# EDGAR Filing Document

**Accession Number:** 0002042316
**File Stem:** 0002042316-26-000008
**Filing Date:** 2026-6
**Character Count:** 445819
**Document Hash:** a2216d411a6c8de970ad7299ebcec2cc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002042316-26-000008.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0002042316-26-000008

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Victory Portfolios IV
- **CENTRAL INDEX KEY:** 0002042316

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24019
- **FILM NUMBER:** 261072349

**BUSINESS ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256
- **BUSINESS PHONE:** (210) 697-3624

**MAIL ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256

## Series and Classes Contracts Data

### Victory Pioneer Fundamental Growth Fund (Series ID: S000089760)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000256495 | Class R      | PFGRX           |
| C000256496 | Class R6     | PFGKX           |
| C000256497 | Class A      | PIGFX           |
| C000256498 | Class Y      | FUNYX           |
| C000256499 | Class C      | FUNCX           |

### Victory Pioneer Multi-Asset Ultrashort Income Fund (Series ID: S000089770)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000256538 | Class Y      | MYFRX           |
| C000256539 | Class A      | MAFRX           |
| C000256540 | Class C      | MAUCX           |
| C000256541 | Class R6     | MAUKX           |

?xml version='1.0' encoding='ASCII'?

### UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

# FORM N-CSR
**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 811-24019

Victory Portfolios IV

(Exact name of registrant as specified in charter)

15935 La Cantera Parkway Building Two, San Antonio, Texas 78256

(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Christopher J. Kelley, Victory Capital Management Inc. 60 State Street, Boston, MA 02109

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>800-539-3863</u> 

Date of fiscal year end: <u>March 31</u>

Date of reporting period: <u>March 31, 2026</u>

**Item 1. Reports to Stockholders.**

(a) #### Victory Pioneer Fundamental Growth Fund
![Image](i87ec03ee425e7af8f3465837.jpg)

Class A

Ticker: PIGFX

Annual Shareholder Report — March 31, 2026

The annual shareholder report contains important information about Victory Pioneer Fundamental Growth Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$104 | &nbsp;&nbsp;&nbsp;0.99% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Consumer staples was the largest sector contributor to relative performance as compared to the Russell 1000<sup>®</sup> Growth Index (the "Index"), and the portfolio benefited from its lack of exposure to the declining real estate sector.

* At the individual security level, overweight positions in Amphenol Corp., Class A and ASML Holding NV, Class NY were the top contributors to relative performance, as both positions significantly outperformed the Index on the strength of robust revenue growth and expanding AI-driven demand.

Top detractors from performance:

* Stock selection in industrials and communication services were the largest detractors to performance relative to the Index. 

* At the individual security level, NVIDIA Corp. and Broadcom, Inc., were the largest detractors, as the portfolio's underweight positions in both names proved costly given their substantial outperformance during the period.

*Holdings are subject to change. There is no guarantee that securities mentioned remain in or out of the Fund.*

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i57e4d0f0e20e38af574cba41.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price ("MOP") figures reflect a maximum sales charge of 5.75% for Class A. The Net Asset Value ("NAV") figures do not reflect sales charges.

# Growth of $10,000 Investment
![Growth of 10K Chart](i1e209587d2684bfe485caefd.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Pioneer Fundamental Growth Fund Class A @ NAV - $33,772** | **Victory Pioneer Fundamental Growth Fund Class A @ MOP - $31,829** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $37,594** | **Russell 1000<sup>®</sup> Growth Index - $47,382** |
| **3/16** | $10000 | $9425 | $10000 | $10000 |
| **3/17** | $11178 | $10535 | $11717 | $11576 |
| **3/18** | $12760 | $12026 | $13357 | $14036 |
| **3/19** | $14406 | $13578 | $14625 | $15825 |
| **3/20** | $14094 | $13283 | $13605 | $15969 |
| **3/21** | $21924 | $20663 | $21271 | $25989 |
| **3/22** | $24270 | $22873 | $24599 | $29882 |
| **3/23** | $22706 | $21400 | $22698 | $26624 |
| **3/24** | $30946 | $29165 | $29480 | $37007 |
| **3/25** | $30921 | $29142 | $31913 | $39879 |
| **3/26** | $33772 | $31829 | $37594 | $47382 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of March 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 9.22% | 9.03% | 12.94% |
| Class A @ MOP | 2.96% | 7.74% | 12.27% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |
| Russell 1000<sup>®</sup> Growth Index | 18.81% | 12.76% | 16.83% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of March 31, 2026)

---

| | |
|:---|:---|
| Net Assets | $5786549 |
| Number of Holdings | 37 |
| Investment Advisory Fees | $42644 |
| Portfolio Turnover | 24% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-fundsor call 800-539-3863.**

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of March 31, 2026)
![Group By Sector Chart](iee2086d5e0e24b498d1a839b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.6% |
| Industrials | 8.5% |
| Financials | 8.9% |
| Communication Services | 10.4% |
| Health Care | 11.1% |
| Consumer Discretionary | 19.0% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 41.4% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of March 31, 2026)

---

| | |
|:---|:---|
| Apple, Inc. | 7.9% |
| Amazon.com, Inc. | 7.3% |
| Microsoft Corp. | 4.4% |
| Eli Lilly & Co. | 4.4% |
| Amphenol Corp., Class A | 4.3% |
| ASML Holding NV, Class NY | 4.2% |
| Visa, Inc., Class A | 3.8% |
| Synopsys, Inc. | 3.5% |
| Uber Technologies, Inc. | 3.5% |
| Advanced Micro Devices, Inc. | 3.2% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| \*\* | In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i57e4d0f0e20e38af574cba41.jpg)

PIGFX — AR (3/26)

#### Victory Pioneer Fundamental Growth Fund
![Image](i87ec03ee425e7af8f3465837.jpg)

Class C

Ticker: FUNCX

Annual Shareholder Report — March 31, 2026

The annual shareholder report contains important information about Victory Pioneer Fundamental Growth Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$179 | &nbsp;&nbsp;&nbsp;1.72% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Consumer staples was the largest sector contributor to relative performance as compared to the Russell 1000<sup>®</sup> Growth Index (the "Index"), and the portfolio benefited from its lack of exposure to the declining real estate sector.

* At the individual security level, overweight positions in Amphenol Corp., Class A and ASML Holding NV, Class NY were the top contributors to relative performance, as both positions significantly outperformed the Index on the strength of robust revenue growth and expanding AI-driven demand.

Top detractors from performance:

* Stock selection in industrials and communication services were the largest detractors to performance relative to the Index. 

* At the individual security level, NVIDIA Corp. and Broadcom, Inc., were the largest detractors, as the portfolio's underweight positions in both names proved costly given their substantial outperformance during the period.

*Holdings are subject to change. There is no guarantee that securities mentioned remain in or out of the Fund.*

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i57e4d0f0e20e38af574cba41.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. Class C is not subject to an initial sales charge, but is subject to Contingent Deferred Sales Charge ("CDSC") of 1.00% on shares redeemed within one year of purchase. The Net Asset Value ("NAV") figures do not reflect sales charges.

# Growth of $10,000 Investment
![Growth of 10K Chart](ie33a564c11f7b4b728e29d27.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Pioneer Fundamental Growth Fund Class C @ NAV - $31,965** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $37,594** | **Russell 1000<sup>®</sup> Growth Index - $47,382** |
| **3/16** | $10000 | $10000 | $10000 |
| **3/17** | $11098 | $11717 | $11576 |
| **3/18** | $12592 | $13357 | $14036 |
| **3/19** | $14118 | $14625 | $15825 |
| **3/20** | $13729 | $13605 | $15969 |
| **3/21** | $21204 | $21271 | $25989 |
| **3/22** | $23305 | $24599 | $29882 |
| **3/23** | $21652 | $22698 | $26624 |
| **3/24** | $29290 | $29480 | $37007 |
| **3/25** | $29266 | $31913 | $39879 |
| **3/26** | $31965 | $37594 | $47382 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of March 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class C @ NAV | 8.43% | 8.24% | 12.32% |
| Class C @ CDSC | 7.56% | 8.24% | 12.32% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |
| Russell 1000<sup>®</sup> Growth Index | 18.81% | 12.76% | 16.83% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of March 31, 2026)

---

| | |
|:---|:---|
| Net Assets | $5786549 |
| Number of Holdings | 37 |
| Investment Advisory Fees | $42644 |
| Portfolio Turnover | 24% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-fundsor call 800-539-3863.**

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of March 31, 2026)
![Group By Sector Chart](iee2086d5e0e24b498d1a839b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.6% |
| Industrials | 8.5% |
| Financials | 8.9% |
| Communication Services | 10.4% |
| Health Care | 11.1% |
| Consumer Discretionary | 19.0% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 41.4% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of March 31, 2026)

---

| | |
|:---|:---|
| Apple, Inc. | 7.9% |
| Amazon.com, Inc. | 7.3% |
| Microsoft Corp. | 4.4% |
| Eli Lilly & Co. | 4.4% |
| Amphenol Corp., Class A | 4.3% |
| ASML Holding NV, Class NY | 4.2% |
| Visa, Inc., Class A | 3.8% |
| Synopsys, Inc. | 3.5% |
| Uber Technologies, Inc. | 3.5% |
| Advanced Micro Devices, Inc. | 3.2% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| \*\* | In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i57e4d0f0e20e38af574cba41.jpg)

FUNCX — AR (3/26)

#### Victory Pioneer Fundamental Growth Fund
![Image](i87ec03ee425e7af8f3465837.jpg)

Class R

Ticker: PFGRX

Annual Shareholder Report — March 31, 2026

The annual shareholder report contains important information about Victory Pioneer Fundamental Growth Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;$142 | &nbsp;&nbsp;&nbsp;1.36% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Consumer staples was the largest sector contributor to relative performance as compared to the Russell 1000<sup>®</sup> Growth Index (the "Index"), and the portfolio benefited from its lack of exposure to the declining real estate sector.

* At the individual security level, overweight positions in Amphenol Corp., Class A and ASML Holding NV, Class NY were the top contributors to relative performance, as both positions significantly outperformed the Index on the strength of robust revenue growth and expanding AI-driven demand.

Top detractors from performance:

* Stock selection in industrials and communication services were the largest detractors to performance relative to the Index. 

* At the individual security level, NVIDIA Corp. and Broadcom, Inc., were the largest detractors, as the portfolio's underweight positions in both names proved costly given their substantial outperformance during the period.

*Holdings are subject to change. There is no guarantee that securities mentioned remain in or out of the Fund.*

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i57e4d0f0e20e38af574cba41.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](i0cdcf7ecbbb426760a78aeba.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Pioneer Fundamental Growth Fund Class R - $32,579** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $37,594** | **Russell 1000<sup>®</sup> Growth Index - $47,382** |
| **3/16** | $10000 | $10000 | $10000 |
| **3/17** | $11141 | $11717 | $11576 |
| **3/18** | $12680 | $13357 | $14036 |
| **3/19** | $14274 | $14625 | $15825 |
| **3/20** | $13924 | $13605 | $15969 |
| **3/21** | $21582 | $21271 | $25989 |
| **3/22** | $23788 | $24599 | $29882 |
| **3/23** | $22170 | $22698 | $26624 |
| **3/24** | $30101 | $29480 | $37007 |
| **3/25** | $29954 | $31913 | $39879 |
| **3/26** | $32579 | $37594 | $47382 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of March 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class R | 8.76% | 8.58% | 12.54% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |
| Russell 1000<sup>®</sup> Growth Index | 18.81% | 12.76% | 16.83% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of March 31, 2026)

---

| | |
|:---|:---|
| Net Assets | $5786549 |
| Number of Holdings | 37 |
| Investment Advisory Fees | $42644 |
| Portfolio Turnover | 24% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-fundsor call 800-539-3863.**

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of March 31, 2026)
![Group By Sector Chart](iee2086d5e0e24b498d1a839b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.6% |
| Industrials | 8.5% |
| Financials | 8.9% |
| Communication Services | 10.4% |
| Health Care | 11.1% |
| Consumer Discretionary | 19.0% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 41.4% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of March 31, 2026)

---

| | |
|:---|:---|
| Apple, Inc. | 7.9% |
| Amazon.com, Inc. | 7.3% |
| Microsoft Corp. | 4.4% |
| Eli Lilly & Co. | 4.4% |
| Amphenol Corp., Class A | 4.3% |
| ASML Holding NV, Class NY | 4.2% |
| Visa, Inc., Class A | 3.8% |
| Synopsys, Inc. | 3.5% |
| Uber Technologies, Inc. | 3.5% |
| Advanced Micro Devices, Inc. | 3.2% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| \*\* | In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i57e4d0f0e20e38af574cba41.jpg)

PFGRX — AR (3/26)

#### Victory Pioneer Fundamental Growth Fund
![Image](i87ec03ee425e7af8f3465837.jpg)

Class R6

Ticker: PFGKX

Annual Shareholder Report — March 31, 2026

The annual shareholder report contains important information about Victory Pioneer Fundamental Growth Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$68 | &nbsp;&nbsp;&nbsp;0.65% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Consumer staples was the largest sector contributor to relative performance as compared to the Russell 1000<sup>®</sup> Growth Index (the "Index"), and the portfolio benefited from its lack of exposure to the declining real estate sector.

* At the individual security level, overweight positions in Amphenol Corp., Class A and ASML Holding NV, Class NY were the top contributors to relative performance, as both positions significantly outperformed the Index on the strength of robust revenue growth and expanding AI-driven demand.

Top detractors from performance:

* Stock selection in industrials and communication services were the largest detractors to performance relative to the Index. 

* At the individual security level, NVIDIA Corp. and Broadcom, Inc., were the largest detractors, as the portfolio's underweight positions in both names proved costly given their substantial outperformance during the period.

*Holdings are subject to change. There is no guarantee that securities mentioned remain in or out of the Fund.*

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i57e4d0f0e20e38af574cba41.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](i7609ebff89c8042e4b4091bb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Pioneer Fundamental Growth Fund Class R6 - $35,087** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $37,594** | **Russell 1000<sup>®</sup> Growth Index - $47,382** |
| **3/16** | $10000 | $10000 | $10000 |
| **3/17** | $11224 | $11717 | $11576 |
| **3/18** | $12872 | $13357 | $14036 |
| **3/19** | $14594 | $14625 | $15825 |
| **3/20** | $14341 | $13605 | $15969 |
| **3/21** | $22393 | $21271 | $25989 |
| **3/22** | $24874 | $24599 | $29882 |
| **3/23** | $23348 | $22698 | $26624 |
| **3/24** | $31932 | $29480 | $37007 |
| **3/25** | $32019 | $31913 | $39879 |
| **3/26** | $35087 | $37594 | $47382 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of March 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class R6 | 9.58% | 9.40% | 13.37% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |
| Russell 1000<sup>®</sup> Growth Index | 18.81% | 12.76% | 16.83% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of March 31, 2026)

---

| | |
|:---|:---|
| Net Assets | $5786549 |
| Number of Holdings | 37 |
| Investment Advisory Fees | $42644 |
| Portfolio Turnover | 24% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-fundsor call 800-539-3863.**

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of March 31, 2026)
![Group By Sector Chart](iee2086d5e0e24b498d1a839b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.6% |
| Industrials | 8.5% |
| Financials | 8.9% |
| Communication Services | 10.4% |
| Health Care | 11.1% |
| Consumer Discretionary | 19.0% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 41.4% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of March 31, 2026)

---

| | |
|:---|:---|
| Apple, Inc. | 7.9% |
| Amazon.com, Inc. | 7.3% |
| Microsoft Corp. | 4.4% |
| Eli Lilly & Co. | 4.4% |
| Amphenol Corp., Class A | 4.3% |
| ASML Holding NV, Class NY | 4.2% |
| Visa, Inc., Class A | 3.8% |
| Synopsys, Inc. | 3.5% |
| Uber Technologies, Inc. | 3.5% |
| Advanced Micro Devices, Inc. | 3.2% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| \*\* | In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i57e4d0f0e20e38af574cba41.jpg)

PFGKX — AR (3/26)

#### Victory Pioneer Fundamental Growth Fund
![Image](i87ec03ee425e7af8f3465837.jpg)

Class Y

Ticker: FUNYX

Annual Shareholder Report — March 31, 2026

The annual shareholder report contains important information about Victory Pioneer Fundamental Growth Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$80 | &nbsp;&nbsp;&nbsp;0.76% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Consumer staples was the largest sector contributor to relative performance as compared to the Russell 1000<sup>®</sup> Growth Index (the "Index"), and the portfolio benefited from its lack of exposure to the declining real estate sector.

* At the individual security level, overweight positions in Amphenol Corp., Class A and ASML Holding NV, Class NY were the top contributors to relative performance, as both positions significantly outperformed the Index on the strength of robust revenue growth and expanding AI-driven demand.

Top detractors from performance:

* Stock selection in industrials and communication services were the largest detractors to performance relative to the Index. 

* At the individual security level, NVIDIA Corp. and Broadcom, Inc., were the largest detractors, as the portfolio's underweight positions in both names proved costly given their substantial outperformance during the period.

*Holdings are subject to change. There is no guarantee that securities mentioned remain in or out of the Fund.*

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i57e4d0f0e20e38af574cba41.jpg)

# The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i0ad621c822e361de9cd32125.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Pioneer Fundamental Growth Fund Class Y - $3,471,787** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $3,759,447** | **Russell 1000<sup>®</sup> Growth Index - $4,738,165** |
| **3/16** | $1000000 | $1000000 | $1000000 |
| **3/17** | $1121131 | $1171722 | $1157562 |
| **3/18** | $1284137 | $1335668 | $1403589 |
| **3/19** | $1454655 | $1462509 | $1582515 |
| **3/20** | $1427850 | $1360457 | $1596942 |
| **3/21** | $2227279 | $2127097 | $2598918 |
| **3/22** | $2471504 | $2459899 | $2988165 |
| **3/23** | $2318294 | $2269786 | $2662407 |
| **3/24** | $3166512 | $2948026 | $3700652 |
| **3/25** | $3171347 | $3191288 | $3987942 |
| **3/26** | $3471787 | $3759447 | $4738165 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of March 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class Y | 9.47% | 9.28% | 13.25% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |
| Russell 1000<sup>®</sup> Growth Index | 18.81% | 12.76% | 16.83% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of March 31, 2026)

---

| | |
|:---|:---|
| Net Assets | $5786549 |
| Number of Holdings | 37 |
| Investment Advisory Fees | $42644 |
| Portfolio Turnover | 24% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-fundsor call 800-539-3863.**

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of March 31, 2026)
![Group By Sector Chart](iee2086d5e0e24b498d1a839b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.6% |
| Industrials | 8.5% |
| Financials | 8.9% |
| Communication Services | 10.4% |
| Health Care | 11.1% |
| Consumer Discretionary | 19.0% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 41.4% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of March 31, 2026)

---

| | |
|:---|:---|
| Apple, Inc. | 7.9% |
| Amazon.com, Inc. | 7.3% |
| Microsoft Corp. | 4.4% |
| Eli Lilly & Co. | 4.4% |
| Amphenol Corp., Class A | 4.3% |
| ASML Holding NV, Class NY | 4.2% |
| Visa, Inc., Class A | 3.8% |
| Synopsys, Inc. | 3.5% |
| Uber Technologies, Inc. | 3.5% |
| Advanced Micro Devices, Inc. | 3.2% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| \*\* | In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i57e4d0f0e20e38af574cba41.jpg)

FUNYX — AR (3/26)

#### Victory Pioneer Multi-Asset Ultrashort Income Fund
![Image](i87ec03ee425e7af8f3465837.jpg)

Class A

Ticker: MAFRX

Annual Shareholder Report — March 31, 2026

The annual shareholder report contains important information about Victory Pioneer Multi-Asset Ultrashort Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/ mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$59 | &nbsp;&nbsp;&nbsp;0.58% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* The Fund's exposures to collateralized loan obligations, industrials and agency mortgage-backed securities contributed to performance relative to the ICE BofA 3-Month US Treasury Bill Index (the "Index"). 

* The Fund's long average U.S. duration position relative to the Index of 0.1 years contributed to performance as yields moved lower in the middle part of the period. 

* The Fund benefited from out of Index allocations to non-agency mortgage-backed securities, commercial mortgage-backed securities, and the financial sector. 

Top detractors from performance:

* Yield curve positioning modestly detracted from performance relative to the Index. 

* Security selection in the asset-backed securities sector detracted from performance relative to the Index.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i57e4d0f0e20e38af574cba41.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](iaebd33f1cf6dd44bc7e445d1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Pioneer Multi-Asset Ultrashort Income Fund Class A @ NAV - $13,243** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,835** | **ICE BofA 3-Month US Treasury Bill Index - $12,502** |
| **3/16** | $10000 | $10000 | $10000 |
| **3/17** | $10233 | $10044 | $10036 |
| **3/18** | $10410 | $10165 | $10146 |
| **3/19** | $10641 | $10620 | $10362 |
| **3/20** | $10212 | $11569 | $10596 |
| **3/21** | $10867 | $11651 | $10609 |
| **3/22** | $10884 | $11168 | $10615 |
| **3/23** | $11158 | $10633 | $10881 |
| **3/24** | $12002 | $10814 | $11451 |
| **3/25** | $12703 | $11342 | $12021 |
| **3/26** | $13243 | $11835 | $12502 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of March 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 4.25% | 4.03% | 2.85% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |
| ICE BofA 3-Month US Treasury Bill Index | 4.00% | 3.34% | 2.26% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of March 31, 2026)

---

| | |
|:---|:---|
| Net Assets | $8082066 |
| Number of Holdings | 1175 |
| Investment Advisory Fees | $22643 |
| Portfolio Turnover | 54% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-fundsor call 800-539-3863.**

# Asset Allocation<sup>**Footnote Reference \***</sup>^ (% of Net Assets)

# (as of March 31, 2026)
![Group By Asset Type Chart](i78d19c6b034cbc11243893c7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 22.1% |
| Asset-Backed Securities | 17.0% |
| Collateralized Loan Obligations | 16.1% |
| Collateralized Mortgage Obligations | 14.3% |
| Yankee Dollars | 11.5% |
| Commercial Paper | 8.7% |
| Repurchase Agreements | 6.8% |
| U.S. Government Agency Mortgages | 3.1% |
| Other<sup>Footnote Reference\*\*</sup> | 2.0% |

---

---

| | |
|:---|:---|
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
| \* | Does not include derivative contracts except for options purchased, or other assets in excess of liabilities. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i57e4d0f0e20e38af574cba41.jpg)

MAFRX — AR (3/26)

#### Victory Pioneer Multi-Asset Ultrashort Income Fund
![Image](i87ec03ee425e7af8f3465837.jpg)

Class C

Ticker: MAUCX

Annual Shareholder Report — March 31, 2026

The annual shareholder report contains important information about Victory Pioneer Multi-Asset Ultrashort Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/ mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$90 | &nbsp;&nbsp;&nbsp;0.88% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* The Fund's exposures to collateralized loan obligations, industrials and agency mortgage-backed securities contributed to performance relative to the ICE BofA 3-Month US Treasury Bill Index (the "Index"). 

* The Fund's long average U.S. duration position relative to the Index of 0.1 years contributed to performance as yields moved lower in the middle part of the period. 

* The Fund benefited from out of Index allocations to non-agency mortgage-backed securities, commercial mortgage-backed securities, and the financial sector. 

Top detractors from performance:

* Yield curve positioning modestly detracted from performance relative to the Index. 

* Security selection in the asset-backed securities sector detracted from performance relative to the Index.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i57e4d0f0e20e38af574cba41.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. Class C is not subject to an initial sales charge, but is subject to Contingent Deferred Sales Charge ("CDSC") of 1.00% on shares redeemed within one year of purchase. The Net Asset Value ("NAV") figures do not reflect sales charges.

# Growth of $10,000 Investment
![Growth of 10K Chart](i7b7eb733b0c271e012949383.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Pioneer Multi-Asset Ultrashort Income Fund Class C @ NAV - $12,943** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,835** | **ICE BofA 3-Month US Treasury Bill Index - $12,502** |
| **3/16** | $10000 | $10000 | $10000 |
| **3/17** | $10200 | $10044 | $10036 |
| **3/18** | $10332 | $10165 | $10146 |
| **3/19** | $10538 | $10620 | $10362 |
| **3/20** | $10101 | $11569 | $10596 |
| **3/21** | $10717 | $11651 | $10609 |
| **3/22** | $10702 | $11168 | $10615 |
| **3/23** | $10938 | $10633 | $10881 |
| **3/24** | $11730 | $10814 | $11451 |
| **3/25** | $12416 | $11342 | $12021 |
| **3/26** | $12943 | $11835 | $12502 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of March 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class C @ NAV | 3.93% | 3.72% | 2.61% |
| Class C @ CDSC | 2.94% | 3.72% | 2.61% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |
| ICE BofA 3-Month US Treasury Bill Index | 4.00% | 3.34% | 2.26% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of March 31, 2026)

---

| | |
|:---|:---|
| Net Assets | $8082066 |
| Number of Holdings | 1175 |
| Investment Advisory Fees | $22643 |
| Portfolio Turnover | 54% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-fundsor call 800-539-3863.**

# Asset Allocation<sup>**Footnote Reference \***</sup>^ (% of Net Assets)

# (as of March 31, 2026)
![Group By Asset Type Chart](i78d19c6b034cbc11243893c7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 22.1% |
| Asset-Backed Securities | 17.0% |
| Collateralized Loan Obligations | 16.1% |
| Collateralized Mortgage Obligations | 14.3% |
| Yankee Dollars | 11.5% |
| Commercial Paper | 8.7% |
| Repurchase Agreements | 6.8% |
| U.S. Government Agency Mortgages | 3.1% |
| Other<sup>Footnote Reference\*\*</sup> | 2.0% |

---

---

| | |
|:---|:---|
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
| \* | Does not include derivative contracts except for options purchased, or other assets in excess of liabilities. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i57e4d0f0e20e38af574cba41.jpg)

MAUCX — AR (3/26)

#### Victory Pioneer Multi-Asset Ultrashort Income Fund
![Image](i87ec03ee425e7af8f3465837.jpg)

Class R6

Ticker: MAUKX

Annual Shareholder Report — March 31, 2026

The annual shareholder report contains important information about Victory Pioneer Multi-Asset Ultrashort Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/ mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$36 | &nbsp;&nbsp;&nbsp;0.35% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* The Fund's exposures to collateralized loan obligations, industrials and agency mortgage-backed securities contributed to performance relative to the ICE BofA 3-Month US Treasury Bill Index (the "Index"). 

* The Fund's long average U.S. duration position relative to the Index of 0.1 years contributed to performance as yields moved lower in the middle part of the period. 

* The Fund benefited from out of Index allocations to non-agency mortgage-backed securities, commercial mortgage-backed securities, and the financial sector. 

Top detractors from performance:

* Yield curve positioning modestly detracted from performance relative to the Index. 

* Security selection in the asset-backed securities sector detracted from performance relative to the Index.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i57e4d0f0e20e38af574cba41.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $10,000 Investment
![Growth of 10K Chart](i36ac1680a10e4e840eb6e22c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Pioneer Multi-Asset Ultrashort Income Fund Class R6 - $13,555** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,835** | **ICE BofA 3-Month US Treasury Bill Index - $12,502** |
| **3/16** | $10000 | $10000 | $10000 |
| **3/17** | $10255 | $10044 | $10036 |
| **3/18** | $10444 | $10165 | $10146 |
| **3/19** | $10710 | $10620 | $10362 |
| **3/20** | $10322 | $11569 | $10596 |
| **3/21** | $11008 | $11651 | $10609 |
| **3/22** | $11051 | $11168 | $10615 |
| **3/23** | $11355 | $10633 | $10881 |
| **3/24** | $12242 | $10814 | $11451 |
| **3/25** | $12987 | $11342 | $12021 |
| **3/26** | $13555 | $11835 | $12502 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of March 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class R6 | 4.38% | 4.25% | 3.09% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |
| ICE BofA 3-Month US Treasury Bill Index | 4.00% | 3.34% | 2.26% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of March 31, 2026)

---

| | |
|:---|:---|
| Net Assets | $8082066 |
| Number of Holdings | 1175 |
| Investment Advisory Fees | $22643 |
| Portfolio Turnover | 54% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-fundsor call 800-539-3863.**

# Asset Allocation<sup>**Footnote Reference \***</sup>^ (% of Net Assets)

# (as of March 31, 2026)
![Group By Asset Type Chart](i78d19c6b034cbc11243893c7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 22.1% |
| Asset-Backed Securities | 17.0% |
| Collateralized Loan Obligations | 16.1% |
| Collateralized Mortgage Obligations | 14.3% |
| Yankee Dollars | 11.5% |
| Commercial Paper | 8.7% |
| Repurchase Agreements | 6.8% |
| U.S. Government Agency Mortgages | 3.1% |
| Other<sup>Footnote Reference\*\*</sup> | 2.0% |

---

---

| | |
|:---|:---|
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
| \* | Does not include derivative contracts except for options purchased, or other assets in excess of liabilities. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i57e4d0f0e20e38af574cba41.jpg)

MAUKX — AR (3/26)

#### Victory Pioneer Multi-Asset Ultrashort Income Fund
![Image](i87ec03ee425e7af8f3465837.jpg)

Class Y

Ticker: MYFRX

Annual Shareholder Report — March 31, 2026

The annual shareholder report contains important information about Victory Pioneer Multi-Asset Ultrashort Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/ mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$45 | &nbsp;&nbsp;&nbsp;0.44% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* The Fund's exposures to collateralized loan obligations, industrials and agency mortgage-backed securities contributed to performance relative to the ICE BofA 3-Month US Treasury Bill Index (the "Index"). 

* The Fund's long average U.S. duration position relative to the Index of 0.1 years contributed to performance as yields moved lower in the middle part of the period. 

* The Fund benefited from out of Index allocations to non-agency mortgage-backed securities, commercial mortgage-backed securities, and the financial sector. 

Top detractors from performance:

* Yield curve positioning modestly detracted from performance relative to the Index. 

* Security selection in the asset-backed securities sector detracted from performance relative to the Index.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i57e4d0f0e20e38af574cba41.jpg)

# The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i44a340649e148e6cb3b6bb26.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Pioneer Multi-Asset Ultrashort Income Fund Class Y - $1,343,450** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $1,183,479** | **ICE BofA 3-Month US Treasury Bill Index - $1,250,159** |
| **3/16** | $1000000 | $1000000 | $1000000 |
| **3/17** | $1024544 | $1004406 | $1003570 |
| **3/18** | $1042665 | $1016489 | $1014649 |
| **3/19** | $1068461 | $1062033 | $1036166 |
| **3/20** | $1028009 | $1156913 | $1059616 |
| **3/21** | $1095410 | $1165130 | $1060857 |
| **3/22** | $1098751 | $1116752 | $1061528 |
| **3/23** | $1128148 | $1063334 | $1088113 |
| **3/24** | $1215293 | $1081390 | $1145147 |
| **3/25** | $1288250 | $1134159 | $1202095 |
| **3/26** | $1343450 | $1183479 | $1250159 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of March 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class Y | 4.28% | 4.17% | 3.00% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |
| ICE BofA 3-Month US Treasury Bill Index | 4.00% | 3.34% | 2.26% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of March 31, 2026)

---

| | |
|:---|:---|
| Net Assets | $8082066 |
| Number of Holdings | 1175 |
| Investment Advisory Fees | $22643 |
| Portfolio Turnover | 54% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-fundsor call 800-539-3863.**

# Asset Allocation<sup>**Footnote Reference \***</sup>^ (% of Net Assets)

# (as of March 31, 2026)
![Group By Asset Type Chart](i78d19c6b034cbc11243893c7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 22.1% |
| Asset-Backed Securities | 17.0% |
| Collateralized Loan Obligations | 16.1% |
| Collateralized Mortgage Obligations | 14.3% |
| Yankee Dollars | 11.5% |
| Commercial Paper | 8.7% |
| Repurchase Agreements | 6.8% |
| U.S. Government Agency Mortgages | 3.1% |
| Other<sup>Footnote Reference\*\*</sup> | 2.0% |

---

---

| | |
|:---|:---|
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
| \* | Does not include derivative contracts except for options purchased, or other assets in excess of liabilities. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i57e4d0f0e20e38af574cba41.jpg)

MYFRX — AR (3/26)

(b) Not applicable.

**Item 2. Code of Ethics.**

As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the "Code of Ethics"). During the period covered by this report, there were no amendments, nor did the Registrant grant any waivers, including any implicit waivers, from any provision of the Code of Ethics. The Code of Ethics is attached hereto as Exhibit 19(a)(1) of this Form.

**Item 3. Audit Committee Financial Expert.**

The Registrant's Board of Trustees has determined that the Registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its audit committee. *Mr. Fred J. Ricciardi* is an "audit committee financial expert" and is "independent" (as each term is defined in Item 3 of Form N-CSR).

**Item 4. Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) <u>Audit Fees.</u> Fees for audit services provided to the Registrant were $94,400 and $104,850 for the fiscal years ended March 31, 2026 and 2025, respectively.

(b) <u>Audit-Related Fees.</u> The aggregate fees billed in each of the last two fiscal years for audit-related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this item were $0 and $0 for the fiscal years ended March 31, 2026 and 2025, respectively.

(c) <u>Tax Fees.</u> Fees for tax services, which consisted of foreign tax compliance and tax consulting services, were $20,710 and $26,550 for the fiscal years ended March 31, 2026 and 2025, respectively.

(d) <u>All Other Fees.</u> Fees for other services totaled $2,700 and $0 for the fiscal years ended March 31, 2026 and 2025, respectively.

(e) (1) The Registrant's Audit Committee has adopted Pre-Approval Policies and Procedures. The Audit Committee must pre-approve all audit services and non-audit services that the principal accountant provides to the Registrant. The Audit Committee must also pre-approve any engagement of the principal accountant to provide non-audit services to the Registrant's investment adviser, or any affiliate of the adviser that provides ongoing services to the Registrant, if such non-audit services directly impact the Registrant's operations and financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp; (2) 100% of services described in items (b) were pre-approved by the Audit Committee pursuant to Rule 2 01(c)(7)(i)(c) of Regulation S-X.

(f) All of the work in connection with the audit of the Registrant during the years ended March 31, 2026 and 2025 was performed by full-time employees of the Registrant's principal accountant.

(g) The aggregate fees billed by the principal accountant for non-audit services to the Registrant, the Registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant were $23,410 and $0 for the years ended March 31, 2026 and 2025, respectively.

(h) The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal auditor's independence.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

(a) Not applicable.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) March

31,

2026

Annual:

Full

Financials

Victory

Pioneer

Fundamental

Growth

Fund

vcm.com

News,

Information

And

Education

Hours

A

Day,

Days

A

Week

The

Victory

Capital

website

gives

fund

shareholders,

prospective

shareholders,

and

investment

professionals

a

convenient

way

to

access

fund

information,

get

guidance,

and

track

fund

performance

anywhere

they

can

access

the

Internet.

The

site

includes:

Detailed

performance

records

Daily

share

prices

The

latest

fund

news

Investment

resources

to

help

you

become

a

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investor

A

section

dedicated

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investment

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Whether

you're

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searching

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philosophy,

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vcm.com

has

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seek.

Visit

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We're

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*TABLE* 

*OF* 

*CONTENTS*

*Victory* 

*Portfolios* 

*IV*

*This* 

*report* 

*is* 

*for* 

*the* 

*information* 

*of* 

*the* 

*shareholders* 

*and* 

*others* 

*who* 

*have* 

*received* 

*a* 

*copy* 

*of* 

*the* 

*currently* 

*effective* 

*prospectus* 

*of* 

*the* 

*Fund,* 

*managed* 

*by* 

*Victory* 

*Capital* 

*Management* 

*Inc.* 

*It* 

*may* 

*be* 

*used* 

*as* 

*sales* 

*literature* 

*only* 

*when* 

*preceded* 

*or* 

*accompanied* 

*by* 

*a* 

*current* 

*prospectus,* 

*which* 

*provides* 

*further* 

*details* 

*about* 

*the* 

*Fund.*

#### IRA

#### DISTRIBUTION

#### WITHHOLDING

#### DISCLOSURE
*We* 

*generally* 

*must* 

*withhold* 

*federal* 

*income* 

*tax* 

*at* 

*a* 

*rate* 

*of* 

*10%* 

*of* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*and,* 

*if* 

*you* 

*live* 

*in* 

*a* 

*state* 

*that* 

*requires* 

*state* 

*income* 

*tax* 

*withholding,* 

*at* 

*your* 

*state's* 

*tax* 

*rate.* 

*However,* 

*you* 

*may* 

*elect* 

*not* 

*to* 

*have* 

*withholding* 

*apply* 

*or* 

*to* 

*have* 

*income* 

*tax* 

*withheld* 

*at* 

*a* 

*higher* 

*rate.* 

*Any* 

*withholding* 

*election* 

*that* 

*you* 

*make* 

*will* 

*apply* 

*to* 

*any* 

*subsequent* 

*distribution* 

*unless* 

*and* 

*until* 

*you* 

*change* 

*or* 

*revoke* 

*the* 

*election.* 

*If* 

*you* 

*wish* 

*to* 

*make* 

*a* 

*withholding* 

*election,* 

*or* 

*change* 

*or* 

*revoke* 

*a* 

*prior* 

*withholding* 

*election,* 

*call* 

(800) *539-3863,* 

*and* 

*Form* 

*W-4P* 

*(OMB* 

*No.* 

*1545-0074* 

*withholding* 

*certificate* 

*for* 

*pension* 

*or* 

*annuity* 

*payments)* 

*will* 

*be* 

*electronically* 

*sent.*

*If* 

*you* 

*do* 

*not* 

*have* 

*a* 

*withholding* 

*election* 

*in* 

*place* 

*by* 

*the* 

*date* 

*of* 

*a* 

*distribution,* 

*federal* 

*income* 

*tax* 

*will* 

*be* 

*withheld* 

*from* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*at* 

*a* 

*rate* 

*of* 

*10%.* 

*If* 

*you* 

*must* 

*pay* 

*estimated* 

*taxes,* 

*you* 

*may* 

*be* 

*subject* 

*to* 

*estimated* 

*tax* 

*penalties* 

*if* 

*your* 

*estimated* 

*tax* 

*payments* 

*are* 

*not* 

*sufficient* 

*and* 

*sufficient* 

*tax* 

*is* 

*not* 

*withheld* 

*from* 

*your* 

*distribution.*

*For* 

*more* 

*specific* 

*information,* 

*please* 

*consult* 

*your* 

*tax* 

*adviser.*

• #### NOT

#### FDIC

#### INSURED
• #### NO

#### BANK

#### GUARANTEE
• #### MAY

#### LOSE

#### VALUE

#### Schedule

#### of

#### Portfolio

#### Investments

#### (Form

#### N-CSR

#### Item

#### 6)

#### 2

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statement

of

Assets

and

Liabilities

#### 4
Statement

of

Operations

#### 5
Statements

of

Changes

in

Net

Assets

#### 6
Financial

Highlights

#### 8

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 13

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### (Form

#### N-CSR

#### Item

#### 7)

#### 20

#### Supplemental

#### Information
(Unaudited)

Additional

Federal

Income

Tax

Information

#### 21
Schedule

of

Portfolio

Investments

March

31,

2026

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Fundamental

#### Growth

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(99.9%)

Communication

Services

(10.4%):

Alphabet,

Inc.

,

Class

C

...................................................

543,816

$

155,999

Netflix,

Inc.

(a) .........................................................

1,525,544

146,681

Pinterest,

Inc.

,

Class

A

(a) .................................................

7,876,571

144,456

Spotify

Technology

SA

(a) .................................................

155,556

75,431

The

Walt

Disney

Co.

....................................................

829,658

79,962

602,529

Communications

Equipment

(1.7%):

Motorola

Solutions,

Inc.

..................................................

226,536

98,310

Consumer

Discretionary

(19.0%):

Amazon.com,

Inc.

(a) ....................................................

2,023,068

421,344

Booking

Holdings,

Inc.

...................................................

29,110

122,562

O'Reilly

Automotive,

Inc.

(a) ...............................................

1,353,182

124,912

Ross

Stores,

Inc.

.......................................................

739,992

160,305

The

Home

Depot,

Inc.

...................................................

276,366

90,894

The

TJX

Cos.,

Inc.

......................................................

1,127,156

180,007

1,100,024

Electronic

Equipment,

Instruments

&

Components

(4.3%):

Amphenol

Corp.

,

Class

A

.................................................

1,967,832

248,636

Financials

(8.9%):

Intercontinental

Exchange,

Inc.

.............................................

1,092,425

171,816

Mastercard,

Inc.

,

Class

A

.................................................

237,869

118,854

Visa,

Inc.

,

Class

A

......................................................

735,583

222,323

512,993

Health

Care

(11.1%):

Eli

Lilly

&

Co.

.........................................................

277,715

255,434

Intuitive

Surgical,

Inc.

(a) .................................................

320,805

147,888

Thermo

Fisher

Scientific,

Inc.

..............................................

179,316

88,139

Vertex

Pharmaceuticals,

Inc.

(a) .............................................

336,298

150,171

641,632

Industrials

(8.5%):

Copart,

Inc.

(a) .........................................................

1,299,401

43,140

Eaton

Corp.

PLC

.......................................................

279,558

99,990

Rockwell

Automation,

Inc.

................................................

203,434

73,008

The

Boeing

Co.

(a) ......................................................

380,429

75,717

Uber

Technologies,

Inc.

(a) ................................................

2,817,613

202,671

494,526

IT

Services

(1.4%):

Shopify,

Inc.

,

Class

A

(a) ..................................................

677,637

80,381

Materials

(0.6%):

Linde

PLC

............................................................

75,523

37,441

Semiconductors

&

Semiconductor

Equipment

(13.9%):

Advanced

Micro

Devices,

Inc.

(a) ............................................

898,178

182,716

Analog

Devices,

Inc.

....................................................

221,675

70,524

ASML

Holding

NV

,

Class

NY

..............................................

185,297

244,746

Microchip

Technology,

Inc.

................................................

2,187,067

141,307

NVIDIA

Corp.

.........................................................

932,255

162,585

801,878

Software

(12.2%):

Intuit,

Inc.

............................................................

247,177

106,874

Microsoft

Corp.

........................................................

690,757

255,698

ServiceNow,

Inc.

(a) .....................................................

1,320,143

138,021

Synopsys,

Inc.

(a) .......................................................

516,219

204,670

705,263

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Fundamental

#### Growth

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Technology

Hardware,

Storage

&

Peripherals

(7.9%):

Apple,

Inc.

...........................................................

1,806,817

$

458,552

Total

Common

Stocks

(Cost

$3,134,973)

a

a

a

5,782,165

Total

Investments

(Cost

$3,134,973)

—

99.9%

5,782,165

Other

assets

in

excess

of

liabilities

— 0.1%

4,384

NET

ASSETS

-

100.00%

$

5,786,549

At

March

31,

2026,

the

Fund's

investments

in

foreign

securities

were

8.7%

of

net

assets.

(a) Non-income

producing

security.

PLC

—

Public

Limited

Company

Statement

of

Assets

and

Liabilities

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

IV

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

Victory

Pioneer

Fundamental

Growth

Fund

Assets:

Investments,

at

value

(Cost

$3,134,973)

$

5,782,165

Cash

3,932

Receivables:

Dividends

and

interest

898

Capital

shares

issued

4,358

Investments

sold

9,377

Prepaid

expenses

Total

Assets

5,800,810

Liabilities:

Payables:

Capital

shares

redeemed

9,313

Accrued

expenses

and

other

payables:

Investment

advisory

fees

3,154

Administration

fees

Custodian

fees

Transfer

agent

fees

Sub-Transfer

agent

fees

1,208

12b-1

fees

Other

accrued

expenses

Total

Liabilities

14,261

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

2,570,944

Total

accumulated

earnings

(loss)

3,215,605

Net

Assets

$

5,786,549

Net

Assets:

Class

A

$

1,223,040

Class

C

119,073

Class

R

57,975

Class

R6

825,518

Class

Y

3,560,943

Total

$

5,786,549

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

40,908

Class

C

5,232

Class

R

2,082

Class

R6

27,014

Class

Y

115,201

Total

190,437

Net

asset

value,

offering

and

redemption

price

per

share:(a)

Class

A

$

29.90 Class

C(b)

22.76 Class

R

27.84 Class

R6

30.56 Class

Y

30.91 Maximum

Sales

Charge

—

Class

A

5.75%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

31.72 (a) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

(b) Redemption

price

per

share

varies

by

length

of

time

shares

are

held.

