# EDGAR Filing Document

**Accession Number:** 0002042316
**File Stem:** 0002042316-26-000007
**Filing Date:** 2026-6
**Character Count:** 265418
**Document Hash:** 09b5d6e273e2bec16fa2fc4eb787c09c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002042316-26-000007.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0002042316-26-000007

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24019
- **FILM NUMBER:** 261072325

**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 Strategic Income Fund (Series ID: S000089761)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000256500 | Class A      | PSRAX           |
| C000256501 | Class R6     | STRKX           |
| C000256502 | Class Y      | STRYX           |
| C000256503 | Class R      | STIRX           |
| C000256504 | Class C      | PSRCX           |

?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>September 30</u>

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

**Item 1. Reports to Stockholders.**

(a) #### Victory Pioneer Strategic Income Fund
![Image](i54c10f3c4382e7710d54ba7b.jpg)

Class A

Ticker: PSRAX

Semi-Annual Shareholder Report — March 31, 2026

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

# What were the Fund's costs for the last 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;$50 | &nbsp;&nbsp;&nbsp;1.00% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of March 31, 2026)

---

| | |
|:---|:---|
| Net Assets | $3725684 |
| Number of Holdings | 1196 |
| Portfolio Turnover | 43% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i15a554ef4d4f1b02dc187dac.jpg)

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

# (as of March 31, 2026)
![Group By Asset Type Chart](i27e03eef856682da6828bd3e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 23.4% |
| Yankee Dollars | 21.9% |
| U.S. Treasury Obligations | 18.2% |
| U.S. Government Agency Mortgages | 17.8% |
| Collateralized Mortgage Obligations | 9.3% |
| Asset-Backed Securities | 7.8% |
| Insurance-Linked Securities | 3.6% |
| Other<sup>Footnote Reference\*\*</sup> | 2.6% |

---

---

| | |
|:---|:---|
| \* | Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| ^ | 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](i15a554ef4d4f1b02dc187dac.jpg)

PSRAX — SAR (3/26)

#### Victory Pioneer Strategic Income Fund
![Image](i54c10f3c4382e7710d54ba7b.jpg)

Class C

Ticker: PSRCX

Semi-Annual Shareholder Report — March 31, 2026

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

# What were the Fund's costs for the last 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;$84 | &nbsp;&nbsp;&nbsp;1.68% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of March 31, 2026)

---

| | |
|:---|:---|
| Net Assets | $3725684 |
| Number of Holdings | 1196 |
| Portfolio Turnover | 43% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i15a554ef4d4f1b02dc187dac.jpg)

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

# (as of March 31, 2026)
![Group By Asset Type Chart](i27e03eef856682da6828bd3e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 23.4% |
| Yankee Dollars | 21.9% |
| U.S. Treasury Obligations | 18.2% |
| U.S. Government Agency Mortgages | 17.8% |
| Collateralized Mortgage Obligations | 9.3% |
| Asset-Backed Securities | 7.8% |
| Insurance-Linked Securities | 3.6% |
| Other<sup>Footnote Reference\*\*</sup> | 2.6% |

---

---

| | |
|:---|:---|
| \* | Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| ^ | 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](i15a554ef4d4f1b02dc187dac.jpg)

PSRCX — SAR (3/26)

#### Victory Pioneer Strategic Income Fund
![Image](i54c10f3c4382e7710d54ba7b.jpg)

Class R

Ticker: STIRX

Semi-Annual Shareholder Report — March 31, 2026

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

# What were the Fund's costs for the last 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 R | &nbsp;&nbsp;&nbsp;$67 | &nbsp;&nbsp;&nbsp;1.34% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of March 31, 2026)

---

| | |
|:---|:---|
| Net Assets | $3725684 |
| Number of Holdings | 1196 |
| Portfolio Turnover | 43% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i15a554ef4d4f1b02dc187dac.jpg)

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

# (as of March 31, 2026)
![Group By Asset Type Chart](i27e03eef856682da6828bd3e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 23.4% |
| Yankee Dollars | 21.9% |
| U.S. Treasury Obligations | 18.2% |
| U.S. Government Agency Mortgages | 17.8% |
| Collateralized Mortgage Obligations | 9.3% |
| Asset-Backed Securities | 7.8% |
| Insurance-Linked Securities | 3.6% |
| Other<sup>Footnote Reference\*\*</sup> | 2.6% |

---

---

| | |
|:---|:---|
| \* | Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| ^ | 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](i15a554ef4d4f1b02dc187dac.jpg)

STIRX — SAR (3/26)

#### Victory Pioneer Strategic Income Fund
![Image](i54c10f3c4382e7710d54ba7b.jpg)

Class R6

Ticker: STRKX

Semi-Annual Shareholder Report — March 31, 2026

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

# What were the Fund's costs for the last 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;$30 | &nbsp;&nbsp;&nbsp;0.59% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of March 31, 2026)

---

| | |
|:---|:---|
| Net Assets | $3725684 |
| Number of Holdings | 1196 |
| Portfolio Turnover | 43% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i15a554ef4d4f1b02dc187dac.jpg)

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

# (as of March 31, 2026)
![Group By Asset Type Chart](i27e03eef856682da6828bd3e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 23.4% |
| Yankee Dollars | 21.9% |
| U.S. Treasury Obligations | 18.2% |
| U.S. Government Agency Mortgages | 17.8% |
| Collateralized Mortgage Obligations | 9.3% |
| Asset-Backed Securities | 7.8% |
| Insurance-Linked Securities | 3.6% |
| Other<sup>Footnote Reference\*\*</sup> | 2.6% |

---

---

| | |
|:---|:---|
| \* | Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| ^ | 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](i15a554ef4d4f1b02dc187dac.jpg)

STRKX — SAR (3/26)

#### Victory Pioneer Strategic Income Fund
![Image](i54c10f3c4382e7710d54ba7b.jpg)

Class Y

Ticker: STRYX

Semi-Annual Shareholder Report — March 31, 2026

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

# What were the Fund's costs for the last 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;$34 | &nbsp;&nbsp;&nbsp;0.68% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of March 31, 2026)

---

| | |
|:---|:---|
| Net Assets | $3725684 |
| Number of Holdings | 1196 |
| Portfolio Turnover | 43% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i15a554ef4d4f1b02dc187dac.jpg)

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

# (as of March 31, 2026)
![Group By Asset Type Chart](i27e03eef856682da6828bd3e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 23.4% |
| Yankee Dollars | 21.9% |
| U.S. Treasury Obligations | 18.2% |
| U.S. Government Agency Mortgages | 17.8% |
| Collateralized Mortgage Obligations | 9.3% |
| Asset-Backed Securities | 7.8% |
| Insurance-Linked Securities | 3.6% |
| Other<sup>Footnote Reference\*\*</sup> | 2.6% |

---

---

| | |
|:---|:---|
| \* | Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| ^ | 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](i15a554ef4d4f1b02dc187dac.jpg)

STRYX — SAR (3/26)

(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) March

31,

2026

Semi-Annual:

Full

Financials

Victory

Pioneer

Strategic

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

share

prices

The

latest

fund

news

Investment

resources

to

help

you

become

a

better

investor

A

section

dedicated

to

investment

professionals

Whether

you're

a

potential

investor

searching

for

the

fund

that

matches

your

investment

philosophy,

a

seasoned

investor

interest-

ed

in

planning

tools,

or

an

investment

professional,

vcm.com

has

what

you

seek.

Visit

us

anytime.

We're

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

#### 27
Statement

of

Operations

#### 29
Statements

of

Changes

in

Net

Assets

#### 30
Financial

Highlights

#### 32

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 37
Schedule

of

Portfolio

Investments

March

31,

2026

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Strategic

#### Income

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Asset-Backed

Securities

(7.8%)

ABS

Auto

(2.9%):

ACM

Auto

Trust,

Series

2024-2A,

Class

B,

9.21%,

8/20/31,

Callable

8/20/26

@

100(a)

.....

$

1,190

$

1,202

Ally

Bank

Auto

Credit-Linked

Notes

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

Series

2024-A,

Class

D,

6.32%,

5/17/32,

Callable

1/15/28

@

100(a)

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

513

521

Series

2024-A,

Class

G,

12.75%,

5/17/32,

Callable

1/15/28

@

100(a)

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

1,200

1,240

Series

2024-B,

Class

G,

11.40%,

9/15/32,

Callable

6/15/28

@

100(a)

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

2,220

2,261

American

Credit

Acceptance

Receivables

Trust

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

Series

2024-3,

Class

D,

6.04%,

7/12/30,

Callable

2/12/28

@

100(a)

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

3,260

3,311

Series

2025-4,

Class

D,

5.25%,

9/12/31,

Callable

11/12/28

@

100(a)

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

4,130

4,139

Arivo

Acceptance

Auto

Loan

Receivables

Trust,

Series

2022-1A,

Class

D,

7.38%,

9/17/29,

Callable

10/15/26

@

100(a)

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

2,000

2,005

Exeter

Automobile

Receivables

Trust

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

Series

2024-4A,

Class

E,

7.65%,

2/17/32,

Callable

5/15/29

@

100(a)

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

14,800

15,181

Series

2024-5A,

Class

E,

7.22%,

5/17/32,

Callable

3/15/29

@

100(a)

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

13,220

13,411

Series

2025-1A,

Class

E,

7.48%,

9/15/32,

Callable

7/15/29

@

100(a)

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

10,730

10,806

Series

2025-3A,

Class

E,

7.52%,

12/15/32,

Callable

9/15/29

@

100(a)

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

7,560

7,600

GLS

Auto

Receivables

Issuer

Trust

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

Series

2024-2A,

Class

E,

7.98%,

5/15/31,

Callable

12/15/28

@

100(a)

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

2,830

2,948

Series

2024-3A,

Class

E,

7.25%,

6/16/31,

Callable

1/15/29

@

100(a)

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

12,197

12,480

Series

2025-2A,

Class

E,

7.73%,

6/15/32,

Callable

8/15/29

@

100(a)

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

4,270

4,408

Huntington

Bank

Auto

Credit-Linked

Notes

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

Series

2024-1,

Class

D,

8.92%

(SOFR30A+525bps),

5/20/32,

Callable

11/20/27

@

100(a)

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

Series

2024-2,

Class

D,

7.67%

(SOFR30A+400bps),

10/20/32,

Callable

6/20/28

@

100(a)

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

629

628

Merchants

Fleet

Funding

LLC

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

Series

2024-1A,

Class

E,

9.35%,

4/20/37,

Callable

2/20/27

@

100(a)

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

3,200

3,238

Series

2025-1A,

Class

A,

4.49%,

1/20/39,

Callable

6/20/29

@

100(a)

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

6,700

6,710

Prestige

Auto

Receivables

Trust,

Series

2025-1A,

Class

D,

6.02%,

7/15/31,

Callable

3/15/29

@

100(a)

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

2,959

2,951

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2024-A,

Class

F,

10.17%,

6/15/32,

Callable

9/15/28

@

100(a)

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

1,921

1,973

Tricolor

Auto

Securitization

Trust

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

Series

2024-1A,

Class

E,

11.91%,

9/17/29,

Callable

11/15/26

@

100(a)(c)

..........

4,022

1,079

Series

2024-2A,

Class

D,

7.61%,

8/15/28,

Callable

6/15/28

@

100(a)(c)

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

7,690

1,993

Series

2024-3A,

Class

E,

8.64%,

7/15/30,

Callable

10/15/27

@

100(a)(c)

...........

2,550

Veros

Auto

Receivables

Trust

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

Series

2024-1,

Class

D,

9.87%,

5/15/31,

Callable

8/15/27

@

100(a)

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

3,500

3,693

Series

2026-1,

Class

A,

4.53%,

8/15/28(a)

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

2,651

2,651

107,156

ABS

Card

(0.3%):

Continental

Finance

Credit

Card

ABS

Master

Trust

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

Series

2022-A,

Class

C,

9.33%,

10/15/30(a)

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

6,550

6,654

Series

2022-A,

Class

D,

12.42%,

10/15/30(a)

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

3,000

3,110

Series

2024-A,

Class

A,

5.78%,

12/15/32(a)

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

1,900

1,907

11,671

ABS

Home

(0.2%):

GS

Mortgage-Backed

Securities

Trust,

Series

2025-CES1,

Class

A1A,

5.57%,

5/25/55,

Callable

3/25/28

@

100(a)(d)

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

3,897

3,908

Vista

Point

Securitization

Trust,

Series

2024-CES1,

Class

A1,

6.68%,

5/25/54,

Callable

5/25/27

@

100(a)(d)

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

4,123

4,166

8,074

ABS

Other

(4.4%):

Henderson

Receivables

III

LLC

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

Series

2008-1A,

Class

C,

9.36%,

1/15/48,

Callable

10/15/26

@

100(a)

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

500

510

Series

2008-1A,

Class

D,

10.81%,

1/15/50,

Callable

10/15/26

@

100(a)

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

500

512

Accelerated

Assets

LLC

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

Series

2018-1,

Class

B,

4.51%,

12/2/33(a)

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

Series

2018-1,

Class

C,

6.65%,

12/2/33(a)

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

Amur

Equipment

Finance

Receivables

X

LLC,

Series

2022-1A,

Class

E,

5.02%,

12/20/28,

Callable

4/20/26

@

100(a)

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

2,350

2,351

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Strategic

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Amur

Equipment

Finance

Receivables

XI

LLC,

Series

2022-2A,

Class

E,

9.32%,

10/22/29,

Callable

7/20/26

@

100(a)

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

$

1,413

$

1,424

Amur

Equipment

Finance

Receivables

XII

LLC,

Series

2023-1A,

Class

D,

7.48%,

7/22/30,

Callable

6/20/27

@

100(a)

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

5,250

5,416

Amur

Equipment

Finance

Receivables

XIII

LLC,

Series

2024-1A,

Class

D,

6.57%,

4/21/31,

Callable

1/20/28

@

100(a)

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

4,910

5,029

Amur

Equipment

Finance

Receivables

XIV

LLC,

Series

2024-2A,

Class

E,

8.88%,

10/20/32,

Callable

8/20/28

@

100(a)

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

2,176

2,232

BHG

Securitization

Trust,

Series

2022-C,

Class

E,

9.73%,

10/17/35,

Callable

10/17/28

@

100(a)

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

6,410

6,789

Blackbird

Capital

II

Aircraft

Lease

Ltd.,

Series

2021-1A,

Class

B,

3.45%,

7/15/46,

Callable

7/15/28

@

100(a)

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

2,760

2,634

Blue

Owl

Asset

Leasing

Trust

LLC,

Series

2024-1A,

Class

D,

8.00%,

12/15/31,

Callable

7/15/27

@

100(a)

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

3,180

3,227

Cascade

MH

Asset

Trust

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

Series

2021-MH1,

Class

B1,

4.57%,

2/25/46,

Callable

4/25/38

@

100(a)

...........

2,150

1,808

Series

2021-MH1,

Class

B3,

7.50%,

2/25/46,

Callable

4/25/38

@

100(a)(d)

.........

4,000

3,578

Cologix

Canadian

Issuer

LP,

Series

2022-1CAN,

Class

A2,

4.94%,

1/25/52,

Callable

4/25/26

@

100(a)

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

7,465

5,330

Commonbond

Student

Loan

Trust,

Series

2017-BGS,

Class

C,

4.44%,

9/25/42,

Callable

4/25/26

@

100(a)

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

Crockett

Partners

Equipment

Co.

IIA

LLC

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

Series

2024-1C,

Class

A,

6.05%,

1/20/31,

Callable

4/20/29

@

100(a)

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

4,258

4,308

Series

2024-1C,

Class

C,

10.16%,

1/20/31,

Callable

4/20/29

@

100(a)

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

913

949

DataBank

Issuer,

Series

2024-1A,

Class

A2,

5.30%,

1/26/54,

Callable

1/25/27

@

100(a)

....

3,590

3,534

FIGRE

Trust

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

Series

2024-HE6,

Class

A,

5.72%,

12/25/54,

Callable

2/25/30

@

100(a)(d)

..........

11,950

12,014

Series

2025-HE1,

Class

A,

5.83%,

1/25/55,

Callable

3/25/30

@

100(a)(d)

...........

6,475

6,516

Series

2025-HE2,

Class

A,

5.78%,

3/25/55,

Callable

10/25/30

@

100(a)(d)

..........

3,112

3,132

Series

2025-HE5,

Class

A,

5.29%,

8/25/55,

Callable

1/25/31

@

100(a)(d)

...........

14,693

14,653

Series

2025-HE8,

Class

A,

5.21%,

11/25/55,

Callable

7/25/28

@

100(a)(d)

..........

5,954

5,916

Granite

Park

Equipment

Leasing

LLC,

Series

2023-1A,

Class

E,

7.00%,

6/20/35,

Callable

4/20/27

@

100(a)

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

2,885

2,879

Home

Partners

of

America

Trust,

Series

2019-1,

Class

F,

4.10%,

9/17/39,

Callable

4/17/26

@

100(a)(e)

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

572

550

J.G.

Wentworth

XLI

LLC,

Series

2010-3A,

Class

A,

3.82%,

12/15/48,

Callable

4/15/26

@

100(a)

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

Libra

Solutions

LLC

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

Series

2024-1A,

Class

B,

7.91%,

9/30/38(a)

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

2,010

2,008

Series

2025-1A,

Class

B,

8.06%,

8/15/39(a)

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

3,830

3,825

Mosaic

Solar

Loan

Trust

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

Series

2019-2A,

Class

D,

6.18%,

9/20/40,

Callable

3/20/31

@

100(a)

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

750

743

Series

2021-1A,

Class

D,

3.71%,

12/20/46,

Callable

11/20/33

@

100(a)

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

2,730

2,183

NMEF

Funding

LLC

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

Series

2022-B,

Class

C,

8.54%,

6/15/29,

Callable

8/15/26

@

100(a)

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

5,950

6,019

Series

2024-A,

Class

C,

6.33%,

12/15/31,

Callable

3/15/28

@

100(a)

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

5,450

5,568

Series

2024-A,

Class

D,

8.75%,

12/15/31,

Callable

3/15/28

@

100(a)

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

4,997

5,203

PEAR

LLC,

Series

2021-1,

Class

B,

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

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

6,400

6,000

Post

Road

Equipment

Finance

LLC,

Series

2024-1A,

Class

E,

8.50%,

12/15/31,

Callable

12/15/26

@

100(a)

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

2,260

2,321

Reach

ABS

Trust,

Series

2026-1A,

Class

A,

4.32%,

2/15/33,

Callable

6/15/30

@

100(a)

....

6,616

6,616

RMF

Buyout

Issuance

Trust

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

Series

2021-HB1,

Class

M4,

4.70%,

11/25/31(a)(d)

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

3,000

2,850

Series

2021-HB1,

Class

M5,

6.00%,

11/25/31(a)(d)

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

6,000

5,675

Series

2022-HB1,

Class

M5,

4.50%,

4/25/32,

Callable

4/25/27

@

100(a)(d)(f)

.......

