# EDGAR Filing Document

**Accession Number:** 0002042316
**File Stem:** 0002042316-26-000002
**Filing Date:** 2026-5
**Character Count:** 744243
**Document Hash:** ea907d561adacc12ffd3eee35caeb4fa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002042316-26-000002.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0002042316-26-000002

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**EFFECTIVENESS DATE**: 20260507

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24019
- **FILM NUMBER:** 26952359

**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 Disciplined Growth Fund (Series ID: S000089766)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000256523 | Class Y      | INYDX           |
| C000256524 | Class C      | INDCX           |
| C000256525 | Class A      | PINDX           |
| C000256526 | Class R6     | INKDX           |

### Victory Pioneer Disciplined Value Fund (Series ID: S000089767)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000256527 | Class R6     | CVKFX           |
| C000256528 | Class Y      | CVFYX           |
| C000256529 | Class C      | CVCFX           |
| C000256530 | Class A      | CVFCX           |

### Victory Pioneer Short Term Income Fund (Series ID: S000089768)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000256531 | Class Y      | PSHYX           |
| C000256532 | Class A      | STABX           |
| C000256533 | Class C      | STIIX           |
| C000256534 | Class R6     | STIKX           |

### Victory High Income Municipal Fund (Series ID: S000089772)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000256545 | Class Y      | HIMYX           |
| C000256546 | Class A      | PIMAX           |
| C000256547 | Class C      | HICMX           |

### Victory Pioneer Active Credit Fund (Series ID: S000089774)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000256552 | Class Y      | RCRYX           |
| C000256553 | Class A      | RCRAX           |
| C000256554 | Class C      | RCRCX           |

### Victory Pioneer Global Equity Fund (Series ID: S000089821)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000256624 | Class Y      | PGSYX           |
| C000256625 | Class A      | GLOSX           |
| C000256626 | Class C      | GCSLX           |
| C000256627 | Class R6     | PGEKX           |

?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; 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;&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>August 31</u>

Date of reporting period: <u>February 28, 2026</u>

**Item 1. Reports to Stockholders.**

(a) #### Victory Pioneer Active Credit Fund
![Image](i74b40083f7d50756f8d5c9a1.jpg)

Class A

Ticker: RCRAX

Semi-Annual Shareholder Report — February 28, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Active Credit Fund (the "Fund") for the period of September 1, 2025 to February 28, 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 six months?
(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<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$45 | &nbsp;&nbsp;&nbsp;0.90% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $48350 |
| Number of Holdings | 256 |
| Portfolio Turnover | 36% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i8686dc9acbdd59e08bf92128.jpg)

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

# (as of February 28, 2026)
![Group By Asset Type Chart](ie07cb159f6e8349a0de49eb5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Yankee Dollars | 38.7% |
| Corporate Bonds | 30.4% |
| Collateralized Mortgage Obligations | 15.3% |
| Asset-Backed Securities | 5.1% |
| Collateralized Loan Obligations | 4.1% |
| Other<sup>Footnote Reference\*\*</sup> | 5.5% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | 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](i8686dc9acbdd59e08bf92128.jpg)

RCRAX — SAR (2/26)

#### Victory Pioneer Active Credit Fund
![Image](i74b40083f7d50756f8d5c9a1.jpg)

Class C

Ticker: RCRCX

Semi-Annual Shareholder Report — February 28, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Active Credit Fund (the "Fund") for the period of September 1, 2025 to February 28, 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 six months?
(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<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$83 | &nbsp;&nbsp;&nbsp;1.65% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $48350 |
| Number of Holdings | 256 |
| Portfolio Turnover | 36% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i8686dc9acbdd59e08bf92128.jpg)

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

# (as of February 28, 2026)
![Group By Asset Type Chart](ie07cb159f6e8349a0de49eb5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Yankee Dollars | 38.7% |
| Corporate Bonds | 30.4% |
| Collateralized Mortgage Obligations | 15.3% |
| Asset-Backed Securities | 5.1% |
| Collateralized Loan Obligations | 4.1% |
| Other<sup>Footnote Reference\*\*</sup> | 5.5% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | 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](i8686dc9acbdd59e08bf92128.jpg)

RCRCX — SAR (2/26)

#### Victory Pioneer Active Credit Fund
![Image](i74b40083f7d50756f8d5c9a1.jpg)

Class Y

Ticker: RCRYX

Semi-Annual Shareholder Report — February 28, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Active Credit Fund (the "Fund") for the period of September 1, 2025 to February 28, 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 six months?
(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<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$30 | &nbsp;&nbsp;&nbsp;0.60% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $48350 |
| Number of Holdings | 256 |
| Portfolio Turnover | 36% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i8686dc9acbdd59e08bf92128.jpg)

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

# (as of February 28, 2026)
![Group By Asset Type Chart](ie07cb159f6e8349a0de49eb5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Yankee Dollars | 38.7% |
| Corporate Bonds | 30.4% |
| Collateralized Mortgage Obligations | 15.3% |
| Asset-Backed Securities | 5.1% |
| Collateralized Loan Obligations | 4.1% |
| Other<sup>Footnote Reference\*\*</sup> | 5.5% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | 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](i8686dc9acbdd59e08bf92128.jpg)

RCRYX — SAR (2/26)

#### Victory Pioneer Disciplined Growth Fund
![Image](i74b40083f7d50756f8d5c9a1.jpg)

Class A

Ticker: PINDX

Semi-Annual Shareholder Report — February 28, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Disciplined Growth Fund (the "Fund") for the period of September 1, 2025 to February 28, 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 six months?
(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<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$48 | &nbsp;&nbsp;&nbsp;0.95% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $2145733 |
| Number of Holdings | 46 |
| Portfolio Turnover | 16% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i8686dc9acbdd59e08bf92128.jpg)

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

# (as of February 28, 2026)
![Group By Sector Chart](i2d802badc6a3f327280cc95a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 1.4% |
| Consumer Staples | 1.4% |
| Materials | 3.2% |
| Financials | 5.8% |
| Health Care | 8.3% |
| Consumer Discretionary | 10.0% |
| Industrials | 12.8% |
| Communication Services | 16.9% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 40.2% |

---

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

# (as of February 28, 2026)

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.1% |
| Alphabet, Inc., Class A | 7.2% |
| Amazon.com, Inc. | 6.4% |
| Eli Lilly & Co. | 4.7% |
| Meta Platforms, Inc., Class A | 4.2% |
| Apple, Inc. | 3.7% |
| Broadcom, Inc. | 3.7% |
| Microsoft Corp. | 3.6% |
| GE Vernova, Inc. | 3.0% |
| Advanced Micro Devices, Inc. | 2.7% |

---

---

| | |
|:---|:---|
| \* | 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](i8686dc9acbdd59e08bf92128.jpg)

PINDX — SAR (2/26)

#### Victory Pioneer Disciplined Growth Fund
![Image](i74b40083f7d50756f8d5c9a1.jpg)

Class C

Ticker: INDCX

Semi-Annual Shareholder Report — February 28, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Disciplined Growth Fund (the "Fund") for the period of September 1, 2025 to February 28, 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 six months?
(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<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$88 | &nbsp;&nbsp;&nbsp;1.75% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $2145733 |
| Number of Holdings | 46 |
| Portfolio Turnover | 16% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i8686dc9acbdd59e08bf92128.jpg)

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

# (as of February 28, 2026)
![Group By Sector Chart](i2d802badc6a3f327280cc95a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 1.4% |
| Consumer Staples | 1.4% |
| Materials | 3.2% |
| Financials | 5.8% |
| Health Care | 8.3% |
| Consumer Discretionary | 10.0% |
| Industrials | 12.8% |
| Communication Services | 16.9% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 40.2% |

---

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

# (as of February 28, 2026)

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.1% |
| Alphabet, Inc., Class A | 7.2% |
| Amazon.com, Inc. | 6.4% |
| Eli Lilly & Co. | 4.7% |
| Meta Platforms, Inc., Class A | 4.2% |
| Apple, Inc. | 3.7% |
| Broadcom, Inc. | 3.7% |
| Microsoft Corp. | 3.6% |
| GE Vernova, Inc. | 3.0% |
| Advanced Micro Devices, Inc. | 2.7% |

---

---

| | |
|:---|:---|
| \* | 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](i8686dc9acbdd59e08bf92128.jpg)

INDCX — SAR (2/26)

#### Victory Pioneer Disciplined Growth Fund
![Image](i74b40083f7d50756f8d5c9a1.jpg)

Class R6

Ticker: INKDX

Semi-Annual Shareholder Report — February 28, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Disciplined Growth Fund (the "Fund") for the period of February 9, 2026 to February 28, 2026 ("reporting period"). 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 reporting period?
(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<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$4<sup>Footnote Reference\*\*</sup> | &nbsp;&nbsp;&nbsp;0.70% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $2145733 |
| Number of Holdings | 46 |
| Portfolio Turnover | 16% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i8686dc9acbdd59e08bf92128.jpg)

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

# (as of February 28, 2026)
![Group By Sector Chart](i2d802badc6a3f327280cc95a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 1.4% |
| Consumer Staples | 1.4% |
| Materials | 3.2% |
| Financials | 5.8% |
| Health Care | 8.3% |
| Consumer Discretionary | 10.0% |
| Industrials | 12.8% |
| Communication Services | 16.9% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 40.2% |

---

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

# (as of February 28, 2026)

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.1% |
| Alphabet, Inc., Class A | 7.2% |
| Amazon.com, Inc. | 6.4% |
| Eli Lilly & Co. | 4.7% |
| Meta Platforms, Inc., Class A | 4.2% |
| Apple, Inc. | 3.7% |
| Broadcom, Inc. | 3.7% |
| Microsoft Corp. | 3.6% |
| GE Vernova, Inc. | 3.0% |
| Advanced Micro Devices, Inc. | 2.7% |

---

---

| | |
|:---|:---|
| \* | 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](i8686dc9acbdd59e08bf92128.jpg)

INKDX — SAR (2/26)

#### Victory Pioneer Disciplined Growth Fund
![Image](i74b40083f7d50756f8d5c9a1.jpg)

Class Y

Ticker: INYDX

Semi-Annual Shareholder Report — February 28, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Disciplined Growth Fund (the "Fund") for the period of September 1, 2025 to February 28, 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 six months?
(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<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$39 | &nbsp;&nbsp;&nbsp;0.78% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $2145733 |
| Number of Holdings | 46 |
| Portfolio Turnover | 16% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i8686dc9acbdd59e08bf92128.jpg)

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

# (as of February 28, 2026)
![Group By Sector Chart](i2d802badc6a3f327280cc95a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 1.4% |
| Consumer Staples | 1.4% |
| Materials | 3.2% |
| Financials | 5.8% |
| Health Care | 8.3% |
| Consumer Discretionary | 10.0% |
| Industrials | 12.8% |
| Communication Services | 16.9% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 40.2% |

---

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

# (as of February 28, 2026)

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.1% |
| Alphabet, Inc., Class A | 7.2% |
| Amazon.com, Inc. | 6.4% |
| Eli Lilly & Co. | 4.7% |
| Meta Platforms, Inc., Class A | 4.2% |
| Apple, Inc. | 3.7% |
| Broadcom, Inc. | 3.7% |
| Microsoft Corp. | 3.6% |
| GE Vernova, Inc. | 3.0% |
| Advanced Micro Devices, Inc. | 2.7% |

---

---

| | |
|:---|:---|
| \* | 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](i8686dc9acbdd59e08bf92128.jpg)

INYDX — SAR (2/26)

#### Victory Pioneer Disciplined Value Fund
![Image](i74b40083f7d50756f8d5c9a1.jpg)

Class A

Ticker: CVFCX

Semi-Annual Shareholder Report — February 28, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Disciplined Value Fund (the "Fund") for the period of September 1, 2025 to February 28, 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 six months?
(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<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$41 | &nbsp;&nbsp;&nbsp;0.79% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $423362 |
| Number of Holdings | 68 |
| Portfolio Turnover | 25% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i8686dc9acbdd59e08bf92128.jpg)

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

# (as of February 28, 2026)
![Group By Sector Chart](i918ed497d060a8e5f88f333f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 3.1% |
| Utilities | 4.1% |
| Consumer Staples | 6.4% |
| Communication Services | 6.7% |
| Consumer Discretionary | 7.6% |
| Energy | 10.0% |
| Information Technology | 10.3% |
| Health Care | 11.9% |
| Industrials | 16.4% |
| Financials | 23.2% |

---

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

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Bank of America Corp. | 4.3% |
| Exxon Mobil Corp. | 3.9% |
| JPMorgan Chase & Co. | 3.8% |
| State Street Corp. | 3.5% |
| Johnson & Johnson | 3.2% |
| Comcast Corp., Class A | 2.8% |
| 3M Co. | 2.8% |
| Cisco Systems, Inc. | 2.8% |
| ConocoPhillips Co. | 2.7% |
| The Walt Disney Co. | 2.7% |

---

---

| | |
|:---|:---|
| \* | 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. |
|  | 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](i8686dc9acbdd59e08bf92128.jpg)

CVFCX — SAR (2/26)

#### Victory Pioneer Disciplined Value Fund
![Image](i74b40083f7d50756f8d5c9a1.jpg)

Class C

Ticker: CVCFX

Semi-Annual Shareholder Report — February 28, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Disciplined Value Fund (the "Fund") for the period of September 1, 2025 to February 28, 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 six months?
(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<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$81 | &nbsp;&nbsp;&nbsp;1.55% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $423362 |
| Number of Holdings | 68 |
| Portfolio Turnover | 25% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i8686dc9acbdd59e08bf92128.jpg)

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

# (as of February 28, 2026)
![Group By Sector Chart](i918ed497d060a8e5f88f333f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 3.1% |
| Utilities | 4.1% |
| Consumer Staples | 6.4% |
| Communication Services | 6.7% |
| Consumer Discretionary | 7.6% |
| Energy | 10.0% |
| Information Technology | 10.3% |
| Health Care | 11.9% |
| Industrials | 16.4% |
| Financials | 23.2% |

---

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

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Bank of America Corp. | 4.3% |
| Exxon Mobil Corp. | 3.9% |
| JPMorgan Chase & Co. | 3.8% |
| State Street Corp. | 3.5% |
| Johnson & Johnson | 3.2% |
| Comcast Corp., Class A | 2.8% |
| 3M Co. | 2.8% |
| Cisco Systems, Inc. | 2.8% |
| ConocoPhillips Co. | 2.7% |
| The Walt Disney Co. | 2.7% |

---

---

| | |
|:---|:---|
| \* | 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. |
|  | 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](i8686dc9acbdd59e08bf92128.jpg)

CVCFX — SAR (2/26)

#### Victory Pioneer Disciplined Value Fund
![Image](i74b40083f7d50756f8d5c9a1.jpg)

Class R6

Ticker: CVKFX

Semi-Annual Shareholder Report — February 28, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Disciplined Value Fund (the "Fund") for the period of September 1, 2025 to February 28, 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 six months?
(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<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$24 | &nbsp;&nbsp;&nbsp;0.45% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $423362 |
| Number of Holdings | 68 |
| Portfolio Turnover | 25% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i8686dc9acbdd59e08bf92128.jpg)

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

# (as of February 28, 2026)
![Group By Sector Chart](i918ed497d060a8e5f88f333f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 3.1% |
| Utilities | 4.1% |
| Consumer Staples | 6.4% |
| Communication Services | 6.7% |
| Consumer Discretionary | 7.6% |
| Energy | 10.0% |
| Information Technology | 10.3% |
| Health Care | 11.9% |
| Industrials | 16.4% |
| Financials | 23.2% |

---

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

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Bank of America Corp. | 4.3% |
| Exxon Mobil Corp. | 3.9% |
| JPMorgan Chase & Co. | 3.8% |
| State Street Corp. | 3.5% |
| Johnson & Johnson | 3.2% |
| Comcast Corp., Class A | 2.8% |
| 3M Co. | 2.8% |
| Cisco Systems, Inc. | 2.8% |
| ConocoPhillips Co. | 2.7% |
| The Walt Disney Co. | 2.7% |

---

---

| | |
|:---|:---|
| \* | 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. |
|  | 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](i8686dc9acbdd59e08bf92128.jpg)

CVKFX — SAR (2/26)

#### Victory Pioneer Disciplined Value Fund
![Image](i74b40083f7d50756f8d5c9a1.jpg)

Class Y

Ticker: CVFYX

Semi-Annual Shareholder Report — February 28, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Disciplined Value Fund (the "Fund") for the period of September 1, 2025 to February 28, 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 six months?
(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<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$24 | &nbsp;&nbsp;&nbsp;0.45% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $423362 |
| Number of Holdings | 68 |
| Portfolio Turnover | 25% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i8686dc9acbdd59e08bf92128.jpg)

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

# (as of February 28, 2026)
![Group By Sector Chart](i918ed497d060a8e5f88f333f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 3.1% |
| Utilities | 4.1% |
| Consumer Staples | 6.4% |
| Communication Services | 6.7% |
| Consumer Discretionary | 7.6% |
| Energy | 10.0% |
| Information Technology | 10.3% |
| Health Care | 11.9% |
| Industrials | 16.4% |
| Financials | 23.2% |

---

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

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Bank of America Corp. | 4.3% |
| Exxon Mobil Corp. | 3.9% |
| JPMorgan Chase & Co. | 3.8% |
| State Street Corp. | 3.5% |
| Johnson & Johnson | 3.2% |
| Comcast Corp., Class A | 2.8% |
| 3M Co. | 2.8% |
| Cisco Systems, Inc. | 2.8% |
| ConocoPhillips Co. | 2.7% |
| The Walt Disney Co. | 2.7% |

---

---

| | |
|:---|:---|
| \* | 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. |
|  | 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](i8686dc9acbdd59e08bf92128.jpg)

CVFYX — SAR (2/26)

#### Victory Pioneer Global Equity Fund
![Image](i74b40083f7d50756f8d5c9a1.jpg)

Class A

Ticker: GLOSX

Semi-Annual Shareholder Report — February 28, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Global Equity Fund (the "Fund") for the period of September 1, 2025 to February 28, 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 six months?
(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<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$56 | &nbsp;&nbsp;&nbsp;1.03% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $801025 |
| Number of Holdings | 81 |
| Portfolio Turnover | 19% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i8686dc9acbdd59e08bf92128.jpg)

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

#### (as of February 28, 2026)

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

#### (as of February 28, 2026)
![Group By Sector Chart](i71c4d9e2f96be8b3ed6da947.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.3% |
| Communication Services | 3.8% |
| Consumer Staples | 4.2% |
| Energy | 4.4% |
| Health Care | 7.5% |
| Consumer Discretionary | 7.9% |
| Materials | 8.9% |
| Industrials | 10.7% |
| Information Technology | 20.1% |
| Financials | 25.3% |

---

![Group By Industry Chart](i188d86def9e49ec49186276e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 54.7% |
| South Korea | 9.5% |
| Japan | 6.9% |
| Ireland | 5.6% |
| Other<sup>Footnote Reference\*\*</sup> | 21.0% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Includes countries comprising less than 3.0% of portfolio. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | 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](i8686dc9acbdd59e08bf92128.jpg)

GLOSX — SAR (2/26)

#### Victory Pioneer Global Equity Fund
![Image](i74b40083f7d50756f8d5c9a1.jpg)

Class C

Ticker: GCSLX

Semi-Annual Shareholder Report — February 28, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Global Equity Fund (the "Fund") for the period of September 1, 2025 to February 28, 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 six months?
(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<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$99 | &nbsp;&nbsp;&nbsp;1.82% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $801025 |
| Number of Holdings | 81 |
| Portfolio Turnover | 19% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i8686dc9acbdd59e08bf92128.jpg)

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

#### (as of February 28, 2026)

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

#### (as of February 28, 2026)
![Group By Sector Chart](i71c4d9e2f96be8b3ed6da947.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.3% |
| Communication Services | 3.8% |
| Consumer Staples | 4.2% |
| Energy | 4.4% |
| Health Care | 7.5% |
| Consumer Discretionary | 7.9% |
| Materials | 8.9% |
| Industrials | 10.7% |
| Information Technology | 20.1% |
| Financials | 25.3% |

---

![Group By Industry Chart](i188d86def9e49ec49186276e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 54.7% |
| South Korea | 9.5% |
| Japan | 6.9% |
| Ireland | 5.6% |
| Other<sup>Footnote Reference\*\*</sup> | 21.0% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Includes countries comprising less than 3.0% of portfolio. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | 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](i8686dc9acbdd59e08bf92128.jpg)

GCSLX — SAR (2/26)

#### Victory Pioneer Global Equity Fund
![Image](i74b40083f7d50756f8d5c9a1.jpg)

Class R6

Ticker: PGEKX

Semi-Annual Shareholder Report — February 28, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Global Equity Fund (the "Fund") for the period of September 1, 2025 to February 28, 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 six months?
(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<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$40 | &nbsp;&nbsp;&nbsp;0.73% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $801025 |
| Number of Holdings | 81 |
| Portfolio Turnover | 19% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i8686dc9acbdd59e08bf92128.jpg)

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

#### (as of February 28, 2026)

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

#### (as of February 28, 2026)
![Group By Sector Chart](i71c4d9e2f96be8b3ed6da947.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.3% |
| Communication Services | 3.8% |
| Consumer Staples | 4.2% |
| Energy | 4.4% |
| Health Care | 7.5% |
| Consumer Discretionary | 7.9% |
| Materials | 8.9% |
| Industrials | 10.7% |
| Information Technology | 20.1% |
| Financials | 25.3% |

---

![Group By Industry Chart](i188d86def9e49ec49186276e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 54.7% |
| South Korea | 9.5% |
| Japan | 6.9% |
| Ireland | 5.6% |
| Other<sup>Footnote Reference\*\*</sup> | 21.0% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Includes countries comprising less than 3.0% of portfolio. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | 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](i8686dc9acbdd59e08bf92128.jpg)

PGEKX — SAR (2/26)

#### Victory Pioneer Global Equity Fund
![Image](i74b40083f7d50756f8d5c9a1.jpg)

Class Y

Ticker: PGSYX

Semi-Annual Shareholder Report — February 28, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Global Equity Fund (the "Fund") for the period of September 1, 2025 to February 28, 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 six months?
(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<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$41 | &nbsp;&nbsp;&nbsp;0.75% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $801025 |
| Number of Holdings | 81 |
| Portfolio Turnover | 19% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i8686dc9acbdd59e08bf92128.jpg)

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

#### (as of February 28, 2026)

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

#### (as of February 28, 2026)
![Group By Sector Chart](i71c4d9e2f96be8b3ed6da947.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.3% |
| Communication Services | 3.8% |
| Consumer Staples | 4.2% |
| Energy | 4.4% |
| Health Care | 7.5% |
| Consumer Discretionary | 7.9% |
| Materials | 8.9% |
| Industrials | 10.7% |
| Information Technology | 20.1% |
| Financials | 25.3% |

---

![Group By Industry Chart](i188d86def9e49ec49186276e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 54.7% |
| South Korea | 9.5% |
| Japan | 6.9% |
| Ireland | 5.6% |
| Other<sup>Footnote Reference\*\*</sup> | 21.0% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Includes countries comprising less than 3.0% of portfolio. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | 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](i8686dc9acbdd59e08bf92128.jpg)

PGSYX — SAR (2/26)

#### Victory High Income Municipal Fund
![Image](i74b40083f7d50756f8d5c9a1.jpg)

Class A

Ticker: PIMAX

Semi-Annual Shareholder Report — February 28, 2026

The semi-annual shareholder report contains important information about Victory High Income Municipal Fund (the "Fund") for the period of September 1, 2025 to February 28, 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. **This report describes changes to the Fund that occurred during the period.**

# What were the Fund's costs for the last six months?
(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<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$42 | &nbsp;&nbsp;&nbsp;0.82% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $720795 |
| Number of Holdings | 187 |
| Portfolio Turnover | 14% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i8686dc9acbdd59e08bf92128.jpg)

# Top Industries\* (% of Net Assets)

# (as of February 28, 2026)
![Group By Industry Chart](i158bc1664d9d821697cade9b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Facilities | 2.1% |
| Housing | 2.4% |
| Medical | 3.5% |
| Multifamily Housing | 3.5% |
| Transportation | 4.4% |
| Development | 10.6% |
| General | 13.1% |
| Nursing Homes | 13.2% |
| Tobacco Settlement | 18.7% |
| Education | 20.3% |

---

---

| | |
|:---|:---|
| \* | 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. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

#### Material Fund Changes
Effective December 1, 2025, Victory Pioneer High Income Municipal Fund was renamed to Victory High Income Municipal Fund. The Fund's investment objective, principal investment strategies, principal risks and management did not change.

# 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](i8686dc9acbdd59e08bf92128.jpg)

PIMAX — SAR (2/26)

#### Victory High Income Municipal Fund
![Image](i74b40083f7d50756f8d5c9a1.jpg)

Class C

Ticker: HICMX

Semi-Annual Shareholder Report — February 28, 2026

The semi-annual shareholder report contains important information about Victory High Income Municipal Fund (the "Fund") for the period of September 1, 2025 to February 28, 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. **This report describes changes to the Fund that occurred during the period.**

# What were the Fund's costs for the last six months?
(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<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$81 | &nbsp;&nbsp;&nbsp;1.59% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $720795 |
| Number of Holdings | 187 |
| Portfolio Turnover | 14% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i8686dc9acbdd59e08bf92128.jpg)

# Top Industries\* (% of Net Assets)

# (as of February 28, 2026)
![Group By Industry Chart](i158bc1664d9d821697cade9b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Facilities | 2.1% |
| Housing | 2.4% |
| Medical | 3.5% |
| Multifamily Housing | 3.5% |
| Transportation | 4.4% |
| Development | 10.6% |
| General | 13.1% |
| Nursing Homes | 13.2% |
| Tobacco Settlement | 18.7% |
| Education | 20.3% |

---

---

| | |
|:---|:---|
| \* | 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. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

#### Material Fund Changes
Effective December 1, 2025, Victory Pioneer High Income Municipal Fund was renamed to Victory High Income Municipal Fund. The Fund's investment objective, principal investment strategies, principal risks and management did not change.

# 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](i8686dc9acbdd59e08bf92128.jpg)

HICMX — SAR (2/26)

#### Victory High Income Municipal Fund
![Image](i74b40083f7d50756f8d5c9a1.jpg)

Class Y

Ticker: HIMYX

Semi-Annual Shareholder Report — February 28, 2026

The semi-annual shareholder report contains important information about Victory High Income Municipal Fund (the "Fund") for the period of September 1, 2025 to February 28, 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. **This report describes changes to the Fund that occurred during the period.**

# What were the Fund's costs for the last six months?
(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<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$28 | &nbsp;&nbsp;&nbsp;0.55% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $720795 |
| Number of Holdings | 187 |
| Portfolio Turnover | 14% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i8686dc9acbdd59e08bf92128.jpg)

# Top Industries\* (% of Net Assets)

# (as of February 28, 2026)
![Group By Industry Chart](i158bc1664d9d821697cade9b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Facilities | 2.1% |
| Housing | 2.4% |
| Medical | 3.5% |
| Multifamily Housing | 3.5% |
| Transportation | 4.4% |
| Development | 10.6% |
| General | 13.1% |
| Nursing Homes | 13.2% |
| Tobacco Settlement | 18.7% |
| Education | 20.3% |

---

---

| | |
|:---|:---|
| \* | 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. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

#### Material Fund Changes
Effective December 1, 2025, Victory Pioneer High Income Municipal Fund was renamed to Victory High Income Municipal Fund. The Fund's investment objective, principal investment strategies, principal risks and management did not change.

# 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](i8686dc9acbdd59e08bf92128.jpg)

HIMYX — SAR (2/26)

#### Victory Pioneer Short Term Income Fund
![Image](i74b40083f7d50756f8d5c9a1.jpg)

Class A

Ticker: STABX

Semi-Annual Shareholder Report — February 28, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Short Term Income Fund (the "Fund") for the period of September 1, 2025 to February 28, 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 six months?
(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<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$33 | &nbsp;&nbsp;&nbsp;0.67% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $1076310 |
| Number of Holdings | 773 |
| Portfolio Turnover | 19% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i8686dc9acbdd59e08bf92128.jpg)

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

# (as of February 28, 2026)
![Group By Asset Type Chart](ia993c1097480726a431bd8f9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset-Backed Securities | 30.0% |
| Corporate Bonds | 25.1% |
| Collateralized Mortgage Obligations | 12.6% |
| Yankee Dollars | 11.4% |
| Collateralized Loan Obligations | 9.9% |
| U.S. Treasury Obligations | 3.8% |
| U.S. Government Agency Mortgages | 3.1% |
| Other<sup>Footnote Reference\*\*</sup> | 0.9% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | 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](i8686dc9acbdd59e08bf92128.jpg)

STABX — SAR (2/26)

#### Victory Pioneer Short Term Income Fund
![Image](i74b40083f7d50756f8d5c9a1.jpg)

Class C

Ticker: STIIX

Semi-Annual Shareholder Report — February 28, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Short Term Income Fund (the "Fund") for the period of September 1, 2025 to February 28, 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 six months?
(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<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$48 | &nbsp;&nbsp;&nbsp;0.97% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $1076310 |
| Number of Holdings | 773 |
| Portfolio Turnover | 19% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i8686dc9acbdd59e08bf92128.jpg)

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

# (as of February 28, 2026)
![Group By Asset Type Chart](ia993c1097480726a431bd8f9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset-Backed Securities | 30.0% |
| Corporate Bonds | 25.1% |
| Collateralized Mortgage Obligations | 12.6% |
| Yankee Dollars | 11.4% |
| Collateralized Loan Obligations | 9.9% |
| U.S. Treasury Obligations | 3.8% |
| U.S. Government Agency Mortgages | 3.1% |
| Other<sup>Footnote Reference\*\*</sup> | 0.9% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | 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](i8686dc9acbdd59e08bf92128.jpg)

STIIX — SAR (2/26)

#### Victory Pioneer Short Term Income Fund
![Image](i74b40083f7d50756f8d5c9a1.jpg)

Class R6

Ticker: STIKX

Semi-Annual Shareholder Report — February 28, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Short Term Income Fund (the "Fund") for the period of September 1, 2025 to February 28, 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 six months?
(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<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$21 | &nbsp;&nbsp;&nbsp;0.42% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $1076310 |
| Number of Holdings | 773 |
| Portfolio Turnover | 19% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i8686dc9acbdd59e08bf92128.jpg)

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

# (as of February 28, 2026)
![Group By Asset Type Chart](ia993c1097480726a431bd8f9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset-Backed Securities | 30.0% |
| Corporate Bonds | 25.1% |
| Collateralized Mortgage Obligations | 12.6% |
| Yankee Dollars | 11.4% |
| Collateralized Loan Obligations | 9.9% |
| U.S. Treasury Obligations | 3.8% |
| U.S. Government Agency Mortgages | 3.1% |
| Other<sup>Footnote Reference\*\*</sup> | 0.9% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | 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](i8686dc9acbdd59e08bf92128.jpg)

STIKX — SAR (2/26)

#### Victory Pioneer Short Term Income Fund
![Image](i74b40083f7d50756f8d5c9a1.jpg)

Class Y

Ticker: PSHYX

Semi-Annual Shareholder Report — February 28, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Short Term Income Fund (the "Fund") for the period of September 1, 2025 to February 28, 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 six months?
(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<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$23 | &nbsp;&nbsp;&nbsp;0.46% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $1076310 |
| Number of Holdings | 773 |
| Portfolio Turnover | 19% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i8686dc9acbdd59e08bf92128.jpg)

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

# (as of February 28, 2026)
![Group By Asset Type Chart](ia993c1097480726a431bd8f9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset-Backed Securities | 30.0% |
| Corporate Bonds | 25.1% |
| Collateralized Mortgage Obligations | 12.6% |
| Yankee Dollars | 11.4% |
| Collateralized Loan Obligations | 9.9% |
| U.S. Treasury Obligations | 3.8% |
| U.S. Government Agency Mortgages | 3.1% |
| Other<sup>Footnote Reference\*\*</sup> | 0.9% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | 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](i8686dc9acbdd59e08bf92128.jpg)

PSHYX — SAR (2/26)

(b) Not applicable.

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable – only for annual reports.

***&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***

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

Not applicable – only for annual reports.

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

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

Not applicable – only for annual reports.

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

Not applicable.

**Item 6. Investments.**

(a) Not applicable.

(b) Not applicable.

**Item 7. Financial Statements and Other Information.**

(a) February

28,

2026

Semi-Annual:

Full

Financials

Victory

Pioneer

Short

Term

Income

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

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prices

The

latest

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the

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planning

tools,

or

an

investment

professional,

vcm.com

has

what

you

seek.

Visit

us

anytime.

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always

open.

*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

#### 24
Statement

of

Operations

#### 25
Statements

of

Changes

in

Net

Assets

#### 26
Financial

Highlights

#### 28

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 32
Schedule

of

Portfolio

Investments

February

28,

2026

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Short

#### Term

#### Income

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Asset-Backed

Securities

(30.0%)

ABS

Auto

(9.7%):

ACM

Auto

Trust

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

Series

1A,

Class

A,

5.38%,

6/20/29,

Callable

10/20/26

@

100(a)

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

$

$

Series

2A,

Class

A,

6.06%,

2/20/29,

Callable

7/20/26

@

100(a)

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

Ally

Bank

Auto

Credit-Linked

Notes

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

Series

2024-A,

Class

D,

6.32%,

5/17/32,

Callable

11/15/27

@

100(a)

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

Series

2024-A,

Class

E,

7.92%,

5/17/32,

Callable

11/15/27

@

100(a)

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

Series

2025-A,

Class

E,

6.07%,

6/15/33,

Callable

10/15/28

@

100(a)

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

2,149

2,164

American

Credit

Acceptance

Receivables

Trust

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

Series

2023-4,

Class

E,

9.79%,

8/12/31,

Callable

6/12/27

@

100(a)

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

2,830

2,999

Series

2024-3,

Class

D,

6.04%,

7/12/30,

Callable

11/12/27

@

100(a)

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

2,000

2,042

Series

2025-2,

Class

D,

5.50%,

7/14/31,

Callable

7/12/28

@

100(a)

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

1,970

2,012

Arivo

Acceptance

Auto

Loan

Receivables

Trust

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

Series

2024-1A,

Class

B,

6.87%,

6/17/30,

Callable

7/15/28

@

100(a)

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

1,970

2,010

Series

2025-1A,

Class

D,

5.82%,

1/15/32,

Callable

3/15/30

@

100(a)

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

2,500

2,527

Series

2A,

Class

C,

9.84%,

3/15/29,

Callable

6/15/27

@

100(a)

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

525

549

Avid

Automobile

Receivables

Trust

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

Series

1,

Class

F,

5.16%,

10/16/28,

Callable

3/15/26

@

100(a)

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

1,050

1,012

Series

2023-1,

Class

C,

7.35%,

12/15/27,

Callable

1/15/27

@

100(a)

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

Avis

Budget

Rental

Car

Funding

AESOP

LLC

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

Series

2022-5A,

Class

C,

6.24%,

4/20/27(a)

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

Series

2023-4A,

Class

D,

7.31%,

6/20/29(a)

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

1,010

1,039

Series

3A,

Class

D,

7.32%,

2/20/28(a)

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

1,790

1,814

Bayview

Opportunity

Master

Fund

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

Series

2024-CAR1,

Class

B,

4.97%

(SOFR30A+130bps),

12/26/31,

Callable

6/25/27

@

100(a)(b)

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

612

615

Series

2024-CAR1,

Class

D,

5.72%

(SOFR30A+205bps),

12/26/31,

Callable

6/25/27

@

100(a)(b)

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

Series

CAR1F,

Class

A,

6.97%,

7/29/32,

Callable

8/28/26

@

100(a)

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

CarMax

Select

Receivables

Trust,

Series

A,

Class

C,

4.43%,

5/17/32,

Callable

12/15/29

@

2,420

2,429

Carvana

Auto

Receivables

Trust

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

Series

2023-N4,

Class

C,

6.59%,

2/11/30,

Callable

7/10/29

@

100(a)

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

2,110

2,168

Series

N1,

Class

D,

4.13%,

12/11/28,

Callable

2/10/28

@

100(a)

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

Drive

Auto

Receivables

Trust,

Series

2024-2,

Class

D,

4.94%,

5/17/32,

Callable

4/15/28

@

1,830

1,850

Exeter

Automobile

Receivables

Trust

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

Series

2022-1A,

Class

E,

5.02%,

10/15/29,

Callable

8/15/27

@

100(a)

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

4,060

4,045

Series

2023-5A,

Class

D,

7.13%,

2/15/30,

Callable

12/15/28

@

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

1,100

1,135

Series

2024-4A,

Class

E,

7.65%,

2/17/32,

Callable

5/15/29

@

100(a)

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

1,520

1,601

Series

2024-5A,

Class

D,

5.06%,

2/18/31,

Callable

3/15/29

@

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

1,360

1,375

Series

3A,

Class

D,

6.76%,

9/15/28,

Callable

11/15/27

@

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

Series

6A,

Class

E,

11.61%,

6/17/30,

Callable

3/15/28

@

100(a)

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

895

950

Exeter

Select

Automobile

Receivables

Trust,

Series

2025-2,

Class

D,

5.34%,

1/15/32,

Callable

8/15/29

@

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

600

611

FCCU

Auto

Receivables

Trust,

Series

2025-1A,

Class

D,

6.29%,

7/15/33,

Callable

12/15/28

@

100(a)

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

2,360

2,435

FHF

Issuer

Trust

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

Series

2023-2A,

Class

B,

7.49%,

11/15/29,

Callable

11/15/27

@

100(a)

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

1,662

1,710

Series

2023-2A,

Class

C,

7.97%,

12/17/29,

Callable

11/15/27

@

100(a)

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

Series

2024-1A,

Class

A2,

5.69%,

2/15/30,

Callable

11/15/27

@

100(a)

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

602

607

Series

2024-3A,

Class

C,

5.43%,

3/17/31,

Callable

2/15/28

@

100(a)

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

2,272

2,188

Series

2024-3A,

Class

D,

6.01%,

12/15/31,

Callable

2/15/28

@

100(a)

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

1,290

1,232

FHF

Trust,

Series

1A,

Class

A2,

6.57%,

6/15/28,

Callable

9/15/26

@

100(a)

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

Foursight

Capital

Automobile

Receivables

Trust

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

Series

2022-2,

Class

D,

7.09%,

10/15/29,

Callable

5/15/26

@

100(a)

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

1,000

1,005

Series

2024-1,

Class

D,

6.83%,

3/15/30,

Callable

7/15/27

@

100(a)

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

1,000

1,031

GLS

Auto

Receivables

Issuer

Trust

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

Series

1A,

Class

D,

6.43%,

1/15/31,

Callable

1/15/29

@

100(a)

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

1,300

1,358

Series

1A,

Class

E,

11.42%,

3/15/30,

Callable

1/15/28

@

100(a)

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

710

770

Series

2021-4A,

Class

E,

4.43%,

10/16/28,

Callable

2/15/27

@

100(a)

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

1,220

1,221

Series

2023-1A,

Class

C,

6.41%,

8/15/29,

Callable

8/15/28

@

100(a)

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

1,089

1,121

Series

2023-1A,

Class

D,

7.93%,

7/15/30,

Callable

8/15/28

@

100(a)

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

1,000

1,061

Series

2024-2A,

Class

D,

6.37%,

8/15/31,

Callable

2/15/29

@

100(a)

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

2,300

2,406

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Short

#### Term

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2024-3A,

Class

D,

5.53%,

2/18/31,

Callable

5/15/29

@

100(a)

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

$

2,670

$

2,729

Series

2024-4A,

Class

D,

5.28%,

10/15/31,

Callable

8/15/29

@

100(a)

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

887

903

Series

2025-2A,

Class

D,

5.59%,

1/15/31,

Callable

12/15/29

@

100(a)

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

790

813

GLS

Auto

Select

Receivables

Trust,

Series

2023-2A,

Class

C,

7.31%,

1/15/30,

Callable

10/15/28

@

100(a)

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

1,429

1,496

Huntington

Bank

Auto

Credit-Linked

Notes

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

Series

1,

Class

C,

6.81%

(SOFR30A+315bps),

5/20/32,

Callable

11/20/27

@

100(a)(b)

.

Series

2,

Class

C,

6.26%

(SOFR30A+260bps),

10/20/32,

Callable

7/20/28

@

100(a)(b)

.

Series

2025-2,

Class

C,

6.01%

(SOFR30A+235bps),

9/20/33,

Callable

1/20/30

@

100(a)

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

2,397

2,405

LAD

Auto

Receivables

Trust,

Series

2024-1A,

Class

D,

6.15%,

6/16/31,

Callable

11/15/27

@

100(a)

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

1,000

1,032

Lendbuzz

Securitization

Trust

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

Series

2024-2A,

Class

B,

6.52%,

7/16/29,

Callable

6/15/28

@

100(a)

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

1,500

1,529

Series

2024-3A,

Class

B,

5.03%,

11/15/30,

Callable

10/15/28

@

100(a)

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

1,550

1,548

Series

3A,

Class

A2,

7.50%,

12/15/28,

Callable

12/15/27

@

100(a)

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

Merchants

Fleet

Funding

LLC

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

Series

2023-1A,

Class

E,

10.80%,

5/20/36,

Callable

5/20/26

@

100(a)

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

1,000

1,013

Series

2025-1A,

Class

D,

5.76%,

1/20/39,

Callable

7/20/29

@

100(a)

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

1,520

1,540

Prestige

Auto

Receivables

Trust

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

Series

1A,

Class

E,

3.47%,

3/15/29,

Callable

8/15/26

@

100(a)

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

1,350

1,331

Series

2023-1A,

Class

E,

9.88%,

5/15/30,

Callable

9/15/27

@

100(a)

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

2,500

2,475

Series

2023-2A,

Class

C,

7.12%,

8/15/29,

Callable

11/15/27

@

100(a)

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

1,880

1,894

Series

2024-1A,

Class

D,

6.21%,

2/15/30,

Callable

4/15/28

@

100(a)

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

1,967

1,991

Series

2024-2A,

Class

D,

5.15%,

7/15/30,

Callable

9/15/28

@

100(a)

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

970

972

Series

2025-1A,

Class

C,

5.52%,

2/15/30,

Callable

3/15/29

@

100(a)

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

2,580

2,604

Research-Driven

Pagaya

Motor

Asset

Trust,

Series

4A,

Class

A,

7.54%,

3/25/32,

Callable

3/25/26

@

100(a)

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

SAFCO

Auto

Receivables

Trust,

Series

2024-1A,

Class

C,

6.96%,

1/18/30,

Callable

4/18/27

@

100(a)

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

500

503

Santander

Bank

Auto

Credit-Linked

Notes

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

Series

2024-B,

Class

E,

6.80%,

1/18/33,

Callable

2/15/29

@

100(a)

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

760

770

Series

B,

Class

E,

8.41%,

12/15/33,

Callable

2/15/28

@

100(a)

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

500

Santander

Drive

Auto

Receivables

Trust

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

Series

2024-2,

Class

D,

6.28%,

8/15/31,

Callable

3/15/28

@

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

1,120

1,163

Series

2024-4,

Class

D,

5.32%,

12/15/31,

Callable

4/15/28

@

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

1,980

2,021

Tidewater

Auto

Receivables

Trust,

Series

AA,

Class

E,

3.35%,

7/17/28,

Callable

3/15/26

@

100(a)

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

Tricolor

Auto

Securitization

Trust

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

Series

1A,

Class

B,

6.53%,

12/15/27,

Callable

8/15/26

@

100(a)(c)

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

1,000

811

Series

1A,

Class

C,

5.72%,

10/15/29,

Callable

7/15/27

@

100(a)(c)(d)

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

2,680

536

Series

1A,

Class

D,

8.56%,

7/15/27,

Callable

7/15/26

@

100(a)(c)

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

606

566

Series

1A,

Class

F,

9.80%,

7/16/29,

Callable

3/15/26

@

100(a)(c)

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

750

Series

2024-1A,

Class

D,

8.61%,

4/17/28,

Callable

8/15/26

@

100(a)(c)

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

3,755

1,059

Series

2024-2A,

Class

B,

6.57%,

2/15/28,

Callable

10/15/26

@

100(a)(c)

...........

1,000

692

Series

2024-2A,

Class

D,

7.61%,

8/15/28,

Callable

10/15/26

@

100(a)(c)

...........

1,850

Series

2024-3A,

Class

D,

6.34%,

4/16/29,

Callable

10/15/26

@

100(a)(c)

...........

3,000

Series

2025-1A,

Class

D,

6.84%,

4/15/31,

Callable

7/15/27

@

100(a)(c)(d)

..........

892

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

1,

Class

D,

8.30%,

11/12/29,

Callable

7/10/27

@

100(a)

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

850

864

Veros

Auto

Receivables

Trust

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

Series

1,

Class

C,

7.57%,

12/15/28,

Callable

7/15/27

@

100(a)

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

2,620

2,697

Series

2024-1,

Class

D,

9.87%,

5/15/31,

Callable

7/15/27

@

100(a)

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

1,000

1,064

Series

2025-1,

Class

C,

6.17%,

12/17/29,

Callable

2/15/28

@

100(a)

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

2,320

2,364

VStrong

Auto

Receivables

Trust,

Series

2023-A,

Class

D,

9.31%,

2/15/30,

Callable

5/15/29

@

100(a)

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

550

602

Western

Funding

Auto

Loan

Trust,

Series

2025-1,

Class

C,

5.34%,

11/15/35(a)

...........

2,500

2,550

103,790

ABS

Card

(0.9%):

Continental

Finance

Credit

Card

ABS

Master

Trust

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

Series

2022-A,

Class

A,

6.19%,

10/15/30(a)

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

Series

2022-A,

Class

C,

9.33%,

10/15/30(a)

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

750

766

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Short

#### Term

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2024-A,

Class

A,

5.78%,

12/15/32(a)

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

$

1,250

$

1,261

Mercury

Financial

Credit

Card

Master

Trust,

Series

2A,

Class

B,

7.43%,

7/20/29,

Callable

4/20/26

@

100(a)

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

2,710

2,725

Mission

Lane

Credit

Card

Master

Trust

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

Series

2024-B,

Class

B,

6.32%,

1/15/30(a)

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

1,240

1,247

Series

A,

Class

A,

5.80%,

5/15/30,

Callable

2/15/27

@

100(a)

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

1,420

1,433

Series

B,

Class

A,

5.88%,

1/15/30(a)

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

1,900

1,909

9,569

ABS

Home

(2.7%):

BARC,

Series

2026-CES1,

Class

A1A,

4.85%,

1/25/56,

Callable

2/25/29

@

100(a)(e)

......

1,870

1,874

Cross

Mortgage

Trust,

Series

2025-CES1,

Class

A1A,

5.30%,

11/25/60,

Callable

8/25/28

@

100(a)(e)

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

1,432

1,447

Deephaven

Residential

Mortgage

Trust,

Series

2025-CES1,

Class

A1A,

5.22%,

10/25/55,

Callable

11/25/28

@

100(a)(e)

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

2,413

2,438

New

Century

Home

Equity

Loan

Trust,

Series

A,

Class

AII9,

5.47%,

8/25/34,

Callable

3/25/26

@

100(e)

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

NovaStar

Mortgage

Funding

Trust,

Series

1,

Class

A2,

4.57%

(TSFR1M+89bps),

5/25/33,

Callable

3/25/26

@

100(b)

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

Saluda

Grade

Alternative

Mortgage

Trust,

Series

2024-CES1,

Class

A1,

6.31%,

3/25/54,

Callable

12/25/29

@

100(a)(e)

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

1,836

1,876

Towd

Point

Mortgage

Trust

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

Series

2024-CES4,

Class

A2,

5.17%,

9/25/64,

Callable

9/25/27

@

100(a)(e)

.........

2,890

2,899

Series

2024-CES6,

Class

A2,

6.00%,

11/25/64,

Callable

11/25/27

@

100(a)(e)

.......

4,932

5,018

Series

CES1,

Class

A1A,

5.85%,

1/25/64,

Callable

1/25/27

@

100(a)(e)

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

2,329

2,342

Series

CES2,

Class

A1A,

6.13%,

2/25/64,

Callable

2/25/27

@

100(a)(e)

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

1,916

1,933

Vista

Point

Securitization

Trust

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

Series

2024-CES1,

Class

A1,

6.68%,

5/25/54,

Callable

5/25/27

@

100(a)(e)

.........

661

671

Series

2024-CES3,

Class

A2,

5.99%,

1/25/55,

Callable

12/25/27

@

100(a)(e)

........

900

917

Series

2025-CES3,

Class

A1,

5.30%,

11/25/55,

Callable

10/25/28

@

100(a)(e)

.......

3,315

3,343

Series

2026-CES1,

Class

A1,

5.04%,

2/25/56,

Callable

2/25/29

@

100(a)(e)

.........

4,170

4,176

28,954

ABS

Other

(16.7%):

Henderson

Receivables

I

LLC,

Series

2A,

Class

A1,

3.97%

(TSFR1M+31bps),

6/15/41,

Callable

2/15/30

@

100(a)(b)

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

Henderson

Receivables

LLC,

Series

1A,

Class

A1,

4.00%

(TSFR1M+34bps),

11/15/40,

Callable

3/15/26

@

100(a)(b)

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

Accelerated

LLC,

Series

2021-1H,

Class

C,

2.35%,

10/20/40,

Callable

5/15/28

@

100(a)

....

ACHM

Mortgage

Trust

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

Series

2025-HE3,

Class

A,

5.20%,

11/25/55,

Callable

1/25/30

@

100(a)(e)

..........