Statement

of

Operations

For

the

Year

Ended

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

IV

(Amounts

in

Thousands)

Victory

Pioneer

Fundamental

Growth

Fund

Investment

Income:

Dividends

$

42,645

Interest

Foreign

tax

withholding

(247)

Total

Income

42,435

Expenses:

Investment

advisory

fees

42,644

Administration

fees

3,086

Sub-Administration

fees

12b-1

fees

—

Class

A

3,572

12b-1

fees

—

Class

C

12b-1

fees

—

Class

R

596

Custodian

fees

Transfer

agent

fees

—

Class

A

Transfer

agent

fees

—

Class

C

Transfer

agent

fees

—

Class

R

Transfer

agent

fees

—

Class

R6

Transfer

agent

fees

—

Class

Y

Sub-Transfer

agent

fees

—

Class

A

1,254

Sub-Transfer

agent

fees

—

Class

C

1,261

Sub-Transfer

agent

fees

—

Class

R

Sub-Transfer

agent

fees

—

Class

Y

4,409

Trustees'

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Other

expenses

Total

Expenses

58,720

Less

fees

paid

indirectly

(62)

Expenses

waived/reimbursed

by

Adviser

(1,105)

Net

Expenses

57,553

Net

Investment

Income

(Loss)

(15,118)

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

1,075,633

Net

realized

gains

(losses)

from

in-kind

redemptions

198,622

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

(551,163)

Net

realized/unrealized

gains

(losses)

on

investments

723,092

Change

in

net

assets

resulting

from

operations

$

707,974

(Amounts

in

Thousands)

Victory

Portfolios

IV

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Pioneer

Fundamental

Growth

Fund

Year

Ended

March

31,

2026

Year

Ended

March

31,

2025\*

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

(15,118)

$

(4,463)

Net

realized

gains

(losses)

1,274,255

1,151,411

Net

change

in

unrealized

appreciation/depreciation

(551,163)

(1,094,045)

Change

in

net

assets

resulting

from

operations

707,974

52,903

Distributions

to

Shareholders:

Class

A

(239,852)

(80,333)

Class

C

(31,384)

(12,812)

Class

R

(22,481)

(7,599)

Class

R6

(183,492)

(60,033)

Class

Y

(688,775)

(248,029)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(1,165,984)

(408,806)

Change

in

net

assets

resulting

from

capital

transactions

(484,351)

(399,431)

Change

in

net

assets

(942,361)

(755,334)

Net

Assets:

Beginning

of

period

6,728,910

7,484,244

End

of

period

$

5,786,549

$

6,728,910

\*

Pioneer

Fundamental

Growth

Fund

(the

"Predecessor

Fund")

reorganized

with

the

Fund

effective

May

2,

2025

(the

"Reorganization").

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

Class

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

R,

and

Class

Y

shares

of

the

Fund,

respectively.

(Amounts

in

Thousands)

Victory

Portfolios

IV

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Pioneer

Fundamental

Growth

Fund

Year

Ended

March

31,

2026

Year

Ended

March

31,

2025\*

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

138,579

$

168,485

Distributions

reinvested

212,505

71,349

Cost

of

shares

redeemed

(364,817)

(262,778)

Total

Class

A

$

(13,733)

$

(22,944)

Class

C

Proceeds

from

shares

issued

$

9,546

$

24,343

Distributions

reinvested

30,018

12,203

Cost

of

shares

redeemed

(68,536)

(88,173)

Total

Class

C

$

(28,972)

$

(51,627)

Class

R

Proceeds

from

shares

issued

$

9,659

$

17,844

Distributions

reinvested

22,263

7,533

Cost

of

shares

redeemed

(86,548)

(26,486)

Total

Class

R

$

(54,626)

$

(1,109)

Class

R6

Proceeds

from

shares

issued

$

132,668

$

186,254

Distributions

reinvested

175,404

56,741

Cost

of

shares

redeemed

(440,693)

(240,899)

Total

Class

R6

$

(132,621)

$

2,096

Class

Y

Proceeds

from

shares

issued

$

933,306

$

1,064,730

Distributions

reinvested

614,420

219,992

Cost

of

shares

redeemed

(1,802,125)

(1,610,569)

Total

Class

Y

$

(254,399)

$

(325,847)

Change

in

net

assets

resulting

from

capital

transactions

$

(484,351)

$

(399,431)

Share

Transactions:

Class

A

Issued

4,068

4,795

Reinvested

6,541

1,992

Redeemed

(10,639)

(7,456)

Total

Class

A

(30)

(669)

Class

C

Issued

850

Reinvested

1,210

Redeemed

(2,519)

(3,080)

Total

Class

C

(956)

(1,808)

Class

R

Issued

535

Reinvested

734

Redeemed

(2,836)

(793)

Total

Class

R

(1,809)

(36)

Class

R6

Issued

3,723

5,219

Reinvested

5,288

1,562

Redeemed

(12,970)

(6,747)

Total

Class

R6

(3,959)

Class

Y

Issued

25,589

29,519

Reinvested

18,303

5,991

Redeemed

(50,242)

(44,531)

Total

Class

Y

(6,350)

(9,021)

Change

in

Shares

(13,104)

(11,500)

\*

Pioneer

Fundamental

Growth

Fund

(the

"Predecessor

Fund")

reorganized

with

the

Fund

effective

May

2,

2025

(the

"Reorganization").

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

Class

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

R,

and

Class

Y

shares

of

the

Fund,

respectively.

Victory

Portfolios

IV

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Pioneer

Fundamental

Growth

Fund

Class

A\*

Year

Ended

March

31,

2026

Year

Ended

March

31,

2025

Year

Ended

March

31,

2024

Year

Ended

March

31,

2023

Year

Ended

March

31,

2022

Net

Asset

Value,

Beginning

of

Period

$32.70

$34.54

$26.24

$29.25

$31.88

Investment

Activities:

Net

investment

income

(loss)(a)

(0.14)

(0.08)

(0.05)(b)

(0.03)

(0.09)

Net

realized

and

unrealized

gains

(losses)

3.66 0.23 9.41 (1.92)

3.87 Total

from

Investment

Activities

3.52 0.15 9.36 (1.95)

3.78 Distributions

to

Shareholders

from:

Net

realized

gains

(6.32)

(1.99)

(1.06)

(1.06)

(6.41)

Total

Distributions

(6.32)

(1.99)

(1.06)

(1.06)

(6.41)

Net

Asset

Value,

End

of

Period

$29.90

$32.70

$34.54

$26.24

$29.25

Total

Return(c)

9.22%

(0.08)%

36.29%

(6.44)%

10.70%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

0.99%(e)

0.99%

1.01%

1.02%

1.00%

Net

Investment

Income

(Loss)

(0.39)%

(0.23)%

(0.16)%

(0.13)%

(0.26)%

Gross

Expenses(d)

1.01%(e)

0.99%

1.01%

1.02%

1.00%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,223,040

$1,338,690

$1,437,055

$1,006,630

$1,159,356

Portfolio

Turnover(f)

24%(g)

26%(g)

15%

12%

18%(g)

\*

Pioneer

Fundamental

Growth

Fund

(the

"Predecessor

Fund")

reorganized

with

the

Fund

effective

May

2,

2025

(the

"Reorganization").

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

Class

K,

Class

R

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

R

and

Class

Y

shares

of

the

Fund,

respectively.

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) The

amount

shown

for

a

share

outstanding

does

not

correspond

with

net

investment

income

on

the

Statement

of

Operations

for

the

period

due

to

timing

of

the

sales

and

repurchase

of

shares.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(d) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(g) Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

IV

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Pioneer

Fundamental

Growth

Fund

Class

C\*

Year

Ended

March

31,

2026

Year

Ended

March

31,

2025

Year

Ended

March

31,

2024

Year

Ended

March

31,

2023

Year

Ended

March

31,

2022

Net

Asset

Value,

Beginning

of

Period

$26.34

$28.38

$21.88

$24.76

$28.01

Investment

Activities:

Net

investment

income

(loss)(a)

(0.31)

(0.28)

(0.22)(b)

(0.18)

(0.28)

Net

realized

and

unrealized

gains

(losses)

3.05 0.23 7.78 (1.64)

3.44 Total

from

Investment

Activities

2.74 (0.05)

7.56 (1.82)

3.16 Distributions

to

Shareholders

from:

Net

realized

gains

(6.32)

(1.99)

(1.06)

(1.06)

(6.41)

Total

Distributions

(6.32)

(1.99)

(1.06)

(1.06)

(6.41)

Net

Asset

Value,

End

of

Period

$22.76

$26.34

$28.38

$21.88

$24.76

Total

Return(c)

8.43%

(0.82)%

35.28%

(7.10)%

9.91%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

1.72%(e)

1.72%

1.74%

1.74%

1.71%

Net

Investment

Income

(Loss)

(1.12)%

(0.96)%

(0.89)%

(0.86)%

(0.98)%

Gross

Expenses(d)

1.74%(e)

1.72%

1.74%

1.74%

1.71%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$119,073

$163,008

$226,890

$224,126

$356,963

Portfolio

Turnover(f)

24%(g)

26%(g)

15%

12%

18%(g)

\*

Pioneer

Fundamental

Growth

Fund

(the

"Predecessor

Fund")

reorganized

with

the

Fund

effective

May

2,

2025

(the

"Reorganization").

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

Class

K,

Class

R

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

R

and

Class

Y

shares

of

the

Fund,

respectively.

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) The

amount

shown

for

a

share

outstanding

does

not

correspond

with

net

investment

income

on

the

Statement

of

Operations

for

the

period

due

to

timing

of

the

sales

and

repurchase

of

shares.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(d) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(g) Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

IV

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Pioneer

Fundamental

Growth

Fund

Class

R\*

Year

Ended

March

31,

2026

Year

Ended

March

31,

2025

Year

Ended

March

31,

2024

Year

Ended

March

31,

2023

Year

Ended

March

31,

2022

Net

Asset

Value,

Beginning

of

Period

$30.93

$32.90

$25.13

$28.17

$31.03

Investment

Activities:

Net

investment

income

(loss)(a)

(0.26)

(0.21)

(0.15)(b)

(0.13)

(0.21)

Net

realized

and

unrealized

gains

(losses)

3.49 0.23 8.98 (1.85)

3.76 Total

from

Investment

Activities

3.23 0.02 8.83 (1.98)

3.55 Distributions

to

Shareholders

from:

Net

realized

gains

(6.32)

(1.99)

(1.06)

(1.06)

(6.41)

Total

Distributions

(6.32)

(1.99)

(1.06)

(1.06)

(6.41)

Net

Asset

Value,

End

of

Period

$27.84

$30.93

$32.90

$25.13

$28.17

Total

Return(c)

8.76%

(0.49)%

35.77%

(6.80)%

10.22%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

1.36%(e)

1.39%

1.39%

1.40%

1.40%

Net

Investment

Income

(Loss)

(0.78)%

(0.63)%

(0.53)%

(0.51)%

(0.66)%

Gross

Expenses(d)

1.38%(e)

1.39%

1.39%

1.43%

1.40%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$57,975

$120,377

$129,216

$96,175

$111,781

Portfolio

Turnover(f)

24%(g)

26%(g)

15%

12%

18%(g)

\*

Pioneer

Fundamental

Growth

Fund

(the

"Predecessor

Fund")

reorganized

with

the

Fund

effective

May

2,

2025

(the

"Reorganization").

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

Class

K,

Class

R

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

R

and

Class

Y

shares

of

the

Fund,

respectively.

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) The

amount

shown

for

a

share

outstanding

does

not

correspond

with

net

investment

income

on

the

Statement

of

Operations

for

the

period

due

to

timing

of

the

sales

and

repurchase

of

shares.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(g) Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

IV

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Pioneer

Fundamental

Growth

Fund

Class

R6\*

Year

Ended

March

31,

2026

Year

Ended

March

31,

2025

Year

Ended

March

31,

2024

Year

Ended

March

31,

2023

Year

Ended

March

31,

2022

Net

Asset

Value,

Beginning

of

Period

$33.20

$34.92

$26.46

$29.39

$31.94

Investment

Activities:

Net

investment

income

(loss)(a)

(0.02)

0.04 0.06 0.06 0.03(b)

Net

realized

and

unrealized

gains

(losses)

3.70 0.23 9.50 (1.93)

3.87 Total

from

Investment

Activities

3.68 0.27 9.56 (1.87)

3.90 Distributions

to

Shareholders

from:

Net

investment

income

—

—

(0.04)

—

(0.04)

Net

realized

gains

(6.32)

(1.99)

(1.06)

(1.06)

(6.41)

Total

Distributions

(6.32)

(1.99)

(1.10)

(1.06)

(6.45)

Net

Asset

Value,

End

of

Period

$30.56

$33.20

$34.92

$26.46

$29.39

Total

Return(c)

9.58%

0.27%

36.77%

(6.14)%

11.08%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

0.65%(e)

0.65%

0.66%

0.67%

0.66%

Net

Investment

Income

(Loss)

(0.05)%

0.11%

0.19%

0.22%

0.09%

Gross

Expenses(d)

0.67%(e)

0.65%

0.66%

0.67%

0.66%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$825,518

$1,028,274

$1,080,400

$731,131

$844,949

Portfolio

Turnover(f)

24%(g)

26%(g)

15%

12%

18%(g)

\*

Pioneer

Fundamental

Growth

Fund

(the

"Predecessor

Fund")

reorganized

with

the

Fund

effective

May

2,

2025

(the

"Reorganization").

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

Class

K,

Class

R

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

R

and

Class

Y

shares

of

the

Fund,

respectively.

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) The

amount

shown

for

a

share

outstanding

does

not

correspond

with

net

investment

income

on

the

Statement

of

Operations

for

the

period

due

to

timing

of

the

sales

and

repurchase

of

shares.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(g) Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

IV

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Pioneer

Fundamental

Growth

Fund

Class

Y\*

Year

Ended

March

31,

2026

Year

Ended

March

31,

2025

Year

Ended

March

31,

2024

Year

Ended

March

31,

2023

Year

Ended

March

31,

2022

Net

Asset

Value,

Beginning

of

Period

$33.55

$35.31

$26.76

$29.73

$32.25

Investment

Activities:

Net

investment

income

(loss)(a)

(0.05)

—(b)

0.03 0.03 (0.01)

Net

realized

and

unrealized

gains

(losses)

3.73 0.23 9.60 (1.94)

3.91 Total

from

Investment

Activities

3.68 0.23 9.63 (1.91)

3.90 Distributions

to

Shareholders

from:

Net

investment

income

—

—

(0.02)

—

(0.01)

Net

realized

gains

(6.32)

(1.99)

(1.06)

(1.06)

(6.41)

Total

Distributions

(6.32)

(1.99)

(1.08)

(1.06)

(6.42)

Net

Asset

Value,

End

of

Period

$30.91

$33.55

$35.31

$26.76

$29.73

Total

Return(c)

9.47%

0.15%

36.59%

(6.20)%

10.97%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

0.76%(e)

0.76%

0.76%

0.76%

0.76%

Net

Investment

Income

(Loss)

(0.15)%

0.01%

0.09%

0.13%

(0.03)%

Gross

Expenses(d)

0.77%(e)

0.76%

0.76%

0.76%

0.76%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$3,560,943

$4,078,562

$4,610,683

$3,410,508

$3,798,296

Portfolio

Turnover(f)

24%(g)

26%(g)

15%

12%

18%(g)

\*

Pioneer

Fundamental

Growth

Fund

(the

"Predecessor

Fund")

reorganized

with

the

Fund

effective

May

2,

2025

(the

"Reorganization").

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

Class

K,

Class

R

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

R

and

Class

Y

shares

of

the

Fund,

respectively.

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Amount

is

less

than

$0.005

per

share.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(g) Excludes

impact

of

in-kind

transactions.

Notes

to

Financial

Statements

March

31,

2026

Victory

Portfolios

IV

1. #### Organization:
Victory

Portfolios

IV

(the

"Trust")

is

organized as

a

Delaware

statutory

trust and is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of

funds, and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

no

par

value.

The

accompanying

financial

statements

are

those

of

the

following

fund

(the

"Fund"). The

Fund

is

classified

as

diversified

under

the

1940

Act.

Each

class

of

shares

of the

Fund

has

substantially

identical

rights

and

privileges

except

with

respect

to

sales

charges,

fees

paid

under

distribution

plans,

expenses

allocable

exclusively

to

each

class

of

shares,

voting

rights

on

matters

solely

affecting

a

single

class

of

shares,

and

the

exchange

privilege

of

each

class

of

shares.

Victory

Capital

Management

Inc.

("VCM"

or

the

"Adviser")

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC. Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

The

Fund,

which

commenced

operations

on

May

2,

2025,

is

the

successor

to

the

Pioneer

Fundamental

Growth

Fund

(the

"Predecessor

Fund").

The

Predecessor

Fund

transferred

all

of

the

net

assets

of

Class

A,

Class

C,

Class

K,

Class

R,

and

Class

Y

shares

in

exchange

for

the

Fund's

Class

A,

Class

C,

Class

R6,

Class

R,

and

Class

Y

shares,

respectively,

on

May

2,

2025,

pursuant

to

an

agreement

and

plan

of

reorganization

(the

"Reorganization")

which

was

approved

by

the

shareholders

of

the

Predecessor

Fund

on April

29,

2025. The

Reorganization

was

structured

so

that

the

transfer

of

assets

and

liabilities

did

not

result

in any

federal

tax

liability

to

the

Predecessor

Fund

or

its

shareholders.

Shareholders

holding

Class

A,

Class

C,

Class

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

R,

and

Class

Y

shares

of

the

Fund,

respectively,

in

the

Reorganization.

The

Predecessor

Fund

was

the

accounting

survivor

of

the

Reorganization.

Accordingly,

the

Predecessor

Fund's

performance

and

financial

history

have

become

the

performance

and

financial

history

of

the

Fund.

The

Fund's

investment

objective

is

to

seek

long-term

capital

growth.

Effective

May

2,

2025,

VCM

serves

as

the

Fund's

investment

adviser,

succeeding

Amundi

Asset

Management

US,

Inc.

("Amundi

US").

On

the

same

date,

Victory

Capital

Services,

Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

became

the

Distributor

for

the

Fund's

shares,

succeeding

Amundi

Distributor

US,

Inc.

The

Distributor

receives

no

fee

or

other

compensation

for

these

services

(See

Note

4).

On

September

30,

2025,

the

Trust's

Board

of

Trustees

(the

"Board"),

upon

the

recommendation

of

the

Adviser,

approved

a

change

in

the

Fund's

custodian,

sub-administrator,

sub-fund

accountant,

and

transfer

agent.

Effective

as

of

February

9,

2026, Citibank,

N.A.

serves

as

the

custodian

of

the

Fund,

Citi

Fund

Services

Ohio,

Inc.

serves

as

sub-administrator

and

sub-fund

accountant

of

the

Fund

and

FIS

Investor

Services

LLC

serves

as

transfer

agent

of

the

Fund.

2. #### Significant

#### Accounting

#### Policies:
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Fund

in

the

preparation

of

its

financial

statements.

The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP").

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the

Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

follows

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification

Topic 946.

Investment

Valuation:

The

Fund

records

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to sell

an asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund's

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

—

quoted

prices

(unadjusted)

in

active

markets

for

identical

securities

Level

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

or

credit

spreads,

applicable

to

those

securities,

etc.)

Level

—

significant

unobservable

inputs

(including

the

Adviser's

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodologies

used

for

valuation

techniques

are

not

necessarily

an

indication

of

the

risks

associated

with

entering

into

those

investments.

The Adviser,

appointed

as

the

valuation

designee

by the

Board, has

established

the

Pricing

Committee

(the

"Committee"),

and

subject

to

Board

oversight,

the

Committee

administers

and

oversees

the

Fund's

valuation

policies

and

procedures,

which

are

approved

by

the

Board.

Fund

(Legal

Name)

Fund

(Short

Name)

Investment

Share

Classes

Offered

Victory

Pioneer

Fundamental

Growth

Fund

Fundamental

Growth

Fund

Class

A,

Class

C,

Class

R,

Class

R6,

and

Class

Y

Notes

to

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

IV

Portfolio

securities

listed

or

traded

on

securities

exchanges,

including

Exchange-Traded

Funds

("ETFs"),

are

valued

at

the

last

sale

price

on

the

exchange

or

system

where

the

security

is

principally

traded,

if

available,

or

at

the

Nasdaq

Official

Closing

Price.

If

there

have

been

no

sales

for

that

day

on

the

exchange

or

system,

then

a

security

is

valued

at

the

closing mean

if

available,

otherwise

the

bid

quotation

on

the

exchange

or

system

where

the

security

is

principally

traded.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Investments

in

open-end

investment

companies,

other

than

ETFs, are

valued

at their

net

asset

value

("NAV").

These

valuations

are

typically

categorized

as

Level

1 in

the

fair

value

hierarchy.

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

or

Level

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

the

Fund's

net

asset

value to

be

more

reliable

than

it

otherwise

would

be.

The

principal

exchanges

and

markets

for

non-U.S.

equity

securities

have

closing

times

prior

to

the

close

of

the

New

York

Stock

Exchange.

However,

the

value

of

these

securities

may

be

influenced

by

changes

in

global

markets

occurring

after

the

closing

times

of

the

local

exchanges

and

markets

up

to

the

time

the

Fund

determines

its

net

asset

value.

Consequently,

the

Fund

uses

a

fair

value

model

developed

by

an

independent

pricing

service

to

value

non-U.S.

equity

securities.

On

a

daily

basis,

the

pricing

service

recommends

changes,

based

on

a

proprietary

model,

to

the

closing

market

prices

of

each

non-U.S.

security

held

by

the

Fund

to

reflect

the

security's

fair

value

at

the

time

the

Fund

determines

its

net

asset

value.

These

recommendations

are

applied

in

accordance

with

the

Adviser's

(the

valuation

designee's)

valuation

procedures.

These

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

A

summary

of

the

valuations

as

of

March

31,

2026, based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

on

the

Schedule

of

Portfolio

Investments

(amounts

in

thousands):

As

of March

31,

2026,

there

were

no

significant transfers

into/out

of

Level

3. Real

Estate

Investment

Trusts

("REITs"):

The

Fund

may

invest

in

REITs,

which

report

information

on

the

source

of

their

distributions

annually.

REITs

are

pooled

investment

vehicles

that

invest

primarily

in

income-producing

real

estate

or

real

estate

related

loans

or

interests

(such

as

mortgages).

Certain

distributions

received

from

REITs

will

be

reclassified

to

realized

gains

or

return

of

capital

as

estimated

by

the

Fund

based

on

calendar

year-end

information

as

it

becomes

known

or

available.

Investment

Companies:

Open-End

Funds:

The

Fund

may

invest

in

portfolios

of

open-end

investment

companies.

These

investment

companies

value

securities

in

their

portfolios

for

which

market

quotations

are

readily

available

at

their

market

values

(generally

the

last

reported

sale

price)

and

all

other

securities

and

assets

at

their

fair

value

by

the

methods

established

by

the

board

of

directors

of

the

underlying

funds.

Investment

Transactions

and

Related

Income:

Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

Interest

income

is

determined

on

the

basis

of

coupon

interest

accrued

and recorded

daily

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts. Dividend

income

is

recorded

on

the

ex-dividend

date.

Non-cash

dividends

included

in

income,

if

any,

are

recorded

at

the

fair

value

of

the

securities

received. Interest

income

is

recorded

daily

on

the

accrual

basis. Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

Withholding

taxes

on

interest,

dividends,

and

gains

as

a

result

of

certain

investments

by

the

Fund

have

been

provided

for

in

accordance

with

each

investment's

applicable

country's

tax

rules

and

rates.

Federal

Income

Taxes:

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Fund

has

a

tax

year

end

of March

31. Level

Level

Level

Total

Fundamental

Growth

Fund

Common

Stocks

...............................................

$

5,782,165

$

—

$

—

$

5,782,165

Total

.......................................................

$

5,782,165

$

—

$

—

$

5,782,165

Notes

to

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

IV

For

the

year

ended

March

31,

2026,

the

Fund

did

not

incur

any

income

tax,

interest,

or

penalties,

and

has

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to the

Fund

are

charged

to the

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Income,

expenses

(other

than

class-specific

expenses

such

as

transfer

agent

fees,

state

registration

fees,

printing

fees,

and

12b-1

fees),

and

realized

and

unrealized

gains

or

losses

on

investments

are

allocated

to

each

class

of

shares

based

on

its

relative

net

assets

on

the

date

income

is

earned

or

expenses

and

realized

and

unrealized

gains

and

losses

are

incurred.

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statement

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3. #### Purchases

#### and

#### Sales:
Purchases

and

sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

and

purchases

and

sales

associated

with

in-

kind

transactions

for

the

year

ended

March

31,

2026,

are

included

in

the

table

below

(amounts

in

thousands).

Any

realized

gains

or

losses

from

in-kind

redemptions

are

reflected

on

the

Statement

of

Operations

as

net

realized

gains

(losses)

from

in-kind

redemptions.

4. #### Affiliated

#### Fund

#### Ownership:
The

Fund

offers

shares

for

investment

by

other

funds

including

VCM

affiliated

fund-of-funds.

The

affiliated fund-of-funds

do

not

invest

in

the

underlying

funds

for

the

purpose

of

exercising

management

or

control;

however,

investments

by

affiliated fund-of-funds

within

its

principal

investment

strategies

may

represent

a

significant

portion

of

an

underlying

fund's

assets,

and

together

with

the

investments

of

the

other

affiliated

funds-of-funds,

may

represent

a

substantial

portion

or

even

all

of

an

underlying

fund's

net

assets.

The

affiliated

fund-of-funds'

annual

and

semi-

annual

reports

may

be

viewed

at

vcm.com.

As

of

March

31,

2026,

certain

affiliated

fund-of-funds

owned

total

outstanding

shares

of

the

Fund

as

follows:

5. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:
Investment

Advisory

Fees:

Investment

advisory

services

are

provided

to

the

Fund

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

Securities

and

Exchange

Commission

("SEC").

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

fees

accrued

daily

and

paid

monthly

at

an

annualized

rate

based

on

a

percentage

of

the

average

daily

net

assets

of the

Fund. The

rates

at

which

the

Adviser

is

paid

by the

Fund

are

included

in

the

table

below.

Amounts

incurred

and

paid

to

VCM

for

the

year ended

March

31,

2026,

are

reflected

on

the

Statement

of

Operations

as

Investment

advisory

fees.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Fund's

administrator

and

fund

accountant.

Under

the Administration

and

Fund

Accounting

Agreement,

VCM

is

paid

an

administration

fee

based

on

a

percentage

of

the

average

daily

net

assets

of

all

Companies

and

Funds

(as

defined

in

the

Administration

and

Fund

Excluding

U.S.

Government

Securities

and

In-Kind

Transactions

Associated

with

In-Kind

Transactions

Purchases

Sales

Purchases

Sales

Fundamental

Growth

Fund

..................................

$

1,682,993

$

3,244,029

$

—

$

323,707

Fundamental

Growth

Fund

Ownership

%

Victory

Pioneer

Solutions-Balanced

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.1%

Adviser

Fee

Tier

Rates

Up

to

$1

billion

Over

$1

billion

-

$7.5

billion

Over

$7.5

billion

Fundamental

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.65%,

plus

0.60%,

plus

0.55%

Notes

to

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

IV

Accounting

Agreement)

together

with

all

other

registered

investment

companies

for

which

VCM

acts

as

administrator,

and

allocating

to the

Fund

on

a

pro

rata

basis

calculated

based

on

the

Fund's

average

daily

net

assets.

The

tiered

rates

at

which

VCM

is

paid

by

the

Fund

are

shown

in

the

table

below:

Amounts

incurred

for

the

year

ended

March

31,

2026,

are

reflected

on

the

Statement

of

Operations

as

Administration

fees.

Effective

February

9,

2026,

Citi

Fund

Services

Ohio,

Inc.

("Citi"),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Fund

pursuant

to

a

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The

Fund

reimburses

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services,

including

costs

associated

with

the

Chief

Compliance

Officer,

and

implementing

new

reports

required

by

new

rules

adopted

by

the

SEC

under

the

1940

Act.

Prior

to

February

9,

2026,

BNY

Mellon

served

as

sub-administrator

and

sub-fund

accountant

for

the

Fund.

The

total

amounts

incurred

and

paid

for

through

the year

ended March

31,

2026

are

reflected

within

the

Sub-Administration

fees

on

the

Statement

of

Operations.

Transfer

Agency

Fees:

Effective February

9,

2026,

FIS

Investor

Services

LLC,

serves

as

the

Fund's

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the

Trust

pays

FIS

a

fee

for

its

services

and

reimburses

FIS

for

all

of

their

reasonable

out-of-pocket

expenses

incurred

in

providing

these

services.

Prior

to February

9,

2026,

BNY

Mellon

Investment

Servicing

(US)

Inc.

served

as

the

transfer

agent

to

the

Fund at

negotiated

rates

where

transfer

agent

fees

included

sub-transfer

agent

expenses

incurred

through

the

Fund's

omnibus

relationship

contracts.

In

addition,

the

Fund

would

reimburse

out-of-pocket

expenses

incurred

by

the

former

transfer

agent

related

to

shareholder

communications

activities

such

as

proxy

and

statement

mailings,

and

outgoing

phone

calls.

Total

transfer

agent

fees

incurred

for

the

year

ended

March

31,

2026,

are

reflected

on

the

Statement

of

Operations

as

Transfer

agent

fees.

Sub-Transfer

Agency

Fees:

Effective

February

9,

2026,

the

Fund

has

entered

into

Sub-Transfer

Agency

Agreements

with

financial

intermediaries

that

provide

recordkeeping,

processing,

shareholder

communications

and

other

services

to

customers

of

the

intermediaries

that

hold

positions

in

the

Fund

and

have

agreed

to

compensate

the

intermediaries

for

providing

those

services.

Intermediaries

transact

with

the

Fund

primarily

through

the

use

of

omnibus

accounts

on

behalf

of

their

customers

who

hold

positions

in

the

Fund.

These

services

would

have

been

provided

by

the

Fund's

transfer

agent

and

other

service

providers

if

the

shareholders'

accounts

were

maintained

directly

at

the

Fund's

transfer

agent.

Prior

to

February

9,

2026,

BNY

Mellon

served

as

sub-transfer

agent.

Total

sub-transfer

agent

fees

incurred

for

the year

ended

March

31,

2026,

are

reflected

on

the

Statement

of

Operations

as

Sub-Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services, Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Fund

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust.

Pursuant

to

the

Distribution

and

Services

Plan

adopted

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Distributor

may

receive

a

monthly

distribution

and

service

fee

for

Class

A,

Class

C

and

Class

R,

at

an

annual

rate

of

up

to

0.25%,

1.00%,

and

0.50%,

respectively,

of

the

average

daily

net

assets. Amounts

incurred

and

paid

to

the

Distributor

for

the year

ended

March

31,

2026, are

reflected

on

the

Statement

of

Operations

as

12b-1

fees.

In

addition,

the

Distributor

is

entitled

to

receive

commissions

in

connection

with

sales

of

Class

A

and

Class

C. For

the

year

ended

March

31,

2026,

the

Distributor

received

$42

thousand

from

commissions

earned

in

connection

with

sales

of

Class

A. Other

Fees:

Effective

February

9,

2026,

Citibank

serves

as

the

Fund's

custodian.

The

Fund

pays

Citibank

a

fee

for

providing

these

services.

Prior

to

February

9,

2026,

BNY

Mellon

served

as

the

Fund's

custodian. Total

custodian

fees

incurred

for

the

year ended

March

31,

2026, are

reflected

on

the

Statement

of

Operations

as

Custodian

fees.

Sidley

Austin

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with the Fund.

Under

the

terms

of

the

agreement,

the

Adviser

has

agreed

to

waive

fees

or

reimburse

certain

expenses

to

the

extent

that

ordinary

operating

expenses

incurred

by

certain

classes

of

the

Fund

in

any

fiscal

year

exceed

the

expense limits

for

such

classes

of the

Fund.

Such

excess

amounts

will

be

the

liability

of

the

Adviser. Acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund's

business

are

excluded

from

the

expense

limits.

As

of

March

31,

2026,

the

expense

limits

(excluding

voluntary

waivers) were

as

follows:

Annual

Charge

Up

to

$15

billion

Over

$15

billion

-

$30

billion

Over

$30

billion

-

$85

billion

Over

$85

billion

Fundamental

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.08%,

plus

0.05%,

plus

0.04%,

plus

0.03%

Notes

to

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

IV

Under

the

terms

of

the

expense

limitation

agreement,

the

Fund

has

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to two

years

(twenty-four

(24) months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense limits

in

effect

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

recoupment,

after

giving

effect

to

the

recoupment

amount.

The

Fund

has

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

March

31,

2026. As

of March

31,

2026,

the

following amounts

in

the

table

below

represent

the

fiscal

year-end

in

which

the 24-month recoupment

period

expires.

These

amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

The

Adviser

may

voluntarily

waive

or

reimburse

additional

fees

and

expenses

or

make

other

payments to

assist

the

Fund

in

maintaining

competitive

expense

ratios.

Except

as

noted

above,

voluntary

waivers

and

reimbursements

applicable

to

the

Fund are

not

available

to

be

recouped

at

a

future

time.

There

were

no

voluntary

waivers

or

reimbursements

for

the year

ended

March

31,

2026. Certain

officers

and/or

interested

trustees

of

the

Fund

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

legal

counsel,

and

Distributor.

6. #### Risks:
The

following

describes

principal

risks

that

you

may

assume

as

an

investor

in

the

Fund.

The

Fund's

prospectus

contains

unaudited

information

regarding

the

Fund's

principal

risks.

Please

refer

to

that

document

when

considering

the

Fund's

principal

risks.

The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

Market

Risk

—

The

market

prices

of

securities

or

other

assets

held

by

the

Fund

may

go

up

or

down,

sometimes

rapidly

or

unpredictably,

due

to

general

market

conditions,

such

as

real

or

perceived

adverse

economic,

political,

or

regulatory

conditions,

political

instability,

recessions,

inflation,

changes

in

interest

or

currency

rates,

lack

of

liquidity

in

the

markets,

the

spread

of

infectious

illness

or

other

public

health

issues,

weather

or

climate

events,

armed

conflict,

market

disruptions

caused

by

tariffs,

trade

disputes,

sanctions

or

other

government

actions,

or

other

factors

or

adverse

investor

sentiment.

If

the

market

prices

of

the

Fund's

securities

and

assets

fall,

the

value

of

your

investment

will

go

down.

A

change

in

financial

condition

or

other

event

affecting

a

single

issuer

or

market

may

adversely

impact

securities

markets

as

a

whole.

Growth Style Risk

— The

Fund's

investments

may

not

have

the

growth

potential

originally

expected.

Growth

stocks

may

fall

out

of

favor

with

investors

and

underperform

the

overall

equity

market.

Growth

securities

may

also

be

more

volatile

than

other

investments

because

they

often

do

not

pay

dividends.

The

values

of

growth

securities

tend

to

go

down

when

interest

rates

rise

because

the

rise

in

interest

rates

reduces

the

current

value

of

future

cash

flows.

Portfolio

Selection Risk

—

The

Adviser's

judgment

about

a

particular

security

or

issuer,

or

about

the

economy

or

a

particular

sector,

region,

market

segment

or

industry,

or

about

an

investment

strategy,

may

prove

to

be

incorrect

or

may

not

produce

the

desired

results,

or

there

may

be

imperfections,

errors

or

limitations

in

the

models,

tools

and

information

used

by

the

Adviser.

Issuer Focus

Risk

—

The

Fund

may

invest

in

fewer

than

securities,

and

as

a

result,

the

Fund's

performance

may

be

more

volatile

than

the

performance

of

funds

holding

more

securities.

Market

Segment Risk

—

To

the

extent

the

Fund

emphasizes,

from

time

to

time,

investments

in

a

market

segment,

the

Fund

will

be

subject

to

a

greater

degree

to

the

risks

particular

to

that

segment,

and

may

experience

greater

market

fluctuation

than

a

fund

without

the

same

focus.

Industries

in

the

technology

segment,

such

as

information

technology,

communications

equipment,

computer

hardware

and

software,

and

office

and

scientific

equipment,

are

generally

subject

to

risks

of

rapidly

evolving

technology,

short

product

lives,

rates

of

corporate

expenditures,

falling

prices

and

profits,

competition

from

new

market

entrants,

and

general

economic

conditions.

They

are

also

heavily

dependent

on

intellectual

property

rights

and

may

be

adversely

affected

by

the

loss

or

impairment

of,

or

inability

to

enforce,

those

rights.

7. #### Borrowing

#### and

#### Interfund

#### Lending:
Line

of

Credit:

The Trust

participates

in

a

short-term

demand

note

"Line

of

Credit"

agreement

with

Citibank.

Under

the

agreement

with

Citibank

the

Trust

may

borrow

up

to

$250

million.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the

period

from

September

1,

2025,

through

January

27,

2026,

Citibank

received

an

annual

commitment

fee

of

0.20%

for

providing

the

Line

of

Credit.

Effective

January

28,

2026,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

changed

to

0.275%.

Each

fund

In

effect

until

May

2,

2028

Class

A

Class

C

Class

R

Class

R6

Class

Y

Fundamental

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.99%

1.72%

1.39%

0.65%

0.76%

March

31,

2028

Total

Fundamental

Growth

Fund

......................................................................

$

1,105

$

1,105

Notes

to

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

IV

in

the

Trust

paid

a

pro-rata

portion

of

the

commitment

fees

plus

an

interest

on

amounts

borrowed.

Interest

is

based

on

the

one-month

Secured

Overnight

Financing

Rate

plus

1.00 percent.

Interest

charged

to

the

Fund

during

the

period,

if

applicable,

is

reflected

on

the

Statement

of

Operations

under

Line

of

credit

fees.

The

Fund

had

no

borrowings

under the

Line

of

Credit

agreement

during

the

year

ended

March

31,

2026. Interfund

Lending:

The

Trust

and

the

Adviser

rely

on

an

exemptive

order

granted

by

the

SEC

in

March

2017

(the

"Order"),

permitting

the

establishment

and

operation

of

an

Interfund

Lending

Facility

(the

"Facility").

The

Facility

allows

the

Fund

to

directly

lend

and

borrow

money

to

or

from

any

other

fund

in

the

Victory

Funds

Complex

that

is

permitted

to

participate

in

the

Facility,

relying

upon

the

Order

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Advances

under

the

Facility

are

allowed

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

each

Fund's

borrowing

restrictions.

The

interfund

loan

rate

is

determined,

as

specified

in

the

Order,

by

averaging

the

current

repurchase

agreement

rate

and

the

current

bank

loan

rate.

As

a

Borrower

(as

defined

in

the

Order),

interest

charged

to

the

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statement

of

Operations

under

Interfund

lending

fees.

As

a

Lender

(as

defined

in

the

Order),

interest

earned

by

the

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statement

of

Operations

under

Interfund

lending.

The

Fund

did

not

utilize

or

participate

in

the

Facility

during

the

year

ended

March

31,

2026. 8. #### Federal

#### Income

#### Tax

#### Information:
The

Fund

intends

to

distribute

any

net

investment

income

annually.

Distributable

net

realized

gains,

if

any,

are

declared

and

paid

at

least

annually.

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

"book/tax"

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Fund

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statement

of

Assets

and

Liabilities.

As

of

March

31,

2026,

on

the

Statement

of

Assets

and

Liabilities,

as

a

result

of

permanent

book-to-tax

differences,

reclassification

adjustments

were

as

follows

(amounts

in

thousands):

The

tax

character

of

distributions

paid

during

the

tax

years

ended,

as

noted

below,

were

as

follows

(total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because,

for

tax

purposes,

dividends

are

recognized

when

actually

paid)

(amounts

in

thousands):

As

of

March

31,

2026,

the

components

of

accumulated

earnings

(loss)

on

a

tax

basis

were

as

follows

(amounts

in

thousands):

\*

The

difference

between

the

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

is

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales.

Total

Accumulated

Earnings

(Loss)

Capital

Fundamental

Growth

Fund

....................................................................

$

(198,622)

$

198,622

Year

Ended

March

31,

2026

Distributions

Paid

From:

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions

Paid

Fundamental

Growth

Fund

...................................................

$

22,234

$

1,143,750

$

1,165,984

Year

Ended

March

31,

2025

Distributions

Paid

From:

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions

Paid

Fundamental

Growth

Fund

...................................................

$

8,175

$

400,631

$

408,806

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Earnings

(Loss)

Unrealized

Appreciation

(Depreciation)\*

Total

Accumulated

Earnings

(Loss)

Fundamental

Growth

Fund

...........................

$

20,777

$

576,145

$

596,922

$

2,618,683

$

3,215,605

Notes

to

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

IV

As

of March

31,

2026,

the

Fund

had

no

capital

loss

carryforward

for

federal

income

tax

purposes.

As

of March

31,

2026,

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation,

and

net

unrealized

appreciation

(depreciation)

for

investments were

as

follows

(amounts

in

thousands):

9. #### Segment

#### Reporting:
The

Adviser's

Management

Committee

acts

as

the

Fund's

Chief

Operating

Decision

Maker

("CODM").

The

Fund

represents

a

single

operating

segment,

as

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund's

long-term

strategic

asset

allocation

is

predetermined

in

accordance

with

the

Fund's

single

investment

objective.

The

financial

information

in

the

form

of

the

Fund's

portfolio

composition,

total

returns,

expense

ratios,

and

changes

in

net

assets,

which

are

used

by

the

CODM

to

assess

the

segment's

performance

versus

the

Fund's

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund's

single

segment,

is

consistent

with

that

presented

within

the

Fund's

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

as

"total

assets"

and

significant

segment

expenses

are

listed

on

the

accompanying

Statement

of

Operations.

Cost

of

Investments

for

Federal

Tax

Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Fundamental

Growth

Fund

.............................

$

3,163,482

$

2,887,119

$

(268,436)

$

2,618,683

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Trustees

of

Victory

Portfolios

IV

and

the

Shareholders

of

Victory

Pioneer

Fundamental

Growth

Fund:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

Victory

Pioneer

Fundamental

Growth

Fund

(the

"Fund")

(one

of

the

funds

constituting

Victory

Portfolios

IV),

including

the

schedule

of

investments,

as

of

March

31,

2026,

the

related

statement

of

operations

for

the

year

then

ended,

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended

and

financial

highlights

for

each

of

the

three

years

in

the

period

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

"financial

statements

and

financial

highlights").

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

March

31,

2026,

and

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

then

ended

and

the

financial

highlights

for

each

of

the

three

years

in

the

period

then

ended

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

financial

highlights

for

the

years

ended

March

31,

2023

and

2022

were

audited

by

other

auditors.

Those

auditors

expressed

an

unqualified

opinion

on

those

financial

statements

and

financial

highlights

in

their

report

dated

May

25,

2023. Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

its

internal

control

over

financial

reporting.

As

part

of

our

audits,

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund's

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2026,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

DELOITTE

&

TOUCHE

LLP

Boston,

Massachusetts

May

27,

2026

We

have

served

as

the

auditor

of

one

or

more

of

the

Victory

Pioneer

investment

companies

since

2024. Supplemental

Information

March

31,

2026

Victory

Portfolios

IV

(Unaudited)

Additional

Federal

Income

Tax

Information

For

the

fiscal

year

ended

March

31,

2026,

the

Fund

hereby

designates

the

maximum

amount

allowable

of

its

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

Shareholders

will

be

notified

via

IRS

Form

1099

of

the

amounts

for

use

in

preparing

their

income

tax

return.

Dividends

qualified

for

corporate

dividends

received

deductions

of

70%.

For

the

year

ended

March

31,

2026,

the

Fund

designated

short-term

capital

gain

distributions

in

the

amount

of

$22,234 thousands.

For

the

year

ended

March

31,

2026,

the Fund

designated

long-term

capital

gain

distributions

in

the

amount

of

$1,143,750 thousands.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800) 539-3863

19341-0526

March

31,

2026

Annual:

Full

Financials

Victory

Pioneer

Multi-Asset

Ultrashort

Income

Fund

vcm.com

News,

Information

And

Education

Hours

A

Day,

Days

A

Week

The

Victory

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fund

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shareholders,

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a

convenient

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access

fund

information,

get

guidance,

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fund

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anywhere

they

can

access

the

Internet.

The

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includes:

Detailed

performance

records

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prices

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*TABLE* 

*OF* 

*CONTENTS*

*Victory* 

*Portfolios* 

*IV*

*This* 

*report* 

*is* 

*for* 

*the* 

*information* 

*of* 

*the* 

*shareholders* 

*and* 

*others* 

*who* 

*have* 

*received* 

*a* 

*copy* 

*of* 

*the* 

*currently* 

*effective* 

*prospectus* 

*of* 

*the* 

*Fund,* 

*managed* 

*by* 

*Victory* 

*Capital* 

*Management* 

*Inc.* 

*It* 

*may* 

*be* 

*used* 

*as* 

*sales* 

*literature* 

*only* 

*when* 

*preceded* 

*or* 

*accompanied* 

*by* 

*a* 

*current* 

*prospectus,* 

*which* 

*provides* 

*further* 

*details* 

*about* 

*the* 

*Fund.*

#### IRA

#### DISTRIBUTION

#### WITHHOLDING

#### DISCLOSURE
*We* 

*generally* 

*must* 

*withhold* 

*federal* 

*income* 

*tax* 

*at* 

*a* 

*rate* 

*of* 

*10%* 

*of* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*and,* 

*if* 

*you* 

*live* 

*in* 

*a* 

*state* 

*that* 

*requires* 

*state* 

*income* 

*tax* 

*withholding,* 

*at* 

*your* 

*state's* 

*tax* 

*rate.* 

*However,* 

*you* 

*may* 

*elect* 

*not* 

*to* 

*have* 

*withholding* 

*apply* 

*or* 

*to* 

*have* 

*income* 

*tax* 

*withheld* 

*at* 

*a* 

*higher* 

*rate.* 

*Any* 

*withholding* 

*election* 

*that* 

*you* 

*make* 

*will* 

*apply* 

*to* 

*any* 

*subsequent* 

*distribution* 

*unless* 

*and* 

*until* 

*you* 

*change* 

*or* 

*revoke* 

*the* 

*election.* 

*If* 

*you* 

*wish* 

*to* 

*make* 

*a* 

*withholding* 

*election,* 

*or* 

*change* 

*or* 

*revoke* 

*a* 

*prior* 

*withholding* 

*election,* 

*call* 

(800) *539-3863,* 

*and* 

*Form* 

*W-4P* 

*(OMB* 

*No.* 

*1545-0074* 

*withholding* 

*certificate* 

*for* 

*pension* 

*or* 

*annuity* 

*payments)* 

*will* 

*be* 

*electronically* 

*sent.*

*If* 

*you* 

*do* 

*not* 

*have* 

*a* 

*withholding* 

*election* 

*in* 

*place* 

*by* 

*the* 

*date* 

*of* 

*a* 

*distribution,* 

*federal* 

*income* 

*tax* 

*will* 

*be* 

*withheld* 

*from* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*at* 

*a* 

*rate* 

*of* 

*10%.* 

*If* 

*you* 

*must* 

*pay* 

*estimated* 

*taxes,* 

*you* 

*may* 

*be* 

*subject* 

*to* 

*estimated* 

*tax* 

*penalties* 

*if* 

*your* 

*estimated* 

*tax* 

*payments* 

*are* 

*not* 

*sufficient* 

*and* 

*sufficient* 

*tax* 

*is* 

*not* 

*withheld* 

*from* 

*your* 

*distribution.*

*For* 

*more* 

*specific* 

*information,* 

*please* 

*consult* 

*your* 

*tax* 

*adviser.*

• #### NOT

#### FDIC

#### INSURED
• #### NO

#### BANK

#### GUARANTEE
• #### MAY

#### LOSE

#### VALUE

#### Schedule

#### of

#### Portfolio

#### Investments

#### (Form

#### N-CSR

#### Item

#### 6)

#### 2

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statement

of

Assets

and

Liabilities

#### 35
Statement

of

Operations

#### 36
Statements

of

Changes

in

Net

Assets

#### 37
Financial

Highlights

#### 39

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 43

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### (Form

#### N-CSR

#### Item

#### 7)

#### 53

#### Supplemental

#### Information
(Unaudited)

Additional

Federal

Income

Tax

Information

#### 54
Schedule

of

Portfolio

Investments

March

31,

2026

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Asset-Backed

Securities

(17.0%)

ABS

Auto

(3.6%):

ACM

Auto

Trust

.......................................................