3,750

Rosy

Blue

Carat

SCS,

Series

2018-1,

Class

A1R,

8.48%,

3/15/30(a)(f)

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

1,031

1,047

SCF

Equipment

Leasing

LLC

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

Series

2024-1A,

Class

E,

9.00%,

12/20/34,

Callable

2/20/30

@

100(a)

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

2,300

2,456

Series

2025-1A,

Class

E,

6.75%,

11/20/35,

Callable

9/20/31

@

100(a)

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

4,200

4,343

Series

2025-2A,

Class

E,

6.21%,

6/20/36,

Callable

4/20/32

@

100(a)

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

3,390

3,404

Tricon

American

Homes

Trust,

Series

2020-SFR2,

Class

E1,

2.73%,

11/17/39(a)(e)

........

4,250

4,065

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Strategic

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) VFI

ABS

LLC,

Series

2023-1A,

Class

D,

12.36%,

12/24/30,

Callable

6/24/26

@

100(a)

....

$

2,540

$

2,573

162,854

Total

Asset-Backed

Securities

(Cost

$301,890)

a

a

a

289,755

Collateralized

Loan

Obligations

(0.9%)

Cash

Flow

CLO

(0.9%):

Arbor

Realty

Collateralized

Loan

Obligation

Ltd.

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

Series

2025-BTR1,

Class

A,

5.60%

(TSFR1M+193bps),

1/20/41,

Callable

5/20/27

@

100(a)(b)

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

1,660

1,661

Series

2025-BTR1,

Class

AS,

6.31%

(TSFR1M+264bps),

1/20/41,

Callable

5/20/27

@

100(a)(b)

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

4,180

4,205

Series

2025-BTR1,

Class

B,

6.86%

(TSFR1M+319bps),

1/20/41,

Callable

5/20/27

@

100(a)(b)

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

2,510

2,524

Series

2025-BTR1,

Class

C,

7.36%

(TSFR1M+369bps),

1/20/41,

Callable

5/20/27

@

100(a)(b)

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

1,390

1,398

AREIT

Ltd.,

Series

2022-CRE6,

Class

D,

6.52%

(SOFR30A+285bps),

1/20/37(a)(b)

......

3,600

3,543

Carlyle

US

CLO

Ltd.,

Series

2019-4A,

Class

CR,

6.87%

(TSFR3M+320bps),

4/15/35,

Callable

4/15/26

@

100(a)(b)

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

3,000

2,930

First

Eagle

BSL

CLO

Ltd.,

Series

2019-1A,

Class

C,

8.28%

(TSFR3M+461bps),

1/20/33,

Callable

4/20/26

@

100(a)(b)

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

1,000

999

FS

Rialto

Issuer

LLC,

Series

2025-FL10,

Class

A,

5.06%

(TSFR1M+139bps),

8/19/42,

Callable

8/19/27

@

100(a)(b)(e)

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

6,110

6,107

Neuberger

Berman

CLO

XVII

Ltd.,

Series

2014-17A,

Class

ER3,

10.42%

(TSFR3M+675bps),

7/22/38,

Callable

7/22/26

@

100(a)(b)

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

4,500

4,464

Sound

Point

CLO

XXI

Ltd.,

Series

2018-3A,

Class

C,

7.23%

(TSFR3M+356bps),

10/26/31,

Callable

4/26/26

@

100(a)(b)

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

4,750

4,553

32,384

Total

Collateralized

Loan

Obligations

(Cost

$32,659)

a

a

a

32,384

Collateralized

Mortgage

Obligations

(9.3%)

Agency

CMO

IO

(1.0%):

Federal

Home

Loan

Mortgage

Corporation

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

Series

4087,

Class

SB,

2.24%

(SOFR30A+592bps),

7/15/42(b)(e)

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

5,984

574

Series

4601,

Class

NI,

3.50%,

9/15/45(e)

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

2,498

Series

4791,

Class

IO,

3.00%,

5/15/48(e)

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

1,655

Series

4988,

Class

IL,

3.00%,

6/25/50(e)

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

3,582

658

Series

5003,

Class

KI,

2.50%,

8/25/50(e)

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

1,630

Series

5086,

Class

NI,

2.50%,

3/25/51(e)

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

1,778

Series

5135,

Class

MI,

2.50%,

8/25/51(e)

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

2,550

Series

5141,

Class

IJ,

2.50%,

4/25/51(e)

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

4,083

Federal

Home

Loan

Mortgage

Corporation

REMICs

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

Series

4091,

Class

SH,

2.76%

(SOFR30A+644bps),

8/15/42(b)(e)

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

3,444

506

Series

4999,

Class

QI,

4.00%,

5/25/50(e)

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

1,692

Series

5067,

Class

GI,

4.00%,

12/25/50(e)

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

2,009

Federal

National

Mortgage

Association

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

Series

1,

Class

CI,

3.00%,

11/25/50(e)

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

11,113

1,847

Series

2012-14,

Class

SP,

2.77%

(SOFR30A+644bps),

8/25/41(b)(e)

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

1,152

Series

2018-43,

Class

SM,

2.42%

(SOFR30A+609bps),

6/25/48(b)(e)

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

1,448

Series

2019-33,

Class

S,

2.27%

(SOFR30A+594bps),

7/25/49(b)(e)

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

1,619

Series

2019-41,

Class

PS,

2.27%

(SOFR30A+594bps),

8/25/49(b)(e)

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

1,282

Series

2019-41,

Class

SM,

2.27%

(SOFR30A+594bps),

8/25/49(b)(e)

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

1,321

Series

2019-59,

Class

AI,

4.00%,

10/25/39(e)

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

1,299

Series

2020-83,

Class

EI,

4.00%,

11/25/50(e)

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

1,457

Series

2021-44,

Class

NI,

3.00%,

7/25/51(e)

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

4,552

866

Series

437,

Class

C11,

3.00%,

7/25/52(e)

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

25,613

4,511

Series

78,

Class

CI,

4.50%,

11/25/51(e)

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

2,654

597

Government

National

Mortgage

Association

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

Series

140,

Class

IO,

2.50%,

8/20/51(e)

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

10,131

1,001

Series

146,

Class

QI,

3.00%,

8/20/51(e)

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

3,014

Series

173,

Class

AI,

2.50%,

10/20/51(e)

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

33,317

3,449

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Strategic

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

182,

Class

TI,

3.50%,

10/20/51(e)

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

$

1,391

$

Series

2019-103,

Class

SB,

2.26%

(TSFR1M+594bps),

8/20/49(b)

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

1,431

Series

2019-117,

Class

SB

(TSFR1M+331bps),

9/20/49(b)(e)(g)

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

12,720

Series

2019-128,

Class

IB,

3.50%,

10/20/49(e)

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

18,249

2,925

Series

2019-128,

Class

ID,

3.50%,

10/20/49(e)

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

18,259

2,921

Series

2019-159,

Class

CI,

3.50%,

12/20/49(e)

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

8,360

1,352

Series

2020-15,

Class

IM,

3.50%,

2/20/50

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

1,559

Series

2020-7,

Class

CI,

3.50%,

1/20/50

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

3,665

679

Series

2020-9,

Class

SA

(TSFR1M+324bps),

1/20/50(b)(e)(g)

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

10,563

Series

2025-120,

Class

IC,

4.50%,

1/20/50(e)

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

8,474

1,895

Series

206,

Class

IO,

2.50%,

10/20/51(e)

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

10,481

1,053

Series

213,

Class

CI,

2.50%,

7/20/50(e)

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

2,163

Series

213,

Class

EI,

2.50%,

1/20/49(e)

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

1,890

Series

213,

Class

NI,

3.00%,

12/20/51(e)

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

2,793

Series

24,

Class

AI,

2.50%,

8/20/51(e)

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

8,573

838

Series

34,

Class

IO,

5.00%,

12/20/39(e)

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

13,300

2,484

Series

42,

Class

KI,

2.50%,

3/20/51(e)

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

2,006

Series

70,

Class

IO,

4.00%,

6/20/50(e)

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

9,025

1,826

Series

96,

Class

BI,

3.50%,

6/20/51(e)

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

3,446

627

36,928

Agency

CMO

Other

(0.1%):

Government

National

Mortgage

Association,

Series

2009-83,

Class

EB,

4.50%,

9/20/39

....

807

808

La

Hipotecaria

El

Salvadorian

Mortgage

Trust,

Series

2016-1A,

Class

A,

3.36%,

1/15/46,

Callable

5/15/31

@

100(a)

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

760

710

La

Hipotecaria

Mortgage

Trust,

Series

2019-2A,

Class

BBB,

4.75%,

9/29/46,

Callable

5/15/34

@

100(a)(f)

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

1,475

1,409

2,927

Commercial

MBS

(3.0%):

Alen

Mortgage

Trust,

Series

2021-ACEN,

Class

E,

7.79%

(TSFR1M+411bps),

4/15/34(a)(b)(e)

6,320

4,740

Bayview

Commercial

Asset

Trust,

Series

2007-2A,

Class

IO,

7/25/37(a)(d)(e)(f)(g)

........

3,531

—(h)

Benchmark

Mortgage

Trust,

Series

2020-IG3,

Class

B,

3.26%,

9/15/48,

Callable

4/15/30

@

100(a)(d)

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

2,025

1,442

BSREP

Commercial

Mortgage

Trust,

Series

2021-DC,

Class

G,

7.64%

(TSFR1M+396bps),

8/15/38(a)(b)(e)

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

1,704

618

COMM

Mortgage

Trust,

Series

2020-CX,

Class

A,

2.17%,

11/10/46,

Callable

11/10/30

@

100(a)(e)

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

3,750

3,192

CSAIL

Commercial

Mortgage

Trust,

Series

2015-C1,

Class

C,

3.74%,

4/15/50,

Callable

10/15/27

@

100(d)

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

4,083

3,801

Federal

Home

Loan

Mortgage

Corporation

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

Series

2021-K131,

Class

D,

9/25/54,

Callable

9/25/31

@

100(a)(g)

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

5,000

3,095

Series

2021-KG05,

Class

C,

1/25/31(a)(g)

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

10,000

6,679

FREMF

Mortgage

Trust

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

Series

2017-KW02,

Class

B,

3.75%,

12/25/26(a)(d)

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

4,500

4,421

Series

2017-KW03,

Class

B,

4.08%,

7/25/27(a)(d)

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

2,800

2,767

Series

2018-K154,

Class

B,

4.02%,

11/25/32(a)(d)

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

2,300

2,014

Series

2018-K157,

Class

B,

4.30%,

8/25/33(a)(d)

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

1,875

1,656

Series

2018-KHG1,

Class

B,

3.90%,

12/25/27(a)(d)

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

6,364

6,114

Series

2018-KSW4,

Class

C,

8.78%

(SOFR30A+511bps),

10/25/28(a)(b)

...........

1,418

1,342

Series

2018-KW07,

Class

B,

4.11%,

10/25/31,

Callable

10/25/28

@

100(a)(d)

.......

975

891

Series

2019-KJ24,

Class

B,

7.60%,

10/25/27(a)(d)

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

2,471

2,380

Series

2019-KS12,

Class

C,

10.68%

(SOFR30A+701bps),

8/25/29(a)(b)

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

8,352

8,224

Series

2020-KF74,

Class

C,

10.03%

(SOFR30A+636bps),

1/25/27(a)(b)

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

928

921

Series

2020-KF83,

Class

C,

12.78%

(SOFR30A+911bps),

7/25/30,

Callable

6/25/30

@

100(a)(b)

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

1,204

1,232

Series

2021-K131,

Class

X2A,

0.10%,

9/25/54,

Callable

6/25/31

@

100(a)

..........

81,066

Series

2021-K131,

Class

X2B,

0.10%,

9/25/54,

Callable

6/25/31

@

100(a)

..........

18,375

Series

2021-KG05,

Class

X2A,

0.10%,

1/25/31,

Callable

10/25/30

@

100(a)(e)

......

123,058

Series

2021-KG05,

Class

X2B,

0.10%,

1/25/31,

Callable

10/25/30

@

100(a)(e)

......

10,000

GS

Mortgage

Securities

Corp.

Trust,

Series

2020-DUNE,

Class

E,

6.44%

(TSFR1M+276bps),

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

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

4,893

4,671

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

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

Series

2019-MFP,

Class

E,

5.88%

(TSFR1M+221bps),

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

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

556

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Strategic

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2020-LOOP,

Class

F,

3.86%,

12/5/38(a)(d)(e)

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

$

11,650

$

1,732

Series

2024-OMNI,

Class

D,

5.80%,

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

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

550

546

Key

Commercial

Mortgage

Securities

Trust,

Series

2019-S2,

Class

A3,

3.47%,

6/15/52,

Callable

6/15/29

@

100(a)

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

4,817

4,617

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2017-C33,

Class

D,

3.36%,

5/15/50,

Callable

5/15/27

@

100(a)

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

2,000

1,803

Morgan

Stanley

Capital

I

Trust

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

Series

2014-150E,

Class

AS,

4.01%,

9/9/32,

Callable

9/9/27

@

100(a)(e)

...........

3,350

3,000

Series

2016-UBS9,

Class

D,

3.00%,

3/15/49,

Callable

4/15/26

@

100(a)

...........

1,550

1,201

Natixis

Commercial

Mortgage

Securities

Trust,

Series

2019-FAME,

Class

D,

4.40%,

8/15/36(a)

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

1,030

660

Ready

Capital

Mortgage

Trust

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

Series

2019-5,

Class

C,

5.05%,

2/25/52,

Callable

8/25/28

@

100(a)(d)

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

688

683

Series

2019-5,

Class

E,

5.16%,

2/25/52,

Callable

8/25/28

@

100(a)(d)

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

5,400

4,926

ReadyCap

Commercial

Mortgage

Trust,

Series

2019-6,

Class

C,

4.13%,

10/25/52,

Callable

2/25/34

@

100(a)(d)

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

2,443

2,233

SLG

Office

Trust

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

Series

2021-OVA,

Class

E,

2.85%,

7/15/41(a)(e)

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

8,350

7,168

Series

2021-OVA,

Class

F,

2.85%,

7/15/41(a)(e)

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

8,000

6,612

Soho

Trust,

Series

2021-SOHO,

Class

A,

2.70%,

8/10/38(a)(d)(e)

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

1,500

1,239

UBS

Commercial

Mortgage

Trust,

Series

2018-C9,

Class

XB,

0.34%,

3/15/51,

Callable

3/15/28

@

100(d)(e)

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

67,584

Velocity

Commercial

Capital

Loan

Trust

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

Series

2024-6,

Class

A,

5.81%,

12/25/54,

Callable

9/25/33

@

100(a)(d)

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

4,674

4,681

Series

2025-1,

Class

A,

6.03%,

2/25/55,

Callable

7/25/36

@

100(a)(d)

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

2,870

2,890

VRTX

Trust,

Series

2025-HQ,

Class

D,

6.60%,

8/5/42(a)(d)(e)

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

4,680

4,698

Wells

Fargo

Commercial

Mortgage

Trust

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

Series

2026-1250B,

Class

C,

5.59%,

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

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

790

780

Series

2026-1250B,

Class

D,

6.59%,

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

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

XCALI

Mortgage

Trust,

Series

2020-5,

Class

A,

7.05%

(TSFR1M+337bps),

5/15/26(a)(b)(e)

112,242

Private

CMO

(0.1%):

Brean

Asset

Backed

Securities

Trust,

Series

2021-RM2,

Class

M1,

1.75%,

10/25/61,

Callable

9/25/26

@

100(a)

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

2,696

2,633

Private

CMO

Floating

(2.7%):

Bellemeade

Re

Ltd.,

Series

2024-1,

Class

M1B,

6.86%

(SOFR30A+320bps),

8/25/34,

Callable

7/25/27

@

100(a)(b)

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

4,168

4,188

Connecticut

Avenue

Securities

Trust

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

Series

2020-SBT1,

Class

1M2,

7.43%

(SOFR30A+376bps),

2/25/40,

Callable

2/25/27

@

100(a)(b)

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

2,670

2,730

Series

2022-R02,

Class

2B1,

8.16%

(SOFR30A+450bps),

1/25/42,

Callable

1/25/27

@

100(a)(b)

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

7,980

8,186

Series

2024-R03,

Class

2M2,

5.61%

(SOFR30A+195bps),

3/25/44,

Callable

3/25/29

@

100(a)(b)

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

3,280

3,285

Series

2024-R05,

Class

2M2,

5.36%

(SOFR30A+170bps),

7/25/44,

Callable

7/25/29

@

100(a)(b)

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

3,579

3,585

Eagle

RE

Ltd.,

Series

2023-1,

Class

M1B,

7.61%

(SOFR30A+395bps),

9/26/33,

Callable

9/25/28

@

100(a)(b)

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

8,240

8,429

Federal

Home

Loan

Mortgage

Corporation

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

Series

2019-FTR3,

Class

B2,

8.58%

(SOFR30A+491bps),

9/25/47,

Callable

12/25/29

@

100(a)(b)

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

2,431

2,633

Series

2020-DNA6,

Class

B2,

9.31%

(SOFR30A+565bps),

12/25/50,

Callable

12/25/30

@

100(a)(b)

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

2,630

3,058

Series

2020-HQA3,

Class

B2,

13.78%

(SOFR30A+1011bps),

7/25/50,

Callable

7/25/30

@

100(a)(b)

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

2,670

3,505

Series

2020-HQA5,

Class

B2,

11.06%

(SOFR30A+740bps),

11/25/50,

Callable

11/25/30

@

100(a)(b)

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

6,250

7,623

Series

2021-HQA4,

Class

B1,

7.41%

(SOFR30A+375bps),

12/25/41,

Callable

12/25/26

@

100(a)(b)

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

2,340

2,377

Series

2021-MN1,

Class

B1,

11.41%

(SOFR30A+775bps),

1/25/51,

Callable

1/25/29

@

100(a)(b)

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

1,455

1,598

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Strategic

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2021-MN1,

Class

M2,

7.41%

(SOFR30A+375bps),

1/25/51,

Callable

1/25/29

@

100(a)(b)

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

$

2,750

$

2,852

Series

2021-MN3,

Class

M2,

7.66%

(SOFR30A+400bps),

11/25/51,

Callable

8/25/36

@

100(a)(b)

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

6,000

6,205

Home

Re

Ltd.

