d)(h)(i)
......................................................
4,500
5,254
Windmill
III
Re
DAC,
7.55%
(EUR003M+521bps),
7/5/28(d)(h)(i)
...................
750
885
Windstorm
-
Florida
-
(6.8%):
Abacab
Re,
2026-1
A,
9.83%
(BRMMUSDF+625bps),
4/13/29,
Callable
6/7/27
@
106(d)(h)(i)
250
249
Armor
Re
II
13.78%
(BRMMUSDF+1017bps),
5/7/27(d)(h)(i)
............................
2,000
2,064
12.08%
(BRMMUSDF+850bps),
1/7/28(d)(h)(i)
............................
9,250
9,699
Victory
Portfolios
IV
Victory
Pioneer
CAT
Bond
Fund
32
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Buttonwood
Re,
2026-1
A,
8.58%
(BRMMUSDF+500bps),
5/29/29(d)(h)(i)
.............
$
250
$
251
First
Coast
Re
10.08%
(JMMMUSTF+650bps),
3/10/28,
Callable
7/1/27
@
103(d)(h)(i)
...........
7,000
7,041
11.08%
(JMMMUSTF+750bps),
3/10/28,
Callable
7/1/27
@
103.5(d)(h)(i)
.........
7,750
7,782
GWS
Re,
2026-1
A,
9.93%
(BNMMDTSC+638bps),
6/7/29,
Callable
6/7/27
@
104.3(d)(h)(i)
2,750
2,734
Hestia
Re
3.55%
4/16/27(d)(i)(j)
...............................................
750
566
10.77%
(BNMMDTSC+722bps),
3/13/28,
Callable
9/5/26
@
105(d)(h)(i)
..........
2,500
2,567
12.34%
(BNMMDTSC+879bps),
3/13/28,
Callable
9/5/26
@
106(d)(h)(i)
..........
1,000
1,025
13.14%
(1
Month
U.S.
Treasury
Bill+925bps),
4/16/29,
Callable
4/8/27
@
106.25(d)(h)(i)
250
251
Integrity
Re
III
11.54%
(FHMMUSTF+809bps),
6/6/27(d)(h)(i)
.............................
3,500
3,532
13.29%
(FHMMUSTF+1000bps),
6/6/27(d)(h)(i)
............................
3,750
3,773
29.04%
(FHMMUSTF+2548bps),
6/6/27(d)(h)(i)
............................
1,250
1,292
11.54%
(FHMMUSTF+809bps),
6/6/28(d)(h)(i)
.............................
5,500
5,671
13.29%
(FHMMUSTF+1000bps),
6/6/28(d)(h)(i)
............................
4,250
4,366
15.79%
(FHMMUSTF+1272bps),
6/6/28(d)(h)(i)
............................
10,000
10,371
19.79%
(FHMMUSTF+1625bps),
6/7/29(d)(h)(i)
............................
250
247
Marlon
Re,
2024-1
A,
10.89%
(JMMMUSTF+723bps),
6/7/27(d)(h)(i)
.................
750
778
Meadows,
2025-1
A,
15.80%
(GSMMUSTI+1225bps),
12/7/29,
Callable
12/7/27
@
105.5(d)
(h)(i)
............................................................
4,750
4,822
Merna
Re
II,
2024-2
A,
12.30%
(GSMMUSTI+875bps),
7/7/27(d)(h)(i)
................
2,000
2,051
Merna
Reinsurance
II,
2025-1
A,
11.33%
(JMMMUSTF+775bps),
7/7/28(d)(h)(i)
.........
7,000
7,208
Palm
Re
13.25%
(BNMMDTSC+982bps),
6/7/27(d)(h)(i)
............................
10,000
10,271
11.30%
(BNMMDTSC+775bps),
6/7/28,
Callable
9/5/26
@
106.5(d)(h)(i)
..........
12,750
13,375
8.58%
(BRMMUSDF+500bps),
6/7/29,
Callable
6/4/27
@
104.5(d)(h)(i)
...........
15,250
15,708
Purple
Re
12.71%
(JMMMUSTF+888bps),
6/7/27(d)(h)(i)
.............................
3,600
3,706
10.83%
(JMMMUSTF+736bps),
6/7/28,
Callable
9/5/26
@
106(d)(h)(i)
............
6,500
6,770
11.33%
(JMMMUSTF+768bps),
6/7/28,
Callable
9/5/26
@
106.5(d)(h)(i)
..........
5,500
5,610
10.08%
(JMMMUSTF+650bps),
6/7/29,
Callable
6/7/27
@
105(d)(h)(i)
............
5,000
4,976
White
Rock
Insurance
SAC
Ltd.,
1.50%,
1/7/31(d)(j)
.............................
5,000
4,683
Winston
Re
13.76%
(BNMMDTSC+1021bps),
2/26/27(d)(h)(i)
...........................
2,250
2,293
15.24%
(BNMMDTSC+1169bps),
2/26/27(d)(h)(i)
...........................
500
506
10.68%
(BNMMDTSC+713bps),
2/21/28,
Callable
9/5/26
@
105.75(d)(h)(i)
........
12,500
13,084
8.33%
(BRMMUSDF+475bps),
5/4/29,
Callable
6/4/27
@
104.25(d)(h)(i)
..........
3,000
2,997
Windstorm
-
Florida
&
Louisiana
-
(0.4%):
Nature
Coast
Re
13.55%
(GSMMUSTI+1000bps),
12/7/26,
Callable
9/5/26
@
104.25(d)(h)(i)
........
2,250
2,207
11.89%
(3
Month
U.S.
Treasury
Bill+800bps),
2/26/30(d)(h)(i)
..................
7,750
7,781
Windstorm
-
France
-
(0.4%):
Hexagon
IV
Re
8.24%
(EUR003M+575bps),
1/21/28(d)(h)(i)
...............................
1,500
1,722
7.45%
(EUR003M+500bps),
1/22/30(d)(h)(i)
...............................
6,750
7,818
Windstorm
-
Hawaii
-
(0.0%):(e)
Torrey
Pines
Re,
2026-1
D,
6.64%
(1
Month
U.S.
Treasury
Bill+275bps),
6/7/29,
Callable
7/1/27
@
102(d)(h)(i)
................................................
500
499
Windstorm
-
Jamaica
-
(0.2%):
International
Bank
for
Reconstruction
&
Development,
8.12%
(SOFRINDX+687bps),
5/23/30(d)(h)(i)
....................................................
5,500
5,474
Windstorm
-
Japan
-
(0.4%):
Sakura
Re,
2025-1
A,
6.33%
(BRMMUSDF+271bps),
4/5/29(d)(h)(i)
.................
9,250
9,348
Tomoni
Re,
2024-1
A,
6.85%
(JMMMUSTF+327bps),
4/5/28(d)(h)(i)
.................
750
758
Windstorm
-
Louisiana
-
(0.6%):
Nature
Coast
Re
15.10%
(GSMMUSTI+1155bps),
1/16/29,
Callable
9/5/26
@
109.75(d)(h)(i)
........
8,750
8,616
13.30%
(GSMMUSTI+1018bps),
4/10/29,
Callable
4/1/27
@
108(d)(h)(i)
..........
3,500
3,614
Windstorm
-
Massachusetts
-
(0.2%):
Victory
Portfolios
IV
Victory
Pioneer
CAT
Bond
Fund
33
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Mayflower
Re
8.47%
(FHMMUSTF+518bps),
7/8/27(d)(h)(i)
..............................
$
2,000
$
2,037
6.54%
(FHMMUSTF+300bps),
7/6/29,
Callable
7/6/27
@
102(d)(h)(i)
............
2,000
2,006
7.54%
(FHMMUSTF+400bps),
7/6/29,
Callable
7/6/27
@
102(d)(h)(i)
............
750
748
Windstorm
-
Mexico
-
(0.2%):
International
Bank
for
Reconstruction
&
Development
15.86%
(SOFR+1222bps),
4/24/28(d)(h)(i)
................................
1,500
1,592
17.36%
(SOFR+1372bps),
4/24/28(d)(h)(i)
................................
2,000
2,041
Windstorm
-
Netherlands
-
(0.2%):
Orange
Capital
Re
DAC,
8.32%
(EUR003M+600bps),
1/17/29(d)(h)(i)
................
500
596
Windmill
III
Re
DAC,
2.82%
(EUR003M+375bps),
7/5/30(d)(h)(i)
...................
4,500
5,182
Windstorm
-
New
York
-
(0.1%):
Oceanside
Re,
2025-1
A,
9.55%
(BNMMDTSC+612bps),
5/15/28,
Callable
9/5/26
@
104(d)
(h)(i)
............................................................
3,250
3,292
Windstorm
-
North
Carolina
-
(3.1%):
Blue
Ridge
Re
11.53%
(FHMMUSTF+828bps),
1/8/27(d)(h)(i)
.............................
500
506
7.04%
(FHMMUSTF+350bps),
1/8/29,
Callable
1/8/27
@
103(d)(h)(i)
............
14,500
14,468
9.54%
(FHMMUSTF+600bps),
1/8/29,
Callable
1/8/27
@
104.5(d)(h)(i)
...........
14,500
14,504
11.54%
(FHMMUSTF+800bps),
1/8/29,
Callable
1/8/27
@
105.25(d)(h)(i)
.........
17,250
16,979
Cape
Lookout
Re
8.79%
(FHMMUSTF+525bps),
3/21/29,
Callable
3/13/27
@
103.5(d)(h)(i)
.........
8,500
8,388
9.54%
(FHMMUSTF+600bps),
3/21/29,
Callable
3/13/27
@
104(d)(h)(i)
...........
16,000
15,931
Longleaf
Pine
Re,
2024-1
A,
21.48%
(GSMMUSTI+1720bps),
5/25/27(d)(h)(i)
..........
3,250
3,369
Windstorm
-
Texas
-
(1.1%):
Bluebonnet
Re
15.58%
(JMMMUSTF+1200bps),
6/7/27(d)(h)(i)
............................
2,750
2,863
12.04%
(FHMMUSTF+922bps),
6/7/28(d)(h)(i)
.............................
4,250
4,366
15.29%
(FHMMUSTF+1243bps),
6/7/28(d)(h)(i)
............................
4,000
4,114
Merna
Reinsurance
II,
2025-2
A,
12.33%
(JMMMUSTF+875bps),
7/7/28(d)(h)(i)
.........