3,120

3,163

Series

HE1,

Class

A,

6.55%,

5/25/39,

Callable

4/25/30

@

100(a)

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

732

753

Series

HE2,

Class

A,

5.35%,

10/25/39,

Callable

2/25/30

@

100(a)

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

644

654

Amur

Equipment

Finance

Receivables

XI

LLC,

Series

2022-2A,

Class

D,

7.25%,

5/21/29,

Callable

7/20/26

@

100(a)

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

800

808

Amur

Equipment

Finance

Receivables

XII

LLC,

Series

2023-1A,

Class

D,

7.48%,

7/22/30,

Callable

6/20/27

@

100(a)

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

650

674

Amur

Equipment

Finance

Receivables

XIV

LLC,

Series

2024-2A,

Class

D,

5.97%,

10/20/31,

Callable

8/20/28

@

100(a)

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

1,360

1,395

Amur

Equipment

Finance

Receivables

XV

LLC,

Series

2025-1A,

Class

D,

5.68%,

8/20/32,

Callable

5/20/29

@

100(a)

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

2,180

2,236

Angel

Oak

Mortgage

Trust

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

Series

2025-HB2,

Class

A1,

5.27%

(SOFR30A+160bps),

12/25/55,

Callable

11/25/28

@

100(a)(b)

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

1,772

1,784

Series

2025-HB2,

Class

M2,

6.12%

(SOFR30A+245bps),

12/25/55,

Callable

11/25/28

@

100(a)(b)

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

4,378

4,442

Aqua

Finance

Trust

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

Series

2019-A,

Class

C,

4.01%,

7/16/40,

Callable

5/15/26

@

100(a)

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

578

570

Series

2020-AA,

Class

C,

3.97%,

7/17/46,

Callable

6/17/26

@

100(a)

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

Ascent

Career

Funding

Trust,

Series

1A,

Class

A,

6.77%,

10/25/32(a)

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

999

1,005

Bayview

Opportunity

Master

Fund,

Series

2024-EDU1,

Class

B,

5.27%

(SOFR30A+160bps),

6/25/47(a)(b)

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

2,620

2,625

BHG

Securitization

Trust

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

Series

1CON,

Class

C,

6.86%,

4/17/35,

Callable

4/17/29

@

100(a)

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

580

594

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Short

#### Term

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2021-B,

Class

D,

3.17%,

10/17/34,

Callable

11/17/27

@

100(a)

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

$

2,340

$

2,268

Series

2022-C,

Class

B,

5.93%,

10/17/35,

Callable

12/17/28

@

100(a)

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

611

612

Series

2023-B,

Class

B,

7.45%,

12/17/36,

Callable

3/17/29

@

100(a)

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

987

1,039

Series

2024-1CON,

Class

B,

6.49%,

4/17/35,

Callable

4/17/29

@

100(a)

...........

1,196

1,239

Series

2025-2CON,

Class

D,

5.95%,

9/17/36,

Callable

6/17/32

@

100(a)

...........

2,420

2,492

Blackbird

Capital

II

Aircraft

Lease

Ltd.,

Series

2021-1A,

Class

B,

3.45%,

7/15/46,

Callable

7/15/28

@

100(a)

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

Blue

Bridge

Funding

LLC,

Series

2023-1A,

Class

A,

7.37%,

11/15/30,

Callable

2/15/27

@

100(a)

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

Blue

Owl

Asset

Leasing

Trust

LLC

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

Series

2024-1A,

Class

B,

5.41%,

3/15/30,

Callable

7/15/27

@

100(a)

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

1,100

1,112

Series

2024-1A,

Class

D,

8.00%,

12/15/31,

Callable

7/15/27

@

100(a)

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

1,080

1,102

BXG

Receivables

Note

Trust,

Series

A,

Class

B,

2.49%,

2/28/36,

Callable

4/28/27

@

100(a)

.

Centerstone

SBA

Trust,

Series

1,

Class

A,

7.60%

(PRIME+85bps),

12/27/50,

Callable

3/25/27

@

100(a)(b)

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

512

513

CFMT

LLC

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

Series

2023-HB12,

Class

M1,

4.25%,

4/25/33(a)(e)

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

Series

2023-HB12,

Class

M2,

4.25%,

4/25/33(a)(e)

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

750

744

Series

HB12,

Class

M3,

4.25%,

4/25/33(a)(e)

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

Series

HB13,

Class

M3,

3.00%,

5/25/34,

Callable

12/25/26

@

100(a)(e)

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

2,230

2,155

Chase

Funding

Trust

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

Series

3,

Class

2A2,

4.33%

(TSFR1M+65bps),

4/25/33,

Callable

3/25/26

@

100(b)

....

Series

6,

Class

1A7,

4.85%,

11/25/34,

Callable

3/25/26

@

100(e)

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

Commercial

Equipment

Finance

LLC,

Series

1A,

Class

A,

5.97%,

7/16/29,

Callable

6/15/27

@

100(a)

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

Commonbond

Student

Loan

Trust,

Series

17-BGS,

Class

C,

4.44%,

9/25/42,

Callable

3/25/26

@

100(a)

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

Countrywide

Asset-Backed

Certificates,

Series

2004-SD3,

Class

A2,

4.89%

(TSFR1M+121bps),

9/25/34,

Callable

3/25/26

@

100(a)(b)

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

CP

EF

Asset

Securitization

II

LLC,

Series

2023-1A,

Class

A,

7.48%,

3/15/32,

Callable

6/15/27

@

100(a)

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

Crossroads

Asset

Trust,

Series

2024-A,

Class

C,

6.52%,

8/20/30,

Callable

1/20/28

@

100(a)

.

2,050

2,121

Dell

Equipment

Finance

Trust,

Series

2024-2,

Class

D,

5.29%,

2/24/31,

Callable

6/22/27

@

100(a)

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

500

505

Dext

ABS

LLC,

Series

2,

Class

A2,

6.56%,

5/15/34,

Callable

1/15/28

@

100(a)

..........

Elara

HGV

Timeshare

Issuer

LLC,

Series

2025-A,

Class

D,

6.91%,

1/25/40,

Callable

12/25/31

@

100(a)

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

839

846

Equify

ABS

LLC,

Series

1A,

Class

A,

5.43%,

4/18/33,

Callable

8/15/28

@

100(a)

.........

592

594

FIGRE

Trust

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

Series

2025-HE2,

Class

A,

5.78%,

3/25/55,

Callable

10/25/30

@

100(a)(e)

..........

1,687

1,715

Series

2025-HE6,

Class

A,

5.04%,

9/25/55,

Callable

3/25/31

@

100(a)(e)

...........

2,319

2,334

Series

2025-HE8,

Class

A,

5.21%,

11/25/55,

Callable

7/25/28

@

100(a)(e)

..........

1,178

1,191

Series

HE2,

Class

A,

6.38%,

5/25/54,

Callable

1/25/29

@

100(a)(e)

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

1,151

1,184

Series

HE3,

Class

A,

5.94%,

7/25/54,

Callable

7/25/29

@

100(a)(e)

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

1,505

1,539

FNA

LLC,

Series

2025-1,

Class

A,

5.62%,

3/15/45(a)(e)

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

2,891

2,920

Foundation

Finance

Trust

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

Series

1A,

Class

A,

1.27%,

5/15/41,

Callable

5/15/28

@

100(a)

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

Series

2024-1A,

Class

B,

5.95%,

12/15/49,

Callable

1/15/31

@

100(a)

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

757

781

Gracie

Point

International

Funding

LLC

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

Series

2024-1A,

Class

C,

7.23%

(SOFR90A+350bps),

3/1/28,

Callable

6/1/26

@

100(a)

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

1,027

1,027

Series

2024-1A,

Class

D,

10.88%

(SOFR90A+715bps),

3/1/28,

Callable

6/1/26

@

100(a)

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

Series

2025-1A,

Class

B,

5.68%

(SOFR30A+200bps),

8/15/28,

Callable

8/15/27

@

100(a)(b)

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

650

650

Series

2025-1A,

Class

C,

6.43%

(SOFR30A+275bps),

8/15/28,

Callable

8/15/27

@

100(a)(b)

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

1,000

1,001

GreenSky

Home

Improvement

Issuer

Trust,

Series

2025-2A,

Class

D,

5.56%,

6/25/60(a)

....

2,310

2,342

GS

Mortgage-Backed

Securities

Trust

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

Series

2025-HE2,

Class

A1,

5.22%

(SOFR30A+155bps),

12/25/65,

Callable

10/25/28

@

100(a)(b)

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

3,255

3,281

Series

2025-HE2,

Class

M1,

5.57%

(SOFR30A+190bps),

12/25/65,

Callable

10/25/28

@

100(a)(b)

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

2,500

2,532

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Short

#### Term

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

HE1,

Class

A1,

5.27%

(SOFR30A+160bps),

8/25/54,

Callable

6/25/27

@

100(a)

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

$

1,807

$

1,814

Series

HE2,

Class

A1,

5.17%

(SOFR30A+150bps),

1/25/55,

Callable

10/25/27

@

100(a)

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

856

858

Series

SL1,

Class

A1,

5.85%,

11/25/67,

Callable

3/25/28

@

100(a)(e)

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

2,182

2,211

Harvest

SBA

Loan

Trust

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

Series

1,

Class

A,

7.04%

(SOFR30A+325bps),

10/25/50,

Callable

12/25/30

@

100(a)(b)

Series

1,

Class

A,

6.00%

(SOFR30A+225bps),

12/25/51,

Callable

10/25/35

@

100(a)(b)

1,096

1,107

Hilton

Grand

Vacations

Trust,

Series

2A,

Class

D,

6.91%,

3/25/38,

Callable

2/25/30

@

100(a)

514

530

Home

Partners

of

America

Trust,

Series

2019-2,

Class

F,

3.87%,

10/19/39,

Callable

3/17/26

@

100(a)(f)

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

5,495

5,358

JP

Morgan

Mortgage

Trust

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

Series

2025-HE3,

Class

A1,

5.01%

(SOFR30A+135bps),

3/20/56,

Callable

11/20/28

@

100(a)(b)

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

3,186

3,196

Series

HE1,

Class

A1,

5.41%

(SOFR30A+175bps),

11/25/53,

Callable

7/20/26

@

100(a)

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

Series

HE1,

Class

A1,

4.81%

(SOFR30A+115bps),

7/20/55,

Callable

2/20/28

@

100(a)

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

2,077

2,079

Series

HE2,

Class

A1,

5.36%

(SOFR30A+170bps),

3/20/54,

Callable

10/20/26

@

100(a)

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

639

641

Series

HE2,

Class

A1,

4.86%

(SOFR30A+120bps),

10/20/54,

Callable

5/20/27

@

100(a)

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

1,786

1,788

Series

HE3,

Class

A1,

5.26%

(SOFR30A+160bps),

5/20/54,

Callable

12/20/26

@

100(a)

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

Series

HE3,

Class

A1,

4.86%

(SOFR30A+120bps),

2/25/55,

Callable

9/20/27

@

100(a)

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

1,561

1,563

LFS

LLC,

Series

A,

Class

A,

7.17%,

7/15/35,

Callable

3/15/26

@

100(a)

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

Libra

Solutions

LLC

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

Series

2024-1A,

Class

A,

5.88%,

9/30/38(a)

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

1,810

1,811

Series

2025-1A,

Class

A,

6.36%,

8/15/39(a)

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

600

606

Series

2025-1A,

Class

C,

9.90%,

8/15/39(a)

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

1,000

1,004

Lunar

Structured

Aircraft

Portfolio

Notes,

Series

2021-1,

Class

A,

2.64%,

10/15/46(a)

......

Mosaic

Solar

Loan

Trust,

Series

2019-2A,

Class

D,

6.18%,

9/20/40,

Callable

3/20/31

@

100(a)

MVW

LLC,

Series

2020-1A,

Class

C,

4.21%,

10/20/37,

Callable

8/20/26

@

100(a)

........

NMEF

Funding

LLC

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

Series

2023-A,

Class

C,

8.04%,

6/17/30,

Callable

5/15/27

@

100(a)

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

Series

2024-A,

Class

C,

6.33%,

12/15/31,

Callable

4/15/28

@

100(a)

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

1,550

1,599

Series

2025-A,

Class

D,

8.07%,

7/15/32,

Callable

11/15/28

@

100(a)

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

2,250

2,350

OBX

Trust,

Series

2026-HE1,

Class

A1A,

5.01%

(SOFR30A+135bps),

2/25/56,

Callable

2/25/29

@

100(a)(b)

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

1,830

1,831

Octane

Receivables

Trust

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

Series

2022-2A,

Class

D,

7.70%,

2/20/30,

Callable

2/20/27

@

100(a)

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

1,610

1,649

Series

2023-1A,

Class

D,

7.76%,

3/20/30,

Callable

7/20/27

@

100(a)

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

1,000

1,036

Series

2023-2A,

Class

E,

10.50%,

6/20/31,

Callable

10/20/27

@

100(a)

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

3,423

3,710

Series

2023-3A,

Class

D,

7.58%,

9/20/29,

Callable

11/20/27

@

100(a)

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

965

1,005

Series

2024-1A,

Class

D,

6.43%,

10/21/30,

Callable

5/20/28

@

100(a)

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

1,000

1,033

Series

2024-RVM1,

Class

B,

5.27%,

1/22/46,

Callable

10/20/30

@

100(a)

..........

1,410

1,438

Oportun

Funding

Trust,

Series

3,

Class

C,

6.25%,

8/15/29,

Callable

10/15/26

@

100(a)

.....

650

653

Oportun

Issuance

Trust,

Series

2,

Class

B,

5.83%,

2/9/32,

Callable

10/8/26

@

100(a)

.......

888

889

Oxford

Finance

Credit

Fund

III

LP,

Series

A,

Class

A2,

6.68%,

1/14/32(a)

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

749

760

Oxford

Finance

Funding

LLC,

Series

1A,

Class

B,

4.10%,

2/15/30(a)

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

908

893

Pagaya

AI

Debt

Grantor

Trust

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

Series

10,

Class

B,

5.75%,

6/15/32,

Callable

11/15/26

@

100(a)

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

2,742

2,758

Series

11,

Class

AB,

5.39%,

7/15/32,

Callable

12/15/26

@

100(a)(e)

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

1,108

1,113

Series

2025-1,

Class

B,

5.63%,

7/15/32,

Callable

2/15/27

@

100(a)

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

993

999

Pagaya

AI

Debt

Trust

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

Series

2,

Class

A,

6.32%,

8/15/31,

Callable

3/15/26

@

100(a)

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

Series

2024-2,

Class

ABC,

6.78%,

8/15/31,

Callable

3/15/26

@

100(a)(e)

...........

617

618

Series

2025-R1,

Class

B,

5.71%,

6/15/32,

Callable

12/15/27

@

100(a)

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

910

916

Series

3,

Class

B,

6.57%,

10/15/31,

Callable

3/15/26

@

100(a)

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

1,012

1,013

Pawneee

Equipment

Receivables

LLC,

Series

1,

Class

D,

2.75%,

7/15/27,

Callable

3/15/26

@

100(a)

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

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Short

#### Term

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) PEAC

Solutions

Receivables

LLC

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

Series

2024-1A,

Class

C,

6.62%,

1/21/31,

Callable

2/20/28

@

100(a)

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

$

2,000

$

2,078

Series

2024-2A,

Class

C,

5.37%,

10/20/31,

Callable

6/20/27

@

100(a)

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

3,110

3,144

PEAR

LLC

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

Series

1,

Class

A,

7.42%,

7/15/35,

Callable

9/15/27

@

100(a)

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

978

1,006

Series

1,

Class

A,

6.95%,

2/15/36,

Callable

3/15/28

@

100(a)

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

652

660

Series

1,

Class

A2,

7.25%,

10/15/34(a)

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

579

589

Post

Road

Equipment

Finance

LLC

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

Series

2024-1A,

Class

C,

5.81%,

10/15/30,

Callable

3/15/27

@

100(a)

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

710

719

Series

2024-1A,

Class

E,

8.50%,

12/15/31,

Callable

3/15/27

@

100(a)

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

Purchasing

Power

Funding

LLC,

Series

2026-A,

Class

D,

5.40%,

8/15/30,

Callable

2/15/28

@

100(a)

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

1,080

1,081

RCKT

Trust

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

Series

2025-1A,

Class

D,

5.42%,

7/25/34,

Callable

4/25/28

@

100(a)

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

840

848

Series

2025-1A,

Class

E,

7.12%,

7/25/34,

Callable

4/25/28

@

100(a)

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

3,180

3,226

Reach

ABS

Trust

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

Series

1A,

Class

B,

6.29%,

2/18/31,

Callable

11/15/27

@

100(a)

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

1,683

1,693

Series

2025-2A,

Class

C,

5.69%,

8/18/32,

Callable

10/15/29

@

100(a)

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

2,000

2,036

Series

2026-1A,

Class

C,

4.80%,

2/15/33,

Callable

11/15/29

@

100(a)

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

1,340

1,347

Series

2026-1A,

Class

D,

5.16%,

2/15/33,

Callable

11/15/29

@

100(a)

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

2,520

2,542

ReadyCap

Lending

Small

Business

Loan

Trust

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

Series

2019-2,

Class

A,

6.25%

(PRIME-50bps),

12/27/44,

Callable

3/25/26

@

100(a)(b)

Series

3,

Class

A,

6.82%

(PRIME+7bps),

4/25/48,

Callable

1/25/29

@

100(a)(b)

......

514

521

Regional

Management

Issuance

Trust

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

Series

2024-2,

Class

B,

5.49%,

12/15/33,

Callable

12/15/26

@

100(a)

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

1,850

1,865

Series

2024-2,

Class

C,

5.74%,

12/15/33,

Callable

12/15/26

@

100(a)

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

1,250

1,261

RKTL,

Series

2026-1A,

Class

D,

5.21%,

2/26/35,

Callable

3/25/29

@

100(a)

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

950

951

RMF

Buyout

Issuance

Trust,

Series

2021-HB1,

Class

M3,

3.69%,

11/25/31(a)(e)

.........

1,000

967

Saluda

Grade

Alternative

Mortgage

Trust

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

Series

2023-FIG4,

Class

A,

6.72%,

11/25/53,

Callable

8/25/32

@

100(a)(e)

.........

732

768

Series

2025-FIG6,

Class

M1,

5.48%,

1/25/56,

Callable

7/25/34

@

100(a)(e)

.........

2,189

2,222

Series

2025-LOC5,

Class

A1A,

5.27%

(TSFR1M+160bps),

10/25/55,

Callable

9/25/28

@

100(a)(b)

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

1,782

1,791

Series

2026-HB1,

Class

A1A,

5.07%

(TSFR1M+140bps),

4/25/56,

Callable

2/25/29

@

100(a)(b)

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

2,260

2,260

Series

2026-HB1,

Class

M2,

5.82%

(TSFR1M+215bps),

4/25/56,

Callable

2/25/29

@

100(a)(b)

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

2,630

2,630

SCF

Equipment

Leasing

LLC,

Series

2024-1A,

Class

D,

6.58%,

6/21/33,

Callable

2/20/30

@

100(a)

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

506

SoFi

Consumer

Loan

Program

Trust,

Series

2025-2,

Class

D,

5.62%,

6/25/34,

Callable

7/25/28

@

100(a)

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

1,180

1,208

Stonepeak

ABS,

Series

2021-1A,

Class

AA,

2.30%,

2/28/33(a)

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

Towd

Point

Mortgage

Trust,

Series

2025-FIX2,

Class

A1,

5.25%,

10/25/65,

Callable

10/25/29

@

100(a)(e)

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

3,362

3,397

Trafigura

Securitisation

Finance

PLC

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

Series

1A,

Class

B,

7.29%,

11/15/27(a)

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

1,610

1,635

Series

2024-1A,

Class

A2,

5.98%,

11/15/27(a)

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

3,000

3,033

Tricon

American

Homes

Trust,

Series

2019-SFR1,

Class

F,

3.75%,

3/17/38(a)(f)

..........

2,240

2,234

Tricon

Residential

Trust,

Series

2025-SFR1,

Class

D,

5.66%

(TSFR1M+200bps),

3/17/42(a)(b)

(f) ..............................................................

830

832

Upstart

Securitization

Trust

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

Series

2025-2,

Class

B,

5.62%,

6/20/35,

Callable

2/20/29

@

100(a)

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

2,970

3,012

Series

2025-2,

Class

C,

6.02%,

6/20/35,

Callable

2/20/29

@

100(a)

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

2,010

2,051

US

Bank

NA

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

Series

2025-SUP1,

Class

D,

6.37%

(SOFR30A+270bps),

2/25/32,

Callable

2/25/29

@

100(a)(b)(f)

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

1,107

1,116

Series

SUP1,

Class

B,

5.58%,

2/25/32,

Callable

2/25/29

@

100(a)(f)

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

614

620

Verdant

Receivables

LLC,

Series

2023-1A,

Class

A2,

6.24%,

1/13/31,

Callable

10/12/27

@

100(a)

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

VFI

ABS

LLC

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

Series

2023-1A,

Class

C,

9.26%,

12/24/29,

Callable

6/24/26

@

100(a)

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

Series

2025-1A,

Class

C,

5.60%,

4/24/31,

Callable

5/24/28

@

100(a)

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

1,375

1,393

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Short

#### Term

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Westgate

Resorts

LLC

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

Series

1A,

Class

C,

7.49%,

12/20/37,

Callable

4/20/27

@

100(a)

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

$

$

Series

1A,

Class

D,

9.26%,

1/20/38,

Callable

11/20/27

@

100(a)

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

1,763

1,801

Series

2023-1A,

Class

D,

10.14%,

12/20/37,

Callable

4/20/27

@

100(a)

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

Willis

Engine

Structured

Trust

VI,

Series

A,

Class

B,

5.44%,

5/15/46,

Callable

5/15/29

@

100(a)

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

603

587

Wingspire

Equipment

Finance

LLC,

Series

2024-1A,

Class

D,

6.31%,

9/20/32,

Callable

10/20/27

@

100(a)

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

1,600

1,632

180,075

Total

Asset-Backed

Securities

(Cost

$329,001)

a

a

a

322,388

Collateralized

Loan

Obligations

(9.9%)

Cash

Flow

CLO

(9.9%):

ACREC

LLC

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

Series

2026-FL4,

Class

A,

5.11%

(TSFR1M+145bps),

1/18/43,

Callable

1/18/28

@

100(a)(b)

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

Series

2026-FL4,

Class

AS,

5.26%

(TSFR1M+160bps),

1/18/43,

Callable

1/18/28

@

100(a)(b)

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

860

861

Series

FL3,

Class

A,

4.97%

(TSFR1M+131bps),

8/18/42,

Callable

1/18/27

@

100(a)(b)

2,170

2,170

ACRES

Commercial

Realty

Issuer

LLC

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

Series

2026-FL4,

Class

AS,

5.45%

(TSFR1M+170bps),

8/18/44,

Callable

8/18/28

@

100(a)(b)(f)

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

1,610

1,615

Series

2029-FL4,

Class

A,

5.20%

(TSFR1M+145bps),

8/18/44,

Callable

8/18/28

@

100(a)(b)(f)

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

3,210

3,222

ACRES

LLC,

Series

2025-FL3,

Class

A,

5.28%

(TSFR1M+162bps),

8/18/40,

Callable

8/18/27

@

100(a)(b)(f)

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

1,910

1,914

Arbor

Realty

Collateralized

Loan

Obligation

Ltd.

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

Series

2025-BTR1,

Class

AS,

6.31%

(TSFR1M+264bps),

1/20/41,

Callable

5/20/27

@

100(a)(b)

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

2,700

2,717

Series

2025-BTR1,

Class

B,

6.86%

(TSFR1M+319bps),

1/20/41,

Callable

5/20/27

@

100(a)(b)

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

4,365

4,392

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.

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

Series

2021-FL4,

Class

B,

5.77%

(TSFR1M+211bps),

11/15/36,

Callable

3/15/26

@

100(a)(b)

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

1,580

1,579

Series

FL1,

Class

A,

5.11%

(SOFR30A+145bps),

1/15/37,

Callable

3/15/26

@

100(a)(b)

Series

FL4,

Class

A,

5.12%

(TSFR1M+146bps),

11/15/36,

Callable

3/15/26

@

100(a)(b)

901

901

AREIT

Ltd.

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

Series

2025-CRE11,

Class

A,

5.21%

(TSFR1M+155bps),

7/25/43,

Callable

7/18/28

@

100(a)(b)(f)

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

3,120

3,126

Series

CRE10,

Class

A,

5.05%

(TSFR1M+139bps),

12/17/29,

Callable

7/17/27

@

100(a)

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

6,020

6,029

Series

CRE9,

Class

A,

5.35%

(TSFR1M+169bps),

5/17/41,

Callable

2/17/27

@

100(a)(b)

(f) ..............................................................

BDS

LLC,

Series

FL13,

Class

A,

5.24%

(TSFR1M+158bps),

9/19/39,

Callable

8/19/28

@

100(a)(b)(f)

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

725

727

Brsp

Ltd.

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

Series

2026-FL3,

Class

AS,

5.40%

(TSFR1M+170bps),

8/19/43,

Callable

9/19/28

@

100(a)(b)(f)

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

Series

2026-FL3,

Class

B,

5.65%

(TSFR1M+195bps),

8/19/43,

Callable

9/19/28

@

100(a)(b)(f)

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

1,400

1,402

BSPDF

Issuer

LLC,

Series

2026-FL3,

Class

A,

5.10%

(TSFR1M+145bps),

9/18/43,

Callable

9/18/28

@

100(a)(b)(f)

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

1,660

1,660

BSPRT

Issuer

LLC,

Series

FL11,

Class

A,

5.30%

(TSFR1M+164bps),

7/15/39,

Callable

9/15/27

@

100(a)(b)

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

1,630

1,637

Cerberus

Loan

Funding

XLIX

LLC

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

Series

2024-5A,

Class

D,

7.17%

(TSFR3M+350bps),

1/15/34,

Callable

4/15/26

@

100(a)

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

2,000

1,997

Series

5A,

Class

A,

5.02%

(TSFR3M+135bps),

1/15/34,

Callable

4/15/26

@

100(a)(b)

.

2,250

2,252

Deerpath

Capital

CLO

Ltd.,

Series

1A,

Class

A1R,

5.47%

(TSFR3M+180bps),

7/15/36,

Callable

7/15/26

@

100(a)(b)

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

1,910

1,913

Dwight

Issuer

LLC,

Series

2025-FL1,

Class

B,

6.45%

(TSFR1M+279bps),

6/18/42,

Callable

7/18/27

@

100(a)(b)

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

2,520

2,526

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Short

#### Term

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Ellington

CLO

III

Ltd.,

Series

3A,

Class

C,

6.18%

(TSFR3M+251bps),

7/20/30,

Callable

4/20/26

@

100(a)(b)

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

$

554

$

553

Fortress

Credit

Opportunities

IX

CLO

Ltd.,

Series

9A,

Class

A1TR,

5.48%

(TSFR3M+181bps),

10/15/33(a)(b)

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

964

966

Fortress

Credit

Opportunities

XXIX

CLO

Ltd.,

Series

29A,

Class

B,

5.32%

(TSFR3M+165bps),

4/20/33,

Callable

4/20/26

@

100(a)(b)

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

1,370

1,370

FS

Rialto

Issuer

LLC

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

Series

2025-FL10,

Class

A,

5.05%

(TSFR1M+139bps),

8/19/42,

Callable

8/19/27

@

100(a)(b)(f)

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

2,250

2,255

Series

2026-FL11,

Class

A,

5.10%

(TSFR1M+145bps),

1/19/44,

Callable

8/19/31

@

100(a)(b)(f)

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

3,180

3,191

Series

FL3,

Class

A,

5.02%

(TSFR1M+136bps),

11/16/36,

Callable

3/16/26

@

100(a)(b)

1,087

1,085

Series

FL9,

Class

A,

5.30%

(TSFR1M+163bps),

10/19/39,

Callable

10/19/27

@

100(a)(b)

3,910

3,924

Golub

Capital

Partners

Short

Duration

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

Series

1A,

Class

BR,

5.67%

(TSFR3M+200bps),

7/25/33,

Callable

4/25/26

@

100(a)(b)

2,123

2,125

Series

1A,

Class

DR,

8.27%

(TSFR3M+460bps),

7/25/33,

Callable

4/25/26

@

100(a)(b)

1,750

1,747

Greystone

CRE

Notes

LLC,

Series

2025-FL4,

Class

B,

6.25%

(TSFR1M+259bps),

1/15/43,

Callable

5/15/28

@

100(a)(b)(f)

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

2,410

2,414

KREF

Ltd.,

Series

FL3,

Class

A,

5.12%

(TSFR1M+145bps),

2/17/39,

Callable

3/17/26

@

100(a)(b)

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

1,169

1,169

LMNT

CRE

LLC

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

Series

2025-FL3,

Class

A,

5.23%

(TSFR1M+155bps),

7/21/43,

Callable

5/21/28

@

100(a)(b)(f)

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

3,020

3,029

Series

2025-FL3,

Class

AS,

5.58%

(TSFR1M+190bps),

7/21/43,

Callable

5/21/28

@

100(a)(b)(f)

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

3,020

3,032

LoanCore

Issuer

LLC,

Series

CRE8,

Class

A,

5.04%

(TSFR1M+139bps),

8/17/42,

Callable

8/17/27

@

100(a)(b)(f)

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

890

890

LoanCore

Issuer

Ltd.,

Series

CRE7,

Class

A,

5.21%

(SOFR30A+155bps),

1/17/37,

Callable

3/17/26

@

100(a)(b)

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

MF1

LLC

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

Series

FL14,

Class

A,

5.40%

(TSFR1M+174bps),

3/19/39,

Callable

3/19/26

@

100(a)(b)

3,067

3,070

Series

FL15,

Class

A,

5.35%

(TSFR1M+169bps),

8/18/41,

Callable

7/18/26

@

100(a)(b)

4,912

4,922

Series

FL16,

Class

A,

5.21%

(TSFR1M+154bps),

11/18/39,

Callable

10/18/26

@

100(a)

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

3,430

3,436

MF1

Ltd.

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

Series

FL7,

Class

A,

4.86%

(TSFR1M+119bps),

10/16/36,

Callable

3/16/26

@

100(a)(b)

554

554

Series

FL8,

Class

A,

5.02%

(TSFR1M+135bps),

2/19/37,

Callable

3/17/26

@

100(a)(b)

1,173

1,173

MidOcean

Credit

CLO

XI

Ltd.,

Series

11A,

Class

A1R2,

4.88%

(TSFR3M+121bps),

1/18/36,

Callable

4/18/26

@

100(a)(b)

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

710

711

Monroe

Capital

Mml

Clo

XII

Ltd.,

Series

2A,

Class

A1,

5.48%

(TSFR3M+176bps),

9/14/33,

Callable

3/14/26

@

100(a)(b)

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

1,368

1,367

PFP

Ltd.

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

Series

11,

Class

A,

5.50%

(TSFR1M+183bps),

9/17/39,

Callable

9/17/27

@

100(a)(b)(f)

Series

2026-13,

Class

B,

5.52%

(TSFR1M+185bps),

8/18/43,

Callable

7/18/28

@

100(a)

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

1,250

1,252

Ready

Capital

Mortgage

Financing

LLC,

Series

2023-FL11,

Class

B,

7.21%

(TSFR1M+353bps),

10/25/39,

Callable

3/25/26

@

100(a)(b)(f)

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

590

590

Regatta

IX

Funding

Ltd.,

Series

1A,

Class

XR,

4.72%

(TSFR3M+105bps),

4/17/37,

Callable

4/17/26

@

100(a)(b)

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

Sound

Point

CLO

V-R

Ltd.,

Series

2014-1RA,

Class

B,

5.68%

(TSFR3M+201bps),

7/18/31,

Callable

4/18/26

@

100(a)(b)

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

3,970

3,977

Sound

Point

CLO

XVI

Ltd.,

Series

2A,

Class

D,

7.53%

(TSFR3M+386bps),

7/25/30,

Callable

4/25/26

@

100(a)(b)

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

500

500

Starwood

LLC,

Series

SIF4A,

Class

C,

6.17%

(TSFR3M+250bps),

10/17/36,

Callable

4/17/26

@

100(a)(b)

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

1,610

1,613

TRTX

Issuer

Ltd.

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

Series

202025-FL7,

Class

A,

5.11%

(TSFR1M+145bps),

6/18/43,

Callable

5/18/28

@

100(a)(b)(f)

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

2,390

2,391

Series

FL5,

Class

A,

5.31%

(TSFR1M+165bps),

2/15/39,

Callable

3/15/26

@

100(a)(b)

754

754

Series

FL6,

Class

A,

5.20%

(TSFR1M+154bps),

9/18/42,

Callable

9/18/27

@

100(a)(b)(f)

3,120

3,126

Woodmont

Trust,

Series

12A,

Class

A1R,

5.07%

(TSFR3M+140bps),

10/25/32,

Callable

4/25/26

@

100(a)(b)

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

2,066

2,069

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Short

#### Term

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Z

Capital

Credit

Partners

CLO

Ltd.

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

Series

1A,

Class

A2AR,

5.47%

(TSFR3M+180bps),

7/15/33,

Callable

4/15/26

@

100(a)

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

$

990

$

991

Series

1A,

Class

BR,

5.93%

(TSFR3M+226bps),

7/16/31,

Callable

4/16/26

@

100(a)(b)

1,000

1,000

Zais

CLO

Ltd.,

Series

13A,

Class

A1AR,

4.97%

(TSFR3M+130bps),

7/15/32,

Callable

4/15/26

@

100(a)(b)

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

106,205

Total

Collateralized

Loan

Obligations

(Cost

$105,849)

a

a

a

106,205

Collateralized

Mortgage

Obligations

(12.6%)

Agency

CMO

(0.0%):(g)

Federal

National

Mortgage

Association

REMIC

s

,

Series

1999-25,

Class

Z,

6.00%,

6/25/29

..

Agency

CMO

Floating

(0.1%):

Federal

Home

Loan

Mortgage

Corporation,

Series

20,

Class

A7,

4.08%

(SOFR30A+41bps),

12/25/29,

Callable

3/25/26

@

100(b)

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

Federal

Home

Loan

Mortgage

Corporation

REMIC

s

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

Series

2315,

Class

FW,

4.32%

(SOFR30A+66bps),

4/15/27(b)

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

Series

2334,

Class

FA,

4.27%

(SOFR30A+61bps),

7/15/31(b)

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

Series

2391,

Class

FJ,

4.27%

(SOFR30A+61bps),

4/15/28(b)

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

Series

2439,

Class

F,

4.77%

(SOFR30A+111bps),

3/15/32(b)

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

Series

2470,

Class

AF,

4.77%

(SOFR30A+111bps),

3/15/32(b)

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

Series

2489,

Class

FA,

4.77%

(SOFR30A+111bps),

2/15/32(b)

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

Series

2498,

Class

FL,

4.34%

(SOFR30A+68bps),

3/15/32(b)

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

Series

2916,

Class

NF,

4.02%

(SOFR30A+36bps),

1/15/35(b)

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

Series

3042,

Class

PF,

4.02%

(SOFR30A+36bps),

8/15/35(b)

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

Series

3102,

Class

FG,

4.07%

(SOFR30A+41bps),

1/15/36(b)

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

Series

3117,

Class

FE,

4.07%

(SOFR30A+41bps),

2/15/36(b)

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

Series

3173,

Class

FC,

4.19%

(SOFR30A+53bps),

6/15/36(b)

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

Series

3181,

Class

HF,

4.27%

(SOFR30A+61bps),

7/15/36(b)

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

Series

3235,

Class

FX,

4.09%

(SOFR30A+43bps),

11/15/36(b)

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

Series

3239,

Class

EF,

4.12%

(SOFR30A+46bps),

11/15/36(b)

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

Series

3239,

Class

FB,

4.12%

(SOFR30A+46bps),

11/15/36(b)

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

Series

3373,

Class

FB,

4.35%

(SOFR30A+69bps),

10/15/37(b)

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

Series

3386,

Class

FB,

4.15%

(SOFR30A+49bps),

11/15/37(b)

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

Series

3610,

Class

FA,

4.47%

(SOFR30A+81bps),

12/15/39(b)

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

Series

3807,

Class

FM,

4.27%

(SOFR30A+61bps),

2/15/41(b)

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

Series

3850,

Class

FC,

4.19%

(SOFR30A+53bps),

4/15/41(b)

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

Series

3868,

Class

FA,

4.17%

(SOFR30A+51bps),

5/15/41(b)

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

Series

4002,

Class

YF,

4.32%

(SOFR30A+66bps),

2/15/42(b)

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

Federal

Home

Loan

Mortgage

Corporation,

STRIPS

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

Series

237,

Class

F14,

4.17%

(SOFR30A+51bps),

5/15/36(b)

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

Series

239,

Class

F30,

4.07%

(SOFR30A+41bps),

8/15/36(b)

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

Series

244,

Class

F22,

4.12%

(SOFR30A+46bps),

12/15/36(b)

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

Federal

National

Mortgage

Association

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

Series

W1,

Class

1AF1,

4.04%

(SOFR30A+37bps),

11/25/46,

Callable

3/25/27

@

100(b)

Series

W3,

Class

2AF,

4.00%

(SOFR30A+33bps),

3/25/45,

Callable

3/25/26

@

100(b)

.

Federal

National

Mortgage

Association

REMIC

s

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

Series

110,

Class

FA,

4.40%

(SOFR30A+73bps),

12/25/37(b)

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

Series

13,

Class

FA,

4.03%

(SOFR30A+36bps),

3/25/37(b)

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

Series

14,

Class

F,

4.14%

(SOFR30A+47bps),

3/25/37(b)

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

Series

2,

Class

FT,

4.03%

(SOFR30A+36bps),

2/25/37(b)

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

Series

2008-88,

Class

FA,

5.00%

(SOFR30A+133bps),

10/25/38(b)

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

Series

41,

Class

FA,

4.18%

(SOFR30A+51bps),

5/25/37(b)

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

Series

42,

Class

CF,

4.23%

(SOFR30A+56bps),

6/25/36(b)

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

Series

42,

Class

JF,

4.28%

(SOFR30A+61bps),

5/25/33(b)

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

Series

50,

Class

FN,

4.02%

(SOFR30A+35bps),

6/25/37(b)

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

Series

52,

Class

FW,

4.18%

(SOFR30A+51bps),

7/25/34(b)

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

Series

53,

Class

FM,

4.68%

(SOFR30A+101bps),

7/25/38(b)

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

Series

58,

Class

FV,

4.03%

(SOFR30A+36bps),

6/25/37(b)

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

Series

63,

Class

F1,

4.08%

(SOFR30A+41bps),

11/25/27,

Callable

3/25/26

@

100(b)

..

Series

7,

Class

FJ,

3.98%

(SOFR30A+31bps),

2/25/37(b)

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

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Short

#### Term

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

72,

Class

FB,

4.68%

(SOFR30A+101bps),

12/25/31(b)

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

$

$

Series

77,

Class

WF,

4.17%

(SOFR30A+51bps),

12/18/32(b)

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

Series

8,

Class

FJ,

4.13%

(SOFR30A+46bps),

2/25/33(b)

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

Series

81,

Class

FA,

4.13%

(SOFR30A+46bps),

9/25/36(b)

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

Series

81,

Class

FL,

4.42%

(SOFR30A+76bps),

1/18/32(b)

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

Series

82,

Class

F,

4.35%

(SOFR30A+68bps),

9/25/36(b)

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

Series

83,

Class

KT,

4.08%

(SOFR30A+41bps),

10/25/35(b)

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

Series

83,

Class

LF,

4.09%

(SOFR30A+42bps),

2/25/35(b)

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

Series

86,

Class

FC,

4.35%

(SOFR30A+68bps),

9/25/37(b)

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

Series

89,

Class

F,

4.36%

(SOFR30A+69bps),

9/25/37(b)

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

Series

9,

Class

FB,

4.13%

(SOFR30A+46bps),

3/25/37(b)

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

Series

92,

Class

OF,

4.35%

(SOFR30A+68bps),

9/25/37(b)

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

Series

93,

Class

FH,

4.28%

(SOFR30A+61bps),

1/25/33(b)

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

Government

National

Mortgage

Association

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

Series

16,

Class

FA,

4.03%

(TSFR1M+36bps),

2/20/35(b)

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

Series

3,

Class

FC,

4.02%

(TSFR1M+36bps),

1/16/35(b)

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

Series

51,

Class

JF,

4.08%

(TSFR1M+41bps),

8/20/40(b)

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

Series

9,

Class

FA,

4.28%

(TSFR1M+61bps),

2/20/38(b)

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

1,265

Agency

CMO

Other

(0.0%):(g)

Federal

National

Mortgage

Association

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

Series

2004-T2,

Class

2A,

5.49%,

7/25/43,

Callable

3/25/26

@

100(e)

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

Series

W3,

Class

3A,

4.86%,

4/25/45,

Callable

3/25/26

@

100(e)

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

Series

W4,

Class

3A,

5.62%,

6/25/45,

Callable

6/25/27

@

100(e)

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

Commercial

MBS

(4.6%):

Bayview

Commercial

Asset

Trust,

Series

2007-2A,

Class

IO,

7/25/37(d)(e)

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

—

BWAY

Mortgage

Trust,

Series

2013-1515,

Class

B,

3.47%,

3/10/33,

Callable

3/10/26

@

100(a)

4,735

4,495

BX

Commercial

Mortgage

Trust

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

Series

AIRC,

Class

A,

5.35%

(TSFR1M+169bps),

8/15/41(a)(b)(f)

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

1,761

1,765

Series

SLCT,

Class

A,

4.98%

(TSFR1M+132bps),

1/15/42(a)(b)(f)

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

1,870

1,868

Series

SLCT,

Class

E,

7.05%

(TSFR1M+339bps),

1/15/42(a)(b)(f)

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

890

894

COMM

MortgageTrust,

Series

WCL1,

Class

A,

5.50%

(TSFR1M+184bps),

6/15/41(a)(b)(f)

.

2,000

2,001

FREMF

Mortgage

Trust,

Series

18-KF45,

Class

B,

5.74%

(SOFR30A+206bps),

3/25/26(a)(b)

517

GS

Mortgage

Securities

Corp.

Trust,

Series

DUNE,

Class

A,

5.03%

(TSFR1M+136bps),

12/15/36(a)(b)(f)

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

1,631

1,631

HIH

Trust,

Series

61P,

Class

A,

5.50%

(TSFR1M+184bps),

10/15/41(a)(b)(f)

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

1,621

1,625

Hilt

Commercial

Mortgage

Trust

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

Series

ORL,

Class

A,

5.20%

(TSFR1M+154bps),

5/15/37(a)(b)(f)

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

860

859

Series

ORL,

Class

B,

5.60%

(TSFR1M+194bps),

5/15/37(a)(b)(f)

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

1,110

1,109

HTL

Commercial

Mortgage

Trust

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

Series

2024-T53,

Class

B,

6.56%,

5/10/39(a)(e)(f)

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

950

963

Series

T53,

Class

C,

7.09%,

5/10/39(a)(e)(f)

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

3,175

3,217

Series

T53,

Class

D,

8.20%,

5/10/39(a)(e)(f)

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

1,105

1,124

HYT

Commercial

Mortgage

Trust,

Series

2024-RGCY,

Class

A,

5.50%

(TSFR1M+184bps),

9/15/41(a)(b)(f)

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

1,150

1,151

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

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

Series

2019-MFP,

Class

E,

5.87%

(TSFR1M+221bps),

7/15/36(a)(b)(f)

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

Series

2024-OMNI,

Class

C,

5.80%,

10/5/39(a)(e)(f)

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

1,147

1,153

Series

2024-OMNI,

Class

D,

5.80%,

10/5/39(a)(e)(f)

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

MCR

Mortgage

Trust

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

Series

2024-HTL,

Class

A,

5.42%

(TSFR1M+176bps),

2/15/37(a)(b)(f)

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

818

818

Series

2024-TWA,

Class

D,

7.40%,

6/12/39(a)(f)

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

1,230

1,244

Series

HF1,

Class

A,

5.45%

(TSFR1M+179bps),

12/15/41(a)(b)(f)

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

645

645

Series

HTL,

Class

B,

6.07%

(TSFR1M+241bps),

2/15/37(a)(b)(f)

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

991

991

Natixis

Commercial

Mortgage

Securities

Trust,

Series

MILE,

Class

B,

5.54%

(TSFR1M+188bps),

7/15/36(a)(b)(f)

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

PRM

Trust

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

Series

2025-PRM6,

Class

D,

5.68%,

7/5/33(a)(e)(f)

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

1,810

1,824

Series

2025-PRM6,

Class

E,

6.58%,

7/5/33(a)(e)(f)

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

700

705

SHR

Trust,

Series

2024-LXRY,

Class

A,

5.61%

(TSFR1M+195bps),

10/15/41(a)(b)(f)

......

3,160

3,164

Silver

Hill

Trust,

Series

2019-1,

Class

A1,

3.10%,

11/25/49(a)(e)

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

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Short

#### Term

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) SKY

Trust,

Series

LINE,

Class

A,

6.25%

(TSFR1M+259bps),

4/15/42(a)(b)

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

$

1,339

$

1,345

THPT

Mortgage

Trust

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

Series

2023-THL,

Class

B,

7.67%,

12/10/34(a)(e)(f)

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

700

712

Series

THL,

Class

A,

6.99%,

12/10/34(a)(e)(f)

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

1,174

1,194

Velocity

Commercial

Capital

Loan

Trust

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

Series

1,

Class

A,

6.47%,

1/25/53,

Callable

1/25/30

@

100(a)(e)

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

Series

1,

Class

A,

6.55%,

1/25/54,

Callable

3/25/29

@

100(a)(e)

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

553

567

Series

1,

Class

A,

6.03%,

2/25/55,

Callable

12/25/32

@

100(a)(e)

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

2,212

2,263

Series

2,

Class

A,

6.58%,

4/25/54,

Callable

8/25/32

@

100(a)(e)

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

720

738

Series

2020-1,

Class

AFX,

2.61%,

2/25/50,

Callable

9/25/26

@

100(a)(e)

...........

Series

2024-6,

Class

A,

5.81%,

12/25/54,

Callable

7/25/29

@

100(a)(e)

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

1,713

1,744

Series

2025-5,

Class

A,

5.32%,

12/25/55,

Callable

10/25/39

@

100(a)(e)

...........

2,261

2,284

Series

2026-1,

Class

A,

5.10%,

2/25/56,

Callable

2/25/29

@

100(a)(e)

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

1,880

1,889

Wells

Fargo

Commercial

Mortgage

Trust

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

Series

2026-1250B,

Class

A,

4.83%,

3/10/41(a)(e)(f)

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

1,020

1,023

Series

2026-1250B,

Class

C,

5.59%,

3/10/41(a)(e)(f)

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

Series

2026-1250B,

Class

D,

6.59%,

3/10/41(a)(e)(f)

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

XCAL

Mortgage

Trust,

Series

2019-1,

Class

A,

7.54%

(TSFR1M+386bps),

3/15/26(a)(b)(c)(d)

(f) ..............................................................

996

XCALI

Mortgage

Trust,

Series

2020-5,

Class

A,

7.05%

(TSFR1M+337bps),

3/15/26(a)(b)(f)

.

49,671

Private

CMO

Floating

(4.5%):

Chase

Mortgage

Finance

Corp.,

Series

CL1,

Class

M3,

5.22%

(SOFR30A+155bps),

2/25/50,

Callable

12/25/38

@

100(a)(b)

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

950

924

Connecticut

Avenue

Securities

Trust

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

Series

2019-R06,

Class

2B1,

7.53%

(SOFR30A+386bps),

9/25/39,

Callable

9/25/26

@

100(a)(b)

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

537

545

Series

2020-R02,

Class

2B1,

6.78%

(SOFR30A+311bps),

1/25/40,

Callable

1/25/27

@

100(a)(b)

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

920

934

Series

2020-SBT1,

Class

1M2,

7.43%

(SOFR30A+376bps),

2/25/40,

Callable

2/25/27

@

100(a)(b)

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

1,040

1,068

Series

2022-R09,

Class

2B1,

10.42%

(SOFR30A+675bps),

9/25/42,

Callable

9/25/27

@

100(a)(b)

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

770

833

Series

2024-R02,

Class

1M1,

4.77%

(SOFR30A+110bps),

2/25/44,

Callable

2/25/29

@

100(a)(b)

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

Series

2024-R03,

Class

2M2,

5.62%

(SOFR30A+195bps),

3/25/44,

Callable

3/25/29

@

100(a)(b)

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

Series

2024-R06,

Class

1M2,

5.27%

(SOFR30A+160bps),

9/25/44,

Callable

9/25/29

@

100(a)(b)

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

1,075

1,077

Series

2025-R06,

Class

1A1,

4.57%

(SOFR30A+90bps),

9/25/45,

Callable

9/25/30

@

100(a)(b)

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

953

953

Series

2025-R06,

Class

1M1,

4.62%

(SOFR30A+95bps),

9/25/45,

Callable

9/25/30

@

100(a)(b)

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

949

951

Series

R01,

Class

1A1,

4.62%

(SOFR30A+95bps),

1/25/45,

Callable

1/25/30

@

100(a)(b)

1,197

1,198

Series

R01,

Class

1M1,

6.07%

(SOFR30A+240bps),

12/25/42,

Callable

12/25/27

@

100(a)(b)

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

512

525

Series

R01,

Class

1M1,

4.72%

(SOFR30A+105bps),

1/25/44,

Callable

1/25/29

@

100(a)

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

Series

R01,

Class

1M1,

4.77%

(SOFR30A+110bps),

1/25/45,

Callable

1/25/30

@

100(a)

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

1,121

1,121

Series

R02,

Class

1M1,

5.97%

(SOFR30A+230bps),

1/25/43,

Callable

1/25/28

@

100(a)

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

Series

R02,

Class

1M1,

4.82%

(SOFR30A+115bps),

2/25/45,

Callable

2/25/30

@

100(a)

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

631

631

Series

R02,

Class

2M2,

6.67%

(SOFR30A+300bps),

1/25/42,

Callable

1/25/27

@

100(a)

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

2,721

2,764

Series

R03,

Class

2M1,

6.17%

(SOFR30A+250bps),

4/25/43,

Callable

4/25/28

@

100(a)

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

Series

R03,

Class

2M1,

4.82%

(SOFR30A+115bps),

3/25/44,

Callable

3/25/29

@

100(a)

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

Series

R04,

Class

1A1,

4.67%

(SOFR30A+100bps),

5/25/44,

Callable

5/25/29

@

100(a)

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

935

936

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Short

#### Term

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

R05,

Class

2A1,

4.67%

(SOFR30A+100bps),

7/25/44,

Callable

7/25/29

@

100(a)

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

$

1,796

$

1,797

Series

R05,

Class

2M1,

4.67%

(SOFR30A+100bps),

7/25/44,

Callable

7/25/29

@

100(a)

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

Series

R06,

Class

1A1,

4.82%

(SOFR30A+115bps),

9/25/44,

Callable

9/25/29

@

100(a)

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

1,148

1,152

Series

R06,

Class

1M1,

5.37%

(SOFR30A+170bps),

7/25/43,

Callable

7/25/28

@

100(a)

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

Series

R09,

Class

2M1,

6.17%

(SOFR30A+250bps),

9/25/42,

Callable

9/25/27

@

100(a)

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

Eagle

RE

Ltd.