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

Series

2023-1,

Class

M1B,

8.26%

(SOFR30A+460bps),

10/25/33,

Callable

10/25/28

@

100(a)(b)

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

1,281

1,309

Series

2026-1,

Class

M1A,

4.86%

(SOFR30A+120bps),

1/25/36,

Callable

8/25/29

@

100(a)(b)

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

2,540

2,539

JPMorgan

Chase

Bank

NA

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

Series

2020-CL1,

Class

M3,

7.14%

(TSFR1M+346bps),

10/25/57,

Callable

6/25/34

@

100(a)(b)

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

3,887

4,057

Series

2021-CL1,

Class

M3,

5.46%

(SOFR30A+180bps),

3/25/51,

Callable

11/25/36

@

100(a)(b)

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

1,803

1,786

Series

2021-CL1,

Class

M4,

6.41%

(SOFR30A+275bps),

3/25/51,

Callable

11/25/36

@

100(a)(b)

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

1,600

1,584

Multifamily

Connecticut

Avenue

Securities

Trust,

Series

2019-01,

Class

M10,

7.03%

(SOFR30A+336bps),

10/25/49(a)(b)

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

8,496

8,620

New

Residential

Mortgage

Loan

Trust,

Series

2020-2A,

Class

B4A,

6.29%

(TSFR1M+261bps),

10/25/46,

Callable

11/25/32

@

100(a)(b)

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

6,334

6,358

Radnor

RE

Ltd.,

Series

2021-2,

Class

M2,

8.66%

(SOFR30A+500bps),

11/25/31,

Callable

9/25/27

@

100(a)(b)

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

1,460

1,513

STACR

Trust,

Series

2018-HRP2,

Class

B2,

14.28%

(SOFR30A+1061bps),

2/25/47,

Callable

11/25/28

@

100(a)(b)

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

4,750

5,739

Towd

Point

Mortgage

Trust,

Series

2019-HY1,

Class

B2,

5.94%

(TSFR1M+226bps),

10/25/48,

Callable

10/25/28

@

100(a)(b)

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

5,639

5,819

Triangle

RE

Ltd.,

Series

2023-1,

Class

M1A,

7.06%

(SOFR30A+340bps),

11/25/33,

Callable

10/25/28

@

100(a)(b)

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

2,714

2,731

102,309

Private

CMO

IO

(0.1%):

Flagstar

Mortgage

Trust,

Series

2021-4,

Class

AX1,

0.20%,

6/1/51,

Callable

4/25/46

@

100(a)

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

190,165

2,397

Hundred

Acre

Wood

Trust,

Series

2021-INV1,

Class

AX1,

0.23%,

7/25/51,

Callable

7/25/46

@

100(a)(d)(e)

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

62,737

843

JP

Morgan

Mortgage

Trust

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

Series

2021-10,

Class

AX1,

0.11%,

12/25/51,

Callable

8/25/38

@

100(a)(d)(e)

.......

120,763

734

Series

2021-8,

Class

AX1,

0.11%,

12/25/51,

Callable

5/25/41

@

100(a)(d)(e)

........

105,749

637

4,611

Private

CMO

Other

(2.3%):

Bayview

MSR

Opportunity

Master

Fund

Trust,

Series

2021-2,

Class

A8,

2.50%,

6/25/51,

Callable

4/25/42

@

100(a)(d)

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

5,970

4,102

BINOM

Securitization

Trust,

Series

2022-RPL1,

Class

M3,

3.00%,

2/25/61,

Callable

4/25/26

@

100(a)(d)

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

8,062

5,908

Brean

Asset

Backed

Securities

Trust,

Series

2021-RM1,

Class

A,

1.40%,

10/25/63,

Callable

9/25/27

@

100(a)(d)

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

2,614

2,493

CFMT

LLC

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

Series

2024-HB14,

Class

M4,

3.00%,

6/25/34,

Callable

6/25/27

@

100(a)(d)

........

3,450

3,292

Series

2024-HB15,

Class

M4,

4.00%,

8/25/34(a)(d)

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

6,710

6,412

Citigroup

Mortgage

Loan

Trust,

Series

2018-RP3,

Class

B2,

3.25%,

3/25/61,

Callable

3/25/46

@

100(a)(d)

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

5,265

4,348

CSFB

Mortgage-Backed

Pass-Through

Certificates,

Series

2003-17,

Class

B1,

5.50%,

6/25/33,

Callable

4/25/26

@

100(d)

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

—(h)

CSMC

Trust,

Series

2021-RPL2,

Class

M3,

3.51%,

1/25/60,

Callable

2/25/50

@

100(a)(d)

..

2,639

1,750

Global

Mortgage

Securitization

Ltd.,

Series

2004-A,

Class

B2,

5.25%,

11/25/32,

Callable

4/25/26

@

100(a)

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

—(h)

GS

Mortgage-Backed

Securities

Corp.

Trust

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

Series

2019-PJ3,

Class

B4,

3.97%,

3/25/50,

Callable

4/25/26

@

100(a)(d)

..........

2,174

1,908

Series

2019-PJ3,

Class

B5,

3.97%,

3/25/50,

Callable

4/25/26

@

100(a)(d)

..........

1,490

1,090

Imperial

Fund

Mortgage

Trust,

Series

2021-NQM2,

Class

B2,

4.27%,

9/25/56,

Callable

4/25/26

@

100(a)(d)

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

4,350

3,485

JP

Morgan

Mortgage

Trust

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

Series

2018-7FRB,

Class

B5,

5.11%,

4/25/46,

Callable

12/25/29

@

100(a)(d)

........

981

840

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Strategic

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2021-3,

Class

A5,

2.50%,

7/25/51,

Callable

11/25/44

@

100(a)(d)

...........

$

2,000

$

1,405

JPMorgan

Mortgage

Trust,

Series

2021-INV1,

Class

B3,

2.96%,

10/25/51,

Callable

9/25/47

@

100(a)(d)

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

1,839

1,512

La

Hipotecaria

El

Salvadorian

Mortgage

Trust,

Series

2021-1,

Class

GA,

4.35%,

7/13/52(a)

.

5,341

4,813

New

Residential

Mortgage

Loan

Trust,

Series

2020-RPL1,

Class

B1,

3.83%,

11/25/59,

Callable

4/25/42

@

100(a)(d)

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

13,904

11,897

Onity

Loan

Investment

Trust,

Series

2024-HB2,

Class

M3,

5.00%,

8/25/37,

Callable

8/25/27

@

100(a)(d)

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

1,950

1,898

PRMI

Securitization

Trust

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

Series

2021-1,

Class

B2,

2.48%,

4/25/51,

Callable

6/25/46

@

100(a)(d)

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

1,736

1,407

Series

2021-1,

Class

B3,

2.48%,

4/25/51,

Callable

6/25/46

@

100(a)(d)

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

3,310

2,643

Provident

Funding

Mortgage

Trust

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

Series

2021-1,

Class

B1,

2.38%,

4/25/51,

Callable

12/25/46

@

100(a)(d)

...........

2,583

2,152

Series

2021-2,

Class

B2,

2.35%,

4/25/51,

Callable

12/25/47

@

100(a)(d)

...........

2,505

2,029

Rate

Mortgage

Trust

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

Series

2021-HB1,

Class

B3,

2.70%,

12/25/51,

Callable

1/25/47

@

100(a)(d)

.........

1,706

1,375

Series

2022-J1,

Class

B3,

2.75%,

1/25/52,

Callable

1/25/48

@

100(a)(d)

...........

3,662

3,024

Sequoia

Mortgage

Trust

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

Series

2021-9,

Class

B4,

2.85%,

1/25/52,

Callable

5/25/42

@

100(a)(d)

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

1,783

878

Series

2022-1,

Class

B4,

2.94%,

2/25/52,

Callable

10/25/46

@

100(a)(d)

...........

2,744

1,369

Towd

Point

Mortgage

Trust

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

Series

2017-1,

Class

B3,

3.72%,

10/25/56,

Callable

7/25/30

@

100(a)(d)

...........

5,000

4,301

Series

2021-R1,

Class

A1,

2.92%,

11/30/60(a)(d)

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

8,220

7,395

Visio

Trust,

Series

2019-2,

Class

B1,

3.91%,

11/25/54,

Callable

4/25/26

@

100(a)(d)

......

800

761

84,487

Total

Collateralized

Mortgage

Obligations

(Cost

$393,535)

a

a

a

346,137

Shares

Common

Stocks

(0.1%)

Communication

Services

(0.0%):(i)

Altice

France

SA(j)

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

55,163

939

Consumer

Discretionary

(0.0%):(i)

Desarrolladora

Homex

SAB

de

CV(f)(j)

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

1,018,282

—(h)

Energy

(0.0%):(i)

Frontera

Energy

Corp.

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

Industrials

(0.1%):

Grupo

Aeromexico

SAB

de

CV(j)

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

1,281,710

1,810

Materials

(0.0%):

Emerald

Plantation

Holdings

Ltd.(f)

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

162,828

—

Total

Common

Stocks

(Cost

$2,090)

a

a

a

2,752

Preferred

Stocks

(0.7%)

Financials

(0.7%):

Bank

of

America

Corp.,

Series

LL,

5.00%(k)

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

229,351

4,626

Capital

One

Financial

Corp.,

Series

L,

4.38%(k)

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

34,711

558

JPMorgan

Chase

&

Co.,

Series

MM,

4.20%(k)

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

309,879

5,423

KeyCorp,

Series

G,

5.63%(k)

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

92,714

1,943

Morgan

Stanley,

Series

O,

4.25%(k)

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

383,166

6,579

State

Street

Corp.,

Series

G,

5.35%(k)

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

59,110

1,278

U.S.

Bancorp,

Series

L,

3.75%(k)

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

56,272

831

Wells

Fargo

&

Co.,

Series

DD,

4.25%(k)

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

233,315

4,025

25,263

Total

Preferred

Stocks

(Cost

$26,059)

a

a

a

25,263

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Strategic

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Convertible

Corporate

Bonds

(0.2%)

Communication

Services

(0.2%):

Live

Nation

Entertainment,

Inc.

2.88%,

1/15/30

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

$

$

2.88%,

10/15/31(a)

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

5,800

5,886

6,199

Real

Estate

(0.0%):(i)

Boston

Properties

LP,

2.00%,

10/1/30(a)

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

1,220

1,107

Total

Convertible

Corporate

Bonds

(Cost

$7,310)

a

a

a

7,306

Shares

Convertible

Preferred

Stocks

(0.1%)

Information

Technology

(0.1%):

Oracle

Corp.,

Series

D,

6.50%,

1/15/29

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

129,200

5,815

Total

Convertible

Preferred

Stocks

(Cost

$6,460)

a

a

a

5,815

Principal

Amount

(000) Senior

Secured

Loans

(0.6%)

Consumer

Discretionary

(0.2%):

Fitness

International

LLC,

Term

B

Loan,

First

Lien,

8.17%

(SOFR01M+450bps),

2/12/29(b)

.

$

2,658

2,672

River

Rock

Entertainment

Authority,

Term

Loan,

First

Lien,

12.67%

(SOFR01M+900bps),

11/24/31(b)

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

6,950

6,811

9,483

Financials

(0.2%):

1261229

BC

Ltd.,

Initial

Term

Loan,

First

Lien,

9.92%

(SOFR01M+625bps),

10/8/30(b)

....

4,824

4,664

LC

Ahab

US

Bidco

LLC,

Second

Amendment

Incremental

Term

Loan,

First

Lien,

6.17%

(SOFR01M+250bps),

5/1/31(b)

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

1,940

1,925

6,589

Health

Care

(0.0%):(i)

Endo

Finance

Holdings

LP,

2024

Refinancing

Term

Loan,

7.42%

(SOFR01M+375bps),

4/23/31(b)

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

1,251

1,246

Industrials

(0.2%):

Hertz

Corporation,

The,

Initial

Term

B

Loan,

7.29%

(SOFR01M+350bps),

6/30/28(b)

......

7,258

5,298

Hertz

Corporation,

The,

Initial

Term

C

Loan,

7.29%

(SOFR01M+350bps),

6/30/28(b)

......

1,423

1,039

6,337

Materials

(0.0%):(i)

WireCo

WorldGroup

Inc.,

2023

Refinancing

Term

Loan,

7.42%

(SOFR03M+375bps),

11/13/28(b)

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

970

968

Total

Senior

Secured

Loans

(Cost

$26,432)

a

a

a

24,623

Corporate

Bonds

(23.4%)

Communication

Services

(0.6%):

CSC

Holdings

LLC,

4.63%,

12/1/30,

Callable

5/2/26

@

102.31(a)

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

6,200

2,188

Meta

Platforms,

Inc.

5.63%,

11/15/55,

Callable

5/15/55

@

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

4,455

4,176

5.75%,

11/15/65,

Callable

5/15/65

@

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

7,590

7,050

Oak-Eagle

Acquireco,

Inc.

7.25%,

7/1/33,

Callable

7/1/29

@

103.63(a)

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

780

808

8.75%,

7/1/34,

Callable

7/1/29

@

104.38(a)

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

2,220

2,324

Uniti

Group

LP/Uniti

Group

Finance,

Inc./CSL

Capital

LLC

6.50%,

2/15/29,

Callable

4/27/26

@

100(a)

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

5,975

5,803

8.63%,

6/15/32,

Callable

6/15/28

@

104.31(a)

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

1,925

1,960

24,309

Consumer

Discretionary

(1.4%):

Avis

Budget

Car

Rental

LLC/Avis

Budget

Finance,

Inc.,

8.38%,

6/15/32,

Callable

6/15/28

@

104.19(a)

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

2,435

2,422

Champions

Financing,

Inc.,

8.75%,

2/15/29,

Callable

5/2/26

@

104.38(a)

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

7,474

6,703

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Strategic

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Ford

Motor

Co.,

6.10%,

8/19/32,

Callable

5/19/32

@

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

$

4,430

$

4,466

HOA

RoyaltyCo

LLC,

4.72%,

11/22/55,

Callable

5/2/26

@

100(a)(c)(f)

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

9,941

2,091

Melco

Resorts

Finance

Ltd.,

6.50%,

9/24/33,

Callable

9/24/28

@

103.25(a)

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

1,360

1,305

Petco

Health

&

Wellness

Co.,

Inc.,

8.25%,

2/1/31,

Callable

2/1/28

@

104.13(a)

..........

805

804

Resorts

World

Las

Vegas

LLC/RWLV

Capital,

Inc.

4.63%,

4/16/29,

Callable

1/16/29

@

100(a)

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

17,100

14,696

4.63%,

4/6/31,

Callable

1/6/31

@

100(a)

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

5,300

4,179

The

Michaels

Cos.,

Inc.,

8.50%,

3/15/33,

Callable

3/15/29

@

104.25(a)

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

8,625

8,397

Volkswagen

Group

of

America

Finance

LLC,

5.80%,

3/27/35,

Callable

12/27/34

@

100(a)

..

4,538

4,535

ZF

North

America

Capital,

Inc.,

7.13%,

4/14/30,

Callable

2/14/30

@

100(a)

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

2,335

2,302

51,900

Consumer

Staples

(0.3%):

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC

5.50%,

3/31/31,

Callable

11/15/27

@

102.75(a)

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

2,600

2,571

5.75%,

3/31/34,

Callable

11/15/28

@

102.88(a)

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

6,965

6,814

Fiesta

Purchaser,

Inc.,

9.63%,

9/15/32,

Callable

9/15/27

@

104.81(a)

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

1,038

1,057

10,442

Energy

(2.6%):

Archrock

Services

LP/Archrock

Partners

Finance

Corp.,

6.00%,

2/1/34,

Callable

2/1/29

@

103(a)

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

1,535

1,520

Columbia

Pipelines

Holding

Co.

LLC

5.10%,

10/1/31,

Callable

8/1/31

@

100(a)

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

4,115

4,137

5.00%,

11/17/32,

Callable

9/17/32

@

100(a)

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

6,760

6,715

Enerflex,

Inc.,

6.88%,

1/15/31,

Callable

1/15/28

@

103.44(a)

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

2,055

2,098

Energy

Transfer

LP,

5.35%,

1/15/36,

Callable

10/15/35

@

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

3,960

3,933

Hess

Midstream

Operations

LP,

5.88%,

3/1/28,

Callable

4/12/26

@

102.94(a)

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

1,545

1,555

Hilcorp

Energy

I

LP/Hilcorp

Finance

Co.

6.88%,

5/15/34,

Callable

5/15/29

@

103.44(a)

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

7,930

7,748

7.25%,

2/15/35,

Callable

2/15/30

@

103.63(a)

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

23,191

23,119

Kodiak

Gas

Services

LLC,

5.88%,

4/1/31,

Callable

4/1/28

@

102.94(a)

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

1,415

1,422

SierraCol

Energy

Andina

LLC,

6.00%,

6/15/28,

Callable

5/2/26

@

101.5(a)

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

3,645

3,477

SierraCol

Energy

Andina

LLC/SierraCol

Energy

Arauca/Colombia

Energy

Development,

9.00%,

11/14/30,

Callable

11/14/27

@

104.5(a)

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

8,226

8,185

Summit

Midstream

Holdings

LLC,

8.63%,

10/31/29,

Callable

7/31/26

@

104.31(a)

........

5,730

5,893

Venture

Global

LNG,

Inc.

9.50%,

2/1/29,

Callable

11/1/28

@

100(a)

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

1,540

1,665

8.38%,

6/1/31,

Callable

6/1/26

@

104.19(a)

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

3,278

3,409

Venture

Global

Plaquemines

LNG

LLC

6.13%,

12/15/30,

Callable

9/15/30

@

100(a)

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

4,185

4,304

6.50%,

1/15/34,

Callable

7/15/33

@

100(a)

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

4,840

5,045

Wildfire

Intermediate

Holdings

LLC,

7.50%,

10/15/29,

Callable

10/15/26

@

103.75(a)

.....

12,109

12,270

96,495

Financials

(9.6%):

Ally

Financial,

Inc.

6.18%

(SOFR+229bps),

7/26/35,

Callable

7/26/34

@

100(b)

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

7,750

7,773

6.65%

(H15T5Y+245bps),

1/17/40,

Callable

10/19/34

@

100(b)

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

5,823

5,621

Banco

Bradesco

SA,

6.50%,

1/22/30(a)

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

8,900

9,196

Capital

One

Financial

Corp.

2.36%

(SOFR+134bps),

7/29/32,

Callable

7/29/31

@

100(b)

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

6,950

5,992

6.18%

(SOFR+204bps),

1/30/36,

Callable

1/30/35

@

100(b)

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

4,660

4,740

Citadel

Securities

Global

Holdings

LLC

5.50%,

6/18/30,

Callable

5/18/30

@

100(a)

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

13,000

13,207

6.20%,

6/18/35,

Callable

3/18/35

@

100(a)

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

5,517

5,644

Citigroup,

Inc.,

6.75%

(H15T5Y+257bps),

Callable

2/15/30

@

100(b)(k)

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

15,889

15,882

Citizens

Financial

Group,

Inc.

5.72%

(SOFR+191bps),

7/23/32,

Callable

7/23/31

@

100(b)

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

4,129

4,244

5.30%

(H15T5Y+145bps),

1/29/36,

Callable

1/29/31

@

100(b)

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

710

704

CNO

Financial

Group,

Inc.,

6.45%,

6/15/34,

Callable

3/15/34

@

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

10,720

11,062

Farmers

Exchange

Capital

III,

5.45%

(TSFR3M+372bps),

10/15/54,

Callable

10/15/34

@

100(a)(b)

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

9,880

8,924

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Strategic

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Farmers

Insurance

Exchange

4.75%

(US0003M+323bps),

11/1/57,

Callable

11/1/37

@

100(a)(b)

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

$

13,080

$

10,989

7.00%

(H15T10Y+386bps),

10/15/64,

Callable

7/15/54

@

100(a)(b)

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

6,810

6,806

Fidelity

National

Information

Services,

Inc.,

4.80%,

3/10/31,

Callable

2/10/31

@

......

2,590

2,570

Ford

Motor

Credit

Co.