Series

2024-2A,

Class

A,

6.06%,

2/20/29,

Callable

8/20/26

@

100(a)

..............

$

$

Series

2025-1A,

Class

A,

5.38%,

6/20/29,

Callable

10/20/26

@

100(a)

.............

2,671

2,671

Alloya

Auto

Receivables

Trust,

Series

2025-1A,

Class

A2,

4.78%,

10/25/27(a)

...........

3,075

3,078

Ally

Bank

Auto

Credit-Linked

Notes,

Series

2025-B,

Class

E,

6.16%,

9/15/33,

Callable

10/15/28

@

100(a)

..................................................

3,113

3,122

American

Credit

Acceptance

Receivables

Trust

.................................

Series

2023-3,

Class

D,

6.82%,

10/12/29,

Callable

4/12/27

@

100(a)

..............

13,080

13,332

Series

2023-4,

Class

C,

6.99%,

9/12/30,

Callable

6/12/27

@

100(a)

...............

2,113

2,125

Series

2026-1,

Class

A,

4.16%,

7/12/29,

Callable

6/12/29

@

100(a)

...............

12,799

12,790

American

Heritage

Auto

Receivables

Trust,

Series

2024-1A,

Class

A2,

4.83%,

3/15/28(a)

...

637

638

Arivo

Acceptance

Auto

Loan

Receivables

Trust

.................................

Series

2024-1A,

Class

A,

6.46%,

4/17/28(a)

................................

1,407

1,412

Series

2025-1A,

Class

A2,

4.92%,

5/15/29(a)

...............................

5,402

5,418

AutoNation

Finance

Trust,

Series

2026-1A,

Class

A1,

3.93%,

2/11/27(a)

...............

12,053

12,052

Avid

Automobile

Receivables

Trust,

Series

2021-1,

Class

F,

5.16%,

10/16/28,

Callable

4/15/26

@

100(a)

.........................................................

1,600

1,485

Avis

Budget

Rental

Car

Funding

AESOP

LLC

..................................

Series

2021-2A,

Class

D,

4.08%,

2/20/28,

Callable

2/20/27

@

100(a)

..............

3,285

3,248

Series

2023-2A,

Class

D,

7.26%,

10/20/27(a)

...............................

5,750

5,771

Series

2023-3A,

Class

D,

7.32%,

2/20/28(a)

................................

2,720

2,741

Series

2023-4A,

Class

D,

7.31%,

6/20/29(a)

................................

6,240

6,329

Bayview

Opportunity

Master

Fund

Trust,

Series

2024-CAR1F,

Class

A,

6.97%,

7/29/32,

Callable

8/28/26

@

100(a)

............................................

1,763

1,765

Bayview

Opportunity

Master

Fund

VII

LLC

....................................

Series

2024-CAR1,

Class

A,

4.76%

(SOFR30A+110bps),

12/26/31,

Callable

6/25/27

@

100(a)(b)

.........................................................

2,801

2,809

Series

2024-CAR1,

Class

C,

5.16%

(SOFR30A+150bps),

12/26/31,

Callable

6/25/27

@

100(a)(b)

.........................................................

659

661

BOF

URSA

VI

Funding

Trust

I

.............................................

Series

2023-CAR1,

Class

A2,

5.54%,

10/27/31,

Callable

3/25/27

@

100(a)

..........

701

706

Series

2023-CAR2,

Class

A2,

5.54%,

10/27/31,

Callable

4/25/27

@

100(a)

..........

BOF

VII

Al

Funding

Trust

I,

Series

2023-CAR3,

Class

A2,

6.29%,

7/26/32,

Callable

9/25/27

@

100(a)

.........................................................

2,904

2,947

Carvana

Auto

Receivables

Trust,

Series

2022-N1,

Class

D,

4.13%,

12/11/28,

Callable

1/10/28

@

100(a)

.........................................................

861

854

Chesapeake

Funding

II

LLC

...............................................

Series

2023-1A,

Class

A2,

4.92%

(SOFR30A+125bps),

5/15/35,

Callable

5/15/26

@

100(a)(b)

.........................................................

802

803

Series

2023-2A,

Class

A1,

6.16%,

10/15/35,

Callable

10/15/26

@

100(a)

...........

1,238

1,246

Series

2023-2A,

Class

A2,

4.77%

(SOFR30A+110bps),

10/15/35,

Callable

10/15/26

@

100(a)(b)

.........................................................

1,871

1,873

Series

2024-1A,

Class

A2,

4.44%

(SOFR30A+77bps),

5/15/36,

Callable

8/15/27

@

100(a)(b)

.........................................................

1,235

1,236

Drive

Auto

Receivables

Trust,

Series

2025-1,

Class

A2,

4.87%,

8/15/28

................

2,790

2,792

Exeter

Automobile

Receivables

Trust

.........................................

Series

2022-1A,

Class

E,

5.02%,

10/15/29,

Callable

7/15/27

@

100(a)

.............

21,440

21,205

Series

2022-6A,

Class

D,

8.03%,

4/6/29,

Callable

12/15/27

@

................

1,382

1,410

Series

2025-3A,

Class

A2,

4.83%,

1/18/28

.................................

2,993

2,995

FCCU

Auto

Receivables

Trust,

Series

2025-1A,

Class

A3,

4.85%,

6/17/30,

Callable

4/15/29

@

100(a)

...........................................................

10,000

10,067

FHF

Issuer

Trust

.......................................................

Series

2023-2A,

Class

A2,

6.79%,

10/15/29,

Callable

11/15/27

@

100(a)

...........

1,264

1,275

Series

2024-3A,

Class

B,

5.04%,

2/17/31,

Callable

2/15/28

@

100(a)

..............

2,250

2,192

FHF

Trust,

Series

2023-1A,

Class

A2,

6.57%,

6/15/28,

Callable

10/15/26

@

100(a)

........

595

597

Flagship

Credit

Auto

Trust,

Series

2024-1,

Class

A2,

5.64%,

3/15/28(a)

................

GLS

Auto

Receivables

Issuer

Trust

..........................................

Series

2022-3A,

Class

D,

6.42%,

6/15/28,

Callable

10/15/27

@

100(a)

.............

3,134

3,160

Series

2023-1A,

Class

E,

11.42%,

3/15/30,

Callable

3/15/28

@

100(a)

.............

5,540

5,951

Series

2023-2A,

Class

A2,

6.37%,

6/15/28(a)

...............................

Series

2023-4A,

Class

C,

6.65%,

8/15/29,

Callable

6/15/28

@

100(a)

..............

3,190

3,219

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2024-1A,

Class

D,

6.43%,

1/15/31,

Callable

9/15/28

@

100(a)

..............

$

1,935

$

1,991

Series

2025-1A,

Class

A2,

4.68%,

12/15/27(a)

..............................

1,560

1,561

GLS

Auto

Select

Receivables

Trust,

Series

2025-1A,

Class

A2,

4.71%,

4/15/30,

Callable

4/15/29

@

100(a)

...................................................

5,683

5,705

Huntington

Bank

Auto

Credit-Linked

Notes

....................................

Series

2024-2,

Class

C,

6.27%

(SOFR30A+260bps),

10/20/32,

Callable

6/20/28

@

100(a)

(b) .............................................................

3,122

3,131

Series

2025-1,

Class

B,

4.96%,

3/21/33,

Callable

1/20/29

@

100(a)

...............

7,158

7,183

LAD

Auto

Receivables

Trust,

Series

2025-1A,

Class

A2,

4.60%,

12/15/27(a)

............

854

854

Lendbuzz

Securitization

Trust

..............................................

Series

2023-3A,

Class

A2,

7.50%,

12/15/28,

Callable

4/15/28

@

100(a)

............

3,300

3,354

Series

2024-1A,

Class

A2,

6.19%,

8/15/29,

Callable

5/15/28

@

100(a)

.............

3,160

3,174

Series

2024-2A,

Class

A2,

5.99%,

5/15/29,

Callable

7/15/28

@

100(a)

.............

3,600

3,621

Series

2025-1A,

Class

A2,

5.10%,

10/15/30,

Callable

7/15/28

@

100(a)

............

6,616

6,631

Lobel

Automobile

Receivables

Trust,

Series

2025-1,

Class

A,

5.06%,

11/15/27,

Callable

9/15/27

@

100(a)

...................................................

1,986

1,988

Merchants

Fleet

Funding

LLC

..............................................

Series

2023-1A,

Class

A,

7.21%,

5/20/36,

Callable

6/20/26

@

100(a)

..............

2,709

2,715

Series

2025-1A,

Class

A,

4.49%,

1/20/39,

Callable

6/20/29

@

100(a)

..............

4,200

4,206

NextGear

Floorplan

Master

Owner

Trust,

Series

2024-2A,

Class

A1,

4.55%

(SOFR30A+88bps),

9/15/29(a)(b)

.......................................

9,280

9,332

Oscar

US

Funding

XVII

LLC,

Series

2024-2A,

Class

A2,

4.63%,

12/10/27(a)

............

Prestige

Auto

Receivables

Trust,

Series

2021-1A,

Class

E,

3.47%,

3/15/29,

Callable

8/15/26

@

100(a)

...........................................................

3,240

3,203

SAFCO

Auto

Receivables

Trust

............................................

Series

2024-1A,

Class

B,

6.31%,

11/20/28,

Callable

3/18/27

@

100(a)

.............

Series

2025-1A,

Class

A,

5.46%,

9/10/29,

Callable

3/10/28

@

100(a)

..............

3,879

3,874

Series

2025-1A,

Class

B,

5.63%,

10/10/30,

Callable

3/10/28

@

100(a)

.............

2,000

1,984

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2024-B,

Class

E,

6.80%,

1/18/33,

Callable

3/15/29

@

100(a)

...................................................

4,174

4,213

Santander

Consumer

Auto

Receivables

Trust,

Series

2021-CA,

Class

C,

2.97%,

6/15/28,

Callable

4/15/26

@

100(a)

............................................

Santander

Drive

Auto

Receivables

Trust,

Series

2023-2,

Class

B,

5.24%,

5/15/28,

Callable

8/15/27

@

.....................................................

SCCU

Auto

Receivables

Trust,

Series

2025-1A,

Class

A2,

4.67%,

11/15/28(a)

...........

8,312

8,326

Securitized

Term

Auto

Receivables

Trust,

Series

2025-A,

Class

B,

5.04%,

7/25/31,

Callable

5/25/28

@

100(a)

...................................................

1,639

1,650

Tidewater

Auto

Receivables

Trust,

Series

2020-AA,

Class

E,

3.35%,

7/17/28,

Callable

4/15/26

@

100(a)

.........................................................

919

918

Tricolor

Auto

Securitization

Trust

...........................................

Series

2022-1A,

Class

E,

7.79%,

8/16/27,

Callable

4/15/26

@

100(a)(c)

............

987

936

Series

2023-1A,

Class

D,

8.56%,

7/15/27,

Callable

5/15/26

@

100(a)(c)

............

1,552

1,448

Series

2024-1A,

Class

A,

6.61%,

10/15/27,

Callable

11/15/26

@

100(a)(c)

..........

1,449

1,433

Series

2024-1A,

Class

B,

6.53%,

12/15/27,

Callable

11/15/26

@

100(a)(c)

..........

3,750

3,039

Series

2024-2A,

Class

A,

6.36%,

12/15/27(a)(c)

.............................

2,219

2,049

Series

2024-3A,

Class

A,

5.22%,

6/15/28,

Callable

10/15/27

@

100(a)(c)

...........

4,745

4,058

Series

2025-1A,

Class

A,

4.94%,

2/15/29,

Callable

5/15/28

@

100(a)(c)

............

21,577

13,235

Series

2025-1A,

Class

C,

5.72%,

10/15/29,

Callable

5/15/28

@

100(a)(c)

...........

5,320

1,132

Series

2025-2A,

Class

A,

5.12%,

1/16/29(a)(c)

..............................

18,218

11,193

U.S.

Bank

NA,

Series

2023-1,

Class

B,

6.79%,

8/25/32,

Callable

11/25/26

@

100(a)

.......

United

Auto

Credit

Securitization

Trust,

Series

2024-1,

Class

D,

8.30%,

11/12/29,

Callable

7/10/27

@

100(a)

...................................................

3,150

3,193

USAA

Auto

Owner

Trust,

Series

2023-A,

Class

A3,

5.58%,

5/15/28,

Callable

12/15/26

@

100(a)

...........................................................

Veridian

Auto

Receivables

Trust,

Series

2023-1A,

Class

A3,

5.56%,

3/15/28,

Callable

10/15/27

@

100(a)

.........................................................

841

842

Veros

Auto

Receivables

Trust

..............................................

Series

2023-1,

Class

C,

8.32%,

11/15/28,

Callable

10/15/26

@

100(a)

.............

3,000

3,044

Series

2024-1,

Class

A,

6.28%,

11/15/27,

Callable

8/15/27

@

100(a)

..............

Series

2025-1,

Class

A,

5.31%,

9/15/28,

Callable

2/15/28

@

100(a)

...............

4,521

4,536

Series

2026-1,

Class

B,

4.84%,

5/15/29(a)

.................................

1,580

1,579

Westlake

Automobile

Receivables

Trust

.......................................

Series

2024-3A,

Class

A2A,

4.82%,

9/15/27(a)

..............................

720

721

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2025-P1,

Class

A2,

4.65%,

2/15/28(a)

...............................

$

4,360

$

4,366

Wheels

Fleet

Lease

Funding

LLC

..........................................

Series

2024-1A,

Class

A2,

4.51%

(TSFR1M+83bps),

2/18/39(a)(b)

...............

2,365

2,369

Series

2025-3A,

Class

A1,

4.08%,

9/18/40(a)

...............................

7,000

6,962

294,239

ABS

Card

(0.5%):

Continental

Finance

Credit

Card

ABS

Master

Trust

...............................

Series

2022-A,

Class

A,

6.19%,

10/15/30(a)

................................

Series

2024-A,

Class

A,

5.78%,

12/15/32(a)

................................

3,543

3,556

Mercury

Financial

Credit

Card

Master

Trust

....................................

Series

2024-2A,

Class

A,

6.56%,

7/20/29,

Callable

4/20/26

@

100(a)

..............

10,660

10,677

Series

2024-2A,

Class

C,

10.42%,

7/20/29,

Callable

4/20/26

@

100(a)

.............

9,680

9,714

Mission

Lane

Credit

Card

Master

Trust

.......................................

Series

2024-B,

Class

A,

5.88%,

1/15/30(a)

.................................

5,300

5,309

Series

2025-A,

Class

A,

5.80%,

5/15/30,

Callable

2/15/27

@

100(a)

...............

8,580

8,628

Newday

Funding

Master

Flt,

Series

2023-1,

Class

A2,

6.08%,

11/17/31(d)

..............

5,700

5,727

44,052

ABS

Home

(1.3%):

Delta

Funding

Home

Equity

Loan

Trust,

Series

1997-2,

Class

A6,

7.04%,

6/25/27,

Callable

4/25/26

@

.....................................................

—(e)

—(e)

GS

Mortgage-Backed

Securities

Trust,

Series

2025-CES1,

Class

A1A,

5.57%,

5/25/55,

Callable

3/25/28

@

100(a)(d)

..........................................

4,426

4,437

NovaStar

Mortgage

Funding

Trust,

Series

2003-1,

Class

A2,

4.57%

(TSFR1M+89bps),

5/25/33,

Callable

4/25/26

@

100(b)

......................................

RCKT

Mortgage

Trust,

Series

2024-CES7,

Class

A1A,

5.16%,

10/25/44,

Callable

9/25/27

@

100(a)(d)

.........................................................

SAIF

Securitization

Trust,

Series

2026-CESI,

Class

A1A,

5.40%,

2/25/56,

Callable

3/25/29

@

100(a)(d)

.........................................................

19,450

19,429

Saluda

Grade

Alternative

Mortgage

Trust,

Series

2024-CES1,

Class

A1,

6.31%,

3/25/54,

Callable

11/25/29

@

100(a)(d)

.........................................

4,022

4,065

Towd

Point

Mortgage

Trust

................................................

Series

2024-CES1,

Class

A1A,

5.85%,

1/25/64,

Callable

1/25/27

@

100(a)(d)

.......

11,642

11,661

Series

2024-CES2,

Class

A1A,

6.13%,

2/25/64,

Callable

2/25/27

@

100(a)(d)

.......

5,292

5,314

Series

2024-CES4,

Class

A1,

5.12%,

9/25/64,

Callable

9/25/27

@

100(a)(d)

.........

9,486

9,462

Vista

Point

Securitization

Trust

.............................................

Series

2024-CES1,

Class

A1,

6.68%,

5/25/54,

Callable

5/25/27

@

100(a)(d)

.........

2,240

2,264

Series

2025-CES3,

Class

A1,

5.30%,

11/25/55,

Callable

10/25/28

@

100(a)(d)

.......

21,301

21,226

Series

2026-CES1,

Class

A1,

5.04%,

2/25/56,

Callable

2/25/29

@

100(a)(d)

.........

30,468

30,175

108,349

ABS

Other

(11.5%):

Henderson

Receivables

I

LLC

...........................................

Series

2005-1A,

Class

A1,

4.02%

(TSFR1M+34bps),

11/15/40,

Callable

4/15/26

@

100(a)(b)

.........................................................

Series

2006-2A,

Class

A1,

3.99%

(TSFR1M+31bps),

6/15/41,

Callable

4/15/30

@

100(a)

(b) .............................................................

Series

2006-3A,

Class

A1,

3.99%

(TSFR1M+31bps),

9/15/41,

Callable

1/15/31

@

100(a)

(b) .............................................................

Accelerated

Assets

LLC,

Series

2024-HE2,

Class

A,

5.35%,

10/25/39,

Callable

2/25/30

@

100(a)

...........................................................

3,717

3,723

ACHM

Mortgage

Trust,

Series

2024-HE1,

Class

A,

6.55%,

5/25/39,

Callable

4/25/30

@

100(a)

4,871

4,973

ACHV

ABS

Trust,

Series

2024-2PL,

Class

A,

5.07%,

10/27/31,

Callable

4/25/27

@

100(a)

..

1,857

1,864

Affirm

Asset

Securitization

Trust

............................................

Series

2025-X1,

Class

A,

5.08%,

4/15/30,

Callable

10/15/26

@

100(a)

.............

2,723

2,724

Series

2025-X2,

Class

A,

4.45%,

10/15/30,

Callable

5/15/27

@

100(a)

.............

24,156

24,174

Alterna

Funding

III

LLC,

Series

2024-1A,

Class

A,

6.26%,

5/16/39(a)

.................

11,673

11,683

Amur

Equipment

Finance

Receivables

XIV

LLC,

Series

2024-2A,

Class

A2,

5.19%,

7/21/31,

Callable

8/20/28

@

100(a)

............................................

4,699

4,743

Angel

Oak

Mortgage

Trust

................................................

Series

2025-HB1,

Class

A1,

5.46%

(SOFR30A+180bps),

2/25/55,

Callable

4/25/28

@

100(a)(b)

.........................................................

6,379

6,403

Series

2025-HB2,

Class

A1,

5.26%

(SOFR30A+160bps),

12/25/55,

Callable

11/25/28

@

100(a)(b)

.........................................................

15,500

15,532

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Aqua

Finance

Trust

.....................................................

Series

2019-A,

Class

A,

3.14%,

7/16/40,

Callable

5/15/26

@

100(a)

...............

$

955

$

930

Series

2020-AA,

Class

A,

1.90%,

7/17/46,

Callable

6/17/26

@

100(a)

.............

1,072

1,012

Series

2021-A,

Class

A,

1.54%,

7/17/46,

Callable

5/17/28

@

100(a)

...............

1,638

1,503

Ascent

Career

Funding

Trust,

Series

2024-1A,

Class

A,

6.77%,

10/25/32(a)

.............

3,995

4,017

Auxilior

Term

Funding

LLC,

Series

2023-1A,

Class

A2,

6.18%,

12/15/28,

Callable

1/15/28

@

100(a)

...........................................................

Avtech

Equipment

Receivables

Funding

LLC,

Series

2026-1A,

Class

A,

4.55%,

2/15/33,

Callable

1/15/29

@

100(a)

............................................

4,348

4,341

Bayview

Opportunity

Master

Fund

VII

LLC,

Series

2024-EDU1,

Class

A,

5.11%

(SOFR30A+145bps),

6/25/47(a)(b)

......................................

2,892

2,908

BHG

Securitization

Trust

.................................................

Series

2023-B,

Class

A,

6.92%,

12/17/36,

Callable

12/17/29

@

100(a)

.............

1,488

1,546

Series

2024-1CON,

Class

A,

5.81%,

4/17/35,

Callable

5/17/29

@

100(a)

...........

2,448

2,489

Blackbird

Capital

II

Aircraft

Lease

Ltd.,

Series

2021-1A,

Class

A,

2.44%,

7/15/46,

Callable

7/15/28

@

100(a)

...................................................

2,457

2,329

Blue

Bridge

Funding

LLC,

Series

2023-1A,

Class

A,

7.37%,

11/15/30,

Callable

2/15/27

@

100(a)

...........................................................

1,958

1,970

BRAVO

Residential

Funding

Trust,

Series

2025-HE1,

Class

A1,

5.01%

(SOFR30A+135bps),

9/25/72,

Callable

9/25/28

@

100(a)(b)

....................................

16,850

16,857

BXG

Receivables

Note

Trust,

Series

2020-A,

Class

B,

2.49%,

2/28/36,

Callable

4/28/27

@

100(a)

...........................................................

Centerstone

SBA

Trust,

Series

2023-1,

Class

A,

7.60%

(PRIME+85bps),

12/27/50,

Callable

5/25/27

@

100(a)(b)

.................................................

3,334

3,329

CFMT

LLC,

Series

2024-HB13,

Class

A,

3.00%,

5/25/34,

Callable

12/25/26

@

100(a)(d)

...

3,307

3,273

College

Ave

Student

Loans

LLC,

Series

2019-A,

Class

A1,

5.19%

(TSFR1M+151bps),

12/28/48,

Callable

2/25/32

@

100(a)(b)

...................................

2,821

2,829

Commercial

Equipment

Finance

LLC,

Series

2024-1A,

Class

A,

5.97%,

7/16/29,

Callable

6/15/27

@

100(a)

...................................................

1,342

1,350

Commonbond

Student

Loan

Trust

...........................................

Series

2016-B,

Class

A1,

2.73%,

10/25/40,

Callable

4/25/26

@

100(a)

.............

Series

2016-B,

Class

A2,

5.24%

(TSFR1M+156bps),

10/25/40,

Callable

4/25/26

@

100(a)(b)

.........................................................

Series

2017-AGS,

Class

A2,

4.64%

(TSFR1M+96bps),

5/25/41,

Callable

4/25/26

@

100(a)(b)

.........................................................

Series

2017-BGS,

Class

A2,

4.44%

(TSFR1M+76bps),

9/25/42,

Callable

4/25/26

@

100(a)(b)

.........................................................

Series

2017-BGS,

Class

C,

4.44%,

9/25/42,

Callable

4/25/26

@

100(a)

............

Series

2018-AGS,

Class

A2,

4.29%

(TSFR1M+61bps),

2/25/44,

Callable

6/25/26

@

100(a)(b)

.........................................................

Series

2018-BGS,

Class

A2,

4.36%

(TSFR1M+68bps),

9/25/45,

Callable

4/25/26

@

100(a)(b)

.........................................................

525

519

Series

2018-CGS,

Class

A2,

4.59%

(TSFR1M+91bps),

2/25/46(a)(b)

..............

Series

2019-AGS,

Class

A2,

4.69%

(TSFR1M+101bps),

1/25/47,

Callable

3/25/28

@

100(a)(b)

.........................................................

CP

EF

Asset

Securitization

II

LLC,

Series

2023-1A,

Class

A,

7.48%,

3/15/32,

Callable

7/15/27

@

100(a)

.........................................................

929

934

Crossroads

Asset

Trust,

Series

2024-A,

Class

A2,

5.90%,

8/20/30,

Callable

1/20/28

@

100(a)

8,540

8,610

DailyPay

Securitization

Trust,

Series

2025-1A,

Class

A,

5.63%,

6/26/28,

Callable

3/25/27

@

100(a)

...........................................................

4,740

4,752

Dext

ABS

LLC

........................................................

Series

2023-1,

Class

A2,

5.99%,

3/15/32,

Callable

4/15/27

@

100(a)

..............

Series

2023-2,

Class

A2,

6.56%,

5/15/34,

Callable

2/15/28

@

100(a)

..............

771

773

Equify

ABS

LLC,

Series

2024-1A,

Class

A,

5.43%,

4/18/33,

Callable

3/15/28

@

100(a)

....

2,993

3,001

FIGRE

Trust

..........................................................

Series

2024-HE2,

Class

A,

6.38%,

5/25/54,

Callable

1/25/29

@

100(a)(d)

...........

5,701

5,815

Series

2024-HE3,

Class

A,

5.94%,

7/25/54,

Callable

7/25/29

@

100(a)(d)

...........

3,457

3,504

Series

2025-HE3,

Class

A,

5.56%,

5/25/55,

Callable

9/25/29

@

100(a)(d)

...........

3,340

3,351

Series

2025-HE4,

Class

A,

5.41%,

7/25/55,

Callable

7/25/30

@

100(a)(d)

...........

3,146

3,149

Series

2025-HE6,

Class

A,

5.04%,

9/25/55,

Callable

3/25/31

@

100(a)(d)

...........

11,540

11,431

Series

2025-PF2,

Class

A,

5.02%,

10/25/55(a)(d)

............................

4,218

4,176

Series

2026-HF3,

Class

A1A,

5.07%

(SOFR30A+140bps),

3/25/56,

Callable

12/25/31

@

100(a)(b)

.........................................................

6,610

6,610

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Ford

Credit

Floorplan

Master

Owner

Trust

A,

Series

2023-1,

Class

B,

5.31%,

5/15/28(a)

....

$

1,000

$

1,001

Foundation

Finance

Trust

.................................................

Series

2021-1A,

Class

A,

1.27%,

5/15/41,

Callable

4/15/28

@

100(a)

..............

2,002

1,910

Series

2021-2A,

Class

A,

2.19%,

1/15/42,

Callable

6/15/29

@

100(a)

..............

1,122

1,069

Gracie

Point

International

Funding

LLC,

Series

2025-1A,

Class

A,

5.17%

(SOFR30A+150bps),

8/15/28,

Callable

8/15/27

@

100(a)(b)

....................................

12,500

12,514

GreenSky

Home

Improvement

Issuer

Trust

....................................

Series

2025-2A,

Class

A2,

4.93%,

6/25/60(a)

...............................

1,195

1,199

Series

2025-2A,

Class

D,

5.56%,

6/25/60(a)

................................

1,450

1,445

GS

Mortgage-Backed

Securities

Trust

........................................

Series

2024-HE1,

Class

A1,

5.26%

(SOFR30A+160bps),

8/25/54,

Callable

6/25/27

@

100(a)(b)

.........................................................

16,329

16,356

Series

2024-HE2,

Class

A1,

5.16%

(SOFR30A+150bps),

1/25/55,

Callable

10/25/27

@

100(a)(b)

.........................................................

10,463

10,467

Series

2025-HE1,

Class

A1,

5.21%

(SOFR30A+155bps),

10/25/55,

Callable

7/25/28

@

100(a)(b)

.........................................................

2,968

2,972

Series

2025-HE2,

Class

A1,

5.21%

(SOFR30A+155bps),

12/25/65,

Callable

10/25/28

@

100(a)(b)

.........................................................

21,543

21,529

Series

2025-SL1,

Class

A1,

5.85%,

11/25/67,

Callable

3/25/28

@

100(a)(d)

.........

8,448

8,494

Harvest

SBA

Loan

Trust

..................................................

Series

2023-1,

Class

A,

7.04%

(SOFR30A+325bps),

10/25/50,

Callable

11/25/30

@

100(a)(b)

.........................................................

4,035

4,169

Series

2024-1,

Class

A,

6.00%

(SOFR30A+225bps),

12/25/51,

Callable

6/25/34

@

100(a)

(b) .............................................................

6,353

6,414

J.P.

Morgan

Mortgage

Trust

...............................................

Series

2023-HE1,

Class

A1,

5.42%

(SOFR30A+175bps),

11/25/53,

Callable

7/20/26

@

100(a)(b)

.........................................................

3,465

3,468

Series

2023-HE2,

Class

A1,

5.37%

(SOFR30A+170bps),

3/20/54,

Callable

10/20/26

@

100(a)(b)

.........................................................

6,768

6,780

Series

2023-HE3,

Class

A1,

5.27%

(SOFR30A+160bps),

5/20/54,

Callable

12/20/26

@

100(a)(b)

.........................................................

4,537

4,543

Series

2024-HE2,

Class

A1,

4.87%

(SOFR30A+120bps),

10/20/54,

Callable

5/20/27

@

100(a)(b)

.........................................................

6,432

6,431

Series

2024-HE3,

Class

A1,

4.87%

(SOFR30A+120bps),

2/25/55,

Callable

9/20/27

@

100(a)(b)

.........................................................

8,948

8,950

Series

2025-HE1,

Class

A1,

4.82%

(SOFR30A+115bps),

7/20/55,

Callable

2/20/28

@

100(a)(b)

.........................................................

18,059

18,051

Series

2025-HE2,

Class

A1,

4.92%

(SOFR30A+125bps),

11/20/55,

Callable

7/20/28

@

100(a)(b)

.........................................................

20,860

20,866

Series

2025-HE3,

Class

A1,

5.02%

(SOFR30A+135bps),

3/20/56,

Callable

11/20/28

@

100(a)(b)

.........................................................

20,450

20,493

Kinetic

Advantage

Master

Owner

Trust,

Series

2025-1A,

Class

A,

5.87%

(SOFR30A+220bps),

10/15/29,

Callable

10/15/27

@

100(a)(b)

..................................

7,610

7,640

Libra

Solutions

LLC,

Series

2025-1A,

Class

A,

6.36%,

8/15/39(a)

....................

3,770

3,773

Lunar

Structured

Aircraft

Portfolio

Notes,

Series

2021-1,

Class

A,

2.64%,

10/15/46(a)

......

1,085

1,030

Marlette

Funding

Trust,

Series

2025-1A,

Class

A,

4.75%,

7/16/35,

Callable

4/15/29

@

100(a)

2,971

2,973

MMP

Capital

LLC,

Series

2025-A,

Class

A,

5.36%,

12/15/31,

Callable

12/15/28

@

100(a)

..

3,760

3,787

MVW

LLC,

Series

2021-1WA,

Class

A,

1.14%,

1/22/41,

Callable

4/20/27

@

100(a)

.......

630

609

Navient

Private

Education

Refi

Loan

Trust,

Series

2021-CA,

Class

A,

1.06%,

10/15/69,

Callable

4/15/30

@

100(a)

............................................

Nelnet

Student

Loan

Trust

................................................

Series

2021-A,

Class

APT2,

1.36%,

4/20/62,

Callable

1/20/29

@

100(a)

............

Series

2021-DA,

Class

AFL,

4.48%

(TSFR1M+80bps),

4/20/62,

Callable

4/20/32

@

100(a)(b)

.........................................................

2,169

2,160

Newtek

Small

Business

Loan

Trust

..........................................

Series

2021-1,

Class

A,

6.50%

(PRIME-25bps),

12/25/48,

Callable

4/25/26

@

100(a)(b)

842

842

Series

2023-1,

Class

A,

6.25%

(PRIME-50bps),

7/25/50,

Callable

9/25/28

@

100(a)(b)

.

2,293

2,315

NMEF

Funding

LLC,

Series

2023-A,

Class

A2,

6.57%,

6/17/30,

Callable

5/15/27

@

100(a)

..

664

666

NYCTL

Trust,

Series

2025-A,

Class

A,

4.84%,

11/10/38(a)

.........................

7,315

7,258

Oaktree

ABF

Equipment

ST

LLC,

Series

2026-1A,

Class

A2,

4.50%,

10/17/33,

Callable

10/15/28

@

100(a)

..................................................

8,000

8,000

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) OBX

Trust

............................................................

Series

2025-HE1,

Class

A1,

5.26%

(SOFR30A+160bps),

2/25/55,

Callable

3/25/28

@

100(a)(b)

.........................................................

$

9,573

$

9,592

Series

2025-HE2,

Class

A1,

5.11%

(SOFR30A+145bps),

8/25/55,

Callable

8/25/28

@

100(a)(b)

.........................................................

10,161

10,174

Series

2026-HE1,

Class

A1A,

5.01%

(SOFR30A+135bps),

2/25/56,

Callable

2/25/29

@

100(a)(b)

.........................................................

26,778

26,712

Octane

Receivables

Trust,

Series

2023-3A,

Class

A2,

6.44%,

3/20/29,

Callable

11/20/27

@

100(a)

...........................................................

540

541

Oportun

Funding

Trust,

Series

2025-1,

Class

A,

4.96%,

8/16/32,

Callable

11/15/26

@

100(a)

.

967

967

Oportun

Issuance

Trust

...................................................

Series

2021-C,

Class

A,

2.18%,

10/8/31,

Callable

4/8/26

@

100(a)

................

2,560

2,525

Series

2024-2,

Class

B,

5.83%,

2/9/32,

Callable

10/8/26

@

100(a)

................

1,590

1,591

Series

2025-B,

Class

A,

4.88%,

5/9/33,

Callable

6/8/27

@

100(a)

.................

8,000

8,014

Series

2025-B,

Class

B,

5.28%,

5/9/33,

Callable

6/8/27

@

100(a)

.................

8,000

8,011

Series

2026-A,

Class

A,

4.32%,

1/9/34,

Callable

2/8/28

@

100(a)

................

3,000

2,984

Series

2026-A,

Class

B,

5.06%,

1/9/34,

Callable

2/8/28

@

100(a)

................

5,000

4,988

Oxford

Finance

Credit

Fund

III

LP,

Series

2024-A,

Class

A2,

6.68%,

1/14/32(a)

..........

8,133

8,171

Oxford

Finance

Funding

LLC,

Series

2022-1A,

Class

B,

4.10%,

2/15/30(a)

.............

3,426

3,345

Pagaya

AI

Debt

Grantor

Trust

..............................................

Series

2024-10,

Class

A,

5.18%,

6/15/32,

Callable

11/15/26

@

100(a)

.............

1,857

1,862

Series

2024-10,

Class

B,

5.75%,

6/15/32,

Callable

11/15/26

@

100(a)

.............

3,631

3,646

Series

2024-11,

Class

A,

5.09%,

7/15/32,

Callable

12/15/26

@

100(a)

.............

3,032

3,042

Series

2024-11,

Class

AB,

5.39%,

7/15/32,

Callable

12/15/26

@

100(a)(d)

..........

3,008

3,017

Series

2024-5,

Class

A,

6.28%,

10/15/31,

Callable

5/15/26

@

100(a)

..............

1,219

1,221

Series

2024-9,

Class

A,

5.07%,

3/15/32,

Callable

10/15/26

@

100(a)

..............

Series

2025-1,

Class

A,

5.16%,

7/15/32,

Callable

2/15/27

@

100(a)(d)

.............

1,733

1,742

Series

2025-1,

Class

A2,

5.16%,

7/15/32,

Callable

2/15/27

@

100(a)

..............

1,031

1,032

Series

2025-1,

Class

B,

5.63%,

7/15/32,

Callable

2/15/27

@

100(a)

...............

2,224

2,228

Series

2025-6,

Class

A2,

4.50%,

4/15/33,

Callable

9/15/27

@

100(a)

..............

7,999

7,971

Series

2025-7,

Class

A2,

4.53%,

5/15/33,

Callable

10/15/27

@

100(a)

.............

9,748

9,700

Series

2025-R3,

Class

A,

4.84%,

1/18/33,

Callable

12/15/27

@

100(a)

.............

13,096

13,085

Pagaya

AI

Debt

Trust

....................................................

Series

2024-2,

Class

A,

6.32%,

8/15/31,

Callable

4/15/26

@

100(a)

...............

1,965

1,966

Series

2024-2,

Class

AB,

6.46%,

8/15/31,

Callable

4/15/26

@

100(a)(d)

............

647

647

Series

2024-2,

Class

B,

6.61%,

8/15/31,

Callable

4/15/26

@

100(a)

...............

4,138

4,139

Series

2024-3,

Class

A,

6.26%,

10/15/31,

Callable

4/15/26

@

100(a)

..............

2,926

2,927

Series

2024-3,

Class

B,

6.57%,

10/15/31,

Callable

4/15/26

@

100(a)

..............

6,283

6,287

Series

2025-R1,

Class

B,

5.71%,

6/15/32,

Callable

12/15/27

@

100(a)

.............

5,152

5,168

Series

2025-REV1,

Class

A,

5.01%,

8/15/35,

Callable

12/15/27

@

100(a)

...........

8,000

7,955

PEAR

LLC

...........................................................

Series

2021-1,

Class

A,

2.60%,

1/15/34,

Callable

4/15/26

@

100(a)

...............

Series

2021-1,

Class

B,

1/15/34(a)(f)(g)

...................................

3,000

2,812

Series

2022-1,

Class

A2,

7.25%,

10/15/34(a)

...............................

2,312

2,342

Series

2023-1,

Class

A,

7.42%,

7/15/35,

Callable

9/15/27

@

100(a)

...............

9,084

9,266

Series

2024-1,

Class

A,

6.95%,

2/15/36,

Callable

3/15/28

@

100(a)

...............

4,521

4,555

PFS

Financing

Corp.,

Series

2025-A,

Class

A,

4.32%

(SOFR30A+65bps),

1/15/29(a)(b)

....

15,250

15,268

Post

Road

Equipment

Finance

LLC

..........................................

Series

2024-1A,

Class

A2,

5.59%,

11/15/29,

Callable

12/15/26

@

100(a)

...........

838

840

Series

2025-1A,

Class

A2,

4.90%,

5/15/31,

Callable

8/15/28

@

100(a)

.............

2,862

2,881

Prodigy

Finance

DAC,

Series

2021-1A,

Class

A,

5.04%

(TSFR1M+136bps),

7/25/51,

Callable

11/25/26

@

100(a)(b)

................................................

1,287

1,284

Progress

Residential

Trust,

Series

2021-SFR3,

Class

B,

1.89%,

5/17/26(a)(h)

............

5,000

4,980

Purchasing

Power

Funding

LLC

............................................

Series

2026-A,

Class

A,

4.37%,

8/15/30,

Callable

2/15/28

@

100(a)

...............

5,500

5,468

Series

2026-A,

Class

D,

5.40%,

8/15/30,

Callable

2/15/28

@

100(a)

...............

4,840

4,804

RCKT

Trust,

Series

2025-1A,

Class

A,

4.90%,

7/25/34,

Callable

4/25/28

@

100(a)

........

2,850

2,856

RCKTL,

Series

2025-2A,

Class

A,

4.48%,

11/27/34,

Callable

11/25/28

@

100(a)

.........

4,662

4,662

Reach

ABS

Trust

.......................................................

Series

2024-1A,

Class

B,

6.29%,

2/18/31,

Callable

12/15/27

@

100(a)

.............

7,528

7,571

Series

2024-2A,

Class

A,

5.88%,

7/15/31,

Callable

10/15/28

@

100(a)

.............

777

779

Series

2025-1A,

Class

A,

4.96%,

8/16/32,

Callable

6/15/29

@

100(a)

..............

6,192

6,201

Series

2025-2A,

Class

A,

4.93%,

8/18/32,

Callable

12/15/29

@

100(a)

.............

3,831

3,847

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2025-2A,

Class

C,

5.69%,

8/18/32,

Callable

12/15/29

@

100(a)

.............

$

11,500

$

11,519

Series

2026-1A,

Class

D,

5.16%,

2/15/33,

Callable

6/15/30

@

100(a)

..............

17,160

16,962

ReadyCap

Lending

Small

Business

Loan

Trust

..................................

Series

2019-2,

Class

A,

6.25%

(PRIME-50bps),

12/27/44,

Callable

4/25/26

@

100(a)(b)

701

700

Series

2023-3,

Class

A,

6.82%

(PRIME+7bps),

4/25/48,

Callable

3/25/29

@

100(a)(b)

.

5,674

5,758

Regional

Management

Issuance

Trust,

Series

2024-2,

Class

A,

5.11%,

12/15/33,

Callable

12/15/26

@

100(a)

..................................................

6,240

6,264

Rosy

Blue

Carat

SCS,

Series

2018-1,

Class

A2R,

7.79%

(TSFR1M+411bps),

3/15/30(a)(b)(f)

5,156

5,183

Saluda

Grade

Alternative

Mortgage

Trust

......................................

Series

2025-LOC4,

Class

A1A,

5.41%

(SOFR30A+175bps),

6/25/55,

Callable

6/25/28

@

100(a)(b)

.........................................................

19,743

19,811

Series

2025-LOC5,

Class

A1A,

5.28%

(TSFR1M+160bps),

10/25/55,

Callable

9/25/28

@

100(a)(b)

.........................................................

11,542

11,581

Series

2026-HB1,

Class

A1A,

5.08%

(TSFR1M+140bps),

4/25/56,

Callable

1/25/29

@

100(a)(b)

.........................................................

35,683

35,643

Series

2026-HB1,

Class

M1,

5.38%

(TSFR1M+170bps),

4/25/56,

Callable

1/25/29

@

100(a)(b)

.........................................................

5,200

5,182

SCF

Equipment

Leasing

LLC,

Series

2025-1A,

Class

A2,

4.82%,

7/22/30(a)

.............

2,126

2,131

SLM

Private

Credit

Student

Loan

Trust,

Series

2007-A,

Class

A4A,

4.18%

(TSFR3M+50bps),

12/16/41,

Callable

9/15/28

@

100(b)

.....................................

1,767

1,744

SMB

Private

Education

Loan

Trust

..........................................

Series

2018-B,

Class

A2B,

4.51%

(TSFR1M+83bps),

1/15/37(a)(b)

...............

583

583

Series

2023-B,

Class

A1B,

5.47%

(SOFR30A+180bps),

10/16/56(a)(b)

............

3,354

3,420

Series

2023-C,

Class

A1B,

5.22%

(SOFR30A+155bps),

11/15/52(a)(b)

............

4,226

4,267

SoFi

Consumer

Loan

Program

Trust

.........................................

Series

2025-2,

Class

A,

4.82%,

6/25/34,

Callable

6/25/28

@

100(a)

...............

4,930

4,946

Series

2026-1,

Class

A,

4.06%,

12/26/35,

Callable

8/25/29

@

100(a)

..............

5,856

5,849

SpringCastle

America

Funding

LLC,

Series

2020-AA,

Class

A,

1.97%,

9/25/37,

Callable

4/25/26

@

100(a)

...................................................

842

793

STAR

Trust

...........................................................

Series

2022-SFR3,

Class

A,

5.32%

(TSFR1M+165bps),

5/17/39(a)(b)(h)

...........

992

990

Series

2025-SFR6,

Class

A,

5.07%

(TSFR1M+140bps),

8/17/42,

Callable

8/17/27

@

100(a)(b)(h)

.......................................................

23,400

23,400

Stonepeak

ABS,

Series

2021-1A,

Class

AA,

2.30%,

2/28/33(a)

......................

958

938

Stream

Innovations

Issuer

Trust,

Series

2024-1A,

Class

A,

6.27%,

7/15/44,

Callable

3/15/31

@

100(a)

...........................................................

1,821

1,875

The

National

Collegiate

Trust,

Series

2007-A,

Class

A,

4.08%

(US0001M+30bps),

5/25/31,

Callable

4/25/26

@

100(a)(b)

..........................................

564

553

Towd

Point

Asset

Trust,

Series

2018-SL1,

Class

B,

4.84%

(TSFR1M+116bps),

1/25/46(a)(b)

.

