TABLE
OF
CONTENTS
Victory
Portfolios
IV
1
Schedules
of
Portfolio
Investments
Victory
Pioneer
International
Equity
Fund
2
Victory
Pioneer
Select
Mid
Cap
Growth
Fund
6
Schedule
of
Portfolio
Investments
August
31,
2026
Victory
Portfolios
IV
Victory
Pioneer
International
Equity
Fund
2
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(97.3%)
Canada
(4.3%):
Materials
(4.3%):
Barrick
Mining
Corp.
....................................................
1,581,182
$
70,916
Teck
Resources
Ltd.,
Class
B
..............................................
443,403
30,205
101,121
Denmark
(1.1%):
Health
Care
(1.1%):
Novo
Nordisk
A/S,
ADR
..................................................
575,901
26,106
Finland
(1.0%):
Information
Technology
(1.0%):
Nokia
Oyj
............................................................
2,244,940
22,827
France
(3.0%):
Consumer
Discretionary
(0.4%):
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......................................
17,938
9,411
Information
Technology
(2.6%):
Capgemini
SE
.........................................................
476,335
59,468
68,879
Germany
(13.0%):
Communication
Services
(1.3%):
Deutsche
Telekom
AG
...................................................
909,029
29,966
Health
Care
(0.5%):
BioNTech
SE,
ADR(a)
...................................................
121,084
12,303
Industrials
(5.6%):
Hensoldt
AG
..........................................................
445,769
44,373
Jungheinrich
AG,
Preference
Shares
.........................................
947,747
29,103
Siemens
AG,
Registered
Shares
.............................................
172,095
57,094
130,570
Information
Technology
(1.2%):
SAP
SE
..............................................................
126,839
28,120
Materials
(1.1%):
thyssenkrupp
AG
.......................................................
1,489,280
24,998
Utilities
(3.3%):
RWE
AG
.............................................................
1,116,721
76,083
302,040
Ireland
(8.9%):
Consumer
Staples
(2.2%):
Kerry
Group
PLC,
Class
A
................................................
530,866
51,788
Financials
(3.1%):
Bank
of
Ireland
Group
PLC
...............................................
3,198,788
70,503
Industrials
(1.7%):
Ryanair
Holdings
PLC
...................................................
1,497,845
40,063
Materials
(1.9%):
CRH
PLC
............................................................
462,594
43,618
205,972
Italy
(8.1%):
Financials
(5.9%):
FinecoBank
Banca
Fineco
SpA
.............................................
2,342,282
64,524
Nexi
SpA
(b)(c)
........................................................
9,744,300
49,812
UniCredit
SpA
.........................................................
225,834
22,033
136,369
Materials
(2.2%):
Buzzi
SpA
............................................................
1,073,021
51,157
187,526
Victory
Portfolios
IV
Victory
Pioneer
International
Equity
Fund
3
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
August
31,
2026
Security
Description
Shares
Value
(000)
Japan
(21.9%):
Consumer
Discretionary
(4.7%):
GS
Yuasa
Corp.
........................................................
280,000
$
9,311
Nitori
Holdings
Co.
Ltd.
..................................................
2,146,000
40,883
Shimamura
Co.
Ltd.
.....................................................
2,301,500
47,109
Subaru
Corp.
..........................................................
713,200
11,842
109,145
Energy
(1.8%):
Inpex
Corp.
...........................................................
1,656,200
41,233
Financials
(2.5%):
Sumitomo
Mitsui
Financial
Group,
Inc.
.......................................
1,365,900
58,657
Health
Care
(2.1%):
Hoya
Corp.
...........................................................
312,400
47,900
Industrials
(8.4%):
BayCurrent
,
Inc.
.......................................................
1,284,800
65,811
Fuji
Electric
Co.
Ltd.
....................................................
691,600
59,124
Kawasaki
Heavy
Industries
Ltd.
............................................
681,800
10,847
Mitsubishi
Electric
Corp.
.................................................
1,713,500
59,451
195,233
Information
Technology
(2.4%):
FUJIFILM
Holdings
Corp.
................................................
2,673,200
56,561
508,729
Mexico
(1.9%):
Consumer
Staples
(0.6%):
Fomento
Economico
Mexicano
SAB
de
CV,
ADR
...............................
118,442
14,261
Financials
(1.3%):
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
.................................