LLC

5.88%,

11/7/29,

Callable

10/7/29

@

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

13,710

13,881

7.35%,

3/6/30,

Callable

1/6/30

@

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

3,700

3,903

3.63%,

6/17/31,

Callable

3/17/31

@

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

7,600

6,848

6.05%,

11/5/31,

Callable

9/5/31

@

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

10,520

10,566

6.53%,

3/19/32,

Callable

1/19/32

@

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

3,490

3,581

6.13%,

3/8/34,

Callable

12/8/33

@

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

2,052

2,032

6.50%,

2/7/35,

Callable

11/7/34

@

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

18,130

18,293

5.87%,

10/31/35,

Callable

7/31/35

@

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

11,710

11,243

Freedom

Mortgage

Holdings

LLC

9.13%,

5/15/31,

Callable

5/15/27

@

104.56(a)

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

4,780

4,859

8.38%,

4/1/32,

Callable

4/1/28

@

104.19(a)

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

745

733

International

Bank

for

Reconstruction

&

Development

15.87%

(SOFR+1222bps),

4/24/28(a)(b)

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

17.37%

(SOFR+1372bps),

4/24/28(a)(b)

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

ION

Platform

Finance

US,

Inc./ION

Platform

Finance

SARL,

9.00%,

8/1/29,

Callable

8/1/26

@

104.5(a)

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

5,540

5,136

Jane

Street

Group/JSG

Finance,

Inc.,

6.75%,

5/1/33,

Callable

5/1/28

@

103.38(a)

.........

12,765

12,951

JPMorgan

Chase

&

Co.

4.26%

(SOFR+93bps),

10/22/31,

Callable

10/22/30

@

100(b)

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

50,000

49,219

5.19%

(SOFR+130bps),

2/5/37,

Callable

2/5/36

@

100(b)

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

9,800

9,630

Liberty

Mutual

Insurance

Co.,

7.70%,

10/15/97(a)

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

16,165

17,708

Lincoln

Financial

Global

Funding,

4.20%,

1/12/29(a)

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

2,240

2,215

Lincoln

National

Corp.,

5.35%,

11/15/35,

Callable

8/15/35

@

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

2,315

2,256

LSEG

US

Fin

Corp.,

5.25%,

3/23/36,

Callable

12/23/35

@

100(a)

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

2,315

2,292

MetLife,

Inc.,

5.85%

(H15T5Y+182bps),

3/15/56,

Callable

3/15/36

@

100(b)

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

4,465

4,382

Morgan

Stanley

5.95%

(H15T5Y+243bps),

1/19/38,

Callable

1/19/33

@

100(b)

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

1,930

1,977

5.94%

(H15T5Y+180bps),

2/7/39,

Callable

2/7/34

@

100(b)

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

7,605

7,774

Northern

Trust

Corp.,

5.12%

(H15T5Y+105bps),

11/19/40,

Callable

11/19/35

@

100(b)

....

3,560

3,466

Old

National

Bancorp,

5.77%

(TSFR3M+220bps),

2/15/36,

Callable

2/15/31

@

100(b)

.....

1,070

1,065

OneMain

Finance

Corp.

6.13%,

5/15/30,

Callable

11/15/29

@

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

2,885

2,821

4.00%,

9/15/30,

Callable

5/2/26

@

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

5,775

5,215

PennyMac

Financial

Services,

Inc.,

6.75%,

2/15/34,

Callable

8/15/28

@

103.38(a)

........

4,460

4,174

Provident

Funding

Associates

LP/PFG

Finance

Corp.,

9.75%,

9/15/29,

Callable

9/15/26

@

104.88(a)

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

8,110

8,326

Starwood

Property

Trust,

Inc.

5.25%,

10/15/28,

Callable

7/15/28

@

100(a)

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

3,785

3,742

5.75%,

1/15/31,

Callable

7/15/30

@

100(a)

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

9,575

9,455

Stonebriar

ABF

Issuer

LLC,

8.13%,

12/15/30,

Callable

12/15/27

@

104.06(a)

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

5,425

5,607

The

PNC

Financial

Services

Group,

Inc.,

5.42%

(H15T5Y+117bps),

1/25/41,

Callable

1/25/36

@

100(b)

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

2,785

2,728

UWM

Holdings

LLC,

6.25%,

3/15/31,

Callable

3/15/28

@

103.13(a)

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

2,915

2,655

Velocity

Vehicle

Group

LLC,

8.00%,

6/1/29,

Callable

6/1/26

@

104(a)

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

4,107

3,837

358,456

Health

Care

(1.2%):

Abbott

Laboratories,

4.30%,

3/15/33,

Callable

1/15/33

@

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

8,480

8,299

Baxter

International,

Inc.,

4.90%,

12/15/30,

Callable

11/15/30

@

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

1,550

1,530

DENTSPLY

SIRONA,

Inc.,

8.38%

(H15T5Y+438bps),

9/12/55,

Callable

6/12/30

@

100(b)

.

12,042

11,759

Novartis

Capital

Corp.

4.60%,

3/18/33,

Callable

1/18/33

@

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

4,110

4,093

5.70%,

3/18/56,

Callable

9/18/55

@

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

2,760

2,780

Prime

Healthcare

Services,

Inc.,

9.38%,

9/1/29,

Callable

9/1/26

@

104.69(a)

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

11,575

12,003

Tricida,

Inc.

5/15/27(f)(g)

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

7,025

—(h)

5/15/27(c)(f)

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

7,025

—(h)

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Strategic

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) U.S.

Acute

Care

Solutions

LLC,

9.75%,

5/15/29,

Callable

5/15/26

@

104.88(a)

..........

$

6,325

$

6,110

46,574

Industrials

(1.0%):

AECOM,

6.00%,

8/1/33,

Callable

8/1/28

@

103(a)

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

11,780

11,767

American

Airlines

Pass

Through

Trust,

3.95%,

7/11/30

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

1,117

1,065

Herc

Holdings,

Inc.

5.75%,

3/15/31,

Callable

3/15/28

@

102.88(a)

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

1,435

1,413

7.25%,

6/15/33,

Callable

6/15/28

@

103.63(a)

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

2,480

2,541

6.00%,

3/15/34,

Callable

3/15/29

@

103(a)

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

1,450

1,402

Honeywell

Aerospace,

Inc.

4.60%,

3/16/33,

Callable

1/16/33

@

100(a)

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

2,630

2,600

4.95%,

3/16/36,

Callable

12/16/35

@

100(a)

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

5,210

5,169

The

ADT

Security

Corp.,

5.88%,

10/15/33,

Callable

10/15/32

@

100(a)

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

7,195

6,969

United

Airlines

Holdings,

Inc.,

5.38%,

3/1/31,

Callable

9/1/30

@

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

2,520

2,468

Verisk

Analytics,

Inc.,

4.45%,

3/15/31,

Callable

2/15/31

@

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

2,205

2,168

37,562

Information

Technology

(1.4%):

CoreWeave,

Inc.,

9.00%,

2/1/31,

Callable

2/1/28

@

104.5(a)

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

12,390

11,789

ESC

Gab,

8/20/51(f)(g)

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

10,200

—

Foundry

JV

Holdco

LLC

5.90%,

1/25/30,

Callable

12/25/29

@

100(a)

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

8,134

8,418

6.15%,

1/25/32,

Callable

11/25/31

@

100(a)

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

10,114

10,559

Oracle

Corp.

5.95%,

9/26/55,

Callable

3/26/55

@

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

7,246

6,096

6.70%,

2/4/56,

Callable

8/4/55

@

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

8,115

7,532

6.85%,

2/4/66,

Callable

8/4/65

@

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

4,740

4,358

Qnity

Electronics,

Inc.

5.75%,

8/15/32,

Callable

8/15/28

@

102.88(a)

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

2,605

2,608

6.25%,

8/15/33,

Callable

8/15/28

@

103.13(a)

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

2,635

2,664

54,024

Materials

(2.0%):

ARC

Falcon

I,

Inc./Arclin

USA

LLC/New

Arclin

US

Holding

Corp.,

9.75%,

3/1/33,

Callable

3/1/29

@

104.88(a)

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

20,130

19,380

Celanese

US

Holdings

LLC,

7.20%,

11/15/33,

Callable

8/15/33

@

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

14,605

15,580

Cleveland

Cliffs,

Inc.

7.50%,

9/15/31,

Callable

3/15/28

@

103.75(a)

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

920

918

7.00%,

3/15/32,

Callable

3/15/27

@

103.5(a)

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

3,185

3,081

7.38%,

5/1/33,

Callable

5/1/28

@

103.69(a)

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

6,905

6,755

7.63%,

1/15/34,

Callable

1/15/29

@

103.81(a)

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

2,400

2,345

Commercial

Metals

Co.,

6.00%,

12/15/35,

Callable

12/15/30

@

103(a)

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

5,425

5,348

Methanex

US

Operations,

Inc.,

6.25%,

3/15/32,

Callable

9/15/31

@

100(a)

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

12,507

12,795

Novelis

Corp.,

6.38%,

8/15/33,

Callable

8/15/28

@

103.19(a)

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

7,050

6,915

73,117

Real

Estate

(0.3%):

CBRE

Services,

Inc.,

4.90%,

1/15/33,

Callable

11/15/32

@

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

1,770

1,745

Highwoods

Realty

LP

3.05%,

2/15/30,

Callable

11/15/29

@

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

610

562

2.60%,

2/1/31,

Callable

11/1/30

@

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

640

566

5.35%,

1/15/33,

Callable

11/15/32

@

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

1,535

1,499

Kennedy

Wilson,

Inc.,

4.75%,

2/1/30,

Callable

5/2/26

@

101.19 .....................

4,050

4,024

Vornado

Realty

LP,

5.75%,

2/1/33,

Callable

12/1/32

@

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

1,310

1,285

9,681

Utilities

(3.0%):

Alta

Wind

Holdings

LLC,

7.00%,

6/30/35(a)

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

556

527

American

Electric

Power

Co.,

Inc.

5.80%

(H15T5Y+213bps),

3/15/56,

Callable

12/15/30

@

100(b)

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

37,263

36,809

6.05%

(H15T5Y+194bps),

3/15/56,

Callable

12/15/35

@

100(b)

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

11,265

11,165

Basin

Electric

Power

Cooperative,

5.85%,

10/15/55,

Callable

4/15/55

@

100(a)

..........

4,205

4,090

Essential

Utilities,

Inc.,

5.13%,

3/15/36,

Callable

12/15/35

@

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

2,860

2,820

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Strategic

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Eversource

Energy

6.10%

(H15T5Y+252bps),

8/15/56,

Callable

5/15/31

@

100(b)

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

$

2,290

$

2,262

6.35%

(H15T5Y+233bps),

8/15/56,

Callable

5/15/36

@

100(b)

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

1,225

1,208

Long

Ridge

Energy

LLC,

8.75%,

2/15/32,

Callable

2/15/28

@

104.38(a)

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

7,100

7,449

San

Diego

Gas

&

Electric

Co.,

5.20%,

3/15/36,

Callable

12/15/35

@

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

2,135

2,129

Sempra

6.55%

(H15T5Y+214bps),

4/1/55,

Callable

1/1/35

@

100(b)

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

10,760

10,712

6.38%

(H15T5Y+263bps),

4/1/56,

Callable

1/1/31

@

100(b)

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

2,705

2,717

Spire,

Inc.,

6.45%

(H15T5Y+233bps),

6/1/56,

Callable

3/1/36

@

100(b)

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

2,220

2,214

Talen

Energy

Supply

LLC

6.25%,

2/1/34,

Callable

10/15/28

@

103.13(a)

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

4,400

4,351

6.50%,

2/1/36,

Callable

10/15/30

@

103.25(a)

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

7,500

7,552

Vistra

Operations

Co.

LLC

4.60%,

10/15/30,

Callable

9/15/30

@

100(a)

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

10,970

10,753

4.70%,

1/31/31,

Callable

12/31/30

@

100(a)

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

1,225

1,205

5.35%,

1/31/36,

Callable

10/31/35

@

100(a)

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

1,735

1,697

WEC

Energy

Group,

Inc.,

5.63%

(H15T5Y+191bps),

5/15/56,

Callable

2/15/31

@

100(b)

...

1,565

1,533

111,193

Total

Corporate

Bonds

(Cost

$876,277)

a

a

a

873,753

Insurance-Linked

Securities

(3.6%)

Collateralized

Reinsurance

(0.4%):

Multiperil

-

Massachusetts

-

(0.0%):(i)

Portsalon

Re,

5/31/28(f)(j)(l)(m)

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

Multiperil

-

U.S.

-

(0.3%):

Pi0047

Re,

6/30/31(f)(j)(l)(m)

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

10,000

11,050

Multiperil

-

U.S.

+

CAN

-

(0.0%):(i)

Macclesfield

Re,

2/28/28(f)(j)(l)(m)

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

502

Multiperil

-

Worldwide

-

(0.1%):

Gamboge

Re,

3/31/30(f)(j)(l)(m)

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

5,000

2,326

Merion

Re

12/31/30(f)(j)(l)(m)

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

750

12/31/31(f)(j)(l)(m)

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

750

692

Old

Head

Re,

12/31/31(f)(j)(l)(m)

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

500

Pi0051

Cheltenham

Re,

5/31/29(f)(j)(l)(m)

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

1,000

1,028

Pine

Valley

Re,

12/31/31(f)(j)(l)(m)

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

750

663

Sector

Re

V,

12/1/29(a)(f)(l)(m)

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

Tomtit

Re,

12/31/31(f)(j)(l)(m)

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

500

525

Walton

Heath

Re,

12/15/27(f)(j)(l)(m)

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

2,000

17,898

Event

Linked

Bonds

(2.3%):

Earthquake

-

California

-

(0.0%):(i)

Ursa

Re

II,

8.66%

(MSMMUSTF+500bps),

12/7/29,

Callable

12/7/27

@

102.75(a)(b)(m)

...

500

Earthquake

-

U.S.

-

(0.0%):(i)

Acorn

Re,

6.64%

(GSMMUSTF+310bps),

11/5/27,

Callable

5/2/26

@

102.5(a)(b)(m)

......

500

506

Herbie

Re,

7.78%

(MSMMUSTF+425bps),

1/7/30,

Callable

1/7/27

@

103(a)(b)(m)

.......

500

500

Veraison

Re

4.03%,

(GSMMUSTI+415bps),

3/8/29,

Callable

3/8/27

@

102.25(a)(b)(m)

.........

6.44%,

(GSMMUSTI+290bps),

3/8/29,

Callable

3/8/27

@

102.25(a)(b)(m)

.........

Flood

-

U.S.

-

(0.1%):

FloodSmart

Re,

17.87%

(FHMMUSTF+1436bps),

3/12/27(a)(b)(m)

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

1,000

1,047

Health

-

U.S.

-

(0.2%):

Vitality

Re

XIV

7.01%,

(FHMMUSTF+350bps),

1/5/27(a)(b)(m)

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

4,000

4,044

8.01%,

(FHMMUSTF+450bps),

1/5/27(a)(b)(m)

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

Vitality

Re

XVII,

5.54%

(GSMMUSTI+200bps),

1/8/30(a)(b)(m)

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

2,500

2,497

Multiperil

-

Florida

-

(0.1%):

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Strategic

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Sanders

Re

III,

11.28%

(BRMMUSDF+772bps),

6/5/26(a)(b)(m)

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

$

1,250

$

1,263

Multiperil

-

Massachusetts

-

(0.0%):(i)

Mayflower

Re,

7.01%

(FHMMUSTF+350bps),

7/7/28,

Callable

7/7/26

@

102.75(a)(b)(m)

..

500

509

Multiperil

-

U.S.

-

(0.7%):

Aquila

Re

I,

8.95%

(BRMMUSDF+539bps),

6/7/27,

Callable

5/2/26

@

106(a)(b)(m)

......

500

511

Bonanza

Re

7.28%,

(MSMMUSTF+375bps),

12/19/27(a)(b)(m)

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

9.03%,

(MSMMUSTF+550bps),

12/19/27(a)(b)(m)

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

1,000

1,009

Commonwealth

Re,

7.31%

(JMMMUSTF+375bps),

7/10/28,

Callable

6/10/26

@

103(a)(b)(m)

750

765

Foundation

Re

IV,

7.16%

(JMMMUSTF+350bps),

1/7/30,

Callable

1/1/27

@

102.5(a)(b)(m)

.

700

703

Four

Lakes

Re

9.36%,

(BRMMUSDF+580bps),

1/7/27,

Callable

5/2/26

@

102.5(a)(b)(m)

.........

9.06%,

(BRMMUSDF+550bps),

1/7/28,

Callable

12/31/26

@

102(a)(b)(m)

.........

750

766

11.81%,

(BRMMUSDF+825bps),

1/7/28,

Callable

12/31/26

@

102.75(a)(b)(m)

......

6.81%,

(BRMMUSDF+325bps),

1/8/29,

Callable

12/31/27

@

101.25(a)(b)(m)

......

9.56%,

(BRMMUSDF+600bps),

1/8/29,

Callable

12/31/27

@

101.5(a)(b)(m)

.......

1,250

1,239

Fuchsia

London

Bridge

PCC,

2024-1,

8.68%

(FRMMUSTI+514bps),

4/6/28,

Callable

5/2/26

@

104(a)(b)(m)

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

750

770

Herbie

Re,

10.81%

(JMMMUSTF+725bps),

1/8/29,

Callable

12/31/27

@

102(a)(b)(m)

.....

500

505

High

Point

Re,

9.20%

(BRMMUSDF+564bps),

1/6/27,

Callable

5/2/26

@

102.25(a)(b)(m)

..

2,500

2,509

Matterhorn

Re,

11.31%

(BRMMUSDF+775bps),

2/16/29,

Callable

2/10/27

@

103.9(a)(b)(m)

Merna

Re

Companywide,

10.56%

(JMMMUSTF+700bps),

7/7/28(a)(b)(m)

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

500

521

Merna

Re

Enterprise,

11.31%

(JMMMUSTF+775bps),

7/7/28(a)(b)(m)

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

500

514

Merna

Reinsurance

II

11.01%,

(GSMMUSTI+747bps),

7/7/27(a)(b)(m)

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

500

517

12.03%,

(GSMMUSTI+849bps),

7/7/27,

Callable

6/30/26

@

103.25(a)(b)(m)

.......

1,000

1,033

Mystic

Re

IV,

15.54%

(GSMMUSTI+1200bps),

1/8/27(a)(b)(m)

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

850

868

Residential

Re

11.15%,

(JMMMUSTF+759bps),

12/6/26(a)(b)(m)

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

1,500

1,527

9.53%,

(JMMMUSTF+597bps),

12/6/27(a)(b)(m)

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

750

780

12.26%,

(JMMMUSTF+870bps),

12/6/27(a)(b)(m)

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

1,500

1,551

8.94%,

(JMMMUSTF+538bps),

12/6/28(a)(b)(m)

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

750

768

10.50%,

(JMMMUSTF+694bps),

12/6/28(a)(b)(m)

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

750

761

Sanders

Re

II

7.54%,

(GSMMUSTI+400bps),

4/7/28(a)(b)(m)

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

600

615

8.04%,

(GSMMUSTI+450bps),

4/7/28(a)(b)(m)

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

600

614

7.55%,

(BRMMUSDF+399bps),

4/7/29(a)(b)(m)

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

1,500

1,523

8.92%,

(BRMMUSDF+536bps),

4/7/29(a)(b)(m)

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

2,000

2,031

7.79%,

(GSMMUSTI+425bps),

4/8/30(a)(b)(m)

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

600

633

8.29%,

(GSMMUSTI+475bps),

4/8/30(a)(b)(m)

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

600

629

Sanders

Re

III

9.03%,

(BRMMUSDF+547bps),

4/7/27(a)(b)(m)

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

9.55%,

(BRMMUSDF+599bps),

4/7/27(a)(b)(m)

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

750

771

9.12%,

(BRMMUSDF+556bps),

4/7/28(a)(b)(m)

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

750

780

8.66%,

(3

Month

U.S.