13,000
13,707
Windstorm
-
U.S.
-
(2.7%):
Alamo
Re
11.14%
(FHMMUSTF+725bps),
6/7/28(d)(h)(i)
.............................
8,350
8,422
14.39%
(FHMMUSTF+1050bps),
6/7/28(d)(h)(i)
............................
3,000
2,982
9.14%
(FHMMUSTF+525bps),
6/7/29(d)(h)(i)
..............................
14,350
14,405
Gateway
Re,
2026-1
AAA-1,
7.83%
(BRMMUSDF+425bps),
7/6/29,
Callable
6/15/27
@
102.8(d)(h)(i)
......................................................
500
499
Lower
Ferry
Re
6.27%
(MSMMUSTF+275bps),
7/9/29,
Callable
9/7/27
@
102(d)(h)(i)
............
2,250
2,246
6.52%
(MSMMUSTF+300bps),
7/9/29,
Callable
9/7/27
@
102(d)(h)(i)
............
2,250
2,246
7.52%
(MSMMUSTF+400bps),
7/9/29,
Callable
9/7/27
@
102.25(d)(h)(i)
..........
2,500
2,496
Meadows,
2025-1
B,
15.05%
(GSMMUSTI+1150bps),
12/7/29,
Callable
12/7/27
@
105.15(d)
(h)(i)
............................................................
13,750
13,255
Recoletos
Re
DAC
9.47%
(3
Month
U.S.
Treasury
Bill+558bps),
1/7/28,
Callable
9/5/26
@
103(d)(h)(i)
...
4,000
4,014
5.39%
(3
Month
U.S.
Treasury
Bill+150bps),
7/6/29,
Callable
7/6/27
@
102.75(d)(h)(i)
7,500
7,481
Windrose
Re,
2026-1
C,
16.14%
(3
Month
U.S.
Treasury
Bill+1225bps),
2/13/29,
Callable
2/1/27
@
105.5(d)(h)(i)
..............................................
4,750
4,697
Windstorm
-
U.S.
Gulf
-
(0.3%):
3264
Re,
2024-1
B,
21.54%
(FHMMUSTF+1800bps),
7/8/27(d)(h)(i)
.................
500
506
Windrose
Re,
2026-1
B,
11.89%
(3
Month
U.S.
Treasury
Bill+800bps),
2/13/29,
Callable
2/15/27
@
104(d)(h)(i)
...............................................
6,000
5,959
Windstorm
-
U.S.
Multistate
-
(1.3%):
Charles
River
Re,
2024-1
A,
11.18%
(BNMMDTSC+742bps),
5/10/27(d)(h)(i)
...........
1,000
1,007
Chartwell
Re
9.94%
(JMMMUSTF+636bps),
6/7/28,
Callable
6/7/27
@
102(d)(h)(i)
............
8,000
8,292
11.19%
(JMMMUSTF+761bps),
6/7/28,
Callable
9/5/26
@
104.5(d)(h)(i)
..........
5,500
5,655
13.41%
(JMMMUSTF+983bps),
6/7/28,
Callable
9/5/26
@
106(d)(h)(i)
............
2,500
2,610
Victory
Portfolios
IV
Victory
Pioneer
CAT
Bond
Fund
34
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
(a)
Non-income
producing
security.
(b)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
July
31,
2026.
(c)
Issued
as
participation
notes.
Security
Description
Principal
Amount
(000)
a
Value
(000)
Citrus
Re
8.08%
(BRMMUSDF+482bps),
6/7/28,
Callable
6/7/27
@
101.75(d)(h)(i)
..........
$
1,750
$
1,802
11.33%
(BRMMUSDF+829bps),
6/7/28,
Callable
6/7/27
@
103.25(d)(h)(i)
.........
5,350
5,461
Gateway
Re
9.48%
(BRMMUSDF+606bps),
7/8/27(d)(h)(i)
.............................
750
764
7.83%
(BRMMUSDF+452bps),
7/7/28,
Callable
9/5/26
@
104(d)(h)(i)
............
5,500
5,542
Hestia
Re,
2026-1
D,
9.64%
(1
Month
U.S.
Treasury
Bill+575bps),
4/16/29,
Callable
4/8/27
@
106.25(d)(h)(i)
.....................................................
2,750
2,729
Windstorm
-
U.S.
Northeast
-
(1.0%):
1886
Re,
2025-1
A,
8.08%
(BRMMUSDF+450bps),
7/9/29,
Callable
7/1/27
@
103(d)(h)(i)
..
3,500
3,607
3264
Re,
2024-1
A,
10.54%
(FHMMUSTF+700bps),
7/8/27(d)(h)(i)
..................
1,250
1,280
Citrus
Re
9.14%
(3
Month
U.S.
Treasury
Bill+525bps),
6/7/29,
Callable
6/1/27
@
102.75(d)(h)(i)
3,100
3,133
10.14%
(3
Month
U.S.
Treasury
Bill+625bps),
6/7/29,
Callable
6/1/27
@
103(d)(h)(i)
..
3,000
3,035
TRemont
Re,
2026-1
A,
7.89%
(1
Month
U.S.
Treasury
Bill+400bps),
3/22/29,
Callable
7/1/27
@
102.5(d)(h)(i)
...................................................
1,500
1,491
Windrose
Re,
2026-1
A,
8.82%
(HSMMUSTF+525bps),
2/13/29,
Callable
2/15/27
@
102.5(d)
(h)(i)
............................................................
10,250
10,214
Windstorm
-
U.S.
Regional
-
(0.7%):
Citrus
Re
12.77%
(BRMMUSDF+919bps),
6/7/27(d)(h)(i)
............................
4,250
4,429
14.02%
(BRMMUSDF+1044bps),
6/7/27(d)(h)(i)
............................
4,500
4,599
Genesee
Street
Re,
2025-1
A,
6.96%
(BRMMUSDF+338bps),
4/7/28,
Callable
4/7/27
@
102.5(d)(h)(i)
......................................................
7,500
7,524
Windstorm
-
U.S.
Southeast
-
(0.1%):
Meadows,
2025-1
C,
11.05%
(GSMMUSTI+750bps),
12/7/29,
Callable
12/7/27
@
105.25(d)
(h)(i)
............................................................
2,750
2,696
Winterstorm
-
U.S.
-
(0.4%):
Matterhorn
Re,
2026-2
B,
3.58%,
12/7/26(d)(i)
..................................
10,500
9,869
Winterstorm
-
U.S.
Northwest
-
(0.3%):
Matterhorn
Re,
2026-2
A,
9.08%
(BRMMUSDF+550bps),
12/7/27,
Callable
6/7/27
@
101.65(d)(h)(i)
.....................................................
7,250
7,251
1,981,287
Financials
(0.8%):
Insurance
-
(0.8%):
Oxford
Re,
12/31/31(a)(b)(d)
..............................................
9,000
8,537
Uttoxeter
Re,
12/31/31(a)(b)(d)
.............................................
10,000
9,044
17,581
Total
Insurance-Linked
Securities
(Cost
$2,225,523)
a
a
a
2,255,906
Short-Term
Investments
(2.1%)
a
a
a
a
U.S.
Treasury
Obligations
(2.1%):
U.S.
Treasury
Bills
0.90%,
8/4/26(j)
....................................................
37,562
37,558
3.36%,
9/8/26(j)
....................................................
13,000
12,953
Total
U.S.
Treasury
Obligations
50,511
Total
Short-Term
Investments
(Cost
$50,501)
a
a
a
50,511
Total
Investments
(Cost
$2,276,024)
—
97.7%
2,306,417
Other
assets
in
excess
of
liabilities
—  2.3%
54,706
NET
ASSETS
-
100.00%
$
2,361,123
At
July
31,
2026,
the
Fund's
investments
in
foreign
securities
were
94.9%
of
net
assets.
Victory
Portfolios
IV
Victory
Pioneer
CAT
Bond
Fund
35
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
(d)
The
following
table
details
the
earliest
acquisition
date,
cost,
and
market
value
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
July
31,
2026
(amounts
in
thousands):
Security
Name
Acquisition
Date
Cost
Value
123
Lights
Re
.....................................................
7/6/26
$
1,000
$
998
123
Lights
Re,
2025-1
A
..............................................
8/12/25
1,000
1,063
1886
Re,
2025-1
A
..................................................
5/15/25
3,500
3,607
3264
Re,
2024-1
A
..................................................
6/24/24
1,250
1,280
3264
Re,
2024-1
B
..................................................
6/24/24
500
506
3264
Re,
2025-1
B
..................................................
1/24/25
7,000
7,043
3264
Re,
2025-2
A
..................................................
5/19/25
7,500
7,594
3264
Re,
2025-3
A
..................................................
12/16/25
14,000
13,898
3264
Re,
2025-3
B
..................................................
12/16/25
12,000
12,098
Abacab
Re,
2026-1
A
................................................
3/27/26
250
249
Acorn
Re,
2024-1
A
.................................................
10/25/24
5,750
5,813
Acorn
Re,
2025-1
A
.................................................
10/17/25
13,750
13,850
Adare
Re,
2025-2
...................................................
9/23/25
4,833
5,411
Adare
Re,
2026
....................................................
1/5/26
9,884
10,470
Ailsa
Re,
2026
.....................................................
7/24/26
4,732
4,779
Alamo
Re,
2026-1
A
.................................................
5/15/26
14,350
14,405
Alamo
Re,
2026-1
B
.................................................
5/15/26
8,350
8,422
Alamo
Re,
2026-1
C
.................................................
5/15/26
3,000
2,982
Amaranth
Re,
2026
.................................................
2/2/26
5,639
6,122
Aquila
Re
........................................................
4/26/24
2,250
2,297
Aquila
Re
I,
2024-1
B
...............................................
4/26/24
3,750
3,830
Aquila
Re
I,
2026-1
A-1
..............................................
5/15/26
7,350
7,331
Aquila
Re
I,
2026-1
B-1
..............................................
5/15/26
7,350
7,331
Armor
Re
II,
2024-1
A
...............................................
4/11/24
2,000
2,064
Armor
Re
II,
2024-2
A
...............................................
12/11/24
9,250
9,699
Armor
Re
II,
2026-1
A
...............................................
4/22/26
5,000
4,982
Armor
Re
II,
2026-1
B
...............................................
4/22/26
3,500
3,462
Ashera
Re,
2024-1
A
................................................