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

Series

1,

Class

M1A,

5.67%

(SOFR30A+200bps),

9/26/33,

Callable

9/25/28

@

100(a)(b)

Series

2,

Class

M2,

7.92%

(SOFR30A+425bps),

4/25/34,

Callable

2/25/27

@

100(a)(b)

810

828

Series

2023-1,

Class

M1B,

7.62%

(SOFR30A+395bps),

9/26/33,

Callable

9/25/28

@

100(a)(b)

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

630

646

Federal

Home

Loan

Mortgage

Corporation

REMIC

s

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

Series

2021-HQA3,

Class

M2,

5.77%

(SOFR30A+210bps),

9/25/41,

Callable

9/25/26

@

100(a)(b)

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

1,340

1,349

Series

2022-DNA2,

Class

M2,

7.42%

(SOFR30A+375bps),

2/25/42,

Callable

2/25/27

@

100(a)(b)

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

1,000

1,024

Series

2022-DNA3,

Class

M2,

8.02%

(SOFR30A+435bps),

4/25/42,

Callable

4/25/27

@

100(a)(b)

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

1,500

1,554

Series

2023-DNA2,

Class

M1A,

5.77%

(SOFR30A+210bps),

4/25/43,

Callable

4/25/28

@

100(a)(b)

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

Series

2024-HQA2,

Class

M2,

5.47%

(SOFR30A+180bps),

8/25/44,

Callable

8/25/29

@

100(a)(b)

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

1,220

1,226

Series

2025-DNA4,

Class

A1,

4.57%

(SOFR30A+90bps),

10/25/45,

Callable

10/25/30

@

100(a)(b)

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

1,296

1,297

Series

2025-DNA4,

Class

M1,

4.77%

(SOFR30A+110bps),

10/25/45,

Callable

10/25/30

@

100(a)(b)

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

2,662

2,666

Series

2025-HQA1,

Class

M1,

4.82%

(SOFR30A+115bps),

2/25/45,

Callable

2/25/30

@

100(a)(b)

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

2,263

2,263

Series

DNA1,

Class

A1,

4.62%

(SOFR30A+95bps),

1/25/45,

Callable

1/25/30

@

100(a)

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

536

536

Series

DNA1,

Class

M1,

5.02%

(SOFR30A+135bps),

2/25/44,

Callable

2/25/29

@

100(a)

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

Series

DNA1,

Class

M1,

4.72%

(SOFR30A+105bps),

1/25/45,

Callable

1/25/30

@

100(a)

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

1,203

1,203

Series

DNA1,

Class

M2,

6.17%

(SOFR30A+250bps),

1/25/42,

Callable

1/25/27

@

100(a)

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

1,835

1,851

Series

DNA3,

Class

A1,

4.72%

(SOFR30A+105bps),

10/25/44,

Callable

10/25/29

@

100(a)(b)

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

936

938

Series

DNA5,

Class

M2,

5.32%

(SOFR30A+165bps),

1/25/34(a)(b)

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

Series

DNA6,

Class

M1A,

5.82%

(SOFR30A+215bps),

9/25/42,

Callable

9/25/27

@

100(a)(b)

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

Series

DNA6,

Class

M2,

5.17%

(SOFR30A+150bps),

10/25/41,

Callable

10/25/26

@

100(a)(b)

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

1,980

1,985

Series

DNA7,

Class

M1,

4.52%

(SOFR30A+85bps),

11/25/41,

Callable

11/25/26

@

100(a)(b)

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

Series

HQA1,

Class

A1,

4.62%

(SOFR30A+95bps),

2/25/45,

Callable

2/25/30

@

100(a)

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

933

934

Series

HQA1,

Class

M1A,

5.67%

(SOFR30A+200bps),

5/25/43,

Callable

5/25/28

@

100(a)(b)

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

Series

HQA2,

Class

A1,

4.92%

(SOFR30A+125bps),

8/25/44,

Callable

8/25/29

@

100(a)

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

2,296

2,305

Series

HQA2,

Class

M1,

4.87%

(SOFR30A+120bps),

8/25/44,

Callable

8/25/29

@

100(a)

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

543

544

Series

HQA2,

Class

M1A,

5.67%

(SOFR30A+200bps),

6/25/43,

Callable

6/25/28

@

100(a)(b)

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

Home

RE

Ltd.

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

Series

2023-1,

Class

M1B,

8.27%

(SOFR30A+460bps),

10/25/33,

Callable

10/25/28

@

100(a)(b)

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

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Short

#### Term

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2026-1,

Class

M1B,

5.82%

(SOFR30A+215bps),

1/25/36,

Callable

7/25/29

@

100(a)(b)

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

$

1,670

$

1,674

JP

Morgan

Seasoned

Mortgage

Trust,

Series

1,

Class

AM,

4.29%

(TSFR1M+61bps),

5/25/33,

Callable

3/25/26

@

100(a)(b)

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

Merrill

Lynch

Mortgage

Investors

Trust,

Series

H,

Class

A1,

4.43%

(TSFR1M+75bps),

1/25/29,

Callable

3/25/26

@

100(b)

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

Radnor

RE

Ltd.

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

Series

1,

Class

M1A,

6.37%

(SOFR30A+270bps),

7/25/33,

Callable

7/25/28

@

100(a)(b)

Series

1,

Class

M1B,

8.02%

(SOFR30A+435bps),

7/25/33,

Callable

7/25/28

@

100(a)(b)

Series

1,

Class

M1B,

6.57%

(SOFR30A+290bps),

9/25/34,

Callable

11/25/27

@

100(a)

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

555

557

Series

1,

Class

M2,

6.82%

(SOFR30A+315bps),

12/27/33,

Callable

5/25/26

@

100(a)(b)

Series

2,

Class

M1B,

7.37%

(SOFR30A+370bps),

11/25/31,

Callable

9/25/27

@

100(a)

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

RESI

Finance

LP,

Series

CB1,

Class

B3,

5.23%

(TSFR1M+156bps),

6/10/35,

Callable

3/10/26

@

102(a)(b)

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

Triangle

RE

Ltd.

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

Series

1,

Class

M1A,

7.07%

(SOFR30A+340bps),

11/25/33,

Callable

10/25/28

@

100(a)

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

Series

3,

Class

M1B,

6.57%

(SOFR30A+290bps),

2/25/34,

Callable

11/25/26

@

100(a)

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

48,136

Private

CMO

Other

(3.4%):

A&D

Mortgage

Trust

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

Series

2023-NQM2,

Class

M1,

8.28%,

5/25/68,

Callable

5/25/26

@

100(a)(e)

........

500

501

Series

2024-NQM3,

Class

M1,

6.88%,

7/25/69,

Callable

6/25/27

@

100(a)(e)

........

1,428

1,452

Bear

Stearns

Mortgage

Securities,

Inc.,

Series

6,

Class

3B1,

4.96%,

6/25/30,

Callable

3/25/26

@

100(e)

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

BRAVO

Residential

Funding

Trust,

Series

2020-NQM1,

Class

A3,

2.41%,

5/25/60,

Callable

3/25/26

@

100(a)(e)

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

Cascade

Funding

Mortgage

Trust,

Series

HB16,

Class

M3,

3.00%,

3/25/35,

Callable

9/25/27

@

100(a)(e)

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

1,440

1,383

CFMT

LLC

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

Series

2024-HB14,

Class

M1,

3.00%,

6/25/34,

Callable

6/25/27

@

100(a)(e)

........

700

683

Series

2024-HB14,

Class

M2,

3.00%,

6/25/34,

Callable

6/25/27

@

100(a)(e)

........

510

Series

2024-HB15,

Class

M3,

4.00%,

8/25/34(a)(e)

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

1,140

1,108

CHNGE

Mortgage

Trust,

Series

2022-1,

Class

A1,

4.01%,

1/25/67,

Callable

3/25/26

@

100(a)

(e) .............................................................

550

539

Citicorp

Mortgage

Securities

REMIC

s

Pass-Through

Certificates

Trust,

Series

2005-4,

Class

2A1,

5.00%,

7/25/20

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

—(h)

—(h)

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.,

Series

10,

Class

2A1,

7.50%,

5/25/32,

Callable

3/25/26

@

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

Ellington

Financial

Mortgage

Trust,

Series

2020-1,

Class

A3,

4.00%,

5/25/65,

Callable

3/25/26

@

100(a)(e)

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

1,000

989

Federal

Home

Loan

Mortgage

Corporation

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

Series

1,

Class

M,

4.75%,

5/25/57,

Callable

1/25/44

@

100(e)

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

1,424

1,415

Series

18-4,

Class

M,

4.75%,

3/25/58,

Callable

12/25/51

@

100(a)

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

2,539

2,526

Series

2017-1,

Class

M2,

4.00%,

1/25/56,

Callable

9/25/48

@

100(a)(e)

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

1,480

1,447

Series

2019-1,

Class

M,

4.75%,

7/25/58,

Callable

9/25/45

@

100(a)(e)

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

1,133

1,121

Series

2020-1,

Class

M,

4.25%,

8/25/59,

Callable

8/25/41

@

100(a)(e)

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

4,783

4,701

Series

2020-2,

Class

M,

4.25%,

11/25/59,

Callable

3/25/45

@

100(a)(e)

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

778

764

Series

3,

Class

M,

4.75%,

10/25/58,

Callable

10/25/46

@

100(e)

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

1,635

1,622

HOMES

Trust,

Series

2023-NQM2,

Class

M1,

7.24%,

2/25/68,

Callable

5/25/26

@

100(a)(e)

500

500

Imperial

Fund

Mortgage

Trust,

Series

2021-NQM2,

Class

M1,

2.49%,

9/25/56,

Callable

3/25/26

@

100(a)(e)

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

IMS

Ecuadorian

Mortgage

Trust,

Series

1,

Class

GA,

3.40%,

8/18/43(a)

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

IndyMac

INDX

Mortgage

Loan

Trust,

Series

2004-AR6,

Class

6A1,

5.29%,

10/25/34,

Callable

3/25/26

@

100(e)

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

LHOME

Mortgage

Trust,

Series

2024-RTL1,

Class

A1,

7.02%,

1/25/29,

Callable

8/25/26

@

100(a)(e)(f)

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

620

620

Merrill

Lynch

Mortgage

Investors

Trust,

Series

G,

Class

A3,

6.00%,

1/25/29,

Callable

3/25/26

@

100(e)

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

—(h)

—(h)

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Short

#### Term

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Oceanview

Mortgage

Loan

Trust,

Series

2020-1,

Class

A3,

3.28%,

5/28/50,

Callable

3/28/26

@

100(a)(e)

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

$

$

Ocwen

Loan

Investment

Trust

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

Series

2024-HB1,

Class

M3,

3.00%,

2/25/37,

Callable

3/25/26

@

100(a)

...........

2,000

1,942

Series

HB1,

Class

M2,

3.00%,

2/25/37,

Callable

3/25/26

@

100(a)

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

Onity

Loan

Investment

Trust,

Series

HB2,

Class

M3,

5.00%,

8/25/37,

Callable

8/25/27

@

100(a)(e)

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

PRKCM

Trust,

Series

2023-AFC4,

Class

M1,

7.94%,

11/25/58,

Callable

10/25/26

@

100(a)(e)

3,820

3,866

RMF

Proprietary

Issuance

Trust,

Series

2019-1,

Class

A,

2.75%,

10/25/63(a)(e)

..........

512

Saluda

Grade

Alternative

Mortgage

Trust

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

Series

RTL4,

Class

A1,

7.50%,

2/25/30,

Callable

7/25/26

@

100(a)(e)(f)

...........

505

505

Series

RTL5,

Class

A1,

7.76%,

4/25/30,

Callable

9/25/26

@

100(a)(e)(f)

...........

Verus

Securitization

Trust,

Series

2024-3,

Class

M1,

6.89%,

4/25/69,

Callable

4/25/27

@

100(a)(e)

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

3,284

3,332

Visio

Trust,

Series

2019-2,

Class

M1,

3.26%,

11/25/54,

Callable

3/25/26

@

100(a)(e)

......

2,000

1,975

Vista

Point

Securitization

Trust,

Series

2020-2,

Class

A3,

2.50%,

4/25/65,

Callable

3/25/26

@

100(a)(e)

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

36,463

Total

Collateralized

Mortgage

Obligations

(Cost

$135,931)

a

a

a

135,686

Senior

Secured

Loans

(0.4%)

Communication

Services

(0.1%):

Lamar

Media

Corp.,

Term

B

Loan,

5.18%

(SOFR01M+150bps),

9/17/32(b)

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

500

502

Level

Financing,

Inc.,

Term

Refinancing

Loan,

6.92%

(SOFR01M+325bps),

3/29/32(b)

Outfront

Media

Capital

LLC,

Term

Loan,

5.68%

(SOFR01M+200bps),

9/16/32(b)

........

791

Consumer

Discretionary

(0.1%):

Hilton

Domestic

Operating

Co.,

Inc.,

Series

Term

Loan,

5.42%

(SOFR01M+175bps),

11/8/30(b)

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

RVR

Dealership

Holdings

LLC,

Term

Loan,

First

Lien,

2/8/28(i)

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

RVR

Dealership

Holdings

LLC,

Term

Loan,

First

Lien,

2/7/33(i)

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

693

Financials

(0.0%):(g)

Avolon

TLB

Borrower

US

LLC,

Term

Loan,

5.42%

(SOFR01M+175bps),

6/24/30(b)

.

Delos

Finance

SARL,

Term

Loan,

First

Lien,

10/31/27(i)

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

—(h)

—

Virgin

Media

Bristol

LLC,

Facility

Y,

First

Lien,

7.05%

(SOFR06M+318bps),

3/31/31(b)

...

Health

Care

(0.1%):

Elanco

Animal

Health,

Inc.,

2025

Refinancing

TLB

Loan,

5.42%

(SOFR01M+175bps),

10/28/32(b)

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

Phoenix

Guarantor,

Inc.,

Tranche

Term

Loan,

First

Lien,

6.17%

(SOFR01M+250bps),

2/21/31(b)

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

Sotera

Health

Holdings

LLC,

2025

Refinancing

Term

Loan,

6.17%

(SOFR01M+250bps),

5/30/31(b)

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

Upstream

Newco,

Inc.,

December

2025

Extended/Modified

Term

Loan,

First

Lien,

8.18%

(SOFR03M+425bps),

11/20/29(b)

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

951

Industrials

(0.0%):(g)

Setanta

Aircraft

Leasing

Dac,

New

Loan,

5.42%

(SOFR03M+175bps),

11/6/28(b)

.........

Materials

(0.1%):

Element

Solutions,

Inc.,

2026

Incremental

Tranche

Term

Loan,

5.42%

(SOFR01M+175bps),

12/18/30(b)

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

525

526

WireCo

WorldGroup,

Inc.,

2023

Refinancing

Term

Loan,

First

Lien,

7.42%

(SOFR03M+375bps),

11/13/28(b)

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

654

Real

Estate

(0.0%):(g)

RealPage,

Inc.,

Initial

Term

Loan,

First

Lien,

6.93%

(SOFR03M+300bps),

4/22/28(b)

......

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Short

#### Term

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Utilities

(0.0%):(g)

Eastern

Power

LLC,

Term

loan,

8.42%

(SOFR01M+475bps),

4/3/28(b)

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

$

$

Total

Senior

Secured

Loans

(Cost

$4,019)

a

a

a

3,988

Corporate

Bonds

(25.1%)

Communication

Services

(0.6%):

Take-Two

Interactive

Software,

Inc.,

3.70%,

4/14/27,

Callable

3/14/27

@

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

4,000

3,990

T-Mobile

US,

Inc.,

3.75%,

4/15/27,

Callable

2/15/27

@

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

3,000

2,995

6,985

Consumer

Discretionary

(2.0%):

Daimler

Truck

Finance

North

America

LLC

5.13%,

9/25/27,

Callable

8/25/27

@

100(a)

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

1,640

1,668

4.95%,

1/13/28,

Callable

12/13/27

@

100(a)

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

2,450

2,492

Expedia

Group,

Inc.,

4.63%,

8/1/27,

Callable

5/1/27

@

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

1,000

1,007

General

Motors

Financial

Co.,

Inc.

5.40%,

5/8/27

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

3,150

3,199

5.35%,

7/15/27

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

2,800

2,848

Hyatt

Hotels

Corp.,

5.05%,

3/30/28,

Callable

2/29/28

@

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

5,200

5,306

O'Reilly

Automotive,

Inc.,

5.75%,

11/20/26,

Callable

10/20/26

@

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

1,800

1,821

Volkswagen

Group

of

America

Finance

LLC

5.40%,

3/20/26(a)

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

1,000

1,001

4.90%,

8/14/26(a)

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

1,815

1,821

21,163

Consumer

Staples

(0.8%):

BAT

Capital

Corp.,

4.70%,

4/2/27,

Callable

2/2/27

@

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

3,100

3,121

Philip

Morris

International,

Inc.,

4.38%,

11/1/27

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

5,800

5,858

8,979

Energy

(1.2%):

Energy

Transfer

LP,

6.05%,

12/1/26,

Callable

11/1/26

@

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

2,100

2,128

MPLX

LP,

4.13%,

3/1/27,

Callable

12/1/26

@

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

1,800

1,801

ONEOK,

Inc.,

4.25%,

9/24/27,

Callable

8/24/27

@

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

4,000

4,019

Repsol

E&P

Capital

Markets

US

LLC,

4.81%,

9/16/28,

Callable

8/16/28

@

100(a)

........

2,000

2,029

Western

Midstream

Operating

LP,

4.65%,

7/1/26,

Callable

4/1/26

@

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

3,300

3,301

13,278

Financials

(15.7%):

Ally

Financial,

Inc.

4.75%,

6/9/27,

Callable

5/9/27

@

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

2,700

2,721

7.10%,

11/15/27,

Callable

10/15/27

@

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

2,100

2,201

5.74%

(SOFRINDX+196bps),

5/15/29,

Callable

5/15/28

@

100(b)

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

3,130

3,214

American

Express

Co.

5.39%

(SOFR+97bps),

7/28/27,

Callable

7/28/26

@

100(b)

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

1,075

1,081

5.04%

(SOFR+93bps),

7/26/28,

Callable

7/26/27

@

100(b)

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

3,000

3,047

American

Honda

Finance

Corp.

4.26%

(SOFR+55bps),

5/11/26(b)

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

3,000

3,002

4.45%,

10/22/27

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

2,500

2,524

4.25%,

9/1/28

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

1,245

1,255

Athene

Global

Funding

4.95%,

1/7/27(a)

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

3,600

3,626

5.52%,

3/25/27(a)

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

1,300

1,319

5.35%,

7/9/27(a)

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

1,230

1,249

Aviation

Capital

Group

LLC,

4.25%,

4/30/29,

Callable

3/30/29

@

100(a)

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

4,700

4,700

Bank

of

America

Corp.

4.25%,

10/22/26

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

2,050

2,053

5.93%

(SOFR+134bps),

9/15/27,

Callable

9/15/26

@

100(b)

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

900

910

4.98%

(SOFR+83bps),

1/24/29,

Callable

1/24/28

@

100(b)

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

4,900

4,988

Brown

&

Brown,

Inc.,

4.70%,

6/23/28,

Callable

5/23/28

@

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

3,800

3,836

Capital

One

Financial

Corp.

7.15%

(SOFR+244bps),

10/29/27,

Callable

10/29/26

@

100(b)

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

1,100

1,122

4.93%

(SOFR+206bps),

5/10/28,

Callable

5/10/27

@

100(b)

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

1,800

1,818

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Short

#### Term

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Citigroup,

Inc.

3.89%

(TSFR3M+182bps),

1/10/28,

Callable

1/10/27

@

100(b)

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

$

2,200

$

2,197

4.64%

(SOFR+114bps),

5/7/28,

Callable

5/7/27

@

100(b)

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

3,195

3,217

4.79%

(SOFR+87bps),

3/4/29,

Callable

3/4/28

@

100(b)

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

5,700

5,786

Citizens

Bank

NA

4.57%

(SOFR+200bps),

8/9/28,

Callable

8/9/27

@

100(b)

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

5,100

5,142

4.19%

(SOFR+70bps),

1/29/29,

Callable

1/29/28

@

100(b)

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

2,320

2,323

CNO

Global

Funding

5.88%,

6/4/27(a)

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

3,100

3,160

4.88%,

12/10/27(a)

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

1,005

1,015

4.38%,

9/8/28(a)

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

2,600

2,604

Fifth

Third

Bank

NA,

4.97%

(SOFR+81bps),

1/28/28,

Callable

1/28/27

@

100(b)

.........

1,960

1,977

Fortitude

Global

Funding,

4.63%,

10/6/28(a)

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

5,000

5,016

Goldman

Sachs

Bank

5.28%

(SOFR+78bps),

3/18/27,

Callable

4/3/26

@

100(b)

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

1,650

1,651

5.41%

(SOFR+75bps),

5/21/27,

Callable

5/21/26

@

100(b)

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

1,300

1,304

HOA

Funding

LLC

8/20/51(d)

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

900

—

8/20/51(d)

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

900

—

Hoa

Newco

LLC,

7.43%,

11/22/55,

Callable

4/3/26

@

100(a)(c)(d)

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

908

Hyundai

Capital

America

5.50%,

3/30/26(a)

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

1,460

1,461

5.30%,

3/19/27(a)

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

1,000

1,014

5.28%,

6/24/27(a)

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

1,200

1,220

4.30%,

9/24/27(a)

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

1,600

1,607

Jefferies

Financial

Group,

Inc.

4.85%,

1/15/27

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

2,100

2,112

4.30%,

2/11/27,

Callable

8/11/26

@

100,

MTN

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

1,100

1,101

6.45%,

6/8/27

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

1,490

1,528

JP

Morgan

Chase

&

Co.

5.04%

(SOFR+119bps),

1/23/28,

Callable

1/23/27

@

100(b)

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

500

504

4.98%

(SOFR+93bps),

7/22/28,

Callable

7/22/27

@

100(b)

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

1,255

1,272

4.56%

(SOFR+86bps),

10/22/28,

Callable

10/22/27

@

100(b)

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

3,400

3,414

4.92%

(SOFR+80bps),

1/24/29,

Callable

1/24/28

@

100(b)

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

3,670

3,737

JP

Morgan

Chase

Bank

NA,

5.11%,

12/8/26,

Callable

11/8/26

@

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

1,130

1,140

Lincoln

Financial

Global

Funding,

4.20%,

1/12/29(a)

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

1,285

1,281

LPL

Holdings,

Inc.,

5.70%,

5/20/27,

Callable

4/20/27

@

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

1,590

1,616

Lseg

US

Fin

Corp.,

4.88%,

3/28/27,

Callable

2/28/27

@

100(a)

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

2,700

2,725

Met

Tower

Global

Funding,

4.85%,

1/16/27(a)

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

1,900

1,916

Metropolitan

Life

Global

Funding

I

5.05%,

6/11/27(a)

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

2,000

2,032

3.30%,

3/21/29(a)

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

1,040

1,017

Morgan

Stanley,

4.72%

(SOFR+102bps),

4/13/28,

Callable

4/13/27

@

100(b)

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

3,500

3,517

Morgan

Stanley

Bank

NA

4.95%

(SOFR+108bps),

1/14/28,

Callable

1/14/27

@

100(b)

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

1,400

1,412

4.58%

(SOFR+87bps),

5/26/28,

Callable

5/26/27

@

100(b)

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

1,000

1,004

5.50%

(SOFR+87bps),

5/26/28,

Callable

5/26/27

@

100(b)

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

2,780

2,830

4.97%

(SOFR+93bps),

7/14/28,

Callable

7/14/27

@

100(b)

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

1,000

1,013

5.02%

(SOFR+91bps),

1/12/29,

Callable

1/12/28

@

100(b)

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

2,500

2,548

National

Rural

Utilities

Cooperative

Finance

Corp.,

4.05%,

2/9/29,

Callable

1/9/29

@

...

2,830

2,844

Pricoa

Global

Funding

I,

5.55%,

8/28/26(a)

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

1,000

1,008

Principal

Life

Global

Funding

II,

5.00%,

1/16/27(a)

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

2,400

2,424

Protective

Life

Global

Funding,

4.16%,

1/15/29(a)

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

4,880

4,886

Santander

Holdings

USA,

Inc.

6.12%

(SOFR+123bps),

5/31/27,

Callable

5/31/26

@

100(b)

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

1,560

1,566

2.49%

(SOFR+125bps),

1/6/28,

Callable

1/6/27

@

100(b)

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

1,610

1,587

The

Bank

of

New

York

Mellon

Corp.,

4.95%

(SOFR+103bps),

4/26/27,

Callable

4/26/26

@

100(b)

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

1,800

1,803

The

PNC

Financial

Services

Group,

Inc.

5.10%

(SOFR+80bps),

7/23/27,

Callable

7/23/26

@

100(b)

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

3,700

3,716

5.30%

(SOFR+134bps),

1/21/28,

Callable

1/21/27

@

100(b)

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

Toyota

Motor

Credit

Corp.,

4.55%,

8/7/26

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

1,315

1,319

Truist

Bank,

4.14%

(SOFR+66bps),

1/27/29,

Callable

1/27/28

@

100(b)

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

4,680

4,691

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Short

#### Term

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Truist

Financial

Corp.,

6.05%

(SOFR+205bps),

6/8/27,

Callable

6/8/26

@

100,

MTN(b)

....

$

2,800

$

2,814

US

BanCorp,

6.79%

(SOFR+188bps),

10/26/27,

Callable

10/26/26

@

100(b)

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

3,300

3,362

US

Bank

NA

4.39%

(SOFR+69bps),

10/22/27,

Callable

10/22/26

@

100(b)

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

2,780

2,784

4.73%

(SOFR+91bps),

5/15/28,

Callable

5/14/27

@

100(b)

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

3,150

3,181

Wells

Fargo

&

Co.

4.77%

(SOFR+107bps),

4/22/28,

Callable

4/22/27

@

100(b)

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

1,390

1,399

5.57%

(SOFR+174bps),

7/25/29,

Callable

7/25/28

@

100(b)

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

3,800

3,931

Wells

Fargo

Bank

NA

5.45%,

8/7/26,

Callable

7/7/26

@

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

1,600

1,609

5.25%,

12/11/26,

Callable

11/10/26

@

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

900

910

169,340

Industrials

(1.6%):

AGCO

Corp.,

5.45%,

3/21/27,

Callable

2/21/27

@

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

2,600

2,633

Air

Lease

Corp.

3.75%,

6/1/26,

Callable

4/3/26

@

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

1,600

1,598

5.30%,

6/25/26

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

1,130

1,134

Broadridge

Financial

Solutions,

Inc.,

3.40%,

6/27/26,

Callable

4/3/26

@

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

1,677

1,672

Delta

Air

Lines,

Inc.,

4.95%,

7/10/28,

Callable

6/10/28

@

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

2,880

2,928

Owens

Corning,

3.40%,

8/15/26,

Callable

5/15/26

@

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

1,800

1,794

Penske

Truck

Leasing

Co.

LP/PTL

Finance

Corp.

5.75%,

5/24/26,

Callable

4/24/26

@

100(a)

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

825

827

5.35%,

1/12/27,

Callable

12/12/26

@

100(a)

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

The

Boeing

Co.,

6.26%,

5/1/27,

Callable

4/1/27

@

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

1,000

1,024

Waste

Management,

Inc.,

4.50%,

3/15/28,

Callable

2/15/28

@

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

2,900

2,944

16,948

Information

Technology

(1.1%):

Broadcom,

Inc.,

5.05%,

7/12/27,

Callable

6/12/27

@

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

1,124

1,143

CDW

LLC/CDW

Finance

Corp.,

2.67%,

12/1/26,

Callable

11/1/26

@

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

1,750

1,732

Dell,

Inc.,

7.10%,

4/15/28

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

1,595

1,693

Microchip

Technology,

Inc.,

4.90%,

3/15/28

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

2,450

2,490

Oracle

Corp.,

4.55%,

2/4/29,

Callable

1/4/29

@

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

4,400

4,408

11,466

Real

Estate

(0.2%):

Healthcare

Realty

Holdings

LP,

3.50%,

8/1/26,

Callable

5/1/26

@

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

1,700

1,693

Utilities

(1.9%):

Ameren

Corp.,

5.70%,

12/1/26,

Callable

11/1/26

@

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

1,750

1,769

DTE

Energy

Co.,

4.95%,

7/1/27,

Callable

6/1/27

@

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

3,600

3,643

NextEra

Energy

Capital

Holdings,

Inc.,

4.69%,

9/1/27

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

2,400

2,427

The

Brooklyn

Union

Gas

Co.

3.41%,

3/10/26(a)

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

2,051

2,051

4.63%,

8/5/27,

Callable

7/5/27

@

100(a)

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

3,000

3,022

Vistra

Operations

Co.

LLC

5.05%,

12/30/26(a)

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

1,500

1,516

3.70%,

1/30/27,

Callable

11/30/26

@

100(a)

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

4,935

4,912

Wec

Energy

Group,

Inc.,

5.60%,

9/12/26,

Callable

8/12/26

@

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

869

875

20,215

Total

Corporate

Bonds

(Cost

$267,527)

a

a

a

270,067

Insurance-Linked

Securities

(0.1%)

Event

Linked

Bonds

(0.1%):

Multiperil

-

U.S.

-

(0.0%):(g)

Sanders

Re

III,

6.88%

(BRMMUSDF+334bps),

4/7/26(b)(j)

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

Multiperil

-

U.S.

Regional

-

(0.1%):

Long

Point

Re

IV,

7.79%

(BRMMUSDF+425bps),

6/1/26,

Callable

4/3/26

@

101.5(b)(j)

...

Windstorm

-

Florida

-

(0.0%):(g)

Integrity

Re,

4.02%

(FHMMUSTF+50bps),

6/6/30(b)(j)

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

578

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Short

#### Term

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Reinsurance

Sidecars

(0.0%):(g)

Multiperil

-

Worldwide

-

(0.0%):(g)

Alturas

Re,

2022-2,

12/31/27(d)(j)(k)

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

$

$

Merion

Re,

2022-2,

12/31/27(d)(j)(l)(m)

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

Thopas

Re

12/31/26(d)(j)(k)

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

12/31/26(d)(j)(k)(l)

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

500

12/31/27(d)(j)(k)(l)

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

Total

Insurance-Linked

Securities

(Cost

$896)

a

a

a

816

Yankee

Dollars

(11.4%)

Communication

Services

(0.4%):

NBN

Co.

Ltd.,

4.00%,

10/1/27,

Callable

9/1/27

@

100(a)

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

4,200

4,209

Consumer

Discretionary

(0.5%):

Royal

Caribbean

Cruises

Ltd.,

5.50%,

4/1/28,

Callable

10/1/27

@

100(a)

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

5,000

5,109

Consumer

Staples

(0.3%):

Alimentation

Couche-Tard,

Inc.,

3.55%,

7/26/27,

Callable

4/26/27

@

100(a)

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

3,200

3,184

Energy

(0.1%):

Saudi

Arabian

Oil

Co.,

4.00%,

2/2/29,

Callable

1/2/29

@

100(a)

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

1,555

1,555

Financials

(8.0%):

ABN

AMRO

Bank

NV,

6.34%

(H15T1Y+165bps),

9/18/27,

Callable

9/18/26

@

100(a)(b)

...

1,300

1,316

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

6.10%,

1/15/27,

Callable

12/15/26

@

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

2,300

2,339

4.13%,

2/28/29,

Callable

1/28/29

@

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

3,000

3,002

Avolon

Holdings

Funding

Ltd.

4.25%,

4/15/26,

Callable

4/3/26

@

100(a)

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

1,600

1,600

4.38%,

5/1/26,

Callable

3/18/26

@

100(a)

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

3,800

3,800

Bank

of

Montreal,

4.57%

(SOFR+88bps),

9/10/27,

Callable

9/10/26

@

100(b)

...........

4,400

4,415

Banque

Federative

DU

Credit

Mutuel

SA,

4.78%

(SOFRINDX+107bps),

2/16/28(a)(b)

.....

2,450

2,472

Barclays

PLC

5.83%

(SOFR+221bps),

5/9/27,

Callable

5/9/26

@

100(b)

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

2,540

2,548

6.50%

(SOFR+188bps),

9/13/27,

Callable

9/13/26

@

100(b)

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

1,600

1,620

4.84%

(SOFR+134bps),

9/10/28,

Callable

9/10/27

@

100(b)

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

2,900

2,931

5.09%

(SOFR+96bps),

2/25/29,

Callable

2/25/28

@

100(b)

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

1,900

1,936

BNP

Paribas

SA,

4.38%,

5/12/26(a)

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

3,000

3,000

Caixabank

SA,

6.68%

(SOFR+208bps),

9/13/27,

Callable

9/13/26

@

100(a)(b)

...........

3,000

3,043

Canadian

Imperial

Bank

of

Commerce

5.24%,

6/28/27

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

3,300

3,360

4.51%

(SOFR+93bps),

9/11/27,

Callable

9/11/26

@

100(b)

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

2,000

2,006

HSBC

Holdings

PLC

5.21%

(SOFR+261bps),

8/11/28,

Callable

8/11/27

@

100(b)

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

1,500

1,524

5.13%

(SOFR+104bps),

11/19/28,

Callable

11/19/27

@

100(b)

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

2,300

2,342

Hyundai

Capital

Services,

Inc.,

5.13%,

2/5/27(a)

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

550

555

ING

Groep

NV,

6.08%

(SOFR+156bps),

9/11/27,

Callable

9/11/26

@

100(b)

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

2,500

2,527

Lloyds

Banking

Group

PLC

5.99%

(H15T1Y+148bps),

8/7/27,

Callable

8/7/26

@

100(b)

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

2,030

2,047

5.46%

(H15T1Y+138bps),

1/5/28,

Callable

1/5/27

@

100(b)

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

1,380

1,397

5.09%

(H15T1Y+85bps),

11/26/28,

Callable

11/26/27

@

100(b)

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

2,000

2,037

Macquarie

Bank

Ltd.,

5.39%,

12/7/26(a)

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

1,340

1,357

Mitsubishi

UFJ

Financial

Group,

Inc.,

5.02%

(H15T1Y+195bps),

7/20/28,

Callable

7/20/27

@

100(b)

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

2,800

2,842

National

Bank

of

Canada

5.60%

(SOFR+104bps),

7/2/27,

Callable

7/2/26

@

100(b)

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

4,100

4,122

4.17%

(SOFRINDX+76bps),

1/20/29,

Callable

1/20/28

@

100(b)

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

1,820

1,827

Natwest

Group

PLC

5.85%

(H15T1Y+135bps),

3/2/27(b)

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

2,140

2,140

4.96%

(SOFR+125bps),

3/1/28,

Callable

3/1/27

@

100(b)

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

1,000

1,006

Nomura

Holdings,

Inc.,

5.59%,

7/2/27

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

3,300

3,367

Nordea

Bank

Abp,

5.00%,

3/19/27(a)

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

2,600

2,634

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Short

#### Term

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Royal

Bank

of

Canada,

4.51%

(SOFRINDX+72bps),

10/18/27,

Callable

10/18/26

@

100(b)

.

$

2,800

$

2,813

Standard

Chartered

PLC,

5.69%

(H15T1Y+105bps),

5/14/28,

Callable

5/14/27

@

100(a)(b)

.

1,225

1,249

Sumitomo

Mitsui

Financial

Group,

Inc.,

4.11%,

1/15/29

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

3,420

3,435

Swedbank

AB,

6.14%,

9/12/26(a)

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

1,800

1,821

The

Toronto-Dominion

Bank

5.53%,

7/17/26

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

2,100

2,112

4.57%,

6/2/28

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

4,000

4,057

86,599

Industrials

(0.9%):

Element

Fleet

Management

Corp.

6.27%,

6/26/26,

Callable

5/26/26

@

100(a)

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

2,857

2,871

5.64%,

3/13/27,

Callable

2/13/27

@

100(a)

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

3,215

3,262

LG

Energy

Solution

Ltd.,

5.25%,

4/2/28(a)

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

3,200

3,263

9,396

Information

Technology

(0.8%):

NXP

BV/NXP

Funding

LLC/NXP

USA,

Inc.,

4.30%,

8/19/28,

Callable

7/19/28

@

.....

5,050

5,084

SK

Hynix,

Inc.,

6.38%,

1/17/28(a)

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

3,000

3,133

8,217

Materials

(0.4%):

Anglo

American

Capital

PLC,

4.75%,

4/10/27(a)

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

1,303

1,313

Rio

Tinto

Finance

USA

PLC,

4.50%,

3/14/28,

Callable

2/14/28

@

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

2,650

2,688

4,001

Utilities

(0.0%):(g)

Algonquin

Power

&

Utilities

Corp.,

5.37%,

6/15/26

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

500

501

Total

Yankee

Dollars

(Cost

$121,607)

a

a

a

122,771

U.S.

Government

Agency

Mortgages

(5.2%)

Federal

Home

Loan

Mortgage

Corporation

6.42%

(H15T1Y+236bps),

1/1/28(b)

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

—(h)

–(h)

6.24%

(H15T1Y+225bps),

11/1/31(b)

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

5.00%,

3/1/44

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

6.00%,

8/1/53

-

9/1/54

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

3,295

3,401

6.50%,

4/1/54

-

10/1/54

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

8,969

9,406

12,814

Federal

National

Mortgage

Association

6.71%

(H15T1Y+246bps),

4/1/28(b)

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

6.50%,

4/1/29

-

6/1/54

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

6,575

6,847

5.50%,

12/1/35

-

10/1/54

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

1,304

1,332

7.00%,

1/1/36

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

6.47%

(RFUCCT1Y+176bps),

7/1/36(b)

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

4.76%

(ECOFC+193bps),

12/1/36(b)

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

6.00%,

4/1/38

-

10/1/54

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

4,516

4,646

3.00%,

3/1/47

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

12,900

Federal

National

Mortgage

Association,

TBA

5.50%,

3/25/41

-

3/25/56

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

9,700

9,892

3.00%,

3/25/56

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

4,300

3,888

3.50%,

3/25/56

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

4,100

3,863

5.00%,

3/25/56

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

5,900

5,926

23,569

Government

National

Mortgage

Association

6.50%,

5/15/31

-

10/15/37

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

6.00%,

12/15/31

-

11/15/36

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

Government

National

Mortgage

Association,

TBA

6.00%,

3/20/56

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

3,600

3,672

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Short

#### Term

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 6.50%,

3/20/56

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

$

3,200

$

3,327

6,999

Total

U.S.

Government

Agency

Mortgages

(Cost

$55,620)

a

a

a

56,333

U.S.

Treasury

Obligations

(3.8%)

U.S.

Treasury

Bonds,

6.38%,

8/15/27

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

7,000

7,291

U.S.

Treasury

Notes

4.88%,

4/30/26

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

13,000

13,024

4.13%,

1/31/27

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

21,000

21,108

Total

U.S.

Treasury

Obligations

(Cost

$41,165)

a

a

a

41,423

Commercial

Paper

(3.1%)

Energy

(1.1%):

Kinder

Morgan,

Inc.,

6.04%,

3/2/26(a)(n)

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

5,400

5,398

Targa

Resources

Corp.,

5.79%,

3/2/26(a)(n)

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

6,000

5,998

11,396

Health

Care

(0.4%):

HCA,

Inc.,

6.02%,

3/2/26(a)(n)

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

4,800

4,799

Industrials

(0.5%):

Fiserv,

Inc.,

5.71%,

3/2/26(a)(n)

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

6,000

5,998

Utilities

(1.1%):

CenterPoint

Energy

Resources

Corp.,

5.59%,

3/2/26(a)(n)

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

5,700

5,698

Duke

Energy

Corp.,

5.52%,

3/2/26(a)(n)

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

6,000

5,998

11,696

Total

Commercial

Paper

(Cost

$33,896)

a

a

a

33,889

Repurchase

Agreements

(0.4%)

Bank

of

America

Corp.,

3.67%,

purchased

on

2/27/26,

with

a

maturity

date

of

3/2/26,

with

a

repurchase

value

of

$4,001

(collateralized

by

Agency

Mortgage-Backed

Securities,

2.50%-

7.00%,

due

3/20/50

-

1/20/53,

with

an

aggregate

value

of

$4,080)

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

4,000

4,000

Total

Repurchase

Agreements

(Cost

$4,000)

a

a

a

4,000

Total

Investments

(Cost

$1,099,511)

—

102.0%

1,097,566

Liabilities

in

excess

of

other

assets

— (2.0)%

(21,256)

NET

ASSETS

-

100.00%

$

1,076,310

At

February

28,

2026,

the

Fund's

investments

in

foreign

securities

were

16.8%

of

net

assets.

(a) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

February

28,

2026,

the

fair

value

of

these

securities

was

$700,420

(thousands)

and

amounted

to

65.1%

of

net

assets.

(b) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

February

28,

2026. (c) Currently

the

issuer

is

in

default

with

respect

to

interest

and/or

principal

payments.

(d) This

security

is

classified

as

Level

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

in

the

Notes

to

Financial

Statements).

(e) 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

February

28,

2026. (f) Security

is

interest

only.

(g) Amount

represents

less

than

0.05%

of

net

assets.

(h) Rounds

to

less

than

$1

thousand.

(i) 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.

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Short

#### Term

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Name

Acquisition

Date

Cost

Alturas

Re,

2022-2

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

1/18/2022

$

—

Integrity

Re

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

5/9/2022

$

Long

Point

Re

IV

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

5/13/2022

$

Merion

Re,

2022-2

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

3/1/2022

$

Sanders

Re

III

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

3/22/2022

$

Thopas

Re,

2022

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

2/15/2022

$

—

Thopas

Re,

2021

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

1/22/2021

$

—

Thopas

Re,

2020

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

12/30/2019

$

—

(j) The

following

table

details

the

earliest

acquisition

date

and

cost

of

the

Fund's

restricted

securities

due

to

trading

restrictions

at

February

28,

2026

(amounts

in

thousands):

(k) Issued

as

preference

shares.

(l) Non-income

producing

security.

(m) Issued

as

participation

notes.

(n) Rate

represents

the

effective

yield

at

February

28,

2026. ABS

—

Asset-Backed

Securities

bps

—

Basis

points

CLO

—

Collateralized

Loan

Obligations

CMO

—

Collateralized

Mortgage

Obligations

ECOFC

—

Enterprise

11th

District

COFI

Replacement

Index

FREMF

—

Freddie

Mac

Multifamily

Fixed-Rate

Mortgage

Loans

H15T1Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

February

28,

2026. IBOR

—

Interbank

Offered

Rate

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

February

28,

2026. REMICs

—

Real

Estate

Mortgage

Investment

Conduits

RFUCCT1Y

—

Refinitiv

USD

IBOR

Customer

Cash

Fallbacks

Term

Year,

rate

disclosed

as

of

February

28,

2026

SOFR

—

Secured

Overnight

Financing

Rate

SOFRINDX

—

United

States

SOFR

Compounded

Index,

rate

disclosed

as

of

February

28,

2026. SOFR01M

—

Month

SOFR,

rate

disclosed

as

of

February

28,

2026. SOFR03M

—

Month

SOFR,

rate

disclosed

as

of

February

28,

2026. SOFR06M

—

Month

SOFR,

rate

disclosed

as

of

February

28,

2026. SOFR30A

—

day

average

of

SOFR,

rate

disclosed

as

of

February

28,

2026. SOFR90A

—

day

average

of

SOFR,

rate

disclosed

as

of

February

28,

2026. STRIPS

—

Separately

Trading Registered

Interest

and

Principal

Securities

TBA

—

To

Be

Announced

Securities

TSFR1M

—

Month

Term

SOFR,

rate

disclosed

as

of

February

28,

2026. TSFR3M

—

Month

Term

SOFR,

rate

disclosed

as

of

February

28,

2026. TBA

Sales

Commitment

s

Security

Description

Principal

Amount

(000) Value

(000) TBA

Sales

Commitments

-

(2.10%)

Collateralized

Mortgage

Obligations

— Agency

Collateral

Series

— (2.10%)

Federal

National

Mortgage

Association

6.50%,

3/25/56

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

(15,750)

$

(16,358)

6.00%,

3/25/56

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

(6,300)

(6,462)

Total

TBA

Sales

Commitments

(Proceeds $22,768)

$(22,820)

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Short

#### Term

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

(000) Unrealized

Appreciation

(Depreciation)

(000) 2-Year

U.S.

Treasury

Note

Futures

.......

2,225

6/30/26

$

464,770

$

465,634

$

864

Futures

Contracts

Sold

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

(000) Unrealized

Appreciation

(Depreciation)

(000) 10-Year

U.S.

Treasury

Note

Futures

......

6/18/26

$

4,523

$

4,553

$

(30) 10-Year

U.S.

Ultra

Futures

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

6/18/26

10,771

10,856

(85) 5-Year

U.S.

Treasury

Note

Futures

.......

6/30/26

12,389

12,446

(57) $

(172) Total

unrealized

appreciation

$

864

Total

unrealized

depreciation

(172) Total

net

unrealized

appreciation

(depreciation)

$

692

Statement

of

Assets

and

Liabilities

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

IV

(Amount

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

Pioneer

Short

Term

Income

Fund

Assets:

Investments,

at

value

(Cost

$1,095,511)

$

1,093,566

Repurchase

agreements,

at

value

(Cost

$4,000)

4,000

Cash

2,448

Due

from

broker

for

futures

contracts

3,531

Receivables:

Dividends

and

interest

6,696

Capital

shares

issued

1,613

Investments

sold

23,768

From

Adviser

Variation

margin

on

open

futures

contracts

522

Prepaid

expenses

Total

Assets

1,136,319

Liabilities:

Payables:

Distributions

Investments

purchased

33,691

Capital

shares

redeemed

2,392

TBA

sales

commitments,

at

value

22,820

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

Transfer

agent

fees

—(a)

Sub-Transfer

agent

fees

Trustees'

fees

Shareholder

servicing

fees

12b-1

fees

Other

accrued

expenses

Total

Liabilities

60,009

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

1,138,016

Total

accumulated

earnings

(loss)

(61,706)

Net

Assets

$

1,076,310

Net

Assets:

Class

A

$

206,396

Class

C

16,749

Class

R6

6,118

Class

Y

847,047

Total

$

1,076,310

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

23,364

Class

C

1,893

Class

R6

689

Class

Y

95,763

Total

121,709

Net

asset

value,

offering

and

redemption

price

per

share:(b)

Class

A

$

8.83 Class

C(c)

8.85 Class

R6

8.88 Class

Y

8.85 (a) Rounds

to

less

than

$1

thousand.

(b) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

(c) Redemption

price

per

share

varies

by

length

of

time

shares

are

held.

Statement

of

Operations

For

the

Six

Months

Ended

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

IV

(Amount

in

Thousands)

(Unaudited)

Victory

Pioneer

Short

Term

Income

Fund

Investment

Income:

Dividends

$

Interest

32,299

Foreign

tax

withholding

(174)

Total

Income

32,253

Expenses:

Investment

advisory

fees

2,015

Administration

fees

Sub-Administration

fees

12b-1

fees

—

Class

A

12b-1

fees

—

Class

C

Custodian

fees

Transfer

agent

fees

—

Class

A

Transfer

agent

fees

—

Class

C

Transfer

agent

fees

—

Class

R6

—

(a) Transfer

agent

fees

—

Class

Y

Sub-Transfer

agent

fees

—

Class

A

Sub-Transfer

agent

fees

—

Class

C

Sub-Transfer

agent

fees

—

Class

Y

Trustees'

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Other

expenses

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

—

(a) Total

Expenses

3,260

Less

fees

paid

indirectly

(5)

Expenses

waived/reimbursed

by

Adviser

(292)

Net

Expenses

2,963

Net

Investment

Income

(Loss)

29,290

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

(1,461)

Net

realized

gains

(losses)

from

futures

contracts

(821)

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

(10,707)

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

Net

realized/unrealized

gains

(losses)

on

investments

(12,747)

Change

in

net

assets

resulting

from

operations

$

16,543

(a) Rounds

to

less

than

$1

thousand.