Treasury

Bill+500bps),

4/8/30(a)(b)(m)

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

8.66%,

(3

Month

U.S.

Treasury

Bill+500bps),

4/7/31(a)(b)(m)

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

Sanders

Re

IV

7.04%,

(HSMMUSTF+350bps),

4/8/30(a)(b)(m)

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

7.04%,

(HSMMUSTF+350bps),

4/7/31(a)(b)(m)

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

Skyline

Re

II,

2025-1,

7.16%

(1

Month

U.S.

Treasury

Bill+350bps),

1/7/30,

Callable

1/7/27

@

103.25(a)(b)(m)

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

500

Multiperil

-

U.S.

+

CAN

-

(0.1%):

Atlas

Capital

DAC,

2024,

15.87%

(SOFR+1222bps),

6/8/27(a)(b)(m)

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

750

813

Easton

Re,

11.06%

(BRMMUSDF+750bps),

1/8/27(a)(b)(m)

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

Galileo

Re

10.54%,

(GSMMUSTI+700bps),

1/7/28,

Callable

5/2/26

@

104.5(a)(b)(m)

.........

1,000

1,034

6.81%,

(JMMMUSTF+325bps),

1/8/30,

Callable

1/8/27

@

103(a)(b)(m)

...........

500

Montoya

Re,

8.91%

(JMMMUSTF+525bps),

4/9/30,

Callable

4/15/27

@

104.5(a)(b)(m)

....

Multiperil

-

U.S.

Northeast

-

(0.0%):(i)

Locke

Tavern

Re,

4.06%

(JMMMUSTF+50bps),

4/9/29,

Callable

4/9/27

@

102(a)(b)(m)

...

Multiperil

-

U.S.

Regional

-

(0.1%):

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Strategic

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Aquila

Re

I,

10.80%

(BNMMDTSC+726bps),

6/8/26(a)(b)(m)

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

$

750

$

757

Locke

Tavern

Re,

8.50%

(GSMMUSTI+496bps),

4/9/26(a)(b)(m)

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

1,000

1,000

Long

Point

Re

IV,

7.81%

(BRMMUSDF+425bps),

6/1/26,

Callable

5/2/26

@

101.5(a)(b)(m)

.

2,500

2,503

Multiperil

-

Worldwide

-

(0.1%):

Atlas

Capital

DAC,

11.22%

(SOFR+757bps),

6/5/26(a)(b)(m)

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

1,250

1,282

Bridge

Street

Re,

11.41%

(JMMMUSTF+775bps),

1/8/29,

Callable

1/7/27

@

104.5(a)(b)(m)

.

800

804

Cat

Re,

15.80%

(JMMMUSTF+1224bps),

1/8/27(a)(b)(m)

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

500

509

Kendall

Re,

9.79%

(GSMMUSTI+625bps),

4/30/27(a)(b)(m)

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

1,000

1,025

Silk

Road

Re,

9.54%

(BNMMDTSC+600bps),

1/10/28,

Callable

5/2/26

@

104.75(a)(b)(m)

..

Wind

Storm

-

Florida

-

(0.0%):(i)

Integrity

Re

16.83%,

(FHMMUSTF+1332bps),

6/6/26(a)(b)(m)

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

1,000

1,020

4.01%,

(FHMMUSTF+50bps),

6/6/30(a)(b)(m)

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

Integrity

Re

III

11.51%,

(FHMMUSTF+800bps),

6/6/28(a)(b)(m)

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

750

766

13.26%,

(FHMMUSTF+975bps),

6/6/28(a)(b)(m)

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

750

770

Marlon,

10.87%

(JMMMUSTF+731bps),

6/7/27,

Callable

7/1/26

@

104.25(a)(b)(m)

......

Merna

Reinsurance

II,

12.29%

(GSMMUSTI+875bps),

7/7/27(a)(b)(m)

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

500

518

Palm

Re,

11.29%

(BNMMDTSC+775bps),

6/7/28,

Callable

6/1/26

@

106.5(a)(b)(m)

......

750

772

Purple

Re

Ltd.,

12.69%

(JMMMUSTF+913bps),

6/7/27(a)(b)(m)

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

500

515

Wind

Storm

-

Louisiana

-

(0.0%):(i)

Bayou

Re,

22.60%

(JMMMUSTF+1904bps),

5/26/26(a)(b)(m)

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

500

513

Wind

Storm

-

Massachusetts

-

(0.0%):(i)

Mayflower

Re,

8.44%

(FHMMUSTF+493bps),

7/8/27,

Callable

7/8/26

@

101.25(a)(b)(m)

..

750

769

Wind

Storm

-

North

Carolina

-

(0.2%):

Blue

Ridge

Re

8.76%,

(FHMMUSTF+525bps),

1/8/27(a)(b)(m)

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

500

504

11.50%,

(FHMMUSTF+799bps),

1/8/27(a)(b)(m)

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

1,250

1,270

7.01%,

(FHMMUSTF+350bps),

1/8/29,

Callable

1/8/27

@

103(a)(b)(m)

...........

9.51%,

(FHMMUSTF+600bps),

1/8/29,

Callable

1/8/27

@

104.5(a)(b)(m)

.........

Cape

Lookout

Re,

10.41%

(FHMMUSTF+690bps),

3/13/28,

Callable

3/14/27

@

102.25(a)(b)

(m) .............................................................

1,750

1,824

Wind

Storm

-

Texas

-

(0.0%):(i)

Alamo

Re

12.59%,

(FHMMUSTF+908bps),

6/7/26(a)(b)(m)

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

1,000

1,012

10.05%,

(FHMMUSTF+654bps),

6/7/27(a)(b)(m)

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

500

515

11.94%,

(FHMMUSTF+843bps),

6/7/27(a)(b)(m)

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

Wind

Storm

-

U.S.

-

(0.5%):

Cape

Lookout

Re,

10.71%

(FHMMUSTF+720bps),

4/28/26(a)(b)(m)

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

3,150

3,159

Gateway

Re

II,

13.13%

(BRMMUSDF+957bps),

4/27/26(a)(b)(m)

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

Mayflower

Re

8.56%,

(FHMMUSTF+505bps),

7/8/26(a)(b)(m)

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

2,500

2,521

10.02%,

(FHMMUSTF+651bps),

7/8/26(a)(b)(m)

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

2,750

2,782

Merna

Reinsurance

II,

14.01%

(GSMMUSTI+1047bps),

7/7/26(a)(b)(m)

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

6,000

6,138

Purple

Re,

16.69%

(TSFR1M+1301bps),

4/24/26(a)(b)(m)

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

1,000

1,006

Wind

Storm

-

U.S.

Gulf

-

(0.0%):(i)

Windrose

Re,

11.66%

(3

Month

U.S.

Treasury

Bill+800bps),

2/13/29,

Callable

2/15/27

@

104(a)(b)(m)

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

750

752

Wind

Storm

-

U.S.

Multistate

-

(0.1%):

Chartwell

Re

9.56%,

(JMMMUSTF+600bps),

6/7/28,

Callable

6/7/26

@

103.75(a)(b)(m)

.........

625

645

10.56%,

(JMMMUSTF+700bps),

6/7/28,

Callable

6/7/26

@

104.5(a)(b)(m)

.........

Commonwealth

Re,

7.42%

(JMMMUSTF+386bps),

7/8/26(a)(b)(m)

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

1,750

1,759

Gateway

Re,

9.46%

(BRMMUSDF+590bps),

7/8/27,

Callable

6/16/26

@

103.25(a)(b)(m)

...

Wind

Storm

-

U.S.

Northeast

-

(0.1%):

Citrus

Re,

8.91%

(3

Month

U.S.

Treasury

Bill+525bps),

6/7/29,

Callable

6/1/27

@

102.75(a)(b)

(m) .............................................................

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Strategic

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Windrose

Re,

8.79%

(HSMMUSTF+525bps),

2/13/29,

Callable

2/15/27

@

102.5(a)(b)(m)

..

$

2,000

$

1,991

86,370

Reinsurance

Sidecars

(0.9%):

Multiperil

-

U.S.

-

(0.1%):

Carnoustie

Re,

12/31/31(f)(j)(l)(m)

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

2,000

2,092

Multiperil

-

Worldwide

-

(0.8%):

Alturas

Re

7/31/26(f)(j)(m)(n)

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

12/31/27(f)(j)(m)(n)

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

2,318

Bantry

Re

6/30/31(f)(j)(l)(m)

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

3,250

3,720

12/31/31(f)(j)(l)(m)

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

4,442

4,704

Berwick

Re,

12/31/31(f)(j)(l)(m)

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

2,220

2,137

Eden

Re

II

3/19/27(a)(f)(l)(m)

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

3/17/28(a)(f)(l)(m)

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

3/19/30(a)(f)(l)(m)

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

2,800

Gleneagles

Re,

2022,

12/31/27(f)(j)(l)(m)

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

1,250

Gullane

Re,

12/31/31(f)(j)(l)(m)

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

3,856

3,037

Pangaea

Re

7/1/31(f)(j)(l)(m)

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

2,500

3,090

12/31/31(f)(l)(m)

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

1,500

1,566

Sector

Re

V,

12/1/30(a)(f)(l)(m)

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

4,400

4,723

Thopas

Re

12/31/26(f)(j)(m)(n)

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

5,000

12/31/26(f)(j)(m)(n)

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

4,000

12/31/27(f)(j)(m)(n)

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

3,000

12/31/28(f)(j)(m)(n)

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

3,192

—

12/31/29(f)(j)(m)(n)

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

3,192

12/31/30(f)(j)(m)(n)

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

3,000

12/31/31(f)(j)(m)(n)

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

3,488

3,600

Viribus

Re

12/31/26(f)(j)(m)(n)

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

3,650

—

12/31/26(f)(j)(m)(n)

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

1,250

—

12/31/28(f)(j)(m)(n)

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

1,500

—

29,647

Total

Insurance-Linked

Securities

(Cost

$131,976)

a

a

a

133,915

Yankee

Dollars

(21.9%)

Communication

Services

(1.3%):

Altice

France

SA

6.88%,

10/15/30,

Callable

10/1/26

@

101(a)

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

7,526

7,199

6.50%,

10/15/31,

Callable

10/1/26

@

101(a)

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

6.50%,

4/15/32,

Callable

10/1/26

@

101(a)

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

1,399

1,325

HTA

Group

Ltd.,

6.75%,

4/1/31,

Callable

4/1/28

@

103.38(a)

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

625

618

OAK-Eagle

Acquireco,

Inc.,

6.25%,

7/1/33,

Callable

7/1/29

@

103.13(a)

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

2,260

2,668

Orange

SA

4.75%,

1/13/33,

Callable

11/13/32

@

100(a)

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

3,820

3,777

5.00%,

1/13/36,

Callable

10/13/35

@

100(a)

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

4,645

4,563

Total

Play

Telecomunicaciones

SA

de

CV,

11.13%,

12/31/32,

Callable

7/1/28

@

105(a)

.....

18,125

16,391

Turkcell

Iletisim

Hizmetleri

A/S,

7.65%,

1/24/32,

Callable

10/24/31

@

100(a)

...........

9,149

9,317

VZ

Secured

Financing

BV,

5.00%,

1/15/32,

Callable

1/15/27

@

102.5(a)

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

4,205

3,605

49,806

Consumer

Discretionary

(0.1%):

Cruise

Yacht

Upper

HoldCo

Ltd.,

11.88%,

7/5/28,

Callable

7/5/26

@

105.94 .............

2,000

1,777

Consumer

Staples

(0.2%):

Aragvi

Finance

International

DAC,

11.13%,

11/20/29,

Callable

11/20/26

@

105.56(a)

......

5,010

4,846

Darling

Global

Finance

BV,

4.50%,

7/15/32,

Callable

7/15/28

@

102.25(a)

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

2,875

3,307

8,153

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Strategic

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Energy

(1.6%):

3R

Lux

SARL,

9.75%,

2/5/31,

Callable

2/5/27

@

104.88(a)

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

$

3,585

$

3,674

Aker

BP

ASA,

5.25%,

10/30/35,

Callable

7/30/35

@

100(a)

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

8,710

8,470

Azule

Energy

Finance

PLC,

8.13%,

1/23/30,

Callable

1/23/27

@

104.06(a)

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

1,300

1,313

Credito

Real

SAB

de

CV

Sofom

Er,

1/21/28(c)

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

6,660

Enbridge,

Inc.

7.20%

(H15T5Y+297bps),

6/27/54,

Callable

3/27/34

@

100(b)

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

5,520

5,806

7.38%

(H15T5Y+312bps),

3/15/55,

Callable

12/15/29

@

100(b)

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

5,520

5,799

8.50%

(H15T5Y+443bps),

1/15/84,

Callable

10/15/33

@

100(b)

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

6,338

7,131

Energean

Israel

Finance

Ltd.,

5.88%,

3/30/31,

Callable

9/30/30

@

100(a)

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

5,613

5,214

South

Bow

Canadian

Infrastructure

Holdings

Ltd.

7.50%

(H15T5Y+367bps),

3/1/55,

Callable

12/1/34

@

100(b)

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

3,845

4,003

7.63%

(H15T5Y+395bps),

3/1/55,

Callable

12/1/29

@

100(b)

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

9,271

9,545

Vista

Energy

Argentina

SAU,

7.63%,

12/10/35,

Callable

12/10/29

@

103.81(a)

...........

5,060

5,121

YPF

SA,

6.95%,

7/21/27(a)

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

4,404

4,420

60,497

Financials

(9.9%):

ABN

AMRO

Bank

NV,

3.32%

(H15T5Y+190bps),

3/13/37,

Callable

12/13/31

@

100(a)(b)

..

18,100

16,155

ABRA

Global

Finance,

14.00%,

10/22/29,

Callable

10/22/26

@

106.5(a)(o)

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

5,607

5,303

Access

Bank

PLC,

6.13%,

9/21/26(a)

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

5,180

5,154

African

Development

Bank,

5.88%

(H15T5Y+165bps),

Callable

5/7/35

@

100(b)(k)

......

12,945

12,608

Akbank

TAS,

7.95%

(H15T5Y+422bps),

Callable

2/19/31

@

100(a)(b)(k)

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

7,440

7,076

Allianz

SE

6.55%

(H15T5Y+232bps),

Callable

10/30/33

@

100(a)(b)(k)

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

10,600

10,620

5.60%

(H15T5Y+277bps),

9/3/54,

Callable

3/3/34

@

100(a)(b)

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

3,800

3,769

ASG

Finance

DAC,

9.75%,

5/15/29,

Callable

5/15/26

@

104.88(a)

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

5,565

4,490

Australia

&

New

Zealand

Banking

Group

Ltd.,

5.73%

(H15T5Y+162bps),

9/18/34,

Callable

9/18/29

@

100(a)(b)

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

9,295

9,524

Avolon

Holdings

Funding

Ltd.,

4.70%,

1/30/31,

Callable

12/30/30

@

100(a)

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

5,160

5,056

Banco

Mercantil

del

Norte

SA,

8.38%

(H15T10Y+776bps),

Callable

10/14/30

@

100(a)(b)(k)

3,460

3,581

Banco

Santander

SA

3.23%

(H15T1Y+160bps),

11/22/32,

Callable

8/22/31

@

100(b)

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

8,400

7,540

6.92%,

8/8/33

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

5,000

5,397

Banque

Federative

du

Credit

Mutuel

SA,

4.54%,

1/15/31(a)

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

5,065

4,995

Banque

Ouest

Africaine

de

Developpement,

4.70%,

10/22/31,

Callable

7/22/31

@

100(a)

...

8,430

7,726

BNP

Paribas

SA

6.88%

(H15T5Y+285bps),

Callable

12/15/33

@

100(a)(b)(k)

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

7,330

7,083

7.38%

(H15T5Y+354bps),

Callable

9/10/34

@

100(a)(b)(k)

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

2,101

2,107

7.45%

(H15T5Y+313bps),

Callable

6/27/35

@

100(a)(b)(k)

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

17,270

17,335

BPCE

SA,

3.12%

(SOFR+173bps),

10/19/32,

Callable

10/19/31

@

100(a)(b)

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

6,150

5,433

Cidron

Aida

Finco

SARL,

7.00%,

10/27/31,

Callable

10/27/27

@

103.5(a)

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

6,130

6,686

Credit

Agricole

SA,

5.26%

(SOFR+143bps),

1/12/37,

Callable

1/12/36

@

100(a)(b)

.......

12,710

12,434

Development

Bank

of

Kazakhstan

JSC,

10.95%,

5/6/26

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

1,210,000

2,522

Egypt

Treasury

Bills,

12/22/26(g)(p)

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

455,450

7,055

European

Bank

for

Reconstruction

&

Development

6.25%,

4/11/28,

MTN

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

512,000

5,242

2/2/32,

MTN(g)(p)

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

212,795

20,974

7/11/36,

Callable

7/11/26

@

12.12(g)

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

944,110

1,265

Global

Aircraft

Leasing

Co.

Ltd.,

8.75%,

9/1/27,

Callable

5/2/26

@

104.38(a)

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

17,225

17,476

Hanwha

Life

Insurance

Co.

Ltd.,

6.30%

(H15T5Y+229bps),

6/24/55,

Callable

6/24/30

@

100(a)(b)

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

4,763

4,870

HSBC

Holdings

PLC,

7.00%

(H15T5Y+280bps),

Callable

9/24/35

@

100(b)(k)

..........

4,335

4,292

ING

Groep

NV,

4.25%

(H15T5Y+286bps),

Callable

5/16/31

@

100(b)(k)

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

13,819

11,969

International

Bank

for

Reconstruction

&

Development

10.00%,

9/16/26

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

1,339,000

2,699

6.85%,

4/24/28

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

581,000

5,988

6.50%,

4/17/30,

MTN

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

435,400

4,356

Lloyds

Banking

Group

PLC,

4.43%

(H15T1Y+82bps),

11/4/31,

Callable

11/4/30

@

100(b)

..

4,030

3,973

Manulife

Financial

Corp.,

4.99%,

12/11/35,

Callable

9/11/35

@

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

5,065

4,948

MC

Brazil

Downstream

Trading

SARL,

7.25%,

6/30/31(a)

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

7,304

6,583

Meiji

Yasuda

Life

Insurance

Co.,

6.10%

(H15T5Y+291bps),

6/11/55,

Callable

6/11/35

@

100(a)(b)

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

17,015

17,031

NatWest

Group

PLC,

6.48%

(H15T5Y+220bps),

6/1/34,

Callable

3/1/29

@

100(b)

........

6,765

7,021

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Strategic

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Nippon

Life

Insurance

Co.,

6.50%

(H15T5Y+319bps),

4/30/55,

Callable

4/30/35

@

100(a)(b)

$

3,590

$

3,702

Nordea

Bank

Abp,

3.75%

(H15T5Y+260bps),

Callable

3/1/29

@

100(a)(b)(k)

...........