1,251

1,251

Towd

Point

Mortgage

Trust

................................................

Series

2025-HE1,

Class

A1A,

5.01%

(SOFR30A+135bps),

7/25/65,

Callable

7/25/28

@

100(a)(b)

.........................................................

9,117

9,115

Series

2025-HE2,

Class

A1A,

5.01%

(SOFR30A+135bps),

9/25/65,

Callable

9/25/28

@

100(a)(b)

.........................................................

—(e)

—(e)

Trafigura

Securitisation

Finance

PLC,

Series

2024-1A,

Class

A1,

5.05%

(SOFR+140bps),

11/15/27(a)(b)

.....................................................

9,950

9,929

Tricon

American

Homes

Trust,

Series

2020-SFR1,

Class

F,

4.88%,

7/17/38(a)(h)

.........

16,369

16,307

U.S.

Bank

NA

.........................................................

Series

2025-SUP1,

Class

B,

5.58%,

2/25/32,

Callable

2/25/29

@

100(a)(h)

..........

3,001

3,015

Series

2026-RVM1,

Class

B1,

4.96%,

12/25/46,

Callable

3/25/34

@

100(a)

.........

5,500

5,474

Upgrade

Master

Pass-Thru

Trust,

Series

2025-ST2,

Class

A,

6.11%,

6/15/32,

Callable

3/15/28

@

100(a)

.........................................................

3,264

3,289

Upstart

Securitization

Trust

................................................

Series

2024-1,

Class

A,

5.33%,

11/20/34,

Callable

9/20/28

@

100(a)

..............

1,738

1,743

Series

2025-2,

Class

A2,

5.22%,

6/20/35,

Callable

3/20/29

@

100(a)

..............

3,287

3,297

Series

2025-3,

Class

A2,

4.60%,

9/20/35,

Callable

3/20/29

@

100(a)

..............

4,590

4,590

Series

2025-4,

Class

A1,

4.34%,

11/20/26(a)

...............................

2,634

2,634

Series

2025-4,

Class

A2,

4.56%,

11/20/35,

Callable

10/20/29

@

100(a)

............

15,000

15,003

US

Bank

C&I

Credit-Linked

Notes

..........................................

Series

2025-SUP2,

Class

B2,

5.01%

(SOFR30A+135bps),

9/25/32,

Callable

1/25/30

@

100(a)(b)(h)

.......................................................

5,758

5,760

Series

2025-SUP2,

Class

D,

5.86%

(SOFR30A+220bps),

9/25/32,

Callable

1/25/30

@

100(a)(b)(h)

.......................................................

2,056

2,066

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Verdant

Receivables

LLC,

Series

2023-1A,

Class

A2,

6.24%,

1/13/31,

Callable

8/12/27

@

100(a)

...........................................................

$

1,864

$

1,890

Westgate

Resorts

LLC

...................................................

Series

2023-1A,

Class

C,

7.49%,

12/20/37,

Callable

4/20/27

@

100(a)

.............

2,229

2,266

Series

2024-1A,

Class

C,

7.06%,

1/20/38,

Callable

11/20/27

@

100(a)

.............

4,826

4,887

Series

2026-1A,

Class

C,

6.08%,

10/20/39,

Callable

9/20/29

@

100(a)

.............

4,930

4,935

Willis

Engine

Structured

Trust

VI,

Series

2021-A,

Class

B,

5.44%,

5/15/46,

Callable

5/15/29

@

100(a)

...........................................................

5,809

5,737

Wilshire

Mortgage

Loan

Trust,

Series

1997-2,

Class

A6,

4.07%

(TSFR1M+39bps),

5/25/28,

Callable

4/25/26

@

100(b)

............................................

926,413

Agency

ABS

Other

(0.1%):

Navient

Student

Loan

Trust,

Series

2021-1A,

Class

A1B,

4.38%

(SOFR30A+71bps),

12/26/69,

Callable

12/25/32

@

100(a)(b)

.........................................

2,205

2,171

Nelnet

Student

Loan

Trust,

Series

2005-2,

Class

A5,

4.05%

(SOFR90A+36bps),

3/23/37,

Callable

6/22/26

@

100(b)

............................................

1,594

1,581

3,752

Total

Asset-Backed

Securities

(Cost

$1,397,199)

a

a

a

1,376,805

Collateralized

Loan

Obligations

(16.1%)

Cash

Flow

CLO

(16.1%):

ABPCI

Direct

Lending

Fund

CLO

LLC,

Series

2025-21A,

Class

A1,

5.20%

(TSFR3M+153bps),

7/20/37,

Callable

10/20/27

@

100(a)(b)

....................

4,850

4,837

ABPCI

Direct

Lending

Fund

CLO

V

Ltd.

......................................

Series

2019-5A,

Class

CRR,

9.42%

(TSFR3M+575bps),

1/20/36,

Callable

4/20/26

@

100(a)(b)

.........................................................

4,000

3,941

Series

2019-6A,

Class

A2RR,

5.27%

(TSFR3M+160bps),

1/27/37(a)(b)

............

4,250

4,216

ACREC

LLC

..........................................................

Series

2025-FL3,

Class

A,

4.99%

(TSFR1M+131bps),

8/18/42,

Callable

1/18/27

@

100(a)(b)

.........................................................

12,460

12,460

Series

2026-FL4,

Class

A,

5.13%

(TSFR1M+145bps),

1/18/43,

Callable

1/18/28

@

100(a)(b)

.........................................................

2,060

2,059

Series

2026-FL4,

Class

AS,

5.28%

(TSFR1M+160bps),

1/18/43,

Callable

1/18/28

@

100(a)(b)

.........................................................

5,840

5,827

ACREC

Ltd.,

Series

2021-FL1,

Class

AS,

5.29%

(TSFR1M+161bps),

10/16/36,

Callable

4/16/26

@

100(a)(b)

.................................................

3,388

3,387

ACRES

Commercial

Realty

Issuer

LLC

.......................................

Series

2026-FL4,

Class

A,

5.11%

(TSFR1M+145bps),

8/18/44,

Callable

8/18/28

@

100(a)(b)(h)

.......................................................

21,790

21,806

Series

2026-FL4,

Class

AS,

5.36%

(TSFR1M+170bps),

8/18/44,

Callable

8/18/28

@

100(a)(b)(h)

.......................................................

10,890

10,919

ACRES

LLC,

Series

2025-FL3,

Class

A,

5.30%

(TSFR1M+162bps),

8/18/40,

Callable

8/18/27

@

100(a)(b)(h)

....................................................

11,750

11,765

AGL

CLO

Ltd.

........................................................

Series

2020-3A,

Class

XR,

4.62%

(TSFR3M+95bps),

4/15/38,

Callable

4/15/27

@

100(a)

(b) .............................................................

2,982

2,979

Series

2021-14A,

Class

AR,

4.80%

(TSFR3M+113bps),

12/2/34,

Callable

4/21/26

@

100(a)(b)

.........................................................

6,820

6,814

AGL

Core

CLO

Ltd.,

Series

2023-27A,

Class

XR,

4.47%

(TSFR3M+80bps),

1/21/39,

Callable

1/21/28

@

100(a)(b)

.................................................

2,888

2,879

Anchorage

Capital

CLO

Ltd.,

Series

2019-11A,

Class

XR2,

4.77%

(TSFR3M+110bps),

7/22/37,

Callable

7/22/26

@

100(a)(b)

....................................

2,286

2,284

Arbor

Realty

Collateralized

Loan

Obligation

Ltd.

................................

Series

2025-BTR1,

Class

A,

5.60%

(TSFR1M+193bps),

1/20/41,

Callable

5/20/27

@

100(a)(b)

.........................................................

8,070

8,073

Series

2025-BTR1,

Class

AS,

6.31%

(TSFR1M+264bps),

1/20/41,

Callable

5/20/27

@

100(a)(b)

.........................................................

15,475

15,567

Arbor

Realty

Commercial

Real

Estate

Notes

LLC

................................

Series

2025-FL1,

Class

A,

5.03%

(TSFR1M+135bps),

1/20/43,

Callable

1/20/28

@

100(a)(b)

.........................................................

8,990

8,989

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2025-FL1,

Class

B,

5.97%

(TSFR1M+229bps),

1/20/43,

Callable

1/20/28

@

100(a)(b)

.........................................................

$

6,980

$

6,974

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.

................................

Series

2021-FL4,

Class

A,

5.14%

(TSFR1M+146bps),

11/15/36,

Callable

4/15/26

@

100(a)(b)

.........................................................

18,796

18,796

Series

2022-FL1,

Class

A,

5.12%

(SOFR30A+145bps),

1/15/37,

Callable

4/15/26

@

100(a)(b)

.........................................................

6,247

6,247

AREIT

Ltd.

...........................................................

Series

2024-CRE9,

Class

A,

5.36%

(TSFR1M+169bps),

5/17/41(a)(b)(h)

...........

2,730

2,730

Series

2025-CRE10,

Class

A,

5.07%

(TSFR1M+139bps),

12/17/29,

Callable

7/17/27

@

100(a)(b)

.........................................................

35,350

35,357

Series

2025-CRE11,

Class

A,

5.23%

(TSFR1M+155bps),

7/25/43,

Callable

7/18/28

@

100(a)(b)(h)

.......................................................

13,130

13,154

ASP

PIF

CLO

I

LLC,

Series

2025-1A,

Class

A1,

5.14%

(TSFR3M+148bps),

1/15/38(a)(b)

..

15,000

14,954

Bain

Capital

Credit

CLO

Ltd.

..............................................

Series

2021-7A,

Class

A2R,

4.92%

(TSFR3M+125bps),

1/22/35,

Callable

4/22/26

@

100(a)(b)

.........................................................

6,500

6,456

Series

2022-4A,

Class

XR,

4.77%

(TSFR3M+110bps),

10/16/37,

Callable

10/16/26

@

100(a)(b)

.........................................................

3,750

3,750

Series

2022-6A,

Class

XR,

4.82%

(TSFR3M+115bps),

1/22/38,

Callable

1/22/27

@

100(a)(b)

.........................................................

4,000

4,000

BAR

Issuer

LLC,

Series

2026-FL1,

Class

A,

5.30%

(TSFR1M+160bps),

8/20/43,

Callable

9/20/28

@

100(a)(b)(h)

...............................................

16,400

16,390

Bardot

CLO

Ltd.,

Series

2019-2A,

Class

ARR,

4.65%

(TSFR3M+98bps),

10/22/32,

Callable

4/22/26

@

100(a)(b)

.................................................

10,940

10,937

Battery

Park

CLO

Ltd.,

Series

2019-1A,

Class

XR,

4.62%

(TSFR3M+95bps),

7/15/36,

Callable

4/15/26

@

100(a)(b)

.................................................

2,175

2,175

BCRED

BSL

Static

CLO

Ltd.,

Series

2025-1A,

Class

AR,

4.92%

(TSFR3M+125bps),

7/24/35,

Callable

4/24/26

@

100(a)(b)

..........................................

4,912

4,913

BDS

LLC

............................................................

Series

2024-FL13,

Class

A,

5.25%

(TSFR1M+158bps),

9/19/39,

Callable

8/19/28

@

100(a)(b)(h)

.......................................................

4,530

4,533

Series

2025-FL14,

Class

A,

4.96%

(TSFR1M+128bps),

10/17/42,

Callable

9/21/27

@

100(a)(b)(h)

.......................................................

10,910

10,910

Benefit

Street

Partners

CLO

XVII

Ltd.,

Series

2019-17A,

Class

XR2,

4.82%

(TSFR3M+115bps),

10/15/37,

Callable

10/15/26

@

100(a)(b)

...................

6,667

6,667

Blackrock

Rainier

CLO

VI

Ltd.,

Series

2021-6A,

Class

XR,

4.92%

(TSFR3M+125bps),

4/20/37,

Callable

7/20/27

@

100(a)(b)

....................................

14,887

14,847

BlueMountain

CLO

XXII

Ltd.,

Series

2018-22A,

Class

A1,

5.01%

(TSFR3M+134bps),

7/15/31,

Callable

4/15/26

@

100(a)(b)

....................................

1,216

1,216

BlueMountain

CLO

XXXIII

Ltd.,

Series

2021-33A,

Class

X,

4.67%

(TSFR3M+100bps),

10/20/38,

Callable

10/20/27

@

100(a)(b)

..................................

2,200

2,200

Brightwood

Capital

MM

CLO

Ltd.

..........................................

Series

2019-1A,

Class

A1R,

5.35%

(TSFR3M+168bps),

10/15/34,

Callable

4/15/26

@

100(a)(b)

.........................................................

18,500

18,490

Series

2023-1A,

Class

XR,

4.80%

(TSFR3M+105bps),

10/15/35,

Callable

10/15/26

@

100(a)(b)

.........................................................

2,850

2,850

Series

2025-1A,

Class

D,

8.58%

(TSFR3M+491bps),

4/15/36,

Callable

7/15/27

@

100(a)

(b) .............................................................

3,000

2,942

Brsp

Ltd.

.............................................................

Series

2026-FL3,

Class

AS,

5.38%

(TSFR1M+170bps),

8/19/43,

Callable

9/19/28

@

100(a)(b)(h)

.......................................................

3,242

3,245

Series

2026-FL3,

Class

B,

5.63%

(TSFR1M+195bps),

8/19/43,

Callable

9/19/28

@

100(a)(b)(h)

.......................................................

10,381

10,390

BSPDF

Issuer

LLC,

Series

2026-FL3,

Class

A,

5.10%

(TSFR1M+145bps),

9/18/43,

Callable

9/18/28

@

100(a)(b)(h)

...............................................

12,330

12,328

BSPRT

Issuer

LLC

......................................................

Series

2024-FL11,

Class

A,

5.31%

(TSFR1M+164bps),

7/15/39,

Callable

9/15/27

@

100(a)(b)

.........................................................

9,920

9,958

Series

2025-FL12,

Class

A,

5.06%

(TSFR1M+139bps),

1/17/43,

Callable

4/17/28

@

100(a)(b)

.........................................................

9,660

9,649

BSPRT

Issuer

Ltd.,

Series

2022-FL8,

Class

A,

5.17%

(SOFR30A+150bps),

2/15/37,

Callable

4/15/26

@

100(a)(b)

.................................................

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) BXDL

Static

CLO

LLC,

Series

2025-1A,

Class

A1,

4.97%

(TSFR3M+130bps),

7/20/35,

Callable

7/20/26

@

100(a)(b)

..........................................

$

6,074

$

6,067

BXMT

Ltd.,

Series

2020-FL2,

Class

A,

4.94%

(TSFR1M+126bps),

2/15/38,

Callable

1/15/27

@

100(a)(b)(h)

....................................................

1,603

1,602

CarVal

CLO

IV

Ltd.,

Series

2021-1A,

Class

X,

4.52%

(TSFR3M+85bps),

3/31/38,

Callable

10/20/27

@

100(a)(b)

................................................

3,500

3,493

Cayuga

Park

CLO

Ltd.,

Series

2020-1A,

Class

XR2,

4.57%

(TSFR3M+90bps),

10/17/38,

Callable

1/17/28

@

100(a)(b)

..........................................

4,000

4,000

Cedar

Funding

XIV

CLO

Ltd.,

Series

2021-14A,

Class

X,

4.72%

(TSFR3M+105bps),

10/15/37,

Callable

10/15/26

@

100(a)(b)

..................................

729

728

Cedar

Funding

XV

CLO

Ltd.,

Series

2022-15A,

Class

XR,

4.59%

(TSFR3M+95bps),

1/20/39,

Callable

1/20/28

@

100(a)(b)

..........................................

3,500

3,500

Cerberus

Loan

Funding

XLIX

LLC

..........................................

Series

2024-5A,

Class

A,

5.02%

(TSFR3M+135bps),

1/15/34,

Callable

4/15/26

@

100(a)

(b) .............................................................

4,750

4,745

Series

2024-5A,

Class

B,

5.42%

(TSFR3M+175bps),

1/15/34,

Callable

4/15/26

@

100(a)

(b) .............................................................

6,000

5,996

Series

2024-5A,

Class

C,

5.77%

(TSFR3M+210bps),

1/15/34,

Callable

4/15/26

@

100(a)

(b) .............................................................

3,000

2,997

Cerberus

Loan

Funding

XXXVII

LP,

Series

2022-1A,

Class

A2,

4.02%,

4/15/34,

Callable

4/15/26

@

100(a)

...................................................

4,000

3,948

Crown

Point

CLO

IV

Ltd.,

Series

2018-4A,

Class

C,

5.83%

(TSFR3M+216bps),

4/20/31,

Callable

4/20/26

@

100(a)(b)

..........................................

1,440

1,438

Deerpath

Capital

CLO

Ltd.,

Series

2021-1A,

Class

A1R,

5.47%

(TSFR3M+180bps),

7/15/36,

Callable

7/15/26

@

100(a)(b)

..........................................

10,675

10,677

Dwight

Issuer

LLC

......................................................

Series

2025-FL1,

Class

A,

5.34%

(TSFR1M+166bps),

6/18/42,

Callable

7/18/27

@

100(a)(b)

.........................................................

11,800

11,836

Series

2025-FL1,

Class

B,

6.47%

(TSFR1M+279bps),

6/18/42,

Callable

7/18/27

@

100(a)(b)

.........................................................

15,550

15,617

Elevation

CLO

Ltd.,

Series

2021-12A,

Class

XR,

4.77%

(TSFR3M+110bps),

4/20/37,

Callable

4/20/26

@

100(a)(b)

.................................................

2,874

2,873

Ellington

CLO

III

Ltd.,

Series

2018-3A,

Class

C,

6.18%

(TSFR3M+251bps),

7/20/30,

Callable

4/20/26

@

100(a)(b)

.................................................

3,600

3,595

Flatiron

CLO

Ltd.,

Series

2021-1A,

Class

XR,

4.77%

(TSFR3M+110bps),

10/19/37,

Callable

10/19/26

@

100(a)(b)

................................................

2,700

2,695

Fortress

Credit

Opportunities

IX

CLO

Ltd.,

Series

2017-9A,

Class

A1TR,

5.48%

(TSFR3M+181bps),

10/15/33(a)(b)

......................................

11,297

11,295

Fortress

Credit

Opportunities

XXIX

CLO

Ltd.

..................................

Series

2025-29A,

Class

A1,

4.92%

(TSFR3M+125bps),

4/20/33,

Callable

4/20/26

@

100(a)(b)

.........................................................

12,215

12,212

Series

2025-29A,

Class

B,

5.32%

(TSFR3M+165bps),

4/20/33,

Callable

4/20/26

@

100(a)(b)

.........................................................

8,180

8,180

Fortress

Credit

Opportunities

XXXI

CLO

Ltd.,

Series

2025-31A,

Class

A1,

5.17%

(TSFR3M+150bps),

7/20/33,

Callable

7/20/26

@

100(a)(b)

.....................

8,222

8,214

Fortress

Credit

Opportunities

XXXV

CLO

Ltd.

.................................

Series

2025-35A,

Class

A1,

5.07%

(TSFR3M+140bps),

7/20/33,

Callable

7/20/26

@

100(a)(b)

.........................................................

11,674

11,674

Series

2025-35A,

Class

B1,

5.52%

(TSFR3M+185bps),

7/20/33,

Callable

7/20/26

@

100(a)(b)

.........................................................

3,980

3,974

Series

2025-35A,

Class

C1,

6.17%

(TSFR3M+250bps),

7/20/33,

Callable

7/20/26

@

100(a)(b)

.........................................................

3,960

3,961

FS

Rialto

Issuer

LLC

....................................................

Series

2021-FL3,

Class

A,

5.04%

(TSFR1M+136bps),

11/16/36,

Callable

4/16/26

@

100(a)(b)

.........................................................

9,540

9,538

Series

2024-FL9,

Class

A,

5.31%

(TSFR1M+163bps),

10/19/39,

Callable

10/19/27

@

100(a)(b)

.........................................................

23,030

23,108

Series

2025-FL10,

Class

A,

5.06%

(TSFR1M+139bps),

8/19/42,

Callable

8/19/27

@

100(a)(b)(h)

.......................................................

13,250

13,244

Series

2026-FL11,

Class

A,

5.12%

(TSFR1M+145bps),

1/19/44,

Callable

3/19/29

@

100(a)(b)(h)

.......................................................

21,820

21,822

Funding

CLO

Ltd.,

Series

2020-6A,

Class

XR,

4.62%

(TSFR3M+95bps),

10/23/34,

Callable

10/23/26

@

100(a)(b)

................................................

950

950

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) GCRED

BSL

CLO

1,

Series

2025-BSL1A,

Class

A2,

4.96%

(TSFR3M+130bps),

1/20/34,

Callable

1/20/27

@

100(a)(b)

..........................................

$

8,000

$

7,989

Goldentree

Loan

Management

US

CLO

Ltd.,

Series

2021-10A,

Class

XR,

4.72%

(TSFR3M+105bps),

10/20/37,

Callable

10/20/26

@

100(a)(b)

...................

1,838

1,837

Golub

Capital

Partners

CLO

51M

LP,

Series

2021-51A,

Class

AR,

4.86%

(TSFR3M+120bps),

5/5/36,

Callable

5/5/26

@

100(a)(b)

......................................

6,000

5,977

Golub

Capital

Partners

CLO

61M,

Series

2022-61A,

Class

A1AR,

4.90%

(TSFR3M+123bps),

7/25/35,

Callable

7/25/26

@

100(a)(b)

....................................

20,460

20,426

Golub

Capital

Partners

Short

Duration

........................................

Series

2022-1A,

Class

A1R,

5.12%

(TSFR3M+145bps),

7/25/33,

Callable

4/25/26

@

100(a)(b)

.........................................................

4,953

4,936

Series

2022-1A,

Class

BR,

5.67%

(TSFR3M+200bps),

7/25/33,

Callable

4/25/26

@

100(a)(b)

.........................................................

9,377

9,358

Series

2022-1A,

Class

CR,

6.42%

(TSFR3M+275bps),

7/25/33,

Callable

4/25/26

@

100(a)(b)

.........................................................

11,990

11,965

Great

Lakes

CLO

Ltd.,

Series

2019-1A,

Class

X,

4.72%

(TSFR3M+105bps),

4/15/37,

Callable

4/15/27

@

100(a)(b)

.................................................

3,404

3,404

Great

Lakes

CLO

VI

LLC,

Series

2021-6A,

Class

XR,

4.77%

(TSFR3M+110bps),

7/15/37,

Callable

7/15/27

@

100(a)(b)

..........................................

4,842

4,850

Greystone

CRE

Notes

LLC

................................................

Series

2025-FL4,

Class

A,

5.15%

(TSFR1M+148bps),

1/15/43,

Callable

5/15/28

@

100(a)(b)(h)

.......................................................

17,710

17,710

Series

2025-FL4,

Class

AS,

5.81%

(TSFR1M+214bps),

1/15/43,

Callable

5/15/28

@

100(a)(b)(h)

.......................................................

4,030

4,032

Greywolf

CLO

IV

Ltd.,

Series

2019-1A,

Class

X,

4.78%

(TSFR3M+111bps),

4/17/34,

Callable

4/17/26

@

100(a)(b)

.................................................

GS

REFT,

Series

2026-FL1,

Class

A,

5.17%

(TSFR1M+150bps),

4/19/43,

Callable

9/19/28

@

100(a)(b)(h)

.......................................................

7,750

7,757

HPS

Loan

Management

Ltd.,

Series

10A-16,

Class

XR3,

4.62%

(TSFR3M+95bps),

4/20/34,

Callable

4/20/26

@

100(a)(b)

..........................................

KREF

Ltd.

............................................................

Series

2021-FL2,

Class

AS,

5.09%

(TSFR1M+141bps),

2/15/39,

Callable

4/15/26

@

100(a)(b)

.........................................................

10,000

9,992

Series

2022-FL3,

Class

A,

5.13%

(TSFR1M+145bps),

2/17/39,

Callable

4/17/26

@

100(a)(b)

.........................................................

12,043

12,043

Lake

Shore

MM

CLO

IV

Ltd.,

Series

2021-1A,

Class

XR,

4.97%

(TSFR3M+130bps),

1/15/37(a)(b)

......................................................

1,086

1,085

LCM

Ltd.,

Series

35A,

Class

BR,

5.32%

(TSFR3M+165bps),

10/15/34,

Callable

4/15/26

@

100(a)(b)

.........................................................

3,450

3,445

LMNT

CRE

LLC

.......................................................

Series

2025-FL3,

Class

A,

5.22%

(TSFR1M+155bps),

7/21/43,

Callable

5/21/28

@

100(a)(b)(h)

.......................................................

20,160

20,214

Series

2025-FL3,

Class

AS,

5.57%

(TSFR1M+190bps),

7/21/43,

Callable

5/21/28

@

100(a)(b)(h)

.......................................................

20,110

20,181

LoanCore

Issuer

LLC

....................................................

Series

2025-CRE8,

Class

A,

5.06%

(TSFR1M+139bps),

8/17/42,

Callable

8/17/27

@

100(a)(b)(h)

.......................................................

6,740

6,741

Series

2025-CRE9,

Class

A,

5.13%

(TSFR1M+145bps),

8/18/42,

Callable

5/15/28

@

100(a)(b)

.........................................................

11,250

11,250

LoanCore

Issuer

Ltd.

....................................................

Series

2021-CRE6,

Class

A,

5.09%

(TSFR1M+141bps),

11/15/38,

Callable

4/15/26

@

100(a)(b)

.........................................................

Series

2021-CRE6,

Class

AS,

5.44%

(TSFR1M+176bps),

11/15/38,

Callable

4/15/26

@

100(a)(b)

.........................................................

5,000

4,997

Series

2022-CRE7,

Class

A,

5.22%

(SOFR30A+155bps),

1/17/37,

Callable

4/17/26

@

100(a)(b)

.........................................................

11,330

11,324

Magnetite

XXII

Ltd.,

Series

2019-22A,

Class

X,

4.67%

(TSFR3M+100bps),

7/15/36,

Callable

4/15/26

@

100(a)(b)

.................................................

3,500

3,500

MCF

CLO

Ltd.,

Series

2023-1A,

Class

XR,

4.67%

(TSFR3M+100bps),

4/15/37,

Callable

4/15/27

@

100(a)(b)

.................................................

3,266

3,269

MCF

CLO

VII

LLC

.....................................................

Series

2017-3A,

Class

ER2,

10.67%

(TSFR3M+700bps),

7/20/37,

Callable

7/20/27

@

100(a)(b)

.........................................................

4,500

4,415

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2017-3A,

Class

XR2,

4.87%

(TSFR3M+120bps),

7/20/37,

Callable

7/20/27

@

100(a)(b)

.........................................................

$

3,529

$

3,529

MF1

LLC

............................................................

Series

2024-FL14,

Class

A,

5.41%

(TSFR1M+174bps),

3/19/39,

Callable

4/19/26

@

100(a)(b)

.........................................................

13,801

13,813

Series

2024-FL15,

Class

A,

5.37%

(TSFR1M+169bps),

8/18/41,

Callable

7/18/26

@

100(a)(b)

.........................................................

13,870

13,896

Series

2024-FL16,

Class

A,

5.22%

(TSFR1M+154bps),

11/18/39,

Callable

10/18/26

@

100(a)(b)

.........................................................

18,850

18,880

Series

2025-FL19,

Class

A,

5.17%

(TSFR1M+149bps),

5/18/42,

Callable

11/18/26

@

100(a)(b)

.........................................................

19,300

19,328

Series

2025-FL20,

Class

A,

5.13%

(TSFR1M+145bps),

2/18/43,

Callable

2/18/28

@

100(a)(b)

.........................................................

6,900

6,910

Series

2026-FL21,

Class

A,

5.03%

(TSFR1M+135bps),

2/18/41,

Callable

7/18/28

@

100(a)(b)(h)

.......................................................

12,290

12,265

Series

2026-FL21,

Class

AS,

5.23%

(TSFR1M+155bps),

2/18/41,

Callable

7/18/28

@

100(a)(b)(h)

.......................................................

9,704

9,709

MF1

Ltd.

.............................................................

Series

2021-FL7,

Class

A,

4.87%

(TSFR1M+119bps),

10/16/36,

Callable

4/16/26

@

100(a)(b)

.........................................................

3,559

3,558

Series

2021-FL7,

Class

AS,

5.24%

(TSFR1M+156bps),

10/16/36,

Callable

4/16/26

@

100(a)(b)

.........................................................

6,379

6,372

Series

2022-FL8,

Class

A,

5.03%

(TSFR1M+135bps),

2/19/37,

Callable

4/17/26

@

100(a)(b)

.........................................................

10,951

10,951

MidOcean

Credit

CLO

XI

Ltd.,

Series

2022-11A,

Class

A1R2,

4.88%

(TSFR3M+121bps),

1/18/36,

Callable

4/18/26

@

100(a)(b)

....................................

8,290

8,273

Monroe

Capital

MML

CLO

XII

Ltd.,

Series

2021-2A,

Class

A1,

5.44%

(TSFR3M+176bps),

9/14/33,

Callable

6/14/26

@

100(a)(b)

....................................

7,680

7,677

Monroe

Capital

MML

CLO

XIII

Ltd.

.........................................

Series

2022-1A,

Class

A1N,

5.34%

(TSFR3M+168bps),

2/24/34,

Callable

5/24/26

@

100(a)(b)

.........................................................

5,000

5,000

Series

2022-1A,

Class

B,

5.71%

(TSFR3M+205bps),

2/24/34,

Callable

5/24/26

@

100(a)

(b) .............................................................

3,000

2,986

Monroe

Capital

MML

CLO

XV

LLC,

Series

2023-1A,

Class

AR,

4.94%

(TSFR3M+127bps),

9/23/35,

Callable

10/23/26

@

100(a)(b)

...................................

8,460

8,436

Morgan

Stanley

Eaton

Vance

CLO

Ltd.,

Series

2021-1A,

Class

X,

4.67%

(TSFR3M+100bps),

10/23/37,

Callable

10/23/27

@

100(a)(b)

..................................

4,000

4,000

Mountain

View

CLO

XVII

Ltd.,

Series

2023-1A,

Class

XR,

4.67%

(TSFR3M+100bps),

10/15/38,

Callable

10/15/27

@

100(a)(b)

..................................

1,313

1,313

New

Mountain

CLO

Ltd.,

Series

1A,

Class

X,

4.62%

(TSFR3M+95bps),

1/15/38,

Callable

1/15/27

@

100(a)(b)

.................................................

1,333

1,333

Northwoods

Capital

XI-B

Ltd.,

Series

2018-11BA,

Class

XR,

4.87%

(TSFR3M+120bps),

7/19/37,

Callable

7/19/26

@

100(a)(b)

....................................

2,211

2,210

OCP

CLO

Ltd.,

Series

2017-14A,

Class

XR,

4.77%

(TSFR3M+110bps),

7/20/37,

Callable

7/20/26

@

100(a)(b)

.................................................

1,750

1,750

Octagon

Investment

Partners

Ltd.,

Series

2020-5A,

Class

XRR,

4.57%

(TSFR3M+90bps),

4/15/37,

Callable

4/15/27

@

100(a)(b)

....................................

3,216

3,216

Octagon

Ltd.,

Series

2023-1A,

Class

XR,

4.52%

(TSFR3M+85bps),

10/20/38,

Callable

1/20/28

@

100(a)(b)

.......................................................

8,000

7,971

Owl

Rock

CLO

IV

Ltd.

..................................................

Series

2020-4A,

Class

A1R,

5.52%

(TSFR3M+186bps),

8/20/33,

Callable

5/20/26

@

100(a)(b)

.........................................................

2,001

2,000

Series

2020-4A,

Class

A2R,

5.82%

(TSFR3M+216bps),

8/20/33,

Callable

5/20/26

@

100(a)(b)

.........................................................

Owl

Rock

CLO

XXI

LLC

.................................................

Series

2025-21A,

Class

A,

5.07%

(TSFR3M+140bps),

7/24/34,

Callable

7/24/26

@

100(a)(b)

.........................................................

5,198

5,189

Series

2025-21A,

Class

B,

5.57%

(TSFR3M+190bps),

7/24/34,

Callable

7/24/26

@

100(a)(b)

.........................................................

3,290

3,275

Palmer

Square

CLO

Ltd.,

Series

2020-3A,

Class

X,

4.85%

(TSFR3M+120bps),

11/15/36,

Callable

11/15/26

@

100(a)(b)

.........................................

1,158

1,160

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Pennantpark

CLO

IX

LLC

................................................

Series

2024-9A,

Class

A1RN,

5.02%

(TSFR3M+135bps),

4/20/34,

Callable

4/20/26

@

100(a)(b)

.........................................................

$

4,890

$

4,885

Series

2024-9A,

Class

A2R,

5.12%

(TSFR3M+145bps),

4/20/34,

Callable

4/20/26

@

100(a)(b)

.........................................................

4,400

4,392

PFP

Ltd.

.............................................................

Series

2024-11,

Class

A,

5.50%

(TSFR1M+183bps),

9/17/39,

Callable

9/17/27

@

100(a)

(b)(h) ...........................................................

1,233

1,235

Series

2026-13,

Class

A,

5.18%

(TSFR1M+150bps),

8/18/43,

Callable

7/18/28

@

100(a)

(b) .............................................................

7,650

7,656

Series

2026-13,

Class

AS,

5.33%

(TSFR1M+165bps),

8/18/43,

Callable

7/18/28

@

100(a)(b)

.........................................................

10,950

10,957

Pikes

Peak

CLO

6,

Series

2020-6A,

Class

ARR,

4.60%

(TSFR3M+94bps),

5/18/34,

Callable

5/18/26

@

100(a)(b)

.................................................

14,300

14,286

Post

CLO

Ltd.,

Series

2021-1A,

Class

AR,

4.75%

(TSFR3M+108bps),

10/15/34,

Callable

4/15/26

@

100(a)(b)

.................................................

13,000

12,968

PRPM

Issuer

LLC,

Series

2026-CRE1,

Class

A,

5.35%

(TSFR1M+167bps),

3/19/43,

Callable

4/19/28

@

100(a)(b)(h)

...............................................

13,210

13,211

Rad

CLO

Ltd.,

Series

2019-3A,

Class

XR2,

4.72%

(TSFR3M+105bps),

7/15/37,

Callable

7/15/26

@

100(a)(b)

.................................................

2,644

2,644

Recette

CLO

Ltd.,

Series

2015-1A,

Class

AR3,

4.70%

(TSFR3M+103bps),

4/20/34,

Callable

7/20/26

@

100(a)(b)

.................................................

10,000

9,989

Regatta

IX

Funding

Ltd.,

Series

2017-1A,

Class

XR,

4.72%

(TSFR3M+105bps),

4/17/37,

Callable

4/17/26

@

100(a)(b)

..........................................

557

557

Regatta

VII

Funding

Ltd.,

Series

2016-1A,

Class

X,

4.80%

(TSFR3M+111bps),

6/20/34,

Callable

6/20/26

@

100(a)(b)

..........................................

Regatta

X

Funding

Ltd.,

Series

2017-3A,

Class

X,

4.67%

(TSFR3M+100bps),

7/17/37,

Callable

7/17/26

@

100(a)(b)

..........................................

3,092

3,087

Sculptor

CLO

XXX

Ltd.,

Series

30A,

Class

XR,

4.72%

(TSFR3M+105bps),

7/20/38,

Callable

7/20/27

@

100(a)(b)

.................................................

2,571

2,573

Signal

Peak

CLO

Ltd.

..................................................

Series

2017-4A,

Class

AR2,

4.79%

(TSFR3M+112bps),

10/26/34,

Callable

7/26/26

@

100(a)(b)

.........................................................

8,000

7,993

Series

2017-4A,

Class

XR2,

4.52%

(TSFR3M+85bps),

10/26/34,

Callable

7/26/26

@

100(a)(b)

.........................................................

1,000

1,000

Silver

Rock

CLO

II

Ltd.,

Series

2021-2A,

Class

X,

4.98%

(TSFR3M+131bps),

1/20/35,

Callable

4/20/26

@

100(a)(b)

..........................................

Silver

Rock

CLO

III,

Series

2023-3A,

Class

XR,

4.62%

(TSFR3M+95bps),

1/20/38,

Callable

1/20/28

@

100(a)(b)

.................................................

2,125

2,125

Silver

Rock

CLO

IV

Ltd.,

Series

2024-4A,

Class

X,

4.87%

(TSFR3M+120bps),

10/20/37,

Callable

10/20/26

@

100(a)(b)

.........................................

3,333

3,333

Sixth

Street

CLO

IX

Ltd.,

Series

2017-9A,

Class

X,

4.62%

(TSFR3M+95bps),

7/21/37,

Callable

7/21/26

@

100(a)(b)

..........................................

2,000

2,000

Sixth

Street

CLO

XII

Ltd.,

Series

2018-12A,

Class

XR2,

4.47%

(TSFR3M+80bps),

1/17/39,

Callable

1/17/28

@

100(a)(b)

..........................................

1,550

1,550

Sound

Point

CLO

V-R

Ltd.,

Series

2014-1RA,

Class

A,

5.08%

(TSFR3M+141bps),

7/18/31,

Callable

4/18/26

@

100(a)(b)

..........................................

3,292

3,292

Sound

Point

CLO

XVI

Ltd.,

Series

2017-2A,

Class

D,

7.53%

(TSFR3M+386bps),

7/25/30,

Callable

4/25/26

@

100(a)(b)

..........................................

3,000

2,999

Sound

Point

CLO

XX

Ltd.,

Series

2018-2A,

Class

A,

5.03%

(TSFR3M+136bps),

7/26/31,

Callable

4/26/26

@

100(a)(b)

..........................................

851

850

Sound

Point

CLO

XXXIII

Ltd.,

Series

2022-1A,

Class

AR,

4.77%

(TSFR3M+110bps),

4/20/35(a)(b)

......................................................

10,000

10,000

Starwood

LLC

.........................................................

Series

2024-SIF4A,

Class

A,

5.37%

(TSFR3M+170bps),

10/17/36,

Callable

4/17/26

@

100(a)(b)

.........................................................

14,000

14,006

Series

2024-SIF4A,

Class

C,

6.17%

(TSFR3M+250bps),

10/17/36,

Callable

4/17/26

@

100(a)(b)

.........................................................

2,390

2,391

Series

2025-SIF5A,

Class

A,

5.22%

(TSFR3M+155bps),

4/15/37,

Callable

10/15/26

@

100(a)(b)

.........................................................

10,110

10,110

Series

2025-SIF5A,

Class

D,

7.27%

(TSFR3M+360bps),

4/15/37,

Callable

10/15/26

@

100(a)(b)

.........................................................

2,130

2,134

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) STWD

Ltd.

...........................................................

Series

2021-FL2,

Class

A,

4.99%

(TSFR1M+131bps),

4/18/38,

Callable

4/16/26

@

100(a)(b)

.........................................................

$

933

$

933

Series

2022-FL3,

Class

A,

5.02%

(SOFR30A+135bps),

11/15/38,

Callable

4/15/26

@

100(a)(b)

.........................................................

660

660

Symphony

CLO

Ltd.,

Series

2025-52A,

Class

XR,

4.57%

(TSFR3M+90bps),

1/20/36,

Callable

1/16/27

@

100(a)(b)

..........................................

5,500

5,499

Symphony

CLO

XIX

Ltd.,

Series

2018-19A,

Class

A,

4.89%

(TSFR3M+122bps),

4/16/31,

Callable

4/16/26

@

100(a)(b)

..........................................

Trestles

CLO

IV

Ltd.,

Series

2021-4A,

Class

X,

4.69%

(TSFR3M+90bps),

10/30/38,

Callable

1/30/28

@

100(a)(b)

.................................................

4,000

4,000

Trimaran

CAVU

Ltd.,

Series

2022-2A,

Class

XR,

4.62%

(TSFR3M+95bps),

3/27/38,

Callable

4/20/27

@

100(a)(b)

.................................................

Trinitas

CLO

VII

Ltd.,

Series

2017-7A,

Class

A1R2,

4.73%

(TSFR3M+106bps),

1/25/35,

Callable

7/25/26

@

100(a)(b)

..........................................

12,000

11,965

Trinitas

CLO

XI

Ltd.,

Series

2019-11A,

Class

X,

4.86%

(TSFR3M+119bps),

7/15/34,

Callable

4/15/26

@

100(a)(b)

.................................................

690

690

TRTX

Issuer

Ltd.

.......................................................

Series

2022-FL5,

Class

A,

5.33%

(TSFR1M+165bps),

2/15/39,

Callable

4/15/26

@

100(a)(b)

.........................................................

12,964

12,964

Series

2022-FL5,

Class

AS,

5.83%

(TSFR1M+215bps),

2/15/39,

Callable

4/15/26

@

100(a)(b)

.........................................................

13,500

13,515

Series

2025-FL6,

Class

A,

5.22%

(TSFR1M+154bps),

9/18/42,

Callable

9/18/27

@

100(a)(b)(h)

.......................................................

18,650

18,680

Twin

Brook

CLO

LLC,

Series

2024-2A,

Class

CR,

1.99%

(TSFR3M+195bps),

10/20/35,

Callable

10/20/26

@

100(a)(b)

.........................................

13,000

12,935

Venture

CLO

Ltd.,

Series

2021-41A,

Class

A1RR,

4.80%

(TSFR3M+113bps),

1/20/34,

Callable

4/20/26

@

100(a)(b)

..........................................

10,680

10,681

Voya

CLO

Ltd.

........................................................

Series

2019-1A,

Class

X,

4.87%

(TSFR3M+120bps),

10/15/37,

Callable

10/15/26

@

100(a)(b)

.........................................................

3,333

3,334

Series

2024-6A,

Class

X,

4.77%

(TSFR3M+110bps),

1/20/38,

Callable

1/20/27

@

100(a)

(b) .............................................................

3,143

3,143

Wellfleet

CLO

Ltd.,

Series

2022-1A,

Class

XR,

4.87%

(TSFR3M+120bps),

7/15/37,

Callable

7/15/26

@

100(a)(b)

.................................................

3,684

3,686

Wind

River

CLO

Ltd.,

Series

2023-1A,

Class

XR,

4.82%

(TSFR3M+115bps),

7/25/38,

Callable

7/25/27

@

100(a)(b)

..........................................

1,400

1,400

Woodmont

Trust,

Series

2023-12A,

Class

A1R,

5.07%

(TSFR3M+140bps),

10/25/32,

Callable

4/25/26

@

100(a)(b)

.................................................

12,330

12,330

Z

Capital

Credit

Partners

CLO

Ltd.

..........................................

Series

2019-1A,

Class

BR,

5.93%

(TSFR3M+226bps),

7/16/31,

Callable

4/16/26

@

100(a)(b)

.........................................................

6,500

6,498

Series

2019-1A,

Class

DR,

8.93%

(TSFR3M+526bps),

7/16/31,

Callable

4/16/26

@

100(a)(b)

.........................................................

6,000

5,994

Series

2021-1A,

Class

A2AR,

5.47%

(TSFR3M+180bps),

7/15/33,

Callable

4/15/26

@

100(a)(b)

.........................................................

12,010

12,010

Zais

CLO

Ltd.

.........................................................

Series

2019-13A,

Class

A1AR,

4.97%

(TSFR3M+130bps),

7/15/32,

Callable

4/15/26

@

100(a)(b)

.........................................................

Series

2020-16A,

Class

A1R2,

4.80%

(TSFR3M+113bps),

10/20/34,

Callable

4/20/26

@

100(a)(b)

.........................................................

8,000

7,965

1,301,592

Total

Collateralized

Loan

Obligations

(Cost

$1,300,967)

a

a

a

1,301,592

Collateralized

Mortgage

Obligations

(14.3%)

Agency

CMO

Floating

(2.7%):

Fannie

Mae

Trust,

Series

2003-W6,

Class

F,

4.13%

(SOFR30A+46bps),

9/25/42,

Callable

4/25/26

@

100(b)

...................................................

640

638

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

2003-107,

Class

FD,

4.28%

(SOFR30A+61bps),

11/25/33(b)

...............

Series

2004-54,

Class

FN,

4.23%

(SOFR30A+56bps),

7/25/34(b)

................

Series

2006-104,

Class

GF,

4.10%

(SOFR30A+43bps),

11/25/36(b)

...............

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2006-11,

Class

FB,

4.08%

(SOFR30A+41bps),

3/25/36(b)

.................

$

$

Series

2006-115,

Class

BF,

4.02%

(SOFR30A+35bps),

12/25/36(b)

...............

Series

2006-34,

Class

FA,

4.09%

(SOFR30A+42bps),

5/25/36(b)

.................

Series

2006-56,

Class

FC,

4.07%

(SOFR30A+40bps),

7/25/36(b)

.................

Series

2006-70,

Class

BF,

4.33%

(SOFR30A+66bps),

8/25/36(b)

.................

Series

2007-58,

Class

FA,

4.03%

(SOFR30A+36bps),

6/25/37(b)

.................

Series

2025-85,

Class

FH,

4.56%

(SOFR30A+90bps),

10/25/55(b)

................

29,953

30,104

Series

2106,

Class

F,

4.24%

(SOFR30A+56bps),

12/15/28(b)

...................

Series

2122,

Class

FD,

4.14%

(SOFR30A+46bps),

2/15/29(b)

...................

Series

2186,

Class

FY,

4.39%

(SOFR30A+71bps),

4/15/28(b)

...................

Series

2368,

Class

AF,

4.74%

(SOFR30A+106bps),

10/15/31(b)

.................

Series

2411,

Class

FR,

4.39%

(SOFR30A+71bps),

6/15/31(b)

...................

Series

2432,

Class

FH,

4.49%

(SOFR30A+81bps),

3/15/32(b)

...................