3/21/24
5,750
5,772
Asian
Development
Bank,
2026
........................................
4/23/26
2,000
1,998
Asian
Development
Bank,
2026
........................................
4/23/26
2,000
1,998
Atela
Re,
2024-1
A
..................................................
4/29/24
3,000
3,151
Atlas
Capital,
2025-1
A
...............................................
4/3/25
5,000
5,091
Atlas
Capital,
2026-1
A
...............................................
5/20/26
1,500
1,504
Atlas
Re,
2024-1
A
..................................................
5/24/24
3,000
3,210
Azzurro
Re
II
DAC
.................................................
3/21/24
1,086
1,167
Baldwin
Re,
2023-1
A
...............................................
6/21/23
750
759
Baldwin
Re,
2025-1
A
...............................................
6/16/25
6,500
6,574
Black
Kite
Re,
2025-1
A
..............................................
4/24/25
1,000
1,030
Blue
Ridge
Re,
2023-1
B
.............................................
11/14/23
500
506
Blue
Ridge
Re,
2025-1
A
.............................................
11/26/25
14,500
14,468
Blue
Ridge
Re,
2025-1
B
.............................................
11/26/25
14,500
14,504
Blue
Ridge
Re,
2025-1
C
.............................................
11/26/25
17,250
16,979
Blue
Sky
Re
DAC
..................................................
12/11/23
2,153
2,350
Bluebonnet
Re,
2025-1
B
.............................................
5/8/25
4,250
4,366
Bluebonnet
Re,
2025-1
C
.............................................
5/8/25
4,000
4,114
Bluebonnet
Re,
2025-2
A
.............................................
5/8/25
2,750
2,863
Bonanza
Re,
2024-1
B
...............................................
12/16/24
9,750
9,816
Bonanza
Re,
2024-1
C
...............................................
12/16/24
16,000
16,248
Bridge
Street
Re,
2025-1
A
............................................
12/24/24
12,250
12,301
Bridge
Street
Re,
2025-2
A
............................................
12/22/25
51,450
52,289
Buttonwood
Re,
2026-1
A
.............................................
5/20/26
250
251
Cape
Lookout
Re,
2026-1
A
...........................................
3/6/26
8,500
8,388
Cape
Lookout
Re,
2026-1
B
...........................................
3/6/26
16,000
15,931
Cat
Re,
2023-1
A
...................................................
11/14/23
9,218
9,305
Charles
River
Re,
2024-1
A
............................................
4/5/24
1,000
1,007
Chartwell
Re,
2025-1
A
..............................................
5/2/25
8,000
8,292
Chartwell
Re,
2025-1
B
..............................................
5/2/25
5,500
5,655
Chartwell
Re,
2025-1
C
..............................................
5/2/25
2,500
2,610
Chartwell
Re,
2026-1
D
..............................................
5/22/26
250
251
Chartwell
Re,
2026-1
E
..............................................
5/22/26
1,000
997
Cheltenham-PI0051
Re,
2026
..........................................
6/24/26
10,574
10,966
Victory
Portfolios
IV
Victory
Pioneer
CAT
Bond
Fund
36
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Name
Acquisition
Date
Cost
Value
Citrus
Re,
2024-1
A
.................................................
3/19/24
$
4,250
$
4,429
Citrus
Re,
2024-1
B
.................................................
3/19/24
4,500
4,599
Citrus
Re,
2025-1
A
.................................................
3/5/25
5,350
5,461
Citrus
Re,
2025-1
B
.................................................
3/5/25
1,750
1,802
Citrus
Re,
2026-1
A
.................................................
3/13/26
3,100
3,133
Citrus
Re,
2026-1
B
.................................................
3/13/26
3,000
3,035
Commonwealth
Re,
2025-1
A
..........................................
5/30/25
10,000
10,115
Commonwealth
Re,
2026-1
............................................
6/2/26
4,750
4,742
Dartmouth
Re,
2026
.................................................
4/30/26
1,031
1,076
Epsom
Re,
2025-2
..................................................
11/5/25
8,313
9,893
Falkirk
Re,
2026
...................................................
4/8/26
7,107
7,361
Finca
Re,
2025-1
A
..................................................
6/4/25
10,000
10,158
First
Coast
Re,
2025-1
A
..............................................
2/21/25
7,000
7,041
First
Coast
Re,
2025-1
B
..............................................
2/21/25
7,750
7,782
Floodsmart
Re,
2023-1
B
.............................................
2/23/23
150
8
Floodsmart
Re,
2024-1
A
.............................................
2/29/24
7,750
8,000
Floodsmart
Re,
2024-1
B
.............................................
2/29/24
4,529
4,416
Foundation
Re,
2023-1
A
.............................................
12/19/23
12,028
11,997
Foundation
Re,
2026-1
A
.............................................
12/4/25
60,000
61,086
Four
Lakes
Re,
2023-1
A
.............................................
12/8/23
3,252
3,301
Four
Lakes
Re,
2023-1
B
.............................................
12/8/23
2,750
2,752
Four
Lakes
Re,
2024-1
A
.............................................
12/11/24
9,119
9,187
Four
Lakes
Re,
2024-1
B
.............................................
12/11/24
8,000
8,078
Four
Lakes
Re,
2025-1
A
.............................................
12/11/25
5,350
5,339
Four
Lakes
Re,
2025-1
B
.............................................
12/11/25
12,750
13,018
Fuchsia,
2024-1
A
..................................................
12/18/24
9,000
9,106
Fuchsia,
2025-1
A
..................................................
12/12/25
6,750
6,677
Galileo
Re,
2023-1
A
................................................
12/4/23
7,162
7,250
Galileo
Re,
2025-1
A
................................................
12/8/25
18,750
18,733
Galileo
Re,
2025-1
B
................................................
12/8/25
17,500
17,085
Gateway
Re,
2024-1
AA
..............................................
3/11/24
750
764
Gateway
Re,
2025-1
AAA
.............................................
2/12/25
5,500
5,542
Gateway
Re,
2026-1
A
...............................................
2/3/26
3,500
3,491
Gateway
Re,
2026-1
AAA-1
...........................................
2/3/26
500
499
Genesee
Street
Re,
2025-1
A
...........................................
4/28/25
7,500
7,524
Golden
Bear
Re,
2026-1
A
............................................
12/10/25
40,000
41,724
Grantham
Re,
2026
.................................................
7/21/26
15,048
15,226
GWS
Re,
2026-1
A
..................................................
5/7/26
2,750
2,734
Handshake
Re,
2025-1
A
..............................................
12/22/25
8,100
7,964
Harbor
Crest
Re,
2026-1
A
............................................
7/10/26
6,250
6,249
Herbie
Re,
2024-1
A
.................................................
2/15/24
6,000
5,941
Herbie
Re,
2024-1
B
.................................................
2/15/24
1,500
1,479
Herbie
Re,
2024-2
A
.................................................
12/17/24
5,000
5,023
Herbie
Re,
2024-2
B
.................................................
12/17/24
2,000
2,019
Herbie
Re,
2024-2
C
.................................................
12/17/24
1,500
1,438
Herbie
Re,
2026-1
A
.................................................
1/16/26
14,000
14,071
Hestia
Re,
2025-1
A
.................................................
2/27/25
2,500
2,567
Hestia
Re,
2025-1
B
.................................................
2/27/25
1,000
1,025
Hestia
Re,
2026-1
B
.................................................
4/2/26
250
251
Hestia
Re,
2026-1
C
.................................................
4/2/26
609
566
Hestia
Re,
2026-1
D
.................................................
4/2/26
2,750
2,729
Hexagon
IV
Re
....................................................
10/29/25
1,740
1,722
Hexagon
IV
Re,
2025-1
A
.............................................
10/29/25
7,830
7,818
High
Point
Re,
2023-1
...............................................
12/1/23
1,500
1,500
Hypatia
Re,
2025-1
A
................................................
10/7/25
3,656
3,619
Hypatia
Re,
2026-1
A
................................................
4/30/26
8,850
8,861
Integrity
Re
III,
2025-1
A1
............................................
2/21/25
3,500
3,532
Integrity
Re
III,
2025-1
A2
............................................
2/21/25
5,500
5,671
Integrity
Re
III,
2025-1
B1
............................................
2/21/25
3,750
3,773
Integrity
Re
III,
2025-1
B2
............................................
2/21/25
4,250
4,366
Integrity
Re
III,
2025-1
C
.............................................
2/21/25
10,000
10,371
Integrity
Re
III,
2025-1
D
.............................................
2/21/25
1,250
1,292
Integrity
Re
III,
2026-1
C
.............................................
2/23/26
250
247
International
Bank
for
Reconstruction
&
Development
........................
5/18/26
5,500
5,474
Victory
Portfolios
IV
Victory
Pioneer
CAT
Bond
Fund
37
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Name
Acquisition
Date
Cost
Value
International
Bank
for
Reconstruction
&
Development
........................
4/3/24
$
1,500
$
1,530
International
Bank
for
Reconstruction
&
Development
........................
4/3/24
2,000
2,041
International
Bank
for
Reconstruction
&
Development
........................
4/3/24
500
508
International
Bank
for
Reconstruction
&
Development
........................
5/1/24
1,500
1,592
Ipswich-PI0057
Re,
2025
.............................................
8/13/25
—
279
Kendall
Re,
2024-1
A
................................................
4/22/24
5,630
5,598
Kendall
Re,
2024-1
B
................................................
4/22/24
11,026
11,124
Kilimanjaro
II
Re,
2024-1
A
...........................................
8/21/25
8,388
8,553
Kilimanjaro
II
Re,
2024-1
B
...........................................
6/24/24
4,500
4,687
Kilimanjaro
II
Re,
2025-1
C-1
..........................................
6/23/25
10,000
10,140
Kilimanjaro
II
Re,
2025-1
D-1
.........................................
6/23/25
6,750
6,859
Kilimanjaro
II
Re,
2025-2
C-2
..........................................
6/23/25
14,250
14,545
Kilimanjaro
II
Re,
2025-2
D-2
.........................................
6/23/25
14,750
14,906
Kilimanjaro
III
Re,
2026-1
D-1
.........................................
6/24/26
10,500
10,529
Kizuna
Re
III,
2026-1
A
..............................................
3/16/26
2,750
2,801
Lapis
Re,
2025-1
A
..................................................
3/20/25
2,500
2,530
Lion
Re
DAC
.....................................................