(Amounts

in

Thousands)

Victory

Portfolios

IV

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Pioneer

Short

Term

Income

Fund

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025\*

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

29,290

$

63,177

Net

realized

gains

(losses)

(2,282)

(568) Net

change

in

unrealized

appreciation/depreciation

(10,465)

3,752

Change

in

net

assets

resulting

from

operations

16,543

66,361

Distributions

to

Shareholders:

Class

A

(4,983)

(8,873)

Class

C

(375) (428) Class

C2

—

(364) Class

R6

(242) (1,081)

Class

Y

(24,305)

(52,743)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(29,905)

(63,489)

Change

in

net

assets

resulting

from

capital

transactions

(182,874)

306,467

Change

in

net

assets

(196,236)

309,339

Net

Assets:

Beginning

of

period

1,272,546

963,207

End

of

period

$

1,076,310

$

1,272,546

\*

Pioneer

Short

Term

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

Short

Term

Income

Fund

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025\*

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

50,081

$

134,676

Distributions

reinvested

4,887

8,565

Cost

of

shares

redeemed

(44,580)

(83,458)

Total

Class

A

$

10,388

$

59,783

Class

C

Proceeds

from

shares

issued

$

1,458

$

6,370

Distributions

reinvested

Cost

of

shares

redeemed

(1,639)

(18,749)

Total

Class

C

$

$

(11,952)

Class

C2

Proceeds

from

shares

issued

$

—

$

18,547

Distributions

reinvested

—

Cost

of

shares

redeemed

—

(3,522)

Total

Class

C2

$

—

$

15,320

Class

R6

Proceeds

from

shares

issued

$

831

$

6,817

Distributions

reinvested

1,044

Cost

of

shares

redeemed

(12,720)

(14,194)

Total

Class

R6

$

(11,648)

$

(6,333)

Class

Y

Proceeds

from

shares

issued

$

242,275

$

782,780

Distributions

reinvested

22,254

47,485

Cost

of

shares

redeemed

(446,310)

(580,615)

Total

Class

Y

$

(181,781)

$

249,650

Change

in

net

assets

resulting

from

capital

transactions

$

(182,874)

$

306,467

Share

Transactions:

Class

A

Issued

5,654

15,141

Reinvested

553

964

Redeemed

(5,039)

(9,399)

Total

Class

A

1,168

6,706

Class

C

Issued

714

Reinvested

Redeemed

(185) (2,106)

Total

Class

C

(1,344)

Class

C2

Issued

—

2,081

Reinvested

—

Redeemed

—

(395) Total

Class

C2

—

1,719

Class

R6

Issued

764

Reinvested

Redeemed

(1,429)

(1,591)

Total

Class

R6

(1,309)

(710) Class

Y

Issued

27,330

87,950

Reinvested

2,514

5,334

Redeemed

(50,372)

(65,267)

Total

Class

Y

(20,528)

28,017

Change

in

Shares

(20,650)

34,388

\*

Pioneer

Short

Term

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

Short

Term

Income

Fund

Class

A\*

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021

Net

Asset

Value,

Beginning

of

Period

$8.93

$8.91

$8.71

$8.85

$9.39

$9.21

Investment

Activities:

Net

investment

income

(loss)(a)

0.21 0.45 0.46 0.39 0.18 0.19 Net

realized

and

unrealized

gains

(losses)

(0.09)

0.01 0.22 (0.12)

(0.52)

0.20 Total

from

Investment

Activities

0.12 0.46 0.68 0.27 (0.34)

0.39 Distributions

to

Shareholders

from:

Net

investment

income

(0.22)

(0.44)

(0.48)

(0.41)

(0.20)

(0.21)

Total

Distributions

(0.22)

(0.44)

(0.48)

(0.41)

(0.20)

(0.21)

Net

Asset

Value,

End

of

Period

$8.83

$8.93

$8.91

$8.71

$8.85

$9.39

Total

Return(b)(c)

1.32%

5.35%

8.03%

3.17%

(3.65)%

4.25%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.67%(f)

0.71%

0.83%

0.83%

0.83%

0.81%

Net

Investment

Income

(Loss)(d)

4.78%

5.02%

5.30%

4.46%

1.97%

1.98%

Gross

Expenses(d)(e)

0.68%(f)

0.71%

0.93%

0.97%

0.97%

0.85%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$206,396

$198,172

$137,942

$96,545

$124,028

$144,818

Portfolio

Turnover(b)(g)

19%

31%

40%

54%

68%

43%

\*

Pioneer

Short

Term

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) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) 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%.

(g) 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

Short

Term

Income

Fund

Class

C\*

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021

Net

Asset

Value,

Beginning

of

Period

$8.94

$8.92

$8.74

$8.88

$9.42

$9.24

Investment

Activities:

Net

investment

income

(loss)(a)

0.20 0.41 0.45 0.38 0.16 0.17 Net

realized

and

unrealized

gains

(losses)

(0.09)

0.04 0.20 (0.12)

(0.51)

0.20 Total

from

Investment

Activities

0.11 0.45 0.65 0.26 (0.35)

0.37 Distributions

to

Shareholders

from:

Net

investment

income

(0.20)

(0.43)

(0.47)

(0.40)

(0.19)

(0.19)

Total

Distributions

(0.20)

(0.43)

(0.47)

(0.40)

(0.19)

(0.19)

Net

Asset

Value,

End

of

Period

$8.85

$8.94

$8.92

$8.74

$8.88

$9.42

Total

Return(b)(c)

1.29%

5.15%

7.62%

3.01%

(3.80)%

4.04%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.97%(f)

0.99%

0.99%

0.97%

1.00%

1.01%

Net

Investment

Income

(Loss)(d)

4.49%

4.66%

5.15%

4.33%

1.78%

1.78%

Gross

Expenses(d)(e)

0.97%(f)

0.99%

0.99%

1.03%

1.01%

1.05%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$16,749

$16,757

$1,379

$1,189

$1,228

$1,855

Portfolio

Turnover(b)(g)

19%

31%

40%

54%

68%

43%

\*

Pioneer

Short

Term

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) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) 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%.

(g) 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

Short

Term

Income

Fund

Class

R6\*

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021

Net

Asset

Value,

Beginning

of

Period

$8.98

$8.96

$8.77

$8.91

$9.45

$9.27

Investment

Activities:

Net

investment

income

(loss)(a)

0.22 0.48 0.50 0.45 0.22 0.22 Net

realized

and

unrealized

gains

(losses)

(0.09)

0.02 0.20 (0.14)

(0.52)

0.20 Total

from

Investment

Activities

0.13 0.50 0.70 0.31 (0.30)

0.42 Distributions

to

Shareholders

from:

Net

investment

income

(0.23)

(0.48)

(0.51)

(0.45)

(0.24)

(0.24)

Total

Distributions

(0.23)

(0.48)

(0.51)

(0.45)

(0.24)

(0.24)

Net

Asset

Value,

End

of

Period

$8.88

$8.98

$8.96

$8.77

$8.91

$9.45

Total

Return(b)(c)

1.46%

5.73%

8.30%

3.56%

(3.26)%

4.62%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.42%(f)

0.42%

0.46%

0.45%

0.46%

0.46%

Net

Investment

Income

(Loss)(d)

5.07%

5.32%

5.68%

5.13%

2.36%

2.36%

Gross

Expenses(d)(e)

0.42%(f)

0.42%

0.46%

0.50%

0.49%

0.51%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$6,118

$17,935

$24,266

$23,424

$1,001

$661

Portfolio

Turnover(b)(g)

19%

31%

40%

54%

68%

43%

\*

Pioneer

Short

Term

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) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) 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%.

(g) 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

Short

Term

Income

Fund

Class

Y\*

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021

Net

Asset

Value,

Beginning

of

Period

$8.94

$8.92

$8.73

$8.87

$9.41

$9.23

Investment

Activities:

Net

investment

income

(loss)(a)

0.22 0.47 0.50 0.43 0.21 0.22 Net

realized

and

unrealized

gains

(losses)

(0.08)

0.02 0.20 (0.13)

(0.52)

0.20 Total

from

Investment

Activities

0.14 0.49 0.70 0.30 (0.31)

0.42 Distributions

to

Shareholders

from:

Net

investment

income

(0.23)

(0.47)

(0.51)

(0.44)

(0.23)

(0.24)

Total

Distributions

(0.23)

(0.47)

(0.51)

(0.44)

(0.23)

(0.24)

Net

Asset

Value,

End

of

Period

$8.85

$8.94

$8.92

$8.73

$8.87

$9.41

Total

Return(b)(c)

1.44%

5.68%

8.30%

3.55%

(3.29)%

4.63%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.46%(f)

0.46%

0.46%

0.46%

0.46%

0.46%

Net

Investment

Income

(Loss)(d)

5.03%

5.27%

5.68%

4.87%

2.34%

2.33%

Gross

Expenses(d)(e)

0.52%(f)

0.53%

0.55%

0.59%

0.57%

0.60%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$847,047

$1,039,682

$787,627

$284,372

$270,281

$274,235

Portfolio

Turnover(b)(g)

19%

31%

40%

54%

68%

43%

\*

Pioneer

Short

Term

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) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) 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%.

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Notes

to

Financial

Statements

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

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

Pioneer

Short

Term

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

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

("ASC") 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

Short

Term

Income

Fund

Short

Term

Income

Fund

Class

A,

Class

C,

Class

R6,

and

Class

Y

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

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.

Options

are

generally

valued

at

the

last

quoted

sales

price

or,

in

the

absence

of

a

sale,

at

the

mean

between

the

current

bid

and

ask

prices.

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

February

28,

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):

Level

Level

Level

Total

Short

Term

Income

Fund

Asset-Backed

Securities

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

$

—

$

321,763

$

625

$

322,388

Collateralized

Loan

Obligations

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

—

106,205

—

106,205

Collateralized

Mortgage

Obligations

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

—

135,616

135,686

Senior

Secured

Loans

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

—

3,988

—

3,988

Corporate

Bonds

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

—

270,044

270,067

Insurance-Linked

Securities

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

—

578

816

Yankee

Dollars

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

—

122,771

—

122,771

U.S.

Government

Agency

Mortgages

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

—

56,333

—

56,333

U.S.

Treasury

Obligations

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

—

41,423

—

41,423

Commercial

Paper

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

—

33,889

—

33,889

Repurchase

Agreements

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

—

4,000

—

4,000

Total

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

$

—

$

1,096,610

$

956

$

1,097,566

Liabilities:

TBA

Sales

Commitments

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

$

—

$

(22,820)

$

—

$

(22,820)

Total

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

$

—

$

(22,820)

$

—

$

(22,820)

Other

Financial

Investments:\*

Assets:

Futures

Contracts

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

864

—

—

864

Liabilities:

Futures

Contracts

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

(172) —

—

(172) Total

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

$

692

$

—

$

—

$

692

\*

Futures

Contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

investment.

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

For

the six

months

ended February

28,

2026,

the

Fund

had

transfers

into/out

of

Level

that

were

under

0.50%

of

net

assets.

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.

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 six

months ended

February

28,

2026,

the

Fund

entered

into

futures

contracts

primarily

for

the

strategy

of

gaining

exposure

to

a

particular

asset

class

or

securities

market.

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

February

28,

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.

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

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

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.

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.

As

of

February

28,

2026,

no

collateral

was

pledged

or

paid

by

the

Fund.

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.

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

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

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

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

and

Collateral

received

from

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 six

months ended

February

28,

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

February

28,

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 period

ended

February

28,

2026 (amounts

in

thousands):

All

open

derivative

positions

at

period 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 period

end

is

representative

of

the

notional

amount

of

open

positions

to

net

assets

throughout

the

period.

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 August

31. For

the

six

months

ended

February

28,

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\*

Liabilities\*

Interest

Rate

Risk

Exposure:

864,000

(172,000)

Short

Term

Income

Fund

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

$

864

$

Net

realized

gains

(losses)

from

futures

contracts

Net

change

in

unrealized

appreciation/

depreciation

on

futures

contracts

Interest

Rate

Risk

Exposure:

(821,000)

242,000

Short

Term

Income

Fund

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

$

(821)

$

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

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

six

months

ended

February

28,

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

February

28,

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

six

months ended

February

28,

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

Fund

Administration

and

Accounting

Agreement)

together

with

all

other

registered

investment

companies

for

which

VCM

acts

as

administrator,

and

allocating

to

each

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

Short

Term

Income

Fund

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

$

195,291

$

324,089

$

18,561

$

49,355

Short

Term

Income

Fund

Ownership

%

Victory

Pioneer

Solutions

–

Balanced

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.4 Adviser

Fee

Tier

Rates

Up

to

$1

billion

Over

$1

billion

Short

Term

Income

Fund

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

0.35%,

plus

0.30%,

plus

Annual

Charge

Up

to

$15

billion

Over

$15

billion

-

$30

billion

Over

$30

billion

-

$85

billion

Over

$85

billion

Short

Term

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.08%,

plus

0.05%,

plus

0.04%,

plus

0.03%

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

Amounts

incurred

for

the

six

months

ended

February

28,

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

Chief

Compliance

Officer,

and

implementing

new

reports

required

by

new

rules

adopted

by

the

SEC

under

the

1940

Act.

Prior

to

February

6,

2026,

BNY

Mellon

served

as

sub

-

administrator

and

sub-fund

accountant

for

the

Fund.

The

total

amounts

incurred

and

paid

for

through

the six

months

ended February

28,

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

six

months

ended

February

28,

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

six

months

ended

February

28,

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 six

months

ended

February

28,

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

six

months

ended

February

28,

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

6,

2026,

BNY

Mellon

served

as

the

Fund's

custodian. Total

custodian

fees

incurred

for

the

period ended

February

28,

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

February

28,

2026,

the

expense

limits

(excluding

voluntary

waivers) were

as

follows:

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.

In

effect

until

April

1,

2028

Class

A

Class

C

Class

R6

Class

Y

Short

Term

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.83%

0.99%

0.46%

0.46%

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

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

February

28,

2026. For

the

six

months

ended

February

28,

2026,

the

following

recoupment

amount was

paid

to

the

Adviser

(amounts

in

thousands):

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Rounds

to

less

than

$1

thousand.

As

of February

28,

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 six

months

ended

February

28,

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.

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.

Insurance-Linked

Securities

("ILS")

Risk:

The

Fund

could

lose

a

portion

or

all

of

the

principal

it

has

invested

in

an

insurance-linked

security,

and

the

right

to

additional

interest

and/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

may

include

natural

or

other

perils

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.

The

Fund

may

also

invest

in

insurance-

linked

securities

that

are

subject

to

"indemnity

triggers."

An

indemnity

trigger

is

a

trigger

based

on

the

actual

losses

of

the

ceding

sponsor

(i.e.,

the

party

seeking

reinsurance).

Amount

Short

Term

Income

Fund

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

$

—(a)

August

31,

2027

August

31,

2028

Total

Short

Term

Income

Fund

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

$

$

$

629

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

Insurance-linked

securities

subject

to

indemnity

triggers

are

often

regarded

as

being

subject

to

potential

moral

hazard,

since

such

insurance-

linked

securities

are

triggered

by

actual

losses

of

the

ceding

sponsor

and

the

ceding

sponsor

may

have

an

incentive

to

take

actions

and/or

risks

that

would

have

an

adverse

effect

on

the

Fund.

There

is

no

way

to

accurately

predict

whether

a

trigger

event

will

occur

and,

accordingly,

insurance-linked

securities

carry

significant

risk.

In

addition

to

the

specified

trigger

events,

insurance-linked

securities

may

expose

the

Fund

to

other

risks,

including

but

not

limited

to

issuer

(credit)

default,

adverse

regulatory

or

jurisdictional

interpretations

and

adverse

tax

consequences.

Certain

insurance-linked

securities

may

have

limited

liquidity,

or

may

be

illiquid.

The

Fund

has

limited

transparency

into

the

individual

contracts

underlying

certain

insurance-linked

securities,

which

may

make

the

risk

assessment

of

such

securities

more

difficult.

Certain

insurance-linked

securities

may

be

difficult

to

value.

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

six

months

ended

February

28,

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

six

months

ended

February

28,

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.

The

tax

character

of

current

year

distributions

paid

and

the

tax

basis

of

the

current

components

of

accumulated

earnings

(losses)

will

be

determined

at

the

end

of

the

current

tax

year.

As

of

the

tax

year

ended August

31,

2025,

the

Fund

had

net

capital

loss

carryforwards as

shown

in the

table

below.

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

(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

Short-Term

Amount

Long-Term

Amount

Total

Short

Term

Income

Fund

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

$

(25,606)

$

(29,985)

$

(55,591)

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

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.

10. #### New

#### Accounting

#### Pronouncement:
On

December

14,

2023,

the

Financial

Accounting

Standards

Board

issued

Accounting

Standards

Update

("ASU")

2023-09,

which

establishes

new

income

tax

disclosure

requirements

and

modifies

or

eliminates

certain

existing

disclosure

provisions.

The

amendments

in

this

ASU

are

intended

to

address

investor

requests

for

more

transparency

about

income

tax

information

and

to

improve

the

effectiveness

of

income

tax

disclosures. ASU

2023-09

applies

to

all

entities

that

are

subject

to

ASC

740,

Income

Taxes. The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024. Management

is

currently

evaluating

the

impact

of

ASU

2023-09

and

does

not

believe

it

will

have

a

material

impact

on

the

Fund's

financial

statements.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800) 539-3863

2341-0425

February

28,

2026

Semi-Annual:

Full

Financials

Victory

Pioneer

Active

Credit

Fund

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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

#### 12
Statement

of

Operations

#### 13
Statements

of

Changes

in

Net

Assets

#### 14
Financial

Highlights

#### 16

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 19
Schedule

of

Portfolio

Investments

February

28,

2026

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Active

#### Credit

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Asset-Backed

Securities

(5.1%)

ABS

Auto

(2.4%):

American

Credit

Acceptance

Receivables

Trust

,

Series

2025-4

,

Class

D

,

.25

%

,

9/12/31

,

Callable

8/12/29

@

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

$

$

FHF

Issuer

Trust

,

Series

2024-3A

,

Class

D

,

.01

%

,

12/15/31

,

Callable

2/15/28

@

(a) ....

Merchants

Fleet

Funding

LLC

,

Series

2025-1A

,

Class

D

,

.76

%

,

1/20/39

,

Callable

7/20/29

@

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

Prestige

Auto

Receivables

Trust

,

Series

1A

,

Class

E

,

.47

%

,

3/15/29

,

Callable

8/15/26

@

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

Research-Driven

Pagaya

Motor

Asset

Trust

,

Series

2025-3A

,

Class

A2

,

.15

%

,

2/27/34

,

Callable

6/25/27

@

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

Veros

Auto

Receivables

Trust

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

Series

,

Class

C

,

.57

%

,

12/15/28

,

Callable

7/15/27

@

(a) ..................

Series

2024-1

,

Class

B

,

.60

%

,

6/15/28

,

Callable

7/15/27

@

(a) ...............

1,135

ABS

Home

(0.2%):

Vista

Point

Securitization

Trust

,

Series

2024-CES3

,

Class

A2

,

.99

%

,

1/25/55

,

Callable

12/25/27

@

(a) (b) ................................................

ABS

Other

(2.5%):

ACHM

Mortgage

Trust

,

Series

2025-HE3

,

Class

A

,

.20

%

,

11/25/55

,

Callable

1/25/30

@

(a) (b) .........................................................

Angel

Oak

Mortgage

Trust

,

Series

2025-HB2

,

Class

A1

,

.27

%

(SOFR30A

+

bps)

,

12/25/55

,

Callable

11/25/28

@

(a) (c) .........................................

Ascent

Career

Funding

Trust

,

Series

1A

,

Class

A

,

.77

%

,

10/25/32

(a) .................

BHG

Securitization

Trust

.................................................

Series

2022-C

,

Class

E

,

.73

%

,

10/17/35

,

Callable

12/17/28

@

(a) .............

Series

2023-B

,

Class

B

,

.45

%

,

12/17/36

,

Callable

3/17/29

@

(a) ..............

BRAVO

Residential

Funding

Trust

,

Series

2025-HE1

,

Class

A1

,

.02

%

(SOFR30A

+

bps)

,

9/25/72

,

Callable

9/25/28

@

(a) (c) ....................................

FIGRE

Trust

,

Series

2025-HE6

,

Class

A

,

.04

%

,

9/25/55

,

Callable

3/25/31

@

(a) (b) ....

LMRE

Trust

,

Series

2025-SFR1

,

Class

D

,

.35

%

,

12/17/42

(a) (b) (d) ...................

RCKTL

,

Series

2025-2A

,

Class

D

,

.25

%

,

11/27/34

,

Callable

11/25/28

@

(a) .........

Tricon

Residential

Trust

,

Series

2025-SFR1

,

Class

D

,

.66

%

(TSFR1M

+

bps)

,

3/17/42

(a) (c) (d) .............................................................

1,211

Total

Asset-Backed

Securities

(Cost

$2,431)

a

a

a

2,448

Collateralized

Loan

Obligations

(4.1%)

Cash

Flow

CLO

(4.1%):

ACREC

LLC

,

Series

FL3

,

Class

A

,

.97

%

(TSFR1M

+

bps)

,

8/18/42

,

Callable

1/18/27

@

(a) (c) .........................................................

Arbor

Realty

Collateralized

Loan

Obligation

Ltd.

,

Series

2025-BTR1

,

Class

B

,

.86

%

(TSFR1M

+

bps)

,

1/20/41

,

Callable

5/20/27

@

(a) (c) .....................

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.

,

Series

FL4

,

Class

A

,

.12

%

(TSFR1M

+

bps)

,

11/15/36

,

Callable

3/15/26

@

(a) (c) ....................

AREIT

Ltd.

...........................................................

Series

2025-CRE11

,

Class

A

,

.21

%

(TSFR1M

+

bps)

,

7/25/43

,

Callable

7/18/28

@

(a) (c) (d) .......................................................

Series

CRE10

,

Class

A

,

.05

%

(TSFR1M

+

bps)

,

12/17/29

,

Callable

7/17/27

@

(a) (c) .........................................................

BDS

LLC

,

Series

FL14

,

Class

A

,

.95

%

(TSFR1M

+

bps)

,

10/17/42

,

Callable

9/21/27

@

(a) (c) (d) .......................................................

BSPRT

Issuer

Ltd.

,

Series

2022-FL8

,

Class

C

,

.96

%

(SOFR30A

+

bps)

,

2/15/37

,

Callable

3/15/26

@

(a) (c) .................................................

FS

Rialto

Issuer

LLC

,

Series

2025-FL10

,

Class

A

,

.05

%

(TSFR1M

+

bps)

,

8/19/42

,

Callable

8/19/27

@

(a) (c) (d) ........................................

LoanCore

Issuer

LLC

....................................................

Series

2025-CRE9

,

Class

A

,

.11

%

(TSFR1M

+

bps)

,

8/18/42

,

Callable

5/15/28

@

(a) (c) .........................................................

Series

CRE8

,

Class

A

,

.04

%

(TSFR1M

+

bps)

,

8/17/42

,

Callable

8/17/27

@

(a) (c) (d) .......................................................

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Active

#### Credit

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) MF1

LLC

,

Series

FL15

,

Class

A

,

.35

%

(TSFR1M

+

bps)

,

8/18/41

,

Callable

7/18/26

@

(a) (c) .........................................................

$

$

MF1

Ltd.

.............................................................

Series

FL7

,

Class

A

,

.86

%

(TSFR1M

+

bps)

,

10/16/36

,

Callable

3/16/26

@

(a) (c) 38

Series

FL7

,

Class

AS

,

.23

%

(TSFR1M

+

bps)

,

10/16/36

,

Callable

3/16/26

@

(a) (c) 101

PFP

Ltd.

,

Series

2026-13

,

Class

AS

,

.32

%

(TSFR1M

+

bps)

,

8/18/43

,

Callable

7/18/28

@

(a) (c) .........................................................

TRTX

Issuer

Ltd.

,

Series

FL5

,

Class

A

,

.31

%

(TSFR1M

+

bps)

,

2/15/39

,

Callable

3/15/26

@

(a) (c) .......................................................

1,979

Total

Collateralized

Loan

Obligations

(Cost

$1,973)

a

a

a

1,979

Collateralized

Mortgage

Obligations

(15.3%)

Commercial

MBS

(2.3%):

BWAY

Mortgage

Trust

,

Series

2013-1515

,

Class

B

,

.47

%

,

3/10/33

,

Callable

3/10/26

@

(a) 110

BX

Commercial

Mortgage

Trust

,

Series

SLCT

,

Class

E

,

.05

%

(TSFR1M

+

bps)

,

1/15/42

(a) (c) (d) ...........................................................

PRM

Trust

,

Series

2025-PRM6

,

Class

E

,

.58

%

,

7/5/33

(a) (b) (d) .....................

SMRT

,

Series

2022-MINI

,

Class

E

,

.36

%

(TSFR1M

+

bps)

,

1/15/39

(a) (c) (d) ..........

Velocity

Commercial

Capital

Loan

Trust

......................................

Series

,

Class

A

,

.03

%

,

2/25/55

,

Callable

12/25/32

@

(a) (b) ................

Series

2024-6

,

Class

A

,

.81

%

,

12/25/54

,

Callable

7/25/29

@

(a) (b) ............

VRTX

Trust

,

Series

2025-HQ

,

Class

B

,

.49

%

,

8/5/42

(a) (b) (d) ......................

Wells

Fargo

Commercial

Mortgage

Trust

,

Series

2026-1250B

,

Class

C

,

.59

%

,

3/10/41

(a) (b) (d) 100

1,127

Private

CMO

Floating

(7.5%):

Bellemeade

Re

Ltd.

,

Series

2025-1

,

Class

M1B

,

.17

%

(SOFR30A

+

bps)

,

10/25/35

,

Callable

8/25/28

@

(a) (c) ..........................................

Connecticut

Avenue

Securities

Trust

.........................................

Series

2020-R01

,

Class

1B1

,

.03

%

(SOFR30A

+

bps)

,

1/25/40

,

Callable

1/25/27

@

(a) (c) .........................................................

Series

2022-R05

,

Class

2B2

,

.67

%

(SOFR30A

+

700

bps)

,

4/25/42

,

Callable

4/25/27

@

(a) (c) .........................................................

Series

2022-R09

,

Class

2B1

,

.42

%

(SOFR30A

+

675

bps)

,

9/25/42

,

Callable

9/25/27

@

(a) (c) .........................................................

Series

2025-R06

,

Class

1A1

,

.57

%

(SOFR30A

+

bps)

,

9/25/45

,

Callable

9/25/30

@

(a) (c) .........................................................

Series

2025-R06

,

Class

1M1

,

.62

%

(SOFR30A

+

bps)

,

9/25/45

,

Callable

9/25/30

@

(a) (c) .........................................................

Series

R01

,

Class

1B2

,

.67

%

(SOFR30A

+

bps)

,

1/25/44

,

Callable

1/25/29

@

(a) (c) .........................................................

Series

R01

,

Class

1M1

,

.77

%

(SOFR30A

+

bps)

,

1/25/45

,

Callable

1/25/30

@

(a) (c) .........................................................

Series

R02

,

Class

2B2

,

.32

%

(SOFR30A

+

765

bps)

,

1/25/42

,

Callable

1/25/27

@

(a) (c) .........................................................

Series

R03

,

Class

2M1

,

.82

%

(SOFR30A

+

bps)

,

3/25/44

,

Callable

3/25/29

@

(a) (c) .........................................................

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

2019-FTR1

,

Class

B2

,

.13

%

(SOFR30A

+

846

bps)

,

1/25/48

,

Callable

5/25/29

@

(a) (c) .........................................................

Series

2019-FTR3

,

Class

B2

,

.61

%

(SOFR30A

+

bps)

,

9/25/47

,

Callable

12/25/29

@

(a) (c) .........................................................

Series

2021-DNA5

,

Class

B2

,

.17

%

(SOFR30A

+

550

bps)

,

1/25/34

(a) (c) ...........

Series

2021-MN1

,

Class

B1

,

.42

%

(SOFR30A

+

775

bps)

,

1/25/51

(a) (c) ...........

Series

2023-HQA2

,

Class

M1B

,

.02

%

(SOFR30A

+

bps)

,

6/25/43

,

Callable

6/25/28

@

(a) (c) .......................................................

Series

2025-HQA1

,

Class

M2

,

.32

%

(SOFR30A

+

bps)

,

2/25/45

(a) (c) ...........

Series

HQA1

,

Class

B2

,

.67

%

(SOFR30A

+

500

bps)

,

8/25/33

(a) (c) ...............

Series

HQA2

,

Class

B2

,

.12

%

(SOFR30A

+

545

bps)

,

12/25/33

(a) (c) ..............

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Active

#### Credit

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Federal

Home

Loan

Mortgage

Corporation

REMICS

.............................

Series

2025-DNA4

,

Class

A1

,

.57

%

(SOFR30A

+

bps)

,

10/25/45

,

Callable

10/25/30

@

(a) (c) .........................................................

$

$

Series

2025-DNA4

,

Class

M1

,

.77

%

(SOFR30A

+

bps)

,

10/25/45

,

Callable

10/25/30

@

(a) (c) .......................................................

Series

HQA1

,

Class

A1

,

.62

%

(SOFR30A

+

bps)

,

2/25/45

,

Callable

2/25/30

@

(a) (c) .........................................................

Home

RE

Ltd.

,

Series

2026-1

,

Class

M2

,

.87

%

(SOFR30A

+

bps)

,

1/25/36

,

Callable

7/25/29

@

(a) (c) .................................................

3,632

Private

CMO

Other

(5.5%):

A&D

Mortgage

Trust

,

Series

2024-NQM3

,

Class

M1

,

.88

%

,

7/25/69

,

Callable

6/25/27

@

(a) (b) .........................................................

BRAVO

Residential

Funding

Trust

,

Series

2024-NQM5

,

Class

B2

,

.09

%

,

6/25/64

,

Callable

7/25/27

@

(a) (b) .................................................

COLT

Mortgage

Loan

Trust

,

Series

2024-5

,

Class

B1

,

.30

%

,

8/25/69

,

Callable

9/25/27

@

(a) (b) .........................................................

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

2019-1

,

Class

M

,

.75

%

,

7/25/58

,

Callable

9/25/45

@

(a) (b) .............

Series

2019-2

,

Class

M

,

.75

%

,

8/25/58

,

Callable

7/25/51

@

(a) (b) .............

Imperial

Fund

Mortgage

Trust

,

Series

2022-NQM5

,

Class

B1

,

.25

%

,

8/25/67

,

Callable

3/25/26

@

(a) (b) .......................................................

LHOME

Mortgage

Trust

..................................................

Series

2024-RTL1

,

Class

A1

,

.02

%

,

1/25/29

,

Callable

8/25/26

@

(a) (b) (d) .......

Series

2024-RTL3

,

Class

A1

,

.90

%

,

5/25/29

,

Callable

12/25/26

@

(a) (b) (d) ......

MFRA

Trust

,

Series

2024-NQM3

,

Class

B1

,

.61

%

,

12/25/69

,

Callable

12/25/27

@

(a) (b) 180

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

Series

2023-NQM1

,

Class

B2

,

.33

%

,

9/25/68

,

Callable

10/25/26

@

(a) (b) ...................................

PRKCM

Trust

,

Series

2023-AFC4

,

Class

M1

,

.94

%

,

11/25/58

,

Callable

10/25/26

@

(a) (b) 180

PRPM

Trust

,

Series

2025-NQM1

,

Class

B1

,

.78

%

,

11/25/69

,

Callable

2/25/28

@

(a) (b) .

Verus

Securitization

Trust

.................................................

Series

2023-8

,

Class

B1

,

.07

%

,

12/25/68

,

Callable

12/25/26

@

(a) (b) ..........

Series

2024-3

,

Class

M1

,

.89

%

,

4/25/69

,

Callable

4/25/27

@

(a) (b) ............

2,651

Total

Collateralized

Mortgage

Obligations

(Cost

$7,324)

a

a

a

7,410

Shares

Preferred

Stocks

(1.0%)

Financials

(0.8%):

Bank

of

America

Corp.

,

Series

LL

,

.00

%

(e) ...................................

3,991

Capital

One

Financial

Corp.

,

Series

L

,

.38

%

(e) .................................

1,048

JPMorgan

Chase

&

Co.

,

Series

MM

,

.20

%

(e) ..................................

5,554

KeyCorp

,

Series

G

,

.63

%

(e) ..............................................

1,865

Morgan

Stanley

,

Series

O

,

.25

%

(e) ..........................................

4,484

State

Street

Corp.

,

Series

G

,

.35

%

(e) ........................................

672

U.S.

Bancorp

,

Series

L

,

.75

%

(e) ...........................................

1,130

Wells

Fargo

&

Co.

,

Series

DD

,

.25

%

(e) ......................................

2,308

Information

Technology

(0.2%):

Oracle

Corp.

,

Series

D

,

.50

%

,

1/15/29

.......................................

1,600

Total

Preferred

Stocks

(Cost

$474)

a

a

a

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Active

#### Credit

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Convertible

Corporate

Bonds

(1.3%)

Financials

(1.3%):

Wells

Fargo

Bank

NA

.86

%

,

3/5/26

.....................................................

$

$

.81

%

,

12/11/26

...................................................

.14

%

,

2/24/27

....................................................

640

Total

Convertible

Corporate

Bonds

(Cost

$690)

a

a

a

640

Senior

Secured

Loans

(1.6%)

Communication

Services

(0.3%):

Windstream

Services

LLC,

2025

Term

Loan,

First

Lien

,

.67

%

(SOFR01M

+

bps)

,

9/25/32

(c) ........................................................

Consumer

Discretionary

(0.8%):

River

Rock

Entertainment

Authority,

Term

Loan

,

.67

%

(SOFR01M

+

900

bps)

,

11/24/31

(c) .

Health

Care

(0.5%):

1261229

BC

Ltd.,

Initial

Term

Loans,

First

Lien

,

.92

%

(SOFR01M

+

625

bps)

,

10/8/30

(c) ...

Total

Senior

Secured

Loans

(Cost

$782)

a

a

a

787

Corporate

Bonds

(30.4%)

Communication

Services

(2.4%):

Alphabet,

Inc.

,

.50

%

,

2/15/46

,

Callable

8/15/45

@

...........................

CSC

Holdings

LLC

,

.75

%

,

1/31/29

,

Callable

3/14/26

@

105.88 (a) ..................

Level

Financing,

Inc.

,

.88

%

,

6/30/33

,

Callable

6/30/28

@

103.44 (a) .................

Meta

Platforms,

Inc.

.63

%

,

11/15/55

,

Callable

5/15/55

@

..................................

.75

%

,

11/15/65

,

Callable

5/15/65

@

..................................

Omnicom

Group,

Inc.

,

.00

%

,

6/2/33

,

Callable

4/2/33

@

.......................

Uniti

Group

LP/Uniti

Group

Finance,

Inc./CSL

Capital

LLC

.63

%

,

6/15/32

,

Callable

6/15/28

@

104.31 (a) ..............................

.63

%

,

6/15/32

,

Callable

6/15/28

@

104.31 (a) ..............................

1,162

Consumer

Discretionary

(1.4%):

General

Motors

Financial

Co.,

Inc.

,

.90

%

,

1/7/35

,

Callable

10/7/34

@

.............

Petco

Health

&

Wellness

Co.,

Inc.

,

.25

%

,

2/1/31

,

Callable

2/1/28

@

104.13 (a) ..........

Resorts

World

Las

Vegas

LLC/RWLV

Capital,

Inc.

,

.45

%

,

7/27/30

,

Callable

5/27/30

@

(a) 200

696

Consumer

Staples

(2.3%):

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC

.50

%

,

3/31/31

,

Callable

11/15/27

@

102.75 (a) .............................

.75

%

,

3/31/34

,

Callable

11/15/28

@

102.88 (a) .............................

Darling

Global

Finance

BV

,

.50

%

,

7/15/32

,

Callable

7/15/28

@

102.25 (a) ..............

PepsiCo,

Inc.

,

.15

%

,

2/11/47

,

Callable

8/11/46

@

............................

520

623

Sysco

Corp.

,

.40

%

,

7/25/31

,

Callable

6/25/31

@

.............................

1,135

Energy

(4.2%):

Apa

Corp.

,

.75

%

,

2/15/55

,

Callable

8/15/54

@

..............................

Columbia

Pipelines

Holding

Co.

LLC

,

.00

%

,

11/17/32

,

Callable

9/17/32

@

(a) .......

Enerflex,

Inc.

,

.88

%

,

1/15/31

,

Callable

1/15/28

@

103.44 (a) ........................

Energy

Transfer

LP

.13

%

(H15T5Y

+

531

bps)

,

Callable

5/15/30

@

(c) (e) ......................

.35

%

,

1/15/36

,

Callable

10/15/35

@

.................................

Hilcorp

Energy

I

LP/Hilcorp

Finance

Co.

.00

%

,

4/15/30

,

Callable

4/3/26

@

(a) .................................

.25

%

,

4/15/32

,

Callable

5/15/27

@

103.13 (a) ..............................

.25

%

,

2/15/35

,

Callable

2/15/30

@

103.63 (a) ..............................

Summit

Midstream

Holdings

LLC

,

.63

%

,

10/31/29

,

Callable

7/31/26

@

104.31 (a) ........

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Active

#### Credit

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Venture

Global

Plaquemines

Lng

LLC

.13

%

,

12/15/30

,

Callable

9/15/30

@

(a) ...............................

$

$

.50

%

,

1/15/34

,

Callable

7/15/33

@

(a) ................................

.75

%

,

1/15/36

,

Callable

7/15/35

@

(a) ................................

Wildfire

Intermediate

Holdings

LLC

,

.50

%

,

10/15/29

,

Callable

10/15/26

@

103.75 (a) .....

2,013

Financials

(10.5%):

Ally

Financial,

Inc.

,

.18

%

(SOFR

+

bps)

,

7/26/35

,

Callable

7/26/34

@

(c) .........

Citadel

Securities

Global

Holdings

LLC

,

.20

%

,

6/18/35

,

Callable

3/18/35

@

(a) .......

Citigroup

Global

Markets

Holdings,

Inc.

,

.34

%

,

2/22/27

(a) .......................

Citigroup,

Inc.

.63

%

(H15T5Y

+

bps)

,

Callable

2/15/31

@

(c) (e) ......................

.88

%

(H15T5Y

+

bps)

,

Callable

8/15/30

@

(c) (e) ......................

.02

%

(SOFR

+

bps)

,

1/24/36

,

Callable

1/24/35

@

(c) ....................

Citizens

Financial

Group,

Inc.

,

.30

%

(H15T5Y

+

bps)

,

1/29/36

,

Callable

1/29/31

@

(c) 15

CNO

Financial

Group,

Inc.

,

.45

%

,

6/15/34

,

Callable

3/15/34

@

..................

European

Bank

for

Reconstruction

&

Development

,

2/2/32

,

MTN

(f) (g) ................

3,565

Ford

Motor

Credit

Co.

LLC

.63

%

,

6/17/31

,

Callable

3/17/31

@

..................................

.87

%

,

10/31/35

,

Callable

7/31/35

@

.................................

Freedom

Mortgage

Holdings

LLC

.13

%

,

5/15/31

,

Callable

5/15/27

@

104.56 (a) ..............................

.38

%

,

4/1/32

,

Callable

4/1/28

@

104.19 (a) ................................

Hyundai

Capital

America

.30

%

,

1/8/30

,

Callable

12/8/29

@

(a) .................................

.50

%

,

9/18/30

,

Callable

8/18/30

@

(a) ................................

ION

Platform

Finance

US,

Inc./ION

Platform

Finance

SARL

,

.00

%

,

8/1/29

,

Callable

8/1/26

@

104.5 (a) .......................................................

Jane

Street

Group/JSG

Finance,

Inc.

,

.75

%

,

5/1/33

,

Callable

5/1/28

@

103.38 (a) .........

Jefferies

Financial

Group,

Inc.

.20

%

,

4/14/34

,

Callable

1/14/34

@

..................................

.50

%

,

2/15/36

,

Callable

11/15/35

@

..................................

MetLife,

Inc.

,

.85

%

(H15T5Y

+

bps)

,

3/15/56

,

Callable

3/15/36

@

(c) ............

Mizuho

Markets

Cayman

LP

,

.40

%

,

3/9/27

...................................

Old

National

Bancorp

,

.77

%

(TSFR3M

+

bps)

,

2/15/36

,

Callable

2/15/31

@

(c) .....

Onemain

Finance

Corp.

,

.50

%

,

3/15/33

,

Callable

9/15/28

@

103.25 ..................

Rga

Global

Funding

,

.00

%

,

8/25/32

(a) .......................................

Royal

Bank

of

Canada

,

2/26/27

(g) ...........................................

5,066

Health

Care

(0.5%):

Thermo

Fisher

Scientific,

Inc.

,

.55

%

,

6/15/33

,

Callable

4/15/33

@

................

U.S.

Acute

Care

Solutions

LLC

,

.75

%

,

5/15/29

,

Callable

5/15/26

@

104.88 (a) ..........

Industrials

(0.9%):

Goat

Holdco

LLC

,

.75

%

,

2/1/32

,

Callable

2/1/28

@

103.38 (a) ......................

United

Airlines

Holdings,

Inc.

.88

%

,

3/1/29

,

Callable

12/1/28

@

...................................

.38

%

,

3/1/31

,

Callable

9/1/30

@

....................................

Information

Technology

(2.2%):

Foundry

JV

Holdco

LLC

.10

%

,

1/25/36

,

Callable

10/24/35

@

(a) ...............................

.30

%

,

1/25/39

,

Callable

10/25/38

@

(a) ...............................

MKS,

Inc.

,

.25

%

,

2/15/34

,

Callable

2/15/29

@

102.13 (a) ..........................

Oracle

Corp.

.95

%

,

9/26/55

,

Callable

3/26/55

@

..................................

.70

%

,

2/4/56

,

Callable

8/4/55

@

....................................

.85

%

,

2/4/66

,

Callable

8/4/65

@

....................................

1,056

Materials

(3.4%):

Arclin

US

Holding

,

.75

%

,

3/1/33

(h) .........................................

880

880

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Active

#### Credit

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Ball

Corp.

,

.25

%

,

7/1/32

,

Callable

4/1/32

@

................................

$

$

Celanese

US

Holdings

LLC

.20

%

,

11/15/33

,

Callable

8/15/33

@

..................................

.38

%

,

2/15/34

,

Callable

2/15/29

@

103.69 ................................

Novelis

Corp.

,

.38

%

,

8/15/33

,

Callable

8/15/28

@

103.19 (a) .......................

1,664

Real

Estate

(0.3%):

Highwoods

Realty

LP

,

.35

%

,

1/15/33

,

Callable

11/15/32

@

.....................

RHP

Hotel

Properties

LP/RHP

Finance

Corp.

,

.75

%

,

3/15/34

,

Callable

3/15/29

@

102.88 (a) 50

Vornado

Realty

LP

,

.75

%

,

2/1/33

,

Callable

12/1/32

@

.........................

Sovereign

Bond

(1.1%):

Ivory

Coast

Government

International

Bond

,

.88

%

,

1/30/32

(a) ......................

Mexico

Government

International

Bond

,

.13

%

,

5/4/37

,

Callable

2/4/37

@

..........

525

Utilities

(1.2%):

American

Electric

Power

Co.,

Inc.

.80

%

(H15T5Y

+

bps)

,

3/15/56

,

Callable

12/15/30

@

(c) .................

.05

%

(H15T5Y

+

bps)

,

3/15/56

,

Callable

12/15/35

@

(c) .................

Spire,

Inc.

,

.45

%

(H15T5Y

+

bps)

,

6/1/56

,

Callable

3/1/36

@

(c) ................

Talen

Energy

Supply

LLC

.25

%

,

2/1/34

,

Callable

10/15/28

@

103.13 (a) ..............................

.50

%

,

2/1/36

,

Callable

10/15/30

@

103.25 (a) ..............................

Wec

Energy

Group,

Inc.

,

.62

%

(H15T5Y

+

bps)

,

5/15/56

,

Callable

2/15/31

@

(c) ....

577

Total

Corporate

Bonds

(Cost

$14,452)

a

a

a

14,680

Insurance-Linked

Securities

(0.0%)

Reinsurance

Sidecars

(0.0%):

Multiperil

-

Worldwide

-

(0.0%):

Viribus

Re

2018

,

12/31/26

(h) (i) .............................................

—

Viribus

Re

2019

,

12/31/26

(h) (i) .............................................

—

—

Total

Insurance-Linked

Securities

(Cost

$4)

a

a

a

—

Yankee

Dollars

(38.7%)

Communication

Services

(0.9%):

Total

Play

Telecomunicaciones

SA

de

CV

,

.13

%

,

12/31/32

,

Callable

7/1/28

@

(a) .....

Consumer

Discretionary

(0.7%):

Brightstar

Lottery

PLC/Brightstar

Global

Solutions

Corp.

,

.75

%

,

1/15/33

,

Callable

12/15/28

@

102.88 (a) ......................................................

Wynn

Macau

Ltd.

,

.75

%

,

2/15/34

,

Callable

8/15/28

@

103.38 (a) ....................

Consumer

Staples

(0.9%):

Grupo

Nutresa

SA

,

.00

%

,

5/12/35

,

Callable

2/12/35

@

(a) ......................

Energy

(2.6%):

AKER

BP

ASA

,

.25

%

,

10/30/35

,

Callable

7/30/35

@

(a) .......................

Borr

IHC

Ltd./Borr

Finance

LLC

,

.38

%

,

11/15/30

,

Callable

11/15/26

@

105.19 (a) .......

International

Petroleum

Corp.

,

.50

%

,

10/10/30

,

Callable

10/10/28

@

..............

Saudi

Arabian

Oil

Co.

,

.38

%

,

6/2/55

,

Callable

12/2/54

@

(a) ....................

South

Bow

Canadian

Infrastructure

Holdings

Ltd.

,

.50

%

(H15T5Y

+

bps)

,

3/1/55

,

Callable

12/1/34

@

(c) ...................................................

Transocean

International

Ltd.

,

.75

%

,

2/15/30

,

Callable

4/3/26

@

104.38 (a) .............

1,263

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Active

#### Credit

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Financials

(24.5%):

Abra

Global

Finance

,

.00

%

,

10/22/29

,

Callable

10/22/26

@

106.5 (a) (j) ...............

$

$

African

Development

Bank

,

.88

%

(H15T5Y

+

bps)

,

Callable

5/7/35

@

(c) (e) .......

Allianz

Se

,

.55

%

(H15T5Y

+

bps)

,

Callable

10/30/33

@

(a) (c) (e) ...............

Asg

Finance

Designated

Activity

Co.

,

.75

%

,

5/15/29

,

Callable

5/15/26

@

104.88 (a) ......

Avolon

Holdings

Funding

Ltd.

.15

%

,

1/15/30

,

Callable

12/15/29

@

(a) ...............................

.70

%

,

1/30/31

,

Callable

12/30/30

@

(a) ...............................

Baldwin

Re

Ltd.

,

.29

%

(BRMMUSDF

+

bps)

,

7/9/29

,

Callable

7/7/26

@

104.5 (a) (c) ....

Blue

Ridge

Re

Ltd.

,

.02

%

(FHMMUSTF

+

bps)

,

1/8/29

,

Callable

1/8/27

@

(a) (c) ....

BNP

Paribas

Issuance

BV

,

.02

%

,

6/18/26

(a) ..................................

BNP

Paribas

SA

.87

%

(H15T5Y

+

bps)

,

Callable

12/15/33

@

(a) (c) (e) ....................

.45

%

(H15T5Y

+

bps)

,

Callable

6/27/35

@

(a) (c) (e) ....................

.79

%

(SOFR

+

bps)

,

1/13/33

,

Callable

1/13/32

@

(a) (c) ..................

Bonanza

RE

Ltd.

,

.02

%

(MSMMUSTF

+

550

bps)

,

12/19/27

(a) (c) ....................

Bridge

Street

Re

Ltd.

,

.55

%

(JMMMUSTF

+

bps)

,

1/7/28

,

Callable

4/3/26

@

102.75 (a) (c) 250

Credit

Agricole

SA

,

.26

%

(SOFR

+

bps)

,

1/12/37

,

Callable

1/12/36

@

(a) (c) .......

Deutsche

Bank

AG

,

.47

%

(SOFR

+

bps)

,

12/10/31

,

Callable

12/10/30

@

(c) ........

Foundation

Re

IV

Ltd.

,

.17

%

(T-BILL

3MO

+

bps)

,

1/7/30

,

Callable

1/1/27

@

102.5 (a) (c) 250

Four

Lakes

Re

Ltd.

,

.04

%

(BRMMUSDF

+

550

bps)

,

1/7/28

,

Callable

12/31/26

@

(a) (c) .

Fuchsia

London

Bridge

PCC

Ltd.

,

.67

%

(FRMMUSTI

+

514

bps)

,

4/6/28

,

Callable

4/3/26

@

(a) (c) .........................................................

Galileo

Re

Ltd.

,

.80

%

(JMMMUSTF

+

bps)

,

1/8/30

,

Callable

1/8/27

@

(a) (c) ......

Global

Aircraft

Leasing

Co.

Ltd.

,

.75

%

,

9/1/27

,

Callable

4/3/26

@

104.38 (a) ............