Series

2471,

Class

FD,

4.79%

(SOFR30A+111bps),

3/15/32(b)

..................

Series

2498,

Class

FQ,

4.39%

(SOFR30A+71bps),

9/15/32(b)

...................

Series

2543,

Class

EF,

4.14%

(SOFR30A+46bps),

12/15/32(b)

..................

Series

2551,

Class

FD,

4.19%

(SOFR30A+51bps),

1/15/33(b)

...................

Series

2567,

Class

FJ,

4.19%

(SOFR30A+51bps),

2/15/33(b)

...................

Series

2577,

Class

FA,

4.34%

(SOFR30A+66bps),

2/15/33(b)

...................

Series

2585,

Class

FD,

4.29%

(SOFR30A+61bps),

12/15/32(b)

..................

Series

2614,

Class

FV,

5.28%

(SOFR30A+161bps),

5/15/33(b)

..................

Series

2631,

Class

FC,

4.19%

(SOFR30A+51bps),

6/15/33(b)

...................

Series

2711,

Class

FA,

4.79%

(SOFR30A+111bps),

11/15/33(b)

.................

Series

2976,

Class

LF,

4.13%

(SOFR30A+45bps),

5/15/35(b)

...................

Series

3012,

Class

FE,

4.04%

(SOFR30A+36bps),

8/15/35(b)

...................

Series

3067,

Class

FA,

4.14%

(SOFR30A+46bps),

11/15/35(b)

..................

Series

3117,

Class

EF,

4.14%

(SOFR30A+46bps),

2/15/36(b)

...................

Series

3122,

Class

FP,

4.09%

(SOFR30A+41bps),

3/15/36(b)

...................

Series

3147,

Class

PF,

4.09%

(SOFR30A+41bps),

4/15/36(b)

...................

Series

3175,

Class

FE,

4.10%

(SOFR30A+42bps),

6/15/36(b)

...................

Series

3191,

Class

FE,

4.19%

(SOFR30A+51bps),

7/15/36(b)

...................

Series

3221,

Class

FW,

4.21%

(SOFR30A+53bps),

9/15/36(b)

...................

Series

3222,

Class

FN,

4.19%

(SOFR30A+51bps),

9/15/36(b)

...................

Series

3247,

Class

FA,

4.04%

(SOFR30A+36bps),

8/15/36(b)

...................

Series

3266,

Class

F,

4.09%

(SOFR30A+41bps),

1/15/37(b)

....................

Series

3307,

Class

FT,

4.03%

(SOFR30A+35bps),

7/15/34(b)

...................

Series

3315,

Class

F,

4.13%

(SOFR30A+45bps),

5/15/37(b)

....................

Series

3376,

Class

FM,

4.41%

(SOFR30A+73bps),

10/15/37(b)

..................

Series

3560,

Class

FA,

5.04%

(SOFR30A+136bps),

5/15/37(b)

..................

Series

3708,

Class

PF,

4.14%

(SOFR30A+46bps),

7/15/40(b)

...................

Series

3867,

Class

FD,

4.14%

(SOFR30A+46bps),

5/15/41(b)

...................

Series

4056,

Class

QF,

4.14%

(SOFR30A+46bps),

12/15/41(b)

..................

Series

5563,

Class

FB,

4.61%

(SOFR30A+95bps),

6/25/55(b)

...................

11,592

11,670

Series

5574,

Class

F,

4.56%

(SOFR30A+90bps),

9/25/55(b)

....................

30,002

30,135

Series

5576,

Class

FD,

4.51%

(SOFR30A+85bps),

9/25/55(b)

...................

6,612

6,632

Series

5592,

Class

PF,

4.56%

(SOFR30A+90bps),

5/25/55(b)

...................

23,847

23,965

Series

5594,

Class

FA,

4.56%

(SOFR30A+90bps),

11/25/53(b)

..................

25,726

25,852

Federal

Home

Loan

Mortgage

Corporation,

REMICS

.............................

Series

2377,

Class

FE,

4.39%

(SOFR30A+71bps),

11/15/31,

Callable

4/15/26

@

100(b)

Series

2439,

Class

F,

4.79%

(SOFR30A+111bps),

3/15/32(b)

....................

Series

2470,

Class

AF,

4.79%

(SOFR30A+111bps),

3/15/32(b)

..................

Series

2916,

Class

NF,

4.04%

(SOFR30A+36bps),

1/15/35(b)

...................

Series

3042,

Class

PF,

4.04%

(SOFR30A+36bps),

8/15/35(b)

...................

Series

3102,

Class

FG,

4.09%

(SOFR30A+41bps),

1/15/36(b)

...................

Series

3117,

Class

FE,

4.09%

(SOFR30A+41bps),

2/15/36(b)

...................

Series

3173,

Class

FC,

4.21%

(SOFR30A+53bps),

6/15/36(b)

...................

Series

3181,

Class

HF,

4.29%

(SOFR30A+61bps),

7/15/36(b)

...................

Series

3239,

Class

EF,

4.14%

(SOFR30A+46bps),

11/15/36(b)

..................

Series

3239,

Class

FB,

4.14%

(SOFR30A+46bps),

11/15/36(b)

..................

Series

3373,

Class

FB,

4.37%

(SOFR30A+69bps),

10/15/37(b)

..................

Series

3610,

Class

FA,

4.49%

(SOFR30A+81bps),

12/15/39(b)

..................

Federal

Home

Loan

Mortgage

Corporation,

STRIPS

..............................

Series

237,

Class

F14,

4.19%

(SOFR30A+51bps),

5/15/36(b)

...................

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

239,

Class

F30,

4.09%

(SOFR30A+41bps),

8/15/36(b)

...................

$

$

Series

244,

Class

F22,

4.14%

(SOFR30A+46bps),

12/15/36(b)

..................

Federal

National

Mortgage

Association

.......................................

Series

1997-46,

Class

FA,

4.29%

(SOFR30A+61bps),

7/18/27(b)

.................

—(e)

—(e)

Series

2000-47,

Class

FD,

4.33%

(SOFR30A+66bps),

12/25/30(b)

................

Series

2001-35,

Class

F,

4.38%

(SOFR30A+71bps),

7/25/31(b)

..................

Series

2001-37,

Class

F,

4.28%

(SOFR30A+61bps),

8/25/31(b)

..................

Series

2001-50,

Class

FQ,

4.38%

(SOFR30A+71bps),

11/25/31(b)

................

Series

2001-65,

Class

F,

4.38%

(SOFR30A+71bps),

11/25/31(b)

.................

Series

2001-69,

Class

FA,

4.38%

(SOFR30A+71bps),

7/25/31(b)

.................

Series

2002-1,

Class

FC,

4.48%

(SOFR30A+81bps),

1/25/32(b)

.................

Series

2002-13,

Class

FD,

4.68%

(SOFR30A+101bps),

3/25/32(b)

................

Series

2002-34,

Class

FA,

4.29%

(SOFR30A+61bps),

5/18/32(b)

.................

Series

2002-56,

Class

FN,

4.78%

(SOFR30A+111bps),

7/25/32(b)

................

Series

2002-58,

Class

FD,

4.38%

(SOFR30A+71bps),

8/25/32(b)

................

Series

2002-77,

Class

F,

4.38%

(SOFR30A+71bps),

12/25/32(b)

.................

Series

2002-82,

Class

FB,

4.28%

(SOFR30A+61bps),

12/25/32(b)

................

Series

2002-90,

Class

FH,

4.28%

(SOFR30A+61bps),

9/25/32(b)

................

Series

2002-92,

Class

FB,

4.43%

(SOFR30A+76bps),

4/25/30(b)

.................

Series

2003-31,

Class

FM,

4.28%

(SOFR30A+61bps),

4/25/33(b)

................

Series

2003-7,

Class

FA,

4.53%

(SOFR30A+86bps),

2/25/33(b)

..................

Series

2005-W3,

Class

2AF,

4.00%

(SOFR30A+33bps),

3/25/45,

Callable

4/25/26

@

100(b)

...........................................................

Series

2007-100,

Class

YF,

4.33%

(SOFR30A+66bps),

10/25/37(b)

...............

Series

2007-103,

Class

AF,

4.78%

(SOFR30A+111bps),

3/25/37(b)

...............

Series

2007-57,

Class

FA,

4.01%

(SOFR30A+34bps),

6/25/37(b)

.................

Series

2007-66,

Class

FB,

4.18%

(SOFR30A+51bps),

7/25/37(b)

.................

Series

2007-85,

Class

FG,

4.28%

(SOFR30A+61bps),

9/25/37(b)

................

Series

2007-91,

Class

FB,

4.38%

(SOFR30A+71bps),

10/25/37(b)

................

Series

2007-93,

Class

FD,

4.33%

(SOFR30A+66bps),

9/25/37(b)

................

Series

2007-98,

Class

FD,

4.23%

(SOFR30A+56bps),

6/25/37(b)

................

Series

2007-W1,

Class

1AF1,

4.04%

(SOFR30A+37bps),

11/25/46,

Callable

4/25/27

@

100(b)

...........................................................

Series

2008-6,

Class

FA,

4.48%

(SOFR30A+81bps),

2/25/38(b)

..................

Series

2009-113,

Class

FB,

4.33%

(SOFR30A+66bps),

1/25/40(b)

................

Series

2010-43,

Class

FD,

4.38%

(SOFR30A+71bps),

5/25/40(b)

................

Series

2010-43,

Class

IF,

4.28%

(SOFR30A+61bps),

5/25/40(b)

.................

Series

2012-40,

Class

PF,

4.28%

(SOFR30A+61bps),

4/25/42(b)

.................

Series

2024-98,

Class

F,

4.56%

(SOFR30A+90bps),

1/25/55(b)

..................

18,273

18,346

Series

2025-15,

Class

FE,

4.56%

(SOFR30A+90bps),

4/25/55(b)

.................

18,349

18,435

Series

2025-43,

Class

FH,

4.51%

(SOFR30A+85bps),

1/25/55(b)

................

25,878

25,952

Series

2025-77,

Class

FC,

4.51%

(SOFR30A+85bps),

5/25/55(b)

.................

15,774

15,823

Series

2025-78,

Class

PF,

4.56%

(SOFR30A+90bps),

9/25/55(b)

.................

7,757

7,792

Federal

National

Mortgage

Association,

REMICS

................................

Series

2001-72,

Class

FB,

4.68%

(SOFR30A+101bps),

12/25/31(b)

...............

Series

2001-81,

Class

FL,

4.44%

(SOFR30A+76bps),

1/18/32(b)

.................

Series

2002-93,

Class

FH,

4.28%

(SOFR30A+61bps),

1/25/33(b)

................

Series

2003-42,

Class

JF,

4.28%

(SOFR30A+61bps),

5/25/33(b)

.................

Series

2003-8,

Class

FJ,

4.13%

(SOFR30A+46bps),

2/25/33(b)

..................

Series

2004-52,

Class

FW,

4.18%

(SOFR30A+51bps),

7/25/34(b)

................

Series

2005-83,

Class

KT,

4.08%

(SOFR30A+41bps),

10/25/35(b)

................

Series

2005-83,

Class

LF,

4.09%

(SOFR30A+42bps),

2/25/35(b)

.................

Series

2006-42,

Class

CF,

4.23%

(SOFR30A+56bps),

6/25/36(b)

.................

Series

2006-82,

Class

F,

4.35%

(SOFR30A+68bps),

9/25/36(b)

..................

Series

2007-110,

Class

FA,

4.40%

(SOFR30A+73bps),

12/25/37(b)

...............

Series

2007-13,

Class

FA,

4.03%

(SOFR30A+36bps),

3/25/37(b)

.................

Series

2007-2,

Class

FT,

4.03%

(SOFR30A+36bps),

2/25/37(b)

..................

Series

2007-41,

Class

FA,

4.18%

(SOFR30A+51bps),

5/25/37(b)

.................

Series

2007-50,

Class

FN,

4.02%

(SOFR30A+35bps),

6/25/37(b)

................

Series

2007-7,

Class

FJ,

3.98%

(SOFR30A+31bps),

2/25/37(b)

..................

Series

2007-92,

Class

OF,

4.35%

(SOFR30A+68bps),

9/25/37(b)

.................

Series

2008-88,

Class

FA,

5.00%

(SOFR30A+133bps),

10/25/38(b)

...............

Freddie

Mac

Strips,

Series

239,

Class

F29,

4.04%

(SOFR30A+36bps),

8/15/36(b)

.........

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Government

National

Mortgage

Association

....................................

Series

2003-7,

Class

FB,

3.99%

(TSFR1M+31bps),

1/16/33(b)

..................

$

$

Series

2005-16,

Class

FA,

4.04%

(TSFR1M+36bps),

2/20/35(b)

.................

Series

2005-3,

Class

FC,

4.04%

(TSFR1M+36bps),

1/16/35(b)

..................

Series

2008-69,

Class

FA,

4.29%

(TSFR1M+61bps),

8/20/38(b)

.................

Series

2009-66,

Class

UF,

4.79%

(TSFR1M+111bps),

8/16/39(b)

.................

Series

2009-92,

Class

FJ,

4.47%

(TSFR1M+79bps),

10/16/39(b)

.................

221,000

Agency

CMO

Other

(0.0%):(i)

Federal

National

Mortgage

Association

.......................................

Series

2005-W3,

Class

3A,

4.84%,

4/25/45,

Callable

4/25/26

@

100(d)

............

Series

2005-W4,

Class

3A,

5.62%,

6/25/45,

Callable

9/25/27

@

100(d)

............

Commercial

MBS

(3.7%):

BLP

Commercial

Mortgage

Trust,

Series

2024-IND2,

Class

A,

5.01%

(TSFR1M+134bps),

3/15/41(a)(b)(h)

....................................................

23,370

23,375

BX

Commercial

Mortgage

Trust

............................................

Series

2021-21M,

Class

A,

4.52%

(TSFR1M+84bps),

10/15/36(a)(b)(h)

............

1,458

1,457

Series

2021-CIP,

Class

B,

5.06%

(TSFR1M+139bps),

12/15/38(a)(b)(h)

............

10,162

10,152

Series

2024-AIRC,

Class

A,

5.36%

(TSFR1M+169bps),

8/15/41(a)(b)(h)

...........

11,795

11,806

Series

2024-SLCT,

Class

A,

5.00%

(TSFR1M+132bps),

1/15/42(a)(b)(h)

...........

12,960

12,911

Series

2024-SLCT,

Class

E,

7.06%

(TSFR1M+339bps),

1/15/42(a)(b)(h)

...........

5,080

5,070

BX

Trust,

Series

2021-RISE,

Class

A,

4.53%

(TSFR1M+86bps),

11/15/36(a)(b)(h)

........

8,433

8,428

BXP

Trust,

Series

2017-CQHP,

Class

B,

4.82%

(TSFR1M+115bps),

11/15/34(a)(b)(h)

.....

8,000

7,475

CG-CCRE

Commercial

Mortgage

Trust,

Series

2014-FL1,

Class

B,

4.94%

(TSFR1M+126bps),

6/15/31,

Callable

6/15/26

@

100(a)(b)(h)

..................................

2,171

2,144

CLNY

Trust,

Series

2019-IKPR,

Class

B,

5.51%

(TSFR1M+184bps),

11/15/38(a)(b)(h)

....

7,500

7,387

COMM

Mortgage

Trust,

Series

2024-WCL1,

Class

A,

5.51%

(TSFR1M+184bps),

6/15/41(a)

(b)(h) ...........................................................

14,000

13,952

EQUS

Mortgage

Trust,

Series

2021-EQAZ,

Class

A,

4.69%

(TSFR1M+102bps),

10/15/38,

Callable

10/15/26

@

100(a)(b)(h)

.......................................

9,141

9,135

GS

Mortgage

Securities

Corp.

Trust

..........................................

Series

2018-TWR,

Class

A,

4.87%

(TSFR1M+120bps),

7/15/31(a)(b)(h)

...........

8,720

6,649

Series

2020-DUNE,

Class

A,

5.04%

(TSFR1M+136bps),

12/15/36(a)(b)(h)

.........

9,093

9,081

Series

2020-DUNE,

Class

E,

6.44%

(TSFR1M+276bps),

12/15/36(a)(b)(h)

.........

4,078

3,893

HIH

Trust,

Series

2024-61P,

Class

A,

5.51%

(TSFR1M+184bps),

10/15/41(a)(b)(h)

........

9,435

9,435

Hilt

Commercial

Mortgage

Trust

............................................

Series

2024-ORL,

Class

A,

5.21%

(TSFR1M+154bps),

5/15/37(a)(b)(h)

............

3,980

3,977

Series

2024-ORL,

Class

B,

5.61%

(TSFR1M+194bps),

5/15/37(a)(b)(h)

............

5,470

5,467

HTL

Commercial

Mortgage

Trust

...........................................

Series

2024-T53,

Class

C,

7.09%,

5/10/39(a)(d)(h)

...........................

1,000

1,009

Series

2024-T53,

Class

D,

8.20%,

5/10/39(a)(d)(h)

...........................

4,515

4,573

HYT

Commercial

Mortgage

Trust,

Series

2024-RGCY,

Class

A,

5.51%

(TSFR1M+184bps),

9/15/41(a)(b)(h)

....................................................

7,255

7,255

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

..........................

Series

2018-WPT,

Class

CFL,

5.56%

(TSFR1M+189bps),

7/5/33(a)(b)(h)

..........

4,000

2,840

Series

2019-BKWD,

Class

C,

5.89%

(TSFR1M+221bps),

9/15/29(a)(b)(h)

..........

3,600

3,078

Series

2019-MFP,

Class

E,

5.88%

(TSFR1M+221bps),

7/15/36(a)(b)(h)

............

4,226

2,916

Series

2024-OMNI,

Class

B,

5.80%,

10/5/39(a)(d)(h)

.........................

2,200

2,202

KIND

Trust,

Series

2021-KIND,

Class

A,

4.74%

(TSFR1M+106bps),

8/15/38(a)(b)(h)

.....

9,917

9,868

MCR

Mortgage

Trust

....................................................

Series

2024-HF1,

Class

A,

5.47%

(TSFR1M+179bps),

12/15/41(a)(b)(h)

...........

3,682

3,682

Series

2024-HTL,

Class

B,

6.08%

(TSFR1M+241bps),

2/15/37(a)(b)(h)

............

5,582

5,575

Series

2024-TWA,

Class

A,

5.92%,

6/12/39(a)(h)

............................

4,330

4,361

MHP

Commercial

Mortgage

Trust,

Series

2025-MHIL2,

Class

A,

5.17%

(TSFR1M+150bps),

9/15/40(a)(b)(h)

....................................................

11,480

11,429

Morgan

Stanley

Capital

I

Trust,

Series

2018-BOP,

Class

B,

4.97%

(TSFR1M+130bps),

8/15/33(a)(b)(h)

....................................................

7,980

5,246

Natixis

Commercial

Mortgage

Securities

Trust,

Series

2019-MILE,

Class

B,

5.55%

(TSFR1M+188bps),

7/15/36(a)(b)(h)

.....................................

3,490

3,304

PRM

Trust,

Series

2025-PRM6,

Class

E,

6.58%,

7/5/33(a)(d)(h)

.....................

4,350

4,330

SHR

Trust,

Series

2024-LXRY,

Class

A,

5.62%

(TSFR1M+195bps),

10/15/41(a)(b)(h)

.....

18,840

18,816

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) SKY

Trust,

Series

2025-LINE,

Class

A,

6.26%

(TSFR1M+259bps),

4/15/42(a)(b)

.........

$

8,111

$

8,141

SREIT

Trust,

Series

2021-MFP2,

Class

A,

4.61%

(TSFR1M+94bps),

11/15/36(a)(b)(h)

.....

15,900

15,890

THPT

Mortgage

Trust

...................................................

Series

2023-THL,

Class

A,

7.00%,

12/10/34(a)(d)(h)

.........................

5,431

5,470

Series

2023-THL,

Class

B,

7.67%,

12/10/34(a)(d)(h)

.........................

4,150

4,179

TX

Trust,

Series

2024-HOU,

Class

A,

5.26%

(TSFR1M+159bps),

6/15/39(a)(b)(h)

........

6,000

5,992

Velocity

Commercial

Capital

Loan

Trust

......................................

Series

2023-1,

Class

A,

6.47%,

1/25/53,

Callable

12/25/27

@

100(a)(d)

............

1,388

1,394

Series

2024-1,

Class

A,

6.55%,

1/25/54,

Callable

5/25/28

@

100(a)(d)

.............

3,017

3,050

Series

2024-2,

Class

A,

6.58%,

4/25/54,

Callable

12/25/33

@

100(a)(d)

............

2,638

2,668

Series

2026-1,

Class

A,

5.10%,

2/25/56,

Callable

2/25/29

@

100(a)(d)

.............

5,492

5,415

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2026-1250B,

Class

A,

4.83%,

3/10/41(a)(d)(h)

3,740

3,704

XCAL

Mortgage

Trust,

Series

2019-1,

Class

A,

7.53%

(TSFR1M+386bps),

11/6/23(a)(b)(c)(f)

(h) .............................................................

8,715

610

XCALI

Mortgage

Trust,

Series

2020-5,

Class

A,

7.05%

(TSFR1M+337bps),

5/15/26(a)(b)(h)

826

823

299,614

Private

CMO

Floating

(6.5%):

Bellemeade

Re

Ltd.,

Series

2025-1,

Class

M1A,

5.21%

(SOFR30A+155bps),

10/25/35,

Callable

8/25/28

@

100(a)(b)

..........................................

2,069

2,069

Chase

Mortgage

Finance

Corp.

.............................................

Series

2021-CL1,

Class

M1,

4.86%

(SOFR30A+120bps),

2/25/50,

Callable

6/25/39

@

100(a)(b)

.........................................................

6,012

5,869

Series

2021-CL1,

Class

M2,

5.01%

(SOFR30A+135bps),

2/25/50,

Callable

6/25/39

@

100(a)(b)

.........................................................

1,556

1,509

Series

2021-CL1,

Class

M3,

5.21%

(SOFR30A+155bps),

2/25/50,

Callable

6/25/39

@

100(a)(b)

.........................................................

896

868

Connecticut

Avenue

Securities

Trust

.........................................

Series

2022-R01,

Class

1M1,

4.66%

(SOFR30A+100bps),

12/25/41,

Callable

12/25/26

@

100(a)(b)

.........................................................

1,134

1,133

Series

2022-R02,

Class

2M2,

6.66%

(SOFR30A+300bps),

1/25/42,

Callable

1/25/27

@

100(a)(b)

.........................................................

13,512

13,654

Series

2022-R09,

Class

2M1,

6.16%

(SOFR30A+250bps),

9/25/42,

Callable

9/25/27

@

100(a)(b)

.........................................................

1,047

1,057

Series

2023-R03,

Class

2M1,

6.16%

(SOFR30A+250bps),

4/25/43,

Callable

4/25/28

@

100(a)(b)

.........................................................

1,137

1,147

Series

2023-R06,

Class

1M1,

5.36%

(SOFR30A+170bps),

7/25/43,

Callable

7/25/28

@

100(a)(b)

.........................................................

1,721

1,723

Series

2023-R07,

Class

2M1,

5.61%

(SOFR30A+195bps),

9/25/43,

Callable

9/25/28

@

100(a)(b)

.........................................................

Series

2024-R01,

Class

1M1,

4.71%

(SOFR30A+105bps),

1/25/44,

Callable

1/25/29

@

100(a)(b)

.........................................................

1,680

1,679

Series

2024-R02,

Class

1M1,

4.76%

(SOFR30A+110bps),

2/25/44,

Callable

2/25/29

@

100(a)(b)

.........................................................

1,363

1,362

Series

2024-R03,

Class

2M1,

4.81%

(SOFR30A+115bps),

3/25/44,

Callable

3/25/29

@

100(a)(b)

.........................................................

4,245

4,241

Series

2024-R03,

Class

2M2,

5.61%

(SOFR30A+195bps),

3/25/44,

Callable

3/25/29

@

100(a)(b)

.........................................................

10,370

10,386

Series

2024-R04,

Class

1A1,

4.66%

(SOFR30A+100bps),

5/25/44,

Callable

5/25/29

@

100(a)(b)

.........................................................

20,977

20,970

Series

2024-R04,

Class

1M1,

4.76%

(SOFR30A+110bps),

5/25/44,

Callable

5/25/29

@

100(a)(b)

.........................................................

802

802

Series

2024-R05,

Class

2A1,

4.66%

(SOFR30A+100bps),

7/25/44,

Callable

7/25/29

@

100(a)(b)

.........................................................

16,400

16,359

Series

2024-R06,

Class

1A1,

4.81%

(SOFR30A+115bps),

9/25/44,

Callable

9/25/29

@

100(a)(b)

.........................................................

7,648

7,645

Series

2025-R01,

Class

1A1,

4.61%

(SOFR30A+95bps),

1/25/45,

Callable

1/25/30

@

100(a)(b)

.........................................................

11,120

11,092

Series

2025-R01,

Class

1M1,

4.76%

(SOFR30A+110bps),

1/25/45,

Callable

1/25/30

@

100(a)(b)

.........................................................

7,920

7,905

Series

2025-R02,

Class

1A1,

4.66%

(SOFR30A+100bps),

2/25/45,

Callable

2/25/30

@

100(a)(b)

.........................................................

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2025-R02,

Class

1M1,

4.81%

(SOFR30A+115bps),

2/25/45,

Callable

2/25/30

@

100(a)(b)

.........................................................

$

3,323

$

3,321

Series

2025-R03,

Class

2A1,

5.11%

(SOFR30A+145bps),

3/25/45,

Callable

3/25/30

@

100(a)(b)

.........................................................

4,107

4,115

Series

2025-R04,

Class

1M1,

4.86%

(SOFR30A+120bps),

5/25/45,

Callable

5/25/30

@

100(a)(b)

.........................................................

3,354

3,355

Series

2025-R05,

Class

2A1,

4.66%

(SOFR30A+100bps),

7/25/45,

Callable

7/25/30

@

100(a)(b)

.........................................................

7,027

7,020

Series

2025-R05,

Class

2M1,

4.86%

(SOFR30A+120bps),

7/25/45,

Callable

7/25/30

@

100(a)(b)

.........................................................

11,428

11,417

Series

2025-R06,

Class

1A1,

4.56%

(SOFR30A+90bps),

9/25/45,

Callable

9/25/30

@

100(a)(b)

.........................................................

6,449

6,434

Series

2025-R06,

Class

1M1,

4.61%

(SOFR30A+95bps),

9/25/45,

Callable

9/25/30

@

100(a)(b)

.........................................................

8,010

7,998

Eagle

RE

Ltd.

.........................................................

Series

2021-2,

Class

M1C,

7.11%

(SOFR30A+345bps),

4/25/34,

Callable

3/25/27

@

100(a)(b)

.........................................................

592

593

Series

2023-1,

Class

M1A,

5.66%

(SOFR30A+200bps),

9/26/33,

Callable

9/25/28

@

100(a)(b)

.........................................................

676

677

Series

2023-1,

Class

M1B,

7.61%

(SOFR30A+395bps),

9/26/33,

Callable

9/25/28

@

100(a)(b)

.........................................................

6,770

6,925

Fannie

Mae

Connecticut

Avenue

Securities,

Series

2017-C04,

Class

2M2C,

6.63%

(SOFR30A+296bps),

11/25/29,

Callable

5/25/27

@

100(b)

.....................

7,265

7,411

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

2021-MN1,

Class

M1,

5.66%

(SOFR30A+200bps),

1/25/51,

Callable

1/25/29

@

100(a)(b)

.........................................................

Series

2023-HQA3,

Class

M1,

5.51%

(SOFR30A+185bps),

11/25/43,

Callable

11/25/28

@

100(a)(b)

.......................................................

5,526

5,552

Series

2024-DNA1,

Class

A1,

5.01%

(SOFR30A+135bps),

2/25/44,

Callable

2/25/29

@

100(a)(b)

.........................................................

1,329

1,329

Series

2026-DNA2,

Class

M1,

4.87%

(SOFR30A+120bps),

3/25/46,

Callable

3/25/31

@

100(a)(b)

.........................................................

28,215

28,173

Federal

Home

Loan

Mortgage

Corporation,

REMICS

.............................

Series

2021-DNA5,

Class

M2,

5.31%

(SOFR30A+165bps),

1/25/34(a)(b)

..........

1,585

1,585

Series

2021-DNA6,

Class

M2,

5.16%

(SOFR30A+150bps),

10/25/41,

Callable

10/25/26

@

100(a)(b)

.......................................................

2,437

2,439

Series

2021-DNA7,

Class

M1,

4.51%

(SOFR30A+85bps),

11/25/41,

Callable

11/25/26

@

100(a)(b)

.........................................................

976

975

Series

2022-DNA1,

Class

M2,

6.16%

(SOFR30A+250bps),

1/25/42,

Callable

1/25/27

@

100(a)(b)

.........................................................

13,000

13,097

Series

2022-DNA6,

Class

M1A,

5.81%

(SOFR30A+215bps),

9/25/42,

Callable

9/25/27

@

100(a)(b)

.......................................................

Series

2023-HQA1,

Class

M1A,

5.66%

(SOFR30A+200bps),

5/25/43,

Callable

5/25/28

@

100(a)(b)

.......................................................

1,033

1,038

Series

2023-HQA2,

Class

M1A,

5.66%

(SOFR30A+200bps),

6/25/43,

Callable

6/25/28

@

100(a)(b)

.......................................................

792

792

Series

2024-DNA1,

Class

M1,

5.01%

(SOFR30A+135bps),

2/25/44,

Callable

2/25/29

@

100(a)(b)

.........................................................

1,344

1,343

Series

2024-DNA3,

Class

A1,

4.71%

(SOFR30A+105bps),

10/25/44,

Callable

10/25/29

@

100(a)(b)

.......................................................

12,196

12,200

Series

2024-HQA2,

Class

A1,

4.91%

(SOFR30A+125bps),

8/25/44,

Callable

8/25/29

@

100(a)(b)

.........................................................

20,045

20,064

Series

2024-HQA2,

Class

M1,

4.86%

(SOFR30A+120bps),

8/25/44,

Callable

8/25/29

@

100(a)(b)

.........................................................

8,459

8,463

Series

2025-DNA1,

Class

A1,

4.61%

(SOFR30A+95bps),

1/25/45,

Callable

1/25/30

@

100(a)(b)

.........................................................

14,916

14,888

Series

2025-DNA1,

Class

M1,

4.71%

(SOFR30A+105bps),

1/25/45,

Callable

1/25/30

@

100(a)(b)

.........................................................

6,975

6,960

Series

2025-DNA4,

Class

A1,

4.56%

(SOFR30A+90bps),

10/25/45,

Callable

10/25/30

@

100(a)(b)

.........................................................

19,321

19,272

Series

2025-DNA4,

Class

M1,

4.76%

(SOFR30A+110bps),

10/25/45,

Callable

10/25/30

@

100(a)(b)

.......................................................

17,005

17,004

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2025-HQA1,

Class

A1,

4.61%

(SOFR30A+95bps),

2/25/45,

Callable

2/25/30

@

100(a)(b)

.........................................................

$

7,895

$

7,895

Series

2025-HQA1,

Class

M1,

4.81%

(SOFR30A+115bps),

2/25/45,

Callable

2/25/30

@

100(a)(b)

.........................................................

17,703

17,711

Federal

National

Mortgage

Association

.......................................

Series

2026-R01,

Class

2A1,

4.51%

(SOFR30A+85bps),

1/25/46,

Callable

1/25/31

@

100(a)(b)

.........................................................

11,198

11,128

Series

2026-R01,

Class

2M1,

4.66%

(SOFR30A+100bps),

1/25/46,

Callable

1/25/31

@

100(a)(b)

.........................................................

27,305

27,300

Series

2026-R02,

Class

1A1,

4.61%

(SOFR30A+95bps),

2/25/46,

Callable

2/25/31

@

100(a)(b)

.........................................................

12,639

12,644

Freddie

Mac

STACR

Debt

Notes

............................................

Series

2017-HQA2,

Class

M2B,

6.43%

(SOFR30A+276bps),

12/25/29,

Callable

6/25/27

@

100(b)

.........................................................

4,014

4,086

Series

2017-HRP1,

Class

M2,

6.23%

(SOFR30A+256bps),

12/25/42,

Callable

5/25/30

@

100(b)

...........................................................

843

849

Freddie

Mac

STACR

REMIC

Trust

..........................................

Series

2022-HQA1,

Class

M1A,

5.76%

(SOFR30A+210bps),

3/25/42,

Callable

3/25/27

@

100(a)(b)

.......................................................

Series

2023-DNA1,

Class

M1A,

5.76%

(SOFR30A+210bps),

3/25/43,

Callable

3/25/28

@

100(a)(b)

.......................................................

4,789

4,833

Series

2023-HQA3,

Class

A1,

5.51%

(SOFR30A+185bps),

11/25/43,

Callable

11/25/28

@

100(a)(b)

.......................................................

16,295

16,409

Series

2024-DNA2,

Class

A1,

4.91%

(SOFR30A+125bps),

5/25/44,

Callable

5/25/29

@

100(a)(b)

.........................................................

12,685

12,689

Series

2024-DNA2,

Class

M1,

4.86%

(SOFR30A+120bps),

5/25/44,

Callable

5/25/29

@

100(a)(b)

.........................................................

7,894

7,890

Series

2024-HQA1,

Class

A1,

4.91%

(SOFR30A+125bps),

3/25/44,

Callable

3/25/29

@

100(a)(b)

.........................................................

26,117

26,151

Home

Re

Ltd.

.........................................................

Series

2026-1,

Class

M1A,

4.86%

(SOFR30A+120bps),

1/25/36,

Callable

8/25/29

@

100(a)(b)

.........................................................

5,366

5,365

Series

2026-1,

Class

M1B,

5.81%

(SOFR30A+215bps),

1/25/36,

Callable

8/25/29

@

100(a)(b)

.........................................................

5,710

5,718

JP

Morgan

Mortgage

Trust

................................................

Series

2018-7FRB,

Class

A2,

4.54%

(TSFR1M+86bps),

4/25/46,

Callable

12/25/29

@

100(a)(b)

.........................................................

4,586

4,523

Series

2018-7FRB,

Class

A3,

4.54%

(TSFR1M+86bps),

4/25/46,

Callable

12/25/29

@

100(a)(b)

.........................................................

752

728

JP

Morgan

Seasoned

Mortgage

Trust,

Series

2014-1,

Class

AM,

4.29%

(TSFR1M+61bps),

5/25/33,

Callable

4/25/26

@

100(a)(b)

....................................

JPMorgan

Chase

Bank

NA

................................................

Series

2019-CL1,

Class

M1,

5.14%

(TSFR1M+146bps),

4/25/47,

Callable

11/25/31

@

100(a)(b)

.........................................................

2,547

2,538

Series

2021-CL1,

Class

M1,

4.96%

(SOFR30A+130bps),

3/25/51,

Callable

11/25/36

@

100(a)(b)

.........................................................

5,597

5,586

Merrill

Lynch

Mortgage

Investors

Trust

.......................................

Series

2003-H,

Class

A1,

4.43%

(TSFR1M+75bps),

1/25/29,

Callable

4/25/26

@

100(b)

Series

2004-B,

Class

A2,

4.74%

(TSFR6M+97bps),

5/25/29,

Callable

4/25/26

@

100(b)

Series

2004-C,

Class

A2B,

5.03%

(TSFR6M+143bps),

7/25/29,

Callable

4/25/26

@

100(b)

...........................................................

New

Residential

Mortgage

Loan

Trust,

Series

2017-5A,

Class

A1,

5.29%

(TSFR1M+161bps),

6/25/57,

Callable

5/25/30

@

100(a)(b)

....................................

4,157

4,207

Oaktown

Re

VII

Ltd.,

Series

2021-2,

Class

M1B,

6.56%

(SOFR30A+290bps),

4/25/34,

Callable

10/25/26

@

100(a)(b)

.........................................

1,304

1,313

Radnor

RE

Ltd.

........................................................

Series

2021-1,

Class

M2,

6.81%

(SOFR30A+315bps),

12/27/33,

Callable

5/25/26

@

100(a)(b)

.........................................................

729

731

Series

2021-2,

Class

M1B,

7.36%

(SOFR30A+370bps),

11/25/31,

Callable

9/25/27

@

100(a)(b)

.........................................................

2,236

2,252

Series

2023-1,

Class

M1A,

6.36%

(SOFR30A+270bps),

7/25/33,

Callable

7/25/28

@

100(a)(b)

.........................................................

1,352

1,356

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) RESI

Finance

LP,

Series

2003-CB1,

Class

B3,

5.23%

(TSFR1M+156bps),

6/10/35,

Callable

4/10/26

@

102(a)(b)

.................................................

$

628

$

532

STACR

Trust,

Series

2018-HRP1,

Class

B1,

7.53%

(SOFR30A+386bps),

4/25/43,

Callable

5/25/28

@

100(a)(b)

.................................................

3,807

3,927

Towd

Point

Mortgage

Trust,

Series

2019-HY1,

Class

A1,

4.79%

(TSFR1M+111bps),

10/25/48,

Callable

10/25/28

@

100(a)(b)

.........................................

567

567

Triangle

RE

Ltd.,

Series

2023-1,

Class

M1A,

7.06%

(SOFR30A+340bps),

11/25/33,

Callable

10/25/28

@

100(a)(b)

................................................

4,170

4,198

521,232

Private

CMO

Other

(1.4%):

Bear

Stearns

Mortgage

Securities,

Inc.,

Series

1997-6,

Class

3B1,

4.95%,

6/25/30,

Callable

4/25/26

@

100(d)

...................................................

Cascade

Funding

Mortgage

Trust

...........................................

Series

2025-HB16,

Class

A,

3.00%,

3/25/35(a)(d)

............................

6,164

6,062

Series

2025-HB16,

Class

M3,

3.00%,

3/25/35,

Callable

9/25/27

@

100(a)(d)

........

2,900

2,771

CFMT

LLC

...........................................................

Series

2024-HB14,

Class

A,

3.00%,

6/25/34,

Callable

6/25/27

@

100(a)(d)

..........

9,588

9,474

Series

2024-HB15,

Class

A,

4.00%,

8/25/34(a)(d)

............................

3,377

3,366

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

2018-1,

Class

M,

4.75%,

5/25/57,

Callable

7/25/43

@

100(d)

...............

2,251

2,225

Series

2019-3,

Class

M,

4.75%,

10/25/58,

Callable

2/25/47

@

100(d)

..............

1,960

1,933

Series

2026-DNA1,

Class

A1,

4.51%

(SOFR30A+85bps),

2/25/46,

Callable

2/25/31

@

100(a)(b)

.........................................................

25,468

25,419

Series

2026-DNA1,

Class

M1,

4.66%

(SOFR30A+100bps),

2/25/46,

Callable

2/25/31

@

100(a)(b)

.........................................................

24,747

24,654

IMS

Ecuadorian

Mortgage

Trust,

Series

2021-1,

Class

GA,

3.40%,

8/18/43(a)

...........

2,326

2,239

JP

Morgan

Mortgage

Trust

................................................

Series

2014-IVR3,

Class

B4,

5.78%,

9/25/44,

Callable

4/25/26

@

100(a)(d)

.........

823

819

Series

2018-7FRB,

Class

B1,

5.11%,

4/25/46,

Callable

12/25/29

@

100(a)(d)

........

5,503

5,467

Series

2018-7FRB,

Class

B2,

5.11%,

4/25/46,

Callable

12/25/29

@

100(a)(d)

........

5,204

5,150

JP

Morgan

Seasoned

Mortgage

Trust

.........................................

Series

2014-1,

Class

B1,

4.30%,

5/25/33,

Callable

4/25/26

@

100(a)(d)

............

Series

2014-1,

Class

B2,

4.30%,

5/25/33,

Callable

4/25/26

@

100(a)(d)

............

Series

2014-1,

Class

B3,

4.30%,

5/25/33,

Callable

4/25/26

@

100(a)(d)

............

JP

Morgan

Trust,

Series

2015-1,

Class

1A14,

5.09%,

12/25/44,

Callable

4/25/26

@

100(a)(d)

LHOME

Mortgage

Trust,

Series

2024-RTL2,

Class

A1,

7.13%,

3/25/29,

Callable

10/25/26

@

100(a)(d)(h)

.......................................................

4,490

4,494

Merrill

Lynch

Mortgage

Investors

Trust

.......................................

Series

2003-G,

Class

A3,

6.00%,

1/25/29,

Callable

4/25/26

@

100(d)

..............

Series

2004-D,

Class

A3,

5.73%,

9/25/29,

Callable

4/25/26

@

100(d)

..............

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series

2014-1A,

Class

B4,

5.88%,

6/25/44,

Callable

4/25/26

@

100(a)(d)

..........................................

2,564

2,520

Ocwen

Loan

Investment

Trust

..............................................

Series

2024-HB1,

Class

A,

3.00%,

2/25/37,

Callable

4/25/26

@

100(a)

.............

1,213

1,196

Series

2024-HB1,

Class

M1,

3.00%,

2/25/37,

Callable

4/25/26

@

100(a)

...........

2,300

2,245

Series

2024-HB1,

Class

M2,

3.00%,

2/25/37,

Callable

4/25/26

@

100(a)

...........

1,020

996

Onity

Loan

Investment

Trust

...............................................

Series

2024-HB2,

Class

A,

5.00%,

8/25/37(a)(d)

.............................

2,934

2,928

Series

2026-HB1,

Class

A,

3.00%,

3/25/39,

Callable

3/25/29

@

100(a)(d)

..........

10,000

9,681

Towd

Point

Mortgage

Trust,

Series

2020-4,

Class

XA,

3.25%,

10/25/60,

Callable

8/25/31

@

100(a)

...........................................................

114,939

Total

Collateralized

Mortgage

Obligations

(Cost

$1,172,908)

a

a

a

1,156,822

Senior

Secured

Loans

(1.9%)

Communication

Services

(0.0%):(i)

Dotdash

Meredith,

Inc.,

Term

Loan,

7.17%

(SOFR01M+350bps),

6/16/32(b)

.........

$

543

515

Level

Financing,

Inc.,

Term

Refinancing

Loan,

6.92%

(SOFR01M+325bps),

3/29/32(b)

1,139

1,141

Windstream

Services

LLC,

2025

Term

Loan,

First

Lien,

7.67%

(SOFR01M+400bps),

10/6/32(b)

........................................................

948

951

2,607

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Consumer

Discretionary

(0.3%):

American

Axle

&

Manufacturing,

Inc.,

Tranche

C

Term

Loan,

First

Lien,

6.91%

(SOFR03M+325bps),

2/3/33(b)

.........................................

$

2,327

$

2,315

Caesars

Entertainment,

Inc.,

Incremental

Term

Loan,

5.92%

(SOFR01M+225bps),

2/6/31(b)

.........................................................

2,494

2,427

Charter

Communications

Operating

LLC,

Term

Loan

B-5,

First

Lien,

5.91%

(SOFR03M+225bps),

12/15/31(b)

.......................................

2,857

2,862

Churchill

Downs,

Inc.,

2021

Incremental

Term

B

Loan,

First

Lien,

5.42%

(SOFR01M+175bps),

3/17/28(b)

........................................

Clear

Channel

Outdoor

Holdings,

Inc.,

2024

Refinancing

Term

Loan,

7.79%

(SOFR01M+400bps),

8/23/28(b)

........................................

DK

Crown

Holdings,

Inc.,

Term

B

Loans,

First

Lien,

5.42%

(SOFR01M+175bps),

3/4/32(b)

.

3,328

3,329

Fitness

International

LLC,

Term

B

Loan,

First

Lien,

8.17%

(SOFR01M+450bps),

2/12/29(b)

.

2,176

2,188

Flutter

Financing

BV,

2024

Refinancing

Term

B

Loan,

First

Lien,

5.42%

(SOFR03M+175bps),

11/29/30(b)

.......................................................

1,344

1,332

Flutter

Financing

BV,

Third

Incremental

Term

B

Loans,

First

Lien,

5.67%

(SOFR03M+200bps),

6/4/32(b)

.........................................

570

565

Great

Outdoors

Group

LLC,

Term

Loan

B,

First

Lien,

6.92%

(SOFR01M+325bps),

1/23/32(b)

2,063

2,062

Hilton

Grand

Vacations

Borrower

LLC,

Amendment

No.

Term

Loan,

First

Lien,

5.67%

(SOFR01M+200bps),

1/17/31(b)

........................................

983

981

Houghton

Mifflin

Harcourt

Co.,

Term

B

Loan,

First

Lien,

9.02%

(SOFR01M+525bps),

4/9/29(b)

.........................................................

965

820

Inspired

Educational

US

Holdings,

Inc.,

6.42%

(SOFR03M+275bps),

2/28/31(b)

.........

1,083

1,082

Live

Nation

Entertainment,

Inc.,

Initial

Term

B

Loan,

5.67%

(SOFR01M+200bps),

10/21/32(b)

963

965

Marriott

Ownership

Resorts,

Inc.,

2024

Incremental

Term

Loan,

First

Lien,

5.92%

(SOFR01M+225bps),

4/1/31(b)

.........................................

983

982

OEP

Glass

Purchaser

LLC,

7.67%

(SOFR03M+400bps),

2/26/33(b)

...................

1,382

1,363

Petco

Health

and

Wellness

Co.,

Inc.,

2026

Term

Loan,

First

Lien,

7.92%

(SOFR03M+425bps),

2/3/31(b)

.........................................................

904

885

PetSmart,

Inc.,

Initial

Term

Loan,

First

Lien,

7.67%

(SOFR01M+400bps),

8/18/32(b)

......