5/22/25
1,128
1,166
Lion
Re
DAC,
2025
.................................................
5/22/25
1,128
1,164
Liongate
Re
DAC,
2025
..............................................
5/14/25
1,000
1,006
Llandudno
Re,
2026
.................................................
1/29/26
5,127
5,600
Locke
Tavern
Re,
2026-1
A
............................................
3/5/26
2,600
2,581
Locke
Tavern
Re,
2026-1
B
............................................
3/5/26
3,500
3,498
Logistics
Re,
2024-1
A
...............................................
10/22/24
500
511
Long
Point
Re
IV,
2026-1
A
...........................................
5/19/26
17,600
17,565
Longleaf
Pine
Re,
2024-1
A
...........................................
10/15/24
3,343
3,369
Lower
Ferry
Re,
2026-1
A
............................................
6/11/26
2,250
2,246
Lower
Ferry
Re,
2026-1
B
............................................
6/11/26
2,250
2,246
Lower
Ferry
Re,
2026-1
C
............................................
6/11/26
2,500
2,496
Luca
Re,
2026-1
A
..................................................
6/22/26
2,250
2,324
Macclesfield
Re
....................................................
2/24/26
20,000
20,223
Mangrove
Re
......................................................
7/2/26
9,440
9,555
Mangrove
Re
......................................................
7/15/26
876
895
Mangrove
Re,
2026-A
...............................................
6/18/26
18,123
18,388
Mangrove
Re,
2026-B
...............................................
6/18/26
25,126
25,446
Mangrove
Re,
2026-E
...............................................
7/7/26
9,525
9,670
Marlon
Re,
2024-1
A
................................................
5/24/24
753
778
Maschpark
Re,
2024-1
A
..............................................
11/26/24
1,500
1,524
Matterhorn
Re,
2025-3
A
.............................................
9/12/25
2,250
2,251
Matterhorn
Re,
2025-3
B
.............................................
9/12/25
750
753
Matterhorn
Re,
2026-1
B
.............................................
2/4/26
10,250
10,161
Matterhorn
Re,
2026-1
C
.............................................
2/4/26
1,000
966
Matterhorn
Re,
2026-2
A
.............................................
5/8/26
7,250
7,251
Matterhorn
Re,
2026-2
B
.............................................
5/8/26
10,074
9,869
Matterhorn
Re,
2026-3
A
.............................................
7/6/26
6,500
6,493
Matterhorn
Re,
2026-3
B
.............................................
7/6/26
7,750
7,738
Matterhorn
Re,
2026-3
C
.............................................
7/6/26
5,750
5,741
Mayflower
Re,
2024-1
A
..............................................
6/21/24
2,000
2,037
Mayflower
Re,
2025-1
A
..............................................
5/22/25
7,500
7,607
Mayflower
Re,
2026-1
A
..............................................
6/9/26
2,000
2,006
Mayflower
Re,
2026-1
B
..............................................
6/9/26
750
748
Meadows,
2025-1
A
.................................................
11/6/25
4,750
4,822
Meadows,
2025-1
B
.................................................
11/6/25
13,750
13,255
Meadows,
2025-1
C
.................................................
11/6/25
2,750
2,696
Merion
Re,
2026-1
..................................................
1/28/26
8,164
8,860
Merion
Re,
2026-2
..................................................
7/14/26
6,657
6,894
Merna
Re,
2025-4
A
.................................................
5/14/25
16,500
17,571
Merna
Re,
2026-1
A
.................................................
5/13/26
37,900
39,386
Merna
Re,
2026-1
C
.................................................
5/13/26
41,000
42,324
Merna
Re
Companywide,
2025-3
A
......................................
5/14/25
28,250
28,968
Merna
Re
II,
2024-1
A
...............................................
5/8/24
1,289
1,316
Merna
Re
II,
2024-2
A
...............................................
5/8/24
2,000
2,051
Merna
Re
II,
2024-3
A
...............................................
5/8/24
5,009
5,195
Merna
Reinsurance
II,
2025-1
A
........................................
5/14/25
7,000
7,208
Merna
Reinsurance
II,
2025-2
A
........................................
5/14/25
13,000
13,707
Victory
Portfolios
IV
Victory
Pioneer
CAT
Bond
Fund
38
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Name
Acquisition
Date
Cost
Value
MMIFS
Re
.......................................................
1/8/25
$
695
$
720
Mona
Lisa
Re,
2024-1
A
..............................................
6/13/24
6,737
6,706
Mona
Lisa
Re,
2026-1
A
..............................................
12/18/25
17,250
17,486
Mona
Lisa
Re,
2026-1
B
..............................................
12/18/25
15,000
15,086
Montoya
Re,
2025-1
A
...............................................
1/23/25
5,750
5,699
Montoya
Re,
2025-2
A
...............................................
12/12/25
19,600
19,784
Montoya
Re,
2025-2
B
...............................................
12/12/25
2,750
2,649
Mountain
Re,
2026-1
A
...............................................
5/11/26
500
499
Mystic
Re
IV,
2024-1
A
..............................................
3/19/24
20,272
20,028
Mystic
Re
IV,
2025-1
A
..............................................
12/17/24
5,000
4,992
Mystic
Re
IV,
2025-1
B
..............................................
12/17/24
1,750
1,740
Mystic
Re
IV,
2025-1
C
..............................................
12/17/24
750
704
Mystic
Re
IV,
2026-1
A
..............................................
12/11/25
3,500
3,465
Mystic
Re
IV,
2026-1
B
..............................................
12/11/25
4,500
4,459
Nakama
Re,
2023-1
1
................................................
4/14/23
250
251
Nakama
Re,
2024-1
A
................................................
4/16/24
8,001
8,041
Nakama
Re,
2025-1
1
................................................
4/11/25
2,000
1,997
Nakama
Re,
2026-1
.................................................
3/31/26
1,750
1,748
Nature
Coast
Re,
2023-1
A
............................................
11/16/23
2,255
2,207
Nature
Coast
Re,
2025-1
A
............................................
12/27/24
8,750
8,616
Nature
Coast
Re,
2025-2
A
............................................
3/28/25
3,500
3,614
Nature
Coast
Re,
2026-1
A
............................................
2/11/26
7,750
7,781
Northshore
Re
II,
2025-1
A
............................................
3/14/25
19,750
19,940
Oakmont
Re,
2026
..................................................
7/16/26
7,964
8,155
Oceanside
Re,
2025-1
A
..............................................
5/2/25
3,250
3,292
Ocelot
Re,
2023-1
A
.................................................
1/28/25
8,072
7,991
Ocelot
Re,
2025-1
A
.................................................
2/14/25
9,750
10,044
Old
Head
Re,
2026
..................................................
12/22/25
4,050
4,571
One
Shield
Re,
2026-1
A
.............................................
4/10/26
4,000
3,966
Orange
Capital
Re
DAC
..............................................
11/5/24
546
596
Oxford
Re
........................................................
7/28/26
8,473
8,537
Palm
Re,
2024-1
A
..................................................
4/4/24
10,090
10,271
Palm
Re,
2025-1
A
..................................................
4/1/25
12,750
13,375
Palm
Re,
2026-1
A
..................................................
4/10/26
15,250
15,708
Phoenix
3
Re,
2025
.................................................
12/23/24
5,000
5,942
Photon
Re,
2026-1
A
................................................
2/20/26
9,000
9,048
Pine
Valley
Re,
2026
................................................
1/12/26
664
715
Puerto
Rico
Parametric
Re,
2024-1
A
.....................................
6/14/24
500
515
Purple
Re,
2024-1
A
.................................................
4/2/24
3,600
3,706
Purple
Re,
2025-1
A
.................................................
5/6/25
6,500
6,770
Purple
Re,
2025-1
B
.................................................
5/6/25
5,500
5,610
Purple
Re,
2026-1
A
.................................................
2/19/26
5,000
4,976
Quercian
Re,
2026-1
................................................
5/28/26
1,750
1,751
Ramble
Re,
2024-1
A
................................................
2/26/24
5,000
4,990
Ramble
Re,
2026-1
A
................................................
6/18/26
6,250
6,300
Recoletos
Re
DAC
..................................................
11/18/25
5,211
5,254
Recoletos
Re
DAC,
2024-1
A
..........................................
12/9/24
4,000
4,014
Recoletos
Re
DAC,
2026-1
A
..........................................
5/1/26
7,500
7,481
Residential
Re,
2023-2
5
..............................................
10/15/25
3,279
3,249
Residential
Re,
2024-2
2
..............................................
11/4/24
8,000
8,289
Residential
Re,
2024-2
3
..............................................
11/4/24
9,509
9,665
Residential
Re,
2024-2
4
..............................................
11/4/24
5,000
5,095
Residential
Re,
2025-2
2
..............................................
10/17/25
27,500
26,986
Residential
Re,
2025-2
5
..............................................
10/17/25
30,000
30,018
Residential
Re,
2026-I
A
..............................................
5/1/26
21,000
20,954
Riverfront
Re,
2025-1
B
..............................................
4/18/25
1,500
1,547
Sabine
Re,
2026-1
A
.................................................
3/25/26
750
745
Sakura
Re,
2025-1
A
.................................................
3/21/25
9,266
9,348
Sanders
Re
II,
2024-3
A
..............................................
12/10/24
12,579
12,678
Sanders
Re
II,
2024-3
B
..............................................
12/10/24
18,001
18,250
Sanders
Re
II,
2025-1
A-1
.............................................
3/13/25
2,250
2,279
Sanders
Re
II,
2025-1
A-2
.............................................
3/13/25
1,500
1,564
Sanders
Re
II,
2025-1
B-1
.............................................
3/13/25
4,767
4,831
Sanders
Re
II,
2025-1
B-2
.............................................
3/13/25
5,320
5,512
Victory
Portfolios
IV
Victory
Pioneer
CAT
Bond
Fund
39
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Name
Acquisition
Date
Cost
Value
Sanders
Re
II,
2025-2
A
..............................................
5/22/25
$
8,250
$
8,408
Sanders
Re
III,
2023-1
A
..............................................
3/24/23
700
707
Sanders
Re
III,
2024-1
A
..............................................
1/16/24
7,859
8,029
Sanders
Re
III,
2026-1B
B-1
...........................................
2/24/26
11,000
11,035
Sanders
Re
III,
2026-1B
B-2
...........................................
2/24/26
15,000
15,105
Sanders
Re
III,
2026-2
A-2
............................................