Goldman

Sachs

International

,

.60

%

,

3/18/26

..................................

Herbie

Re

Ltd.

,

.80

%

(JMMMUSTF

+

725

bps)

,

1/8/29

,

Callable

12/31/27

@

(a) (c) ....

HSBC

Bank

PLC

,

7/9/26

(g) ...............................................

HSBC

Holdings

PLC

,

.95

%

(H15T5Y

+

bps)

,

Callable

8/27/31

@

(c) (e) ..........

ING

Groep

NV

,

.00

%

(USISSO05

+

bps)

,

Callable

11/16/32

@

(c) (e) ............

JPMorgan

Structured

Products

BV

3/2/26

(g) .........................................................

4/16/26

(g) ........................................................

2/22/27

(g) ........................................................

Kilimanjaro

II

Re

Ltd.

.54

%

(GSMMUSTI

+

bps)

,

7/8/30

,

Callable

7/8/26

@

(a) (c) ...............

.04

%

(GSMMUSTI

+

650

bps)

,

7/8/30

,

Callable

7/8/26

@

(a) (c) ..............

Lightning

Re

,

.54

%

(T-BILL

3MO

+

1100

bps)

,

3/31/26

(a) (c) .......................

Macquarie

Bank

Ltd.

,

.64

%

(H15T1Y

+

bps)

,

8/13/36

,

Callable

8/13/35

@

(a) (c) ....

Meiji

Yasuda

Life

Insurance

Co.

,

.10

%

(H15T5Y

+

bps)

,

6/11/55

,

Callable

6/11/35

@

(a) (c) .........................................................

543

562

Merna

Reinsurance

II

Ltd.

,

.01

%

(GSMMUSTI

+

1047

bps)

,

7/7/26

(a) (c) ..............

Merrill

Lynch

BV

.63

%

,

4/7/26

....................................................

.49

%

,

4/10/26

....................................................

Mizuho

Markets

Cayman

LP

.54

%

,

10/20/26

...................................................

.64

%

,

12/11/26

...................................................

Nippon

Life

Insurance

Co.

,

.50

%

(H15T5Y

+

bps)

,

4/30/55

,

Callable

4/30/35

@

(a) (c) 228

Societe

Generale

SA

,

.44

%

(SOFR

+

bps)

,

10/3/36

,

Callable

10/3/35

@

(a) (c) ......

Sumitomo

Life

Insurance

Co.

,

.87

%

(H15T5Y

+

bps)

,

9/10/55

,

Callable

9/10/35

@

(a) (c) .........................................................

564

572

Sumitomo

Mitsui

Financial

Group,

Inc.

,

.33

%

(H15T5Y

+

bps)

,

3/3/41

,

Callable

3/3/36

@

(c) ...........................................................

The

Bank

of

Nova

Scotia

,

.81

%

(SOFR

+

bps)

,

2/2/34

,

Callable

2/2/33

@

(c) .......

The

Dai-ichi

Life

Insurance

Co.

Ltd.

,

.20

%

(H15T5Y

+

bps)

,

Callable

1/16/35

@

(a) (c) (e) .......................................................

510

531

The

Toronto

Dominion

Bank

.68

%

,

3/13/26

....................................................

.23

%

,

11/25/26

...................................................

UBS

Group

AG

,

.00

%

(USISSO05

+

bps)

,

Callable

2/5/35

@

(a) (c) (e) ...........

11,854

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Active

#### Credit

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Name

Acquisition

Date

Cost

Viribus

Re

2018

.............................................

12/22/2017

$

Viribus

Re

2019

.............................................

3/25/2019

$

—

Security

Description

Principal

Amount

(000) a

Value

(000) Industrials

(2.5%):

Avianca

Midco

PLC

.63

%

,

2/14/30

,

Callable

2/14/27

@

104.81 (a) ..............................

$

$

.50

%

,

1/28/31

,

Callable

1/28/28

@

104.75 (a) ..............................

Danaos

Corp.

,

.88

%

,

10/15/32

,

Callable

10/15/28

@

103.44 (a) ......................

Element

Fleet

Management

Corp.

.04

%

,

3/25/30

,

Callable

2/25/30

@

(a) ................................

.64

%

,

11/24/30

,

Callable

10/24/30

@

(a) ...............................

Grupo

Aeromexico

SAB

de

CV

,

.63

%

,

11/15/31

,

Callable

11/15/27

@

104.31 (a) .........

1,209

Materials

(1.4%):

Corp.

Nacional

del

Cobre

de

Chile

,

.30

%

,

9/8/53

,

Callable

3/8/53

@

(a) ............

First

Quantum

Minerals

Ltd.

,

.38

%

,

2/15/36

,

Callable

2/15/31

@

103.19 (a) .............

668

Sovereign

Bond

(5.2%):

Brazilian

Government

International

Bond

,

.25

%

,

5/22/36

..........................

570

574

Chile

Government

International

Bond

,

.88

%

,

4/14/36

,

Callable

1/14/36

@

..........

Colombia

Government

International

Bond

,

.13

%

,

1/21/31

,

Callable

12/21/30

@

......

Dominican

Republic

International

Bond

,

.88

%

,

10/28/35

,

Callable

7/28/35

@

(a) ......

Indonesia

Government

International

Bond

,

.46

%

,

3/4/38

,

Callable

12/4/37

@

........

550

653

Mexico

Government

International

Bond

,

.13

%

,

2/9/38

,

Callable

11/9/37

@

..........

Saudi

Government

International

Bond

,

.88

%

,

1/12/36

(a) ..........................

2,526

Total

Yankee

Dollars

(Cost

$18,422)

a

a

a

18,735

U.S.

Treasury

Obligations

(1.6%)

U.S.

Treasury

Bills

,

.90

%

,

3/10/26

(f) ........................................

750

749

Total

U.S.

Treasury

Obligations

(Cost

$749)

a

a

a

749

Total

Investments

(Cost

$47,301)

—

99.1%

47,905

Other

assets

in

excess

of

liabilities

— 0.9%

NET

ASSETS

-

100.00%

$

48,350

(a) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

February

28,

2026,

the

fair

value

of

these

securities

was

$30,266

(thousands)

and

amounted

to

62.6%

of

net

assets.

(b) The

rate

for

certain

asset-backed

and

mortgage-backed

securities

may

vary

based

on

factors

relating

to

the

pool

of

assets

underlying

the

security.

The

rate

disclosed

is

the

rate

in

effect

at

February

28,

2026. (c) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

February

28,

2026. (d) Security

is

interest

only.

(e) Security

is

perpetual

and

has

no

final

maturity

date

but

may

be

subject

to

calls

at

various

dates

in

the

future.

(f) Rate

represents

the

effective

yield

at

February

28,

2026. (g) Zero-coupon

bond.

(h) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

1.8%

of

net

assets

as

of

February

28,

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)

(i) The

following

table

details

the

earliest

acquisition

date

and

cost

of

the

Fund's

restricted

securities

due

to

trading

restrictions

at

February

28,

2026

(amounts

in

thousands):

(j) Up

to

8.00%

of

the

coupon

may

be

PIK.

Security

Name

Acquisition

Date

Cost

Viribus

Re

2018

.............................................

12/22/2017

$

Viribus

Re

2019

.............................................

3/25/2019

$

—

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Active

#### Credit

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

ABS

—

Asset-Backed

Securities

bps

—

Basis

points

CLO

—

Collateralized

Loan

Obligations

CMO

—

Collateralized

Mortgage

Obligations

H15T1Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

February

28,

2026. H15T5Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

February

28,

2026. LLC

—

Limited

Liability

Company

LP

—

Limited

Partnership

MBS

—

Mortgage-Backed

Securities

MTN

—

Medium

Term

Note

PIK

—

Payment-in-Kind

PLC

—

Public

Limited

Company

REMIC

—

Real

Estate

Mortgage

Investment

Conduits

SOFR

—

Secured

Overnight

Financing

Rate

SOFR01M

—

Month

SOFR,

rate

disclosed

as

of

February

28,

2026. SOFR30A

—

day

average

of

SOFR,

rate

disclosed

as

of

February

28,

2026. TSFR1M

—

Month

Term

SOFR,

rate

disclosed

as

of

February

28,

2026. TSFR3M

—

Month

Term

SOFR,

rate

disclosed

as

of

February

28,

2026. Forward

Currency

Contracts

At

February

28,

2026,

the

Fund's

open

forward

currency

contracts

were

as

follows:

Currency

Purchased

In

Exchange

for

(000) Currency

Sold

Deliver

(000) Counterparty

Settlement

Date

Net

Unrealized

Appreciation/

(Depreciation)

(000) Korean

Won

215,000

U.S.

Dollar

State

Street

3/26/26

$

Total

Net

Forward

Currency

Contracts

$3

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

(000) Unrealized

Appreciation

(Depreciation)

(000) 2-Year

U.S.

Treasury

Note

Futures

.......

6/30/26

$

7,520

$

7,534

$

Futures

Contracts

Sold

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

(000) Unrealized

Appreciation

(Depreciation)

(000) 10-Year

U.S.

Treasury

Note

Futures

......

6/18/26

$

1,018

$

1,025

$

(7)

10-Year

U.S.

Ultra

Futures

............

6/18/26

8,918

8,988

(70)

30-Year

U.S.

Treasury

Bond

Futures

.....

6/18/26

1,056

1,066

(10)

5-Year

U.S.

Treasury

Note

Futures

.......

6/30/26

5,153

5,177

(24)

Ultra

Long

Term

U.S.

Treasury

Bond

Futures

6/18/26

2,167

2,189

(22)

$

(133)

Total

unrealized

appreciation

$

Total

unrealized

depreciation

(133)

Total

net

unrealized

appreciation

(depreciation)

$

(119)

Centrally

Cleared

Credit

Default

Swap

Agreements

-

Buy

Protection(a)

Underlying

Instruments

Fixed

Deal

Pay

Rate

Maturity

Date

Payment

Frequency

Notional

Amount

(000)(b)

Value

(000) Premiums

Paid

(Received)

(000) Unrealized

Appreciation

(Depreciation)

(000) Markit

CDX

North

America

High

Yield

Index

Series

...........................

5.00%

12/20/30

Quarterly

$

11,573

$

(892)

$

(857)

$

(36)

$

(892)

$

(857)

$

(36)

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Active

#### Credit

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

(a) When

a

credit

event

occurs

as

defined

under

the

terms

of

the

swap

agreement,

the

Fund

as

a

buyer

of

credit

protection

will

either

(i) receive

from

the

seller

of

protection

an

amount

equal

to

the

par

value

of

the

defaulted

reference

entity

and

deliver

the

reference

entity

or

(ii) receive

a

net

amount

equal

to

the

par

value

of

the

defaulted

reference

entity

less

its

recovery

value.

(b) The

notional

amount

is

the

maximum

amount

that

a

seller

of

credit

protection

would

be

obligated

to

pay

upon

occurrence

of

a

credit

event.

Statement

of

Assets

and

Liabilities

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

IV

(Amount

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

Pioneer

Active

Credit

Fund

Assets:

Investments,

at

value

(Cost

$47,301)

$

47,905

Cash

1,784

Due

from

broker

for

futures

contracts

Due

from

broker

for

swap

agreements

1,534

Receivables:

Dividends

and

interest

Capital

shares

issued

Investments

sold

From

Adviser

Prepaid

expenses

Total

Assets

52,351

Liabilities:

Payables:

Distributions

Foreign

currency,

at

value

(Cost

$603)

605

Investments

purchased

3,079

Capital

shares

redeemed

Variation

margin

on

open

futures

contracts

Variation

margin

payable

on

open

swap

agreements

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

Transfer

agent

fees

—(a)

Sub-Transfer

agent

fees

Trustees'

fees

Shareholder

servicing

fees

—(a)

12b-1

fees

Other

accrued

expenses

Total

Liabilities

4,001

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

117,894

Total

accumulated

earnings

(loss)

(69,544)

Net

Assets

$

48,350

Net

Assets:

Class

A

$

14,230

Class

C

745

Class

Y

33,375

Total

$

48,350

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

1,693

Class

C

Class

Y

3,953

Total

5,735

Net

asset

value,

offering

and

redemption

price

per

share:(b)

Class

A

$

8.40 Class

C(c)

8.34 Class

Y

8.44 Maximum

Sales

Charge

—

Class

A

2.25%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

8.59 (a) Rounds

to

less

than

$1

thousand.

(b) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

(c) Redemption

price

per

share

varies

by

length

of

time

shares

are

held.

Statement

of

Operations

For

the

Six

Months

Ended

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

IV

(Amount

in

Thousands)

(Unaudited)

Victory

Pioneer

Active

Credit

Fund

Investment

Income:

Dividends

$

Interest

1,432

Foreign

tax

withholding

(1)

Total

Income

1,462

Expenses:

Investment

advisory

fees

Administration

fees

Sub-Administration

fees

12b-1

fees

—

Class

A

12b-1

fees

—

Class

C

Custodian

fees

—

(a) Transfer

agent

fees

—

Class

A

Transfer

agent

fees

—

Class

C

—

(a) Transfer

agent

fees

—

Class

Y

Sub-Transfer

agent

fees

—

Class

A

Sub-Transfer

agent

fees

—

Class

C

—

(a) Sub-Transfer

agent

fees

—

Class

Y

Trustees'

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Other

expenses

Total

Expenses

Less

fees

paid

indirectly

—

(a) Expenses

waived/reimbursed

by

Adviser

(80)

Net

Expenses

Net

Investment

Income

(Loss)

1,313

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

Net

realized

gains

(losses)

from

forward

foreign

currency

exchange

contracts

(15)

Net

realized

gains

(losses)

from

futures

contracts

(252)

Net

realized

gains

(losses)

from

swap

agreements

(429)

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

and

foreign

currency

translations

Net

change

in

unrealized

appreciation/depreciation

on

forward

foreign

currency

exchange

contracts

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

(82)

Net

change

in

unrealized

appreciation/depreciation

on

swap

agreements

Net

realized/unrealized

gains

(losses)

on

investments

Change

in

net

assets

resulting

from

operations

$

1,340

(a) Rounds

to

less

than

$1

thousand.

(Amounts

in

Thousands)

Victory

Portfolios

IV

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Pioneer

Active

Credit

Fund

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025\*

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

1,313

$

2,072

Net

realized

gains

(losses)

(290)

(461)

Net

change

in

unrealized

appreciation/depreciation

690

Change

in

net

assets

resulting

from

operations

1,340

2,301

Distributions

to

Shareholders:

Class

A

(381)

(842)

Class

C

(17)

(53)

Class

Y

(791)

(1,047)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(1,189)

(1,942)

Change

in

net

assets

resulting

from

capital

transactions

16,778

(2,804)

Change

in

net

assets

16,929

(2,445)

Net

Assets:

Beginning

of

period

31,421

33,866

End

of

period

$

48,350

$

31,421

\*

Pioneer

Active

Credit

Fund

(the

"Predecessor

Fund")

reorganized

with

the

Fund

effective

June

6,

2025

(the

"Reorganization").

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

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

Active

Credit

Fund

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025\*

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

762

$

1,318

Distributions

reinvested

784

Cost

of

shares

redeemed

(990)

(3,677)

Total

Class

A

$

$

(1,575)

Class

C

Proceeds

from

shares

issued

$

$

Distributions

reinvested

Cost

of

shares

redeemed

(135)

(817)

Total

Class

C

$

$

(651)

Class

Y

Proceeds

from

shares

issued

$

29,758

$

5,433

Distributions

reinvested

777

1,028

Cost

of

shares

redeemed

(13,925)

(7,039)

Total

Class

Y

$

16,610

$

(578)

Change

in

net

assets

resulting

from

capital

transactions

$

16,778

$

(2,804)

Share

Transactions:

Class

A

Issued

Reinvested

Redeemed

(118)

(445)

Total

Class

A

(191)

Class

C

Issued

Reinvested

Redeemed

(17)

(99)

Total

Class

C

(79)

Class

Y

Issued

3,534

653

Reinvested

Redeemed

(1,652)

(849)

Total

Class

Y

1,974

(72)

Change

in

Shares

1,993

\*

Pioneer

Active

Credit

Fund

(the

"Predecessor

Fund")

reorganized

with

the

Fund

effective

June

6,

2025

(the

"Reorganization").

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

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

Active

Credit

Fund

Class

A\*

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021\*\*

Net

Asset

Value,

Beginning

of

Period

$8.38

$8.28

$7.82

$7.97

$9.22

$8.78

Investment

Activities:

Net

investment

income

(loss)(a)

0.25 0.51 0.51 0.49 0.45 0.46 Net

realized

and

unrealized

gains

(losses)

—(b)

0.07 0.43 (0.19)

(1.31)

0.44 Total

from

Investment

Activities

0.25 0.58 0.94 0.30 (0.86)

0.90 Distributions

to

Shareholders

from:

Net

investment

income

(0.23)

(0.48)

(0.48)

(0.45)

(0.39)

(0.30)

Return

of

capital

—

—

—

—

—

(0.16)

Total

Distributions

(0.23)

(0.48)

(0.48)

(0.45)

(0.39)

(0.46)

Net

Asset

Value,

End

of

Period

$8.40

$8.38

$8.28

$7.82

$7.97

$9.22

Total

Return(c)(d)

2.99%

7.22%

12.41%

3.87%(e)

(9.54)%

10.45%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.90%(h)

0.90%

0.90%

0.90%

0.90%

0.90%

Net

Investment

Income

(Loss)(f)

5.96%

6.19%

6.43%

6.33%

5.20%

5.05%

Gross

Expenses(f)(g)

1.30%(h)

1.69%

1.53%

1.53%

1.30%

1.40%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$14,230

$14,051

$15,460

$16,042

$18,769

$23,369

Portfolio

Turnover(c)(i)

36%

142%

46%

33%

33%

83%

\*

Pioneer

Active

Credit

Fund

(the

"Predecessor

Fund")

reorganized

with

the

Fund

effective

June

6,

2025

(the

"Reorganization").

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

and

Class

Y

shares

of

the

Fund,

respectively.

\*\*

The

Fund

acquired

the

assets

and

liabilities

of

Pioneer

Corporate

High

Yield

Fund

(the

"Predecessor

Fund")

on

September

25,

2020

(the

"Reorganization").

As

a

result

of

the

Reorganization,

the

Predecessor

Fund's

performance

and

financial

history

became

the

performance

and

financial

history

of

the

Fund.

Historical

per-share

amounts

prior

to

September

25,

2020

have

been

adjusted

to

reflect

the

exchange

ratio

used

to

align

the

net

asset

values

of

the

Predecessor

Fund

with

those

of

the

Fund.

(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) Not

annualized

for

periods

less

than

one

year.

(d) 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.

(e) For

the

year

ended

August

31,

2023,

the

Fund's

total

return

includes

a

reimbursement

by

the

Adviser.

The

impact

on

Class

A's

total

return

was

less

than

0.005%.

(f) Annualized

for

periods

less

than

one

year.

(g) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(h) 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%.

(i) 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

Active

Credit

Fund

Class

C\*

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021\*\*

Net

Asset

Value,

Beginning

of

Period

$8.31

$8.21

$7.76

$7.92

$9.17

$8.73

Investment

Activities:

Net

investment

income

(loss)(a)

0.22 0.44 0.45 0.43 0.37 0.39 Net

realized

and

unrealized

gains

(losses)

—(b)

0.07 0.42 (0.21)

(1.30)

0.44 Total

from

Investment

Activities

0.22 0.51 0.87 0.22 (0.93)

0.83 Distributions

to

Shareholders

from:

Net

investment

income

(0.19)

(0.41)

(0.42)

(0.38)

(0.32)

(0.24)

Return

of

capital

—

—

—

—

—

(0.15)

Total

Distributions

(0.19)

(0.41)

(0.42)

(0.38)

(0.32)

(0.39)

Net

Asset

Value,

End

of

Period

$8.34

$8.31

$8.21

$7.76

$7.92

$9.17

Total

Return(c)(d)

2.61%

6.43%

11.49%

2.95%(e)

(10.30)%

9.64%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

1.65%(h)

1.65%

1.65%

1.65%

1.65%

1.65%

Net

Investment

Income

(Loss)(f)

5.24%

5.40%

5.68%

5.58%

4.29%

4.35%

Gross

Expenses(f)(g)

2.05%(h)

2.48%

2.30%

2.27%

2.06%

2.14%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$745

$707

$1,350

$1,961

$3,061

$6,940

Portfolio

Turnover(c)(i)

36%

142%

46%

33%

33%

83%

\*

Pioneer

Active

Credit

Fund

(the

"Predecessor

Fund")

reorganized

with

the

Fund

effective

June

6,

2025

(the

"Reorganization").

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

and

Class

Y

shares

of

the

Fund,

respectively.

\*\*

The

Fund

acquired

the

assets

and

liabilities

of

Pioneer

Corporate

High

Yield

Fund

(the

"Predecessor

Fund")

on

September

25,

2020

(the

"Reorganization").

As

a

result

of

the

Reorganization,

the

Predecessor

Fund's

performance

and

financial

history

became

the

performance

and

financial

history

of

the

Fund.

Historical

per-share

amounts

prior

to

September

25,

2020

have

been

adjusted

to

reflect

the

exchange

ratio

used

to

align

the

net

asset

values

of

the

Predecessor

Fund

with

those

of

the

Fund.

(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) Not

annualized

for

periods

less

than

one

year.

(d) 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.

(e) For

the

year

ended

August

31,

2023,

the

Fund's

total

return

includes

a

reimbursement

by

the

Adviser.

The

impact

on

Class

C's

total

return

was

less

than

0.005%.

(f) Annualized

for

periods

less

than

one

year.

(g) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(h) 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%.

(i) 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

Active

Credit

Fund

Class

Y\*

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021\*\*

Net

Asset

Value,

Beginning

of

Period

$8.42

$8.32

$7.86

$8.01

$9.27

$8.82

Investment

Activities:

Net

investment

income

(loss)(a)

0.27 0.54 0.54 0.52 0.48 0.49 Net

realized

and

unrealized

gains

(losses)

(0.01)(b)

0.07 0.42 (0.20)

(1.32)

0.45 Total

from

Investment

Activities

0.26 0.61 0.96 0.32 (0.84)

0.94 Distributions

to

Shareholders

from:

Net

investment

income

(0.24)

(0.51)

(0.50)

(0.47)

(0.42)

(0.33)

Return

of

capital

—

—

—

—

—

(0.16)

Total

Distributions

(0.24)

(0.51)

(0.50)

(0.47)

(0.42)

(0.49)

Net

Asset

Value,

End

of

Period

$8.44

$8.42

$8.32

$7.86

$8.01

$9.27

Total

Return(c)(d)

3.15%

7.53%

12.71%

4.19%(e)

(9.31)%

10.80%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.60%(h)

0.60%

0.60%

0.60%

0.60%

0.60%

Net

Investment

Income

(Loss)(f)

6.38%

6.48%

6.73%

6.64%

5.47%

5.40%

Gross

Expenses(f)(g)

0.97%(h)

1.50%

1.31%

1.29%

1.11%

1.12%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$33,375

$16,663

$17,056

$22,241

$28,139

$40,111

Portfolio

Turnover(c)(i)

36%

142%

46%

33%

33%

83%

\*

Pioneer

Active

Credit

Fund

(the

"Predecessor

Fund")

reorganized

with

the

Fund

effective

June

6,

2025

(the

"Reorganization").

The

Predecessor

Fund

is

the

accounting

survivor

of

the

Reorganization

and

shareholders

holding

Class

A,

Class

C,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

and

Class

Y

shares

of

the

Fund,

respectively.

\*\*

The

Fund

acquired

the

assets

and

liabilities

of

Pioneer

Corporate

High

Yield

Fund

(the

"Predecessor

Fund")

on

September

25,

2020

(the

"Reorganization").

As

a

result

of

the

Reorganization,

the

Predecessor

Fund's

performance

and

financial

history

became

the

performance

and

financial

history

of

the

Fund.

Historical

per-share

amounts

prior

to

September

25,

2020

have

been

adjusted

to

reflect

the

exchange

ratio

used

to

align

the

net

asset

values

of

the

Predecessor

Fund

with

those

of

the

Fund.

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) The

amount

shown

reflects

a

net

realized

and

unrealized

gain

per

share,

whereas

the

statement

of

operations

reflected

a

net

realized

and

unrealized

loss

for

the

period

for

the

Fund

in

total.

The

difference

in

realized

and

unrealized

gains

and

losses

for

the

Fund

versus

the

class

is

due

to

the

timing

of

sales

and

repurchases

of

the

class

in

relation

to

fluctuating

market

values

during

the

period.

(c) Not

annualized

for

periods

less

than

one

year.

(d) 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.

(e) For

the

year

ended

August

31,

2023,

the

Fund's

total

return

includes

a

reimbursement

by

the

Adviser.

The

impact

on

Class

Y's

total

return

was

less

than

0.005%.

(f) Annualized

for

periods

less

than

one

year.

(g) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(h) 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%.

(i) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Notes

to

Financial

Statements

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

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

June

6,

2025,

is

the

successor

to

Pioneer

Active

Credit

Fund

(the

"Predecessor

Fund").

The

Predecessor

Fund

transferred

all

of

the

net

assets

of

Class

A,

Class

C,

and

Class

Y

shares

in

exchange

for

the

Fund's

Class

A,

Class

C,

and

Class

Y

shares,

respectively,

on

June

6,

2025,

pursuant

to

an

agreement

and

plan

of

reorganization

(the

"Reorganization")

which

was

approved

by

the

shareholders

of

the

Predecessor

Fund

on

May

27,

2025. The

Reorganization

was

structured

so

that

the

transfer

of

assets

and

liabilities

did

not

result

in

federal

tax

liability

to

the

Predecessor

Fund

or

its

shareholders.

Shareholders

holding

Class

A,

Class

C,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

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

total

return,

including

high

current

income.

Effective

June

6,

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

("ASC") 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.

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

Fund

(Legal

Name)

Fund

(Short

Name)

Investment

Share

Classes

Offered

Victory

Pioneer

Active

Credit

Fund

Active

Credit

Fund

Class

A,

Class

C,

and

Class

Y

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

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.

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.

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.

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.

Swap

agreements,

including

interest

rate

swaps,

caps

and

floors

(other

than

centrally

cleared

swap

contracts)

are

valued

at

the

mean

between

the

current

bid

and

ask

prices.

Centrally

cleared

swaps

are

valued

at

the

daily

settlement

price

provided

by

the

central

clearing

counterparty. To

the

extent

this

model

is

utilized,

these

valuations

are

considered

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.

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

February

28,

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):

Level

Level

Level

Total

Active

Credit

Fund

Asset-Backed

Securities

.........................................

$

—

$

2,448

$

—

$

2,448

Collateralized

Loan

Obligations

...................................

—

1,979

—

1,979

Collateralized

Mortgage

Obligations

................................

—

7,410

—

7,410

Preferred

Stocks

...............................................

—

—

Convertible

Corporate

Bonds

.....................................

—

640

—

640

Senior

Secured

Loans

...........................................

—

787

—

787

Corporate

Bonds

..............................................

—

13,800

880

14,680

Insurance-Linked

Securities

......................................

—

—

—(a)

—(a)

Yankee

Dollars

...............................................

—

18,735

—

18,735

U.S.

Treasury

Obligations

........................................

—

749

—

749

Total

.......................................................

$

$

46,548

$

880

$

47,905

Other

Financial

Investments:\*

Assets:

Forward

Currency

Contracts

......................................

—

—

Futures

Contracts

..............................................

—

—

Liabilities:

Credit

Default

Swap

Agreement

s

...................................

—

(36) —

(36) Futures

Contracts

..............................................

(133) —

—

(133) Total

.......................................................

$

(119) $

(33) $

—

$

(152) Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

For

the six

months

ended February

28,

2026,

the

Fund

had

transfers

into/out

of

Level

that

were

under

0.50%

of

net

assets.

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.

Below-Investment-Grade

Securities:

The

Fund

may

invest in

below-investment-grade

securities

(i.e.,

lower-quality,

"junk"

debt),

which

are

subject

to

various

risks.

Lower-quality

debt

is

considered

to

be

speculative

because

it

is

less

certain

that

the

issuer

will

be

able

to

pay

interest

or

repay

the

principal

than

in

the

case

of

investment-grade

debt.

These

securities

can

involve

a

substantially

greater

risk

of

default

than

higher-rated

securities,

and

their

values

can

decline

significantly

over

short

periods

of

time.

Lower-quality

debt

securities

tend

to

be

more

sensitive

to

adverse

news

about

their

issuers,

the

market

and

the

economy

in

general,

than

higher-quality

debt

securities.

The

market

for

these

securities

can

be

less

liquid,

especially

during

periods

of

recession

or

general

market

decline.

Equity-Linked

Notes:

Equity-linked

notes

seek

to

generate

income

and

provide

exposure

to

the

performance

of

an

underlying

security,

group

of

securities

or

exchange

traded

funds

(the

"underlying

reference

instrument").

In

an

equity-linked

note,

the

Fund

purchases

a

note

from

a

bank

or

broker-dealer

and

in

return,

the

issuer

provides

for

interest

payments

during

the

term

of

the

note.

At

maturity

or

when

the

security

is

sold,

the

Fund

will

either

settle

by

taking

physical

delivery

of

the

underlying

reference

instrument

or

by

receipt

of

a

cash

settlement

amount

equal

to

the

value

of

the

note

at

termination

or

maturity.

The

use

of

equity-linked

notes

involves

the

risk

that

the

value

of

the

note

changes

unfavorably

due

to

movements

in

the

value

of

the

underlying

reference

instrument.

Equity-linked

notes

are

considered

general

unsecured

contractual

obligations

of

the

bank

or

broker-dealer.

The

Fund

must

rely

on

the

creditworthiness

of

the

issuer

for

its

investment

returns.

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.

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

\*

Futures

Contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

investment.

(a) Zero

market

value

securities.

\*

Futures

Contracts,

Forward

Foreign

Currency

Exchange

Contracts,

and

Credit

Default

Swap

Agreements

are

presented

at

the

unrealized

appreciation

(depreciation)

on

the

investment.

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

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.

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.

Derivative

Instruments:

Foreign

Exchange

Currency

Contracts:

The

Fund

may

enter

into

foreign

exchange

currency

contracts

to

convert

U.S.

dollars

to

and

from

various

foreign

currencies.

A

foreign

exchange

currency

contract

is

an

obligation

by the

Fund

to

purchase

or

sell

a

specific

currency

at

a

future

date

at

a

price

(in

U.S.

dollars)

set

at

the

time

of

the

contract.

The

Fund

does

not

engage

in

"cross-currency"

foreign

exchange

contracts

(i.e.,

contracts

to

purchase

or

sell

one

foreign

currency

in

exchange

for

another

foreign

currency).

The

Fund's

foreign

exchange

currency

contracts

might

be

considered

spot

contracts

(typically

a

contract

of

one

week

or

less)

or

forward

contracts

(typically

a

contract

term

over

one

week).

A

spot

contract

is

entered

into

for

purposes

of

hedging

against

foreign

currency

fluctuations

relating

to

a

specific

portfolio

transaction,

such

as

the

delay

between

a

security

transaction

trade

date

and

settlement

date.

Forward

contracts

are

entered

into

for

purposes

of

hedging

portfolio

holdings

or

concentrations

of

such

holdings. Each

foreign

exchange

currency

contract

is

adjusted

daily

by

the

prevailing

spot

or

forward

rate

of

the

underlying

currency,

and

any

appreciation

or

depreciation

is

recorded

for

financial

statement

purposes

as

unrealized

until

the

contract

settlement

date,

at

which

time

the

Fund

records

realized

gains

or

losses

equal

to

the

difference

between

the

value

of

a

contract

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

The Fund

could

be

exposed

to

risk

if

a

counterparty

is

unable

to

meet

the

terms

of

a

foreign

exchange

currency

contract

or

if

the

value

of

the

foreign

currency

changes

unfavorably.

In

addition,

the

use

of

foreign

exchange

currency

contracts

does

not

eliminate

fluctuations

in

the

underlying

prices

of

the

securities.

The

Fund

enters

into

foreign

exchange

currency

contracts

solely

for

spot

or

forward

hedging

purposes,

and

not

for

speculative

purposes

(i.e.,

the

Fund

does

not

enter

into

such

contracts

solely

for

the

purpose

of

earning

foreign

currency

gains). As

of February

28,

2026,

the

Fund

had

an

open

forward

foreign

exchange

currency

contracts.

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

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.

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

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 six

months ended

February

28,

2026,

the

Fund

entered

into

futures

contracts

primarily

for

the

strategy

of

gaining

exposure

to

a

particular

asset

class

or

securities

market.

Credit

Derivatives:

The Fund

may

enter

into

credit

derivatives,

including

centrally

cleared

credit

default

swaps

on

individual

obligations

or

credit

indices.

The

Fund

may

use

these

investments

(i) as

alternatives

to

direct

long

or

short

investment

in

a

particular

security

or

securities,

(ii) to

adjust

the

Fund's

asset

allocation

or

risk

exposure,

or

(iii) for

hedging

purposes.

The

use

by

the

Fund

of

centrally

cleared

credit

default

swaps

may

have

the

effect

of

creating

a

short

position

in

a

security.

Credit

derivatives

can

create

investment

leverage

and

may

create

additional

investment

risks

that

may

subject

the

Fund

to

greater

volatility

than

investments

in

more

traditional

securities,

as

described

in

the

Fund's

Statement

of

Additional

Information.

Centrally

cleared

credit

default

swap

("CDS")

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

(referred

to

as

the

buyer

of

protection)

to

another

party

(the

seller

of

protection)

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

a

specific

sector

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

CDS.

The

counterparty

risk

for

cleared

swap

agreements

is

generally

lower

than

uncleared

over-the-counter

swap

agreements

because

generally

a

clearing

organization

becomes

substituted

for

each

counterparty

to

a

centrally

cleared

swap

agreement

and,

in

effect,

guarantees

each

party's

performance

under

the

contract

as

each

party

to

a

trade

looks

only

to

the

clearing

organization

for

performance

of

financial

obligations.

However,

there

can

be

no

assurance

that

the

clearing

organization,

or

its

members,

will

satisfy

its

obligations

to

the

Fund.

The

Fund

may

enter

into

CDS

agreements

either

as

a

buyer

or

seller.

The

Fund

may

buy

protection

under

a

CDS

to

attempt

to

mitigate

the

risk

of

default

or

credit

quality

deterioration

in

one

or

more

individual

holdings

or

in

a

segment

of

the

fixed

income

securities

market.

The

Fund

may

sell

protection

under

a

CDS

in

an

attempt

to

gain

exposure

to

an

underlying

issuer's

credit

quality

characteristics

without

investing

directly

in

that

issuer.

For

swaps

entered

with

an

individual

counterparty,

the

Fund

bears

the

risk

of

loss

of

the

uncollateralized

amount

expected

to

be

received

under

a

CDS

agreement

in

the

event

of

the

default

or

bankruptcy

of

the

counterparty.

CDS

agreements

are

generally

valued

at

a

price

at

which

the

counterparty

to

such

agreement

would

terminate

the

agreement.

The

Fund

may

also

enter

into

centrally

cleared

swaps.

Upon

entering

into

a

cleared

CDS,

the

Fund

may

be

required

to

deposit

with

the

broker

an

amount

of

cash

or

cash

equivalents

in

the

range

of

approximately

3%

to

6%

of

the

notional

amount

for

CDS

on

high

yield

debt

issuers

(this

amount

is

subject

to

change

by

the

clearing

organization

that

clears

the

trade).

This

amount,

known

as

"initial

margin,"

is

in

the

nature

of

a

performance

bond

or

good

faith

deposit

on

the

CDS

and

is

returned

to

a

Fund

upon

termination

of

the

CDS,

assuming

all

contractual

obligations

have

been

satisfied.

Subsequent

payments,

known

as

"variation

margin,"

to

and

from

the

broker

will

be

made

daily

as

the

price

of

the

CDS

fluctuates,

making

the

long

and

short

positions

in

the

CDS

contract

more

or

less

valuable,

a

process

known

as

"marking-to-market."

The

premium

(discount)

payments

are

built

into

the

daily

price

of

the

CDS

and

thus

are

amortized

through

the

variation

margin.

The

variation

margin

payment

also

includes

the

daily

portion

of

the

periodic

payment

stream.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

the

Fund

as

a

seller

of

protection

could

be

required

to

make

under

a

CDS

agreement

equals

the

notional

amount

of

the

agreement.

Notional

amounts

of

each

individual

CDS

agreement

outstanding

as

of

periodend

for

which

the

Fund

is

the

seller

of

protection

are

disclosed

on

the

Schedule

of

Portfolio

Investments.

These

potential

amounts

would

be

partially

offset

by

any

recovery

values

of

the

respective

referenced

obligations,

upfront

payments

received

upon

entering

into

the

agreement,

periodic

interest

payments,

or

net

amounts

received

from

the

settlement

of

buy

protection

CDS

agreements

entered

into

by

the

Fund

for

the

same

referenced

entity

or

entities.

The

collateral

held

by

the

Fund

is

reflected

on

the

Statements

of

Assets

and

Liabilities

under

Deposit

with

broker

for

swap

agreements.

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

swaps

contracts.

The Fund

entered

into

centrally

cleared

CDS

agreements

primarily

for

the

strategy

of

asset

allocation

and

risk

exposure

management

during

the

period.

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

February

28,

2026 (amounts

in

thousands):

Assets

Liabilities

Futures

contracts\*

Forward

Currency

Contracts

Futures

contracts\*

Swap

agreements\*

Credit

Risk

Exposure:

–

–

–

(36,000)

Active

Credit

Fund

..........................................

$

–

$

–

$

–

$

Interest

Rate

Risk

Exposure:

14,000

–

(133,000)

–

Active

Credit

Fund

..........................................

–

–

Foreign

Exchange

Rate

Risk

Exposure:

3,000

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

\*

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 period

ended

February

28,

2026 (amounts

in

thousands):

All

open

derivative

positions

at

period 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 period

end

is

representative

of

the

notional

amount

of

open

positions

to

net

assets

throughout

the

period.

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.

Foreign

Currency

Translations:

The

accounting

records

of

the

Fund

are

maintained

in

U.S.

dollars.

Investment

securities

and

other

assets

and

liabilities

of the

Fund

denominated

in

a

foreign

currency

are

translated

into

U.S.

dollars

at

current

exchange

rates.

Purchases

and

sales

of

securities,

income

receipts,

and

expense

payments

are

translated

into

U.S.

dollars

at

the

exchange

rates

on

the

date

of

the

transactions.

The

Fund

does

not

isolate

the

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

on

investments

from

fluctuations

arising

from

changes

in

market

prices

of

securities

held.

Such

fluctuations,

if

any,

are

disclosed

as

Net

change

in

unrealized

appreciation/depreciation

on investment

securities

and

foreign

currency

translations

on

the

Statement

of

Operations.

Realized

gains

or

losses

from

these

fluctuations,

if

any,

are

disclosed

as

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

on

the

Statement

of

Operations.

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

Assets

Liabilities

Futures

contracts\*

Forward

Currency

Contracts

Futures

contracts\*

Swap

agreements\*

Active

Credit

Fund

..........................................

–

–

–

Net

realized

gains

(losses)

from

futures

contracts

Net

Realized

Gains

(Losses)

from

Swap

Agreements

Net

Realized

Gains

(Losses)

from

Forward

Currency

Contracts

Net

change

in

unrealized

appreciation/

depreciation

on

futures

contracts

Net

Change

in

Unrealized

Appreciation/

Depreciation

on

Swap

Agreements

Net

Change

in

Unrealized

Appreciation/

Depreciation

from

Forward

Currency

Contracts

Credit

Risk

Exposure:

–

(429,000)

–

–

265,000

–

Active

Credit

Fund

$

–

$

(429) $

–

$

–

$

$

–

Interest

Rate

Risk

Exposure:

(252,000)

–

–

(82,000)

–

–

Active

Credit

Fund

$

(252) $

–

$

–

$

(82) $

–

$

–

Foreign

Exchange

Rate

Risk

Exposure:

Active

Credit

Fund

$

–

$

–

$

(15) $

–

$

–

$

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

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 August

31. For

the

six

months

ended

February

28,

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.

Foreign

Taxes:

The

Fund

may

be

subject

to

foreign

taxes

related

to

foreign

income

received

(a

portion

of

which

may

be

reclaimable),

capital

gains

on

the

sale

of

securities,

and

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Fund

invests.

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

six

months

ended

February

28,

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

February

28,

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.

Excluding

U.S.

Government

Securities

U.S.

Government

Securities

Purchases

Sales

Purchases

Sales

Active

Credit

Fund

...............................................

$

30,372

$

13,753

$

$

Active

Credit

Fund

Ownership

%

Victory

Pioneer

Solutions

–

Balanced

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

22.8 Adviser

Fee

Tier

Rates

Up

to

$1

billion

Over

$1

billion

Active

Credit

Fund

...........................................................................................................................................

0.50%,

plus

0.45%

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

Amounts

incurred

and

paid

to

VCM

for

the

six

months ended

February

28,

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

Fund

Administration

and

Accounting

Agreement)

together

with

all

other

registered

investment

companies

for

which

VCM

acts

as

administrator,

and

allocating

to

each

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

six

months

ended

February

28,

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

Chief

Compliance

Officer,

and

implementing

new

reports

required

by

new

rules

adopted

by

the

SEC

under

the

1940

Act.

Prior

to

February

6,

2026,

BNY

Mellon

served

as

sub

-

administrator

and

sub-fund

accountant

for

the

Fund.

The

total

amounts

incurred

and

paid

for

through

the six

months

ended February

28,

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

six

months

ended

February

28,

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

six

months

ended

February

28,

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

0.25%

and

1.00%,

respectively,

of

the

average

daily

net

assets. Amounts

incurred

and

paid

to

the

Distributor

for

the six

months

ended

February

28,

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. For

the

six

months

ended

February

28,

2026,

the

Distributor

received

less

than

$1

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

6,

2026,

BNY

Mellon

served

as

the

Fund's

custodian. Total

custodian

fees

incurred

for

the

period ended

February

28,

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

Annual

Charge

Up

to

$15

billion

Over

$15

billion

-

$30

billion

Over

$30

billion

-

$85

billion

Over

$85

billion

Active

Credit

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.08%,

plus

0.05%,

plus

0.04%,

plus

0.03%

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

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

February

28,

2026,

the

expense

limits

(excluding

voluntary

waivers) were

as

follows:

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

February

28,

2026. As

of February

28,

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 six

months

ended

February

28,

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.

General

Market

Risk

—

Overall

market

risks

may

affect

the

value

of

the

Fund.

Domestic

and

international

factors

such

as

political

events,

war,

terrorism,

trade

disputes,

inflation

rates,

interest

rate

levels,

and

other

fiscal

and

monetary

policy

changes,

cybersecurity

incidents,

pandemics,

and

other

public

health

crises,

imposition

of

tariffs,

sanctions

against

a

particular

foreign

country,

its

nationals,

businesses

or

industries;

and

related

geopolitical

events,

as

well

as

environmental

disasters

such

as

earthquakes,

fires,

and

floods,

or

other

catastrophes,

may

add

to

instability

in

global

economies

and

markets

generally,

and

may

lead

to

increased

market

volatility.

Global

economies

and

financial

markets

are

highly

interconnected,

which

increases

the

possibility

that

conditions

in

one

country

or

region

might

adversely

affect

issuers

in

another

country

or

region.

The

impact

of

these

and

other

factors

may

be

short-term

or

may

last

for

extended

periods.

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.

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

In

effect

until

April

1,

2028

Class

A

Class

C

Class

Y

Active

Credit

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.90%

1.65%

0.60%

August

31,

2027

August

31,

2028

Total

Active

Credit

Fund

................................................................

$

$

$

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

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.

High-Yield/Junk

Bond

Risk

—

Lower-quality

debt

securities

can

involve

a

substantially

greater

risk

of

default

than

higher

quality

debt

securities,

and

their

values

can

decline

significantly

over

short

and

longer

periods

of

time.

Lower-quality

debt

securities

tend

to

be

more

sensitive

to

adverse

news

about

the

issuer,

or

the

market

or

economy

in

general.

Debt

Securities

Risk

—

The

value

of

a

debt

security

or

other

income-producing

security

changes

in

response

to

various

factors,

including,

for

example,

market-related

factors

(such

as

changes

in

interest

rates

or

changes

in

the

risk

appetite

of

investors

generally)

and

changes

in

the

actual

or

perceived

ability

of

the

issuer

(or

of

issuers

generally)

to

meet

its

(or

their)

obligations.

Other

factors

that

may

affect

the

value

of

debt

securities

include,

among

others,

economic

conditions,

market

events

and public

health

crises

and

responses

by

governments

and

companies

to

such

developments.

These

and

other

events

may

affect

the

creditworthiness

of

the

issuer

of

a

debt

security

and

may

impair

an

issuer's

ability

to

timely

meet

its

debt

obligations

as

they

come

due.

Credit

Risk

—

The

fixed-income

securities

held in

the

Fund's

portfolio

are

subject

to

credit

risk,

which

is

the

possibility

that

an

issuer

of

a

fixed-income

security

will

fail

to

make

timely

interest

and/or

principal

payments

on

its

securities

or

that

negative

market

perceptions

of

the

issuer's

ability

to

make

such

payments

will

cause

the

price

of

that

security

to

decline.

The

Fund

accepts

some

credit

risk

as

a

recognized

means

to

enhance

an

investor's

return.

All

fixed-income

securities,

varying

from

the

highest

quality

to

the

very

speculative,

have

some

degree

of

credit

risk.

Insurance-Linked

Securities

("ILS")

Risk:

The

Fund

could

lose

a

portion

or

all

of

the

principal

it

has

invested

in

an

insurance-linked

security,

and

the

right

to

additional

interest

and/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

may

include

natural

or

other

perils

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.

The

Fund

may

also

invest

in

insurance-

linked

securities

that

are

subject

to

"indemnity

triggers."

An

indemnity

trigger

is

a

trigger

based

on

the

actual

losses

of

the

ceding

sponsor

(i.e.,

the

party

seeking

reinsurance).

Insurance-linked

securities

subject

to

indemnity

triggers

are

often

regarded

as

being

subject

to

potential

moral

hazard,

since

such

insurance-

linked

securities

are

triggered

by

actual

losses

of

the

ceding

sponsor

and

the

ceding

sponsor

may

have

an

incentive

to

take

actions

and/or

risks

that

would

have

an

adverse

effect

on

the

Fund.

There

is

no

way

to

accurately

predict

whether

a

trigger

event

will

occur

and,

accordingly,

insurance-linked

securities

carry

significant

risk.

In

addition

to

the

specified

trigger

events,

insurance-linked

securities

may

expose

the

Fund

to

other

risks,

including

but

not

limited

to

issuer

(credit)

default,

adverse

regulatory

or

jurisdictional

interpretations

and

adverse

tax

consequences.

Certain

insurance-linked

securities

may

have

limited

liquidity,

or

may

be

illiquid.

The

Fund

has

limited

transparency

into

the

individual

contracts

underlying

certain

insurance-linked

securities,

which

may

make

the

risk

assessment

of

such

securities

more

difficult.

Certain

insurance-linked

securities

may

be

difficult

to

value.

7. #### Borrowing:
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

six

months

ended

February

28,

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

six

months

ended

February

28,

2026. Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

8. #### Federal

#### Income

#### Tax

#### Information:
Distributions

from

the

Fund's

net

investment

income

are declared

daily

and

distributed

on

the

last

business

day

of

each

month.

Distributable

net

realized

gains,

if

any,

are

generally

declared

and

paid

at

least

annually.

The

Fund

may

also

distribute

additional net

investment

income

and

net

realized

gains

if

necessary

for

the

fund

to

avoid

U.S.

federal

income

or

excise

tax.

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.

The

tax

character

of

current

year

distributions

paid

and

the

tax

basis

of

the

current

components

of

accumulated

earnings

(losses)

will

be

determined

at

the

end

of

the

current

tax

year.

As

of

the

tax

year

ended August

31,

2025,

the

Fund

had

net

capital

loss

carryforwards as

shown

in the

table

below.

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

(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.

10. #### New

#### Accounting

#### Pronouncement:
On

December

14,

2023,

the

Financial

Accounting

Standards

Board

issued

Accounting

Standards

Update

("ASU")

2023-09,

which

establishes

new

income

tax

disclosure

requirements

and

modifies

or

eliminates

certain

existing

disclosure

provisions.

The

amendments

in

this

ASU

are

intended

to

address

investor

requests

for

more

transparency

about

income

tax

information

and

to

improve

the

effectiveness

of

income

tax

disclosures. ASU

2023-09

applies

to

all

entities

that

are

subject

to

ASC

740,

Income

Taxes. The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024. Management

is

currently

evaluating

the

impact

of

ASU

2023-09

and

does

not

believe

it

will

have

a

material

impact

on

the

Fund's

financial

statements.

Short-Term

Amount

Long-Term

Amount

Total

Active

Credit

Fund

.....................................................

$

(28,613)

$

(41,462)

$

(70,075)

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800) 539-3863

2341-0226

February

28,

2026

Semi-Annual:

Full

Financials

Victory

Pioneer

Disciplined

Growth

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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)

#### 12
Schedule

of

Portfolio

Investments

February

28,

2026

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Disciplined

#### Growth

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(100.0%)

Communication

Services

(16.9%):

Alphabet,

Inc.

,

Class

A

...................................................

495,006

$

154,323

Live

Nation

Entertainment,

Inc.

(a) ...........................................

148,965

24,153

Meta

Platforms,

Inc.