1,720

1,712

Valvoline,

Inc.,

Term

B

Loan,

5.67%

(SOFR01M+200bps),

12/1/32(b)

.................

998

1,002

27,595

Consumer

Staples

(0.1%):

Energizer

Holdings,

Inc.,

Initial

Term

Loan,

5.67%

(SOFR01M+200bps),

3/19/32(b)

.......

1,750

1,750

Froneri

US,

Inc.,

Facility

B6,

First

Lien,

5.88%

(SOFR06M+225bps),

9/30/32(b)

.........

1,746

1,715

Jupiter

Buyer,

Inc.,

Initial

Term

Loan,

7.67%

(SOFR03M+400bps),

11/3/31(b)

...........

507

508

Primo

Brands

Corp.,

3/31/31(j)

.............................................

980

983

4,956

Energy

(0.1%):

Bayonne

Energy

Center

LLC,

Term

B

Advance,

6.67%

(SOFR03M+300bps),

10/1/32(b)

....

1,990

1,997

Buckeye

Partners

LP,

2025

Tranche

Term

Loan,

5.42%

(SOFR01M+175bps),

11/22/32(b)

2,062

2,072

Hilcorp

Energy

I

LP,

Initial

Loan,

First

Lien,

5.43%

(SOFR01M+175bps),

2/11/30(b)

......

2,007

2,008

6,077

Financials

(0.7%):

Allspring

Buyer

LLC,

2024

Specified

Refinancing

Term

Loan,

First

Lien,

6.69%

(SOFR03M+300bps),

11/1/30(b)

........................................

744

745

Asurion

LLC,

New

Term

Loan,

First

Lien,

7.92%

(SOFR01M+425bps),

9/19/30(b)

...

1,138

1,127

Asurion

LLC,

New

Term

Term

Loan,

First

Lien,

7.43%

(SOFR01M+375bps),

2/23/33(b)

2,576

2,493

AthenaHealth

Group,

Inc.,

Initial

Term

Loan,

6.42%

(SOFR01M+275bps),

2/15/29(b)

......

645

635

Avolon

TLB

Borrower

US

LLC,

Term

Loan,

5.43%

(SOFR01M+175bps),

6/24/30(b)

.

1,195

1,199

Carriage

Purchaser,

Inc.,

Term

B

Loan,

7.17%

(SOFR01M+350bps),

9/29/28(b)

..........

1,433

1,429

Citadel

Securities

LP,

2024-1

Term

Loan,

5.67%

(SOFR03M+200bps),

10/31/31(b)

.......

1,418

1,420

Directv

Financing

LLC,

2024

Refinancing

Term

B

Loan,

First

Lien,

9.18%

(SOFR03M+525bps),

8/2/29(b)

.........................................

634

637

Eastern

Power

LLC,

Term

loan,

8.42%

(SOFR01M+475bps),

4/3/29(b)

................

807

810

First

Advantage

Holdings

LLC,

Term

Loan,

First

Lien,

6.42%

(SOFR03M+275bps),

10/31/31(b)

.......................................................

2,681

2,616

Gloves

Buyer,

Inc.,

Term

Loan,

First

Lien,

7.67%

(SOFR01M+400bps),

5/24/32(b)

.......

2,131

2,127

HIG

Finance

Limited,

2025-2

Dollar

Refinancing

Term

Loan,

6.42%

(SOFR01M+275bps),

2/18/31(b)

........................................................

2,377

2,305

Hudson

River

Trading

LLC,

Term

Loan,

6.18%

(SOFR01M+250bps),

3/18/30(b)

......

1,888

1,882

Ineos

US

Finance

LLC,

2031

Dollar

Term

Loan,

6.67%

(SOFR01M+300bps),

2/7/31(b)

....

1,719

1,488

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Innio

North

America

Holding,

Inc.,

5.66%

(SOFR03M+200bps),

11/28/31(b)

............

$

2,005

$

1,991

ION

Platform

Finance

US,

Inc.,

Initial

Dollar

Term

Loan,

First

Lien,

7.42%

(SOFR03M+375bps),

9/30/32(b)

........................................

1,940

1,568

Iron

Mountain

Information

Management

LLC,

Amendment

No.1

Incremental

Term

B

Loan,

5.67%

(SOFR01M+200bps),

1/31/31(b)

...................................

1,011

1,008

Jane

Street

Group

LLC,

Seventh

Amendment

Extended

Term

Loan,

5.67%

(SOFR03M+200bps),

12/15/31(b)

.......................................

3,950

3,880

Jefferies

Finance

LLC,

Initial

Term

Loan,

First

Lien,

6.43%

(SOFR01M+275bps),

10/21/31(b)

1,706

1,685

Knight

Health

Holdings

LLC,

Term

B

Loan,

First

Lien,

9.04%

(SOFR01M+525bps),

12/26/28(b)

.......................................................

956

679

LC

Ahab

US

Bidco

LLC,

Second

Amendment

Incremental

Term

Loan,

First

Lien,

6.17%

(SOFR01M+250bps),

5/1/31(b)

.........................................

1,728

1,714

Lightning

Power

LLC,

Initial

Term

B

Loan,

5.92%

(SOFR01M+225bps),

8/18/31(b)

.......

2,962

2,972

Long

Ridge

Energy

LLC,

Term

B

Advance

Loan,

8.17%

(SOFR03M+450bps),

2/19/32(b)

...

1,120

1,113

Medline

Borrower

LP,

2030

Refinancing

Term

Loan,

First

Lien,

5.42%

(SOFR01M+175bps),

10/23/30(b)

.......................................................

875

877

NorthRiver

Midstream

Finance

LP,

Initial

Term

B

Loan,

First

Lien,

5.91%

(SOFR03M+225bps),

8/16/30(b)

........................................

750

752

OAK-Eagle

Acquireco,

Inc.,

3/24/33(j)

.......................................

1,079

1,073

Olympus

Water

US

Holding

Corp.,

Term

Dollar

Loan,

First

Lien,

6.67%

(SOFR03M+300bps),

6/23/31(b)

........................................

627

604

Outfront

Media

Capital

LLC,

Term

Loan,

5.68%

(SOFR01M+200bps),

9/16/32(b)

........

1,161

1,164

Padagis

LLC,

Term

B

Loans,

First

Lien,

8.66%

(SOFR03M+475bps),

7/6/28(b)

..........

791

731

Phoenix

Guarantor,

Inc.,

Tranche

Term

Loan,

First

Lien,

6.17%

(SOFR01M+250bps),

2/21/31(b)

........................................................

2,923

2,927

RVR

Dealership

Holdings

LLC,

Term

Loan,

First

Lien,

8.18%

(SOFR01M+450bps),

2/28/33(b)

........................................................

621

601

Sedgwick

Claims

Management

Services,

Inc.,

2024

Term

Loan,

First

Lien,

6.17%

(SOFR01M+250bps),

7/31/31(b)

........................................

990

973

The

Edelman

Financial

Engines

Center

LLC,

2024-2

Refinancing

Term

Loan,

6.67%

(SOFR01M+300bps),

4/7/28(b)

.........................................

958

958

Trans

Union

LLC,

2024

Refinancing

Term

Loan,

5.42%

(SOFR03M+175bps),

6/24/31(b)

2,694

2,683

Virgin

Media

Bristol

LLC,

7.04%

(SOFR01M+325bps),

1/31/29(b)

...................

1,025

991

WhiteWater

DBR

Holdco

LLC,

Term

Loan,

5.94%

(SOFR03M+225bps),

3/3/31(b)

....

1,218

1,222

Windsor

Holdings

III

LLC,

2025

Dollar

Refinancing

Term

B

Loan,

6.42%

(SOFR01M+275bps),

8/1/30(b)

.........................................

1,794

1,775

54,854

Health

Care

(0.1%):

EyeCare

Partners

LLC,

Tranche

B

Term

Loan,

4.73%

(SOFR06M+100bps),

11/30/28(b)

....

951

Hologic,

Inc.,

1/14/33(j)

..................................................

1,417

1,401

Lumexa

Imaging,

Inc., Amendment

No.

Replacement

Term

Loan,

6.70%

(SOFR03M+300bps),

12/17/32(b)

.......................................

610

612

Organon

&

Co.,

2024

Refinancing

Dollar

Term

Loan

Facility,

First

Lien,

5.92%

(SOFR01M+225bps),

5/19/31(b)

........................................

1,973

1,884

Perrigo

Investments

LLC,

2024

Refinancing

Term

B

Loan,

First

Lien,

5.67%

(SOFR01M+200bps),

4/20/29(b)

........................................

1,224

1,219

Scil

USA

Holdings

LLC,

7.79%

(SOFR06M+400bps),

10/29/32(b)

...................

2,418

2,406

Sotera

Health

Holdings

LLC,

2025

Refinancing

Term

Loan,

6.17%

(SOFR01M+250bps),

5/30/31(b)

........................................................

844

846

8,764

Industrials

(0.3%):

AAdvantage

Loyality

IP

Ltd.

(American

Airlines,

Inc.),

2025

Replacement

Term

Loan,

First

Lien,

5.92%

(SOFR03M+225bps),

4/20/28(b)

..............................

1,021

1,012

Allied

Universal

Holdco

LLC,

Amendment

No.

Replacement

U.S.

Dollar

Term

Loan,

6.92%

(SOFR01M+325bps),

8/20/32(b)

........................................

1,147

1,148

Arcosa,

Inc.,

2025

Refinancing

Term

Loan,

First

Lien,

5.67%

(SOFR01M+200bps),

10/1/31(b)

1,340

1,341

Cengage

Learning,

Inc.,

Existing

Term

Loan,

First

Lien,

6.68%

(SOFR03M+300bps),

3/24/31(b)

........................................................

1,496

1,470

Coors

Tek,

Inc.,

Initial

Term

B

Loan,

First

Lien,

6.67%

(SOFR03M+300bps),

10/28/32(b)

...

589

592

Garda

World

Security

Corp.,

Fifteenth

Additional

Term

Loan,

6.42%

(SOFR03M+275bps),

2/1/29(b)

.........................................................

1,470

1,463

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Knife

River

Corp.,

Initial

Tranche

B

Term

Loans,

First

Lien,

5.67%

(SOFR03M+200bps),

3/8/32(b)

.........................................................

$

1,481

$

1,490

Novae

LLC,

Tranche

B

Term

Loan,

8.82%

(SOFR03M+500bps),

12/22/28(b)

............

1,440

1,295

OneSky

Flight

LLC,

Initial

Term

Loans,

6.43%

(SOFR01M+275bps),

2/17/33(b)

.........

1,355

1,353

Pitney

Bowes,

Inc.,

Tranche

B

Term

Loan

2,

7.42%

(SOFR03M+375bps),

3/19/32(b)

......

2,328

2,313

Prime

Security

Services

Borrower

LLC,

2024-1

Refinancing

Term

Loan

,

First

Lien,

5.66%

(SOFR01M+200bps),

10/15/30(b)

..................................

1,553

1,548

Prime

Security

Services

Borrower

LLC,

2025

Incremental

Term

Loan,

First

Lien,

5.41%

(SOFR01M+175bps),

3/8/32(b)

.........................................

675

666

Quikrete

Holdings,

Inc.,

Tranche

Term

Loan

,

First

Lien,

5.92%

(SOFR01M+225bps),

2/10/32(b)

........................................................

1,980

1,978

TransDigm,

Inc.,

New

Tranche

K

Term

Loan,

First

Lien,

5.92%

(SOFR01M+225bps),

3/22/30(b)

........................................................

1,493

1,494

U.S.

Anesthesia

Partners,

Inc.,

Initial

Term

Loan

,

First

Lien,

7.78%

(SOFR01M+400bps),

10/2/28(b)

........................................................

1,289

1,291

Veritiv

Operating

Co.,

Initial

Term

Loan,

First

Lien,

7.67%

(SOFR03M+400bps),

11/29/30(b)

2,799

2,726

Vestis

Corp.,

Term

Loan,

First

Lien,

5.92%

(SOFR03M+225bps),

2/24/31(b)

.........

620

600

WEX,

Inc.,

Term

Loan,

5.42%

(SOFR01M+175bps),

3/5/32(b)

...................

2,672

2,656

26,436

Information

Technology

(0.2%):

Ahead

DB

Holdings

LLC,

Term

Loan,

First

Lien,

6.17%

(SOFR03M+250bps),

2/3/31(b)

1,720

1,695

CACI

International,

Inc.,

Tranche

B

Term

Loan,

5.42%

(SOFR01M+175bps),

10/30/31(b)

...

1,975

1,980

Clearwater

Analytics

LLC,

Initial

Term

Loan,

5.67%

(SOFR01M+200bps),

4/21/32(b)

.....

995

995

Coherent

Corp.,

Term

Loan,

5.42%

(SOFR01M+175bps),

7/2/29(b)

................

1,000

1,003

Gen

Digital,

Inc.,

Second

Amendment

Incremental

Term

B

Loan,

5.42%

(SOFR01M+175bps),

4/16/32(b)

........................................................

1,485

1,465

Gen

Digital,

Inc.,

Tranche

Term

Loan,

5.42%

(SOFR01M+175bps),

9/12/29(b)

.......

634

629

Qnity

Electronics,

Inc.,

Initial

Term

Loan,

5.70%

(SOFR01M+200bps),

11/1/32(b)

........

1,892

1,892

Smartronix

LLC,

Term

Loan,

8.17%

(SOFR01M+450bps),

2/9/32(b)

..................

1,357

1,340

SS&C

Technologies,

Inc.,

Term

Loan,

5.67%

(SOFR01M+200bps),

5/9/31(b)

........

803

801

11,800

Materials

(0.1%):

Koppers,

Inc.,

Term

Loan,

6.18%

(SOFR01M+250bps),

4/10/30(b)

................

Mativ

Holdings,

Inc.

Term

B

Loan,

7.54%

(SOFR01M+375bps),

4/20/28(b)

.............

1,793

1,793

Minerals

Technologies

Inc.,

Term

B

Loan,

5.67%

(SOFR01M+200bps),

11/26/31(b)

.......

1,077

1,082

Novelis

Holdings,

Inc.,

Initial

Term

Loan,

5.42%

(SOFR03M+175bps),

3/11/32(b)

........

2,910

2,914

Owens

Brockway

Glass

Container,

Inc.,

Tranche

Term

Loan

B

Facility,

First

Lien,

6.67%

(SOFR01M+300bps),

9/30/32(b)

........................................

1,686

1,670

Solstice

Advanced

Materials,

Inc.,

Term

Loan

B,

First

Lien,

5.42%

(SOFR03M+175bps),

10/29/32(b)

.......................................................

1,100

1,107

9,052

Utilities

(0.0%):(i)

Alpha

Generation

LLC,

Initial

Term

B

Loan,

5.42%

(SOFR01M+175bps),

9/30/31(b)

......

1,363

1,361

MH

SUB

I

LLC,

Term

Loan,

First

Lien,

7.92%

(SOFR01M+425bps),

12/31/31(b)

........

818

549

Talen

Energy

Supply

LLC,

2025-1

Incremental

Term

B

Loan,

5.67%

(SOFR01M+200bps),

11/26/32(b)

.......................................................

748

750

Vistra

Operations

Co.

LLC,

2018

Incremental

Term

Loans,

First

Lien,

5.42%

(SOFR01M+175bps),

12/20/30(b)

.......................................

535

535

3,195

Total

Senior

Secured

Loans

(Cost

$157,520)

a

a

a

155,336

Corporate

Bonds

(22.1%)

Communication

Services

(0.3%):

Take-Two

Interactive

Software,

Inc.,

3.70%,

4/14/27,

Callable

3/14/27

@

............

11,600

11,496

T-Mobile

US,

Inc.,

3.75%,

4/15/27,

Callable

2/15/27

@

........................

13,223

13,141

24,637

Consumer

Discretionary

(1.1%):

Amazon.com,

Inc.,

4.10%

(SOFR+44bps),

3/13/28(b)

.............................

24,600

24,588

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Daimler

Truck

Finance

North

America

LLC

4.62%

(SOFR+96bps),

9/25/27(a)(b)

.....................................

$

6,400

$

6,415

4.51%

(SOFR+84bps),

1/13/28(a)(b)

.....................................

10,000

10,006

General

Motors

Financial

Co.,

Inc.

5.02%

(SOFRINDX+135bps),

5/8/27(b)

..................................

10,200

10,259

4.72%

(SOFRINDX+105bps),

7/15/27(b)

.................................

14,060

14,074

4.84%

(SOFRINDX+117bps),

4/4/28(b)

..................................

15,400

15,454

HOA

RoyaltyCo

LLC,

4.72%,

11/22/55,

Callable

5/2/26

@

100(a)(c)(f)

................

5,165

1,086

Volkswagen

Group

of

America

Finance

LLC,

4.73%

(SOFR+106bps),

8/14/26(a)(b)

.......

4,550

4,562

86,444

Consumer

Staples

(0.7%):

BAT

Capital

Corp.

3.22%,

9/6/26,

Callable

7/6/26

@

....................................

14,036

13,963

3.56%,

8/15/27,

Callable

5/15/27

@

..................................

11,209

11,086

Cargill,

Inc.,

4.28%

(SOFR+61bps),

2/11/28(a)(b)

...............................

15,080

15,093

Philip

Morris

International,

Inc.,

4.33%

(SOFR+66bps),

10/27/28(b)

..................

18,350

18,336

58,478

Energy

(1.2%):

Chevron

USA,

Inc.,

4.24%

(SOFR+57bps),

8/13/28(b)

............................

16,740

16,774

Energy

Transfer

LP

3.90%,

7/15/26,

Callable

5/2/26

@

...................................

10,339

10,327

6.05%,

12/1/26,

Callable

11/1/26

@

..................................

14,006

14,135

5.55%,

2/15/28,

Callable

1/15/28

@

..................................

8,041

8,195

MPLX

LP,

4.13%,

3/1/27,

Callable

12/1/26

@

...............................

4,719

4,707

ONEOK,

Inc.,

5.55%,

11/1/26,

Callable

10/1/26

@

............................

4,210

4,235

Sabine

Pass

Liquefaction

LLC,

5.00%,

3/15/27,

Callable

9/15/26

@

...............

10,329

10,348

The

Williams

Cos.,

Inc.,

3.75%,

6/15/27,

Callable

3/15/27

@

....................

8,200

8,138

Western

Midstream

Operating

LP,

4.65%,

7/1/26

................................

16,080

16,080

92,939

Financials

(14.4%):

Ally

Financial,

Inc.,

7.10%,

11/15/27,

Callable

10/15/27

@

......................

13,700

14,216

American

Express

Co.

4.60%

(SOFR+93bps),

7/26/28,

Callable

7/26/27

@

100(b)

.....................

8,500

8,516

5.04%

(SOFR+93bps),

7/26/28,

Callable

7/26/27

@

100(b)

.....................

10,100

10,187

4.48%

(SOFR+81bps),

7/20/29,

Callable

7/20/28

@

100(b)

.....................

24,090

24,075

American

Honda

Finance

Corp.

4.22%

(SOFR+55bps),

5/11/26(b)

.......................................

16,000

15,999

4.43%

(SOFR+77bps),

3/12/27(b)

.......................................

15,670

15,659

4.57%

(SOFR+90bps),

9/1/28(b)

........................................

12,450

12,415

Athene

Global

Funding

4.52%

(SOFRINDX+85bps),

5/8/26(a)(b)

.................................

6,000

6,003

4.50%

(SOFRINDX+83bps),

1/7/27(a)(b)

.................................

18,270

18,267

4.88%

(SOFRINDX+121bps),

3/25/27(a)(b)

...............................

4,000

4,004

Bank

of

America

Corp.

5.01%

(SOFR+135bps),

9/15/27,

Callable

9/15/26

@

100(b)

....................

14,980

15,036

5.93%

(SOFR+134bps),

9/15/27,

Callable

9/15/26

@

100(b)

....................

12,000

12,083

4.72%

(SOFR+105bps),

2/4/28,

Callable

2/4/27

@

100(b)

......................

8,300

8,328

4.50%

(SOFR+83bps),

1/24/29,

Callable

1/24/28

@

100(b)

.....................

14,080

14,074

Bank

of

America

NA,

4.69%

(SOFR+102bps),

8/18/26,

Callable

7/17/26

@

100(b)

........

15,450

15,479

BMW

US

Capital

LLC

4.44%

(SOFRINDX+78bps),

3/19/27(a)(b)

................................

7,900

7,919

4.59%

(SOFRINDX+92bps),

8/13/27(a)(b)

................................

11,890

11,908

Brown

&

Brown,

Inc.,

4.60%,

12/23/26

.......................................

10,450

10,481

Capital

One

Financial

Corp.

3.75%,

7/28/26,

Callable

6/28/26

@

..................................

6,072

6,058

3.75%,

3/9/27,

Callable

2/9/27

@

....................................

1,590

1,581

4.93%

(SOFR+206bps),

5/10/28,

Callable

5/10/27

@

100(b)

....................

11,700

11,731

Caterpillar

Financial

Services

Corp.

4.19%

(SOFR+52bps),

3/3/28(b)

........................................

13,000

13,022

4.31%

(SOFR+64bps),

8/15/28(b)

.......................................

15,840

15,855

Citibank

NA,

4.73%

(SOFRINDX+106bps),

12/4/26,

Callable

11/4/26

@

100(b)

.........

12,450

12,505

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Citigroup,

Inc.

4.43%

(SOFR+77bps),

6/9/27,

Callable

6/9/26

@

100(b)

.......................

$

3,760

$

3,762

4.95%

(SOFR+128bps),

2/24/28,

Callable

2/24/27

@

100(b)

....................

4,005

4,023

4.81%

(SOFR+114bps),

5/7/28,

Callable

5/7/27

@

100(b)

......................

15,270

15,336

4.53%

(SOFR+87bps),

3/4/29,

Callable

3/4/28

@

100(b)

.......................

21,300

21,300

CNO

Global

Funding,

5.88%,

6/4/27(a)

.......................................

11,455

11,612

Equitable

America

Global

Funding,

4.37%

(SOFR+71bps),

9/15/27(a)(b)

...............

14,460

14,485

Fidelity

National

Information

Services,

Inc.,

4.87%

(SOFR+121bps),

3/10/29(b)

..........

25,000

24,904

Fiserv,

Inc.

3.20%,

7/1/26,

Callable

5/1/26

@

....................................

1,528

1,523

5.15%,

3/15/27,

Callable

2/15/27

@

..................................

10,000

10,048

Goldman

Sachs

Bank

USA,

4.42%

(SOFR+75bps),

5/21/27,

Callable

5/21/26

@

100(b)

....

7,480

7,482

HOA

Funding

LLC

8/20/51(f)

........................................................

2,050

—

8/20/51(f)

........................................................

2,050

—

HOA

NewCo

LLC,

7.43%,

11/22/55,

Callable

5/2/26

@

100(a)(c)(f)

..................

2,067

Hyundai

Capital

America,

Inc.

5.17%

(SOFR+150bps),

1/8/27(a)(b)

.....................................

8,090

8,145

4.78%

(SOFR+112bps),

6/23/27(a)(b)

....................................

21,960

22,035

4.70%

(SOFR+104bps),

6/24/27(a)(b)

....................................

5,650

5,664

4.69%

(SOFR+103bps),

9/24/27(a)(b)

....................................

12,570

12,601

Jefferies

Financial

Group,

Inc.

4.85%,

1/15/27

....................................................

8,800

8,808

4.30%,

2/11/27,

Callable

8/11/26

@

100,

MTN

..............................

25,040

25,031

John

Deere

Capital

Corp.,

4.35%

(SOFR+68bps),

7/15/27(b)

........................

7,000

7,025

JPMorgan

Chase

&

Co.

4.43%

(SOFR+77bps),

9/22/27,

Callable

9/22/26

@

100(b)

.....................

14,055

14,062

4.87%

(SOFR+120bps),

1/23/28,

Callable

1/23/27

@

100(b)

....................

4,980

5,001

4.59%

(SOFR+92bps),

4/22/28,

Callable

4/22/27

@

100(b)

.....................

7,780

7,804

4.98%

(SOFR+93bps),

7/22/28,

Callable

7/22/27

@

100(b)

.....................

7,015

7,062

4.47%

(SOFR+80bps),

1/24/29,

Callable

1/24/28

@

100(b)

.....................

17,580

17,590

JPMorgan

Chase

Bank

NA,

4.66%

(SOFR+100bps),

12/8/26,

Callable

11/8/26

@

100(b)

....

10,000

10,042

MassMutual

Global

Funding

II

4.44%

(SOFR+77bps),

1/29/27(a)(b)

.....................................

3,000

3,008

4.41%

(SOFR+74bps),

4/9/27(a)(b)

......................................

11,972

12,011

4.33%

(SOFR+66bps),

1/22/29(a)(b)

.....................................

13,720

13,709

Metropolitan

Life

Global

Funding

I

3.45%,

12/18/26(a)

..................................................

10,102

10,042

4.36%

(SOFRINDX+70bps),

6/11/27(a)(b)

................................

9,900

9,915

4.37%

(SOFR+70bps),

8/25/28(a)(b)

.....................................

8,900

8,921

Mizuho

Markets

Cayman

LP,

4.19%

(SOFR+52bps),

11/16/26,

Callable

10/16/26

@

100,

MTN(a)(b)

.......................................................

11,430

11,437

Morgan

Stanley,

4.69%

(SOFR+102bps),

4/13/28,

Callable

4/13/27

@

100(b)

............

13,480

13,528

Morgan

Stanley

Bank

NA

4.84%

(SOFR+117bps),

10/30/26,

Callable

9/30/26

@

100(b)

...................

12,500

12,554

4.75%

(SOFR+108bps),

1/14/28,

Callable

1/14/27

@

100(b)

....................

10,240

10,283

4.53%

(SOFR+87bps),

5/26/28,

Callable

5/26/27

@

100(b)

.....................

19,000

19,005

4.97%

(SOFR+93bps),

7/14/28,

Callable

7/14/27

@

100(b)

.....................

6,320

6,358

4.57%

(SOFR+90bps),

1/12/29,

Callable

1/12/28

@

100(b)

.....................

6,300

6,317

Morgan

Stanley

Private

Bank

NA,

4.44%

(SOFR+77bps),

7/6/28,

Callable

7/6/27

@

100(b)

.

19,230

19,202

National

Rural

Utilities

Cooperative

Finance

Corp.,

4.10%

(SOFRINDX+43bps),

8/9/27(b)

..

11,570

11,562

National

Securities

Clearing

Corp.,

4.24%

(SOFR+57bps),

5/20/27(a)(b)

...............

15,300

15,322

New

York

Life

Global

Funding,

4.33%

(SOFR+66bps),

7/25/28(a)(b)

.................

28,290

28,340

Northwestern

Mutual

Global

Funding,

4.33%

(SOFR+66bps),

8/25/28(a)(b)

.............

13,420

13,408

Pacific

Life

Global

Funding

II

4.52%

(SOFR+85bps),

2/5/27(a)(b)

......................................

16,200

16,272

4.24%

(SOFR+58bps),

12/20/27(a)(b)

....................................

13,600

13,599

PNC

Bank

NA

4.54%

(SOFR+63bps),

5/13/27,

Callable

5/13/26

@

100(b)

.....................

16,360

16,361

4.40%

(SOFR+73bps),

7/21/28,

Callable

7/21/27

@

100(b)

.....................

6,550

6,561

Principal

Life

Global

Funding

II,

4.48%

(SOFR+81bps),

8/18/28(a)(b)

.................

10,590

10,571

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Protective

Life

Global

Funding

4.37%

(SOFR+70bps),

4/10/26(a)(b)

.....................................

$

19,300

$

19,302

5.21%,

4/14/26(a)

..................................................

5,050

5,052

Santander

Holdings

USA,

Inc.,

6.12%

(SOFR+123bps),

5/31/27,

Callable

5/31/26

@

100(b)

.

4,000

4,008

State

Street

Corp.

4.31%

(SOFR+64bps),

10/22/27,

Callable

9/22/27

@

100(b)

....................

5,380

5,393

4.62%

(SOFR+95bps),

4/24/28,

Callable

4/24/27

@

100(b)

.....................

10,995

11,031

The

Bank

of

New

York

Mellon

Corp.

4.34%

(SOFRINDX+68bps),

6/9/28,

Callable

6/9/27

@

100(b)

..................

7,080

7,093

4.50%

(SOFRINDX+83bps),

7/21/28,

Callable

7/21/27

@

100(b)

................

17,665

17,683

The

Charles

Schwab

Corp.,

4.72%

(SOFRINDX+105bps),

3/3/27,

Callable

2/3/27

@

100(b)

.

18,000

18,074

The

Goldman

Sachs

Group,

Inc.

4.48%

(SOFR+82bps),

9/10/27,

Callable

9/10/26

@

100(b)

.....................

4,100

4,101

4.59%

(SOFR+92bps),

10/21/27,

Callable

10/21/26

@

100(b)

...................

3,174

3,181

5.68%

(TSFR3M+201bps),

10/28/27,

Callable

10/28/26

@

100(b)

................

10,500

10,578

4.79%

(SOFR+112bps),

2/24/28,

Callable

2/24/27

@

100(b)

....................

3,369

3,383

The

PNC

Financial

Services

Group,

Inc.

5.10%

(SOFR+80bps),

7/23/27,

Callable

7/23/26

@

100(b)

.....................

14,600

14,627

4.29%

(SOFR+62bps),

1/26/29,

Callable

1/26/28

@

100(b)

.....................

7,160

7,153

Toyota

Motor

Credit

Corp.

4.12%

(SOFRINDX+45bps),

4/10/26,

MTN(b)

.............................

13,710

13,711

4.12%

(SOFR+45bps),

5/15/26(b)

.......................................

10,850

10,850

4.31%

(SOFR+65bps),

3/19/27,

MTN(b)

..................................

10,500

10,519

4.31%

(SOFRINDX+65bps),

3/13/29(b)

..................................

20,300

20,260

Truist

Bank

3.30%,

5/15/26,

Callable

4/17/26

@

..................................

10,000

9,984

4.67%

(SOFR+59bps),

5/20/27,

Callable

5/20/26

@

100(b)

.....................

19,350

19,350

4.44%

(SOFR+77bps),

7/24/28,

Callable

7/24/27

@

100(b)

.....................

17,630

17,639

Truist

Financial

Corp.,

6.05%

(SOFR+205bps),

6/8/27,

Callable

6/8/26

@

100,

MTN(b)

....

12,000

12,030

U.S.

Bank

NA,

4.36%

(SOFR+69bps),

10/22/27,

Callable

10/22/26

@

100(b)

............

20,930

20,940

Wells

Fargo

&

Co.

4.45%

(SOFR+78bps),

1/24/28,

Callable

1/24/27

@

100(b)

.....................

8,575

8,571

4.74%

(SOFR+107bps),

4/22/28,

Callable

4/22/27

@

100(b)

....................

23,010

23,094

4.54%

(SOFR+88bps),

9/15/29,

Callable

9/15/28

@

100(b)

.....................

13,700

13,634

Wells

Fargo

Bank

NA,

4.73%

(SOFR+106bps),

8/7/26,

Callable

7/7/26

@

100(b)

.........

12,760

12,784

1,163,108

Health

Care

(1.4%):

Augusta

SpinCo

Corp.,

4.32%,

9/23/27

.......................................

26,355

26,326

Elevance

Health,

Inc.,

4.50%,

10/30/26

.......................................

12,335

12,352

Eli

Lilly

&

Co.,

4.20%

(SOFR+53bps),

10/15/28(b)

..............................

20,140

20,168

GE

HealthCare

Technologies,

Inc.,

5.65%,

11/15/27,

Callable

10/15/27

@

...........

8,000

8,159

HCA,

Inc.,

4.54%

(SOFR+87bps),

3/1/28,

Callable

2/1/28

@

100(b)

..................

16,000

16,020

Merck

&

Co.,

Inc.,

4.12%

(SOFR+46bps),

9/15/27(b)

.............................

14,115

14,145

Pfizer,

Inc.,

4.17%

(SOFR+50bps),

11/15/27(b)

.................................

6,280

6,280

U.S.

Bank

NA,

4.58%

(SOFR+91bps),

5/15/28,

Callable

5/14/27

@

100(b)

.............

12,000

12,047

115,497

Industrials

(1.1%):

Air

Lease

Corp.,

5.30%,

6/25/26

............................................

6,320

6,331

General

Electric

Co.,

4.30%

(TSFR3M+64bps),

5/5/26,

MTN(b)

.....................

8,431

8,430

Honeywell

Aerospace,

Inc.,

3.90%,

3/16/28(a)

..................................

20,000

19,853

L3Harris

Technologies,

Inc.,

5.40%,

1/15/27

...................................

18,126

18,268

Penske

Truck

Leasing

Co.

LP/PTL

Finance

Corp.

5.75%,

5/24/26,

Callable

5/2/26

@

100(a)

.................................

5,645

5,649

3.40%,

11/15/26,

Callable

8/15/26

@

100(a)

................................

4,460

4,427

5.35%,

1/12/27,

Callable

12/12/26

@

100(a)

...............................

4,474

4,498

RTX

Corp.,

3.50%,

3/15/27,

Callable

12/15/26

@

.............................

20,126

19,983

87,439

Information

Technology

(0.6%):

Amphenol

Corp.,

4.20%

(SOFR+53bps),

11/15/27(b)

.............................

15,060

15,063

ESC

Gab,

8/20/51(f)(g)

..................................................

5,300

—

Jabil,

Inc.,

4.25%,

5/15/27,

Callable

4/15/27

@

..............................

6,600

6,583

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Oracle

Corp.

4.43%

(SOFR+76bps),

8/3/28(b)

........................................

$

12,000

$

11,822

4.78%

(SOFRINDX+111bps),

2/4/29(b)

...................................

17,920

17,757

51,225

Materials

(0.2%):

Amrize

Finance

US

LLC,

3.50%,

9/22/26,

Callable

6/22/26

@

...................

19,600

19,425

Utilities

(1.1%):

Constellation

Energy

Generation

LLC

3.90%,

1/8/28

.....................................................

10,000

9,920

4.27%

(SOFR+60bps),

1/8/28(b)

........................................

6,680

6,668

Exelon

Corp.,

3.40%,

4/15/26

..............................................

20,000

19,990

KeySpan

Gas

East

Corp.,

2.74%,

8/15/26,

Callable

5/15/26

@

100(a)

..................

15,408

15,301

NextEra

Energy

Capital

Holdings,

Inc.,

4.47%

(SOFRINDX+80bps),

2/4/28(b)

..........

6,645

6,653

PPL

Capital

Funding,

Inc.,

3.10%,

5/15/26,

Callable

4/13/26

@

...................

1,778

1,775

Vistra

Operations

Co.

LLC

5.05%,

12/30/26(a)

..................................................

8,500

8,526

3.70%,

1/30/27,

Callable

11/30/26

@

100(a)

................................

16,400

16,250

85,083

Total

Corporate

Bonds

(Cost

$1,783,097)

a

a

a

1,784,275

Insurance-Linked

Securities

(0.1%)

Event

Linked

Bonds

(0.1%):

Earthquake

-

California

-

(0.0%):(i)

Torrey

Pines

Re

9.59%,

(JMMMUSTF+604bps),

6/7/27(a)(b)(k)

............................

500

516

10.66%,

(JMMMUSTF+711bps),

6/7/27,

Callable

6/7/26

@

102.25(a)(b)(k)

........

Multiperil

-

U.S.

-

(0.0%):(i)

Sanders

Re

III,

6.89%

(BRMMUSDF+334bps),

4/7/26(a)(b)(k)

......................

3,000

3,000

Multiperil

-

U.S.

Regional

-

(0.1%):

Long

Point

Re

IV,

7.81%

(BRMMUSDF+425bps),

6/1/26,

Callable

5/2/26

@

101.5(a)(b)(k)

.

3,500

3,504

Wind

Storm

-

Florida

-

(0.0%):(i)

Integrity

Re,

4.01%

(FHMMUSTF+50bps),

6/6/30(a)(b)(k)

.........................

1,238

619

7,898

Reinsurance

Sidecars

(0.0%):(i)

Multiperil

-

Worldwide

-

(0.0%):(i)

Alturas

Re

7/31/26(f)(k)(l)(m)

..................................................

4,000

12/31/27(f)(k)(l)(m)

.................................................

Gleneagles

Re,

2022,

12/31/27(f)(k)(l)(n)

......................................

3,000

Thopas

Re,

2022,

12/31/27(f)(k)(l)(m)

........................................

3,500

Viribus

Re

12/31/26(f)(k)(l)(m)

.................................................

2,500

—

12/31/26(f)(k)(l)(m)

.................................................

750

—

Total

Insurance-Linked

Securities

(Cost

$9,984)

a

a

a

8,139

Yankee

Dollars

(11.5%)

Energy

(0.4%):

Enbridge,

Inc.,

5.25%,

4/5/27,

Callable

3/5/27

@

.............................

8,435

8,506

Korea

National

Oil

Corp.,

4.34%

(SOFR+67bps),

9/29/28(a)(b)

......................

25,280

25,311

33,817

Financials

(10.3%):

ABN

AMRO

Bank

NV,

5.44%

(SOFRINDX+178bps),

9/18/27,

Callable

9/18/26

@

100(a)(b)

23,300

23,423

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

6.10%,

1/15/27,

Callable

12/15/26

@

.................................

11,000

11,120

6.45%,

4/15/27,

Callable

3/15/27

@

..................................

15,500

15,792

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Australia

&

New

Zealand

Banking

Group

Ltd.

4.28%

(SOFR+62bps),

6/18/28(a)(b)

.....................................

$

8,607

$

8,631

4.28%

(SOFR+61bps),

1/22/29(a)(b)

.....................................

4,740

4,734

Avolon

Holdings

Funding

Ltd.,

4.38%,

5/1/26,

Callable

4/20/26

@

100(a)

..............

17,000

16,999

Banco

Santander

SA

5.04%

(SOFR+138bps),

3/14/28,

Callable

3/14/27

@

100(b)

....................

12,000

12,074

4.79%

(SOFR+112bps),

7/15/28,

Callable

7/15/27

@

100(b)

....................

16,400

16,467

Bank

of

Montreal

5.00%

(SOFRINDX+133bps),

6/5/26(b)

..................................

7,500

7,515

4.28%

(SOFRINDX+62bps),

9/15/26,

MTN(b)

.............................

8,100

8,108

4.29%

(SOFR+62bps),

1/13/28,

MTN(b)

..................................

12,400

12,389

4.41%

(SOFRINDX+75bps),

9/22/28,

Callable

9/22/27

@

100(b)

................

14,790

14,791

4.53%

(SOFR+86bps),

1/27/29,

Callable

1/27/28

@

100(b)

.....................

16,723

16,694

Banque

Federative

du

Credit

Mutuel

SA

5.07%

(SOFRINDX+140bps),

7/13/26(a)(b)

...............................

7,000

7,021

4.80%

(SOFR+113bps),

1/23/27(a)(b)

....................................

3,220

3,235

4.74%

(SOFRINDX+107bps),

2/16/28(a)(b)

...............................

5,700

5,720

Barclays

PLC

5.54%

(SOFR+188bps),

9/13/27,

Callable

9/13/26

@

100(b)

....................

12,316

12,364

5.15%

(SOFR+149bps),

3/12/28,

Callable

3/12/27

@

100(b)

....................

12,500

12,587

4.75%

(SOFR+108bps),

11/11/29,

Callable

11/11/28

@

100(b)

..................

7,030

7,037

BPCE

SA,

5.65%

(SOFRINDX+198bps),

10/19/27,

Callable

10/19/26

@

100(a)(b)

.......

16,060

16,167

Canadian

Imperial

Bank

of

Commerce

4.61%

(SOFR+94bps),

6/28/27(b)

.......................................

17,160

17,249

4.59%

(SOFRINDX+93bps),

9/11/27,

Callable

9/11/26

@

100(b)

................

6,900

6,906

4.39%

(SOFR+72bps),

1/13/28,

Callable

1/13/27

@

100(b)

.....................

17,830

17,836

Cooperatieve

Rabobank

UA

4.57%

(SOFRINDX+90bps),

10/5/26(b)

..................................

8,000

8,018

4.26%

(SOFR+59bps),

10/17/28(b)

......................................

16,170

16,186

Credit

Agricole

SA,

4.87%

(SOFR+121bps),

9/11/28,

Callable

9/11/27

@

100(a)(b)

.......

12,000

12,053

Federation

des

Caisses

Desjardins

du

Quebec

4.30%

(SOFR+63bps),

1/27/27(a)(b)

.....................................

23,280

23,305

4.55%,

8/23/27(a)

..................................................

12,036

12,081

HSBC

Holdings

PLC,

5.24%

(SOFR+157bps),

8/14/27,

Callable

8/14/26

@

100(b)

........

8,700

8,725

ING

Groep

NV

4.64%

(SOFRINDX+101bps),

4/1/27(b)

..................................

8,309

8,309

5.22%

(SOFRINDX+156bps),

9/11/27,

Callable

9/11/26

@

100(b)

................

20,100

20,189

Lloyds

Banking

Group

PLC

5.23%

(SOFRINDX+156bps),

8/7/27,

Callable

8/7/26

@

100(b)

.................

10,000

10,031

5.25%

(SOFRINDX+158bps),

1/5/28,

Callable

1/5/27

@

100(b)

.................

13,841

13,949

4.73%

(SOFRINDX+106bps),

11/26/28,

Callable

11/26/27

@

100(b)

..............

10,245

10,289

Macquarie

Bank

Ltd.,

4.40%

(SOFR+74bps),

6/12/28(a)(b)

.........................

11,450

11,441

National

Australia

Bank

Ltd.

4.27%

(SOFR+60bps),

10/26/27(a)(b)

....................................

7,430

7,450

4.31%

(SOFR+65bps),

6/13/28(a)(b)

.....................................

17,061

17,107

4.19%

(SOFR+53bps),

12/13/28(a)(b)

....................................

5,770

5,770

National

Bank

of

Canada

4.70%

(SOFRINDX+103bps),

7/2/27,

Callable

7/2/26

@

100(b)

.................

8,190

8,201

4.44%

(SOFR+77bps),

1/20/29,

Callable

1/20/28

@

100(b)

.....................

13,440

13,452

NatWest

Group

PLC,

4.92%

(SOFR+125bps),

3/1/28,

Callable

3/1/27

@

100(b)

..........

6,000

6,025

NatWest

Markets

PLC

4.57%

(SOFR+90bps),

5/17/27(a)(b)

.....................................

13,580

13,625

4.61%

(SOFR+95bps),

3/21/28(a)(b)

.....................................

15,400

15,459

Nomura

Holdings,

Inc.,

4.92%

(SOFR+125bps),

7/2/27(b)

.........................

20,260

20,383

Nordea

Bank

Abp,

5.38%,

9/22/27(a)

.........................................

12,625

12,815

NTT

Finance

Corp.,

4.57%,

7/16/27(a)

.......................................

12,180

12,208

Royal

Bank

of

Canada

4.24%

(SOFRINDX+57bps),

4/27/26(b)

..................................

4,620

4,621

4.26%

(SOFRINDX+59bps),

11/2/26,

MTN(b)

..............................

4,800

4,803

4.62%

(SOFRINDX+95bps),

1/19/27,

MTN(b)

.............................

15,280

15,341

4.39%

(SOFRINDX+72bps),

10/18/27,

Callable

10/18/26

@

100(b)

..............

6,956

6,957

4.49%

(SOFRINDX+82bps),

3/27/28,

Callable

3/27/27

@

100(b)

................

20,320

20,342

4.50%

(SOFRINDX+83bps),

1/24/29,

Callable

1/24/28

@

100(b)

................

4,621

4,628

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Santander

UK

Group

Holdings

PLC,

4.73%

(SOFRINDX+107bps),

9/22/29,

Callable

9/22/28

@

100(b)

.........................................................

$

7,100

$

7,104

Skandinaviska

Enskilda

Banken

AB,

4.34%

(SOFRINDX+68bps),

3/12/29(a)(b)

..........

12,730

12,719

Societe

Generale

SA,

5.08%

(SOFR+141bps),

4/13/29,

Callable

4/13/28

@

100(a)(b)

......

17,440

17,528

Standard

Chartered

PLC

5.60%

(SOFR+193bps),

7/6/27,

Callable

7/6/26

@

100(a)(b)

....................

8,600

8,632

4.91%

(SOFR+124bps),

1/21/29,

Callable

1/21/28

@

100(a)(b)

..................

17,580

17,650

Sumitomo

Mitsui

Financial

Group,

Inc.,

4.43%

(SOFR+76bps),

1/15/29(b)

..............

16,755

16,697

Sumitomo

Mitsui

Trust

Bank

Ltd.

4.81%

(SOFR+115bps),

9/14/26(a)(b)

....................................

3,835

3,845

4.41%

(SOFR+75bps),

9/11/28(a)(b)

.....................................

14,400

14,422

Swedbank

AB,

5.04%

(SOFRINDX+138bps),

6/15/26(a)(b)

........................

8,840

8,855

The

Bank

of

Nova

Scotia

4.45%

(SOFRINDX+78bps),

6/4/27,

MTN(b)

..............................

11,130

11,165

4.42%

(SOFR+76bps),

9/15/28,

Callable

9/15/27

@

100(b)

.....................

28,520

28,519

4.56%

(SOFR+89bps),

2/14/29,

Callable

2/14/28

@

100(b)

.....................

14,460

14,485

The

Toronto-Dominion

Bank

4.75%

(SOFR+108bps),

7/17/26,

MTN(b)

.................................

4,000

4,008

4.25%

(SOFR+59bps),

9/10/26(b)

.......................................