5/21/26
1,750
1,745
Sanders
Re
IV,
2026-1A
A-1
...........................................
2/24/26
4,750
4,752
Sanders
Re
IV,
2026-1A
A-2
...........................................
2/24/26
5,500
5,511
Silk
Road
Re,
2024-1
................................................
12/23/24
2,000
2,015
Skyline
Re
II,
2025-1
A
..............................................
12/23/25
20,000
20,300
Solomon
Re,
2026-1
A
...............................................
5/26/26
3,000
3,014
Solomon
Re,
2026-1
B
...............................................
5/26/26
1,750
1,744
Stevenage
Re,
2026
.................................................
7/9/26
16,019
16,391
Sutter
Re,
2026-1
C
.................................................
6/2/26
2,750
2,746
Telford
Re,
2026
...................................................
6/30/26
20,713
20,997
Titania
Re,
2024-1
A
................................................
11/14/24
4,250
4,288
Titania
Re,
2024-1
B
................................................
11/14/24
3,750
3,704
Titania
Re,
2026-1
A
................................................
4/15/26
3,250
3,248
Tomoni
Re,
2024-1
A
................................................
3/25/24
750
758
Tomtit
Re,
2026
....................................................
12/31/25
21,447
19,507
Topanga
Re,
2025-1
A
...............................................
12/4/25
10,500
10,655
Topanga
Re,
2025-1
B
...............................................
12/4/25
8,750
8,744
Torrey
Pines
Re,
2024-1
A
............................................
7/16/24
504
515
Torrey
Pines
Re,
2024-1
B
............................................
1/29/25
332
334
Torrey
Pines
Re,
2025-1
A
............................................
4/25/25
8,250
8,453
Torrey
Pines
Re,
2025-1
B
............................................
4/25/25
10,750
11,005
Torrey
Pines
Re,
2025-1
C
............................................
4/25/25
6,250
6,436
Torrey
Pines
Re,
2026-1
A
............................................
4/30/26
7,850
7,890
Torrey
Pines
Re,
2026-1
B
............................................
4/30/26
4,500
4,515
Torrey
Pines
Re,
2026-1
C
............................................
4/30/26
2,500
2,555
Torrey
Pines
Re,
2026-1
D
............................................
4/30/26
500
499
Tranquil
Re
-
Arthur
Re,
2026-1
A
.......................................
6/30/26
5,000
5,062
TRemont
Re,
2026-1
A
...............................................
3/11/26
1,500
1,491
Turicum
Re,
2026-1
A
...............................................
4/8/26
5,500
5,522
Turris
Re,
2025-1
A
.................................................
11/28/25
6,000
5,995
Ursa
Re,
2023-2
E
..................................................
10/10/23
4,314
4,311
Ursa
Re,
2023-3
AA
.................................................
1/8/24
1,751
1,763
Ursa
Re,
2023-3
D
..................................................
11/22/24
5,057
5,084
Ursa
Re,
2025-1
F
..................................................
2/10/25
10,750
11,070
Ursa
Re
II,
2025-1
G
................................................
6/6/25
9,500
9,964
Ursa
Re
II,
2025-2
E
................................................
11/18/25
25,000
25,273
Ursa
Re
II,
2025-2
FG
...............................................
11/18/25
41,250
42,149
Uttoxeter
Re
......................................................
7/28/26
8,909
9,044
Veraison
Re,
2024-1
A
...............................................
1/30/24
2,000
2,021
Veraison
Re,
2025-1
A
...............................................
1/30/25
10,500
10,585
Veraison
Re,
2025-1
B
...............................................
1/30/25
1,250
1,266
Veraison
Re,
2026-1
A
...............................................
1/30/26
7,100
7,171
Veraison
Re,
2026-1
B
...............................................
1/30/26
7,850
7,850
Vitality
Re
XV,
2024
A
...............................................
1/22/24
1,000
1,007
Vitality
Re
XV,
2024
B
...............................................
1/22/24
500
507
Vitality
Re
XVI,
2025
A
..............................................
1/23/25
750
746
Vitality
Re
XVI,
2025
B
..............................................
1/23/25
750
748
Vitality
Re
XVI,
2025
C
..............................................
1/23/25
2,750
2,735
White
Heron
Re,
2025
...............................................
7/24/25
—
331
White
Heron
Re,
2026
...............................................
7/21/26
3,273
3,315
White
Rock
Insurance
SAC
Ltd.
........................................
6/5/26
4,661
4,683
Windmill
III
Re
DAC
................................................
6/12/24
810
885
Windmill
III
Re
DAC
................................................
6/18/26
5,156
5,182
Windrose
Re,
2026-1
A
...............................................
1/29/26
10,250
10,214
Windrose
Re,
2026-1
B
...............................................
1/30/26
6,000
5,959
Windrose
Re,
2026-1
C
...............................................
1/29/26
4,750
4,697
Winston
Re,
2024-1
A
................................................
2/14/24
2,250
2,293
Winston
Re,
2024-1
B
...............................................
2/14/24
500
506
Winston
Re,
2025-1
A
................................................
2/6/25
12,500
13,084
Victory
Portfolios
IV
Victory
Pioneer
CAT
Bond
Fund
40
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
(e)
Amount
represents
less
than
0.05%
of
net
assets.
(f)
Zero-coupon
bond.
(g)
Issued
as
preference
shares.
(h)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
July
31,
2026.
(i)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
July
31,
2026,
the
fair
value
of
these
securities
was
$1,976,604
(thousands)
and
amounted
to
83.7%
of
net
assets.
(j)
Rate
represents
the
effective
yield
at
July
31,
2026.
Security
Name
Acquisition
Date
Cost
Value
Winston
Re,
2026-1
A
................................................
4/21/26
$
3,000
$
2,997
Yardstick
Re
DAC
..................................................
6/23/26
569
576
Yosemite
Re,
2025-1
A
...............................................
3/18/25
1,000
1,039
Total
(95.6%
of
net
assets)
$2,225,523
$2,255,906
BNMMDTSC
—
Dreyfus
Treasury
Securities
Cash
Management
Fund
Yield
BNMMUSTF
—
BNY
Mellon
National
Money
Market
United
States
Treasury
Fund
bps
—
Basis
points
BRMMUSDF
—
BlackRock
Liquidity
Fund
Treasury
Trust
Fund
Portfolio
Fund
Yield
CAONINDX
—
Canadian
Overnight
Repo
Rate
Average
EUR003M
—
3-Month
EURIBOR
(Euro
Interbank
Offered
Rate
-
3
Months)
FRMMUSTI
—
Western
Asset
Institutional
U.S.
Treasury
Reserves
Fund
Yield
FRMMUSTF
—
Floating
Rate
Money
Market
United
States
Treasury
Fund
FHMMUSTF
—
Federated
Hermes
U.S.
Treasury
Cash
Reserves
Fund
Yield
GSMMUSTF
—
Goldman
Sachs
Money
Market
U.S.
Treasury
Fund
Index
GSMMUSTI
—
Goldman
Sachs
Money
Market
U.S.
Treasury
Instrument
Index
HSMMUSTF
—
HSBC
U.S.
Treasury
Money
Market
Fund
Index
JMMMUSTF
—
JPMorgan
100%
U.S.
Treasury
Securities
Money
Market
Fund
Yield
MSMMUSTF
—
Morgan
Stanley
Institutional
Liquidity
Funds
Treasury
Securities
Portfolio
Fund
Yield
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of
July
31,
2026.
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
July
31,
2026.
Forward
Currency
Contracts
At
July
31,
2026,
the
Fund's
open
forward
currency
contracts
were
as
follows:
Currency
Purchased
In
Exchange
for
(000)
Currency
Sold
Deliver
(000)
Counterparty
Settlement
Date
Net
Unrealized
Appreciation/
(Depreciation)
(000)
U.S.
Dollar
27,559
European
Euro
24,000
Goldman
Sachs
8/31/26
$
(147)
Total
Net
Forward
Currency
Contracts
$
(147)
Schedule
of
Portfolio
Investments
July
31,
2026
Victory
Portfolios
IV
Victory
Pioneer
ILS
Interval
Fund
41
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Insurance-Linked
Securities
(96.3%)
Collateralized
Reinsurance
(19.5%):
Multiperil
-
Florida
-
(0.1%):
Mangrove
Re,
5/31/32(a)(b)(c)(d)
...........................................
$
1,256
$
1,124
Multiperil
-
Massachusetts
-
(0.0%):(e)
Portsalon
Re,
2022,
5/31/28(a)(c)(d)
.........................................
750
401
Multiperil
-
U.S.
-
(6.1%):
PI0047
Re,
2025,
6/30/31(a)(b)(c)(d)
.........................................
52,012
51,492
Riviera
Re,
2018-2,
4/30/27(a)(b)(c)(d)
.......................................
11,084
443
Multiperil
-
U.S.
&
Canada
-
(0.7%):
Macclesfield
Re,
6/17/27(a)(c)(d)
...........................................
6,007
6,074
Multiperil
-
Worldwide
-
(9.8%):
Amaranth
Re,
2026,
12/31/31(a)(b)(c)(d)
......................................
4,275
4,027
Cerulean
Re,
2018-B1,
7/30/27(a)(b)(c)(d)
.....................................
10,000
—
Cheltenham-PI0051
Re,
2026,
5/31/30(a)(b)(c)(d)
................................
14,500
12,231
Dartmouth
Re,
2026,
12/31/28(a)(b)(c)(d)
.....................................
4,500
3,875
Gamboge
Re,
2024,
3/31/30(a)(c)(d)
.........................................
14,250
1,918
Kingston
Heath
Re,
2026,
12/31/31(a)(b)(c)(d)
..................................
7,000
6,319
Lindrick
Re,
2018,
6/16/27(a)(b)(c)(d)
........................................
5,274
—
Llandudno
Re,
2026,
12/31/31(a)(b)(c)(d)
.....................................
4,125
3,850
Merion
Re
12/31/30(a)(c)(d)
...................................................
12,650
198
12/31/31(a)(b)(c)(d)
................................................
13,000
12,451
12/31/31(a)(b)(c)(d)
................................................
13,750
11,850
Old
Head
Re,
2026,
12/31/31(a)(b)(c)(d)
......................................
18,600
17,004
Phoenix
Re,
1/4/39,
Callable
9/5/26
@
100(a)(c)(d)(f)
.............................