,

Class

A

..............................................

140,586

91,125

Netflix,

Inc.

(a) .........................................................

396,218

38,132

Pinterest,

Inc.

,

Class

A

(a) .................................................

1,349,741

23,121

Spotify

Technology

SA

(a) .................................................

61,377

31,606

362,460

Communications

Equipment

(3.2%):

Arista

Networks,

Inc.

(a) ..................................................

296,982

39,647

Motorola

Solutions,

Inc.

..................................................

59,275

28,586

68,233

Consumer

Discretionary

(10.0%):

Airbnb,

Inc.

,

Class

A

(a) ..................................................

199,216

26,916

Amazon.com,

Inc.

(a) ....................................................

657,279

138,029

On

Holding

AG

,

Class

A

(a) ................................................

380,118

17,668

The

TJX

Cos.,

Inc.

......................................................

196,604

31,783

214,396

Consumer

Staples

(1.4%):

BJ's

Wholesale

Club

Holdings,

Inc.

(a) ........................................

301,666

29,802

Electronic

Equipment,

Instruments

&

Components

(2.7%):

Keysight

Technologies,

Inc.

(a) .............................................

186,282

57,250

Energy

(1.4%):

Cheniere

Energy,

Inc.

....................................................

124,916

29,446

Financials

(5.8%):

American

Express

Co.

...................................................

98,366

30,385

The

Charles

Schwab

Corp.

................................................

294,590

28,045

Toast,

Inc.

,

Class

A

(a) ....................................................

574,253

15,683

Visa,

Inc.

,

Class

A

......................................................

157,495

50,420

124,533

Health

Care

(8.3%):

Alnylam

Pharmaceuticals,

Inc.

(a) ...........................................

37,498

12,484

Eli

Lilly

&

Co.

.........................................................

95,131

100,077

Intuitive

Surgical,

Inc.

(a) .................................................

89,532

45,080

Natera,

Inc.

(a) .........................................................

103,208

21,471

179,112

Industrials

(12.8%):

Copart,

Inc.

(a) .........................................................

480,590

18,306

Eaton

Corp.

PLC

.......................................................

109,116

41,019

Ferguson

Enterprises,

Inc.

.................................................

161,861

42,207

GE

Vernova,

Inc.

.......................................................

72,609

63,431

HEICO

Corp.

..........................................................

68,812

21,983

Republic

Services,

Inc.

,

Class

A

............................................

90,717

20,774

Uber

Technologies,

Inc.

(a) ................................................

535,608

40,395

United

Rentals,

Inc.

.....................................................

30,802

25,874

273,989

IT

Services

(1.3%):

Shopify,

Inc.

,

Class

A

(a) ..................................................

240,108

28,988

Materials

(3.2%):

CRH

PLC

............................................................

307,912

36,943

The

Sherwin-Williams

Co.

................................................

87,547

31,744

68,687

Semiconductors

&

Semiconductor

Equipment

(16.6%):

Advanced

Micro

Devices,

Inc.

(a) ............................................

288,273

57,715

ASML

Holding

NV

,

Registered

Shares

........................................

32,096

46,557

Broadcom,

Inc.

........................................................

247,536

79,100

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Disciplined

#### Growth

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) NVIDIA

Corp.

.........................................................

978,190

$

173,326

356,698

Software

(11.5%):

Autodesk,

Inc.

(a) .......................................................

121,479

29,868

Microsoft

Corp.

........................................................

197,056

77,392

Oracle

Corp.

..........................................................

263,900

38,371

Palo

Alto

Networks,

Inc.

(a) ................................................

215,133

32,037

ServiceNow,

Inc.

(a) .....................................................

267,472

28,890

Synopsys,

Inc.

(a) .......................................................

96,089

39,781

246,339

Technology

Hardware,

Storage

&

Peripherals

(4.9%):

Apple,

Inc.

...........................................................

300,319

79,338

Pure

Storage,

Inc.

,

Class

A

(a) ..............................................

410,313

26,351

105,689

Total

Common

Stocks

(Cost

$1,494,900)

a

a

a

2,145,622

Total

Investments

(Cost

$1,494,900)

—

100.0%

2,145,622

Other

assets

in

excess

of

liabilities

— (0.0)%(b)

NET

ASSETS

-

100.00%

$

2,145,733

At

February

28,

2026,

the

Fund's

investments

in

foreign

securities

were

9.5%

of

net

assets.

(a) Non-income

producing

security.

(b) Amount

represents

less

than

0.05%

of

net

assets.

PLC

—

Public

Limited

Company

Statement

of

Assets

and

Liabilities

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

IV

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

Pioneer

Disciplined

Growth

Fund

Assets:

Investments,

at

value

(Cost

$1,494,900)

$

2,145,622

Receivables:

Dividends

and

interest

606

Capital

shares

issued

903

Investments

sold

12,116

Prepaid

expenses

Total

Assets

2,159,303

Liabilities:

Payables:

Payable

to

custodian

2,982

Investments

purchased

5,186

Capital

shares

redeemed

3,854

Accrued

expenses

and

other

payables:

Investment

advisory

fees

1,074

Administration

fees

Custodian

fees

Transfer

agent

fees

—

(a) Sub-Transfer

agent

fees

Trustees'

fees

Shareholder

servicing

fees

12b-1

fees

Other

accrued

expenses

Total

Liabilities

13,570

Commitments

and

contingencies

(Note

4)

Net

Assets:

Capital

1,411,907

Total

accumulated

earnings

(loss)

733,826

Net

Assets

$

2,145,733

Net

Assets:

Class

A

$

2,042,789

Class

C

12,345

Class

R6

2,233

Class

Y

88,366

Total

$

2,145,733

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

98,823

Class

C

936

Class

R6

Class

Y

3,997

Total

103,983

Net

asset

value,

offering

and

redemption

price

per

share:(b)

Class

A

$

20.67 Class

C(c)

13.19 Class

R6

9.86 Class

Y

22.11 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

$

21.93 (a) Rounds

to

less

than

$1

thousand.

(b) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

(c) Redemption

price

per

share

varies

by

length

of

time

shares

are

held.

Statement

of

Operations

For

the

Six

Months

Ended

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

IV

(Amounts

in

Thousands)

(Unaudited)

Victory

Pioneer

Disciplined

Growth

Fund

Investment

Income:

Dividends

$

4,218

Interest

Foreign

tax

withholding

(19)

Total

Income

4,204

Expenses:

Investment

advisory

fees

7,027

Administration

fees

Sub-Administration

fees

12b-1

fees

—

Class

A

2,678

12b-1

fees

—

Class

C

Custodian

fees

Transfer

agent

fees

—

Class

A

Transfer

agent

fees

—

Class

C

Transfer

agent

fees

—

Class

Y

Sub-Transfer

agent

fees

—

Class

A

Sub-Transfer

agent

fees

—

Class

C

Sub-Transfer

agent

fees

—

Class

Y

Trustees'

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Other

expenses

Total

Expenses

10,744

Less

fees

paid

indirectly

(2)

Net

Expenses

10,742

Net

Investment

Income

(Loss)

(6,538)

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

146,445

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

(79,607)

Net

realized/unrealized

gains

(losses)

on

investments

66,838

Change

in

net

assets

resulting

from

operations

$

60,300

(Amounts

in

Thousands)

Victory

Portfolios

IV

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Pioneer

Disciplined

Growth

Fund

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025\*

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

(6,538)

$

(6,787)

Net

realized

gains

(losses)

146,445

52,444

Net

change

in

unrealized

appreciation/depreciation

(79,607)

345,208

Change

in

net

assets

resulting

from

operations

60,300

390,865

Distributions

to

Shareholders:

Class

A

(93,507)

(118,294)

Class

C

(884)

(1,105)

Class

R6

—

(a) (1)

Class

Y

(4,503)

(6,855)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(98,894)

(126,255)

Change

in

net

assets

resulting

from

capital

transactions

(52,845)

(79,355)

Change

in

net

assets

(91,439)

185,255

Net

Assets:

Beginning

of

period

2,237,172

2,051,917

End

of

period

$

2,145,733

$

2,237,172

\*

Pioneer

Disciplined

Growth

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

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

A,

and

Class

Y

shares

of

the

Fund,

respectively.

(a) R6

Shares

activity

is

for

the

period

February

9,

2026

(recommencement

of

operations)

to

February

28,

2026. 7

(Amounts

in

Thousands)

Victory

Portfolios

IV

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Pioneer

Disciplined

Growth

Fund

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025\*

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

27,721

$

32,697

Distributions

reinvested

92,557

117,252

Cost

of

shares

redeemed

(156,899)

(206,890)

Total

Class

A

$

(36,621)

$

(56,941)

Class

C

Proceeds

from

shares

issued

$

$

1,773

Distributions

reinvested

884

1,105

Cost

of

shares

redeemed

(1,761)

(2,954)

Total

Class

C

$

(474)

$

(76)

Class

R6

Proceeds

from

shares

issued

$

2,264

(a) $

—

Distributions

reinvested

—

(a) 1

Cost

of

shares

redeemed

—

(a) (14)

Total

Class

R6

$

2,264

$

(13)

Class

Y

Proceeds

from

shares

issued

$

20,668

$

26,526

Distributions

reinvested

4,469

6,732

Cost

of

shares

redeemed

(43,151)

(55,583)

Total

Class

Y

$

(18,014)

$

(22,325)

Change

in

net

assets

resulting

from

capital

transactions

$

(52,845)

$

(79,355)

Share

Transactions:

Class

A

Issued

1,315

1,766

Reinvested

4,349

6,182

Redeemed

(7,279)

(11,065)

Total

Class

A

(1,615)

(3,117)

Class

C

Issued

Reinvested

Redeemed

(126)

(248)

Total

Class

C

(32)

(15)

Class

R6

Issued

(a) —

Reinvested

—

(a) —

(b) Redeemed

—

(a) (1)

Total

Class

R6

(1)

Class

Y

Issued

917

1,357

Reinvested

Redeemed

(1,910)

(2,866)

Total

Class

Y

(796)

(1,175)

Change

in

Shares

(2,216)

(4,307)

\*

Pioneer

Disciplined

Growth

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

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

A,

and

Class

Y

shares

of

the

Fund,

respectively.

(a) R6

Shares

activity

is

for

the

period

February

9,

2026

(recommencement

of

operations)

to

February

28,

2026. (b) Rounds

to

less

than

thousand

shares.

Victory

Portfolios

IV

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Pioneer

Disciplined

Growth

Fund

Class

A\*

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021

Net

Asset

Value,

Beginning

of

Period

$21.07

$18.56

$15.42

$13.97

$21.98

$21.71

Investment

Activities:

Net

investment

income

(loss)(a)

(0.06)

(0.06)

0.04 0.05 0.01 (0.01)

Net

realized

and

unrealized

gains

(losses)

0.62 3.73 3.13 2.32 (2.29)

5.35 Total

from

Investment

Activities

0.56 3.67 3.17 2.37 (2.28)

5.34 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.04)

(0.03)

(0.03)

—

—(b)

Net

realized

gains

(0.96)

(1.12)

—

(0.89)

(5.73)

(5.07)

Total

Distributions

(0.96)

(1.16)

(0.03)

(0.92)

(5.73)

(5.07)

Net

Asset

Value,

End

of

Period

$20.67

$21.07

$18.56

$15.42

$13.97

$21.98

Total

Return(c)(d)

2.52%

20.49%

20.57%(e)

18.18%

(14.84)%(f)

30.02%

Ratios

to

Average

Net

Assets:

Net

Expenses(g)(h)

0.95%(i)

0.97%

0.98%

1.01%

1.00%

1.02%

Net

Investment

Income

(Loss)(g)

(0.58)%

(0.33)%

0.22%

0.37%

0.07%

(0.04)%

Gross

Expenses(g)(h)

0.95%(i)

0.97%

0.98%

1.01%

1.00%

1.02%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,042,789

$2,116,201

$1,922,057

$1,706,046

$1,529,842

$1,937,041

Portfolio

Turnover(c)(j)

16%

65%

84%

126%

112%

117%

\*

Pioneer

Disciplined

Growth

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

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

A,

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) Not

annualized

for

periods

less

than

one

year.

(d) 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.

(e) For

the

year

ended

August

31,

2024,

the

Fund's

total

return

includes

gains

in

settlement

of

class

action

lawsuits.

The

impact

on

Class

A's

total

return

was

less

than

0.005%.

(f) If

the

Fund

had

not

recognized

gains

in

settlement

of

class

action

lawsuits

during

the

year

ended

August

31,

2022,

the

total

return

would

have

been

(14.90)%.

(g) Annualized

for

periods

less

than

one

year.

(h) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(i)

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%.

(j) 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

Disciplined

Growth

Fund

Class

C\*

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021

Net

Asset

Value,

Beginning

of

Period

$13.82

$12.60

$10.54

$9.88

$17.28

$18.22

Investment

Activities:

Net

investment

income

(loss)(a)

(0.10)

(0.14)

(0.07)(b)

(0.04)(b)

(0.09)(b)

(0.14)(b)

Net

realized

and

unrealized

gains

(losses)

0.43 2.48 2.13 1.59 (1.58)

4.27 Total

from

Investment

Activities

0.33 2.34 2.06 1.55 (1.67)

4.13 Distributions

to

Shareholders

from:

Net

realized

gains

(0.96)

(1.12)

—

(0.89)

(5.73)

(5.07)

Total

Distributions

(0.96)

(1.12)

—

(0.89)

(5.73)

(5.07)

Net

Asset

Value,

End

of

Period

$13.19

$13.82

$12.60

$10.54

$9.88

$17.28

Total

Return(c)(d)

2.17%

19.53%

19.55%(e)

17.28%

(15.51)%(f)

28.90%

Ratios

to

Average

Net

Assets:

Net

Expenses(g)(h)

1.75%(i)

1.77%

1.80%

1.83%

1.81%

1.84%

Net

Investment

Income

(Loss)(g)

(1.37)%

(1.13)%

(0.60)%

(0.46)%

(0.74)%

(0.86)%

Gross

Expenses(g)(h)

1.75%(i)

1.77%

1.80%

1.83%

1.81%

1.84%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$12,345

$13,374

$12,380

$10,609

$8,968

$11,533

Portfolio

Turnover(c)(j)

16%

65%

84%

126%

112%

117%

\*

Pioneer

Disciplined

Growth

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

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

A,

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) Not

annualized

for

periods

less

than

one

year.

(d) 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.

(e) For

the

year

ended

August

31,

2024,

the

Fund's

total

return

includes

gains

in

settlement

of

class

action

lawsuits.

The

impact

on

Class

C's

total

return

was

less

than

0.005%.

(f) For

the

year

ended

August

31,

2022,

the

Fund's

total

return

includes

gains

in

settlement

of

class

action

lawsuits.

The

impact

on

Class

C's

total

return

was

less

than

0.005%.

(g) Annualized

for

periods

less

than

one

year.

(h) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(i)

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%.

(j) 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

Disciplined

Growth

Fund

Class

Y\*

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021

Net

Asset

Value,

Beginning

of

Period

$22.45

$19.68

$16.35

$14.76

$22.90

$22.38

Investment

Activities:

Net

investment

income

(loss)(a)

(0.05)

(0.03)

0.06 0.08 0.03 0.03 Net

realized

and

unrealized

gains

(losses)

0.67 3.97 3.32 2.46 (2.44)

5.56 Total

from

Investment

Activities

0.62 3.94 3.38 2.54 (2.41)

5.59 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.05)

(0.05)

(0.06)

—

—(b)

Net

realized

gains

(0.96)

(1.12)

—

(0.89)

(5.73)

(5.07)

Total

Distributions

(0.96)

(1.17)

(0.05)

(0.95)

(5.73)

(5.07)

Net

Asset

Value,

End

of

Period

$22.11

$22.45

$19.68

$16.35

$14.76

$22.90

Total

Return(c)(d)

2.63%

20.69%

20.69%(e)

18.45%

(14.81)%(f)

30.28%

Ratios

to

Average

Net

Assets:

Net

Expenses(g)(h)

0.78%(i)

0.81%

0.83%

0.83%

0.84%

0.82%

Net

Investment

Income

(Loss)(g)

(0.46)%

(0.16)%

0.36%

0.55%

0.19%

0.15%

Gross

Expenses(g)(h)

0.78%(i)

0.81%

0.83%

0.83%

0.84%

0.82%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$88,366

$107,596

$117,467

$151,839

$67,956

$26,677

Portfolio

Turnover(c)(j)

16%

65%

84%

126%

112%

117%

\*

Pioneer

Disciplined

Growth

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

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

A,

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) Not

annualized

for

periods

less

than

one

year.

(d) 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.

(e) For

the

year

ended

August

31,

2024,

the

Fund's

total

return

includes

gains

in

settlement

of

class

action

lawsuits.

The

impact

on

Class

Y's

total

return

was

less

than

0.005%.

(f) For

the

year

ended

August

31,

2022,

the

Fund's

total

return

includes

gains

in

settlement

of

class

action

lawsuits.

The

impact

on

Class

Y's

total

return

was

less

than

0.005%.

(g) Annualized

for

periods

less

than

one

year.

(h) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(i)

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%.

(j) 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

Disciplined

Growth

Fund

Class

R6\*

February

9,

2026

to

February

28,

2026

\*\*

Year

Ended

August

31,

2024

May

31,

2023

to

August

31,

2023

\*\*\*

Net

Asset

Value,

Beginning

of

Period

$10.00

$16.35

$14.95

Investment

Activities:

Net

investment

income

(loss)(a)

—(b)(c)

0.05 0.03 Net

realized

and

unrealized

gains

(losses)

(0.14)

3.33 1.37 Total

from

Investment

Activities

(0.14)

3.38 1.40 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.06)

—

Total

Distributions

—

(0.06)

—

Net

Asset

Value,

End

of

Period

$9.86

$19.67

$16.35

Total

Return(d)(e)

2.55%

20.69%

9.37%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.70%(h)

0.91%

0.72%

Net

Investment

Income

(Loss)(f)

0.01%

0.29%

0.72%

Gross

Expenses(f)(g)

0.70%(h)

0.91%

0.72%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,233

$13

$11

Portfolio

Turnover(d)(i)

16%

84%

126%

\*

Pioneer

Disciplined

Growth

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

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

A,

and

Class

Y

shares

of

the

Fund,

respectively.

\*\*

During

the

fiscal

year

ended

August

31,

2025,

all

outstanding

shares

were

redeemed.

On

February

9,

2026,

the

class

recommenced

operations.

\*\*\*

Class

R6

commenced

operations

on

May

31,

2023. (a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statements

of

Operations

for

the

period

due

to

the

class

level

expenses

recognized.

(c) Amount

is

less

than

$0.005

per

share.

(d) Not

annualized

for

periods

less

than

one

year.

(e) 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.

(f) Annualized

for

periods

less

than

one

year.

(g) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(h) 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%.

(i)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Notes

to

Financial

Statements

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

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

Pioneer

Disciplined

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

A,

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

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

A,

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

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

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

("ASC") 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

Disciplined

Growth

Fund

Disciplined

Growth

Fund

Class

A,

Class

C,

Class

R6,

and

Class

Y

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

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

February

28,

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 February

28,

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 August

31. Level

Level

Level

Total

Disciplined

Growth

Fund

Common

Stocks

...............................................

$

2,145,622

$

—

$

—

$

2,145,622

Total

.......................................................

$

2,145,622

$

—

$

—

$

2,145,622

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

For

the

six

months

ended

February

28,

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.

Foreign

Taxes:

The

Fund

may

be

subject

to

foreign

taxes

related

to

foreign

income

received

(a

portion

of

which

may

be

reclaimable),

capital

gains

on

the

sale

of

securities,

and

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Fund

invests.

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

six

months

ended

February

28,

2026,

were

as

follows

(amounts

in

thousands):

4. #### 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

six

months ended

February

28,

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

Fund

Administration

and

Accounting

Agreement)

together

with

all

other

registered

investment

companies

for

which

VCM

acts

as

administrator,

and

allocating

to

each

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

Purchases

Sales

Disciplined

Growth

Fund

....................................................................

$

359,133

$

509,266

Adviser

Fee

Tier

Rates

Up

to

$1

billion

Over

$1

billion

-

$5

billion

Over

$5

billion

Disciplined

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.65%,

plus

0.60%,

plus

0.55%

Annual

Charge

Up

to

$15

billion

Over

$15

billion

-

$30

billion

Over

$30

billion

-

$85

billion

Over

$85

billion

Disciplined

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.08%,

plus

0.05%,

plus

0.04%,

plus

0.03%

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

Amounts

incurred

for

the

six

months

ended

February

28,

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

Chief

Compliance

Officer,

and

implementing

new

reports

required

by

new

rules

adopted

by

the

SEC

under

the

1940

Act.

Prior

to

February

6,

2026,

BNY

Mellon

served

as

sub

-

administrator

and

sub-fund

accountant

for

the

Fund.

The

total

amounts

incurred

and

paid

for

through

the six

months

ended February

28,

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

six

months

ended

February

28,

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

six

months

ended

February

28,

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

0.25%

and

1.00%,

respectively,

of

the

average

daily

net

assets. Amounts

incurred

and

paid

to

the

Distributor

for

the six

months

ended

February

28,

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. For

the

six

months

ended

February

28,

2026,

the

Distributor

received

$15

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

6,

2026,

BNY

Mellon

served

as

the

Fund's

custodian. Total

custodian

fees

incurred

for

the

period ended

February

28,

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

February

28,

2026,

the

expense

limits

(excluding

voluntary

waivers) were

as

follows:

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.

In

effect

until

April

1,

2028

Class

A

Class

C

Class

R6

Class

Y

Disciplined

Growth

Fund

0.98%

1.80%

0.91%

0.83%

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

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

February

28,

2026. 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 six

months

ended

February

28,

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.

5. #### 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.

6. #### 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.

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

six

months

ended

February

28,

2026. 7. #### 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

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

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.

The

tax

character

of

current

year

distributions

paid

and

the

tax

basis

of

the

current

components

of

accumulated

earnings

(losses)

will

be

determined

at

the

end

of

the

current

tax

year.

At

the

tax year

ended August

31,

2025,

the

Fund

had

no

capital

loss

carryforwards

for

federal

income

tax

purposes.

8. #### 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.

9. #### New

#### Accounting

#### Pronouncement:
On

December

14,

2023,

the

Financial

Accounting

Standards

Board

issued

Accounting

Standards

Update

("ASU")

2023-09,

which

establishes

new

income

tax

disclosure

requirements

and

modifies

or

eliminates

certain

existing

disclosure

provisions.

The

amendments

in

this

ASU

are

intended

to

address

investor

requests

for

more

transparency

about

income

tax

information

and

to

improve

the

effectiveness

of

income

tax

disclosures. ASU

2023-09

applies

to

all

entities

that

are

subject

to

ASC

740,

Income

Taxes. The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024. Management

is

currently

evaluating

the

impact

of

ASU

2023-09

and

does

not

believe

it

will

have

a

material

impact

on

the

Fund's

financial

statements.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800) 539-3863

2341-0226

February

28,

2026

Semi-Annual:

Full

Financials

Victory

Pioneer

Disciplined

Value

Fund

vcm.com

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Information

And

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Day,

Days

A

Week

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shareholders,

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investment

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a

convenient

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to

access

fund

information,

get

guidance,

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fund

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they

can

access

the

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includes:

Detailed

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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)

#### 12
Schedule

of

Portfolio

Investments

February

28,

2026

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Disciplined

#### Value

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(98.8%)

Communication

Services

(6.7%):

Comcast

Corp.,

Class

A

..................................................

379,988

$

11,764

The

Walt

Disney

Co.

....................................................

107,513

11,401

Verizon

Communications,

Inc.

..............................................

93,321

4,679

Versant

Media

Group,

Inc.(a)

..............................................

15,199

507

28,351

Consumer

Discretionary

(7.1%):

D.R.

Horton,

Inc.

.......................................................

31,808

5,102

Ford

Motor

Co.

........................................................

404,804

5,704

Lowe's

Cos.,

Inc.

.......................................................

36,393

9,628

NIKE,

Inc.,

Class

B

.....................................................

71,658

4,456

The

TJX

Cos.,

Inc.

......................................................

32,564

5,264

30,154

Consumer

Staples

(6.4%):

Mondelez

International,

Inc.,

Class

A

.........................................

82,684

5,092

PepsiCo,

Inc.

..........................................................

22,759

3,863

Target

Corp.

..........................................................

44,693

5,085

The

Hershey

Co.

.......................................................

23,861

5,638

The

Kraft

Heinz

Co.

.....................................................

148,571

3,656

Unilever

PLC,

ADR

.....................................................

52,106

3,843

27,177

Energy

(10.0%):

ConocoPhillips

Co.

.....................................................

102,054

11,579

Coterra

Energy,

Inc.

.....................................................

225,003

6,883

EQT

Corp.

............................................................

80,999

4,975

Exxon

Mobil

Corp.

.....................................................

109,195

16,652

Phillips

Co.

.........................................................

15,540

2,398

42,487

Financials

(22.8%):

American

International

Group,

Inc.

..........................................

87,856

7,072

Bank

of

America

Corp.

...................................................

365,911

18,233

JPMorgan

Chase

&

Co.

..................................................

53,324

16,013

Morgan

Stanley

........................................................

27,519

4,582

Northern

Trust

Corp.

....................................................

21,953

3,141

Prudential

Financial,

Inc.

.................................................

14,987

1,474

State

Street

Corp.

.......................................................

115,716

14,883

T. Rowe

Price

Group,

Inc.

.................................................

20,327

1,924

The

Goldman

Sachs

Group,

Inc.

............................................

9,946

8,549

Truist

Financial

Corp.

....................................................

93,098

4,591

U.S.

Bancorp

..........................................................

178,282

9,745

Wells

Fargo

&

Co.

......................................................

78,695

6,410

96,617

Health

Care

(11.9%):

Biogen,

Inc.(a)

.........................................................

27,824

5,337

Bristol-Myers

Squibb

Co.

.................................................

61,400

3,830

Johnson

&

Johnson

.....................................................

55,374

13,757

Medtronic

PLC

........................................................

56,576

5,525

Sanofi

SA,

ADR

........................................................

164,129

7,986

Vertex

Pharmaceuticals,

Inc.(a)

.............................................

7,324

3,639

Zimmer

Biomet

Holdings,

Inc.

.............................................

102,560

10,096

50,170

Industrials

(16.4%):

3M

Co.

..............................................................

71,142

11,761

Builders

FirstSource,

Inc.(a)

...............................................

12,477

1,301

Carrier

Global

Corp.

.....................................................

77,874

5,015

Caterpillar,

Inc.

........................................................

6,531

4,852

Deere

&

Co.

..........................................................

7,101

4,472

Fortune

Brands

Innovations,

Inc.

............................................

64,134

3,485

Honeywell

International,

Inc.

..............................................

38,526

9,385

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Disciplined

#### Value

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Owens

Corning

........................................................

19,991

$

2,440

Rockwell

Automation,

Inc.

................................................

15,854

6,460

Union

Pacific

Corp.

.....................................................

36,785

9,747

United

Parcel

Service,

Inc.,

Class

B

..........................................

89,888

10,423

69,341

Information

Technology

(10.3%):

Accenture

PLC,

Class

A

..................................................

14,912

3,113

Adobe,

Inc.(a)

.........................................................

8,717

2,287

Cisco

Systems,

Inc.

.....................................................

147,276

11,703

HP,

Inc.

..............................................................

116,318

2,209

International

Business

Machines

Corp.

........................................

37,639

9,041

NetApp,

Inc.

..........................................................

28,672

2,839

QUALCOMM,

Inc.

.....................................................

26,756

3,809

Salesforce,

Inc.

........................................................

18,050

3,516

Texas

Instruments,

Inc.

...................................................

24,204

5,134

43,651

Materials

(3.1%):

CRH

PLC

............................................................

33,236

3,988

LyondellBasell

Industries

NV,

Class

A

........................................

75,935

4,368

PPG

Industries,

Inc.

.....................................................

39,227

4,835

13,191

Utilities

(4.1%):

American

Electric

Power

Co.,

Inc.

...........................................

69,756

9,335

CMS

Energy

Corp.

......................................................

63,925

4,991

Duke

Energy

Corp.

......................................................

22,860

2,991

17,317

Total

Common

Stocks

(Cost

$340,529)

a

a

a

418,456

Principal

Amount

(000) Corporate

Bonds

(0.9%)

Consumer

Discretionary

(0.5%):

BOFA

Finance

LLC,

2/3/27(b)

.............................................

$

2,013

Financials

(0.4%):

Citigroup

Global

Markets

Holdings,

Inc.,

17.78%,

2/8/27(c)

........................

886

HSBC

Bank

PLC,

3/9/27(b)

...............................................

857

1,743

Total

Corporate

Bonds

(Cost

$3,949)

a

a

a

3,756

Total

Investments

(Cost

$344,478)

—

99.7%

422,212

Other

assets

in

excess

of

liabilities

— 0.3%

1,150

NET

ASSETS

-

100.00%

$

423,362

At

February

28,

2026,

the

Fund's

investments

in

foreign

securities

were

5.8%

of

net

assets.

(a) Non-income

producing

security.

(b) Zero-coupon

bond.

(c) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

February

28,

2026,

the

fair

value

of

these

securities

was

$886

(thousands)

and

amounted

to

0.2%

of

net

assets.

ADR

—

American

Depositary

Receipt

LLC

—

Limited

Liability

Company

PLC

—

Public

Limited

Company

Statement

of

Assets

and

Liabilities

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

IV

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

Pioneer

Disciplined

Value

Fund

Assets:

Investments,

at

value

(Cost

$344,478)

$

422,212

Cash

1,513

Receivables:

Dividends

and

interest

1,166

Capital

shares

issued

From

Adviser

Reclaims

Prepaid

expenses

Total

Assets

425,031

Liabilities:

Payables:

Investments

purchased

866

Capital

shares

redeemed

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

Transfer

agent

fees

—

(a) Sub-Transfer

agent

fees

Trustees'

fees

Shareholder

servicing

fees

12b-1

fees

Other

accrued

expenses

Total

Liabilities

1,669

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

322,188

Total

accumulated

earnings

(loss)

101,174

Net

Assets

$

423,362

Net

Assets:

Class

A

$

270,248

Class

C

7,731

Class

R6

4,181

Class

Y

141,202

Total

$

423,362

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

15,688

Class

C

Class

R6

Class

Y

8,091

Total

24,477

Net

asset

value,

offering

and

redemption

price

per

share:(b)

Class

A

$

17.23 Class

C(c)

16.83 Class

R6

17.46 Class

Y

17.45 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

$

18.28 (a) Rounds

to

less

than

$1

thousand.

(b) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

(c) Redemption

price

per

share

varies

by

length

of

time

shares

are

held.

Statement

of

Operations

For

the

Six

Months

Ended

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

IV

(Amounts

in

Thousands)

(Unaudited)

Victory

Pioneer

Disciplined

Value

Fund

Investment

Income:

Dividends

$

5,137

Interest

Foreign

tax

withholding

(2)

Total

Income

5,174

Expenses:

Investment

advisory

fees

823

Administration

fees

Sub-Administration

fees

12b-1

fees

—

Class

A

12b-1

fees

—

Class

C

Custodian

fees

Transfer

agent

fees

—

Class

A

Transfer

agent

fees

—

Class

C

Transfer

agent

fees

—

Class

R6

—

(a) Transfer

agent

fees

—

Class

Y

Sub-Transfer

agent

fees

—

Class

A

Sub-Transfer

agent

fees

—

Class

C

Sub-Transfer

agent

fees

—

Class

Y

Trustees'

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Other

expenses

Total

Expenses

1,544

Less

fees

paid

indirectly

(2)

Expenses

waived/reimbursed

by

Adviser

(130)

Net

Expenses

1,412

Net

Investment

Income

(Loss)

3,762

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

28,705

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

and

foreign

currency

translations

11,265

Net

realized/unrealized

gains

(losses)

on

investments

39,970

Change

in

net

assets

resulting

from

operations

$

43,732

(a) Rounds

to

less

than

$1

thousand.

(Amounts

in

Thousands)

Victory

Portfolios

IV

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Pioneer

Disciplined

Value

Fund

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025\*

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

3,762

$

6,794

Net

realized

gains

(losses)

28,705

8,573

Net

change

in

unrealized

appreciation/depreciation

11,265

31,150

Change

in

net

assets

resulting

from

operations

43,732

46,517

Distributions

to

Shareholders:

Class

A

(14,785)

(11,304)

Class

C

(397)

(336)

Class

R

—

(355)

Class

R6

(207)

(143)

Class

Y

(8,326)

(5,963)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(23,715)

(18,101)

Change

in

net

assets

resulting

from

capital

transactions

(6,854)

(26,575)

Change

in

net

assets

13,163

1,841

Net

Assets:

Beginning

of

period

410,199

408,358

End

of

period

$

423,362

$

410,199

\*

Pioneer

Disciplined

Value

Fund

(the

"Predecessor

Fund")

reorganized

with

the

Fund

effective

June

6,

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

A,

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

Disciplined

Value

Fund

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025\*

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

5,344

$

17,490

Distributions

reinvested

14,294

10,910

Cost

of

shares

redeemed

(23,151)

(44,152)

Total

Class

A

$

(3,513)

$

(15,752)

Class

C

Proceeds

from

shares

issued

$

$

574

Distributions

reinvested

Cost

of

shares

redeemed

(1,239)

(2,625)

Total

Class

C

$

(712)

$

(1,715)

Class

R

Proceeds

from

shares

issued

$

—

$

599

Distributions

reinvested

—

Cost

of

shares

redeemed

—

(9,141)

Total

Class

R

$

—

$

(8,187)

Class

R6

Proceeds

from

shares

issued

$

737

$

629

Distributions

reinvested

Cost

of

shares

redeemed

(45)

(876)

Total

Class

R6

$

899

$

(104)

Class

Y

Proceeds

from

shares

issued

$

9,613

$

34,802

Distributions

reinvested

8,215

5,802

Cost

of

shares

redeemed

(21,356)

(41,421)

Total

Class

Y

$

(3,528)

$

(817)

Change

in

net

assets

resulting

from

capital

transactions

$

(6,854)

$

(26,575)

Share

Transactions:

Class

A

Issued

1,148

Reinvested

876

713

Redeemed

(1,389)

(2,893)

Total

Class

A

(192)

(1,032)

Class

C

Issued

Reinvested

Redeemed

(77)

(175)

Total

Class

C

(44)

(114)

Class

R

Issued

—

Reinvested

—

Redeemed

—

(643)

Total

Class

R

—

(575)

Class

R6

Issued

Reinvested

Redeemed

(3)

(58)

Total

Class

R6

(7)

Class

Y

Issued

570

2,282

Reinvested

Redeemed

(1,245)

(2,664)

Total

Class

Y

(178)

(7)

Change

in

Shares

(360)

(1,734)

\*

Pioneer

Disciplined

Value

Fund

(the

"Predecessor

Fund")

reorganized

with

the

Fund

effective

June

6,

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

A,

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

Disciplined

Value

Fund

Class

A\*

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021

Net

Asset

Value,

Beginning

of

Period

$16.45

$15.33

$13.73

$14.13

$18.76

$13.95

Investment

Activities:

Net

investment

income

(loss)(a)

0.14 0.25 0.26 0.27 0.27 0.19 Net

realized

and

unrealized

gains

(losses)

1.59 1.55 1.64 0.89 (1.09)

4.82 Total

from

Investment

Activities

1.73 1.80 1.90 1.16 (0.82)

5.01 Distributions

to

Shareholders

from:

Net

investment

income

(0.35)

(0.34)

(0.19)

(0.27)

(0.17)

(0.20)

Net

realized

gains

(0.60)

(0.34)

(0.11)

(1.29)

(3.64)

—

Total

Distributions

(0.95)

(0.68)

(0.30)

(1.56)

(3.81)

(0.20)

Net

Asset

Value,

End

of

Period

$17.23

$16.45

$15.33

$13.73

$14.13

$18.76

Total

Return(b)(c)

10.94%

12.14%(d)

14.09%(e)

8.78%

(5.99)%

36.17%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.79%(h)

0.79%

0.80%

0.80%

0.83%

1.10%

Net

Investment

Income

(Loss)(f)

1.73%

1.60%

1.88%

2.00%

1.68%

1.14%

Gross

Expenses(f)(g)

0.82%(h)

0.85%

0.86%

0.89%

0.89%

1.16%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$270,248

$261,166

$259,300

$264,007

$279,660

$314,169

Portfolio

Turnover(b)(i)

25%

86%

111%

143%

116%

114%

\*

Pioneer

Disciplined

Value

Fund

(the

"Predecessor

Fund")

reorganized

with

the

Fund

effective

June

6,

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

A,

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) Not

annualized

for

periods

less

than

one

year.

(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) If

the

Fund

had

not

recognized

gains

in

settlement

of

class

action

lawsuits

during

the

year

ended

August

31,

2025,

the

total

return

would

have

been

12.01%.

(e) For

the

year

ended

August

31,

2024,

the

Fund's

total

return

includes

gains

in

settlement

of

class

action

lawsuits.

The

impact

on

Class

A's

total

return

was

less

than

0.005%.

(f) Annualized

for

periods

less

than

one

year.

(g) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(h) 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%.

(i) 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

Disciplined

Value

Fund

Class

C\*

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021

Net

Asset

Value,

Beginning

of

Period

$16.02

$14.94

$13.40

$13.84

$18.46

$13.68

Investment

Activities:

Net

investment

income

(loss)(a)

0.08 0.13 0.15 0.16 0.15 0.06 Net

realized

and

unrealized

gains

(losses)

1.55 1.51 1.60 0.86 (1.08)

4.74 Total

from

Investment

Activities

1.63 1.64 1.75 1.02 (0.93)

4.80 Distributions

to

Shareholders

from:

Net

investment

income

(0.22)

(0.22)

(0.10)

(0.17)

(0.05)

(0.02)

Net

realized

gains

(0.60)

(0.34)

(0.11)

(1.29)

(3.64)

—

Total

Distributions

(0.82)

(0.56)

(0.21)

(1.46)

(3.69)

(0.02)

Net

Asset

Value,

End

of

Period

$16.83

$16.02

$14.94

$13.40

$13.84

$18.46

Total

Return(b)(c)

10.56%

11.26%(d)

13.27%(e)

7.91%

(6.72)%

35.14%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

1.55%(h)

1.55%

1.56%

1.58%

1.57%

1.89%

Net

Investment

Income

(Loss)(f)

0.96%

0.84%

1.11%

1.23%

0.95%

0.36%

Gross

Expenses(f)(g)

1.58%(h)

1.60%

1.63%

1.66%

1.62%

1.94%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$7,731

$8,057

$9,217

$10,336

$11,718

$12,533

Portfolio

Turnover(b)(i)

25%

86%

111%

143%

116%

114%

\*

Pioneer

Disciplined

Value

Fund

(the

"Predecessor

Fund")

reorganized

with

the

Fund

effective

June

6,

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

A,

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) Not

annualized

for

periods

less

than

one

year.

(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) If

the

Fund

had

not

recognized

gains

in

settlement

of

class

action

lawsuits

during

the

year

ended

August

31,

2025,

the

total

return

would

have

been

11.19%.

(e) For

the

year

ended

August

31,

2024,

the

Fund's

total

return

includes

gains

in

settlement

of

class

action

lawsuits.

The

impact

on

Class

C's

total

return

was

less

than

0.005%.

(f) Annualized

for

periods

less

than

one

year.

(g) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(h) 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%.

(i) 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

Disciplined

Value

Fund

Class

R6\*

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Year

Ended

August

31,

2023

December

30,

2021

to

August

31,

2022\*\*

Net

Asset

Value,

Beginning

of

Period

$16.68

$15.54

$13.90

$14.28

$16.16

Investment

Activities:

Net

investment

income

(loss)(a)

0.17 0.30 0.31 0.33 0.22 Net

realized

and

unrealized

gains

(losses)

1.62 1.58 1.66 0.90 (2.10)

Total

from

Investment

Activities

1.79 1.88 1.97 1.23 (1.88)

Distributions

to

Shareholders

from:

Net

investment

income

(0.41)

(0.40)

(0.22)

(0.32)

—

Net

realized

gains

(0.60)

(0.34)

(0.11)

(1.29)

—

Total

Distributions

(1.01)

(0.74)

(0.33)

(1.61)

—

Net

Asset

Value,

End

of

Period

$17.46

$16.68

$15.54

$13.90

$14.28

Total

Return(b)(c)

11.14%

12.50%(d)

14.48%(e)

9.25%

(11.63)%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.45%(h)

0.45%

0.45%

0.45%

0.45%

Net

Investment

Income

(Loss)(f)

2.07%

1.91%

2.21%

2.40%

2.15%

Gross

Expenses(f)(g)

0.49%(h)

0.51%

0.52%

0.53%

0.51%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$4,181

$3,092

$2,990

$1,531

$7,463

Portfolio

Turnover(b)(i)

25%

86%

111%

143%

116%

\*

Pioneer

Disciplined

Value

Fund

(the

"Predecessor

Fund")

reorganized

with

the

Fund

effective

June

6,

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

A,

and

Class

Y

shares

of

the

Fund,

respectively.

\*\*

Prior

Class

K

commenced

operation

on

December

30,

2021. (a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) If

the

Fund

had

not

recognized

gains

in

settlement

of

class

action

lawsuits

during

the

year

ended

August

31,

2025,

the

total

return

would

have

been

12.43%.

(e) For

the

year

ended

August

31,

2024,

the

Fund's

total

return

includes

gains

in

settlement

of

class

action

lawsuits.

The

impact

on

Class

R6

total

return

was

less

than

0.005%.

(f) Annualized

for

periods

less

than

one

year.

(g) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(h) 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%.

(i) 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

Disciplined

Value

Fund

Class

Y\*

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021

Net

Asset

Value,

Beginning

of

Period

$16.67

$15.54

$13.89

$14.28

$18.92

$14.05

Investment

Activities:

Net

investment

income

(loss)(a)

0.17 0.30 0.31 0.32 0.34 0.24 Net

realized

and

unrealized

gains

(losses)

1.62 1.57 1.67 0.90 (1.11)

4.86 Total

from

Investment

Activities

1.79 1.87 1.98 1.22 (0.77)

5.10 Distributions

to

Shareholders

from:

Net

investment

income

(0.41)

(0.40)

(0.22)

(0.32)

(0.23)

(0.23)

Net

realized

gains

(0.60)

(0.34)

(0.11)

(1.29)

(3.64)

—

Total

Distributions

(1.01)

(0.74)

(0.33)

(1.61)

(3.87)

(0.23)

Net

Asset

Value,

End

of

Period

$17.45

$16.67

$15.54

$13.89

$14.28

$18.92

Total

Return(b)(c)

11.15%

12.43%(d)

14.56%(e)

9.17%

(5.68)%

36.67%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.45%(h)

0.45%

0.45%

0.45%

0.46%

0.76%

Net

Investment

Income

(Loss)(f)

2.06%

1.94%

2.22%

2.36%

2.10%

1.48%

Gross

Expenses(f)(g)

0.57%(h)

0.59%

0.61%

0.65%

0.62%

0.89%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$141,202

$137,884

$128,581

$137,159

$124,303

$79,867

Portfolio

Turnover(b)(i)

25%

86%

111%

143%

116%

114%

\*

Pioneer

Disciplined

Value

Fund

(the

"Predecessor

Fund")

reorganized

with

the

Fund

effective

June

6,

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

A,

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) Not

annualized

for

periods

less

than

one

year.

(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) If

the

Fund

had

not

recognized

gains

in

settlement

of

class

action

lawsuits

during

the

year

ended

August

31,

2025,

the

total

return

would

have

been

12.37%.

(e) If

the

Fund

had

not

recognized

gains

in

settlement

of

class

action

lawsuits

during

the

year

ended

August

31,

2024,

the

total

return

would

have

been

14.49%

(f) Annualized

for

periods

less

than

one

year.

(g) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(h) 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%.

(i) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Notes

to

Financial

Statements

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

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

June

6,

2025,

is

the

successor

to

Pioneer

Disciplined

Value

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

A,

and

Class

Y

shares,

respectively,

on

June

6,

2025

pursuant

to

an

agreement

and

plan

of

reorganization

(the

"Reorganization")

which

was

approved

by

the

shareholders

of

the

Predecessor

Fund

on

May

27,

2025. The

Reorganization

was

structured

so

that

the

transfer

of

assets

and

liabilities

did

not

result

in

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

A,

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

June

6,

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

("ASC") 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

Disciplined

Value

Fund

Disciplined

Value

Fund

Class

A,

Class

C,

Class

R6,

and

Class

Y

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

Portfolio

securities

listed

or

traded

on

securities

exchanges,

including

Exchange-Traded

Funds

("ETFs")

and

American

Depositary

Receipts,

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

February

28,

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 February

28,

2026,

there

were

no

significant transfers

into/out

of

Level

3. 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 August

31. For

the

six

months

ended

February

28,

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.

Level

Level

Level

Total

Disciplined

Value

Fund

Common

Stocks

...............................................

$

418,456

$

—

$

—

$

418,456

Corporate

Bonds

..............................................

—

3,756

—

3,756

Total

.......................................................

$

418,456

$

3,756

$

—

$

422,212

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

Foreign

Taxes:

The

Fund

may

be

subject

to

foreign

taxes

related

to

foreign

income

received

(a

portion

of

which

may

be

reclaimable),

capital

gains

on

the

sale

of

securities,

and

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Fund

invests.

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

six

months

ended

February

28,

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

February

28,

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

six

months ended

February

28,

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

Fund

Administration

and

Accounting

Agreement)

together

with

all

other

registered

investment

companies

for

which

VCM

acts

as

administrator,

and

allocating

to

each

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

Purchases

Sales

Disciplined

Value

Fund

......................................................................

$

104,673

$

129,103

Disciplined

Value

Fund

Ownership

%

Victory

Pioneer

Solutions

–

Balanced

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.0 Adviser

Fee

Tier

Rates

First

$5

billion

Over

$5

billion

Disciplined

Value

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.40%,

plus

0.35%

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

Amounts

incurred

for

the

six

months

ended

February

28,

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

Chief

Compliance

Officer,

and

implementing

new

reports

required

by

new

rules

adopted

by

the

SEC

under

the

1940

Act.

Prior

to

February

6,

2026,

BNY

Mellon

served

as

sub

-

administrator

and

sub-fund

accountant

for

the

Fund.

The

total

amounts

incurred

and

paid

for

through

the six

months

ended February

28,

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

six

months

ended

February

28,

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

six

months

ended

February

28,

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

0.25%

and

1.00%,

respectively,

of

the

average

daily

net

assets. Amounts

incurred

and

paid

to

the

Distributor

for

the six

months

ended

February

28,

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. For

the

six

months

ended

February

28,

2026,

the

Distributor

received

$3

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

6,

2026,

BNY

Mellon

served

as

the

Fund's

custodian. Total

custodian

fees

incurred

for

the

period ended

February

28,

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

February

28,

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

Disciplined

Value

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.08%,

plus

0.05%,

plus

0.04%,

plus

0.03%

In

effect

until

April

1,

2028

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

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

February

28,

2026. As

of February

28,

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 six

months

ended

February

28,

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.

Value

Style Risk

—

The

prices

of

securities

the

Adviser

believes

are

undervalued

may

not

appreciate

as

expected

or

may

go

down.

Value

stocks

may

fall

out

of

favor

with

investors

and

underperform

the

overall

equity

market.

A

value

stock

may

not

increase

in

price

as

anticipated

by

the

Adviser

if

other

investors

fail

to

recognize

the

company's

value

and

bid

up

the

price

or

the

factors

that

the

Adviser

believes

will

increase

the

price

of

the

security

do

not

occur

or

do

not

have

the

anticipated

effect.

Portfolio

Selection

Risks

—

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.

Equity

Risk

—

The

value

of

the

equity

securities

in

which

the

Fund

invests

may

decline

in

response

to

developments

affecting

individual

companies

and/or

general

economic

conditions

in

the

United

States

or

abroad.

A

company's

earnings

or

dividends

may

not

increase

as

expected

(or

may

decline)

because

of

poor

management,

competitive

pressures,

reliance

on

particular

suppliers

or

geographical

regions,

labor

problems

or

shortages,

corporate

restructurings,

fraudulent

disclosures,

man-made

or

natural

disasters,

military

confrontations

or

wars,

terrorism,

public

health

crises,

or

other

events,

conditions

and

factors.

Price

changes

may

be

temporary

or

last

for

extended

periods.

Sector Focus

Risk

—

To

the

extent

the

Fund

focuses

in

one

or

more

sectors,

such

as

the

financials

sector,

market

or

economic

factors

impacting

those

sectors

could

have

a

significant

effect

on

the

value

of

the

Fund's

investments

and

could

make

the

Fund's

performance

more

volatile.

Smaller-Capitalization

Stock

Risk

—

Small-

and

mid-sized

companies

are

subject

to

a

number

of

risks

not

associated

with

larger,

more

established

companies,

potentially

making

their

stock

prices

more

volatile

and

increasing

the

risk

of

loss.

Smaller

companies

may

have

limited

markets,

product

lines,

or

financial

resources

and

lack

management

experience

and

may

experience

higher

failure

rates

than

larger

companies.

Foreign

Securities

Risk

— Foreign

markets

can

be

more

volatile

than

the

U.S.

market

due

to

increased

risks

of

adverse

issuer,

political,

regulatory,

market,

or

economic

developments

and

can

perform

differently

from

the

U.S.

market.

Global

markets,

or

those

in

a

particular

region,

may

all

react

in

similar

fashion

to

important

political,

economic,

or

other

developments.