11,667

11,681

4.25%

(SOFR+58bps),

1/13/28(b)

.......................................

12,430

12,456

4.49%

(SOFR+82bps),

1/31/28(b)

.......................................

5,985

6,007

4.58%

(SOFR+91bps),

6/2/28,

MTN(b)

...................................

11,850

11,890

4.42%

(SOFR+75bps),

10/13/28(b)

......................................

8,070

8,084

834,369

Industrials

(0.4%):

Element

Fleet

Management

Corp.

6.27%,

6/26/26,

Callable

5/26/26

@

100(a)

................................

25,088

25,153

5.64%,

3/13/27,

Callable

2/13/27

@

100(a)

................................

5,703

5,750

30,903

Materials

(0.2%):

Rio

Tinto

Finance

USA

PLC,

4.50%

(SOFRINDX+84bps),

3/14/28(b)

.................

12,350

12,423

Utilities

(0.2%):

Algonquin

Power

&

Utilities

Corp.,

5.37%,

6/15/26(o)

............................

17,018

17,032

Total

Yankee

Dollars

(Cost

$926,620)

a

a

a

928,544

U.S.

Government

Agency

Mortgages

(3.1%)

Federal

Home

Loan

Mortgage

Corporation

6.00%,

8/1/53

-

9/1/54

...............................................

13,009

13,358

6.50%,

4/1/54

-

10/1/54

..............................................

41,188

42,964

56,322

Federal

National

Mortgage

Association

6.24%

(H15T1Y+212bps),

9/1/32(b)

.....................................

3.00%,

3/1/47

.....................................................

1,624

1,481

6.03%

(RFUCCT1Y+167bps),

1/1/48(b)

..................................

6.00%,

5/1/53

-

10/1/54

..............................................

15,429

15,759

6.50%,

12/1/53

-

6/1/54

..............................................

35,121

36,424

5.50%,

10/1/54

....................................................

5,107

5,150

58,818

Federal

National

Mortgage

Association,

TBA

5.50%,

4/25/41

-

4/25/56

.............................................

43,000

43,435

3.50%,

4/25/49

....................................................

19,000

17,416

3.00%,

4/25/52

....................................................

18,000

15,807

5.00%,

4/25/56

....................................................

26,000

25,639

102,297

Government

National

Mortgage

Association

6.00%,

4/20/56

....................................................

16,000

16,269

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Government

National

Mortgage

Association,

TBA

6.50%,

4/20/56

....................................................

$

15,000

$

15,589

Total

U.S.

Government

Agency

Mortgages

(Cost

$248,674)

a

a

a

249,295

Commercial

Paper

(8.7%)

Consumer

Discretionary

(1.4%):

Alimentation

Couche-Tard,

Inc.

4.03%,

4/1/26(a)(p)

.................................................

17,700

17,698

4.08%,

4/13/26(a)(p)

................................................

20,000

19,971

AutoZone,

Inc.

3.91%,

4/2/26(a)(p)

.................................................

19,200

19,196

3.92%,

4/6/26(a)(p)

.................................................

18,000

17,988

O'Reilly

Automotive,

Inc.,

4.00%,

4/8/26(a)(p)

..................................

35,000

34,969

109,822

Energy

(1.1%):

Enterprise

Products

Operating

LLC,

3.95%,

4/1/26(a)(p)

...........................

38,000

37,996

Kinder

Morgan,

Inc.,

4.15%,

4/1/26(a)(p)

......................................

15,548

15,546

Plains

All

American

Pipeline

LP,

3.96%,

4/2/26(a)(p)

.............................

38,000

37,992

91,534

Financials

(2.0%):

Amphenol

Corp.,

1.85%,

4/2/26(a)(p)

........................................

38,000

37,996

Aon

Corp.,

3.92%,

4/8/26(a)(p)

.............................................

30,000

29,974

Eaton

Capital

ULC,

4.01%,

4/13/26(a)(p)

......................................

38,000

37,945

Marsh

&

McLennan

Cos.,

Inc.,

3.97%,

4/6/26(a)(p)

..............................

15,400

15,390

Prudential

Funding

LLC,

3.67%,

4/1/26(a)(p)

...................................

40,000

39,996

161,301

Health

Care

(0.3%):

Elevance

Health,

Inc.,

4.02%,

4/7/26(a)(p)

.....................................

25,000

24,980

Industrials

(0.4%):

Fiserv,

Inc.,

3.98%,

4/1/26(a)(p)

............................................

17,000

16,998

Hubbell,

Inc.,

3.80%,

4/1/26(a)(p)

...........................................

18,400

18,398

35,396

Information

Technology

(0.3%):

Jabil,

Inc.,

4.14%,

4/1/26(a)(p)

.............................................

25,000

24,997

Real

Estate

(0.9%):

ERP

Operating

LP,

3.97%,

4/7/26(a)(p)

.......................................

38,000

37,971

Healthpeak

OP

LLC,

4.01%,

4/8/26(a)(p)

......................................

38,000

37,966

75,937

Utilities

(2.3%):

American

Electric

Power

Co.,

Inc.,

4.00%,

4/13/26(a)(p)

...........................

38,000

37,945

Consolidated

Edison,

Inc.,

3.92%,

4/1/26(a)(p)

..................................

38,000

37,996

NGPL

PipeCo

LLC,

4.18%,

4/1/26(a)(p)

......................................

14,000

13,998

Puget

Sound

Energy,

Inc.,

3.96%,

4/2/26(a)(p)

..................................

15,400

15,396

WEC

Energy

Group,

Inc.,

3.97%,

4/7/26(a)(p)

..................................

38,000

37,971

Xcel

Energy,

Inc.,

3.97%,

4/7/26(a)(p)

........................................

38,000

37,971

181,277

Total

Commercial

Paper

(Cost

$705,312)

a

a

a

705,244

Repurchase

Agreements

(6.8%)

Bank

of

America

Corp.,

3.66%,

purchased

on

3/31/26,

with

a

maturity

date

of

4/1/26,

with

a

repurchase

value

of

$110,011

(collateralized

by

U.S.

Treasury

Bonds,

0.00%,

due

2/15/38

-

11/15/55,

with

an

aggregate

value

of

$112,200)

.................................

$

110,000

110,000

Bank

of

America

Corp.,

3.67%,

purchased

on

3/31/26,

with

a

maturity

date

of

4/1/26,

with

a

repurchase

value

of

$106,011

(collateralized

by

Agency

Mortgage-Backed

Securities,

2.29%-

7.00%,

due

6/1/33

-

1/20/66,

with

an

aggregate

value

of

$108,120)

....................

106,000

106,000

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Name

Acquisition

Date

Cost

Value

Alturas

Re,

2021-3

...........................................

7/1/2021

$

$

Alturas

Re,

2022-2

...........................................

1/6/2022

—

Gleneagles

Re,

2022

..........................................

1/18/2022

1,157

Integrity

Re

................................................

5/9/2022

1,238

619

Long

Point

Re

IV

............................................

5/13/2022

3,500

3,504

Sanders

Re

III

..............................................

3/22/2022

3,000

3,000

Thopas

Re,

2022

............................................

2/7/2022

—

Torrey

Pines

Re

.............................................

5/17/2024

500

516

Torrey

Pines

Re

.............................................

5/17/2024

Viribus

Re,

2018

............................................

12/22/2017

—

Viribus

Re,

2019

............................................

12/27/2018

—

—

Total

(0.1%

of

net

assets)

$

9,984

$

8,139

Security

Description

Principal

Amount

(000) a

Value

(000) Bank

of

Nova

Scotia,

3.67%,

purchased

on

3/31/26,

with

a

maturity

date

of

4/1/26,

with

a

repurchase

value

of

$55,286

(collateralized

by

Agency

Mortgage-Backed

Securities,

2.00%-

2.25%,

due

5/15/41

-

1/1/52,

with

an

aggregate

value

of

$56,391)

....................

$

55,280

$

55,280

RBC

Dominion

Securities,

Inc.,

3.68%,

purchased

on

3/31/26,

with

a

maturity

date

of

4/1/26,

with

a

repurchase

value

of

$151,295

(collateralized

by

Agency

Mortgage-Backed

Securities,

2.25%-6.38%,

due

4/30/27

-

5/15/52,

with

an

aggregate

value

of

$154,321)

.............

151,280

151,280

Toronto

Dominion

Bank,

3.67%,

purchased

on

3/31/26,

with

a

maturity

date

of

4/1/26,

with

a

repurchase

value

of

$87,649

(collateralized

by

Agency

Mortgage-Backed

Securities,

3.50%-

7.13%,

due

3/15/28

-

9/15/65,

with

an

aggregate

value

of

$89,394)

....................

87,640

87,640

Toronto

Dominion

Bank,

3.66%,

purchased

on

3/31/26,

with

a

maturity

date

of

4/1/26,

with

a

repurchase

value

of

$37,644

(collateralized

by

U.S.

Treasury

Bonds,

0.88%-1.50%,

due

9/30/26

-

2/15/30,

with

an

aggregate

value

of

$38,393)

............................

37,640

37,640

Total

Repurchase

Agreements

(Cost

$547,840)

a

a

a

547,840

Total

Investments

(Cost

$8,250,121)

—

101.6%

8,213,892

Liabilities

in

excess

of

other

assets

— (1.6)%

(131,826)

NET

ASSETS

-

100.00%

$

8,082,066

At

March

31,

2026,

the

Fund's

investments

in

foreign

securities

were

22.1%

of

net

assets.

(a) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

March

31,

2026,

the

fair

value

of

these

securities

was

$5,088,569

(thousands)

and

amounted

to

63.0%

of

net

assets.

(b) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

March

31,

2026. (c) Currently

the

issuer

is

in

default

with

respect

to

interest

and/or

principal

payments.

(d) The

rate

for

certain

asset-backed

and

mortgage-backed

securities

may

vary

based

on

factors

relating

to

the

pool

of

assets

underlying

the

security.

The

rate

disclosed

is

the

rate

in

effect

at

March

31,

2026. (e) Rounds

to

less

than

$1

thousand.

(f) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

0.1%

of

net

assets

as

of

March

31,

2026. This

security

is

classified

as

Level

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

in

the

Notes

to

Financial

Statements)

(g) Zero-coupon

bond.

(h) Security

is

interest

only.

(i) Amount

represents

less

than

0.05%

of

net

assets.

(j) The

rates

for

this

senior

secured

loan

will

be

known

on

settlement

date

of

the

loan,

subsequent

to

this

report

date.

Senior

secured

loans

have

rates

that

will

fluctuate

over

time

in

line

with

prevailing

interest

rates.

(k) The

following

table

details

the

earliest

acquisition

date

and

cost

of

the

Fund's

restricted

securities

due

to

trading

restrictions

at

March

31,

2026

(amounts

in

thousands):

(l) Non-income

producing

security.

(m) Issued

as

preference

shares.

(n) Issued

as

participation

notes.

(o) Stepped

coupon

security

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

(p) Rate

represents

the

effective

yield

at

March

31,

2026. ABS

—

Asset-Backed

Securities

bps

—

Basis

points

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Multi-Asset

#### Ultrashort

#### Income

#### Fund

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

BRMMUSDF

—

BlackRock

Liquidity

Fund

Treasury

Trust

Fund

Portfolio

Fund

Yield

CLO

—

Collateralized

Loan

Obligations

CMO

—

Collateralized

Mortgage

Obligations

FHMMUSTF

—

Federated

Hermes

US

Treasury

Cash

Reserves

Fund

Yield

H15T1Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

March

31,

2026. JMMMUSTF

—

JPMorgan

100%

US

Treasury

Securities

Money

Market

Fund

Yield

LLC

—

Limited

Liability

Company

LP

—

Limited

Partnership

MBS

—

Mortgage-Backed

Securities

MTN

—

Medium

Term

Note

PLC

—

Public

Limited

Company

PRIME

—

US

Prime

rate,

rate

disclosed

as

of

March

31,

2026. REMIC

—

Real

Estate

Mortgage

Investment

Conduits

RFUCCT1Y

—

Refinitiv

USD

Interbank

Offered

Rate

Customer

Cash

Fallbacks

Term

Year,

rate

disclosed

as

of

March

31,

2026

SOFR

—

Secured

Overnight

Financing

Rate

SOFRINDX

—

United

States

SOFR

Compounded

Index,

rate

disclosed

as

of

March

31,

2026. SOFR01M

—

Month

SOFR,

rate

disclosed

as

of

March

31,

2026. SOFR03M

—

Month

SOFR,

rate

disclosed

as

of

March

31,

2026. SOFR06M

—

Month

SOFR,

rate

disclosed

as

of

March

31,

2026. SOFR30A

—

day

average

of

SOFR,

rate

disclosed

as

of

March

31,

2026. SOFR90A

—

day

average

of

SOFR,

rate

disclosed

as

of

March

31,

2026. STRIPS

—

Separately

Trading Registered

Interest

and

Principal

Securities

TBA

—

To

Be

Announced

Securities

TSFR1M

—

Month

Term

SOFR,

rate

disclosed

as

of

March

31,

2026. TSFR3M

—

Month

Term

SOFR,

rate

disclosed

as

of

March

31,

2026. ULC

—

Unlimited

Liability

Co.

US0001M

—

Month

US

Dollar

London

Interbank

Offered

Rate,

rate

disclosed

as

of

March

31,

2026,

based

on

the

last

reset

date

of

the

security.

TBA

Sales

Commitments

Security

Description

Principal

Amount

(000) Value

(000) TBA

Sales

Commitments

-

(1.30%)

Collateralized

Mortgage

Obligations

— (1.30%)

Federal

National

Mortgage

Association,

TBA

6.00%

,

4/25/56

....................................................

(27,800)

$

(28,337)

6.50%

,

4/25/56

....................................................

(75,800)

(78,416)

Total

TBA

Sales

Commitments

(Proceeds $107,083)

$(106,753)

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

(000) Unrealized

Appreciation

(Depreciation)

(000) 2-Year

U.S.

Treasury

Note

Futures

.......

500

6/30/26

$

103,511

$

103,723

$

Futures

Contracts

Sold

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

(000) Unrealized

Appreciation

(Depreciation)

(000) 30-Year

U.S.

Treasury

Bond

Futures

.....

6/18/26

$

13,264

$

12,868

$

Total

unrealized

appreciation

$

608

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

608

Statement

of

Assets

and

Liabilities

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

IV

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

Victory

Pioneer

Multi-Asset

Ultrashort

Income

Fund

Assets:

Investments,

at

value

(Cost

$7,702,281)

$

7,666,052

Repurchase

agreements,

at

value

(Cost

$547,840)

547,840

Cash

60,569

Futures

contracts

collateral

2,390

TBA

sales

commitments

collateral

Receivables:

Dividends

and

interest

34,967

Capital

shares

issued

11,532

Investments

sold

110,529

Prepaid

expenses

Total

Assets

8,434,334

Liabilities:

Payables:

Distributions

1,263

Investments

purchased

216,387

Capital

shares

redeemed

23,985

Variation

margin

on

open

futures

contracts

TBA

sales

commitments,

at

value

(Proceeds

$107,083)

106,753

Accrued

expenses

and

other

payables:

Investment

advisory

fees

1,997

Administration

fees

Custodian

fees

Transfer

agent

fees

Sub-Transfer

agent

fees

998

12b-1

fees

Other

accrued

expenses

Total

Liabilities

352,268

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

8,417,349

Total

accumulated

earnings

(loss)

(335,283)

Net

Assets

$

8,082,066

Net

Assets:

Class

A

$

3,557,724

Class

C

42,475

Class

R6

522,936

Class

Y

3,958,931

Total

$

8,082,066

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

370,693

Class

C

4,421

Class

R6

54,327

Class

Y

411,807

Total

841,248

Net

asset

value,

offering

and

redemption

price

per

share:(a)

Class

A

$

9.60 Class

C(b)

9.61 Class

R6

9.63 Class

Y

9.61 (a) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

(b) Redemption

price

per

share

varies

by

length

of

time

shares

are

held.

Statement

of

Operations

For

the

Year

Ended

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

IV

(Amounts

in

Thousands)

Victory

Pioneer

Multi-Asset

Ultrashort

Income

Fund

Investment

Income:

Dividends

$

2,551

Interest

414,229

Total

Income

416,780

Expenses:

Investment

advisory

fees

22,643

Administration

fees

3,495

Sub-Administration

fees

12b-1

fees

—

Class

A

6,534

12b-1

fees

—

Class

C

Custodian

fees

Transfer

agent

fees

—

Class

A

Transfer

agent

fees

—

Class

C

Transfer

agent

fees

—

Class

R6

Transfer

agent

fees

—

Class

Y

Sub-Transfer

agent

fees

—

Class

A

1,092

Sub-Transfer

agent

fees

—

Class

C

Sub-Transfer

agent

fees

—

Class

Y

3,987

Trustees'

fees

Legal

and

audit

fees

State

registration

and

filing

fees

528

Other

expenses

Total

Expenses

39,784

Less

fees

paid

indirectly

(69)

Expenses

waived/reimbursed

by

Adviser

(517)

Net

Expenses

39,198

Net

Investment

Income

(Loss)

377,582

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

(19,574)

Net

realized

gains

(losses)

from

futures

contracts

(669)

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

(23,135)

Net

change

in

unrealized

appreciation/depreciation

on

TBA

sales

commitments

510

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

1,038

Net

realized/unrealized

gains

(losses)

on

investments

(41,830)

Change

in

net

assets

resulting

from

operations

$

335,752

(Amounts

in

Thousands)

Victory

Portfolios

IV

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Pioneer

Multi-Asset

Ultrashort

Income

Fund

Year

Ended

March

31,

2026

Year

Ended

March

31,

2025\*

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

377,582

$

360,225

Net

realized

gains

(losses)

(20,243)

(1,212)

Net

change

in

unrealized

appreciation/depreciation

(21,587)

2,404

Change

in

net

assets

resulting

from

operations

335,752

361,417

Distributions

to

Shareholders:

Class

A

(153,247)

(114,320)

Class

C

(2,179)

(2,970)

Class

C2

—

(409)

Class

R6

(27,479)

(31,380)

Class

Y

(197,379)

(209,740)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(380,284)

(358,819)

Change

in

net

assets

resulting

from

capital

transactions

328,550

2,506,877

Change

in

net

assets

284,018

2,509,475

Net

Assets:

Beginning

of

period

7,798,048

5,288,573

End

of

period

$

8,082,066

$

7,798,048

\*

Pioneer

Multi-Asset

Ultrashort

Income

Fund

(the

"Predecessor

Fund")

reorganized

with

the

Fund

effective

April

1,

2025

(the

"Reorganization").

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

Class

C2,

Class

K,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

C,

Class

R6,

and

Class

Y

shares

of

the

Fund,

respectively.

(Amounts

in

Thousands)

Victory

Portfolios

IV

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Pioneer

Multi-Asset

Ultrashort

Income

Fund

Year

Ended

March

31,

2026

Year

Ended

March

31,

2025\*

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

2,494,549

$

2,678,505

Distributions

reinvested

151,320

112,986

Cost

of

shares

redeemed

(2,090,407)

(1,265,054)

Total

Class

A

$

555,462

$

1,526,437

Class

C

Proceeds

from

shares

issued

$

57,368

$

14,168

Distributions

reinvested

1,931

2,970

Cost

of

shares

redeemed

(74,839)

(24,276)

Total

Class

C

$

(15,540)

$

(7,138)

Class

C2

Proceeds

from

shares

issued

$

—

$

4,115

Distributions

reinvested

—

Cost

of

shares

redeemed

—

(5,799)

Total

Class

C2

$

—

$

(1,661)

Class

R6

Proceeds

from

shares

issued

$

45,957

$

122,112

Distributions

reinvested

27,471

31,380

Cost

of

shares

redeemed

(100,404)

(95,342)

Total

Class

R6

$

(26,976)

$

58,150

Class

Y

Proceeds

from

shares

issued

$

2,198,908

$

2,884,227

Distributions

reinvested

179,783

188,640

Cost

of

shares

redeemed

(2,563,087)

(2,141,778)

Total

Class

Y

$

(184,396)

$

931,089

Change

in

net

assets

resulting

from

capital

transactions

$

328,550

$

2,506,877

Share

Transactions:

Class

A

Issued

259,015

277,427

Reinvested

15,714

11,704

Redeemed

(217,108)

(131,049)

Total

Class

A

57,621

158,082

Class

C

Issued

5,940

1,465

Reinvested

Redeemed

(7,752)

(2,512)

Total

Class

C

(1,612)

(739)

Class

C2

Issued

—

Reinvested

—

Redeemed

—

(601)

Total

Class

C2

—

(173)

Class

R6

Issued

4,760

12,588

Reinvested

2,844

3,260

Redeemed

(10,405)

(9,849)

Total

Class

R6

(2,801)

5,999

Class

Y

Issued

227,951

298,228

Reinvested

18,642

19,501

Redeemed

(265,725)

(221,419)

Total

Class

Y

(19,132)

96,310

Change

in

Shares

34,076

259,479

\*

Pioneer

Multi-Asset

Ultrashort

Income

Fund

(the

"Predecessor

Fund")

reorganized

with

the

Fund

effective

April

1,

2025

(the

"Reorganization").

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

Class

C2,

Class

K,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

C,

Class

R6,

and

Class

Y

shares

of

the

Fund,

respectively.

Victory

Portfolios

IV

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Pioneer

Multi-Asset

Ultrashort

Income

Fund

Class

A\*

Year

Ended

March

31,

2026

Year

Ended

March

31,

2025

Year

Ended

March

31,

2024

Year

Ended

March

31,

2023

Year

Ended

March

31,

2022

Net

Asset

Value,

Beginning

of

Period

$9.65

$9.64

$9.53

$9.61

$9.71

Investment

Activities:

Net

investment

income

(loss)(a)

0.45 0.53 0.57 0.31 0.09 Net

realized

and

unrealized

gains

(losses)

(0.05)

0.02 0.12 (0.06)

(0.07)

Total

from

Investment

Activities

0.40 0.55 0.69 0.25 0.02 Distributions

to

Shareholders

from:

Net

investment

income

(0.45)

(0.54)

(0.57)

(0.33)

(0.12)

Return

of

capital

—

—

(0.01)

—

—

Total

Distributions

(0.45)

(0.54)

(0.58)

(0.33)

(0.12)

Net

Asset

Value,

End

of

Period

$9.60

$9.65

$9.64

$9.53

$9.61

Total

Return(b)

4.25%

5.85%

7.45%

2.62%

0.16%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.58%(d)

0.58%

0.60%

0.60%

0.59%

Net

Investment

Income

(Loss)

4.65%

5.54%

5.96%

3.21%

0.96%

Gross

Expenses(c)

0.58%(d)

0.58%

0.60%

0.60%

0.59%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$3,557,724

$3,021,146

$1,494,536

$1,126,767

$1,824,401

Portfolio

Turnover(e)

54%

53%

57%

34%

52%

\*

Pioneer

Multi-Asset

Ultrashort

Income

Fund

(the

"Predecessor

Fund")

reorganized

with

the

Fund

effective

April

1,

2025

(the

"Reorganization").

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

Class

C2,

Class

K,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

C,

Class

R6,

and

Class

Y

shares

of

the

Fund,

respectively.

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(e) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

IV

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Pioneer

Multi-Asset

Ultrashort

Income

Fund

Class

C\*

Year

Ended

March

31,

2026

Year

Ended

March

31,

2025

Year

Ended

March

31,

2024

Year

Ended

March

31,

2023

Year

Ended

March

31,

2022

Net

Asset

Value,

Beginning

of

Period

$9.66

$9.65

$9.53

$9.62

$9.72

Investment

Activities:

Net

investment

income

(loss)(a)

0.43 0.52 0.54 0.27 0.07 Net

realized

and

unrealized

gains

(losses)

(0.06)

—

0.13 (0.06)

(0.08)

Total

from

Investment

Activities

0.37 0.52 0.67 0.21 (0.01)

Distributions

to

Shareholders

from:

Net

investment

income

(0.42)

(0.51)

(0.54)

(0.30)

(0.09)

Return

of

capital

—

—

(0.01)

—

—

Total

Distributions

(0.42)

(0.51)

(0.55)

(0.30)

(0.09)

Net

Asset

Value,

End

of

Period

$9.61

$9.66

$9.65

$9.53

$9.62

Total

Return(b)

3.93%

5.53%

7.24%

2.21%

(0.14)%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.88%(d)

0.88%

0.89%

0.91%

0.88%

Net

Investment

Income

(Loss)

4.42%

5.34%

5.65%

2.85%

0.69%

Gross

Expenses(c)

0.89%(d)

0.88%

0.89%

0.91%

0.88%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$42,475

$5,917

$7,571

$8,463

$15,861

Portfolio

Turnover(e)

54%

53%

57%

34%

52%

\*

Pioneer

Multi-Asset

Ultrashort

Income

Fund

(the

"Predecessor

Fund")

reorganized

with

the

Fund

effective

April

1,

2025

(the

"Reorganization").

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

Class

C2,

Class

K,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

C,

Class

R6,

and

Class

Y

shares

of

the

Fund,

respectively.

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(e) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

IV

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Pioneer

Multi-Asset

Ultrashort

Income

Fund

Class

R6\*

Year

Ended

March

31,

2026

Year

Ended

March

31,

2025

Year

Ended

March

31,

2024

Year

Ended

March

31,

2023

Year

Ended

March

31,

2022

Net

Asset

Value,

Beginning

of

Period

$9.68

$9.67

$9.56

$9.64

$9.74

Investment

Activities:

Net

investment

income

(loss)(a)

0.47 0.57 0.60 0.35 0.12 Net

realized

and

unrealized

gains

(losses)

(0.05)

—

0.12 (0.08)

(0.08)

Total

from

Investment

Activities

0.42 0.57 0.72 0.27 0.04 Distributions

to

Shareholders

from:

Net

investment

income

(0.47)

(0.56)

(0.60)

(0.35)

(0.14)

Return

of

capital

—

—

(0.01)

—

—

Total

Distributions

(0.47)

(0.56)

(0.61)

(0.35)

(0.14)

Net

Asset

Value,

End

of

Period

$9.63

$9.68

$9.67

$9.56

$9.64

Total

Return(b)

4.38%

6.09%

7.70%

2.86%

0.39%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.35%(d)

0.35%

0.37%

0.38%

0.36%

Net

Investment

Income

(Loss)

4.90%

5.85%

6.19%

3.71%

1.20%

Gross

Expenses(c)

0.35%(d)

0.35%

0.37%

0.38%

0.36%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$522,936

$552,952

$494,518

$465,248

$382,288

Portfolio

Turnover(e)

54%

53%

57%

34%

52%

\*

Pioneer

Multi-Asset

Ultrashort

Income

Fund

(the

"Predecessor

Fund")

reorganized

with

the

Fund

effective

April

1,

2025

(the

"Reorganization").

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

Class

C2,

Class

K,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

C,

Class

R6,

and

Class

Y

shares

of

the

Fund,

respectively.

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(e) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

IV

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Pioneer

Multi-Asset

Ultrashort

Income

Fund

Class

Y\*

Year

Ended

March

31,

2026

Year

Ended

March

31,

2025

Year

Ended

March

31,

2024

Year

Ended

March

31,

2023

Year

Ended

March

31,

2022

Net

Asset

Value,

Beginning

of

Period

$9.67

$9.66

$9.54

$9.63

$9.73

Investment

Activities:

Net

investment

income

(loss)(a)

0.46 0.55 0.59 0.34 0.11 Net

realized

and

unrealized

gains

(losses)

(0.05)

0.02 0.13 (0.09)

(0.08)

Total

from

Investment

Activities

0.41 0.57 0.72 0.25 0.03 Distributions

to

Shareholders

from:

Net

investment

income

(0.47)

(0.56)

(0.59)

(0.34)

(0.13)

Return

of

capital

—

—

(0.01)

—

—

Total

Distributions

(0.47)

(0.56)

(0.60)

(0.34)

(0.13)

Net

Asset

Value,

End

of

Period

$9.61

$9.67

$9.66

$9.54

$9.63

Total

Return(b)

4.28%

6.00%

7.73%

2.67%

0.30%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.44%(d)

0.44%

0.46%

0.45%

0.44%

Net

Investment

Income

(Loss)

4.81%

5.74%

6.11%

3.53%

1.12%

Gross

Expenses(c)

0.45%(d)

0.44%

0.46%

0.45%

0.44%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$3,958,931

$4,165,683

$3,232,507

$2,659,258

$2,725,842

Portfolio

Turnover(e)

54%

53%

57%

34%

52%

\*

Pioneer

Multi-Asset

Ultrashort

Income

Fund

(the

"Predecessor

Fund")

reorganized

with

the

Fund

effective

April

1,

2025

(the

"Reorganization").

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

Class

C2,

Class

K,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

C,

Class

R6,

and

Class

Y

shares

of

the

Fund,

respectively.

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(e) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Notes

to

Financial

Statements

March

31,

2026

Victory

Portfolios

IV

1. #### Organization:
Victory

Portfolios

IV

(the

"Trust")

is

organized as

a

Delaware

statutory

trust and is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of

funds, and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

no

par

value.

The

accompanying

financial

statements

are

those

of

the

following

fund

(the

"Fund"). The

Fund

is

classified

as

diversified

under

the

1940

Act.

Each

class

of

shares

of the

Fund

has

substantially

identical

rights

and

privileges

except

with

respect

to

sales

charges,

fees

paid

under

distribution

plans,

expenses

allocable

exclusively

to

each

class

of

shares,

voting

rights

on

matters

solely

affecting

a

single

class

of

shares,

and

the

exchange

privilege

of

each

class

of

shares.

Victory

Capital

Management

Inc.

("VCM"

or

the

"Adviser")

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC. Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

The

Fund,

which

commenced

operations

on

April

1,

2025,

is

the

successor

to

the

Pioneer

Multi-Asset

Ultrashort

Income

Fund

(the

"Predecessor

Fund").

The

Predecessor

Fund

transferred

all

of

the

net

assets

of

Class

A,

Class

C,

Class

C2,

Class

K,

and

Class

Y

shares

in

exchange

for

the

Fund's

Class

A,

Class

C,

Class

C,

Class

R6,

and

Class

Y

shares,

respectively,

on

April

1,

2025,

pursuant

to

an

agreement

and

plan

of

reorganization

(the

"Reorganization")

which

was

approved

by

the

shareholders

of

the

Predecessor

Fund

on

March

27,

2025. The

Reorganization

was

structured

so

that

the

transfer

of

assets

and

liabilities

did

not

result

in

any federal

tax

liability

to

the

Predecessor

Fund

or

its

shareholders.

Shareholders

holding

Class

A,

Class

C,

Class

C2,

Class

K,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

C,

Class

R6,

and

Class

Y

shares

of

the

Fund,

respectively,

in

the

Reorganization.

The

Predecessor

Fund

was

the

accounting

survivor

of

the

Reorganization.

Accordingly,

the

Predecessor

Fund's

performance

and

financial

history

have

become

the

performance

and

financial

history

of

the

Fund.

The

Fund's

investment

objective

is

to

seek

a

high

level

of

current

income

to

the

extent

consistent

with

a

relatively

high

level

of

stability

of

principal.

Effective

April

1,

2025,

VCM

serves

as

the

Fund's

investment

adviser,

succeeding

Amundi

Asset

Management

US,

Inc.

("Amundi

US").

On

the

same

date,

Victory

Capital

Services,

Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

became

the

Distributor

for

the

Fund's

shares,

succeeding

Amundi

Distributor

US,

Inc.

The

Distributor

receives

no

fee

or

other

compensation

for

these

services

(See

Note

5).

On

September

30,

2025,

the

Trust's

Board

of

Trustees

(the

"Board"),

upon

the

recommendation

of

the

Adviser,

approved

a

change

in

the

Fund's

custodian,

sub-administrator,

sub-fund

accountant,

and

transfer

agent.

Effective

as

of

February

9,

2026, Citibank,

N.A.

serves

as

the

custodian

of

the

Fund,

Citi

Fund

Services

Ohio,

Inc.

serves

as

sub-administrator

and

sub-fund

accountant

of

the

Fund

and

FIS

Investor

Services

LLC

serves

as

transfer

agent

of

the

Fund.

2. #### Significant

#### Accounting

#### Policies:
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Fund

in

the

preparation

of

its

financial

statements.

The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP").

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the

Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

follows

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification

Topic 946.

Investment

Valuation:

The

Fund

records

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to sell

an asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund's

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

—

quoted

prices

(unadjusted)

in

active

markets

for

identical

securities

Level

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

or

credit

spreads,

applicable

to

those

securities,

etc.)

Level

—

significant

unobservable

inputs

(including

the

Adviser's

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodologies

used

for

valuation

techniques

are

not

necessarily

an

indication

of

the

risks

associated

with

entering

into

those

investments.

The Adviser,

appointed

as

the

valuation

designee

by the

Board, has

established

the

Pricing

Committee

(the

"Committee"),

and

subject

to

Board

oversight,

the

Committee

administers

and

oversees

the

Fund's

valuation

policies

and

procedures,

which

are

approved

by

the

Board.

Fund

(Legal

Name)

Fund

(Short

Name)

Investment

Share

Classes

Offered

Victory

Pioneer

Multi-Asset

Ultrashort

Income

Fund

Multi-Asset

Ultrashort

Income

Fund

Class

A,

Class

C,

Class

R6,

and

Class

Y

Notes

to

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

IV

Portfolio

securities

listed

or

traded

on

securities

exchanges,

are

valued

at

the

last

sale

price

on

the

exchange

or

system

where

the

security

is

principally

traded,

if

available,

or

at

the

Nasdaq

Official

Closing

Price.

If

there

have

been

no

sales

for

that

day

on

the

exchange

or

system,

then

a

security

is

valued

at

the

closing mean

if

available,

otherwise

the

bid

quotation

on

the

exchange

or

system

where

the

security

is

principally

traded.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Debt

securities

are

valued

each

business

day

by

a

pricing

service

approved

by

the

valuation

designee

and

subject

to

the

oversight

of

the

Board.

The

pricing

service

uses

the

evaluated

bid

or market

quotes to

value

securities.

Debt

obligations

maturing

within

days

may

be

valued

at

amortized

cost,

provided

that

the

amortized

cost

represents

the

fair

value

of

such

securities.

These

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Investments

in

open-end

investment

companies are

valued

at their

net

asset

value

("NAV").

These

valuations

are

typically

categorized

as

Level

1 in

the

fair

value

hierarchy.

Loan

interests

are

valued

at

the

mean

between

the

last

available

bid

and

asked

prices

from

one

or

more

brokers

or

dealers

as

obtained

from

an

independent

third

party

pricing

service.

If

price

information

is

not

available,

or

if

the

price

information

is

deemed

to

be

unreliable,

price

information

will

be

obtained

from

an

alternative

loan

interest

pricing

service.

If

no

reliable

price

quotes

are

available

from

either

the

primary

or

alternative

pricing

service,

broker

quotes

will

be

solicited.

These

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Event-linked

bonds

are

valued

at

the

bid

price

obtained

from

an

independent

third-party

pricing

service.

Other

insurance-linked

securities

(including

reinsurance

sidecars,

collateralized

reinsurance

and

industry

loss

warranties)

may

be

valued

at

the

bid

price

obtained

from

an

independent

pricing

service,

or

through

a

third

party

using

a

pricing

matrix,

insurance

valuation

models,

or

other

fair

value

methods

or

techniques

to

provide

an

estimated

value

of

the

instrument.

Event-linked

bond

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Other

insurance-linked

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Repurchase

agreements

are

valued

at

cost,

which

approximates

market

value.

Futures

contracts

are

valued

at

the

settlement

price

established

each

day

by

the

board

of

trade

or

an

exchange

on

which

they

are

traded.

These

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

or

Level

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

the

Fund's

net

asset

value to

be

more

reliable

than

it

otherwise

would

be.

A

summary

of

the

valuations

as

of

March

31,

2026, based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

on

the

Schedule

of

Portfolio

Investments

(amounts

in

thousands):

As

of March

31,

2026,

there

were

no

significant transfers

into/out

of

Level

3. Level

Level

Level

Total

Multi-Asset

Ultrashort

Income

Fund

Asset-Backed

Securities

.........................................

$

—

$

1,368,810

$

7,995

$

1,376,805

Collateralized

Loan

Obligations

...................................

—

1,301,592

—

1,301,592

Collateralized

Mortgage

Obligations

................................

—

1,156,212

610

1,156,822

Senior

Secured

Loans

...........................................

—

155,336

—

155,336

Corporate

Bonds

..............................................

—

1,783,137

1,138

1,784,275

Insurance-Linked

Securities

......................................

—

7,898

8,139

Yankee

Dollars

...............................................

—

928,544

—

928,544

U.S.

Government

Agency

Mortgages

................................

—

249,295

—

249,295

Commercial

Paper

.............................................

—

705,244

—

705,244

Repurchase

Agreements

.........................................

—

547,840

—

547,840

Total

.......................................................

$

—

$

8,203,908

$

9,984

$

8,213,892

Liabilities:

TBA

Sales

Commitments

........................................

$

—

$

(106,753)

$

—

$

(106,753)

Total

.......................................................

$

—

$

(106,753)

$

—

$

(106,753)

Other

Financial

Investments:\*

Assets:

Futures

Contracts

..............................................

608

—

—

608

Total

.......................................................

$

608

$

—

$

—

$

608

\*

Futures

Contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

investment.

Notes

to

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

IV

Investment

Companies:

Open-End

Funds:

The

Fund

may

invest

in

portfolios

of

open-end

investment

companies.

These

investment

companies

value

securities

in

their

portfolios

for

which

market

quotations

are

readily

available

at

their

market

values

(generally

the

last

reported

sale

price)

and

all

other

securities

and

assets

at

their

fair

value

by

the

methods

established

by

the

board

of

directors

of

the

underlying

funds.

Repurchase

Agreements:

The

Fund

may

enter

into

repurchase

agreements

with

commercial

banks

or

recognized

security

dealers

pursuant

to

the

terms

of

a

Master

Repurchase

Agreement.

A

repurchase

agreement

is

an

arrangement

wherein

the

Fund

purchases

securities

and

the

seller

agrees

to

repurchase

the

securities

at

an

agreed

upon

time

and

at

an

agreed

upon

price.

The

purchased

securities

are

marked-to-market

daily

to

ensure

their

value

is

equal

to

at

least

102%

of

principal

including

accrued

interest

and

are

held

by

the

Fund,

either

through

its

regular

custodian

or

through

a

special

"tri-party"

custodian

that

maintains

separate

accounts

for

both

the

Fund

and

its

counterparty,

until

maturity

of

the

repurchase

agreement.

Master

Repurchase

Agreements

typically

contain

netting

provisions,

which

provide

for

the

net

settlement

of

all

transactions

and

collateral

with

the

Fund

through

a

single

payment

in

the

event

of

default

or

termination.

Repurchase

agreements

are

subject

to

credit

risk,

and

the

Fund's Adviser

monitors

the

creditworthiness

of

sellers

with

which

the

Fund

may

enter

into

repurchase

agreements.

Investments

in

repurchase

agreements

as

presented

on

the

Schedule

of

Portfolio

Investments

are

not

net

settlement

amounts

but

gross.

At

March

31,

2026,

the

value

of

the

related

collateral

exceeded

the

value

of

the

repurchase

agreements,

reducing

the

net

settlement

amount

to

zero.

Details

on

the

collateral

are

included

on

the

Schedule

of

Portfolio

Investments.

Insurance-Linked

Securities

("ILS"):

The Fund

invests

in

ILS.

The Fund

could

lose

a

portion

or

all

of

the

principal

it

has

invested

in

an

ILS,

and

the

right

to

additional

interest

or

dividend

payments

with

respect

to

the

security,

upon

the

occurrence

of

one

or

more

trigger

events,

as

defined

within

the

terms

of

an

insurance-

linked

security.

Trigger

events,

generally,

are

hurricanes,

earthquakes,

or

other

natural

events

of

a

specific

size

or

magnitude

that

occur

in

a

designated

geographic

region

during

a

specified

time

period,

and/or

that

involve

losses

or

other

metrics

that

exceed

a

specific

amount.

There

is

no

way

to

accurately

predict

whether

a

trigger

event

will

occur,

and

accordingly,

ILS

carry

significant

risk.

The Fund

is

entitled

to

receive

principal,

and

interest

and/or

dividend

payments

so

long

as

no

trigger

event

occurs

of

the

description

and

magnitude

specified

by

the

instrument.

In

addition

to

the

specified

trigger

events,

ILS

may

expose

the Fund

to

other

risks,

including

but

not

limited

to

issuer

(credit)

default,

adverse

regulatory

or

jurisdictional

interpretations

and

adverse

tax

consequences.

The

Fund's

investments

in

ILS

may

include

event-linked

bonds.

ILS

also

may

include

special

purpose

vehicles

("SPVs")

or

similar

instruments

structured

to

comprise

a

portion

of

a

reinsurer's

catastrophe-oriented

business,

known

as

quota

share

instruments

(sometimes

referred

to

as

reinsurance

sidecars),

or

to

provide

reinsurance

relating

to

specific

risks

to

insurance

or

reinsurance

companies

through

a

collateralized

instrument,

known

as

collateralized

reinsurance.

Structured

reinsurance

investments

also

may

include

industry

loss

warranties

("ILWs").

A

traditional

ILW

takes

the

form

of

a

bilateral

reinsurance

contract,

but

there

are

also

products

that

take

the

form

of

derivatives,

collateralized

structures,

or

exchange-traded

instruments.

Where

the

ILS

are

based

on

the

performance

of

underlying

reinsurance

contracts,

the Fund

has

limited

transparency

into

the

individual

underlying

contracts,

and

therefore

must

rely

upon

the

risk

assessment

and

sound

underwriting

practices

of

the

issuer.

Accordingly,

it

may

be

more

difficult

for

the

Adviser

to

fully

evaluate

the

underlying

risk

profile

of

the

Fund's

structured

reinsurance

investments,

and

therefore

the

Fund's

assets

are

placed

at

greater

risk

of

loss

than

if

the

Adviser

had

more

complete

information.

Structured

reinsurance

instruments

generally

will

be

considered

illiquid

securities

by

the

Fund.

These

securities

may

be

difficult

to

purchase,

sell

or

unwind.

Illiquid

securities

also

may

be

difficult

to

value.

If

the Fund

is

forced

to

sell

an

illiquid

asset,

the Fund

may

be

forced

to

sell

at

a

loss.

Municipal

Obligations:

The

values

of

municipal

obligations

can

fluctuate

and

may

be

affected

by

adverse

tax,

legislative,

or

political

changes,

and

by

financial

developments

affecting

municipal

issuers.

Payments

of

municipal

obligations

may

depend

on

a

relatively

limited

source

of

revenue,

resulting

in

greater

credit

risk.

Future

changes

in

federal

tax

laws

or

the

activity

of

an

issuer

may

adversely

affect

the

tax-exempt

status

of

municipal

obligations.

Mortgage-

and

Asset-Backed

Securities:

The

values

of

some

mortgage-related

or

asset-backed

securities

may

be

particularly

sensitive

to

changes

in

prevailing

interest

rates.

Early

repayment

of

principal

on

some

mortgage-related

securities

may

expose

the

Fund

to

a

lower

rate

of

return

upon

reinvestment

of

principal.

The

values

of

mortgage-

and

asset-backed

securities

depend

in

part

on

the

credit

quality

and

adequacy

of

the

underlying

assets

or

collateral

and

may

fluctuate

in

response

to

the

market's

perception

of

these

factors

as

well

as

current

and

future

repayment

rates.

Some

mortgage-backed

securities

are

backed

by

the

full

faith

and

credit

of

the

U.S.

government

(e.g.,

mortgage-backed

securities

issued

by

the

Government

National

Mortgage

Association,

commonly

known

as

"Ginnie

Mae"),

while

other

mortgage-backed

securities

(e.g.,

mortgage-backed

securities

issued

by

the

Federal

National

Mortgage

Association

and

the

Federal

Home

Loan

Mortgage

Corporation,

commonly

known

as

"Fannie

Mae"

and

"Freddie

Mac,"

respectively),

are

backed

only

by

the

credit

of

the

government

entity

issuing

them.

In

addition,

some

mortgage-backed

securities

are

issued

by

private

entities

and,

as

such,

are

not

guaranteed

by

the

U.S.

government

or

any

agency

or

instrumentality

of

the

U.S.

government.

Notes

to

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

IV

TBAs

:

The

Fund

may

enter

into

to-be-announced

(TBA)

purchases

or

sales

commitments

(collectively,

TBA

transactions),

pursuant

to

which

it

agrees

to

purchase

or

sell,

respectively,

mortgage-backed

securities

for

a

fixed

unit

price,

with

payment

and

delivery

at

a

scheduled

future

date

beyond

the

customary

settlement

period

for

such

securities.

With

TBA

transactions,

the

particular

securities

to

be

received

or

delivered

by

the

Fund

are

not

identified

at

the

trade

date;

however,

the

securities

must

meet

specified

terms,

including

issuer,

rate,

and

mortgage

term,

and

be

within

industry-accepted

"good

delivery"

standards.

The

Fund

may

enter

into

TBA

transactions

with

the

intention

of

taking

possession

of

or

relinquishing

the

underlying

securities,

may

elect

to

extend

the

settlement

by

"rolling"

the

transaction,

and/or

may

use

TBA

transactions

to

gain

or

reduce

interim

exposure

to

underlying

securities.

Until

settlement,

the

Fund

maintains

liquid

assets

sufficient

to

settle

its

commitment

to

purchase

a

TBA

or,

in

the

case

of

a

sale

commitment,

the

Fund

maintains

an

entitlement

to

the

security

to

be

sold.