8,302

7,698

Phoenix

RE

Pte

Ltd.,

1/4/39,

Callable

5/2/26

@

100(g)

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

1,000

1,219

Sovcombank

Via

SovCom

Capital

DAC,

7.60%

(H15T5Y+636bps)(c)(f)(m)

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

5,010

—

Sumitomo

Life

Insurance

Co.,

5.88%

(H15T5Y+265bps),

9/10/55,

Callable

9/10/35

@

100(a)

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

18,800

18,395

The

Dai-ichi

Life

Insurance

Co.

Ltd.,

6.20%

(H15T5Y+252bps),

Callable

1/16/35

@

100(a)(b)

(k) .............................................................

11,134

11,200

UniCredit

SpA

7.30%

(USISOA05+491bps),

4/2/34,

Callable

4/2/29

@

100(a)(b)

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

9,395

9,887

5.46%

(H15T5Y+475bps),

6/30/35,

Callable

6/30/30

@

100(a)(b)

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

23,889

23,846

Yapi

ve

Kredi

Bankasi

A/S,

9.74%

(H15T5Y+550bps),

Callable

4/4/29

@

100(a)(b)(k)

.....

3,595

3,624

367,907

Health

Care

(1.2%):

1261229

BC

Ltd.,

10.00%,

4/15/32,

Callable

4/15/28

@

105(a)

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

5,375

5,503

Mehilainen

Yhtiot

Oy,

5.13%,

6/30/32,

Callable

6/30/28

@

102.56(a)

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

1,285

1,480

Ray

Financing

LLC,

6.50%,

7/15/31,

Callable

7/15/27

@

103.25(a)

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

2,440

2,815

Rede

D'or

Finance

SARL,

6.45%,

9/9/35,

Callable

6/9/35

@

100(a)

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

8,770

8,779

Teva

Pharmaceutical

Finance

Netherlands

II

BV,

4.38%,

5/9/30,

Callable

2/9/30

@

.....

22,674

26,194

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

5.13%,

5/9/29,

Callable

2/9/29

@

....

1,328

1,324

46,095

Industrials

(1.1%):

Avianca

Midco

PLC,

9.63%,

2/14/30,

Callable

2/14/27

@

104.81(a)

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

11,240

10,509

Danaos

Corp.,

6.88%,

10/15/32,

Callable

10/15/28

@

103.44(a)

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

8,035

8,165

Element

Fleet

Management

Corp.,

4.64%,

11/24/30,

Callable

10/24/30

@

100(a)

.........

6,400

6,310

Grupo

Aeromexico

SAB

de

CV

8.25%,

11/15/29,

Callable

11/15/26

@

104.13(a)

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

1,810

1,744

8.63%,

11/15/31,

Callable

11/15/27

@

104.31(a)

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

3,915

3,758

PT

Bakrie

Brothers

Tbk,

6/30/26(f)(g)

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

15,039,758

—(h)

Simpar

Europe

SA,

5.20%,

1/26/31,

Callable

5/2/26

@

102.6(a)

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

2,785

2,349

Transportes

Aereos

Portugueses

SA,

5.13%,

11/15/29,

Callable

5/15/29

@

100(a)

.........

7,700

8,744

41,579

Information

Technology

(0.1%):

Almaviva-The

Italian

Innovation

Co.

SpA,

5.00%,

10/30/30,

Callable

10/30/26

@

102.5(a)

..

1,425

1,561

Flex

Ltd.,

5.38%,

11/13/35,

Callable

8/13/35

@

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

3,695

3,631

5,192

Materials

(1.1%):

Celanese

US

Holdings

LLC,

5.00%,

4/15/31,

Callable

10/15/27

@

102.5 ...............

3,235

3,664

Corp

Nacional

del

Cobre

de

Chile,

6.78%,

1/13/55,

Callable

7/13/54

@

100(a)

...........

7,500

7,943

Fedrigoni

SpA,

6.13%,

6/15/31,

Callable

5/20/27

@

103.06(a)

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

4,000

4,260

First

Quantum

Minerals

Ltd.

8.63%,

6/1/31,

Callable

6/1/26

@

104.31(a)

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

10,725

11,120

8.00%,

3/1/33,

Callable

3/1/28

@

104(a)

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

1,840

1,918

7.25%,

2/15/34,

Callable

2/15/29

@

103.63(a)

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

2,440

2,484

6.38%,

2/15/36,

Callable

2/15/31

@

103.19(a)

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

2,000

1,924

Minerva

Luxembourg

SA,

4.38%,

3/18/31,

Callable

4/12/26

@

102.19(a)

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

6,972

6,312

39,625

Real

Estate

(0.2%):

Essendi

SA,

5.63%,

5/15/32,

Callable

5/15/28

@

102.81(a)

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

5,055

5,652

Sovereign

Bond

(4.8%):

Argentine

Republic

Government

International

Bond

1.00%,

7/9/29,

Callable

5/2/26

@

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

4.13%,

7/9/35,

Callable

5/2/26

@

100(q)

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

5,956

4,288

Brazilian

Government

International

Bond,

6.25%,

5/22/36

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

15,870

15,545

Ciudad

Autonoma

De

Buenos

Aires/Government

Bonds

7.50%,

6/1/27(a)

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

2,271

2,284

7.80%,

11/26/33(a)

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

3,265

3,306

Colombia

Government

International

Bond,

6.13%,

1/21/31,

Callable

12/21/30

@

......

1,795

1,764

Dominican

Republic

International

Bond,

5.88%,

10/28/35,

Callable

7/28/35

@

100(a)

......

15,260

14,490

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Strategic

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Egypt

Government

International

Bond

5.88%,

2/16/31(a)

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

$

2,520

$

2,317

7.05%,

1/15/32(a)

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

5,560

5,250

7.30%,

9/30/33(a)

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

6,100

5,675

Indonesia

Government

International

Bond,

4.10%,

3/4/34,

Callable

12/4/33

@

........

18,340

20,364

Ivory

Coast

Government

International

Bond

5.88%,

10/17/31(a)

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

6,670

7,528

4.88%,

1/30/32(a)

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

10,517

11,301

6.13%,

6/15/33(a)

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

2,500

2,352

Mexico

Government

International

Bond

5.63%,

2/9/34,

Callable

12/9/33

@

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

6,755

6,606

4.50%,

3/19/34,

Callable

12/19/33

@

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

14,650

16,478

Romanian

Government

International

Bond

5.25%,

5/30/32(a)

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

6,320

7,217

5.63%,

5/30/37(a)

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

6,065

6,599

Serbia

International

Bond,

2.05%,

9/23/36(a)

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

6,600

5,764

Turkiye

Government

Bond,

30.00%,

9/12/29

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

842,603

16,536

Turkiye

Government

International

Bond

6.30%,

3/14/33

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

5,890

5,571

6.88%,

1/14/38

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

5,820

5,443

Ukraine

Government

International

Bond

2/1/30(a)(g)(q)

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

2/1/34(a)(g)(q)

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

1,383

592

4.50%,

2/1/34(a)(q)

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

1,466

782

2/1/35(a)(g)(q)

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

1,169

541

4.50%,

2/1/35(a)(q)

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

2,371

1,242

2/1/36(a)(g)(q)

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

974

4.50%,

2/1/36(a)(q)

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

2,937

1,507

Uruguay

Government

International

Bond,

9.75%,

7/20/33,

Callable

4/20/33

@

........

190,614

5,201

177,427

Utilities

(0.3%):

GDZ

Elektrik

Dagitim

A/S,

9.00%,

10/15/29,

Callable

10/15/26

@

104.5(a)

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

4,640

4,386

Limak

Cimento

Sanayi

ve

Ticaret

A/S,

9.75%,

7/25/29,

Callable

7/25/26

@

104.88(a)

......

6,520

6,416

10,802

Total

Yankee

Dollars

(Cost

$839,748)

a

a

a

814,512

U.S.

Government

Agency

Mortgages

(17.8%)

Single

Family

Pass-throughs

(0.0%):

Government

National

Mortgage

Association

6.00%,

5/20/32

-

10/20/33

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

Federal

Home

Loan

Mortgage

Corporation

6.50%,

9/1/32

-

4/1/56

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

7,819

8,169

6.00%,

1/1/33

-

4/1/56

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

29,587

30,291

5.00%,

11/1/39

-

3/1/56

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

3,416

3,420

5.50%,

6/1/41

-

10/1/54

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

45,863

46,241

2.00%,

2/1/42

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

1.50%,

3/1/42

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

16,142

13,478

4.00%,

10/1/42

-

6/1/52

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

2,230

2,144

4.50%,

3/1/47

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

3.00%,

11/1/47

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

2.50%,

5/1/51

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

16,959

14,463

3.50%,

1/1/52

-

4/1/52

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

7.00%,

12/1/55

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

119,191

Federal

National

Mortgage

Association

7.00%,

5/1/28

-

2/1/56

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

4.00%,

12/1/30

-

6/1/52

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

13,476

12,973

6.50%,

5/1/31

-

12/1/55

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

4,096

4,262

6.00%,

3/1/32

-

8/1/54

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

23,661

24,343

5.50%,

5/1/33

-

4/1/56

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

26,082

26,380

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Strategic

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 5.00%,

6/1/35

-

4/1/56

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

$

15,688

$

15,746

2.00%,

12/1/41

-

11/1/51

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

14,200

12,114

4.50%,

9/1/43

-

8/1/54

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

5,535

5,458

3.00%,

10/1/46

-

2/1/57

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

18,372

16,409

3.50%,

1/1/48

-

8/1/58

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

14,865

13,694

2.50%,

9/1/50

-

4/1/52

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

41,870

36,043

167,634

Federal

National

Mortgage

Association,

TBA

1.50%,

4/25/41

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

2,000

1,798

2.00%,

4/25/41

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

2,000

1,839

2.50%,

4/25/41

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

2,000

1,889

5.00%,

4/25/41

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

19,000

19,139

5.50%,

4/25/41

-

4/25/56

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

41,300

41,965

3.50%,

4/25/49

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

69,400

63,615

3.00%,

4/25/52

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

32,600

28,629

2.00%,

4/25/56

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

8,600

6,925

2.50%,

4/25/56

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

21,400

17,989

4.00%,

4/25/56

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

14,000

13,209

4.50%,

4/25/56

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

29,300

28,275

5.00%,

4/25/56

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

32,000

31,556

6.50%,

4/25/56

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

1,800

1,862

258,690

Government

National

Mortgage

Association

6.50%,

1/20/28

-

7/15/35

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

7.00%,

1/20/29

-

5/15/31

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

–(h)

6.00%,

8/15/32

-

4/20/55

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

12,792

13,021

5.50%,

7/15/33

-

10/20/37

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

4.50%,

9/15/33

-

3/20/49

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

5,707

5,640

5.00%,

9/15/33

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

5.13%,

10/15/38

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

5.75%,

10/15/38

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

4.00%,

3/15/39

-

4/20/48

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

13,857

13,227

3.50%,

10/15/42

-

7/20/47

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

2,517

2,330

2.00%,

2/20/52

-

7/20/52

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

1,728

1,429

36,346

Government

National

Mortgage

Association,

TBA

4.50%,

4/20/46

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

2,000

1,932

2.00%,

4/20/56

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

9,000

7,433

2.50%,

4/20/56

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

17,000

14,623

3.00%,

4/20/56

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

12,000

10,711

3.50%,

4/20/56

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

4,000

3,668

5.00%,

4/20/56

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

14,000

13,864

5.50%,

4/20/56

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

14,000

14,089

6.50%,

4/20/56

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

13,000

13,510

79,830

Total

U.S.

Government

Agency

Mortgages

(Cost

$671,110)

a

a

a

661,731

U.S.

Treasury

Obligations

(18.2%)

U.S.

Treasury

Bills

3.10%,

4/7/26(p)

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

63,500

63,462

3.46%,

4/21/26(p)

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

85,000

84,829

3.48%,

4/23/26(p)

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

80,000

79,823

3.51%,

4/28/26(p)

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

38,000

37,896

U.S.

Treasury

Bonds

4.63%,

11/15/45

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

112,826

108,824

4.63%,

2/15/46

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

33,000

31,814

4.63%,

11/15/55

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

2,493

2,382

U.S.

Treasury

Inflation

Indexed

Bonds,

1.88%,

7/15/35

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

33,929

33,767

U.S.

Treasury

Notes

3.50%,

1/31/28

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

19,863

19,750

4.25%,

1/31/30

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

75,000

75,949

4.00%,

2/28/30

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

45,000

45,170

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Strategic

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

(a) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

March

31,

2026,

the

fair

value

of

these

securities

was

$1,747,502

(thousands)

and

amounted

to

46.9%

of

net

assets.

(b) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

March

31,

2026. (c) Currently

the

issuer

is

in

default

with

respect

to

interest

and/or

principal

payments.

(d) The

rate

for

certain

asset-backed

and

mortgage-backed

securities

may

vary

based

on

factors

relating

to

the

pool

of

assets

underlying

the

security.

The

rate

disclosed

is

the

rate

in

effect

at

March

31,

2026. (e) Security

is

interest

only.

(f) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

1.6%

of

net

assets

as

of

March

31,

2026. This

security

is

classified

as

Level

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

in

the

Notes

to

Financial

Statements)

(g) Zero-coupon

bond.

(h) Rounds

to

less

than

$1

thousand.

(i) Amount

represents

less

than

0.05%

of

net

assets.

(j) Non-income

producing

security.

(k) Security

is

perpetual

and

has

no

final

maturity

date

but

may

be

subject

to

calls

at

various

dates

in

the

future.

(l) Issued

as

participation

notes.

(m) The

following

table

details

the

earliest

acquisition

date,

cost,

and

market

value

of

the

Fund's

restricted

securities

due

to

trading

restrictions

at

March

31,

2026

(amounts

in

thousands):

Security

Description

Principal

Amount

(000) a

Value

(000) 3.88%,

4/30/30

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

$

15,000

$

14,984

4.00%,

1/31/31

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

8,391

8,407

3.50%,

2/28/31

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

25,000

24,516

3.88%,

12/31/32

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

6,388

6,295

4.00%,

11/15/35

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

4,842

4,724

4.13%,

2/15/36

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

37,979

37,385

Total

U.S.

Treasury

Obligations

(Cost

$683,018)

a

a

a

679,977

Repurchase

Agreements

(2.3%)

Bank

of

America

Corp.,

3.66%,

purchased

on

3/31/26,

with

a

maturity

date

of

4/1/26,

with

a

repurchase

value

of

$36,004

(collateralized

by

U.S.

Treasury

Bonds,

0.00%,

due

2/15/44,

with

a

value

of

$36,720)

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

$

36,000

36,000

Bank

of

America

Corp.,

3.67%,

purchased

on

3/31/26,

with

a

maturity

date

of

4/1/26,

with

a

repurchase

value

of

$48,285

(collateralized

by

Agency

Mortgage-Backed

Securities,

2.50%-

7.00%,

due

5/20/37

-

4/1/56,

with

an

aggregate

value

of

$49,246)

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

48,280

48,280

Total

Repurchase

Agreements

(Cost

$84,280)

a

a

a

84,280

Total

Investments

(Cost

$4,082,844)

—

106.9%

3,982,203

Liabilities

in

excess

of

other

assets

— (6.9)%

(256,519)

NET

ASSETS

-

100.00%

$

3,725,684

At

March

31,

2026,

the

Fund's

investments

in

foreign

securities

were

26.5%

of

net

assets.

Security

Name

Acquisition

Date

Cost

Value

Acorn

Re

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

10/25/2024

$

500

$

506

Alamo

Re

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

4/4/2024

Alamo

Re

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

4/4/2024

500

515

Alamo

Re

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

4/12/2023

1,000

1,012

Alturas

Re,

2021-3

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

8/16/2021

Alturas

Re,

2022-2

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

1/18/2022

—

Aquila

Re

I

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

5/10/2023

750

757

Aquila

Re

I

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

4/26/2024

500

511

Atlas

Capital

DAC

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

5/17/2023

1,250

1,282

Atlas

Capital

DAC,

2024

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

5/24/2024

750

813

Bantry

Re

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

1/26/2026

4,442

4,704

Bantry

Re

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

7/23/2025

3,074

3,720

Bayou

Re

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

12/4/2025

547

513

Berwick

Re

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

2/4/2026

2,220

2,136

Blue

Ridge

Re

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

11/26/2025

Blue

Ridge

Re

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

11/14/2023

500

504

Blue

Ridge

Re

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

11/26/2025

1,250

1,270

Blue

Ridge

Re

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

11/26/2025

Bonanza

Re

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

12/16/2024

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Strategic

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Name

Acquisition

Date

Cost

Value

Bonanza

Re

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

12/16/2024

$

1,000

$

1,009

Bridge

Street

Re

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

12/22/2025

800

804

Cape

Lookout

Re

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

2/27/2025

1,750

1,824

Cape

Lookout

Re

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

2/27/2025

3,210

3,159

Carnoustie

Re

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

1/30/2026

2,000

2,092

Cat

Re

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

11/14/2023

500

509

Chartwell

Re

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

5/2/2025

Chartwell

Re

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

5/2/2025

625

645

Citrus

Re

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

3/13/2026

Commonwealth

Re

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

3/4/2026

1,760

1,759

Commonwealth

Re

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

5/30/2025

750

765

Easton

Re

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

5/16/2024

Eden

Re

II

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

1/17/2023

—

Eden

Re

II

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

1/10/2024

—

Eden

Re

II

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

12/27/2024

2,800

FloodSmart

Re

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

2/29/2024

1,000

1,047

Foundation

Re

IV

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

12/4/2025

700

703

Four

Lakes

Re

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

12/11/2024

Four

Lakes

Re

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

12/11/2025

1,250

1,239

Four

Lakes

Re

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

12/8/2023

Four

Lakes

Re

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

12/11/2025

Four

Lakes

Re

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

12/11/2024

764

766

Fuchsia

London

Bridge

PCC,

2024-1

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

12/18/2024

750

770

Galileo

Re

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

12/8/2025

500

Galileo

Re

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

12/4/2023

1,000

1,034

Gamboge

Re

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

5/9/2024

1,618

2,326

Gateway

Re

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

3/11/2024

Gateway

Re

II

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

4/13/2023

Gleneagles

Re,

2022

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

1/18/2022

Gullane

Re

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

1/22/2026

3,856

3,037

Herbie

Re

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

12/17/2024

500

505

Herbie

Re

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

1/16/2026

500

500

High

Point

Re

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

12/1/2023

2,500

2,509

Integrity

Re

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

10/22/2025

1,020

1,020

Integrity

Re

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

5/9/2022

Integrity

Re

III

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

2/21/2025

750

766

Integrity

Re

III

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

2/21/2025

750

770

Kendall

Re

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

4/22/2024

1,000

1,025

Locke

Tavern

Re

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

3/5/2026

Locke

Tavern

Re

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

3/23/2023

1,000

1,000

Long

Point

Re

IV

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

5/13/2022

2,500

2,503

Macclesfield

Re

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

2/24/2026

502

Marlon

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

5/24/2024

Matterhorn

Re

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

2/4/2026

Mayflower

Re

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

2/18/2026

2,792

2,782

Mayflower

Re

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

11/24/2025

2,536

2,521

Mayflower

Re

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

5/22/2025

500

509

Mayflower

Re

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

6/21/2024

750

769

Merion

Re

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

1/30/2026

662

692

Merion

Re

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

1/16/2025

—

Merna

Re

Companywide

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

5/14/2025

500

521

Merna

Re

Enterprise

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

5/14/2025

500

514

Merna

Reinsurance

II

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

2/12/2026

6,182

6,138

Merna

Reinsurance

II

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

5/8/2024

500

518

Merna

Reinsurance

II

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

5/8/2024

500

517

Merna

Reinsurance

II

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

5/8/2024

1,000

1,033

Montoya

Re

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

12/12/2025

Mystic

Re

IV

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

12/12/2023

850

868

Old

Head

Re

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

12/22/2025

Palm

Re

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

4/1/2025

750

772

Pangaea

Re

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

3/23/2026

1,500

1,566

Pangaea

Re

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

9/18/2025

2,500

3,090

Pi0047

Re

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

2/4/2026

10,000

11,050

Pi0051

Cheltenham

Re

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

6/13/2025

802

1,028

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Strategic

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

(n) Issued

as

preference

shares.