Events

and

evolving

conditions

in

certain

economies

or

Class

A

Class

C

Class

R6

Class

Y

Disciplined

Value

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.80%

1.56%

0.45%

0.45%

August

31,

2028

August

31,

2029

Total

Disciplined

Value

Fund

.............................................................

$

$

$

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

markets,

including

with

respect

to

tariffs

or

sanctions, may

alter

the

risks

associated

with

investments

tied

to

countries

or

regions

that

historically

were

perceived

as

comparatively

stable

and

make

such

investments

riskier

and

more

volatile.

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.

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

six

months

ended

February

28,

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.

The

tax

character

of

current

year

distributions

paid

and

the

tax

basis

of

the

current

components

of

accumulated

earnings

(losses)

will

be

determined

at

the

end

of

the

current

tax

year.

At

the

tax year

ended August

31,

2025,

the

Fund

had

no

capital

loss

carryforwards

for

federal

income

tax

purposes.

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.

10. #### New

#### Accounting

#### Pronouncement:
On

December

14,

2023,

the

Financial

Accounting

Standards

Board

issued

Accounting

Standards

Update

("ASU")

2023-09,

which

establishes

new

income

tax

disclosure

requirements

and

modifies

or

eliminates

certain

existing

disclosure

provisions.

The

amendments

in

this

ASU

are

intended

to

address

investor

requests

for

more

transparency

about

income

tax

information

and

to

improve

the

effectiveness

of

income

tax

disclosures. ASU

2023-09

applies

to

all

entities

that

are

subject

to

ASC

740,

Income

Taxes. The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024. Management

is

currently

evaluating

the

impact

of

ASU

2023-09

and

does

not

believe

it

will

have

a

material

impact

on

the

Fund's

financial

statements.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800) 539-3863

2341-0226

February

28,

2026

Semi-Annual:

Full

Financials

Victory

Pioneer

Global

Equity

Fund

vcm.com

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a

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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

#### 6
Statement

of

Operations

#### 7
Statements

of

Changes

in

Net

Assets

#### 8
Financial

Highlights

#### 10

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 14
Schedule

of

Portfolio

Investments

February

28,

2026

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Global

#### Equity

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Common

Stocks

(96.1%)

Belgium

(1.2%):

Consumer

Staples

(1.2%):

Anheuser-Busch

InBev

SA,

ADR

...........................................

115,422

$

9,344

Canada

(2.0%):

Materials

(2.0%):

Barrick

Mining

Corp.

....................................................

314,631

15,964

Denmark

(0.9%):

Financials

(0.9%):

Danske

Bank

A/S

.......................................................

140,653

7,345

France

(2.2%):

Financials

(0.9%):

BNP

Paribas

SA

........................................................

32,839

3,678

Edenred

SE

...........................................................

160,230

3,685

7,363

Health

Care

(1.3%):

Sanofi

SA

............................................................

103,825

10,084

17,447

Germany

(2.6%):

Health

Care

(0.5%):

BioNTech

SE,

ADR(a)

...................................................

34,597

3,814

Industrials

(1.3%):

Hensoldt

AG

..........................................................

117,615

10,335

Materials

(0.8%):

thyssenkrupp

AG

.......................................................

539,425

6,725

20,874

Ireland

(5.6%):

Consumer

Staples

(0.7%):

Kerry

Group

PLC,

Class

A

................................................

61,616

5,482

Financials

(2.0%):

Bank

of

Ireland

Group

PLC

...............................................

828,333

16,197

Materials

(2.9%):

CRH

PLC

............................................................

196,367

23,245

44,924

Italy

(2.4%):

Financials

(1.0%):

Nexi

SpA

(b) ..........................................................

1,040,284

4,274

UniCredit

SpA

.........................................................

48,232

4,068

8,342

Materials

(1.4%):

Buzzi

SpA

............................................................

191,906

11,019

19,361

Japan

(6.9%):

Consumer

Discretionary

(0.6%):

Nitori

Holdings

Co.

Ltd.

..................................................

216,000

4,341

Financials

(1.2%):

Sumitomo

Mitsui

Financial

Group,

Inc.

.......................................

262,100

9,818

Industrials

(4.1%):

Fuji

Electric

Co.

Ltd.

....................................................

160,200

14,204

Mitsubishi

Electric

Corp.

.................................................

324,600

12,396

Taisei

Corp.

...........................................................

45,700

5,936

32,536

Information

Technology

(1.0%):

FUJIFILM

Holdings

Corp.

................................................

394,400

8,178

54,873

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Global

#### Equity

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Mexico

(1.7%):

Consumer

Staples

(0.6%):

Fomento

Economico

Mexicano

SAB

de

CV,

ADR

...............................

43,950

$

4,936

Financials

(1.1%):

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

.................................

793,700

9,051

13,987

Netherlands

(1.2%):

Financials

(1.2%):

ABN

AMRO

Bank

NV,

Class

CV(b)

.........................................

292,904

9,824

Russian

Federation

(0.0%):

Consumer

Staples

(0.0%):

Magnit

PJSC(a)(c)(d)

....................................................

26,745

—

Energy

(0.0%):

Rosneft

Oil

Co.

PJSC(a)(c)(d)

..............................................

553,394

—

—

South

Korea

(9.5%):

Financials

(4.4%):

Hana

Financial

Group,

Inc.

................................................

188,366

15,923

KB

Financial

Group,

Inc.

.................................................

171,362

18,910

34,833

Information

Technology

(5.1%):

Samsung

Electronics

Co.

Ltd.

..............................................

274,057

41,174

76,007

Spain

(0.5%):

Financials

(0.5%):

Banco

de

Sabadell

SA

...................................................

1,130,033

4,211

Taiwan

(1.7%):

Information

Technology

(1.7%):

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.................................

222,000

13,950

United

Kingdom

(4.6%):

Consumer

Discretionary

(1.6%):

Persimmon

PLC

........................................................

637,638

12,946

Energy

(1.9%):

Shell

PLC,

ADR

.......................................................

184,940

15,444

Financials

(1.1%):

Willis

Towers

Watson

PLC

................................................

27,441

8,374

36,764

United

States

(53.1%):

Communication

Services

(3.8%):

Alphabet,

Inc.,

Class

A

...................................................

98,467

30,698

Consumer

Discretionary

(5.7%):

Airbnb,

Inc.,

Class

A(a)

..................................................

32,701

4,418

Amazon.com,

Inc.(a)

....................................................

150,805

31,669

Darden

Restaurants,

Inc.

..................................................

18,896

4,041

eBay,

Inc.

............................................................

64,589

5,869

45,997

Consumer

Staples

(1.7%):

BJ's

Wholesale

Club

Holdings,

Inc.(a)

........................................

99,381

9,818

Celsius

Holdings,

Inc.(a)

..................................................

64,273

3,446

13,264

Energy

(2.5%):

HF

Sinclair

Corp.

.......................................................

106,743

5,338

Ovintiv

,

Inc.

..........................................................

90,044

4,555

Range

Resources

Corp.

...................................................

189,426

7,820

Valero

Energy

Corp.

.....................................................

10,218

2,091

19,804

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Global

#### Equity

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Financials

(11.0%):

Bank

of

America

Corp.

...................................................

634,348

$

31,610

Citizens

Financial

Group,

Inc.

..............................................

94,498

5,688

Huntington

Bancshares,

Inc.

...............................................

382,437

6,425

PayPal

Holdings,

Inc.

....................................................

172,096

7,952

Regions

Financial

Corp.

..................................................

665,329

18,516

State

Street

Corp.

.......................................................

88,393

11,369

U.S.

Bancorp

..........................................................

112,555

6,152

87,712

Health

Care

(5.7%):

AbbVie,

Inc.

..........................................................

18,690

4,338

Bristol-Myers

Squibb

Co.

.................................................

55,016

3,431

Cardinal

Health,

Inc.

....................................................

70,522

16,166

Eli

Lilly

&

Co.

.........................................................

4,578

4,816

Johnson

&

Johnson

.....................................................

37,600

9,341

Pfizer,

Inc.

............................................................

288,099

7,966

46,058

Industrials

(5.3%):

EMCOR

Group,

Inc.

....................................................

4,548

3,295

Generac

Holdings,

Inc.(a)

.................................................

19,954

4,497

MasTec

,

Inc.(a)

........................................................

23,302

6,944

Regal

Rexnord

Corp.

....................................................

57,547

12,717

Uber

Technologies,

Inc.(a)

................................................

104,759

7,901

United

Rentals,

Inc.

.....................................................

8,839

7,425

42,779

Information

Technology

(12.3%):

Adobe,

Inc.(a)

.........................................................

42,060

11,037

Advanced

Micro

Devices,

Inc.(a)

............................................

49,309

9,872

Axcelis

Technologies,

Inc.(a)

..............................................

104,607

8,642

Cisco

Systems,

Inc.

.....................................................

218,216

17,340

International

Business

Machines

Corp.

........................................

47,608

11,436

Microsoft

Corp.

........................................................

10,014

3,933

NVIDIA

Corp.

.........................................................

74,448

13,191

Pure

Storage,

Inc.,

Class

A(a)

..............................................

142,669

9,162

QUALCOMM,

Inc.

.....................................................

39,705

5,652

Salesforce,

Inc.

........................................................

41,519

8,088

98,353

Materials

(1.8%):

Newmont

Corp.

........................................................

108,795

14,143

Utilities

(3.3%):

Eversource

Energy

......................................................

291,814

22,239

FirstEnergy

Corp.

.......................................................

76,699

3,924

26,163

424,971

Total

Common

Stocks

(Cost

$535,656)

769,846

U.S.

Treasury

Obligations

(2.1%)

U.S.

Treasury

Bills

2.90%,

3/10/26(e)

..................................................

$

8,000

7,994

3.54%,

3/17/26(e)

..................................................

9,000

8,986

Total

U.S.

Treasury

Obligations

(Cost

$16,978)

16,980

Total

Investments

(Cost

$552,634)

—

98.2%

786,826

Other

assets

in

excess

of

liabilities

—

1.8%

14,199

NET

ASSETS

-

100.00%

$

801,025

(a) Non-income

producing

security.

(b) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

February

28,

2026,

the

fair

value

of

these

securities

was

$14,098

(thousands)

and

amounted

to

1.8%

of

net

assets.

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Global

#### Equity

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Name

Acquisition

Date

Cost

Magnit

PJSC

...............................................

7/23/2020

$

1,858

Rosneft

Oil

Co.

PJSC

.........................................

6/23/2021

4,457

(c) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

0.0%

of

net

assets

as

of

February

28,

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)

(d) The

following

table

details

the

earliest

acquisition

date

and

cost

of

the

Fund's

restricted

securities

due

to

trading

restrictions

at

February

28,

2026

(amounts

in

thousands):

(e) Rate

represents

the

effective

yield

at

February

28,

2026. ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

Over

the

Counter Options

Written

Description

Counterparty

Notional

Amount

(000) Put/

Call

Strike

Price

Expiration

Date

Number of

Contracts

(000) Value

(000) NVIDIA

Corp.

CitiBank

NA

8,580

Call

120.51 4/20/26

$

(4,135)

Total

(Premiums

Received

$1,346)

$

(4,135)

Credit

Enhancements

—Adds

the

financial

strength

of

the

provider

of

the

enhancement

to

support

the

issuer's

ability

to

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

be

provided

by

a

high-quality

bank,

insurance

company

or

other

corporation,

or

a

collateral

trust.

The

enhancements

do

not

guarantee

the

market

values

of

the

securities.

Statement

of

Assets

and

Liabilities

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

IV

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

Pioneer

Global

Equity

Fund

Assets:

Investments,

at

value

(Cost

$552,634)

$

786,826

Foreign

currency,

at

value

(Cost

$180)

Cash

3,375

Due

from

broker

for

written

options

4,812

Receivables:

Dividends

and

interest

1,116

Capital

shares

issued

5,702

Investments

sold

3,761

From

Adviser

Reclaims

681

Prepaid

expenses

Total

Assets

806,613

Liabilities:

Written

options,

at

fair

value

(Premium

received

$1,346)

4,135

Payables:

Investments

purchased

Capital

shares

redeemed

786

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

Transfer

agent

fees

—(a)

Sub-Transfer

agent

fees

Trustees'

fees

Shareholder

servicing

fees

12b-1

fees

Other

accrued

expenses

Total

Liabilities

5,588

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

552,513

Total

accumulated

earnings

(loss)

248,512

Net

Assets

$

801,025

Net

Assets:

Class

A

$

256,990

Class

C

9,228

Class

R6

88,561

Class

Y

446,246

Total

$

801,025

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

10,368

Class

C

Class

R6

3,561

Class

Y

17,866

Total

32,182

Net

asset

value,

offering

and

redemption

price

per

share:(b)

Class

A

$

24.79 Class

C(c)

23.82 Class

R6

24.87 Class

Y

24.98 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

$

26.30 (a) Rounds

to

less

than

$1

thousand.

(b) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

(c) Redemption

price

per

share

varies

by

length

of

time

shares

are

held.

Statement

of

Operations

For

the

Six

Months

Ended

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

IV

(Amounts

in

Thousands)

(Unaudited)

Victory

Pioneer

Global

Equity

Fund

Investment

Income:

Dividends

$

8,375

Interest

Foreign

tax

withholding

(443)

Total

Income

7,970

Expenses:

Investment

advisory

fees

2,234

Administration

fees

Sub-Administration

fees

12b-1

fees

—

Class

A

12b-1

fees

—

Class

C

Custodian

fees

Transfer

agent

fees

—

Class

A

Transfer

agent

fees

—

Class

C

Transfer

agent

fees

—

Class

R6

—

(a) Transfer

agent

fees

—

Class

Y

Sub-Transfer

agent

fees

—

Class

A

Sub-Transfer

agent

fees

—

Class

C

Sub-Transfer

agent

fees

—

Class

Y

Trustees'

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Other

expenses

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

Total

Expenses

3,130

Less

fees

paid

indirectly

(1)

Expenses

waived/reimbursed

by

Adviser

(178)

Net

Expenses

2,951

Net

Investment

Income

(Loss)

5,019

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

33,745

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

and

foreign

currency

translations

83,926

Net

change

in

unrealized

appreciation/depreciation

on

written

options

Net

realized/unrealized

gains

(losses)

on

investments

117,827

Change

in

net

assets

resulting

from

operations

$

122,846

(a) Rounds

to

less

than

$1

thousand.

(Amounts

in

Thousands)

Victory

Portfolios

IV

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Pioneer

Global

Equity

Fund

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025\*

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

5,019

$

7,797

Net

realized

gains

(losses)

33,745

66,302

Net

change

in

unrealized

appreciation/depreciation

84,082

40,787

Change

in

net

assets

resulting

from

operations

122,846

114,886

Distributions

to

Shareholders:

Class

A

(25,052)

(12,148)

Class

C

(771)

(381)

Class

R

—

(986)

Class

R6

(8,967)

(5,771)

Class

Y

(39,406)

(19,616)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(74,196)

(38,902)

Change

in

net

assets

resulting

from

capital

transactions

136,017

(3,740)

Change

in

net

assets

184,667

72,244

Net

Assets:

Beginning

of

period

616,358

544,114

End

of

period

$

801,025

$

616,358

\*

Pioneer

Global

Sustainable

Equity

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

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

A,

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

Global

Equity

Fund

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025\*

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

14,900

$

27,612

Distributions

reinvested

24,286

11,693

Cost

of

shares

redeemed

(17,838)

(25,376)

Total

Class

A

$

21,348

$

13,929

Class

C

Proceeds

from

shares

issued

$

1,967

$

1,331

Distributions

reinvested

771

Cost

of

shares

redeemed

(730)

(2,026)

Total

Class

C

$

2,008

$

(314)

Class

R

Proceeds

from

shares

issued

$

—

$

868

Distributions

reinvested

—

986

Cost

of

shares

redeemed

—

(16,744)

Total

Class

R

$

—

$

(14,890)

Class

R6

Proceeds

from

shares

issued

$

6,375

$

1,528

Distributions

reinvested

8,967

5,763

Cost

of

shares

redeemed

(13,123)

(18,150)

Total

Class

R6

$

2,219

$

(10,859)

Class

Y

Proceeds

from

shares

issued

$

119,829

$

79,166

Distributions

reinvested

39,204

19,398

Cost

of

shares

redeemed

(48,591)

(90,169)

Total

Class

Y

$

110,442

$

8,395

Change

in

net

assets

resulting

from

capital

transactions

$

136,017

$

(3,740)

Share

Transactions:

Class

A

Issued

620

1,401

Reinvested

1,065

613

Redeemed

(743)

(1,254)

Total

Class

A

942

760

Class

C

Issued

Reinvested

Redeemed

(32)

(107)

Total

Class

C

(16)

Class

R

Issued

—

Reinvested

—

Redeemed

—

(874)

Total

Class

R

—

(777)

Class

R6

Issued

Reinvested

Redeemed

(538)

(888)

Total

Class

R6

(512)

Class

Y

Issued

4,912

3,825

Reinvested

1,704

1,011

Redeemed

(2,009)

(4,513)

Total

Class

Y

4,607

Change

in

Shares

5,757

(222)

\*

Pioneer

Global

Sustainable

Equity

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

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

A,

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

Global

Equity

Fund

Class

A\*

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021

Net

Asset

Value,

Beginning

of

Period

$23.23

$20.35

$16.96

$15.69

$21.08

$15.69

Investment

Activities:

Net

investment

income

(loss)(a)

0.15 0.25 0.26 0.26 0.26 0.30 Net

realized

and

unrealized

gains

(losses)

4.06 4.04 3.40 1.93 (1.87)

5.24 Total

from

Investment

Activities

4.21 4.29 3.66 2.19 (1.61)

5.54 Distributions

to

Shareholders

from:

Net

investment

income

(0.42)

(0.34)

(0.25)

(0.22)

(0.35)

(0.15)

Net

realized

gains

(2.23)

(1.07)

(0.02)

(0.70)

(3.43)

—

Total

Distributions

(2.65)

(1.41)

(0.27)

(0.92)

(3.78)

(0.15)

Net

Asset

Value,

End

of

Period

$24.79

$23.23

$20.35

$16.96

$15.69

$21.08

Total

Return(b)(c)

19.33%

22.70%(d)

21.86%

14.56%

(9.05)%(e)

35.53%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

1.03%(h)

1.11%

1.10%

1.09%

1.10%

1.15%

Net

Investment

Income

(Loss)(f)

1.29%

1.23%

1.44%

1.62%

1.45%

1.60%

Gross

Expenses(f)(g)

1.04%(h)

1.11%

1.15%

1.22%

1.20%

1.32%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$256,990

$218,938

$176,333

$151,894

$141,637

$170,823

Portfolio

Turnover(b)(i)

19%

68%

52%(j)

63%

72%

91%

\*

Pioneer

Global

Sustainable

Equity

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

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

A,

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) Not

annualized

for

periods

less

than

one

year.

(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) For

the

year

ended

August

31,

2025,

the

Fund's

total

return

includes

gains

in

settlement

of

class

action

lawsuits.

The

impact

on

Class

A's

total

return

was

less

than

0.005%.

(e) If

the

Fund

had

not

recognized

gains

in

settlement

of

class

action

lawsuits

during

the

year

ended

August

31,

2022,

the

total

return

would

have

been

(9.11)%.

(f) Annualized

for

periods

less

than

one

year.

(g) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(h) 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%.

(i) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(j) Portfolio

turnover

excludes

the

value

of

portfolio

securities

received

or

delivered

as

a

result

of

in-kind

fund

share

transactions.

Victory

Portfolios

IV

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Pioneer

Global

Equity

Fund

Class

C\*

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021

Net

Asset

Value,

Beginning

of

Period

$22.38

$19.62

$16.35

$15.23

$20.57

$15.29

Investment

Activities:

Net

investment

income

(loss)(a)

0.05 0.09 0.12 0.13 0.12 0.14 Net

realized

and

unrealized

gains

(losses)

3.91 3.92 3.27 1.87 (1.82)

5.14 Total

from

Investment

Activities

3.96 4.01 3.39 2.00 (1.70)

5.28 Distributions

to

Shareholders

from:

Net

investment

income

(0.29)

(0.18)

(0.10)

(0.18)

(0.21)

—

Net

realized

gains

(2.23)

(1.07)

(0.02)

(0.70)

(3.43)

—

Total

Distributions

(2.52)

(1.25)

(0.12)

(0.88)

(3.64)

—

Net

Asset

Value,

End

of

Period

$23.82

$22.38

$19.62

$16.35

$15.23

$20.57

Total

Return(b)(c)

18.87%

21.85%(d)

20.87%

13.71%

(9.69)%(e)

34.53%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

1.82%(h)

1.86%

1.85%

1.85%

1.82%

1.92%

Net

Investment

Income

(Loss)(f)

0.45%

0.46%

0.67%

0.85%

0.71%

0.79%

Gross

Expenses(f)(g)

1.82%(h)

1.87%

1.89%

1.98%

1.91%

2.06%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$9,228

$6,675

$6,160

$6,837

$7,440

$10,330

Portfolio

Turnover(b)(i)

19%

68%

52%(j)

63%

72%

91%

\*

Pioneer

Global

Sustainable

Equity

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

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

A,

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) Not

annualized

for

periods

less

than

one

year.

(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) For

the

year

ended

August

31,

2025,

the

Fund's

total

return

includes

gains

in

settlement

of

class

action

lawsuits.

The

impact

on

Class

C's

total

return

was

less

than

0.005%.

(e) If

the

Fund

had

not

recognized

gains

in

settlement

of

class

action

lawsuits

during

the

year

ended

August

31,

2022,

the

total

return

would

have

been

(9.75)%.

(f) Annualized

for

periods

less

than

one

year.

(g) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(h) 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%.

(i) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(j) Portfolio

turnover

excludes

the

value

of

portfolio

securities

received

or

delivered

as

a

result

of

in-kind

fund

share

transactions.

Victory

Portfolios

IV

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Pioneer

Global

Equity

Fund

Class

R6\*

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021

Net

Asset

Value,

Beginning

of

Period

$23.33

$20.43

$17.03

$15.71

$21.10

$15.70

Investment

Activities:

Net

investment

income

(loss)(a)

0.19 0.32 0.33 0.33 0.33 0.38 Net

realized

and

unrealized

gains

(losses)

4.07 4.06 3.41 1.93 (1.86)

5.24 Total

from

Investment

Activities

4.26 4.38 3.74 2.26 (1.53)

5.62 Distributions

to

Shareholders

from:

Net

investment

income

(0.49)

(0.41)

(0.32)

(0.24)

(0.43)

(0.22)

Net

realized

gains

(2.23)

(1.07)

(0.02)

(0.70)

(3.43)

—

Total

Distributions

(2.72)

(1.48)

(0.34)

(0.94)

(3.86)

(0.22)

Net

Asset

Value,

End

of

Period

$24.87

$23.33

$20.43

$17.03

$15.71

$21.10

Total

Return(b)(c)

19.50%

23.16%(d)

22.27%

15.05%

(8.67)%(e)

36.10%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.73%(h)

0.74%

0.73%

0.70%

0.70%

0.70%

Net

Investment

Income

(Loss)(f)

1.61%

1.58%

1.79%

2.02%

1.85%

2.05%

Gross

Expenses(f)(g)

0.74%(h)

0.75%

0.77%

0.83%

0.80%

0.84%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$88,561

$80,275

$80,775

$73,174

$64,215

$68,962

Portfolio

Turnover(b)(i)

19%

68%

52%(j)

63%

72%

91%

\*

Pioneer

Global

Sustainable

Equity

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

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

A,

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) Not

annualized

for

periods

less

than

one

year.

(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) If

the

Fund

had

not

recognized

gains

in

settlement

of

class

action

lawsuits

during

the

year

ended

August

31,

2025,

the

total

return

would

have

been

23.10%

(e) If

the

Fund

had

not

recognized

gains

in

settlement

of

class

action

lawsuits

during

the

year

ended

August

31,

2022,

the

total

return

would

have

been

(8.72)%.

(f) Annualized

for

periods

less

than

one

year.

(g) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(h) 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%.

(i) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(j) Portfolio

turnover

excludes

the

value

of

portfolio

securities

received

or

delivered

as

a

result

of

in-kind

fund

share

transactions.

Victory

Portfolios

IV

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Pioneer

Global

Equity

Fund

Class

Y\*

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025

Year

Ended

August

31,

2024

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021

Net

Asset

Value,

Beginning

of

Period

$23.41

$20.50

$17.09

$15.76

$21.15

$15.74

Investment

Activities:

Net

investment

income

(loss)(a)

0.19 0.32 0.34 0.34 0.34 0.39 Net

realized

and

unrealized

gains

(losses)

4.10 4.07 3.41 1.93 (1.88)

5.25 Total

from

Investment

Activities

4.29 4.39 3.75 2.27 (1.54)

5.64 Distributions

to

Shareholders

from:

Net

investment

income

(0.49)

(0.41)

(0.32)

(0.24)

(0.42)

(0.23)

Net

realized

gains

(2.23)

(1.07)

(0.02)

(0.70)

(3.43)

—

Total

Distributions

(2.72)

(1.48)

(0.34)

(0.94)

(3.85)

(0.23)

Net

Asset

Value,

End

of

Period

$24.98

$23.41

$20.50

$17.09

$15.76

$21.15

Total

Return(b)(c)

19.55%

23.12%(d)

22.25%

15.06%

(8.66)%(e)

36.10%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.75%(h)

0.75%

0.74%

0.70%

0.70%

0.70%

Net

Investment

Income

(Loss)(f)

1.55%

1.57%

1.84%

2.10%

1.99%

2.06%

Gross

Expenses(f)(g)

0.85%(h)

0.86%

0.89%

0.95%

0.92%

0.97%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$446,246

$310,469

$265,203

$188,805

$63,260

$25,865

Portfolio

Turnover(b)(i)

19%

68%

52%(j)

63%

72%

91%

\*

Pioneer

Global

Sustainable

Equity

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

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

A,

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) Not

annualized

for

periods

less

than

one

year.

(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) For

the

year

ended

August

31,

2025,

the

Fund's

total

return

includes

gains

in

settlement

of

class

action

lawsuits.

The

impact

on

Class

Y's

total

return

was

less

than

0.005%.

(e) The

class

action

lawsuit

did

not

have

an

impact

on

the

total

return.

(f) Annualized

for

periods

less

than

one

year.

(g) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(h) 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%.

(i) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(j) Portfolio

turnover

excludes

the

value

of

portfolio

securities

received

or

delivered

as

a

result

of

in-kind

fund

share

transactions.

Notes

to

Financial

Statements

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

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

Pioneer

Global

Sustainable

Equity

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

A,

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

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

A,

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

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

("ASC") 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

Global

Equity

Fund

Global

Equity

Fund

Class

A,

Class

C,

Class

R6,

and

Class

Y

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

Portfolio

securities

listed

or

traded

on

securities

exchanges,

including

Exchange-Traded

Funds

("ETFs")

and

American

Depositary

Receipts,

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.

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.

Options

are

generally

valued

at

the

last

quoted

sales

price

or,

in

the

absence

of

a

sale,

at

the

mean

between

the

current

bid

and

ask

prices.

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.

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

February

28,

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 February

28,

2026,

there

were

no

significant transfers

into/out

of

Level

3. 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.

Derivative

Instruments:

Options

Contracts

Options

contracts

are

generally

valued

at

the

mean

between

the

last

bid

and

ask

prices

on

the

principal

exchange

where

they

are

traded.

Over

the-

counter

("OTC")

options

and

options

on

swaps

("swaptions")

are

valued

using

prices

supplied

by

independent

pricing

services,

which

consider

such

factors

as

market

prices,

market

events,

quotations

from

one

or

more

brokers,

Treasury

spreads,

yields,

maturities

and

ratings,

or

may

use

a

pricing

matrix

or

other

fair

value

methods

or

techniques

to

provide

an

estimated

value

of

the

security

or

instrument.

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

February

28,

2026 (amounts

in

thousands):

Level

Level

Level

Total

Global

Equity

Fund

Common

Stocks

...............................................

$

492,396

$

277,450

$

—(a)

$

769,846

U.S.

Treasury

Obligations

........................................

—

16,980

—

16,980

Total

.......................................................

$

492,396

$

294,430

$

—(a)

$

786,826

Other

Financial

Investments:

Written

Option

................................................

—

—

—

—

Total

.......................................................

$

—

$

(2,790)

$

—

$

(2,790)

(a) Zero

market

value

securities.

\*

Futures

Contracts

and

Forward

Foreign

Currency

Exchange

Contracts

are

presented

at

the

unrealized

appreciation

(depreciation)

on

the

investment.

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

The

following

table

presents the

effect

of

derivative

instruments

on

the

Statement

of

Operations,

categorized

by

risk

exposure,

for

the period

ended

February

28,

2026 (amounts

in

thousands):

All

open

derivative

positions

at

period 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 period

end

is

representative

of

the

notional

amount

of

open

positions

to

net

assets

throughout

the

period.

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.

Foreign

Currency

Translations:

The

accounting

records

of

the

Fund

are

maintained

in

U.S.

dollars.

Investment

securities

and

other

assets

and

liabilities

of the

Fund

denominated

in

a

foreign

currency

are

translated

into

U.S.

dollars

at

current

exchange

rates.

Purchases

and

sales

of

securities,

income

receipts,

and

expense

payments

are

translated

into

U.S.

dollars

at

the

exchange

rates

on

the

date

of

the

transactions.

The

Fund

does

not

isolate

the

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

on

investments

from

fluctuations

arising

from

changes

in

market

prices

of

securities

held.

Such

fluctuations,

if

any,

are

disclosed

as

Net

change

in

unrealized

appreciation/depreciation

on investment

securities

and

foreign

currency

translations

on

the

Statement

of

Operations.

Realized

gains

or

losses

from

these

fluctuations,

if

any,

are

disclosed

as

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

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.

Foreign

Taxes:

The

Fund

may

be

subject

to

foreign

taxes

related

to

foreign

income

received

(a

portion

of

which

may

be

reclaimable),

capital

gains

on

the

sale

of

securities,

and

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Fund

invests.

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 August

31. For

the

six

months

ended

February

28,

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.

Liabilities

Written

Options,

at

Value

Equity

Risk

Exposure:

4,135,000

Global

Equity

Fund

..................................................................................

$

4,135

Net

Change

in

Unrealized

Appreciation/

Depreciation

from

Written

Options

Equity

Risk

Exposure:

156,000

Global

Equity

Fund

................................................................................

$

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

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

six

months

ended

February

28,

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

February

28,

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

six

months ended

February

28,

2026,

are

reflected

on

the

Statement

of

Operations

as

Investment

advisory

fees.

Administration

and

Servicing

Fees:

VCM also

serves

as

the

Funds'

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

the

Trust,

Victory

Portfolios,

Victory

Portfolios

II,

and

Victory

Variable

Insurance

Funds

II. The

tiered

rates

at

which

VCM

is

paid

by

the

Funds

are

shown

in

the

table

below:

Amounts

incurred

for

the

six

months

ended

February

28,

2026,

are

reflected

on

the

Statement

of

Operations

as

Administration

fees.

Excluding

U.S.

Government

Securities

Purchases

Sales

Global

Equity

Fund

........................................................................

$

184,849

$

130,199

Global

Equity

Fund

Ownership

%

Victory

Pioneer

Solutions

–

Balanced

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

10.0 Adviser

Fee

Tier

Rates

Up

to

$1

billion

Over

$1

billion

Global

Equity

Fund

.........................................................................................................................................

0.65%,

plus

0.60%,

plus

Annual

Charge

Up

to

$15

billion

Over

$15

billion

—

$30

billion

Over

$30

billion

—

$85

billion

Over

$85

billion

Global

Equity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.08%,

plus

0.05%,

plus

0.04%,

plus

0.03%

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

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

Chief

Compliance

Officer,

and

implementing

new

reports

required

by

new

rules

adopted

by

the

SEC

under

the

1940

Act.

Prior

to

February

6,

2026,

BNY

Mellon

served

as

sub

-

administrator

and

sub-fund

accountant

for

the

Fund.

The

total

amounts

incurred

and

paid

for

through

the six

months

ended February

28,

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

six

months

ended

February

28,

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

six

months

ended

February

28,

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

0.25%

and

1.00%,

respectively,

of

the

average

daily

net

assets. Amounts

incurred

and

paid

to

the

Distributor

for

the six

months

ended

February

28,

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. For

the

six

months

ended

February

28,

2026,

the

Distributor

received

$11

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

6,

2026,

BNY

Mellon

served

as

the

Fund's

custodian. Total

custodian

fees

incurred

for

the

period ended

February

28,

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

February

28,

2026,

the

expense

limits

(excluding

voluntary

waivers) were

as

follows:

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

February

28,

2026. In

effect

until

April

1,

2028

Class

A

Class

C

Class

R6

Class

Y

Global

Equity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.10%

1.85%

0.73%

0.74%

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

For

the

six

months

ended

February

28,

2026,

the

following

recoupment

amount was

paid

to

the

Adviser

(amounts

in

thousands):

As

of February

28,

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 six

months

ended

February

28,

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.

Foreign

Securities

Risk

— Foreign

markets

can

be

more

volatile

than

the

U.S.

market

due

to

increased

risks

of

adverse

issuer,

political,

regulatory,

market,

or

economic

developments

and

can

perform

differently

from

the

U.S.

market.

Global

markets,

or

those

in

a

particular

region,

may

all

react

in

similar

fashion

to

important

political,

economic,

or

other

developments.

Events

and

evolving

conditions

in

certain

economies

or

markets,

including

with

respect

to

tariffs

or

sanctions, may

alter

the

risks

associated

with

investments

tied

to

countries

or

regions

that

historically

were

perceived

as

comparatively

stable

and

make

such

investments

riskier

and

more

volatile.

Equity

Risk

—

The

value

of

the

equity

securities

in

which

the

Fund

invests

may

decline

in

response

to

developments

affecting

individual

companies

and/or

general

economic

conditions

in

the

United

States

or

abroad.

A

company's

earnings

or

dividends

may

not

increase

as

expected

(or

may

decline)

because

of

poor

management,

competitive

pressures,

reliance

on

particular

suppliers

or

geographical

regions,

labor

problems

or

shortages,

corporate

restructurings,

fraudulent

disclosures,

man-made

or

natural

disasters,

military

confrontations

or

wars,

terrorism,

public

health

crises,

or

other

events,

conditions

and

factors.

Price

changes

may

be

temporary

or

last

for

extended

periods.

Sector Focus

Risk

—

To

the

extent

the

Fund

focuses

in

one

or

more

sectors,

such

as

the

financials

sector,

market

or

economic

factors

impacting

those

sectors

could

have

a

significant

effect

on

the

value

of

the

Fund's

investments

and

could

make

the

Fund's

performance

more

volatile.

Smaller-Capitalization

Stock

Risk

—

Small-

and

mid-sized

companies

are

subject

to

a

number

of

risks

not

associated

with

larger,

more

established

companies,

potentially

making

their

stock

prices

more

volatile

and

increasing

the

risk

of

loss.

Smaller

companies

may

have

limited

markets,

product

lines,

or

financial

resources

and

lack

management

experience

and

may

experience

higher

failure

rates

than

larger

companies.

Derivatives

Risk

--

The

use

of

derivative

instruments,

such

as

futures

contracts

and

credit

default

swaps,

exposes

the

Fund

to

additional

risks

and

transaction

costs.

Risks

of

derivative

instruments

include:

(1) the

risk

that

interest

rates,

securities

prices,

asset

values,

and

currency

markets

will

not

move

in

the

direction

that

a

portfolio

manager

anticipates;

(2) imperfect

correlation

between

the

price

of

derivative

instruments

and

movements

in

the

prices

of

the

securities,

assets,

interest

rates

or

currencies

being

hedged;

(3) the

fact

that

skills

needed

to

use

these

strategies

are

different

than

those

needed

to

select

portfolio

securities;

(4) the

possible

absence

of

a

liquid

secondary

market

for

any

particular

instrument

and

possible

exchange

imposed

price

fluctuation

limits,

either

of

which

may

make

it

difficult

or

impossible

to

close

out

a

position

when

desired;

(5) the

risk

that

adverse

price

movements

in

an

instrument

can

result

in

a

loss

substantially

greater

than

the

Fund's

initial

investment

in

that

instrument

(in

some

cases,

the

potential

loss

is

unlimited);

(6) particularly

in

the

case

of

privately-negotiated

instruments,

the

risk

that

the

counterparty

will

not

perform

its

obligations,

which

could

leave

the

Fund

worse

off

than

if

it

had

not

entered

into

the

position;

and

(7) the

inability

to

close

out

certain

hedged

positions

to

avoid

adverse

tax

consequences.

Amount

Global

Equity

Fund

...................................................................................

$

August

31,

2028

August

31,

2029

Total

Global

Equity

Fund

...............................................................

$

$

$

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

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

six

months

ended

February

28,

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

six

months

ended

February

28,

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.

The

tax

character

of

current

year

distributions

paid

and

the

tax

basis

of

the

current

components

of

accumulated

earnings

(losses)

will

be

determined

at

the

end

of

the

current

tax

year.

At

the

tax year

ended August

31,

2025,

the

Fund

had

no

capital

loss

carryforwards

for

federal

income

tax

purposes.

9. #### Master

#### Netting

#### Agreements:
The

Fund

has

entered

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

("ISDA

Master

Agreement")

or

similar

agreement

with

substantially

all

of

its

derivative

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

the

Fund

and

a

counterparty

that

governs

the

trading

of

certain

Over

the

Counter

("OTC")

derivatives

and

typically

contains,

among

other

things,

close-out

and

setoff

provisions

which

apply

upon

the

occurrence

of

an

event

of

default

and/or

a

termination

event

as

defined

under

the

relevant

ISDA

Master

Agreement.

The

ISDA

Master

Agreement

may

also

give

a

party

the

right

to

terminate

all

transactions

traded

under

such

agreement

if,

among

other

things,

there

is

deterioration

in

the

credit

quality

of

the

other

party.

Upon

an

event

of

default

or

a

termination

of

the

ISDA

Master

Agreement,

the

non-defaulting

party

has

the

right

to

close-out

all

transactions

under

such

agreement

and

to

net

amounts

owed

under

each

transaction

to

determine

one

net

amount

payable

by

one

party

to

the

other.

The

right

to

close

out

and

net

payments

across

all

transactions

under

the

ISDA

Master

Agreement

could

result

in

a

reduction

of

the

Fund's

credit

risk

to

its

counterparty

equal

to

any

amounts

payable

by

the

Fund

under

the

applicable

transactions,

if

any.

However,

the

Fund's

right

to

set-off

may

be

restricted

or

prohibited

by

the

bankruptcy

or

insolvency

laws

of

the

particular

jurisdiction

to

which

each

specific

ISDA

Master

Agreement

of

each

counterparty

is

subject.

The

collateral

requirements

for

derivatives

transactions

under

an

ISDA

Master

Agreement

are

governed

by

a

credit

support

annex

to

the

ISDA

Master

Agreement.

Collateral

requirements

are

generally

determined

at

the

close

of

business

each

day

and

are

typically

based

on

changes

in

market

values

for

each

transaction

under

an

ISDA

Master

Agreement

and

netted

into

one

amount

for

such

agreement.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

threshold

(a

"minimum

transfer

amount")

before

a

transfer

is

required,

which

may

vary

by

counterparty.

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

Collateral

pledged

for

the

benefit

of

the

Fund

and/or

counterparty

is

held

in

segregated

accounts

by

the

Fund's

custodian

and

cannot

be

sold,

repledged,

assigned

or

otherwise

used

while

pledged.

Cash

that

has

been

segregated

to

cover

the

Fund's

collateral

obligations,

if

any,

will

be

reported

separately

on

the

Statement

of

Assets

and

Liabilities

as

"Swaps

collateral".

Securities

pledged

by

the

Fund

as

collateral,

if

any,

are

identified

as

such

in

the

Schedule

of

Investments.

Financial

instruments

subject

to

an

enforceable

master

netting

agreement,

such

as

an

ISDA

Master

Agreement,

have

been

offset

on

the

Statement

of

Assets

and

Liabilities.

The

following

chart

shows

gross

assets

of

the

Fund

as

of

February

28,

2026 (amounts

in

thousands):

(a) The

amount

presented

here

may

be

less

than

the

total

amount

of

collateral

received/pledged

as

the

net

amount

of

derivative

assets

and

lia-

bilities

cannot

be

less

than

$0.

(b) Represents

the

net

amount

due

from

the

counterparty

in

the

event

of

default.

10. #### 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.

11. #### New

#### Accounting

#### Pronouncement:
On

December

14,

2023,

the

Financial

Accounting

Standards

Board

issued

Accounting

Standards

Update

("ASU")

2023-09,

which

establishes

new

income

tax

disclosure

requirements

and

modifies

or

eliminates

certain

existing

disclosure

provisions.

The

amendments

in

this

ASU

are

intended

to

address

investor

requests

for

more

transparency

about

income

tax

information

and

to

improve

the

effectiveness

of

income

tax

disclosures. ASU

2023-09

applies

to

all

entities

that

are

subject

to

ASC

740,

Income

Taxes. The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024. Management

is

currently

evaluating

the

impact

of

ASU

2023-09

and

does

not

believe

it

will

have

a

material

impact

on

the

Fund's

financial

statements.

a

a

a

a

a

Counterparty

Derivative

Liabilities

Subject

to

Master

Netting

Agreement

Derivatives

Available

for

Offset

Non-Cash

Collateral

Pledged

(a) Cash

Collateral

Pledged

(a) Net

Amount

of

Derivative

Liabilities

(b) CitiBank

NA

.......................................

$

4,135

$

—

$

—

$

(4,135)

$

—

Total

$

4,135

$

—

$

—

$

(4,135)

$

—

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800) 539-3863

2341-0226

February

28,

2026

Semi-Annual:

Full

Financials

Victory

High

Income

Municipal

Fund

(formerly

Victory

Pioneer

High

Income

Municipal

Fund)

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Day,

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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

#### 9
Statement

of

Operations

#### 10
Statements

of

Changes

in

Net

Assets

#### 11
Financial

Highlights

#### 13

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 16
Schedule

of

Portfolio

Investments

February

28,

2026

Victory

Portfolios

IV

#### Victory

#### High

#### Income

#### Municipal

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Corporate

Bonds

(0.4%)

Health

Care

(0.4%):

Springshire

Retirement

LLC,

6/30/26(a)(b)(j)

...................................

$

9,000

$

2,970

Total

Corporate

Bonds

(Cost

$8,810)

a

a

a

2,970

Municipal

Bonds

(98.8%)

Alabama

(0.3%):

Baldwin

County

Industrial

Development

Authority

AMT,

Series

A,

4.30%,

3/1/56,

(Put

Date

3/1/33)(c)

........................................................

1,000

1,000

Black

Belt

Energy

Gas

District

Revenue,

Series

A,

5.25%,

5/1/56,

(Put

Date

5/1/32)(c)

.....

1,000

1,048

2,048

Arizona

(1.8%):

Arizona

Industrial

Development

Authority

Revenue,

4.00%,

7/15/56,

Continuously

Callable

@100(d)

.........................................................

1,040

765

Tempe

Industrial

Development

Authority

Revenue

Series

A,

6.13%,

10/1/47,

Continuously

Callable

@100(d)

......................

1,110

842

Series

A,

6.13%,

10/1/52,

Continuously

Callable

@100(d)

......................

1,000

799

The

IDA

of

the

City

of

Phoenix

Arizona

Revenue,

5.40%,

10/1/36,

Continuously

Callable

@101

...........................................................

12,360

10,341

12,747

Arkansas

(1.9%):

Arkansas

Development

Finance

Authority

Revenue

AMT

5.45%,

9/1/52,

Continuously

Callable

@105

...............................

7,000

7,046

Series

A,

6.88%,

7/1/48,

Continuously

Callable

@105(d)

......................

5,000

5,358

Fayetteville

Public

Facilities

Board

Revenue,

5.50%,

12/1/54,

Continuously

Callable

@103

..

1,100

1,134

13,538

California

(10.6%):

California

Infrastructure

&

Economic

Development

Bank

Revenue

AMT,

Series

B,

12.00%,

1/1/65,

(Put

Date

11/2/26)(c)(d)

.........................................

12,265

6,770

California

Municipal

Finance

Authority

Revenue

6.20%,

6/15/54,

Continuously

Callable

@102(d)

............................

1,600

1,673

Series

A,

5.00%,

11/1/46,

Continuously

Callable

@100(d)

......................

2,000

1,975

Series

A,

5.50%,

1/1/60,

Continuously

Callable

@103(d)

......................

2,310

2,274

Series

B,

5.25%,

12/1/36,

Continuously

Callable

@100(d)

......................

6,115

5,699

Series

B,

5.50%,

12/1/39,

Continuously

Callable

@100(d)

......................

4,530

4,193

California

School

Finance

Authority

Revenue

Series

A,

5.13%,

6/1/59,

Continuously

Callable

@100(d)

......................

1,500

1,358

Series

A,

5.38%,

5/1/63,

Continuously

Callable

@100(d)

......................

1,000

974

Series

A,

5.13%,

6/1/64,

Continuously

Callable

@100(d)

......................

850

760

Golden

State

Tobacco

Securitization

Corp.

Revenue

Series

A-1,

4.21%,

6/1/50,

Continuously

Callable

@100

.......................

21,000

16,121

Series

B-2,

6/1/66,

Continuously

Callable

@28(e)

............................

165,000

17,939

Inland

Empire

Tobacco

Securitization

Corp.

Revenue,

Series

C-1,

6/1/36,

Continuously

Callable

@51(e)

....................................................

20,000

10,067

M-S-R

Energy

Authority

Revenue,

Series

B,

6.50%,

11/1/39

........................

3,100

3,879

Tobacco

Securitization

Authority

of

Southern

California

Revenue,

6/1/46,

Continuously

Callable

@29(e)

....................................................

10,000

2,818

76,500

Colorado

(7.9%):

Aerotropolis

Regional

Transportation

Authority

Revenue

4.38%,

12/1/52,

Continuously

Callable

@103

...............................

5,000

4,240

5.75%,

12/1/54,

Continuously

Callable

@103(d)

............................

6,500

6,537

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

5.80%,

4/1/54,

Continuously

Callable

@102(d)

.............................

2,500

2,538

5.75%,

4/1/59,

Continuously

Callable

@102(d)

.............................

1,000

1,001

Series

A-1,

6.88%,

2/1/59,

Continuously

Callable

@100(d)

.....................

5,000

5,299

Dominion

Water

&

Sanitation

District

Revenue,

5.88%,

12/1/52,

Continuously

Callable

@103

4,949

5,085

Green

Valley

Ranch

East

Metropolitan

District

No.

6,

GO,

Series

A,

5.88%,

12/1/50,

Continuously

Callable

@103

...........................................

5,100

5,172

Larkridge

Metropolitan

District

No.

2,

GO,

5.25%,

12/1/48,

Continuously

Callable

@101

...

4,000

4,002

Mineral

Business

Improvement

District,

GO,

Series

A,

5.75%,

12/1/54,

Continuously

Callable

@103(d)

.........................................................

1,000

999

Victory

Portfolios

IV

#### Victory

#### High

#### Income

#### Municipal

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Olde

Towne

Metropolitan

District,

GO,

6.00%,

12/1/53,

Continuously

Callable

@103(d)

....

$

2,000

$

1,938

Parterre

Metropolitan

District

No.

5,

GO,

Series

A,

6.13%,

12/1/55,

Continuously

Callable

@103

...........................................................

2,000

2,050

Pinery

Commercial

Metropolitan

District

No.

Revenue,

5.75%,

12/1/54,

Continuously

Callable

@103

.....................................................

1,465

1,468

Riverpark

Metropolitan

District/Arapahoe

County,

GO

6.00%,

12/1/42,

Continuously

Callable

@103

...............................

750

759

6.38%,

12/1/54,

Continuously

Callable

@103

...............................

1,400

1,432

Vail

Home

Partners

Corp.

Revenue,

6.00%,

10/1/64,

Continuously

Callable

@100(d)

......

13,150

13,640

Willow

Bend

Metropolitan

District,

GO,

Series

B,

7.63%,

12/15/49,

Continuously

Callable

@102

...........................................................

755

760

56,920

Connecticut

(0.5%):

Stamford

Housing

Authority

Revenue

Series

A,

6.38%,

10/1/45,

Continuously

Callable

@102

........................

1,000

1,057

Series

A,

6.50%,

10/1/55,

Continuously

Callable

@102

........................

1,500

1,574

Series

A,

6.25%,

10/1/60,

Continuously

Callable

@102

........................

1,100

1,116

3,747

Delaware

(1.7%):

Delaware

State

Economic

Development

Authority

Revenue

4.00%,

6/1/52,

Continuously

Callable

@100

...............................

2,250

1,682

4.00%,

6/1/57,

Continuously

Callable

@100

...............................

1,380

969

Series

A,

6.00%,

7/1/65,

Continuously

Callable

@103(d)

......................

5,000

5,093

Town

of

Bridgeville

Special

Tax,

5.63%,

7/1/53,

Continuously

Callable

@100(d)

.........

1,535

1,554

Town

of

Milton

Special

Tax

5.70%,

9/1/44,

Continuously

Callable

@100(d)

.............................

1,000

1,031

5.95%,

9/1/53,

Continuously

Callable

@100(d)

.............................

1,750

1,781

12,110

District

of

Columbia

(0.8%):

District

of

Columbia

Tobacco

Settlement

Financing

Corp.

Revenue,

Series

A,

6/15/46,

Continuously

Callable

@29(e)

.........................................