To

mitigate

counterparty

risk,

the

Fund

has

entered

into

agreements

with

TBA

counterparties

that

provide

for

collateral

and

the

right

to

offset

amounts

due

to

or

from

those

counterparties

under

specified

conditions.

Subject

to

minimum

transfer

amounts,

collateral

requirements

are

determined

and

transfers

made

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

TBA

commitments

with

a

particular

counterparty.

At

any

time,

the

Fund's

risk

of

loss

from

a

particular

counterparty

related

to

its

TBA

commitments

is

the

aggregate

unrealized

gain

on

appreciated

TBAs

in

excess

of

unrealized

loss

on

depreciated

TBAs

and

collateral

received,

if

any,

from

such

counterparty.

The

cash

collateral

held

by

the

Fund

is

reflected

on

the

Statement

of

Assets

and

Liabilities

under

TBA

sales

commitments

collateral.

Loans:

Floating

rate

loans

in

which

the

Fund

invests

are

primarily

"senior"

loans.

Senior

floating

rate

loans

typically

hold

a

senior

position

in

the

capital

structure

of

the

borrower,

are

typically

secured

by

specific

collateral,

and

have

a

claim

on

the

assets

and/or

stock

of

the

borrower

that

is

senior

to

that

held

by

subordinated

debtholders

and

stockholders

of

the

borrower.

While

these

protections

may

reduce

risk,

these

investments

still

present

significant

credit

risk.

A

significant

portion

of

the

Fund's

floating

rate

investments

may

be

issued

in

connection

with

highly

leveraged

transactions

such

as

leveraged

buyouts,

leveraged

recapitalization

loans,

and

other

types

of

acquisition

financing.

Obligations

in

these

types

of

transactions

are

subject

to

greater

credit

risk

(including

default

and

bankruptcy)

than

many

other

investments

and

may

be,

or

become,

illiquid.

See

note

regarding

below-investment-grade

securities.

The

Fund

may

purchase

second

lien

loans

(secured

loans

with

a

claim

on

collateral

subordinate

to

a

senior

lender's

claim

on

such

collateral),

fixed

rate

loans,

unsecured

loans,

and

other

debt

obligations.

Transactions

in

loans

often

settle

on

a

delayed

basis,

and

the

Fund

may

not

receive

the

proceeds

from

the

sale

of

a

loan

or

pay

for

a

loan

purchase

for

a

substantial

period

of

time

after

entering

into

the

transactions.

Securities

Purchased

on

a

Delayed-Delivery

or

When-Issued

Basis:

The

Fund

may

purchase

securities

on

a

delayed-delivery

or

when-issued

basis.

Delivery

and

payment

for

securities

that

have

been

purchased

by

the

Fund

on

a

delayed-delivery

or

when-issued

basis,

or

for

delayed

draws

on

loans

can

generally

take

place

within

days after

the

trade

date.

Securities

that

require

more

than

days

to

settle

are

considered

a

senior

security

and

subject

to

Rule

18f-4.

At

the

time

the

Fund

makes

the

commitment

to

purchase

a

security

on

a

delayed-delivery

or

when-issued

basis,

the

Fund

records

the

transaction

and

reflects

the

value

of

the

security

in

determining

NAV.

No

interest

accrues

to

the

Fund

until

the

transaction

settles

and

payment

takes

place.

If

the

Fund

owns

delayed-

delivery

or

when-issued

securities,

these

values

are

included

in

Payables

for

Investments

purchased

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Unfunded

Loan

Commitments:

The

Fund

may

enter

into

unfunded

loan

commitments.

Unfunded

loan

commitments

may

be

partially

or

wholly

unfunded.

During

the

contractual

period,

the

Fund

is

obliged

to

provide

funding

to

the

borrower

upon

demand.

A

fee

is

earned

by

the

Fund

on

the

unfunded

loan

commitment

and

is

recorded

as

interest

income

on

the

Statement

of

Operations.

Unrealized

appreciation

or

depreciation,

if

any,

is

recorded

on

the

Statement

of

Assets

and

Liabilities.

As

of

March

31,

2026,

the

Fund

had

no

unfunded

loan

commitment

outstanding.

Derivative

Instruments:

Futures

Contracts:

The

Fund

may

enter

into

contracts

for

the

future

delivery

of

securities

or

foreign

currencies

and

futures

contracts

based

on

a

specific

security,

class

of

securities,

foreign

currency

or

an

index,

and

purchase

or

sell

options

on

any

such

futures

contracts.

A

futures

contract

on

a

securities

index

is

an

agreement

obligating

either

party

to

pay,

and

entitling

the

other

party

to

receive,

while

the

contract

is

outstanding,

cash

payments

based

on

the

level

of

a

specified

securities

index.

No

physical

delivery

of

the

underlying

asset

is

made.

The

Fund

may

enter

into

futures

contracts

in

an

effort

to

hedge

against

market

risks.

The

acquisition

of

put

and

call

options

on

futures

contracts

will

give

the

Fund

the

right

(but

not

the

obligation),

for

a

specified

price,

to

sell

or

to

purchase

the

underlying

futures

contract,

upon

exercise

of

the

option,

at

any

time

during

the

option

period.

Futures

transactions

involve

brokerage

costs

and a

good

faith

margin

deposit,

known

as

initial

margin,

of

cash

or

government

securities

with

a

broker

or

custodian

is

required

to

initiate

and

maintain

open

positions

in

futures

contracts.

Subsequent

payments,

known

as

variation

margin,

are

made

or

received

by

the

Fund

based

on

the

change

in

the

market

value

of

the

position

and

are

recorded

as

unrealized

appreciation

or

depreciation

until

the

contract

is

closed

out,

at

which

time

the

gain

or

loss

is

realized.

The

Fund

may

lose

the

expected

benefit

of

futures

transactions

if

interest

rates,

exchange

rates

or

securities

prices

change

in

an

unanticipated

manner.

Such

unanticipated

changes

may

also

result

in

lower

overall

performance

than

if

the

Fund

had

not

entered

into

any

futures

transactions.

In

addition,

the

value

of

the

Fund's

futures

positions

Notes

to

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

IV

may

not

prove

to

be

perfectly

or

even

highly

correlated

with

the

value

of

its

portfolio

securities

or

foreign

currencies,

limiting

the

Fund's

ability

to

hedge

effectively

against

interest

rate,

exchange

rate

and/or

market

risk

and

giving

rise

to

additional

risks.

There

is

no

assurance

of

liquidity

in

the

secondary

market

for

purposes

of

closing

out

futures

positions.

The

collateral

held

by

the

Fund

is

reflected

on

the

Statement

of

Assets

and

Liabilities

under

Deposit

with

broker

for

futures

contracts.

Management

has

determined

that

no

offsetting

requirements

exist

as

a

result

of

their

conclusion

that

the

Fund

is

not

subject

to

master

netting

agreements

for

futures

contracts. During

the year ended

March

31,

2026,

the

Fund

entered

into

futures

contracts

primarily

for

the

strategy

of

gaining

exposure

to

a

particular

asset

class

or

securities

market.

Summary

of

Derivative

Instruments:

The

following

table

summarizes

the

fair

values

of

derivative

instruments

on

the

Statement

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

March

31,

2026 (amounts

in

thousands):

\*

Includes

cumulative

unrealized appreciation

(depreciation)

of

futures

contracts as

reported

on

the

Schedule

of

Portfolio

Investments.

Only

current

day's

variation

margin

for

futures

contracts

is

reported

within

the

Statement

of

Assets

and

Liabilities.

The

following

table

presents the

effect

of

derivative

instruments

on

the

Statement

of

Operations,

categorized

by

risk

exposure,

for

the year

ended

March

31,

2026 (amounts

in

thousands):

All

open

derivative

positions

at

year end

are

reflected

on

the

Fund's

Schedule

of

Portfolio

Investments.

The

underlying

face

value

of

open

derivative

positions

relative

to the

Fund's

net

assets

at year

end

is

representative

of

the

notional

amount

of

open

positions

to

net

assets

throughout

the

year.

Investment

Transactions

and

Related

Income:

Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

Interest

income

is

determined

on

the

basis

of

coupon

interest

accrued

and recorded

daily

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts. Dividend

income

is

recorded

on

the

ex-dividend

date.

Non-cash

dividends

included

in

income,

if

any,

are

recorded

at

the

fair

value

of

the

securities

received. Interest

income

is

recorded

daily

on

the

accrual

basis. Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis. Paydown

gains

or

losses

on

applicable

securities,

if

any,

are

recorded

as

components

of

Interest

income

on

the

Statement

of

Operations.

The Fund

may

receive

other

income

from

investments

in

loan

assignments

and/or

unfunded

commitments,

including

amendment

fees,

consent

fees,

and

commitment

fees.

These

fees

are

recorded

as

income

when

received.

These

amounts,

if

received,

are

included

in

Interest

income

on

the

Statement

of

Operations.

Withholding

taxes

on

interest,

dividends,

and

gains

as

a

result

of

certain

investments

by

the

Fund

have

been

provided

for

in

accordance

with

each

investment's

applicable

country's

tax

rules

and

rates.

Federal

Income

Taxes:

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Fund

has

a

tax

year

end

of March

31. For

the

year

ended

March

31,

2026,

the

Fund

did

not

incur

any

income

tax,

interest,

or

penalties,

and

has

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Assets

Futures

contracts\*

Interest

Rate

Risk

Exposure:

608,000

Multi-Asset

Ultrashort

Income

Fund

......................................................................

$

608

Net

realized

gains

(losses)

from

futures

contracts

Net

change

in

unrealized

appreciation/

depreciation

on

futures

contracts

Interest

Rate

Risk

Exposure:

(669,000)

1,038,000

Multi-Asset

Ultrashort

Income

Fund

....................................................

$

(669) $

1,038

Notes

to

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

IV

Allocations:

Expenses

directly

attributable

to the

Fund

are

charged

to the

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Income,

expenses

(other

than

class-specific

expenses

such

as

transfer

agent

fees,

state

registration

fees,

printing

fees,

and

12b-1

fees),

and

realized

and

unrealized

gains

or

losses

on

investments

are

allocated

to

each

class

of

shares

based

on

its

relative

net

assets

on

the

date

income

is

earned

or

expenses

and

realized

and

unrealized

gains

and

losses

are

incurred.

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statement

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3. #### Purchases

#### and

#### Sales:
Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

year

ended

March

31,

2026,

were

as

follows

(amounts

in

thousands):

4. #### Affiliated

#### Fund

#### Ownership:
The

Fund

offers

shares

for

investment

by

other

funds

including

VCM

affiliated

fund-of-funds.

The

affiliated fund-of-funds

do

not

invest

in

the

underlying

funds

for

the

purpose

of

exercising

management

or

control;

however,

investments

by

affiliated fund-of-funds

within

its

principal

investment

strategies

may

represent

a

significant

portion

of

an

underlying

fund's

assets,

and

together

with

the

investments

of

the

other

affiliated

funds-of-funds,

may

represent

a

substantial

portion

or

even

all

of

an

underlying

fund's

net

assets.

The

affiliated

fund-of-funds'

annual

and

semi-

annual

reports

may

be

viewed

at

vcm.com.

As

of

March

31,

2026,

certain

affiliated

fund-of-funds

owned

total

outstanding

shares

of

the

Fund

as

follows:

5. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:
Investment

Advisory

Fees:

Investment

advisory

services

are

provided

to

the

Fund

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

Securities

and

Exchange

Commission

("SEC").

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

fees

accrued

daily

and

paid

monthly

at

an

annualized

rate

based

on

a

percentage

of

the

average

daily

net

assets

of the

Fund. The

rates

at

which

the

Adviser

is

paid

by the

Fund

are

included

in

the

table

below.

Amounts

incurred

and

paid

to

VCM

for

the

year ended

March

31,

2026,

are

reflected

on

the

Statement

of

Operations

as

Investment

advisory

fees.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Fund's

administrator

and

fund

accountant.

Under

the Administration

and

Fund

Accounting

Agreement,

VCM

is

paid

an

administration

fee

based

on

a

percentage

of

the

average

daily

net

assets

of

all

Companies

and

Funds

(as

defined

in

the

Administration

and

Fund

Accounting

Agreement)

together

with

all

other

registered

investment

companies

for

which

VCM

acts

as

administrator,

and

allocating

to the

Fund

on

a

pro

rata

basis

calculated

based

on

the

Fund's

average

daily

net

assets.

The

tiered

rates

at

which

VCM

is

paid

by

the

Fund

are

shown

in

the

table

below:

Excluding

U.S.

Government

Securities

U.S.

Government

Securities

Purchases

Sales

Purchases

Sales

Multi-Asset

Ultrashort

Income

Fund

..................................

$

3,507,466

$

3,1

,7

$

733,172

$

475,564

Multi-Asset

Ultrashort

Income

Fund

Ownership

%

Victory

Pioneer

Solutions

–

Balanced

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.3 Adviser

Fee

Tier

Rates

Up

to

$1

billion

Over

$1

billion

-

$5

billion

Over

$5

billion

-

$7.5

billion

Over

$7.5

billion

Multi-Asset

Ultrashort

Income

Fund

..........................

0.35%,

plus

0.30%,

plus

0.25%,

plus

0.20%

Notes

to

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

IV

Amounts

incurred

for

the

year

ended

March

31,

2026,

are

reflected

on

the

Statement

of

Operations

as

Administration

fees.

Effective

February

9,

2026,

Citi

Fund

Services

Ohio,

Inc.

("Citi"),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Fund

pursuant

to

a

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The

Fund

reimburses

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services,

including

costs

associated

with

the Chief

Compliance

Officer,

and

implementing

new

reports

required

by

new

rules

adopted

by

the

SEC

under

the

1940

Act.

Prior

to

February

9,

2026,

BNY

Mellon

served

as

sub-administrator

and

sub-fund

accountant

for

the

Fund.

The

total

amounts

incurred

and

paid

through

the

year

ended

March

31,

2026,

are

reflected

within

Sub-Administration

fees

on

the

Statements

of

Operations.

Transfer

Agency

Fees:

Effective February

9,

2026,

FIS

Investor

Services

LLC,

serves

as

the

Fund's

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the

Trust

pays

FIS

a

fee

for

its

services

and

reimburses

FIS

for

all

of

their

reasonable

out-of-pocket

expenses

incurred

in

providing

these

services.

Prior

to February

9,

2026,

BNY

Mellon

Investment

Servicing

(US)

Inc.

served

as

the

transfer

agent

to

the

Fund at

negotiated

rates

where

transfer

agent

fees

included

sub-transfer

agent

expenses

incurred

through

the

Fund's

omnibus

relationship

contracts.

In

addition,

the

Fund

would

reimburse

out-of-pocket

expenses

incurred

by

the

former

transfer

agent

related

to

shareholder

communications

activities

such

as

proxy

and

statement

mailings,

and

outgoing

phone

calls.

Total

transfer

agent

fees

incurred

for

the

year

ended

March

31,

2026,

are

reflected

on

the

Statement

of

Operations

as

Transfer

agent

fees.

Sub-Transfer

Agency

Fees:

Effective

February

9,

2026,

the

Fund

has

entered

into

Sub-Transfer

Agency

Agreements

with

financial

intermediaries

that

provide

recordkeeping,

processing,

shareholder

communications

and

other

services

to

customers

of

the

intermediaries

that

hold

positions

in

the

Fund

and

have

agreed

to

compensate

the

intermediaries

for

providing

those

services.

Intermediaries

transact

with

the

Fund

primarily

through

the

use

of

omnibus

accounts

on

behalf

of

their

customers

who

hold

positions

in

the

Fund.

These

services

would

have

been

provided

by

the

Fund's

transfer

agent

and

other

service

providers

if

the

shareholders'

accounts

were

maintained

directly

at

the

Fund's

transfer

agent.

Prior

to

February

9,

2026,

BNY

Mellon

served

as

sub-transfer

agent.

Total

sub-transfer

agent

fees

incurred

for

the

year

ended

March

31,

2026,

are

reflected

on

the

Statement

of

Operations

as

Sub-Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services, Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Fund

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust.

Pursuant

to

the

Distribution

and

Services

Plan

adopted

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Distributor

may

receive

a

monthly

distribution

and

service

fee

for

Class

A

and

Class

C,

at

an

annual

rate

of

up

to

0.20%

and

0.50%,

respectively,

of

the

average

daily

net

assets. Amounts

incurred

and

paid

to

the

Distributor

for

the year

ended

March

31,

2026, are

reflected

on

the

Statement

of

Operations

as

12b-1

fees.

In

addition,

the

Distributor

is

entitled

to

receive

commissions

in

connection

with

sales

of

Class

A

and

Class

C. For

the

year

ended

March

31,

2026,

the

Distributor

did

not

receive

any

commissions.

Other

Fees:

Effective

February

9,

2026,

Citibank

serves

as

the

Fund's

custodian.

The

Fund

pays

Citibank

a

fee

for

providing

these

services.

Prior

to

February

9,

2026,

BNY

Mellon

served

as

the

Fund's

custodian. Total

custodian

fees

incurred

for

the

year ended

March

31,

2026, are

reflected

on

the

Statement

of

Operations

as

Custodian

fees.

Sidley

Austin

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with the Fund.

Under

the

terms

of

the

agreement,

the

Adviser

has

agreed

to

waive

fees

or

reimburse

certain

expenses

to

the

extent

that

ordinary

operating

expenses

incurred

by

certain

classes

of

the

Fund

in

any

fiscal

year

exceed

the

expense limits

for

such

classes

of the

Fund.

Such

excess

amounts

will

be

the

liability

of

the

Adviser. Acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund's

business

are

excluded

from

the

expense

limits.

As

of

March

31,

2026,

the

expense

limits

(excluding

voluntary

waivers) were

as

follows:

Annual

Charge

Up

to

$15

billion

Over

$15

billion

-

$30

billion

Over

$30

billion

-

$85

billion

Over

$85

billion

Multi-Asset

Ultrashort

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.08%,

plus

0.05%,

plus

0.04%,

plus

0.03%

In

effect

until

April

1,

2028

Class

A

Class

C

Class

R6

Class

Y

Multi-Asset

Ultrashort

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.58%

0.88%

0.35%

0.44%

Notes

to

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

IV

Under

the

terms

of

the

expense

limitation

agreement,

the

Fund

has

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to two

years

(twenty-four

(24) months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense limits

in

effect

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

recoupment,

after

giving

effect

to

the

recoupment

amount.

The

Fund

has

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

March

31,

2026. As

of March

31,

2026,

the

following amounts

in

the

table

below

represent

the

fiscal

year-end

in

which

the 24-month recoupment

period

expires.

These

amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

The

Adviser

may

voluntarily

waive

or

reimburse

additional

fees

to

assist

the

Fund

in

maintaining

competitive

expense

ratios.

Voluntary

waivers

and

reimbursements

applicable

to

the

Fund

are

not

available

to

be

recouped

at

a

future

time.

There

were

no

voluntary

waivers

or

reimbursements

for

the year

ended

March

31,

2026. Certain

officers

and/or

interested

trustees

of

the

Fund

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

legal

counsel,

and

Distributor.

6. #### Risks:
The

following

describes

principal

risks

that

you

may

assume

as

an

investor

in

the

Fund.

The

Fund's

prospectus

contains

unaudited

information

regarding

the

Fund's

principal

risks.

Please

refer

to

that

document

when

considering

the

Fund's

principal

risks.

The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

Market

Risk

—

The

market

prices

of

securities

or

other

assets

held

by

the

Fund

may

go

up

or

down,

sometimes

rapidly

or

unpredictably,

due

to

general

market

conditions,

such

as

real

or

perceived

adverse

economic,

political,

or

regulatory

conditions,

political

instability,

recessions,

inflation,

changes

in

interest

or

currency

rates,

lack

of

liquidity

in

the

bond

markets,

the

spread

of

infectious

illness

or

other

public

health

issues,

weather

or

climate

events,

armed

conflict,

market

disruptions

caused

by

tariffs,

trade

disputes,

sanctions

or

other

government

actions,

or

other

factors

or

adverse

investor

sentiment.

If

the

market

prices

of

the

Fund's

securities

and

assets

fall,

the

value

of

your

investment

will

go

down.

A

change

in

financial

condition

or

other

event

affecting

a

single

issuer

or

market

may

adversely

impact

securities

markets

as

a

whole.

Duration Risk

— The Duration

seeks

to

measure

the

price

sensitivity

of

a

fixed

income

security

to

changes

in

interest

rates.

The

longer

a

portfolio's

duration,

the

more

sensitive

it

will

be

to

changes

in

interest

rates.

The

Fund's

average

portfolio

maturity

may

be

greater

than

the

Fund's

average

portfolio

duration,

and,

accordingly,

the

Fund

may

be

more

sensitive

to

changes

in

yield

or

interest

rates.

A

portfolio

with

negative

duration

may

increase

in

value

when

interest

rates

rise,

and

generally

incurs

a

loss

when

interest

rates

and

yields

fall.

The

assumptions

that

are

made

about

a

security's

features

and

options

when

calculating

duration

may

prove

to

be

incorrect.

Duration

is

calculated

by

the

Fund's

Adviser,

is

not

an

exact

measurement

and

may

not

reliably

predict

the

Fund's

or

a

particular

security's

price

sensitivity

to

changes

in

yield

or

interest

rates.

The

Fund's

Adviser

may

not

be

successful

in

its

efforts

to

limit

sensitivity

to

interest

rate

changes.

Interest

Rate Risk

— The market

prices

of

the

Fund's

fixed

income

securities

may

fluctuate

significantly

when

interest

rates

change.

The

value

of

your

investment

will

generally

go

down

when

interest

rates

rise.

A

rise

in

rates

tends

to

have

a

greater

impact

on

the

prices

of

longer

term

or

duration

securities.

Duration

is

a

measure

of

a

fixed

income

security's

sensitivity

to

changes

in

interest

rates.

For

example,

if

interest

rates

increase

by

1%,

the

value

of

a

fund's

portfolio

with

a

portfolio

duration

of

ten

years

would

be

expected

to

decrease

by

10%,

all

other

things

being

equal.

A

general

rise

in

interest

rates

could

adversely

affect

the

price

and

liquidity

of

fixed

income

securities

and

could

also

result

in

increased

redemptions

from

the

Fund.

The

maturity

of

a

security

may

be

significantly

longer

than

its

effective

duration.

A

security's

maturity

and

other

features

may

be

more

relevant

than

its

effective

duration

in

determining

the

security's

sensitivity

to

other

factors

affecting

the

issuer

or

markets

generally,

such

as

changes

in

credit

quality

or

in

the

yield

premium

that

the

market

may

establish

for

certain

types

of

securities

(sometimes

called

"credit

spread").

In

general,

the

longer

its

maturity

the

more

a

security

may

be

susceptible

to

these

factors.

When

the

credit

spread

for

a

fixed

income

security

goes

up

or

"widens,"

the

value

of

the

security

generally

will

go

down.

Rising

interest

rates

can

lead

to

increased

default

rates,

as

issuers

of

floating

rate

securities

find

themselves

faced

with

higher

payments.

Unlike

fixed

rate

securities,

floating

rate

securities

generally

will

not

increase

in

value

if

interest

rates

decline.

Changes

in

interest

rates

also

will

affect

the

amount

of

interest

income

the

Fund

earns

on

its

floating

rate

investments.

Credit Risk

—

If

an

issuer

or

guarantor

of

a

security

held

by

the

Fund

or

a

counterparty

to

a

financial

contract

with

the

Fund

defaults

on

its

obligation

to

pay

principal

and/or

interest,

has

its

credit

rating

downgraded

or

is

perceived

to

be

less

creditworthy,

or

the

credit

quality

or

value

of

any

underlying

assets

declines,

the

value

of

your

investment

will

typically

decline.

The

values

of

lower-quality

debt

securities

tend

to

be

particularly

sensitive

to

these

changes.

Changes

in

actual

or

perceived

creditworthiness

may

occur

quickly.

The

values

of

securities

also

may

decline

for

a

number

of

other

reasons

that

relate

directly

to

the

issuer,

such

as

management

performance,

financial

leverage

and

reduced

demand

for

the

issuer's

goods

and

services,

as

well

as

the

historical

and

prospective

earnings

of

the

issuer

and

the

value

of

its

assets.

The

Fund

also

could

be

delayed

or

hindered

in

its

enforcement

of

rights

against

an

issuer,

guarantor

or

counterparty.

March

31,

2028

Total

Multi-Asset

Ultrashort

Income

Fund

...............................................................

$

517

$

517

Notes

to

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

IV

Mortgage-

and

Asset-Backed

Securities

Risk

—

The

value

of

mortgage-related

securities,

including

commercial

mortgage-backed

securities,

collateralized

mortgage-backed

securities,

credit

risk

transfer

securities,

and

asset-backed

securities,

will

be

influenced

by

factors

affecting

the

assets

underlying

such

securities.

As

a

result,

during

periods

of

declining

asset

value,

difficult

or

frozen

credit

markets,

swings

in

interest

rates,

or

deteriorating

economic

conditions,

mortgage-related

and

asset-backed

securities

may

decline

in

value,

face

valuation

difficulties,

become

more

volatile

and/or

become

illiquid.

Mortgage-backed

securities

tend

to

be

more

sensitive

to

changes

in

interest

rates

than

other

types

of

debt

securities.

These

securities

are

also

subject

to

interest

rate,

prepayment

and

extension

risks.

Some

of

these

securities

may

receive

little

or

no

collateral

protection

from

the

underlying

assets

and

are

thus

subject

to

the

risk

of

default.

The

risk

of

such

defaults

is

generally

higher

in

the

case

of

mortgage-backed

investments

offered

by

non-governmental

issuers

and

those

that

include

so-called

"sub-prime"

mortgages.

The

structure

of

some

of

these

securities

may

be

complex

and

there

may

be

less

available

information

than

for

other

types

of

debt

securities.

Upon

the

occurrence

of

certain

triggering

events

or

defaults,

the

Fund

may

become

the

holder

of

underlying

assets

at

a

time

when

those

assets

may

be

difficult

to

sell

or

may

be

sold

only

at

a

loss.

For

debt

instruments

secured

by

specific

assts,

those

assets

are

often

the

sole

source

of

principal

and

interest

payments

for

the

instrument.

Should

those

assets

underperform

expectations

or

decline

in

value,

the

Fund

could

experience

shortfalls

in

principal

and

interest.

7. #### Borrowing

#### and

#### Interfund

#### Lending:
Line

of

Credit:

The Trust

participates

in

a

short-term

demand

note

"Line

of

Credit"

agreement

with

Citibank.

Under

the

agreement

with

Citibank

the

Trust

may

borrow

up

to

$250

million.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the

period

from

September

1,

2025,

through

January

27,

2026,

Citibank

received

an

annual

commitment

fee

of

0.20%

for

providing

the

Line

of

Credit.

Effective

January

28,

2026,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

changed

to

0.275%.

Each

fund

in

the

Trust

paid

a

pro-rata

portion

of

the

commitment

fees

plus

an

interest

on

amounts

borrowed.

Interest

is

based

on

the

one-month

Secured

Overnight

Financing

Rate

plus

1.00 percent.

Interest

charged

to

the

Fund

during

the

period,

if

applicable,

is

reflected

on

the

Statement

of

Operations

under

Line

of

credit

fees.

The

Fund

had

no

borrowings

under the

Line

of

Credit

agreement

during

the

year

ended

March

31,

2026. Interfund

Lending:

The

Trust

and

the

Adviser

rely

on

an

exemptive

order

granted

by

the

SEC

in

March

2017

(the

"Order"),

permitting

the

establishment

and

operation

of

an

Interfund

Lending

Facility

(the

"Facility").

The

Facility

allows

the

Fund

to

directly

lend

and

borrow

money

to

or

from

any

other

fund

in

the

Victory

Funds

Complex

that

is

permitted

to

participate

in

the

Facility,

relying

upon

the

Order

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Advances

under

the

Facility

are

allowed

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

each

Fund's

borrowing

restrictions.

The

interfund

loan

rate

is

determined,

as

specified

in

the

Order,

by

averaging

the

current

repurchase

agreement

rate

and

the

current

bank

loan

rate.

As

a

Borrower

(as

defined

in

the

Order),

interest

charged

to

the

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statement

of

Operations

under

Interfund

lending

fees.

As

a

Lender

(as

defined

in

the

Order),

interest

earned

by

the

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statement

of

Operations

under

Interfund

lending.

The

Fund

did

not

utilize

or

participate

in

the

Facility

during

the

year

ended

March

31,

2026. 8. #### Federal

#### Income

#### Tax

#### Information:
Distributions

from

the

Fund's

net

investment

income

are

accrued

daily

and

distributed

on

the

last

business

day

of

each

month.

Distributable

net

realized

gains,

if

any,

are

declared

and

paid

at

least

annually.

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

"book/tax"

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Fund

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statement

of

Assets

and

Liabilities.

As

of

March

31,

2026,

on

the

Statement

of

Assets

and

Liabilities,

as

a

result

of

permanent

book-to-tax

differences,

reclassification

adjustments

were

as

follows

(amounts

in

thousands):

The

tax

character

of

distributions

paid

during

the

tax

years

ended,

as

noted

below,

were

as

follows

(total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because,

for

tax

purposes,

dividends

are

recognized

when

actually

paid)

(amounts

in

thousands):

Total

Accumulated

Earnings

(Loss)

Capital

Multi-Asset

Ultrashort

Income

Fund

.............................................................

$

2,135

$

(2,135)

Notes

to

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

IV

As

of

March

31,

2026,

the

components

of

accumulated

earnings

(loss)

on

a

tax

basis

were

as

follows

(amounts

in

thousands):

\*

The

difference

between

the

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

is

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

derivatives,

event-linked

bonds,

insurance

linked

securities,

and

the

tax

treatment

of

premium

and

amortization.

As

of March

31,

2026,

the

Fund

had

net

capital

loss

carryforwards as

shown

in the

table

below

(amounts

in

thousands).

It

is

unlikely

that

the

Board

will

authorize

a

distribution

of

capital

gains

realized

in

the

future

until

the

capital

loss

carryforwards

have

been

used.

As

of March

31,

2026,

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation,

and

net

unrealized

appreciation

(depreciation)

for

investments were

as

follows

(amounts

in

thousands):

9. #### Segment

#### Reporting:
The

Adviser's

Management

Committee

acts

as

the

Fund's

Chief

Operating

Decision

Maker

("CODM").

The

Fund

represents

a

single

operating

segment,

as

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund's

long-term

strategic

asset

allocation

is

predetermined

in

accordance

with

the

Fund's

single

investment

objective.

The

financial

information

in

the

form

of

the

Fund's

portfolio

composition,

total

returns,

expense

ratios,

and

changes

in

net

assets,

which

are

used

by

the

CODM

to

assess

the

segment's

performance

versus

the

Fund's

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund's

single

segment,

is

consistent

with

that

presented

within

the

Fund's

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

as

"total

assets"

and

significant

segment

expenses

are

listed

on

the

accompanying

Statement

of

Operations.

Year

Ended

March

31,

2026

Distributions

Paid

From:

Ordinary

Income

Total

Distributions

Paid

Multi-Asset

Ultrashort

Income

Fund

..........................................................

$

380,284

$

380,284

Year

Ended

March

31,

2025

Distributions

Paid

From:

Ordinary

Income

Total

Distributions

Paid

Multi-Asset

Ultrashort

Income

Fund

..........................................................

$

358,819

$

358,819

Distributions

Payable

Accumulated

Earnings

(Loss)

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation

(Depreciation)\*

Total

Accumulated

Earnings

(Loss)

Multi-Asset

Ultrashort

Income

Fund

.................

$

(1,263)

$

(1,263)

$

(294,069)

$

(39,951)

$

(335,283)

Short-Term

Amount

Long-Term

Amount

Total

Multi-Asset

Ultrashort

Income

Fund

........................................

$

(162,051)

$

(132,018)

$

(294,069)

Cost

of

Investments

for

Federal

Tax

Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Multi-Asset

Ultrashort

Income

Fund

......................

$

8,254,174

$

14,152

$

(54,434)

$

(40,282)

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Trustees

of

Victory

Portfolios

IV

and

the

Shareholders

of

Victory

Pioneer

Multi-Asset

Ultrashort

Income

Fund:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

Victory

Pioneer

Multi-Asset

Ultrashort

Income

Fund

(the

"Fund")

(one

of

the

funds

constituting

Victory

Portfolios

IV),

including

the

schedule

of

investments,

as

of

March

31,

2026,

the

related

statement

of

operations

for

the

year

then

ended,

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended

and

financial

highlights

for

each

of

the

three

years

in

the

period

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

"financial

statements

and

financial

highlights")..

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

March

31,

2026,

and

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

then

ended

and

the

financial

highlights

for

each

of

the

three

years

in

the

period

then

ended

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

financial

highlights

for

the

years

ended

March

31,

2023

and

2022

were

audited

by

other

auditors.

Those

auditors

expressed

an

unqualified

opinion

on

those

financial

statements

and

financial

highlights

in

their

report

dated

May

25,

2023. Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

its

internal

control

over

financial

reporting.

As

part

of

our

audits,

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund's

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2026,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

DELOITTE

&

TOUCHE

LLP

Boston,

Massachusetts

May

27,

2026

We

have

served

as

the

auditor

of

one

or

more

of

the

Victory

Pioneer

investment

companies

since

2024. Supplemental

Information

March

31,

2026

Victory

Portfolios

IV

(Unaudited)

Additional

Federal

Income

Tax

Information

For

the

fiscal

year

ended

March

31,

2026,

the

Fund

hereby

designates

the

maximum

amount

allowable

of

its

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

Shareholders

will

be

notified

via

IRS

Form

1099

of

the

amounts

for

use

in

preparing

their

income

tax

return.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800) 539-3863

25671-0526

(b) The Financial Highlights are included as a part of the Financial Statements filed under Item 7(a) of this Form.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Proxy disclosures, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16. Controls and Procedures.**

(a) The Registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.** 

(a)(1) [Code of Ethics](codeofethics.htm)

(a)(2) Not applicable.

(a)(3) [The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached hereto.](ex99.htm)

(a)(4) Not Applicable

(a)(5) Not Applicable

(b) [The certifications required by Rule 30a-2(b) of the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99906.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Victory Portfolios IV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

By (Signature and Title)&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Carol D. Trevino &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carol D. Trevino, Treasurer and Principal Financial Officer

Date <u>&nbsp;&nbsp;&nbsp;&nbsp; June 8, 2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) <u>/s/ Thomas Dusenberry&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thomas Dusenberry, President and Principal Executive Officer

Date <u>&nbsp;&nbsp;&nbsp;&nbsp; June 8, 2026</u> 

***By (Signature and Title)*** <u>/s/ Carol D. Trevino***&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Carol D. Trevino, Treasurer and Principal Financial Officer

Date <u>&nbsp;&nbsp;&nbsp;&nbsp; June 8, 2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

## Ex-99.Code

**VICTORY PORTFOLIOS IV VICTORY VARIABLE INSURANCE FUNDS II**

**(together with their series portfolios, collectively, the "Open-End Funds") PIONEER FLOATING RATE FUND, INC.**

**PIONEER HIGH INCOME FUND, INC. PIONEER DIVERSIFIED HIGH INCOME FUND, INC. PIONEER MUNICIPAL HIGH INCOME FUND, INC.**

**PIONEER MUNICIPAL HIGH INCOME ADVANTAGE FUND, INC. PIONEER MUNICIPAL HIGH INCOME OPPORTUNITIES FUND, INC. PIONEER ILS INTERVAL FUND**

**(COLLECTIVELY, THE "CLOSED-END FUNDS")**

**(TOGETHER WITH THE OPEN-END FUNDS, COLLECTIVELY, THE "FUNDS")**

**CODE OF CONDUCT**

**FOR PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER**

I. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers/Purpose of the Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** This Code of Conduct (the "Code") applies to the Principal Executive Officer and Principal Financial Officer of the Funds, and the "Covered Officers", each of whom is set forth in Exhibit A, for the purpose of promoting:

1. &nbsp;&nbsp;&nbsp;&nbsp; Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

2. &nbsp;&nbsp;&nbsp;&nbsp; Full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trusts;

3. &nbsp;&nbsp;&nbsp;&nbsp; Compliance with applicable laws and governmental rules and regulations;

4. &nbsp;&nbsp;&nbsp;&nbsp; The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

5. &nbsp;&nbsp;&nbsp;&nbsp; Accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers Should Handle Ethically Any Actual or Apparent Conflicts of Interest

**A. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Trusts. For

example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his or her position with the Trusts.

Certain conflicts of interest that could arise out of the relationships between Covered Officers and the Trusts already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trusts because of their status as "affiliated persons" of the Trusts. The Trusts' and their investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise or result from the contractual relationship between the Trusts and the investment adviser and the administrator, whose officers or employees also serve as Covered Officers. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trusts or for the adviser or the administrator, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser, the administrator and the Trusts. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the adviser, the administrator and the Trusts and is consistent with the performance by the Covered Officers of their duties as officers of the Trusts. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by each Trust's Board of Trustees (the "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act or the Investment Advisers Act.

Section C describes the types of conflicts of interest that are covered under this Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

**B. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations of Covered Officers.** Each Covered Officer must:

1. &nbsp;&nbsp;&nbsp;&nbsp; Not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trusts whereby the Covered Officer would benefit personally to the detriment of the Trusts;

2. &nbsp;&nbsp;&nbsp;&nbsp; Not cause the Trusts to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trusts;

3. &nbsp;&nbsp;&nbsp;&nbsp; Report at least annually outside business affiliations or other relationships (*e.g.,* officer, director, governor, trustee, part-time employment) other than his or her relationship to the Trusts, the investment adviser and the administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conflicts of interest.** When a Covered Person becomes aware of a situation that could involve a conflict of interest, or that could reasonably be considered an appearance of a conflict of interest, the Covered Person should disclose this matter to the Chief Compliance Officer. For purposes of this Code, the Chief Compliance Officer shall be the Chief Compliance Officer of Victory Capital Management Inc. ("VCM"). Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. &nbsp;&nbsp;&nbsp;&nbsp; Service as a director on the board of any public or private company; The receipt, as an officer of the Trusts, of any gift in excess of $100;

2. &nbsp;&nbsp;&nbsp;&nbsp; The receipt of any entertainment from any company with which the Trusts

have current or prospective business dealings, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

3. &nbsp;&nbsp;&nbsp;&nbsp; Any ownership interest in, or any consulting or employment relationship with, any of the Trusts' service providers, other than their investment adviser, principal underwriter, administrator or any affiliated person thereof;

4. &nbsp;&nbsp;&nbsp;&nbsp; A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trusts for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conflicts of interest not specifically enumerated.** It is impractical to attempt to list in this Code all possible situations that could result in a conflict of interest. If a proposed transaction, interest, personal activity, or investment raises any concerns, questions or doubts, a Covered Officer should consult with the Chief Compliance Officer before engaging in such transaction or investment or pursuing such interest or activity. The Chief Compliance Officer shall review the facts and circumstances of the actual or potential conflict of interest in accordance with Section IV of these Procedures.

III. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trusts to others, whether within or outside the Trusts, including to the Trusts' Trustees and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trusts, the adviser and the administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trusts file with, or submit to, the SEC and in other public communications made by the Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reporting and Accountability

**A. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Responsibilities and conduct.** Each Covered Officer must

1. &nbsp;&nbsp;&nbsp;&nbsp; Upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the appropriate Board that he or she has received, read, and understands the Code;

2. &nbsp;&nbsp;&nbsp;&nbsp; Annually thereafter affirm to the appropriate Board that he or she has complied with the requirements of the Code;

3. &nbsp;&nbsp;&nbsp;&nbsp; Not retaliate against any other Covered Officer or any employee of the Trusts or their affiliated persons for reports of potential violations that are made in good faith; and

4. &nbsp;&nbsp;&nbsp;&nbsp; Notify the Chief Compliance Officer promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer.** The Chief Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. Based on its review, the Chief Compliance Officer shall advise the Covered Officer that the proposed transaction, investment, interest or activity: (i) would not violate this Code; (ii) would not violate this Code only if conducted in a particular manner and/or subject to certain conditions or safeguards; or (iii) would violate the Code and is, therefore, prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waivers.** A Covered Officer may request a waiver from a provision of this Code if there is a reasonable likelihood that a contemplated action would not involve an actual conflict of interest that this Code is designed to prevent. The Audit and Risk Oversight Committee of the Board (the "Committee") shall review and act upon any request for a waiver from any provision of the Code. The Committee shall disclose any waiver from a provision of the Code to the extent required by SEC rules or any other policy of the Trusts or VCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enforcing the Code of Conduct.** The Trusts will adhere to the following procedures in investigating and enforcing this Code:

1. &nbsp;&nbsp;&nbsp;&nbsp; The Chief Compliance Officer will take all appropriate action to investigate any potential violations reported to him or her;

2. &nbsp;&nbsp;&nbsp;&nbsp; If, after such investigation, the Chief Compliance Officer believes that no violation has occurred, no further action is required;

3. &nbsp;&nbsp;&nbsp;&nbsp; Any matter that the Chief Compliance Officer believes is a violation shall be reported to the Committee; and

4. &nbsp;&nbsp;&nbsp;&nbsp; If the Committee concurs that a violation has occurred, it will inform the Board and make a recommendation of appropriate courses of action. The Board will consider and take appropriate action regarding the violation. The Board may among other things, notify VCM, the Trust's administrator, or their Boards of Directors; recommend the assessment of a monetary penalty against the Covered Person; issue a formal written reprimand to, or recommend the dismissal of, the Covered Officer; require additional training by the violator; or recommend modifications to the Trust's policies and procedures.

V. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Policies and Procedures

This Code shall be the sole code of conduct adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies relating to that section. Insofar as other policies or procedures of the Trusts, the Trusts' investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Codes of Ethics under Rule 17j-1 under the Investment Company Act, and any insider trading policies are separate policies of the Trusts, VCM, any sub-adviser or the principal underwriter that apply to the Covered Officers and others, and are not part of this Code.

VI. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not "interested persons" (as defined in the Investment Company Act) (the "Independent Trustees"). Any changes to this Code will, to the extent required, will be disclosed as provided by SEC rules.

VII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than officers and Trustees of the Trust, the Trusts' investment adviser, administrator or sub-administrator, counsel to the Trusts or counsel to the Independent Trustees.

VIII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internal Use

The Code is intended solely for the internal use by the Trusts and does not constitute an admission, by or on behalf of the Trusts, as to any fact, circumstance, or legal conclusion.

Adopted: December 30 , 2024

# Exhibit A
**<u>Persons Covered by this Code of Conduct</u>**

The Funds

Principal Executive Officer: Thomas Dusenberry, President Principal Financial Officer: Carol Trevino, Treasurer

As of: April 14, 2026

# Exhibit B <u>Acknowledgement</u>![](word17579301142528.gif)Pursuant to the requirements of the Code of Conduct adopted by the Funds, (the "Code"), I hereby acknowledge and affirm that I have received, read and understand the Code and agree to adhere to and abide by the letter and spirit of its provisions.

Signature:&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Print Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thomas Dusenberry

Date:

04/14/2026

![](word17579301142529.gif)

# Exhibit B <u>Acknowledgement</u>![](word17579301142530.gif)Pursuant to the requirements of the Code of Conduct adopted by the Funds, (the "Code"), I hereby acknowledge and affirm that I have received, read and understand the Code and agree to adhere to and abide by the letter and spirit of its provisions.

Signature:&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Print Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carol Trevino

Date:

04/14/2026

![](word17579301142531.gif)

# ![](word17579301142532.gif) Exhibit C Annual Certification
![](word17579301142533.gif)Pursuant to the requirements of the Code of Conduct adopted by the Funds, (the "Code"), I hereby acknowledge and affirm that since the date of the last annual certification given pursuant to the Code, I have complied with all requirements of the Code.

Signature:

Print Name:&nbsp;&nbsp;&nbsp;&nbsp; Carol Trevino

Date:

04/14/2026

![](word17579301142529.gif)

![](word17579301142534.gif)Pursuant to the requirements of the Code of Conduct adopted by the Funds, (the "Code"), I hereby acknowledge and affirm that since the date of the last annual certification given pursuant to the Code, I have complied with all requirements of the Code.

Signature:

Print Name:&nbsp;&nbsp;&nbsp;&nbsp; Thomas Dusenberry

Date:

04/14/2026

![](word17579301142529.gif)

## Ex-99.Cert

<u>Section 302 – CERTIFICATIONS</u>

I, Thomas Dusenberry, certify that:

1. I have reviewed this report on Form N-CSR of Victory Portfolios IV (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)

&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)

&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)

&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

<u>June 8, 2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Thomas Dusenberry&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thomas Dusenberry<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Principal Executive Officer

<u>Section 302 – CERTIFICATIONS</u>

I, Carol D. Trevino, certify that:

1. I have reviewed this report on Form N-CSR of Victory Portfolios IV (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)

&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)

&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

<u>June 8, 2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Carol D. Trevino&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carol D. Trevino<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasurer and Principal Financial Officer

## Exhibit 99.906

<u>Section 906 – CERTIFICATIONS</u>

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended March 31, 2026, of Victory Portfolios IV (the "Registrant").

Each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of the Registrant, hereby certifies that, to such officer's knowledge:

1. &nbsp;&nbsp;&nbsp;&nbsp;

the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. &nbsp;&nbsp;&nbsp;&nbsp;

the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

<u>June 8, 2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Date

<u>/s/ Thomas Dusenberry&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Thomas Dusenberry

President and Principal Executive Officer

<u>/s/ Carol D. Trevino&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Carol D. Trevino

Treasurer and Principal Financial Officer

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.