2,759,994
31,253
45,514
Netherlands
(2.6%):
Financials
(2.6%):
ABN
AMRO
Bank
NV,
Class
CV
...........................................
1,252,560
60,648
Norway
(1.5%):
Consumer
Staples
(1.5%):
Mowi
ASA
...........................................................
1,571,781
34,484
Russian
Federation
(0.0%):
Consumer
Staples
(0.0%):
Magnit
PJSC(a)(d)(e)
....................................................
21,796
—
Energy
(0.0%):
Rosneft
Oil
Co.
PJSC(a)(d)(e)
..............................................
396,947
—
—
South
Korea
(7.3%):
Financials
(1.6%):
KB
Financial
Group,
Inc.
.................................................
290,031
36,699
Industrials
(2.6%):
Hyundai
Rotem
Co.
Ltd.
..................................................
286,347
28,478
LG
Corp.
.............................................................
378,395
32,911
61,389
Information
Technology
(3.1%):
Samsung
Electronics
Co.
Ltd.
..............................................
263,497
49,619
SK
hynix
,
Inc.
.........................................................
17,892
21,830
71,449
169,537
Spain
(2.3%):
Financials
(2.3%):
Banco
de
Sabadell
SA
...................................................
12,495,641
52,714
Victory
Portfolios
IV
Victory
Pioneer
International
Equity
Fund
4
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
August
31,
2026
Security
Description
Shares
Value
(000)
Switzerland
(4.5%):
Financials
(0.9%):
UBS
Group
AG
........................................................
378,750
$
20,731
Health
Care
(2.8%):
Lonza
Group
AG,
Registered
Shares
.........................................
92,149
65,723
Materials
(0.8%):
Holcim
AG(a)
.........................................................
204,129
17,879
104,333
Taiwan
(2.6%):
Information
Technology
(2.6%):
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.................................
809,000
61,102
United
Kingdom
(10.2%):
Consumer
Discretionary
(2.9%):
Compass
Group
PLC
....................................................
1,943,949
59,321
Persimmon
PLC
........................................................
474,731
7,486
66,807
Consumer
Staples
(4.3%):
Associated
British
Foods
PLC
..............................................
549,078
15,233
Tesco
PLC
............................................................
8,711,661
53,798
Unilever
PLC,
ADR
.....................................................
459,473
29,797
98,828
Energy
(2.0%):
Shell
PLC,
ADR
.......................................................
520,755
47,623
Financials
(1.0%):
Standard
Chartered
PLC
..................................................
821,190
24,143
237,401
United
States
(3.1%):
Industrials
(2.6%):
Sunbelt
Rentals
Holdings,
Inc.(c)
...........................................
838,358
59,794
Information
Technology
(0.5%):
Advanced
Micro
Devices,
Inc.(a)
............................................
28,139
13,245
73,039
Total
Common
Stocks
(Cost
$1,819,408)
2,261,972
Principal
Amount
(000)
a
Short-Term
Investments
(4.9%)
U.S.
Treasury
Obligations
(2.1%):
U.S.
Treasury
Bills
3.38%,
9/15/26(f)
...................................................
$
10,000
9,986
3.49%,
9/22/26(f)
...................................................
40,000
39,915
49,901
Shares
Collateral
for
Securities
Loaned
(2.8%):^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
3.57%(g)
........
15,765,724
15,765
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
3.61%(g)
............
15,765,724
15,766
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
3.67%(g)
...............
15,765,724
15,766
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
3.58%(g)
.
15,765,724
15,766
63,063
Total
Short-Term
Investments
(Cost
$112,964)
112,964
Total
Investments
(Cost
$1,932,372)
—
102.2%
2,374,936
Liabilities
in
excess
of
other
assets
—
(2.2)%
(50,332)
NET
ASSETS
—
100.00%
$
2,324,604
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
August
31,
2026,
the
fair
value
of
these
securities
was
$49,812
(thousands)
and
amounted
to
2.1%
of
net
assets.
Victory
Portfolios
IV
Victory
Pioneer
International
Equity
Fund
5
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
August
31,
2026
Security
Name
Acquisition
Date
Cost
Value
Magnit
PJSC
......................................................
7/23/20
$
1,483
$
—
Rosneft
Oil
Co.
PJSC
................................................