25,000

5,765

Florida

(4.3%):

Capital

Projects

Finance

Authority

Revenue

6.50%,

6/15/54,

Continuously

Callable

@100(d)

............................

6.63%,

6/15/59,

Continuously

Callable

@100(d)

............................

Capital

Trust

Agency,

Inc.

Revenue,

Series

A,

5.25%,

12/1/58,

Continuously

Callable

@100(d)

6,000

5,685

Capital

Trust

Authority

Revenue

Series

A,

6.25%,

12/15/43,

Continuously

Callable

@100(d)

.....................

2,140

1,993

Series

A,

5.00%,

6/1/54,

Continuously

Callable

@100(d)

......................

3,300

3,052

Series

A,

5.25%,

7/1/55,

Continuously

Callable

@100(d)

......................

500

Series

A,

5.25%,

12/1/55,

Continuously

Callable

@100

........................

665

668

Series

A,

5.38%,

7/1/65,

Continuously

Callable

@100(d)

......................

1,850

1,782

County

of

Lake

Revenue,

5.00%,

1/15/49,

Continuously

Callable

@100(d)

..............

1,525

1,329

County

of

Palm

Beach

Revenue,

Series

A,

5.75%,

10/1/65,

Continuously

Callable

@100(d)

..

2,000

2,047

Florida

Development

Finance

Corp.

Revenue

5.00%,

6/1/31,

Continuously

Callable

@103(d)

.............................

5.00%,

6/1/35,

Continuously

Callable

@103(d)

.............................

5.00%,

6/1/51,

Continuously

Callable

@103(d)

.............................

9,000

8,448

Florida

Development

Finance

Corp.

Revenue

AMT,

0.00%,

7/15/32,

(Put

Date

7/15/28)(b)(c)

(d) .............................................................

3,000

1,099

Florida

Local

Government

Finance

Commission

Revenue,

Series

A,

6.88%,

11/15/64,

Continuously

Callable

@103(d)

........................................

3,000

3,106

30,985

Georgia

(2.4%):

Development

Authority

of

Heard

County

Revenue,

Series

GA,

1.06%,

9/1/26,

Continuously

Callable

@100(f)

...................................................

1,600

1,600

The

Development

Authority

of

Burke

County

Revenue,

Series

1,

1.10%,

7/1/49,

Continuously

Callable

@100(f)

...................................................

3,300

3,300

The

Development

Authority

of

Burke

County

Revenue

(NBGA

-

Southern

Co.),

Series

GA,

1.05%,

11/1/52,

Continuously

Callable

@100(f)

.............................

9,600

9,600

The

Development

Authority

of

Cobb

County

Revenue

6.25%,

6/1/55,

Continuously

Callable

@102(d)

.............................

1,000

1,030

Victory

Portfolios

IV

#### Victory

#### High

#### Income

#### Municipal

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 6.25%,

6/1/64,

Continuously

Callable

@102(d)

.............................

$

2,000

$

2,045

17,575

Guam

(0.2%):

Guam

Economic

Development

&

Commerce

Authority

Revenue,

5.63%,

6/1/47,

Continuously

Callable

@100

.....................................................

1,100

1,085

Idaho

(0.1%):

Idaho

Health

Facilities

Authority

Revenue,

3.00%,

3/1/51,

Continuously

Callable

@100

....

1,370

971

Illinois

(2.0%):

Southwestern

Illinois

Development

Authority

Revenue

5.00%,

6/1/53,

Continuously

Callable

@100

...............................

11,785

11,697

8.00%,

6/1/53,

Continuously

Callable

@100

...............................

1,225

1,190

Village

of

Matteson

Tax

Allocation,

6.50%,

12/1/35,

Continuously

Callable

@100

........

1,220

1,239

14,126

Indiana

(7.4%):

City

of

Anderson

Revenue,

5.38%,

1/1/40,

Continuously

Callable

@102(d)

.............

8,090

6,976

City

of

Hammond

Revenue,

7.50%,

2/1/29,

Continuously

Callable

@100(d)

.............

24,990

25,001

City

of

Lafayette

Revenue,

5.80%,

1/1/37,

Continuously

Callable

@101

................

3,000

3,016

Indiana

Finance

Authority

Revenue,

5.38%,

7/1/47,

Continuously

Callable

@100

.........

2,500

2,179

Indiana

Housing

&

Community

Development

Authority

Revenue

5.50%,

1/1/37,

Continuously

Callable

@100

...............................

8,075

8,078

Series

A,

5.00%,

1/1/39,

Continuously

Callable

@103(d)

......................

8,615

8,342

53,592

Kansas

(1.9%):

Kansas

Development

Finance

Authority

Revenue

Series

A,

5.25%,

11/15/33,

Continuously

Callable

@102

.......................

Series

A,

5.50%,

11/15/38,

Continuously

Callable

@102

.......................

2,500

2,246

Series

A,

5.25%,

11/15/53,

Continuously

Callable

@102

.......................

15,405

11,198

13,823

Louisiana

(0.4%):

Louisiana

Public

Facilities

Authority

Revenue,

6.00%,

6/15/59,

Continuously

Callable

@102(d)

.........................................................

3,000

3,030

Massachusetts

(0.8%):

Massachusetts

Development

Finance

Agency

Revenue

Series

A,

5.50%,

12/1/44,

Continuously

Callable

@103(d)

......................

3,260

3,085

Series

A,

5.88%,

12/1/60,

Continuously

Callable

@103(d)

......................

2,830

2,627

5,712

Michigan

(3.7%):

City

of

Detroit

Certificate

of

Participation,

Series

B,

0.00%

(US0003M+34bps),

6/15/34(b)(g)

(h) .............................................................

8,150

7,946

Flint

International

Academy

Revenue,

5.75%,

10/1/37,

Continuously

Callable

@100

.......

3,000

3,002

Michigan

Finance

Authority

Revenue,

5.75%,

4/1/40,

Continuously

Callable

@102

........

5,720

5,984

Michigan

Strategic

Fund

Revenue

Series

B,

7.75%,

3/1/40,

Continuously

Callable

@105(i)

.......................

7,075

6,260

Series

B,

7.50%,

11/1/41,

Continuously

Callable

@105(i)

......................

4,000

3,573

26,765

Minnesota

(2.4%):

City

of

Bethel

Revenue

6.00%,

7/1/57,

Continuously

Callable

@102

...............................

1,310

1,219

Series

A,

5.00%,

7/1/48,

Continuously

Callable

@102

.........................

4,210

3,496

Series

A,

5.00%,

7/1/53,

Continuously

Callable

@102

.........................

1,000

775

City

of

Deephaven

Revenue,

Series

A,

5.50%,

7/1/50,

Continuously

Callable

@100

.......

1,500

1,500

City

of

Rochester

Revenue

Series

A,

5.13%,

9/1/38,

Continuously

Callable

@100(a)

.......................

1,500

1,218

Series

A,

5.25%,

9/1/43,

Continuously

Callable

@100(a)

.......................

3,145

2,461

Series

A,

5.38%,

9/1/50,

Continuously

Callable

@100(a)

.......................

6,080

4,472

Housing

&

Redevelopment

Authority

of

The

City

of

St.

Paul

Minnesota

Revenue,

Series

A,

5.50%,

7/1/52,

Continuously

Callable

@100(d)

.............................

2,000

1,995

17,136

New

Jersey

(0.9%):

New

Jersey

Economic

Development

Authority

Revenue,

Series

A,

5.38%,

7/1/47,

Continuously

Callable

@100(d)

...................................................

2,500

2,427

Victory

Portfolios

IV

#### Victory

#### High

#### Income

#### Municipal

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) New

Jersey

Economic

Development

Authority

Revenue

AMT,

6.63%,

1/1/45,

Continuously

Callable

@104(d)

...................................................

$

4,000

$

4,196

6,623

New

Mexico

(1.1%):

County

of

Otero

Certificate

of

Participation,

9.00%,

4/1/28,

Continuously

Callable

@100

...

9,430

7,995

New

York

(9.7%):

Buffalo

&

Erie

County

Industrial

Land

Development

Corp.

Revenue

0.00%,

10/1/28(b)(d)

................................................

0.00%,

10/1/38,

Continuously

Callable

@100(b)(d)

..........................

2,357

Build

Nyc

Resource

Corp.

Revenue

Series

A,

7.00%,

12/15/55,

Continuously

Callable

@100(d)

.....................

3,000

3,039

Series

A,

5.50%,

6/1/56,

Continuously

Callable

@100(d)

......................

1,000

987

Build

NYC

Resource

Corp.

Revenue,

Series

B-1,

5.65%,

12/15/32,

Continuously

Callable

@100(d)

.........................................................

2,000

1,994

Nassau

County

Tobacco

Settlement

Corp.

Revenue

Series

A-3,

5.00%,

6/1/35,

Continuously

Callable

@100

.......................

19,015

14,965

Series

A-3,

5.13%,

6/1/46,

Continuously

Callable

@100

.......................

6,245

4,457

New

York

City

Housing

Development

Corp.

Revenue,

Series

F,

5.25%,

12/15/31,

Continuously

Callable

@100

.....................................................

3,625

3,767

New

York

Counties

Tobacco

Trust

IV

Revenue

Series

A,

6.25%,

6/1/41,

Continuously

Callable

@100(d)

......................

1,500

1,500

Series

A,

5.00%,

6/1/42,

Continuously

Callable

@100

.........................

9,700

8,277

Series

A,

5.00%,

6/1/45,

Continuously

Callable

@100

.........................

5,000

3,986

New

York

Counties

Tobacco

Trust

V

Revenue,

Series

4A,

6/1/60,

Continuously

Callable

@9(d)

(e) .............................................................

51,600

3,413

New

York

Counties

Tobacco

Trust

VI

Revenue

Series

A-2B,

5.00%,

6/1/45,

Continuously

Callable

@100

......................

7,440

6,548

Series

A-2B,

5.00%,

6/1/51,

Continuously

Callable

@100

......................

7,665

6,528

Suffolk

Regional

Off-Track

Betting

Corp.

Revenue,

6.00%,

12/1/53,

Continuously

Callable

@100

...........................................................

3,000

3,070

Westchester

County

Local

Development

Corp.

Revenue,

4.50%,

7/1/56,

Continuously

Callable

@104(d)

.........................................................

9,000

7,415

69,981

North

Carolina

(0.6%):

North

Carolina

Medical

Care

Commission

Revenue,

Series

A,

5.50%,

9/1/54,

Continuously

Callable

@103

.....................................................

4,180

4,179

Ohio

(3.6%):

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Series

B-2,

5.00%,

6/1/55,

Continuously

Callable

@100

.......................

6,450

5,350

Series

B-3,

6/1/57,

Continuously

Callable

@22(e)

............................

206,000

16,115

Port

of

Greater

Cincinnati

Development

Authority

Tax

Allocation,

5.00%,

11/1/51,

Continuously

Callable

@100

...........................................

4,900

4,790

26,255

Pennsylvania

(5.9%):

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

6.00%,

5/1/42,

Continuously

Callable

@100(d)

.............................

1,500

1,629

Series

B,

6.00%,

5/1/42,

Continuously

Callable

@103(d)

......................

3,900

4,024

Delaware

County

Industrial

Development

Authority

Revenue,

Series

A,

5.13%,

6/1/46,

Continuously

Callable

@100(d)

........................................

8,465

8,466

Montgomery

County

Industrial

Development

Authority

Revenue,

5.25%,

11/1/54,

Continuously

Callable

@100

...........................................

1,850

1,846

Philadelphia

Authority

For

Industrial

Development

Revenue

5.13%,

12/15/44,

Continuously

Callable

@100(d)

............................

6,045

5,980

5.25%,

6/1/48,

Continuously

Callable

@100(d)

.............................

3,500

3,489

5.38%,

6/1/53,

Continuously

Callable

@100(d)

.............................

4,370

4,324

Series

A,

5.00%,

11/15/31,

Continuously

Callable

@100(a)

.....................

725

633

Series

A,

5.63%,

7/1/48,

Continuously

Callable

@100(d)

......................

4,055

4,064

Series

A,

5.00%,

11/15/50,

Continuously

Callable

@100(a)

.....................

8,295

5,558

Series

A,

6.25%,

6/1/55,

Continuously

Callable

@100

.........................

845

875

Philadelphia

IDA

Revenue,

5.50%,

6/15/43,

Continuously

Callable

@100(d)

............

1,750

1,795

42,683

Victory

Portfolios

IV

#### Victory

#### High

#### Income

#### Municipal

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Puerto

Rico

(8.0%):

Commonwealth

of

Puerto

Rico

11/1/43(e)

........................................................

$

5,361

$

3,645

11/1/51(e)

........................................................

25,000

7,937

11/1/51(e)

........................................................

10,019

6,187

11/1/51(e)

........................................................

10,000

3,600

Puerto

Rico

Industrial

Development

Co.

Revenue,

7.00%,

1/1/54,

Continuously

Callable

@100(i)

.........................................................

5,900

5,628

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Series

A-1,

7/1/46,

Continuously

Callable

@41(e)

............................

40,435

14,189

Series

A-1,

7/1/51,

Continuously

Callable

@30(e)

............................

36,282

9,482

Series

A-1,

4.75%,

7/1/53,

Continuously

Callable

@100

.......................

1,000

969

Series

A-1,

5.00%,

7/1/58,

Continuously

Callable

@100

.......................

6,500

6,357

57,994

Rhode

Island

(0.1%):

Central

Falls

Detention

Facility

Corp.

Revenue,

0.00%,

7/15/35,

Continuously

Callable

@100(a)(b)

.......................................................

2,065

725

South

Carolina

(0.4%):

South

Carolina

Jobs-Economic

Development

Authority

Revenue,

Series

A,

5.50%,

6/15/33,

Continuously

Callable

@100

...........................................

2,500

2,512

Texas

(7.8%):

Arlington

Higher

Education

Finance

Corp.

Revenue

5.45%,

3/1/49,

Continuously

Callable

@100(a)(d)

...........................

16,545

14,204

Series

A,

6.63%,

3/1/29,

Continuously

Callable

@100(a)

.......................

Series

A,

7.00%,

3/1/34,

Continuously

Callable

@100(a)

.......................

Series

A,

7.13%,

3/1/44,

Continuously

Callable

@100(a)

.......................

7,030

6,820

Clifton

Higher

Education

Finance

Corp.

Revenue

Series

A,

5.75%,

6/15/44,

Continuously

Callable

@100(d)

......................

575

562

Series

A,

6.00%,

6/15/54,

Continuously

Callable

@100(d)

......................

800

751

Greater

Texas

Cultural

Education

Facilities

Finance

Corp.

Revenue

0.00%,

2/1/50,

Continuously

Callable

@104(a)(b)(d)

.........................

16,755

9,199

Series

B,

0.00%,

2/1/33,

Continuously

Callable

@100(a)(b)(d)

..................

3,335

1,831

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue,

Series

A-1,

5.50%,

1/1/57,

Continuously

Callable

@103

...........................................

4,500

4,158

Port

of

Port

Arthur

Navigation

District

Revenue

Series

A,

1.10%,

4/1/40,

Continuously

Callable

@100(f)

.......................

7,000

7,000

Series

B,

1.10%,

4/1/40,

Continuously

Callable

@100(f)

.......................

5,700

5,700

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue,

Series

A,

5.75%,

12/1/54,

Continuously

Callable

@103

...........................................

5,875

5,002

56,013

Utah

(0.9%):

Grapevine

Wash

Local

District,

GO,

Series

A-1,

6.00%,

3/1/55,

Continuously

Callable

@103(d)

.........................................................

3,300

3,128

Mida

Cormont

Public

Infrastructure

District,

GO,

Series

A-2,

0.00%,

6/1/55,

Continuously

Callable

@103(d)(e)(i)

...............................................

2,365

2,076

Point

Phase

Public

Infrastructure

District

No.

Revenue,

Series

A-1,

6.13%,

3/1/55,

Continuously

Callable

@103

...........................................

1,000

1,044

6,248

Virgin

Islands

(0.3%):

Virgin

Islands

Public

Finance

Authority

Revenue,

Series

A,

6.00%,

4/1/53,

Continuously

Callable

@100(d)

...................................................

2,400

2,467

Virginia

(1.4%):

Tobacco

Settlement

Financing

Corp.

Revenue

Series

A-1,

6.71%,

6/1/46,

Continuously

Callable

@100

.......................

8,865

6,826

Series

D-2,

6/1/47,

Continuously

Callable

@30(e)

...........................

14,000

2,932

9,758

Washington

(1.0%):

Washington

State

Housing

Finance

Commission

Revenue

Series

A,

5.50%,

7/1/50,

Continuously

Callable

@100(d)

......................

2,000

2,021

Series

A,

5.75%,

7/1/60,

Continuously

Callable

@100(d)

......................

5,000

5,092

7,113

Victory

Portfolios

IV

#### Victory

#### High

#### Income

#### Municipal

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

(j) The

following

table

details

the

earliest

acquisition

date

and

cost

of

the

Fund's

restricted

securities

due

to

trading

restrictions

at

February

28,

2026

(amounts

in

thousands):

Security

Description

Principal

Amount

(000) a

Value

(000) Wisconsin

(6.0%):

Public

Finance

Authority

Revenue

0.00%,

6/30/26(a)(b)

................................................

$

10,640

$

–

5.00%,

6/1/29,

Continuously

Callable

@100(d)

.............................

5.00%,

6/1/39,

Continuously

Callable

@100(d)

.............................

1,710

1,622

Series

2021-A,

4.00%,

6/1/41,

Continuously

Callable

@103(d)

..................

2,000

1,735

Series

A,

4.25%,

8/1/26(d)

............................................

Series

A,

5.25%,

7/15/33(d)

...........................................

Series

A,

5.00%,

8/1/36,

Continuously

Callable

@100(d)

......................

2,000

1,921

Series

A,

5.00%,

6/1/37,

Continuously

Callable

@103(d)

......................

500

515

Series

A,

5.38%,

6/1/37,

Continuously

Callable

@100(d)

......................

Series

A,

6.00%,

7/15/43,

Continuously

Callable

@100(d)

......................

Series

A,

5.13%,

8/1/46,

Continuously

Callable

@100(d)

......................

2,500

2,228

Series

A,

5.88%,

6/1/52,

Continuously

Callable

@100(d)

......................

900

897

Series

A,

6.25%,

7/15/53,

Continuously

Callable

@100(d)

......................

640

657

Series

A,

4.00%,

6/1/61,

Continuously

Callable

@100(d)

......................

1,150

844

Series

A,

6.00%,

6/1/62,

Continuously

Callable

@100(d)

......................

1,565

1,578

Series

A,

6.50%,

7/15/63,

Continuously

Callable

@100(d)

......................

1,175

1,206

Series

A,

6.00%,

6/15/64,

Continuously

Callable

@102(d)

......................

1,000

1,007

Public

Finance

Authority

Revenue

AMT

5.75%,

6/30/60,

Continuously

Callable

@100

...............................

14,000

14,647

6.00%,

7/1/60,

(Put

Date

1/1/31)(c)(d)

....................................

1,000

1,020

5.75%,

12/31/65,

Continuously

Callable

@100

..............................

6,500

6,761

Series

A,

5.75%,

7/1/49,

Continuously

Callable

@100

.........................

5,000

5,255

43,074

Total

Municipal

Bonds

(Cost

$763,226)

a

a

a

711,795

Total

Investments

(Cost

$772,036)

—

99.2%

714,765

Other

assets

in

excess

of

liabilities

— 0.8%

6,030

NET

ASSETS

-

100.00%

$

720,795

(a) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

7.1%

of

net

assets

as

of

February

28,

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)

(b) Currently

the

issuer

is

in

default

with

respect

to

interest

and/or

principal

payments.

(c) Put

Bond.

(d) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

February

28,

2026,

the

fair

value

of

these

securities

was

$275,818

(thousands)

and

amounted

to

38.3%

of

net

assets.

(e) Zero-coupon

bond.

(f) Variable

Rate

Demand

Notes

that

provide

the

rights

to

sell

the

security

at

face

value

on

either

that

day

or

within

the

rate-reset

period.

The

interest

rate

is

reset

on

the

put

date

at

a

stipulated

daily,

weekly,

monthly,

quarterly,

or

other

specified

time

interval

to

reflect

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

(g) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

February

28,

2026. (h) Securities

referencing

LIBOR

are

expected

to

transition

to

an

alternative

reference

rate

by

the

security's

next

scheduled

coupon

reset

date.

(i) Stepped

coupon

security

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

Security

Name

Acquisition

Date

Cost

Springshire

Retirement

LLC

....................................

12/1/2021

$

8,809

AMT

—

Alternative

Minimum

Tax

bps

—

Basis

points

Continuously

callable

—

Investment

is

continuously

callable

or

will

be

continuously

callable

on

any

date

after

the

first

call

date

until

its

maturity.

GO

—

General

Obligation

IDA

—

Industrial

Development

Authority

LIBOR

—

London

Interbank

Offered

Rate

LLC

—

Limited

Liability

Company

US0003M

—

Month

US

Dollar

LIBOR,

rate

disclosed

as

of

February

28,

2026,

based

on

the

last

reset

date

of

the

security.

Credit

Enhancements

—Adds

the

financial

strength

of

the

provider

of

the

enhancement

to

support

the

issuer's

ability

to

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

be

provided

by

a

high-quality

bank,

insurance

company

or

other

corporation,

or

a

collateral

trust.

The

enhancements

do

not

guarantee

the

market

values

of

the

securities.

Victory

Portfolios

IV

#### Victory

#### High

#### Income

#### Municipal

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

NBGA—Principal

and

interest

payments

or,

under

certain

circumstances,

underlying

mortgages

are

guaranteed

by

a

nonbank

guarantee

agreement

from

the

name

listed.

Statement

of

Assets

and

Liabilities

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

IV

(Amount

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

High

Income

Municipal

Fund

Assets:

Investments,

at

value

(Cost

$772,036)

$

714,765

Cash

987

Receivables:

Interest

9,871

Capital

shares

issued

From

Adviser

Prepaid

expenses

Total

Assets

726,004

Liabilities:

Payables:

Distributions

Investments

purchased

2,203

Capital

shares

redeemed

1,969

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

Transfer

agent

fees

—

(a) Sub-Transfer

agent

fees

Trustees'

fees

Shareholder

servicing

fees

12b-1

fees

Other

accrued

expenses

Total

Liabilities

5,209

Commitments

and

contingencies

(Note

4)

Net

Assets:

Capital

1,164,476

Total

accumulated

earnings

(loss)

(443,681)

Net

Assets

$

720,795

Net

Assets:

Class

A

$

295,351

Class

C

43,367

Class

Y

382,077

Total

$

720,795

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

51,381

Class

C

7,534

Class

Y

67,376

Total

126,291

Net

asset

value,

offering

and

redemption

price

per

share:(b)

Class

A

$

5.75 Class

C(c)

5.76 Class

Y

5.67 Maximum

Sales

Charge

—

Class

A

2.25%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

5.88 (a) Rounds

to

less

than

$1

thousand.

(b) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

(c) Redemption

price

per

share

varies

by

length

of

time

shares

are

held.

Statement

of

Operations

For

the

Six

Months

Ended

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

IV

(Amount

in

Thousands)

Victory

High

Income

Municipal

Fund

Investment

Income:

Interest

$

26,012

Total

Income

26,012

Expenses:

Investment

advisory

fees

2,031

Administration

fees

Sub-Administration

fees

12b-1

fees

—

Class

A

12b-1

fees

—

Class

C

Custodian

fees

Transfer

agent

fees

—

Class

A

Transfer

agent

fees

—

Class

C

Transfer

agent

fees

—

Class

Y

Sub-Transfer

agent

fees

—

Class

A

Sub-Transfer

agent

fees

—

Class

C

Sub-Transfer

agent

fees

—

Class

Y

Trustees'

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Other

expenses

Total

Expenses

3,329

Less

fees

paid

indirectly

(4) Expenses

waived/reimbursed

by

Adviser

(364) Net

Expenses

2,961

Net

Investment

Income

(Loss)

23,051

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

(11,390)

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

28,560

Net

realized/unrealized

gains

(losses)

on

investments

17,170

Change

in

net

assets

resulting

from

operations

$

40,221

(Amounts

in

Thousands)

Victory

Portfolios

IV

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

High

Income

Municipal

Fund

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025\*

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

23,051

$

54,166

Net

realized

gains

(losses)

(11,390)

(26,810)

Net

change

in

unrealized

appreciation/depreciation

28,560

(54,445)

Change

in

net

assets

resulting

from

operations

40,221

(27,089)

Distributions

to

Shareholders:

Class

A

(17,810)

(19,262)

Class

C

(2,457)

(2,704)

Class

Y

(26,657)

(31,868)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(46,924)

(53,834)

Change

in

net

assets

resulting

from

capital

transactions

(206,315)

(91,286)

Change

in

net

assets

(213,018)

(172,209)

Net

Assets:

Beginning

of

period

933,813

1,106,022

End

of

period

$

720,795

$

933,813

\*

Pioneer

High

Income

Municipal

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,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

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

High

Income

Municipal

Fund

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025\*

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

26,817

$

88,823

Distributions

reinvested

16,459

17,579

Cost

of

shares

redeemed

(96,540)

(129,516)

Total

Class

A

$

(53,264)

$

(23,114)

Class

C

Proceeds

from

shares

issued

$

1,335

$

5,307

Distributions

reinvested

2,418

2,641

Cost

of

shares

redeemed

(12,236)

(24,235)

Total

Class

C

$

(8,483)

$

(16,287)

Class

Y

Proceeds

from

shares

issued

$

77,424

$

226,510

Distributions

reinvested

23,635

28,067

Cost

of

shares

redeemed

(245,627)

(306,462)

Total

Class

Y

$

(144,568)

$

(51,885)

Change

in

net

assets

resulting

from

capital

transactions

$

(206,315)

$

(91,286)

Share

Transactions:

Class

A

Issued

4,586

14,404

Reinvested

2,848

2,877

Redeemed

(16,658)

(21,093)

Total

Class

A

(9,224)

(3,812)

Class

C

Issued

858

Reinvested

Redeemed

(2,106)

(3,953)

Total

Class

C

(1,458)

(2,664)

Class

Y

Issued

13,513

37,488

Reinvested

4,144

4,655

Redeemed

(43,127)

(51,086)

Total

Class

Y

(25,470)

(8,943)

Change

in

Shares

(36,152)

(15,419)

\*

Pioneer

High

Income

Municipal

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,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

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

High

Income

Municipal

Fund

Class

A\*

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025(a)

Year

Ended

August

31,

2024

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021(b)

Net

Asset

Value,

Beginning

of

Period

$5.79

$6.27

$6.04

$6.54

$7.56

$7.23

Investment

Activities:

Net

investment

income

(loss)(c)

0.17 0.31 0.30 0.29 0.26 0.27 Net

realized

and

unrealized

gains

(losses)

0.11 (0.48)

0.22 (0.51)

(1.02)

0.32 Total

from

Investment

Activities

0.28 (0.17)

0.52 (0.22)

(0.76)

0.59 Distributions

to

Shareholders

from:

Net

investment

income

(0.32)

(0.31)

(0.29)

(0.28)

(0.26)

(0.26)

Total

Distributions

(0.32)

(0.31)

(0.29)

(0.28)

(0.26)

(0.26)

Net

Asset

Value,

End

of

Period

$5.75

$5.79

$6.27

$6.04

$6.54

$7.56

Total

Return(d)(e)

4.83%

(2.91)%

8.86%(f)

(3.41)%

(10.20)%

8.36%

Ratios

to

Average

Net

Assets:

Net

Expenses(g)(h)

0.82%(i)

0.82%(j)

0.82%(k)

0.82%(k)

0.82%(k)

0.81%(k)

Net

Investment

Income

(Loss)(g)

5.82%

5.04%(l)

4.94%

4.57%

3.68%

3.60%

Gross

Expenses(g)(h)

0.84%(i)

0.83%(j)

0.87%(k)

0.91%(k)

0.85%(k)

0.82%(k)

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$295,351

$351,059

$403,715

$451,573

$524,429

$653,216

Portfolio

Turnover(d)(m)

14%

54%(n)

30%(o)

37%(o)

38%(o)

24%(p)

\*

Pioneer

High

Income

Municipal

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,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

and

Class

Y

shares

of

the

Fund,

respectively.

(a) Prior

to

December

6,

2024,

the

Fund

invested,

as

feeder

fund,

in

Pioneer

High

Income

Municipal

Portfolio.

Per

share

data

and

ratios

include

Fund

information

as

a

stand-alone

and

feeder

fund

for

the

respective

periods.

(b) On

December

21,

2020,

the

Fund

began

investing

as

a

feeder

fund

in

Pioneer

High

Income

Municipal

Portfolio.

(c) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(d) Not

annualized

for

periods

less

than

one

year.

(e) 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.

(f) For

the

year

ended

August

31,

2024,

the

Fund's

total

return

includes

a

reimbursement

by

the

Adviser.

The

impact

on

Class

A's

total

return

was

less

than

0.005%.

(g) Annualized

for

periods

less

than

one

year.

(h) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(i)

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%.

(j) Includes

the

Fund's

share

of

Pioneer

High

Income

Municipal

Portfolio's

allocated

expenses

for

the

period

from

September

1,

2024

to

December

5,

2024. (k) Includes

the

Fund's

shares

of

Pioneer

High

Income

Municipal

Portfolio's

allocated

expenses.

(l) Includes

the

Fund's

share

of

Pioneer

High

Income

Municipal

Portfolio's

allocated

income

for

the

period

from

September

1,

2024

to

December

5,

2024. (m) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(n) Represents

the

portfolio

turnover

rate

of

Pioneer

High

Income

Municipal

Portfolio

for

the

period

from

September

1,

2024

to

December

5,

2024

and

the

fund

as

a

stand-alone

fund

for

the

period

ended

August

31,

2025. (o) Represents

the

portfolio

turnover

rate

of

Pioneer

High

Income

Municipal

Portfolio.

(p) Represents

the

portfolio

turnover

rate

of

the

Fund

as

a

stand-alone

fund

from

September

1,

2020

to

December

20,

2020

and

of

Pioneer

High

Income

Municipal

Portfolio

for

the

period

ended

August

31,

2021. Victory

Portfolios

IV

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

High

Income

Municipal

Fund

Class

C\*

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025(a)

Year

Ended

August

31,

2024

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021(b)

Net

Asset

Value,

Beginning

of

Period

$5.80

$6.28

$6.05

$6.55

$7.57

$7.24

Investment

Activities:

Net

investment

income

(loss)(c)

0.15 0.26 0.25 0.24 0.21 0.21 Net

realized

and

unrealized

gains

(losses)

0.10 (0.48)

0.22 (0.51)

(1.02)

0.33 Total

from

Investment

Activities

0.25 (0.22)

0.47 (0.27)

(0.81)

0.54 Distributions

to

Shareholders

from:

Net

investment

income

(0.29)

(0.26)

(0.24)

(0.23)

(0.21)

(0.21)

Total

Distributions

(0.29)

(0.26)

(0.24)

(0.23)

(0.21)

(0.21)

Net

Asset

Value,

End

of

Period

$5.76

$5.80

$6.28

$6.05

$6.55

$7.57

Total

Return(d)(e)

4.44%

(3.64)%

8.02%(f)

(4.14)%

(10.88)%

7.53%

Ratios

to

Average

Net

Assets:

Net

Expenses(g)(h)

1.59%(i)

1.59%(j)

1.59%(k)

1.59%(k)

1.58%(k)

1.58%(k)

Net

Investment

Income

(Loss)(g)

5.23%

4.25%(l)

4.16%

3.80%

2.91%

2.84%

Gross

Expenses(g)(h)

1.62%(i)

1.60%(j)

1.64%(k)

1.68%(k)

1.61%(k)

1.59%(k)

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$43,367

$52,161

$73,156

$93,368

$117,641

$162,278

Portfolio

Turnover(d)(m)

14%

54%(n)

30%(o)

37%(o)

38%(o)

24%(p)

\*

Pioneer

High

Income

Municipal

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,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

and

Class

Y

shares

of

the

Fund,

respectively.

(a) Prior

to

December

6,

2024,

the

Fund

invested,

as

feeder

fund,

in

Pioneer

High

Income

Municipal

Portfolio.

Per

share

data

and

ratios

include

Fund

information

as

a

stand-alone

and

feeder

fund

for

the

respective

periods.

(b) On

December

21,

2020,

the

Fund

began

investing

as

a

feeder

fund

in

Pioneer

High

Income

Municipal

Portfolio.

(c) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(d) Not

annualized

for

periods

less

than

one

year.

(e) 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.

(f) For

the

year

ended

August

31,

2024,

the

Fund's

total

return

includes

a

reimbursement

by

the

Adviser.

The

impact

on

Class

C's

total

return

was

less

than

0.005%.

(g) Annualized

for

periods

less

than

one

year.

(h) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(i)

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%.

(j) Includes

the

Fund's

share

of

Pioneer

High

Income

Municipal

Portfolio's

allocated

expenses

for

the

period

from

September

1,

2024

to

December

5,

2024. (k) Includes

the

Fund's

shares

of

Pioneer

High

Income

Municipal

Portfolio's

allocated

expenses.

(l) Includes

the

Fund's

share

of

Pioneer

High

Income

Municipal

Portfolio's

allocated

income

for

the

period

from

September

1,

2024

to

December

5,

2024. (m) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(n) Represents

the

portfolio

turnover

rate

of

Pioneer

High

Income

Municipal

Portfolio

for

the

period

from

September

1,

2024

to

December

5,

2024

and

the

fund

as

a

stand-alone

fund

for

the

period

ended

August

31,

2025. (o) Represents

the

portfolio

turnover

rate

of

Pioneer

High

Income

Municipal

Portfolio.

(p) Represents

the

portfolio

turnover

rate

of

the

Fund

as

a

stand-alone

fund

from

September

1,

2020

to

December

20,

2020

and

of

Pioneer

High

Income

Municipal

Portfolio

for

the

period

ended

August

31,

2021. 15

Victory

Portfolios

IV

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

High

Income

Municipal

Fund

Class

Y\*

Six

Months

Ended

February

28,

2026

(Unaudited)

Year

Ended

August

31,

2025(a)

Year

Ended

August

31,

2024

Year

Ended

August

31,

2023

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021(b)

Net

Asset

Value,

Beginning

of

Period

$5.71

$6.18

$5.96

$6.46

$7.46

$7.14

Investment

Activities:

Net

investment

income

(loss)(c)

0.16 0.32 0.31 0.30 0.28 0.28 Net

realized

and

unrealized

gains

(losses)

0.12 (0.47)

0.21 (0.51)

(1.00)

0.32 Total

from

Investment

Activities

0.28 (0.15)

0.52 (0.21)

(0.72)

0.60 Distributions

to

Shareholders

from:

Net

investment

income

(0.32)

(0.32)

(0.30)

(0.29)

(0.28)

(0.28)

Total

Distributions

(0.32)

(0.32)

(0.30)

(0.29)

(0.28)

(0.28)

Net

Asset

Value,

End

of

Period

$5.67

$5.71

$6.18

$5.96

$6.46

$7.46

Total

Return(d)(e)

4.96%

(2.59)%

9.02%(f)

(3.24)%

(9.87)%

8.54%

Ratios

to

Average

Net

Assets:

Net

Expenses(g)(h)

0.55%(i)

0.55%(j)

0.55%(k)

0.55%(k)

0.55%(k)

0.55%(k)

Net

Investment

Income

(Loss)(g)

5.43%

5.31%(l)

5.20%

4.84%

3.94%

3.85%

Gross

Expenses(g)(h)

0.69%(i)

0.66%(j)

0.70%(k)

0.75%(k)

0.68%(k)

0.67%(k)

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$382,077

$530,593

$629,151

$770,198

$975,628

$1,244,174

Portfolio

Turnover(d)(m)

14%

54%(n)

30%(o)

37%(o)

38%(o)

24%(p)

\*

Pioneer

High

Income

Municipal

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,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

and

Class

Y

shares

of

the

Fund,

respectively.

(a) Prior

to

December

6,

2024,

the

Fund

invested,

as

feeder

fund,

in

Pioneer

High

Income

Municipal

Portfolio.

Per

share

data

and

ratios

include

Fund

information

as

a

stand-alone

and

feeder

fund

for

the

respective

periods.

(b) On

December

21,

2020,

the

Fund

began

investing

as

a

feeder

fund

in

Pioneer

High

Income

Municipal

Portfolio.

(c) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(d) Not

annualized

for

periods

less

than

one

year.

(e) 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.

(f) For

the

year

ended

August

31,

2024,

the

Fund's

total

return

includes

a

reimbursement

by

the

Adviser.

The

impact

on

Class

Y's

total

return

was

less

than

0.005%.

(g) Annualized

for

periods

less

than

one

year.

(h) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(i)

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%.

(j) Includes

the

Fund's

share

of

Pioneer

High

Income

Municipal

Portfolio's

allocated

expenses

for

the

period

from

September

1,

2024

to

December

5,

2024. (k) Includes

the

Fund's

shares

of

Pioneer

High

Income

Municipal

Portfolio's

allocated

expenses.

(l) Includes

the

Fund's

share

of

Pioneer

High

Income

Municipal

Portfolio's

allocated

income

for

the

period

from

September

1,

2024

to

December

5,

2024. (m) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(n) Represents

the

portfolio

turnover

rate

of

Pioneer

High

Income

Municipal

Portfolio

for

the

period

from

September

1,

2024

to

December

5,

2024

and

the

fund

as

a

stand-alone

fund

for

the

period

ended

August

31,

2025. (o) Represents

the

portfolio

turnover

rate

of

Pioneer

High

Income

Municipal

Portfolio.

(p) Represents

the

portfolio

turnover

rate

of

the

Fund

as

a

stand-alone

fund

from

September

1,

2020

to

December

20,

2020

and

of

Pioneer

High

Income

Municipal

Portfolio

for

the

period

ended

August

31,

2021. Notes

to

Financial

Statements

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

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.

\*

On December

1,

2025, Victory

Pioneer

High

Income

Municipal Fund

was

renamed

Victory

High

Income

Municipal

Fund.

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

Pioneer

High

Income

Municipal

Fund

(the

"Predecessor

Fund").

The

Predecessor

Fund

transferred

all

of

the

net

assets

of

Class

A,

Class

C,

and

Class

Y

shares

in

exchange

for

the

Fund's

Class

A,

Class

C,

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

28,

2025. The

Reorganization

was

structured

so

that

the

transfer

of

assets

and

liabilities

did

not

result

in

federal

tax

liability

to

the

Predecessor

Fund

or

its

shareholders.

Shareholders

holding

Class

A,

Class

C,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

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

to

maximize

total

return

through

a

combination

of

income

that

is

exempt

from

regular

federal

income

tax,

and

capital

appreciation.

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

("ASC") 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

High

Income

Municipal

Fund

(formerly

Victory

Pioneer

High

Income

Municipal

Fund)\*

High

Income

Municipal

Fund

Class

A,

Class

C,

and

Class

Y

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

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.

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.

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.

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

February

28,

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):

For

the

six

months

ended February

28,

2026,

the

Fund

had

transfers

into/out

of

Level

that

were

under

0.50%

of

net

assets.

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.

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.

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.

Level

Level

Level

Total

High

Income

Municipal

Fund

Corporate

Bonds

..............................................

$

—

$

—

$

2,970

$

2,970

Municipal

Bonds

..............................................

—

663,888

47,907

711,795

Total

.......................................................

$

—

$

663,888

$

50,877

$

714,765

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

Below-Investment-Grade

Securities:

The

Fund

may

invest in

below-investment-grade

securities

(i.e.,

lower-quality,

"junk"

debt),

which

are

subject

to

various

risks.

Lower-quality

debt

is

considered

to

be

speculative

because

it

is

less

certain

that

the

issuer

will

be

able

to

pay

interest

or

repay

the

principal

than

in

the

case

of

investment-grade

debt.

These

securities

can

involve

a

substantially

greater

risk

of

default

than

higher-rated

securities,

and

their

values

can

decline

significantly

over

short

periods

of

time.

Lower-quality

debt

securities

tend

to

be

more

sensitive

to

adverse

news

about

their

issuers,

the

market

and

the

economy

in

general,

than

higher-quality

debt

securities.

The

market

for

these

securities

can

be

less

liquid,

especially

during

periods

of

recession

or

general

market

decline.

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. 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.

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 August

31. For

the

six

months

ended

February

28,

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)

for

the

six

months

ended

February

28,

2026,

were

as

follows

(amounts

in

thousands):

4. #### 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

a

base

fee

and

a

performance

adjustment. The

Fund's

base

fee

is

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.

Excluding

U.S.

Government

Securities

Purchases

Sales

High

Income

Municipal

Fund

.................................................................

$

113,392

$

349,535

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

Amounts

incurred

and

paid

to

VCM

for

the

six

months ended

February

28,

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

Fund

Administration

and

Accounting

Agreement)

together

with

all

other

registered

investment

companies

for

which

VCM

acts

as

administrator,

and

allocating

to

each

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

six

months

ended

February

28,

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

Chief

Compliance

Officer,

and

implementing

new

reports

required

by

new

rules

adopted

by

the

SEC

under

the

1940

Act.

Prior

to

February

6,

2026,

BNY

Mellon

served

as

sub

-

administrator

and

sub-fund

accountant

for

the

Fund.

The

total

amounts

incurred

and

paid

for

through

the six

months

ended February

28,

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

six

months

ended

February

28,

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 six

months

ended

February

28,

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

0.25%

and

1.00%,

respectively,

of

the

average

daily

net

assets. Amounts

incurred

and

paid

to

the

Distributor

for

the six

months

ended

February

28,

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. For

the

six

months

ended

February

28,

2026,

the

Distributor

received

$1

thousand

from

commissions

earned

in

connection

with

sales

of

Class

A. Adviser

Fee

Tier

Rates

Up

to

$500

million

Over

$500

million

-

$1

billion

Over

$1

billion

High

Income

Municipal

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.50%,

plus

0.475%,

plus

0.45%

Annual

Charge

Up

to

$15

billion

Over

$15

billion

-

$30

billion

Over

$30

billion

-

$85

billion

Over

$85

billion

High

Income

Municipal

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.08%,

plus

0.05%,

plus

0.04%,

plus

0.03%

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

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

6,

2026,

BNY

Mellon

served

as

the

Fund's

custodian. Total

custodian

fees

incurred

for

the

period ended

February

28,

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

February

28,

2026,

the

expense

limits

(excluding

voluntary

waivers) were

as

follows:

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

February

28,

2026. As

of February

28,

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 six

months

ended

February

28,

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.

5. #### 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.

Debt

Securities

Risk

—

The

value

of

a

debt

security

or

other

income-producing

security

changes

in

response

to

various

factors,

including,

for

example,

market-related

factors

(such

as

changes

in

interest

rates

or

changes

in

the

risk

appetite

of

investors

generally)

and

changes

in

the

actual

or

perceived

ability

of

the

issuer

(or

of

issuers

generally)

to

meet

its

(or

their)

obligations.

Other

factors

that

may

affect

the

value

of

debt

securities

include,

among

others,

economic

conditions,

market

events

and public

health

crises

and

responses

by

governments

and

companies

to

such

developments.

These

and

other

events

may

affect

the

creditworthiness

of

the

issuer

of

a

debt

security

and

may

impair

an

issuer's

ability

to

timely

meet

its

debt

obligations

as

they

come

due.

High-Yield/Junk

Bond

Risk

-

Fixed-income

securities

rated

below

investment

grade,

also

known

as

"junk"

or

high-yield

bonds,

generally

entail

greater

economic,

credit,

and

liquidity

risk

than

investment-grade

securities.

Their

prices

may

be

more

volatile,

especially

during

economic

downturns,

financial

setbacks,

or

liquidity

events.

High-yield

securities

also

can

involve

a

substantially

greater

risk

of

default

than

higher

quality

debt

securities,

and

their

values

can

decline

significantly

over

short

and

longer

periods

of

time.

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.

In

effect

until

April

1,

2028

Class

A

Class

C

Class

Y

High

Income

Municipal

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.82%

1.59%

0.55%

August

31,

2027

August

31,

2028

Total

High

Income

Municipal

Fund

........................................................

$

$

$

614

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

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.

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.

Reference

Rate

Transition

Risk

—

The

terms

of

many

floating

rate

loans

and

other

instruments

were

previously

tied

to

the

London

Interbank

Offered

Rate

("LIBOR"),

which

functioned

as

a

reference

rate

or

benchmark

for

these

instruments

but

was

discontinued

as

a

floating

rate

benchmark

after June

30,

2023. The

LIBOR

discontinuation

may

adversely

affect

the

financial

markets

generally

and

the

Fund's

operations,

finances,

and

investments

specifically.

There

is

no

assurance

that

proposed

replacement

rates

will

be

suitable

substitutes

for

LIBOR,

and

thus

the

substitution

of

such

rates

for

LIBOR

could

have

an

adverse

effect

on

Fund

performance.

Municipal

Securities

Risk

—

The

municipal

bond

market

can

be

susceptible

to

unusual

volatility,

particularly

for

lower-rated

and

unrated

securities.

Liquidity

can

be

reduced

unpredictably

in

response

to

overall

economic

conditions

or

credit

tightening.

Municipal

issuers

may

be

adversely

affected

by

rising

health

care

costs,

increasing

unfunded

pension

liabilities,

and

by

the

phasing

out

of

federal

programs

providing

financial

support.

Unfavorable

conditions

and

developments

relating

to

projects

financed

with

municipal

securities

can

result

in

lower

revenues

to

issuers

of

municipal

securities,

potentially

resulting

in

defaults.

Issuers

often

depend

on

revenues

from

these

projects

to

make

principal

and

interest

payments.

The

value

of

municipal

securities

can

also

be

adversely

affected

by

changes

in

the

financial

condition

of

one

or

more

individual

municipal

issuers

or

insurers

of

municipal

issuers,

regulatory

and

political

developments,

tax

law

changes

or

other

legislative

actions,

and

by

uncertainties

and

public

perceptions

concerning

these

and

other

factors.

Municipal

issuers

may

be

more

susceptible

to

downgrades

or

defaults

during

recessions

or

similar

periods

of

economic

stress.

Financial

difficulties

of

municipal

issuers

may

continue

or

get

worse,

particularly

in

the

event

of

political,

economic

or

market

turmoil

or

a

recession.

To

the

extent

the

Fund

invests

significantly

in

a

single

state

(including

California

and

New

York),

city,

territory

(including

Puerto

Rico),

or

region,

or

in

securities

the

payments

on

which

are

dependent

upon

a

single

project

or

source

of

revenues,

or

that

relate

to

a

sector

or

industry,

including

health

care

facilities,

education,

tobacco

settlement

revenue,

and

industrial

development,

the

Fund

will

be

more

susceptible

to

associated

risks

and

developments.

6. #### 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

six

months

ended

February

28,

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.

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

IV

(Unaudited)

The

Fund

did

not

utilize

or

participate

in

the

Facility

during

the

six

months

ended

February

28,

2026. 7. #### Federal

#### Income

#### Tax

#### Information:
Distributions

from

the

Fund's

net

investment

income

are declared

daily

and

distributed

on

the

last

business

day

of

each

month.

Distributable

net

realized

gains,

if

any,

are

generally

declared

and

paid

at

least

annually.

The

Fund

may

also

distribute

additional net

investment

income

and

net

realized

gains

if

necessary

for

the

fund

to

avoid

U.S.

federal

income

or

excise

tax.

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.

The

tax

character

of

current

year

distributions

paid

and

the

tax

basis

of

the

current

components

of

accumulated

earnings

(losses)

will

be

determined

at

the

end

of

the

current

tax

year.

As

of

the

tax

year

ended August

31,

2025,

the

Fund

had

net

capital

loss

carryforwards as

shown

in the

table

below.

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

(amounts

in

thousands):

8. #### 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.

9. #### New

#### Accounting

#### Pronouncement:
On

December

14,

2023,

the

Financial

Accounting

Standards

Board

issued

Accounting

Standards

Update

("ASU")

2023-09,

which

establishes

new

income

tax

disclosure

requirements

and

modifies

or

eliminates

certain

existing

disclosure

provisions.

The

amendments

in

this

ASU

are

intended

to

address

investor

requests

for

more

transparency

about

income

tax

information

and

to

improve

the

effectiveness

of

income

tax

disclosures. ASU

2023-09

applies

to

all

entities

that

are

subject

to

ASC

740,

Income

Taxes. The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024. Management

is

currently

evaluating

the

impact

of

ASU

2023-09

and

does

not

believe

it

will

have

a

material

impact

on

the

Fund's

financial

statements.

Short-Term

Amount

Long-Term

Amount

Total

High

Income

Municipal

Fund

.............................................

$

(138,725)

$

(229,556)

$

(368,281)

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800) 539-3863

2341-0226

(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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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) Not applicable.

(a)(2) Not applicable.

(a)(3) <u>[The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached hereto.](ex99.htm)</u>

(a)(4) Not applicable

(a)(5) Not applicable

(b) <u>[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)</u>

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;</u> 

By (Signature and Title)<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /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;</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; Carol D. Trevino, Treasurer and Principal Financial Officer

Date&nbsp;&nbsp;&nbsp;&nbsp; <u>May 7, 2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /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;</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&nbsp;&nbsp;&nbsp;&nbsp; <u>May 7, 2026</u>

By (Signature and Title)<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /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;</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; Carol D. Trevino, Treasurer and Principal Financial Officer

Date&nbsp;&nbsp;&nbsp;&nbsp; <u>May 7, 2026</u>

## 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>May 7, 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>May 7, 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 February 28, 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>May 7, 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.