2,767
3,339
Pine
Valley
Re,
2026,
12/31/31(a)(b)(c)(d)
.....................................
2,500
2,384
Tomtit
Re,
2026,
12/31/31(a)(c)(d)
..........................................
6,000
6,413
Walton
Heath
Re,
2022,
12/15/27(a)(c)(d)
.....................................
5,250
302
Windstorm
-
Florida
-
(0.5%):
Mangrove
Re
5/31/31(a)(b)(c)(d)
.................................................
2,499
2,357
5/31/32(a)(b)(c)(d)
.................................................
1,510
1,443
Windstorm
-
North
Carolina
-
(0.6%):
Mangrove
Re
4/30/32(a)(c)(d)
...................................................
2,500
2,408
4/30/32(a)(c)(d)
...................................................
2,250
2,149
Windstorm
-
U.S.
-
(0.8%):
Grantham
Re,
2026,
12/15/31(a)(b)(c)(d)
......................................
4,000
3,806
Stevenage
Re,
2026,
12/15/28(a)(b)(d)(g)
......................................
2,000
1,821
Telford
Re,
2026,
12/31/28(a)(b)(c)(d)
........................................
1,500
1,432
Windstorm
-
U.S.
Multistate
-
(0.9%):
White
Heron
Re,
2026,
5/31/32(a)(b)(c)(d)
.....................................
7,950
7,529
168,640
Event
Linked
Bonds
(14.1%):
Earthquake
-
California
-
(0.8%):
Matterhorn
Re
7.08%
(BRMMUSDF+350bps),
7/16/29,
Callable
7/9/27
@
102.35(d)(h)(i)
.........
500
499
6.08%
(BRMMUSDF+250bps),
7/19/30,
Callable
7/19/27
@
102.5(d)(h)(i)
.........
500
500
Torrey
Pines
Re
8.08%
(BRMMUSDF+482bps),
6/7/28,
Callable
9/5/26
@
103.5(d)(h)(i)
...........
2,750
2,815
10.08%
(BRMMUSDF+643bps),
6/7/28,
Callable
9/5/26
@
103.5(d)(h)(i)
..........
2,250
2,317
Earthquake
-
Canada
-
(0.1%):
Ursa
Re,
2025-1
F,
11.05%
(GSMMUSTI+750bps),
2/22/28,
Callable
12/7/26
@
103.5(d)(h)(i)
1,000
1,030
Earthquake
-
Mexico
-
(0.2%):
Victory
Portfolios
IV
Victory
Pioneer
ILS
Interval
Fund
42
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
International
Bank
for
Reconstruction
&
Development
7.86%
(SOFR+422bps),
4/24/28(d)(h)(i)
..................................
$
1,000
$
1,020
14.86%
(SOFR+1122bps),
4/24/28(d)(h)(i)
................................
500
508
Earthquake
-
U.S.
-
(0.1%):
Matterhorn
Re,
2026-3
C,
7.08%
(BRMMUSDF+350bps),
7/16/29,
Callable
7/9/27
@
102.35(d)(h)(i)
.....................................................
500
499
Flood
-
U.S.
-
(1.5%):
Floodsmart
Re
17.90%
(FHMMUSTF+1400bps),
3/12/27(d)(h)(i)
...........................
12,900
13,317
25.94%
(FHMMUSTF+2240bps),
3/11/30(d)(h)(i)
...........................
450
23
Multiperil
-
Florida
-
(0.1%):
Chartwell
Re,
2026-1
E,
16.14%
(3
Month
U.S.
Treasury
Bill+1225bps),
6/7/29(d)(h)(i)
....
500
499
Multiperil
-
U.S.
-
(3.2%):
Aquila
Re
I
7.39%
(3
Month
U.S.
Treasury
Bill+350bps),
6/10/30,
Callable
6/7/27
@
104.5(d)(h)(i)
1,500
1,496
8.14%
(3
Month
U.S.
Treasury
Bill+425bps),
6/10/30,
Callable
6/7/27
@
104.5(d)(h)(i)
1,500
1,496
Atela
Re,
2024-1
A,
17.83%
(BRMMUSDF+1425bps),
5/9/27(d)(h)(i)
.................
1,000
1,050
Four
Lakes
Re,
2023-1
B,
13.28%
(BRMMUSDF+970bps),
1/7/27,
Callable
9/5/26
@
103.25(d)(h)(i)
.....................................................
750
750
Herbie
Re
26.58%
(JMMMUSTF+2300bps),
1/8/27,
Callable
9/5/26
@
102.75(d)(h)(i)
........
1,000
958
13.48%
(JMMMUSTF+990bps),
1/8/28,
Callable
1/8/27
@
103.25(d)(h)(i)
.........
1,500
1,479
14.33%
(JMMMUSTF+1165bps),
1/8/29,
Callable
12/31/27
@
105.5(d)(h)(i)
........
500
505
Long
Point
Re
IV,
2026-1
A,
7.39%
(1
Month
U.S.
Treasury
Bill+350bps),
6/3/30,
Callable
9/5/26
@
103.25(d)(h)(i)
.............................................
2,000
1,996
Merna
Re
11.33%
(JMMMUSTF+775bps),
7/7/28(d)(h)(i)
.............................
1,000
1,065
10.14%
(3
Month
U.S.
Treasury
Bill+625bps),
7/9/29(d)(h)(i)
...................
2,000
2,078
13.14%
(3
Month
U.S.
Treasury
Bill+925bps),
7/9/29(d)(h)(i)
...................
2,000
2,065
Merna
Re
II
11.02%
(GSMMUSTI+747bps),
7/7/27(d)(h)(i)
.............................
1,500
1,548
12.04%
(GSMMUSTI+849bps),
7/7/27(d)(h)(i)
.............................
3,000
3,117
Mystic
Re
IV,
2024-1
A,
15.55%
(GSMMUSTI+1285bps),
1/8/27(d)(h)(i)
..............
2,500
2,510
One
Shield
Re,
2026-1
A,
11.58%
(BRMMUSDF+800bps),
4/27/29,
Callable
6/13/27
@
105.5(d)(h)(i)
......................................................
1,000
991
Sanders
Re
II,
2024-3
A,
7.57%
(BRMMUSDF+399bps),
4/7/29(d)(h)(i)
...............
250
252
Sanders
Re
III
9.05%
(BRMMUSDF+547bps),
4/7/27(d)(h)(i)
.............................
250
252
9.14%
(BRMMUSDF+556bps),
4/7/28(d)(h)(i)
.............................
1,975
2,046
Solomon
Re,
2026-1
B,
11.30%
(GSMMUSTI+775bps),
6/7/29(d)(h)(i)
................
500
498
Tranquil
Re
-
Arthur
Re,
2026-1
A,
15.89%
(Treasury
Bill+1200bps),
7/7/28(d)(h)(i)
.......
1,000
1,012
Turicum
Re,
2026-1
A,
19.33%
(JMMMUSTF+1575bps),
4/9/29,
Callable
4/9/27
@
108.75(d)
(h)(i)
............................................................
1,000
1,004
Multiperil
-
U.S.
&
Canada
-
(1.4%):
3264
Re,
2025-2
A,
11.05%
(GSMMUSTI+750bps),
6/8/28(d)(h)(i)
...................
1,000
1,013
Bridge
Street
Re,
2025-1
A,
7.58%
(JMMMUSTF+400bps),
1/7/28,
Callable
9/5/26
@
102.75(d)(h)(i)
.....................................................
2,000
2,008
Easton
Re,
2024-1
A,
11.08%
(BRMMUSDF+750bps),
1/8/27(d)(h)(i)
.................
1,000
1,010
Hypatia
Re,
2026-1
A,
8.55%
(BNMMDTSC+500bps),
5/14/29,
Callable
5/14/27
@
102.5(d)
(h)(i)
............................................................
3,000
3,004
Kilimanjaro
III
Re,
2026-1
D-1,
15.64%
(3
Month
U.S.
Treasury
Bill+1175bps),
7/9/29,
Callable
7/8/27
@
103.75(d)(h)(i)
.......................................
2,000
2,006
Ocelot
Re,
2025-1
A,
8.08%
(BRMMUSDF+449bps),
2/26/29,
Callable
2/26/27
@
103(d)(h)(i)
3,000
3,091
Ramble
Re,
2026-1
A,
8.58%
(JMMMUSTF+500bps),
6/29/29,
Callable
7/1/27
@
103(d)(h)(i)
1,000
1,008
Titania
Re,
2026-1
A,
11.39%
(3
Month
U.S.
Treasury
Bill+750bps),
4/30/29,
Callable
4/1/27
@
103.7(d)(h)(i)
...................................................
250
250
Multiperil
-
Worldwide
-
(0.3%):
Kendall
Re
9.80%
(GSMMUSTI+625bps),
4/30/27(d)(h)(i)
.............................
2,000
2,036
11.29%
(GSMMUSTI+774bps),
4/30/27(d)(h)(i)
............................
750
758
Victory
Portfolios
IV
Victory
Pioneer
ILS
Interval
Fund
43
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Windstorm
-
Florida
-
(3.0%):
Armor
Re
II,
2024-1
A,
13.78%
(BRMMUSDF+1017bps),
5/7/27(d)(h)(i)
..............
$
1,000
$
1,032
First
Coast
Re,
2025-1
B,
11.08%
(JMMMUSTF+750bps),
3/10/28,
Callable
7/1/27
@
103.5(d)(h)(i)
......................................................
3,000
3,012
Hestia
Re,
2025-1
B,
12.34%
(BNMMDTSC+879bps),
3/13/28,
Callable
9/5/26
@
106(d)(h)(i)
2,000
2,049
Integrity
Re
III
11.54%
(FHMMUSTF+809bps),
6/6/27(d)(h)(i)
.............................
1,000
1,009
13.29%
(FHMMUSTF+1000bps),
6/6/27(d)(h)(i)
............................
1,000
1,006
29.04%
(FHMMUSTF+2548bps),
6/6/27(d)(h)(i)
............................
1,250
1,292
11.54%
(FHMMUSTF+809bps),
6/6/28(d)(h)(i)
.............................
1,000
1,031
13.29%
(FHMMUSTF+1000bps),
6/6/28(d)(h)(i)
............................
500
514
15.79%
(FHMMUSTF+1272bps),
6/6/28(d)(h)(i)
............................