6/23/21
3,131
—
Total
(–%
of
net
assets)
$4,614
$—
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
The
following
table
details
the
earliest
acquisition
date,
cost,
and
market
value
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
August
31,
2026
(amounts
in
thousands):
(e)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
August
31,
2026.
(f)
Rate
represents
the
effective
yield
at
August
31,
2026.
(g)
Rate
disclosed
is
the
daily
yield
on
August
31,
2026.
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
August
31,
2026
Victory
Portfolios
IV
Victory
Pioneer
Select
Mid
Cap
Growth
Fund
6
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.2%)
Communication
Services
(2.1%):
Reddit,
Inc.,
Class
A(a)
...................................................
72,130
$
10,662
Spotify
Technology
SA(a)
.................................................
52,791
28,698
39,360
Communications
Equipment
(3.9%):
Applied
Optoelectronics,
Inc.(a)
............................................
254,940
27,455
Nokia
Oyj
,
ADR
.......................................................
2,938,769
29,799
Viavi
Solutions,
Inc.(a)
...................................................
416,397
15,111
72,365
Consumer
Discretionary
(11.7%):
Airbnb,
Inc.,
Class
A(a)
..................................................
49,563
9,081
AutoZone,
Inc.(a)
.......................................................
5,657
16,922
Chipotle
Mexican
Grill,
Inc.,
Class
A(a)
.......................................
1,033,662
39,310
DoorDash
,
Inc.,
Class
A(a)
................................................
83,150
19,269
Marriott
International,
Inc.,
Class
A
..........................................
108,349
37,030
Ollie's
Bargain
Outlet
Holdings,
Inc.(a)
.......................................
138,968
10,481
Ross
Stores,
Inc.
.......................................................
98,605
22,535
Royal
Caribbean
Cruises
Ltd.
..............................................
139,660
37,532
Viking
Holdings
Ltd.(a)
..................................................
313,435
26,999
219,159
Consumer
Staples
(1.9%):
BJ's
Wholesale
Club
Holdings,
Inc.(a)
........................................
160,638
14,562
Darling
Ingredients,
Inc.(a)
................................................
301,636
19,989
34,551
Electronic
Equipment,
Instruments
&
Components
(4.3%):
Amphenol
Corp.,
Class
A
.................................................
132,812
21,057
Coherent
Corp.(a)
......................................................
48,530
13,483
Flex
Ltd.(a)
...........................................................
331,429
36,209
Novanta,
Inc.(a)
........................................................
67,143
9,818
80,567
Energy
(4.7%):
EQT
Corp.
............................................................
210,316
11,395
HF
Sinclair
Corp.
.......................................................
270,866
27,523
PBF
Energy,
Inc.,
Class
A
.................................................
254,586
18,582
The
Williams
Cos.,
Inc.
..................................................
399,367
29,972
87,472
Financials
(7.2%):
Etoro
Group
Ltd.,
Class
A(a)
...............................................
253,022
8,092
Marex
Group
Ltd.
......................................................
490,240
35,532
Miami
International
Holdings,
Inc.(a)
........................................
267,715
11,477
Robinhood
Markets,
Inc.,
Class
A(a)
.........................................
478,779
50,181
StepStone
Group,
Inc.,
Class
A
.............................................
290,556
15,184
Tradeweb
Markets,
Inc.,
Class
A
............................................
136,302
14,680
135,146
Health
Care
(17.2%):
Edgewise
Therapeutics,
Inc.(a)
.............................................
794,393
33,182
Erasca
,
Inc.(a)
.........................................................
1,519,261
27,164
Guardant
Health,
Inc.(a)
..................................................
178,266
28,348
Insmed
,
Inc.(a)
.........................................................
252,806
30,797
Labcorp
Holdings,
Inc.
...................................................
107,351
35,711
McKesson
Corp.
.......................................................
41,082
36,371
Natera
,
Inc.(a)
.........................................................
141,846
45,669
Repligen
Corp.(a)
.......................................................
121,828
22,048
Revolution
Medicines,
Inc.(a)
..............................................
54,346
11,172
Spyre
Therapeutics,
Inc.(a)
................................................
327,720
29,275
Vaxcyte
,
Inc.(a)
........................................................
379,165
23,031
322,768
Industrials
(20.2%):
Axon
Enterprise,
Inc.(a)
..................................................