(o) All

of

the

coupon

is

PIK.

(p) Rate

represents

the

effective

yield

at

March

31,

2026. (q) 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

Value

Pine

Valley

Re

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

2/24/2026

$

664

$

663

Portsalon

Re

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

7/15/2022

Purple

Re

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

12/12/2025

1,051

1,006

Purple

Re

Ltd.

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

4/2/2024

500

515

Residential

Re

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

11/4/2024

750

761

Residential

Re

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

11/4/2024

750

768

Residential

Re

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

11/22/2022

1,500

1,527

Residential

Re

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

11/7/2023

1,500

1,551

Residential

Re

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

11/7/2023

750

780

Sanders

Re

II

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

3/13/2025

600

614

Sanders

Re

II

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

12/10/2024

2,000

2,031

Sanders

Re

II

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

3/13/2025

600

629

Sanders

Re

II

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

3/13/2025

600

615

Sanders

Re

II

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

3/13/2025

600

633

Sanders

Re

II

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

12/10/2024

1,500

1,523

Sanders

Re

III

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

11/30/2022

750

771

Sanders

Re

III

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

2/24/2026

Sanders

Re

III

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

2/24/2026

Sanders

Re

III

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

1/16/2024

750

780

Sanders

Re

III

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

3/24/2023

Sanders

Re

III

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

12/3/2025

1,288

1,263

Sanders

Re

IV

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

2/24/2026

Sanders

Re

IV

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

2/24/2026

Sector

Re

V

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

12/31/2024

Sector

Re

V

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

12/31/2025

4,400

4,723

Silk

Road

Re

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

12/23/2024

Skyline

Re

II,

2025-1

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

12/23/2025

500

Sovcombank

Via

SovCom

Capital

DAC

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

11/10/2021

5,010

—

Thopas

Re

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

2/15/2023

—

—

Thopas

Re

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

1/10/2025

—

Thopas

Re

........................................................

2/2/2024

—

Thopas

Re

........................................................

1/30/2026

3,488

3,600

Thopas

Re,

2020

...................................................

12/30/2019

—

Thopas

Re,

2021

...................................................

12/30/2020

—

Thopas

Re,

2022

...................................................

2/15/2002

—

Tomtit

Re

........................................................

12/31/2025

588

525

Ursa

Re

II

........................................................

11/18/2025

500

Veraison

Re

.......................................................

1/30/2026

Veraison

Re

.......................................................

1/30/2026

Viribus

Re

........................................................

2/2/2023

—

—

Viribus

Re,

2018

...................................................

12/22/2017

—

Viribus

Re,

2019

...................................................

12/27/2018

—

—

Vitality

Re

XIV

....................................................

1/25/2023

4,006

4,044

Vitality

Re

XIV

....................................................

1/25/2023

Vitality

Re

XVII

...................................................

1/22/2026

2,500

2,497

Walton

Heath

Re

...................................................

7/13/2022

—

Windrose

Re

......................................................

1/30/2026

750

752

Windrose

Re

......................................................

1/29/2026

2,000

1,991

Total

(3.6%

of

net

assets)

$136,986

$133,915

ABS

—

Asset-Backed

Securities

BNMMDTSC

—

Dreyfus

Treasury

Securities

Cash

Management

Fund

Yield

bps

—

Basis

points

BRMMUSDF

—

BlackRock

Liquidity

Fund

Treasury

Trust

Fund

Portfolio

Fund

Yield

CLO

—

Collateralized

Loan

Obligations

CMO

—

Collateralized

Mortgage

Obligations

FREMF

—

Freddie

Mac

Multifamily

Fixed-Rate

Mortgage

Loans

FRMMUSTI

—

Western

Asset

Institutional

U.S.

Treasury

Reserves

Fund

Yield

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Strategic

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

FHMMUSTF

—

Federated

Hermes

US

Treasury

Cash

Reserves

Fund

Yield

GSMMUSTF

—

Goldman

Sachs

Money

Market

U.S.

Treasury

Fund

Index

GSMMUSTI

—

Goldman

Sachs

Money

Market

U.S.

Treasury

Instrument

Index

H15T1Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

March

31,

2026. H15T5Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

March

31,

2026. H15T10Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

March

31,

2026. HSMMUSTF

—

HSBC

U.S.

Treasury

Money

Market

Fund

Index

ICE

—

Intercontinental

Exchange,

Inc.

IBA

—

ICE

Benchmark

Administration

Limited

JMMMUSTF

—

JPMorgan

100%

US

Treasury

Securities

Money

Market

Fund

Yield

LLC

—

Limited

Liability

Company

LP

—

Limited

Partnership

MBS

—

Mortgage-Backed

Securities

MSMMUSTF

—

Morgan

Stanley

Institutional

Liquidity

Funds

Treasury

Securities

Portfolio

Fund

Yield

MTN

—

Medium

Term

Note

PIK

—

Payment-in-Kind

PLC

—

Public

Limited

Company

REMIC

—

Real

Estate

Mortgage

Investment

Conduit

SOFR

—

Secured

Overnight

Financing

Rate

SOFR01M

—

Month

SOFR,

rate

disclosed

as

of

March

31,

2026. SOFR03M

—

Month

SOFR,

rate

disclosed

as

of

March

31,

2026. SOFR30A

—

day

average

of

SOFR,

rate

disclosed

as

of

March

31,

2026. TBA

—

To

Be

Announced

Securities

TSFR1M

—

Month

Term

SOFR,

rate

disclosed

as

of

March

31,

2026. TSFR3M

—

Month

Term

SOFR,

rate

disclosed

as

of

March

31,

2026. US0003M

—

Month

US

Dollar

London

Interbank

Offered

Rate,

rate

disclosed

as

of

March

31,

2026,

based

on

the

last

reset

date

of

the

security.

USISOA05

—

ICE

IBA

-

USD

SOFR

Spread-Adjusted

ICE

Year

Swap

Rate,

rate

disclosed

as

of

March

31,

2026. 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.

TBA

Sales

Commitments

Security

Description

Principal

Amount

(000) Value

(000) TBA

Sales

Commitments

-

(1.20%)

Collateralized

Mortgage

Obligations

— (1.20%)

Federal

National

Mortgage

Association,

TBA

6.00%

,

4/25/56

....................................................

$(41,100)

$

(41,895)

7.00%

,

4/25/56

....................................................

(100) (105) Government

National

Mortgage

Association,

TBA

4.00%

,

4/20/56

....................................................

(2,000)

(1,873)

Total

TBA

Sales

Commitments

(Proceeds $44,028)

$(43,873)

Forward

Currency

Contracts

At

March

31,

2026,

the

Fund's

open

forward

currency

contracts

were

as

follows:

Currency

Purchased

In

Exchange

for

(000) Currency

Sold

Deliver

(000) Counterparty

Settlement

Date

Net

Unrealized

Appreciation/

(Depreciation)

(000) Turkish

Lira

337,500

U.S.

Dollar

7,375

Citibank

NA

4/9/26

$

U.S.

Dollar

5,412

Canadian

Dollar

7,465

Citibank

NA

4/9/26

Brazilian

Real

43,330

U.S.

Dollar

8,047

Citibank

NA

4/29/26

U.S.

Dollar

25,900

Australian

Dollar

36,500

Citibank

NA

4/30/26

725

U.S.

Dollar

69,830

European

Euro

59,171

Citibank

NA

5/29/26

1,254

U.S.

Dollar

19,429

European

Euro

16,400

Citibank

NA

5/29/26

U.S.

Dollar

15,532

European

Euro

13,200

Citibank

NA

5/29/26

Chilean

Peso

18,580,000

U.S.

Dollar

20,063

Citibank

NA

6/25/26

U.S.

Dollar

16,499

Indian

Rupee

1,555,000

Citibank

NA

6/25/26

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Strategic

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Net

Unrealized

Appreciation/

(Depreciation)

(000) Canadian

Dollar

52,860

U.S.

Dollar

38,088

Citibank

NA

6/26/26

$

U.S.

Dollar

2,306

Mexican

Peso

41,300

Citibank

NA

6/26/26

U.S.

Dollar

10,664

Turkish

Lira

611,040

Citibank

NA

1/7/27

U.S.

Dollar

8,521

Turkish

Lira

476,000

Citibank

NA

1/7/27

U.S.

Dollar

855

Turkish

Lira

48,810

Citibank

NA

1/7/27

$

3,989

U.S.

Dollar

7,441

Turkish

Lira

337,500

Citibank

NA

4/9/26

(83) European

Euro

11,982

U.S.

Dollar

14,384

Citibank

NA

4/29/26

(517) U.S.

Dollar

8,203

Brazilian

Real

43,300

Citibank

NA

4/29/26

(113) Australian

Dollar

72,680

U.S.

Dollar

50,852

Citibank

NA

4/30/26

(724) Japanese

Yen

6,085,000

European

Euro

33,370

Citibank

NA

6/18/26

(115) Korean

Won

27,555,000

U.S.

Dollar

18,394

Citibank

NA

6/25/26

(31) Japanese

Yen

5,050,000

U.S.

Dollar

32,062

Citibank

NA

6/26/26

(13) European

Euro

28,985

U.S.

Dollar

33,689

Citibank

NA

6/26/26

(56) Turkish

Lira

1,135,850

U.S.

Dollar

20,287

StateStreet

1/7/27

(920) $

(2,572)

Total

Net

Forward

Currency

Contracts

$

1,417

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

(000) Unrealized

Appreciation

(Depreciation)

(000) 2-Year

U.S.

Treasury

Note

Futures

.......

1,234

6/30/26

$

257,764

$

255,988

$

(1,777)

U.S.

10-Year

Ultra

Futures

............

2,199

6/18/26

254,567

249,621

(4,946)

Ultra

Long

Term

U.S.

Treasury

Bond

Futures

2,092

6/18/26

251,714

243,849

(7,865)

$

(14,588)

Futures

Contracts

Sold

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

(000) Unrealized

Appreciation

(Depreciation)

(000) 10-Year

U.S.

Treasury

Note

Futures

......

1,360

6/18/26

$

153,717

$

151,024

$

2,693

30-Year

U.S.

Treasury

Bond

Futures

.....

6/18/26

9,001

9,110

(109) 5-Year

U.S.

Treasury

Note

Futures

.......

532

6/30/26

57,468

57,552

(83) Euro

Bund

Futures

..................

650

6/08/26

96,686

94,206

2,480

$

4,981

Total

unrealized

appreciation

$

5,173

Total

unrealized

depreciation

(14,780)

Total

net

unrealized

appreciation

(depreciation)

$

(9,607)

Centrally

Cleared

Credit

Default

Swap

Agreements

-

Sell

Protection

Underlying

Instruments

Fixed

Deal

Receive

Rate

Maturity

Date

Payment

Frequency

Notional

Amount

(000) Value

(000) Premiums

Paid

(Received)

(000) Unrealized

Appreciation

(Depreciation)

(000) Markit

CDX

North

America

High

Yield

Index

Series

...........................

5.00%

12/20/30

Quarterly

$

27,700

$

(11,614)

$

(15,015)

$

3,401

$

(11,614)

$

(15,015)

$

3,401

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) American

Airlines

Group,

Inc.

..............

5.00%

6/20/30

Quarterly

$

8,215

$

(40) $

(540) $

500

CDS

Oracle

Corp.

......................

1.00%

12/20/30

Quarterly

27,700

(870) $

(544) (326) $

(910) $

(1,084)

$

Victory

Portfolios

IV

#### Victory

#### Pioneer

#### Strategic

#### Income

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

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

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

IV

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

Pioneer

Strategic

Income

Fund

Assets:

Investments,

at

value

(Cost

$3,998,564)

$

3,897,923

Repurchase

agreements,

at

value

(Cost

$84,280)

84,280

Foreign

currency,

at

value

(Cost

$2,046)

960

Cash

24,830

Futures

contracts

collateral

21,570

Swap

agreements

collateral

30,037

TBA

sales

commitments

collateral

2,860

Unrealized

appreciation

on

forward

currency

contracts

3,989

Receivables:

Dividends

and

interest

35,758

Capital

shares

issued

3,076

Investments

sold

115,516

From

Adviser

Variation

margin

on

open

futures

contracts

612

Prepaid

expenses

Total

Assets

4,221,798

Liabilities:

Payables:

Distributions

2,765

Due

to

Broker

3,760

Investments

purchased

434,136

Capital

shares

redeemed

4,199

Unrealized

depreciation

on

forward

currency

contracts

2,572

Variation

margin

payable

on

open

swap

agreements

1,905

TBA

sales

commitments,

at

value

(Proceeds

$44,028)

43,873

Accrued

expenses

and

other

payables:

Investment

advisory

fees

1,796

Administration

fees

Custodian

fees

Transfer

agent

fees

Sub-Transfer

agent

fees

574

12b-1

fees

Other

accrued

expenses

Total

Liabilities

496,114

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

4,212,355

Total

accumulated

earnings

(loss)

(486,671)

Net

Assets

$

3,725,684

Net

Assets:

Class

A

$

467,193

Class

C

31,395

Class

R

47,536

Class

R6

579,342

Class

Y

2,600,218

Total

$

3,725,684

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

47,995

Class

C

3,301

Class

R

4,794

Class

R6

59,456

Class

Y

267,008

Total

382,554

Net

asset

value,

offering

and

redemption

price

per

share:(a)

Class

A

$

9.73 Class

C(b)

9.51 Class

R

9.92 Class

R6

9.74 Class

Y

9.74 Statement

of

Assets

and

Liabilities

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

IV

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

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

$

9.95 (a) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

(b) Redemption

price

per

share

varies

by

length

of

time

shares

are

held.

Statement

of

Operations

For

the

Six

Months

Ended

March

31,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

IV

(Amounts

in

Thousands)

(Unaudited)

Victory

Pioneer

Strategic

Income

Fund

Investment

Income:

Dividends

$

7,397

Interest

107,527

Foreign

tax

withholding

(784)

Total

Income

114,140

Expenses:

Investment

advisory

fees

10,558

Administration

fees

813

Sub-Administration

fees

12b-1

fees

—

Class

A

598

12b-1

fees

—

Class

C

12b-1

fees

—

Class

R

Custodian

fees

Transfer

agent

fees

—

Class

A

Transfer

agent

fees

—

Class

C

Transfer

agent

fees

—

Class

R

Transfer

agent

fees

—

Class

R6

Transfer

agent

fees

—

Class

Y

Sub-Transfer

agent

fees

—

Class

A

Sub-Transfer

agent

fees

—

Class

C

Sub-Transfer

agent

fees

—

Class

R

Sub-Transfer

agent

fees

—

Class

Y

1,095

Trustees'

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Other

expenses

Total

Expenses

14,232

Less

fees

paid

indirectly

(33)

Expenses

waived/reimbursed

by

Adviser

(632)

Net

Expenses

13,567

Net

Investment

Income

(Loss)

100,573

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

3,449

Net

realized

gains

(losses)

from

futures

contracts

577

Net

realized

gains

(losses)

from

swap

agreements

(1,602)

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

and

foreign

currency

translations

(52,248)

Net

change

in

unrealized

appreciation/depreciation

on

TBA

sales

commitments

(162)

Net

change

in

unrealized

appreciation/depreciation

on

forward

foreign

currency

exchange

contracts

1,417

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

(10,691)

Net

change

in

unrealized

appreciation/depreciation

on

swap

agreements

3,975

Net

realized/unrealized

gains

(losses)

on

investments

(55,285)

Change

in

net

assets

resulting

from

operations

$

45,288

(Amounts

in

Thousands)

Victory

Portfolios

IV

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Pioneer

Strategic

Income

Fund

Six

Months

Ended

March

31,

2026

(Unaudited)

Year

Ended

September

30,

2025\*

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

100,573

$

192,924

Net

realized

gains

(losses)

2,424

(43,557)

Net

change

in

unrealized

appreciation/depreciation

(57,709)

45,029

Change

in

net

assets

resulting

from

operations

45,288

194,396

Distributions

to

Shareholders:

Class

A

(11,695)

(28,250)

Class

C

(698)

(1,794)

Class

R

(1,154)

(34,044)

Class

R6

(15,855)

(2,748)

Class

Y

(67,934)

(128,667)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(97,336)

(195,503)

Change

in

net

assets

resulting

from

capital

transactions

379,488

(72,263)

Change

in

net

assets

327,440

(73,370)

Net

Assets:

Beginning

of

period

3,398,244

3,471,614

End

of

period

$

3,725,684

$

3,398,244

\*

Pioneer

Strategic

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

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

R,

and

Class

Y

shares

of

the

Fund,

respectively.

(Amounts

in

Thousands)

Victory

Portfolios

IV

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Pioneer

Strategic

Income

Fund

Six

Months

Ended

March

31,

2026

(Unaudited)

Year

Ended

September

30,

2025\*

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

24,990

$

56,369

Distributions

reinvested

9,938

23,790

Cost

of

shares

redeemed

(51,285)

(144,275)

Total

Class

A

$

(16,357)

$

(64,116)

Class

C

Proceeds

from

shares

issued

$

4,247

$

4,518

Distributions

reinvested

620

1,608

Cost

of

shares

redeemed

(6,379)

(14,795)

Total

Class

C

$

(1,512)

$

(8,669)

Class

R

Proceeds

from

shares

issued

$

2,598

$

198,036

Distributions

reinvested

1,150

26,114

Cost

of

shares

redeemed

(7,902)

(186,469)

Total

Class

R

$

(4,154)

$

37,681

Class

R6

Proceeds

from

shares

issued

$

54,949

$

5,956

Distributions

reinvested

11,649

2,741

Cost

of

shares

redeemed

(77,178)

(11,720)

Total

Class

R6

$

(10,580)

$

(3,023)

Class

Y

Proceeds

from

shares

issued

$

704,181

$

500,864

Distributions

reinvested

56,282

101,548

Cost

of

shares

redeemed

(348,372)

(636,548)

Total

Class

Y

$

412,091

$

(34,136)

Change

in

net

assets

resulting

from

capital

transactions

$

379,488

$

(72,263)

Share

Transactions:

Class

A

Issued

2,532

5,882

Reinvested

1,007

2,480

Redeemed

(5,198)

(15,085)

Total

Class

A

(1,659)

(6,723)

Class

C

Issued

Reinvested

Redeemed

(662)

(1,581)

Total

Class

C

(157)

(928)

Class

R

Issued

20,605

Reinvested

2,716

Redeemed

(786)

(19,350)

Total

Class

R

(413)

3,971

Class

R6

Issued

5,560

608

Reinvested

1,179

Redeemed

(7,791)

(1,199)

Total

Class

R6

(1,052)

(310)

Class

Y

Issued

71,086

52,136

Reinvested

5,697

10,573

Redeemed

(35,295)

(66,457)

Total

Class

Y

41,488

(3,748)

Change

in

Shares

38,207

(7,738)

\*

Pioneer

Strategic

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

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

R,

and

Class

Y

shares

of

the

Fund,

respectively.