2,250
2,333
Marlon
Re,
2024-1
A,
10.89%
(JMMMUSTF+723bps),
6/7/27(d)(h)(i)
.................
1,000
1,038
Merna
Re
II,
2024-2
A,
12.30%
(GSMMUSTI+875bps),
7/7/27(d)(h)(i)
................
500
513
Palm
Re
13.25%
(BNMMDTSC+982bps),
6/7/27(d)(h)(i)
............................
2,500
2,568
8.58%
(BRMMUSDF+500bps),
6/7/29,
Callable
6/4/27
@
104.5(d)(h)(i)
...........
3,000
3,090
Purple
Re
10.83%
(JMMMUSTF+736bps),
6/7/28,
Callable
9/5/26
@
106(d)(h)(i)
............
3,000
3,125
11.33%
(JMMMUSTF+768bps),
6/7/28,
Callable
9/5/26
@
106.5(d)(h)(i)
..........
2,000
2,040
Windstorm
-
Mexico
-
(0.2%):
International
Bank
for
Reconstruction
&
Development,
17.36%
(SOFR+1372bps),
4/24/28(d)
(h)(i)
............................................................
2,000
2,041
Windstorm
-
North
Carolina
-
(0.7%):
Cape
Lookout
Re,
2025-1
A,
10.44%
(FHMMUSTF+690bps),
3/13/28,
Callable
3/14/27
@
102.25(d)(h)(i)
.....................................................
5,800
6,091
Windstorm
-
Texas
-
(0.6%):
Bluebonnet
Re
15.58%
(JMMMUSTF+1200bps),
6/7/27(d)(h)(i)
............................
1,500
1,562
12.04%
(FHMMUSTF+922bps),
6/7/28(d)(h)(i)
.............................
1,500
1,541
15.29%
(FHMMUSTF+1243bps),
6/7/28(d)(h)(i)
............................
2,000
2,057
Windstorm
-
U.S.
-
(0.7%):
Alamo
Re
11.14%
(FHMMUSTF+725bps),
6/7/28(d)(h)(i)
.............................
4,000
4,034
14.39%
(FHMMUSTF+1050bps),
6/7/28(d)(h)(i)
............................
2,000
1,988
Windstorm
-
U.S.
Gulf
-
(0.1%):
3264
Re,
2024-1
B,
21.54%
(FHMMUSTF+1800bps),
7/8/27(d)(h)(i)
.................
500
506
Windstorm
-
U.S.
Multistate
-
(0.7%):
Chartwell
Re,
2025-1
C,
13.41%
(JMMMUSTF+983bps),
6/7/28,
Callable
9/5/26
@
106(d)(h)
(i)
..............................................................
750
783
Citrus
Re,
2025-1
A,
11.33%
(BRMMUSDF+829bps),
6/7/28,
Callable
6/7/27
@
103.25(d)(h)
(i)
..............................................................
4,000
4,083
Gateway
Re,
2024-1
AA,
9.48%
(BRMMUSDF+606bps),
7/8/27(d)(h)(i)
...............
1,250
1,273
Windstorm
-
U.S.
Regional
-
(0.4%):
Citrus
Re
12.77%
(BRMMUSDF+919bps),
6/7/27(d)(h)(i)
............................
1,250
1,303
14.02%
(BRMMUSDF+1044bps),
6/7/27(d)(h)(i)
............................
1,750
1,789
122,082
Financials
(1.1%):
Insurance
-
(1.1%):
Oxford
Re,
12/31/31(a)(b)(d)
..............................................
1,000
949
Uttoxeter
Re,
12/31/31(a)(b)(d)
.............................................
9,950
8,999
9,948
Reinsurance
Sidecars
(61.6%):
Multiperil
-
U.S.
-
(3.5%):
Brotherhood
Mutual
Re,
1/31/27(a)(b)(c)(d)
....................................
5,110
—
Carnoustie
Re,
2026,
12/31/31(a)(c)(d)
.......................................
30,532
30,485
Multiperil
-
Worldwide
-
(58.1%):
Victory
Portfolios
IV
Victory
Pioneer
ILS
Interval
Fund
44
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
(a)
Non-income
producing
security.
(b)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
July
31,
2026.
(c)
Issued
as
participation
notes.
(d)
The
following
table
details
the
earliest
acquisition
date,
cost,
and
market
value
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
July
31,
2026
(amounts
in
thousands):
Security
Description
Principal
Amount
(000)
a
Value
(000)
Alturas
Re
7/30/27(a)(d)(g)
...................................................
$
7,274
$
204
12/31/27(a)(d)(g)
..................................................
7,797
94
Banbury-PI0050
Re,
2026,
3/31/32(a)(c)(d)
....................................
15,509
16,253
Bantry
Re
12/31/31(a)(b)(c)(d)
................................................
39,448
44,159
6/30/32(a)(b)(c)(d)
.................................................
53,003
53,533
Berwick
Re,
2026,
12/31/31(a)(b)(c)(d)
.......................................
54,811
55,752
Clearwater
Re
12/31/31(a)(b)(c)(d)
................................................
14,795
16,053
3/31/32(a)(b)(c)(d)
.................................................
26,510
28,233
Eden
Re
II
3/19/27(a)(c)(d)(f)(i)
................................................
125
501
3/17/28(a)(c)(d)(f)(i)
................................................
123
452
3/19/30(a)(c)(d)(f)(i)
................................................
12,100
1,305
Gleneagles
Re,
2022,
12/31/27(a)(c)(d)
.......................................
17,549
—
Gullane
Re,
2026,
12/31/31(a)(b)(c)(d)
.......................................
55,662
45,086
Kirkham
Re,
2026,
12/31/31(a)(b)(c)(d)
.......................................
37,706
30,370
Pangaea
Re
12/31/31(a)(b)(c)(d)
................................................
32,646
31,935
7/1/32(a)(b)(c)(d)
..................................................
37,815
38,420
Rosapenna
Re,
2026,
6/30/32(a)(b)(c)(d)
......................................
22,127
22,348
Sector
Re
V
12/1/29(a)(c)(d)(f)(i)
................................................
16
1,060
12/1/30(a)(b)(c)(d)(f)(i)
..............................................
24,000
27,389
12/1/30(a)(b)(c)(d)(f)(i)
..............................................
11,500
13,124
Thopas
Re
12/31/26(a)(d)(g)
..................................................
40,000
616
12/31/26(a)(d)(g)
..................................................
19,180
98
12/31/27(a)(d)(g)
..................................................
43,771
275
12/31/28(a)(d)(g)
..................................................
45,673
—
12/31/29(a)(d)(g)
..................................................
45,673
257
12/31/30(a)(d)(g)
..................................................
48,350
2,625
12/31/31(a)(b)(d)(g)
................................................
56,397
61,366
Viribus
Re,
2023,
12/31/28(a)(d)(g)
..........................................
23,750
—
Yeovil
Re,
2026,
12/31/31(a)(b)(d)(g)
........................................
9,786
10,399
532,392
Total
Insurance-Linked
Securities
(Cost
$774,533)
a
a
a
833,062
Short-Term
Investments
(2.3%)
a
a
a
a
U.S.
Treasury
Obligations
(2.3%):
U.S.
Treasury
Bills
1.80%,
8/6/26(j)
....................................................
13,000
12,996
3.36%,
9/8/26(j)
....................................................
7,000
6,974
Total
U.S.
Treasury
Obligations
19,970
Total
Short-Term
Investments
(Cost
$19,966)
a
a
a
19,970
Total
Investments
(Cost
$794,499)
—
98.6%
853,032
Other
assets
in
excess
of
liabilities
—  1.4%
11,983
NET
ASSETS
-
100.00%
$
865,015
At
July
31,
2026,
the
Fund's
investments
in
foreign
securities
were
96.2%
of
net
assets.
Security
Name
Acquisition
Date
Cost
Value
3264
Re,
2024-1
B
..................................................
6/24/24
$
500
$
506
Victory
Portfolios
IV
Victory
Pioneer
ILS
Interval
Fund
45
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Name
Acquisition
Date
Cost
Value
3264
Re,
2025-2
A
..................................................
5/19/25
$
1,000
$
1,013
Alamo
Re,
2026-1
B
.................................................
5/15/26
4,000
4,034
Alamo
Re,
2026-1
C
.................................................
5/15/26
2,000
1,988
Alturas
Re,
2021-3
..................................................
7/1/21
524
204
Alturas
Re,
2022-3
..................................................
4/11/23
—
94
Amaranth
Re,
2026
.................................................
2/2/26
3,709
4,027
Aquila
Re
I,
2026-1
A-1
..............................................
5/15/26
1,500
1,496
Aquila
Re
I,
2026-1
B-1
..............................................
5/15/26
1,500
1,496
Armor
Re
II,
2024-1
A
...............................................
4/11/24
1,000
1,032
Atela
Re,
2024-1
A
..................................................
4/29/24
1,000
1,050
Banbury-PI0050
Re,
2026
.............................................
5/29/26
15,509
16,253
Bantry
Re,
2026
....................................................
12/19/25
38,798
44,159
Bantry
Re,
2026-2
..................................................
7/6/26
53,003
53,533
Berwick
Re,
2026
..................................................
12/19/25
49,706
55,752
Bluebonnet
Re,
2025-1
B
.............................................
5/8/25
1,500
1,541
Bluebonnet
Re,
2025-1
C
.............................................
5/8/25
2,000
2,057
Bluebonnet
Re,
2025-2
A
.............................................
5/8/25
1,500
1,562
Bridge
Street
Re,
2025-1
A
............................................
12/24/24
2,000
2,008
Brotherhood
Mutual
Re
..............................................
1/22/18
774
—
Cape
Lookout
Re,
2025-1
A
...........................................
2/27/25
5,800
6,091
Carnoustie
Re,
2026
.................................................
1/30/26
27,475
30,485
Cerulean
Re,
2018-B1
...............................................
9/10/18
2,225
—
Chartwell
Re,
2025-1
C
..............................................
5/2/25
750
783
Chartwell
Re,
2026-1
E
..............................................
5/22/26
500
499
Cheltenham-PI0051
Re,
2026
..........................................
6/30/26
11,794
12,231
Citrus
Re,
2024-1
A
.................................................
3/19/24
1,250
1,303
Citrus
Re,
2024-1
B
.................................................
3/19/24
1,750
1,789
Citrus
Re,
2025-1
A
.................................................
3/5/25
4,000
4,083
Clearwater
Re,
2026
.................................................