67,773
38,397
Victory
Portfolios
IV
Victory
Pioneer
Select
Mid
Cap
Growth
Fund
7
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
August
31,
2026
Security
Description
Shares
a
Value
(000)
BWX
Technologies,
Inc.
..................................................
66,039
$
10,057
Firefly
Aerospace,
Inc.(a)
.................................................
360,718
7,618
Forgent
Power
Solutions,
Inc.,
Class
A(a)
......................................
575,944
17,589
Generac
Holdings,
Inc.(a)
.................................................
111,142
20,604
Hyundai
Rotem
Co.
Ltd.
..................................................
103,725
10,323
Intuitive
Machines,
Inc.,
Class
A(a)
..........................................
523,267
8,037
L3Harris
Technologies,
Inc.
...............................................
84,622
22,531
Regal
Rexnord
Corp.
....................................................
107,176
16,982
Rollins,
Inc.
...........................................................
158,414
5,714
Saia,
Inc.(a)
...........................................................
56,064
19,910
Siemens
Energy
AG
.....................................................
256,063
42,289
Thomson
Reuters
Corp.(b)
................................................
165,866
17,801
Tkms
AG
&
Co.
KGaA
(a)
................................................
172,789
17,642
Verisk
Analytics,
Inc.,
Class
A
..............................................
82,657
16,017
Vertiv
Holdings
Co.,
Class
A
...............................................
135,360
35,020
Voyager
Technologies,
Inc.,
Class
A(a)
.......................................
383,731
12,905
W.W.
Grainger,
Inc.
.....................................................
44,803
58,669
378,105
IT
Services
(9.1%):
Akamai
Technologies,
Inc.(a)
..............................................
71,407
7,756
Cloudflare,
Inc.,
Class
A(a)
................................................
235,154
71,748
MongoDB,
Inc.,
Class
A(a)
................................................
46,939
21,281
Snowflake,
Inc.,
Class
A(a)
................................................
212,054
70,281
171,066
Materials
(0.9%):
Almonty
Industries,
Inc.(a)
................................................
958,613
17,063
Real
Estate
(1.1%):
Iron
Mountain,
Inc.
.....................................................
177,764
20,505
Semiconductors
&
Semiconductor
Equipment
(5.8%):
Advanced
Micro
Devices,
Inc.(a)
............................................
73,399
34,550
Astera
Labs,
Inc.(a)
.....................................................
83,478
24,791
Credo
Technology
Group
Holding
Ltd.(a)
.....................................
139,337
31,517
Kioxia
Holdings
Corp.(a)
.................................................
57,300
17,931
108,789
Software
(3.5%):
Datadog,
Inc.,
Class
A(a)
.................................................
192,810
45,704
Samsara,
Inc.,
Class
A(a)
.................................................
502,254
20,517
66,221
Technology
Hardware,
Storage
&
Peripherals
(3.6%):
Sandisk
Corp.(a)
.......................................................
22,716
35,589
Western
Digital
Corp.
....................................................
71,110
32,039
67,628
Utilities
(2.0%):
NRG
Energy,
Inc.
.......................................................
228,166
25,125
Talen
Energy
Corp.(a)
...................................................
43,870
12,975
38,100
Total
Common
Stocks
(Cost
$1,174,482)
a
a
a
1,858,865
Short-Term
Investments
(0.3%)
Collateral
for
Securities
Loaned
(0.3%):^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
3.57%(c)
........
1,362,500
1,363
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
3.61%(c)
............
1,362,500
1,362
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
3.67%(c)
...............
1,362,500
1,362
Victory
Portfolios
IV
Victory
Pioneer
Select
Mid
Cap
Growth
Fund
8
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
August
31,
2026
Security
Description
Shares
a
Value
(000)
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
3.58%(c)
.
1,362,500
$
1,363
5,450
Total
Short-Term
Investments
(Cost
$5,450)
a
a
a
5,450
Total
Investments
(Cost
$1,179,932)
—
99.5%
1,864,315
Other
assets
in
excess
of
liabilities
—  0.5%
9,214
NET
ASSETS
—
100.00%
$
1,873,529
At
August
31,
2026,
the
Fund's
investments
in
foreign
securities
were
12.5%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
August
31,
2026.
ADR
—
American
Depositary
Receipt