12/19/25
13,881
16,053
Clearwater
Re,
2026-2
...............................................
4/2/26
26,510
28,233
Dartmouth
Re,
2026
.................................................
5/4/26
3,713
3,875
Easton
Re,
2024-1
A
.................................................
5/16/24
997
1,010
Eden
Re
II,
2023-1
B
................................................
1/17/23
—
501
Eden
Re
II,
2024-1
B
................................................
1/10/24
—
452
Eden
Re
II,
2025-1
B
................................................
12/27/24
—
1,305
First
Coast
Re,
2025-1
B
..............................................
2/21/25
3,000
3,012
Floodsmart
Re,
2023-1
B
.............................................
2/23/23
450
23
Floodsmart
Re,
2024-1
A
.............................................
2/29/24
12,900
13,317
Four
Lakes
Re,
2023-1
B
.............................................
12/8/23
750
750
Gamboge
Re,
2024
..................................................
5/9/24
—
1,918
Gateway
Re,
2024-1
AA
..............................................
3/11/24
1,250
1,273
Gleneagles
Re,
2022
.................................................
1/18/22
6,768
—
Grantham
Re,
2026
.................................................
7/21/26
3,762
3,806
Gullane
Re,
2026
...................................................
12/19/25
36,066
45,086
Herbie
Re,
2024-1
B
.................................................
2/15/24
1,500
1,479
Herbie
Re,
2024-2
B
.................................................
12/17/24
500
505
Herbie
Re,
2024-2
C
.................................................
12/17/24
1,000
958
Hestia
Re,
2025-1
B
.................................................
2/27/25
2,000
2,049
Hypatia
Re,
2026-1
A
................................................
4/30/26
3,000
3,004
Integrity
Re
III,
2025-1
A1
............................................
2/21/25
1,000
1,009
Integrity
Re
III,
2025-1
A2
............................................
2/21/25
1,000
1,031
Integrity
Re
III,
2025-1
B1
............................................
2/21/25
1,000
1,006
Integrity
Re
III,
2025-1
B2
............................................
2/21/25
500
514
Integrity
Re
III,
2025-1
C
.............................................
2/21/25
2,250
2,333
Integrity
Re
III,
2025-1
D
.............................................
2/21/25
1,250
1,292
International
Bank
for
Reconstruction
&
Development
........................
4/3/24
1,000
1,020
International
Bank
for
Reconstruction
&
Development
........................
4/3/24
1,985
2,041
International
Bank
for
Reconstruction
&
Development
........................
4/3/24
500
508
Kendall
Re,
2024-1
A
................................................
4/22/24
2,000
2,036
Kendall
Re,
2024-1
B
................................................
4/22/24
750
758
Kilimanjaro
III
Re,
2026-1
D-1
.........................................
6/24/26
2,000
2,006
Kingston
Heath
Re,
2026
.............................................
3/5/26
5,702
6,319
Kirkham
Re,
2026
..................................................
2/25/26
26,074
30,370
Lindrick
Re,
2018
..................................................
6/21/18
—
—
Victory
Portfolios
IV
Victory
Pioneer
ILS
Interval
Fund
46
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Name
Acquisition
Date
Cost
Value
Llandudno
Re,
2026
.................................................
1/29/26
$
3,525
$
3,850
Long
Point
Re
IV,
2026-1
A
...........................................
5/19/26
2,000
1,996
Macclesfield
Re
....................................................
2/24/26
6,007
6,074
Mangrove
Re
......................................................
7/2/26
1,425
1,443
Mangrove
Re
......................................................
7/15/26
1,100
1,124
Mangrove
Re,
2026-A
...............................................
6/18/26
2,118
2,149
Mangrove
Re,
2026-B
...............................................
6/18/26
2,378
2,408
Mangrove
Re,
2026-E
...............................................
7/7/26
2,322
2,357
Marlon
Re,
2024-1
A
................................................
5/24/24
1,000
1,038
Matterhorn
Re,
2026-3
A
.............................................
7/6/26
500
500
Matterhorn
Re,
2026-3
B
.............................................
7/6/26
500
499
Matterhorn
Re,
2026-3
C
.............................................
7/6/26
500
499
Merion
Re,
2025-1
..................................................
1/16/25
—
198
Merion
Re,
2026-1
..................................................
1/28/26
11,474
12,451
Merion
Re,
2026-2
..................................................
7/14/26
11,441
11,850
Merna
Re,
2025-4
A
.................................................
5/14/25
1,000
1,065
Merna
Re,
2026-1
A
.................................................
5/13/26
2,000
2,078
Merna
Re,
2026-1
C
.................................................
5/13/26
2,000
2,065
Merna
Re
II,
2024-1
A
...............................................
5/8/24
1,500
1,548
Merna
Re
II,
2024-2
A
...............................................
5/8/24
500
513
Merna
Re
II,
2024-3
A
...............................................
5/8/24
3,000
3,117
Mystic
Re
IV,
2024-1
A
..............................................
12/12/23
2,500
2,510
Ocelot
Re,
2025-1
A
.................................................
2/14/25
3,000
3,091
Old
Head
Re,
2026
..................................................
12/22/25
15,066
17,004
One
Shield
Re,
2026-1
A
.............................................
4/10/26
1,000
991
Oxford
Re
........................................................
7/28/26
941
949
Palm
Re,
2024-1
A
..................................................
4/4/24
2,500
2,568
Palm
Re,
2026-1
A
..................................................
4/10/26
3,000
3,090
Pangaea
Re,
2026-1
.................................................
12/19/25
28,985
31,935
Pangaea
Re,
2026-3
.................................................
6/23/26
37,815
38,420
Phoenix
Re
.......................................................
12/21/20
1,805
3,339
PI0047
Re,
2025
...................................................
6/27/25
46,547
51,492
Pine
Valley
Re,
2026
................................................
1/12/26
2,213
2,384
Portsalon
Re,
2022
..................................................
7/20/22
320
401
Purple
Re,
2025-1
A
.................................................
5/6/25
3,000
3,125
Purple
Re,
2025-1
B
.................................................
5/6/25
2,000
2,040
Ramble
Re,
2026-1
A
................................................
6/18/26
1,000
1,008
Riviera
Re,
2018-2
..................................................
4/10/18
2,852
443
Rosapenna
Re,
2026
.................................................
6/29/26
22,127
22,348
Sanders
Re
II,
2024-3
A
..............................................
12/10/24
250
252
Sanders
Re
III,
2023-1
A
..............................................
3/24/23
250
252
Sanders
Re
III,
2024-1
A
..............................................
1/16/24
1,975
2,046
Sector
Re
V,
2024
GL-R
..............................................
12/31/24
—
1,060
Sector
Re
V,
2025
GL-N
..............................................
12/4/25
11,500
13,124
Sector
Re
V,
2025
GL-R
..............................................
12/31/25
24,000
27,389
Solomon
Re,
2026-1
B
...............................................
5/26/26
500
498
Stevenage
Re,
2026
.................................................
7/9/26
1,780
1,821
Telford
Re,
2026
...................................................
6/30/26
1,412
1,432
Thopas
Re,
2020
...................................................
12/30/19
—
98
Thopas
Re,
2021
...................................................
12/30/20
—
616
Thopas
Re,
2022
...................................................
2/7/22
—
275
Thopas
Re,
2023
...................................................
2/15/23
—
—
Thopas
Re,
2024
...................................................
2/2/24
—
257
Thopas
Re,
2025
...................................................
1/10/25
—
2,625
Thopas
Re,
2026
...................................................
1/27/26
56,397
61,366
Titania
Re,
2026-1
A
................................................
4/15/26
250
250
Tomtit
Re,
2026
....................................................
12/31/25
7,051
6,413
Torrey
Pines
Re,
2025-1
B
............................................
4/25/25
2,750
2,815
Torrey
Pines
Re,
2025-1
C
............................................
4/25/25
2,250
2,317
Tranquil
Re
-
Arthur
Re,
2026-1
A
.......................................
6/30/26
1,000
1,012
Turicum
Re,
2026-1
A
...............................................
4/8/26
1,000
1,004
Ursa
Re,
2025-1
F
..................................................
2/10/25
1,000
1,030
Uttoxeter
Re
......................................................
7/28/26
8,864
8,999
Viribus
Re,
2023
...................................................
2/2/23
—
—
Victory
Portfolios
IV
Victory
Pioneer
ILS
Interval
Fund
47
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
(e)
Amount
represents
less
than
0.05%
of
net
assets.
(f)
Zero-coupon
bond.
(g)
Issued
as
preference
shares.
(h)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
July
31,
2026.
(i)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
July
31,
2026,
the
fair
value
of
these
securities
was
$165,913
(thousands)
and
amounted
to
19.2%
of
net
assets.
(j)
Rate
represents
the
effective
yield
at
July
31,
2026.
Security
Name
Acquisition
Date
Cost
Value
Walton
Heath
Re,
2022
...............................................
7/13/22
$
—
$
302
White
Heron
Re,
2026
...............................................
7/21/26
7,434
7,529
Yeovil
Re,
2026
....................................................
7/9/26
9,786
10,399
Total
(96.3%
of
net
assets)
$774,533
$833,062
BNMMDTSC
—
Dreyfus
Treasury
Securities
Cash
Management
Fund
Yield
bps
—
Basis
points
BRMMUSDF
—
BlackRock
Liquidity
Fund
Treasury
Trust
Fund
Portfolio
Fund
Yield
FHMMUSTF
—
Federated
Hermes
U.S.
Treasury
Cash
Reserves
Fund
Yield
GSMMUSTI
—
Goldman
Sachs
Money
Market
U.S.
Treasury
Instrument
Index
JMMMUSTF
—
JPMorgan
100%
U.S.
Treasury
Securities
Money
Market
Fund
Yield
SOFR
—
Secured
Overnight
Financing
Rate
Forward
Currency
Contracts
At
July
31,
2026,
the
Fund's
open
forward
currency
contracts
were
as
follows:
Currency
Purchased
In
Exchange
for
(000)
Currency
Sold
Deliver
(000)
Counterparty
Settlement
Date
Net
Unrealized
Appreciation/
(Depreciation)
(000)
U.S.
Dollar
6,892
European
Euro
6,000
Morgan
Stanley
Bank,
N.A.
8/31/26
$
(35)
Total
Net
Forward
Currency
Contracts
$
(35)