Victory

Portfolios

IV

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Pioneer

Strategic

Income

Fund

Class

A\*

Six

Months

Ended

March

31,

2026

(Unaudited)

Year

Ended

September

30,

2025

Year

Ended

September

30,

2024

Year

Ended

September

30,

2023

Year

Ended

September

30,

2022

Year

Ended

September

30,

2021

Net

Asset

Value,

Beginning

of

Period

$9.86

$9.85

$8.91

$9.05

$11.38

$10.91

Investment

Activities:

Net

investment

income

(loss)(a)

0.25 0.53 0.51 0.45 0.35 0.35 Net

realized

and

unrealized

gains

(losses)

(0.14)

0.01 0.82 (0.27)

(1.86)

0.52 Total

from

Investment

Activities

0.11 0.54 1.33 0.18 (1.51)

0.87 Distributions

to

Shareholders

from:

Net

investment

income

(0.24)

(0.53)

(0.39)

(0.32)

(0.12)

(0.40)

Net

realized

gains

—

—

—

—

(0.53)

—

Return

of

capital

—

—

—

—

(0.17)

—

Total

Distributions

(0.24)

(0.53)

(0.39)

(0.32)

(0.82)

(0.40)

Net

Asset

Value,

End

of

Period

$9.73

$9.86

$9.85

$8.91

$9.05

$11.38

Total

Return(b)(c)

1.11%

5.80%

15.18%

1.91%(d)

(14.12)%

8.04%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.00%(g)

1.02%

1.07%

1.06%

1.01%

1.06%

Net

Investment

Income

(Loss)(e)

5.11%

5.49%

5.45%

4.91%

3.44%

3.12%

Gross

Expenses(e)(f)

1.04%(g)

1.06%

1.11%

1.10%

1.03%

1.06%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$467,193

$489,709

$555,425

$569,497

$637,356

$855,856

Portfolio

Turnover(b)(h)

43%

52%

63%

51%

56%

67%

\*

Pioneer

Strategic

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

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

R,

and

Class

Y

shares

of

the

Fund,

respectively.

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) 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

September

30,

2023,

the

Fund's

total

return

includes

a

reimbursement

by

the

Adviser.

The

impact

on

Class

A's

total

return

was

0.11%.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) 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%.

(h) 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

Strategic

Income

Fund

Class

C\*

Six

Months

Ended

March

31,

2026

(Unaudited)

Year

Ended

September

30,

2025

Year

Ended

September

30,

2024

Year

Ended

September

30,

2023

Year

Ended

September

30,

2022

Year

Ended

September

30,

2021

Net

Asset

Value,

Beginning

of

Period

$9.64

$9.63

$8.71

$8.85

$11.14

$10.67

Investment

Activities:

Net

investment

income

(loss)(a)

0.21 0.45 0.44 0.38 0.28 0.27 Net

realized

and

unrealized

gains

(losses)

(0.14)

0.02 0.80 (0.27)

(1.82)

0.51 Total

from

Investment

Activities

0.07 0.47 1.24 0.11 (1.54)

0.78 Distributions

to

Shareholders

from:

Net

investment

income

(0.20)

(0.46)

(0.32)

(0.25)

(0.05)

(0.31)

Net

realized

gains

—

—

—

—

(0.53)

—

Return

of

capital

—

—

—

—

(0.17)

—

Total

Distributions

(0.20)

(0.46)

(0.32)

(0.25)

(0.75)

(0.31)

Net

Asset

Value,

End

of

Period

$9.51

$9.64

$9.63

$8.71

$8.85

$11.14

Total

Return(b)(c)

0.75%

5.14%

14.46%

1.21%(d)

(14.69)%

7.37%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.68%(g)

1.69%

1.69%

1.70%

1.66%

1.73%

Net

Investment

Income

(Loss)(e)

4.45%

4.84%

4.82%

4.28%

2.77%

2.49%

Gross

Expenses(e)(f)

1.72%(g)

1.72%

1.73%

1.74%

1.68%

1.73%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$31,395

$33,336

$42,253

$50,394

$73,112

$112,804

Portfolio

Turnover(b)(h)

43%

52%

63%

51%

56%

67%

\*

Pioneer

Strategic

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

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

R,

and

Class

Y

shares

of

the

Fund,

respectively.

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) 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

September

30,

2023,

the

Fund's

total

return

includes

a

reimbursement

by

the

Adviser.

The

impact

on

Class

C's

total

return

was

0.11%.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) 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%.

(h) 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

Strategic

Income

Fund

Class

R\*

Six

Months

Ended

March

31,

2026

(Unaudited)

Year

Ended

September

30,

2025

Year

Ended

September

30,

2024

Year

Ended

September

30,

2023

Year

Ended

September

30,

2022

Year

Ended

September

30,

2021

Net

Asset

Value,

Beginning

of

Period

$10.05

$10.03

$9.07

$9.21

$11.58

$11.09

Investment

Activities:

Net

investment

income

(loss)(a)

0.24 0.51 0.49 0.43 0.32 0.33 Net

realized

and

unrealized

gains

(losses)

(0.14)

0.02 0.84 (0.28)

(1.90)

0.52 Total

from

Investment

Activities

0.10 0.53 1.33 0.15 (1.58)

0.85 Distributions

to

Shareholders

from:

Net

investment

income

(0.23)

(0.51)

(0.37)

(0.29)

(0.09)

(0.36)

Net

realized

gains

—

—

—

—

(0.53)

—

Return

of

capital

—

—

—

—

(0.17)

—

Total

Distributions

(0.23)

(0.51)

(0.37)

(0.29)

(0.79)

(0.36)

Net

Asset

Value,

End

of

Period

$9.92

$10.05

$10.03

$9.07

$9.21

$11.58

Total

Return(b)(c)

0.98%

5.58%

14.90%

1.60%(d)

(14.46)%

7.77%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.34%(g)

1.33%

1.34%

1.35%

1.34%

1.37%

Net

Investment

Income

(Loss)(e)

4.75%

5.19%

5.18%

4.62%

3.09%

2.83%

Gross

Expenses(e)(f)

1.38%(g)

1.36%

1.37%

1.39%

1.36%

1.37%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$47,536

$52,311

$55,365

$54,791

$62,624

$94,136

Portfolio

Turnover(b)(h)

43%

52%

63%

51%

56%

67%

\*

Pioneer

Strategic

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

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

R,

and

Class

Y

shares

of

the

Fund,

respectively.

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) 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

September

30,

2023,

the

Fund's

total

return

includes

a

reimbursement

by

the

Adviser.

The

impact

on

Class

R's

total

return

was

less

than

0.005%.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) 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%.

(h) 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

Strategic

Income

Fund

Class

R6\*

Six

Months

Ended

March

31,

2026

(Unaudited)

Year

Ended

September

30,

2025

Year

Ended

September

30,

2024

Year

Ended

September

30,

2023

Year

Ended

September

30,

2022

Year

Ended

September

30,

2021

Net

Asset

Value,

Beginning

of

Period

$9.87

$9.87

$8.92

$9.07

$11.40

$10.92

Investment

Activities:

Net

investment

income

(loss)(a)

0.27 0.57 0.56 0.49 0.40 0.40 Net

realized

and

unrealized

gains

(losses)

(0.14)

0.01 0.82 (0.28)

(1.87)

0.53 Total

from

Investment

Activities

0.13 0.58 1.38 0.21 (1.47)

0.93 Distributions

to

Shareholders

from:

Net

investment

income

(0.26)

(0.58)

(0.43)

(0.36)

(0.16)

(0.45)

Net

realized

gains

—

—

—

—

(0.53)

—

Return

of

capital

—

—

—

—

(0.17)

—

Total

Distributions

(0.26)

(0.58)

(0.43)

(0.36)

(0.86)

(0.45)

Net

Asset

Value,

End

of

Period

$9.74

$9.87

$9.87

$8.92

$9.07

$11.40

Total

Return(b)(c)

1.33%

6.17%

15.82%

2.28%(d)

(13.73)%

8.58%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.59%(g)

0.59%

0.59%

0.59%

0.59%

0.63%

Net

Investment

Income

(Loss)(e)

5.51%

5.92%

5.93%

5.38%

3.88%

3.55%

Gross

Expenses(e)(f)

0.63%(g)

0.63%

0.63%

0.64%

0.61%

0.63%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$579,342

$597,432

$558,073

$426,933

$403,112

$465,149

Portfolio

Turnover(b)(h)

43%

52%

63%

51%

56%

67%

\*

Pioneer

Strategic

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

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

R,

and

Class

Y

shares

of

the

Fund,

respectively.

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) 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

September

30,

2023,

the

Fund's

total

return

includes

a

reimbursement

by

the

Adviser.

The

impact

on

Class

R6's

total

return

was

less

than

0.005%.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) 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%.

(h) 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

Strategic

Income

Fund

Class

Y\*

Six

Months

Ended

March

31,

2026

(Unaudited)

Year

Ended

September

30,

2025

Year

Ended

September

30,

2024

Year

Ended

September

30,

2023

Year

Ended

September

30,

2022

Year

Ended

September

30,

2021

Net

Asset

Value,

Beginning

of

Period

$9.87

$9.86

$8.91

$9.05

$11.38

$10.91

Investment

Activities:

Net

investment

income

(loss)(a)

0.27 0.56 0.55 0.48 0.39 0.39 Net

realized

and

unrealized

gains

(losses)

(0.14)

0.02 0.82 (0.27)

(1.87)

0.51 Total

from

Investment

Activities

0.13 0.58 1.37 0.21 (1.48)

0.90 Distributions

to

Shareholders

from:

Net

investment

income

(0.26)

(0.57)

(0.42)

(0.35)

(0.15)

(0.43)

Net

realized

gains

—

—

—

—

(0.53)

—

Return

of

capital

—

—

—

—

(0.17)

—

Total

Distributions

(0.26)

(0.57)

(0.42)

(0.35)

(0.85)

(0.43)

Net

Asset

Value,

End

of

Period

$9.74

$9.87

$9.86

$8.91

$9.05

$11.38

Total

Return(b)(c)

1.28%

6.18%

15.72%

2.28%(d)

(13.85)%

8.37%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.68%(g)

0.69%

0.69%

0.69%

0.69%

0.74%

Net

Investment

Income

(Loss)(e)

5.40%

5.83%

5.83%

5.28%

3.77%

3.44%

Gross

Expenses(e)(f)

0.71%(g)

0.74%

0.73%

0.74%

0.71%

0.74%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,600,218

$2,225,456

$2,260,498

$2,099,995

$2,579,954

$3,204,878

Portfolio

Turnover(b)(h)

43%

52%

63%

51%

56%

67%

\*

Pioneer

Strategic

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

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class

R,

and

Class

Y

shares

of

the

Fund,

respectively.

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) 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

September

30,

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%.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) 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%.

(h) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Notes

to

Financial

Statements

March

31,

2026

Victory

Portfolios

IV

(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

the

Pioneer

Strategic

Income

Fund

(the

"Predecessor

Fund").

The

Predecessor

Fund

transferred

all

of

the

net

assets

of

Class

A,

Class

C,

Class

K,

Class

R,

and

Class

Y

shares

in

exchange

for

the

Fund's

Class

A,

Class

C,

Class

R6,

Class R,

and

Class

Y

shares,

respectively,

on

April

1,

2025,

pursuant

to

an

agreement

and

plan

of

reorganization

(the

"Reorganization")

which

was

approved

by

the

shareholders

of

the

Predecessor

Fund

on

March

27,

2025. The

Reorganization

was

structured

so

that

the

transfer

of

assets

and

liabilities

did

not

result

in

any

federal

tax

liability

to

the

Predecessor

Fund

or

its

shareholders.

Shareholders

holding

Class

A,

Class

C,

Class

K,

Class

R,

and

Class

Y

shares

of

the

Predecessor

Fund

received

Class

A,

Class

C,

Class

R6,

Class R,

and

Class

Y

shares

of

the

Fund,

respectively,

in

the

Reorganization.

The

Predecessor

Fund

was

the

accounting

survivor

of

the

Reorganization.

Accordingly,

the

Predecessor

Fund's

performance

and

financial

history

have

become

the

performance

and

financial

history

of

the

Fund.

The

Fund's

investment

objective

is

to

produce

a

high

level

of

current

income.

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

Strategic

Income

Fund

Strategic

Income

Fund

Class

A,

Class

C,

Class

R,

Class

R6,

and

Class

Y

Notes

to

Financial

Statements

—

continued

March

31,

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

closing

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

last

available

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.

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.

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.

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.

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

or

Level

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

the

Fund's

net

asset

value to

be

more

reliable

than

it

otherwise

would

be.

The

principal

exchanges

and

markets

for

non-U.S.

equity

securities

have

closing

times

prior

to

the

close

of

the

New

York

Stock

Exchange.

However,

the

value

of

these

securities

may

be

influenced

by

changes

in

global

markets

occurring

after

the

closing

times

of

the

local

exchanges

and

markets

up

to

the

time

the

Fund

determines

its

net

asset

value.

Consequently,

the

Fund

uses

a

fair

value

model

developed

by

an

independent

pricing

service

to

value

non-U.S.

equity

securities.

On

a

daily

basis,

the

pricing

service

recommends

changes,

based

on

a

proprietary

model,

to

the

closing

market

prices

of

each

non-U.S.

security

held

by

the

Fund

to

reflect

the

security's

fair

value

at

the

time

the

Fund

determines

its

net

asset

value.

These

recommendations

are

applied

in

accordance

with

the

Adviser's

(the

valuation

designee's)

valuation

procedures.

These

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

A

summary

of

the

valuations

as

of

March

31,

2026, based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

on

the

Schedule

of

Portfolio

Investments

(amounts

in

thousands):

Level

Level

Level

Total

Strategic

Income

Fund

Asset-Backed

Securities

.........................................

$

—

$

282,544

$

7,211

$

289,755

Collateralized

Loan

Obligations

...................................

—

32,384

—

32,384

Collateralized

Mortgage

Obligations

................................

—

344,728

1,409

346,137

Common

Stocks

...............................................

2,752

—

—(a)

2,752

Preferred

Stocks

...............................................

25,263

—

—

25,263

Convertible

Corporate

Bonds

.....................................

—

7,306

—

7,306

Convertible

Preferred

Stocks

......................................

5,815

—

—

5,815

Senior

Secured

Loans

...........................................

—

24,623

—

24,623

Corporate

Bonds

..............................................

—

871,662

2,091

873,753

Insurance-Linked

Securities

......................................

—

86,369

47,546

133,915

Yankee

Dollars

...............................................

—

814,512

—(a)

814,512

U.S.

Government

Agency

Mortgages

................................

—

661,731

—

661,731

U.S.

Treasury

Obligations

........................................

—

679,977

—

679,977

Notes

to

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

IV

(Unaudited)

As

of March

31,

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.

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.

Repurchase

Agreements:

The

Fund

may

enter

into

repurchase

agreements

with

commercial

banks

or

recognized

security

dealers

pursuant

to

the

terms

of

a

Master

Repurchase

Agreement.

A

repurchase

agreement

is

an

arrangement

wherein

the

Fund

purchases

securities

and

the

seller

agrees

to

repurchase

the

securities

at

an

agreed

upon

time

and

at

an

agreed

upon

price.

The

purchased

securities

are

marked-to-market

daily

to

ensure

their

value

is

equal

to

at

least

102%

of

principal

including

accrued

interest

and

are

held

by

the

Fund,

either

through

its

regular

custodian

or

through

a

special

"tri-party"

custodian

that

maintains

separate

accounts

for

both

the

Fund

and

its

counterparty,

until

maturity

of

the

repurchase

agreement.

Master

Repurchase

Agreements

typically

contain

netting

provisions,

which

provide

for

the

net

settlement

of

all

transactions

and

collateral

with

the

Fund

through

a

single

payment

in

the

event

of

default

or

termination.

Repurchase

agreements

are

subject

to

credit

risk,

and

the

Fund's Adviser

monitors

the

creditworthiness

of

sellers

with

which

the

Fund

may

enter

into

repurchase

agreements.

Investments

in

repurchase

agreements

as

presented

on

the

Schedule

of

Portfolio

Investments

are

not

net

settlement

amounts

but

gross.

At

March

31,

2026,

the

value

of

the

related

collateral

exceeded

the

value

of

the

repurchase

agreements,

reducing

the

net

settlement

amount

to

zero.

Details

on

the

collateral

are

included

on

the

Schedule

of

Portfolio

Investments.

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.

Repurchase

Agreements

.........................................

—

84,280

—

84,280

Total

.......................................................

$

33,830

$

3,890,116

$

58,257

$

3,982,203

Liabilities:

TBA

Sales

Commitments

........................................

$

—

$

(43,873)

$

—

$

(43,873)

Total

.......................................................

$

—

$

(43,873)

$

—

$

(43,873)

Other

Financial

Investments:\*

Assets:

Credit

Default

Swap

Agreement

...................................

—

3,901

—

3,901

Forward

Currency

Contracts

......................................

—

3,989

—

3,989

Futures

Contracts

..............................................

5,173

—

—

5,173

Liabilities:

Credit

Default

Swap

Agreement

...................................

—

(326) —

(326) Forward

Currency

Contracts

......................................

—

(2,572)

—

(2,572)

Futures

Contracts

..............................................

(14,780)

—

—

(14,780)

Total

.......................................................

$

(9,607)

$

4,992

$

—

$

(4,615)

\*

Futures

Contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

investment.

(a) Rounds

to

less

than

$1

thousand.

\*

Swap

Agreements,

Futures

Contracts

and

Forward

Foreign

Currency

Exchange

Contracts

are

presented

at

the

unrealized

appreciation

(depreciation)

on

the

investment.

Notes

to

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

IV

(Unaudited)

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.

TBAs

:

The

Fund

may

enter

into

to-be-announced

(TBA)

purchases

or

sales

commitments

(collectively,

TBA

transactions),

pursuant

to

which

it

agrees

to

purchase

or

sell,

respectively,

mortgage-backed

securities

for

a

fixed

unit

price,

with

payment

and

delivery

at

a

scheduled

future

date

beyond

the

customary

settlement

period

for

such

securities.

With

TBA

transactions,

the

particular

securities

to

be

received

or

delivered

by

the

Fund

are

not

identified

at

the

trade

date;

however,

the

securities

must

meet

specified

terms,

including

issuer,

rate,

and

mortgage

term,

and

be

within

industry-accepted

"good

delivery"

standards.

The

Fund

may

enter

into

TBA

transactions

with

the

intention

of

taking

possession

of

or

relinquishing

the

underlying

securities,

may

elect

to

extend

the

settlement

by

"rolling"

the

transaction,

and/or

may

use

TBA

transactions

to

gain

or

reduce

interim

exposure

to

underlying

securities.

Until

settlement,

the

Fund

maintains

liquid

assets

sufficient

to

settle

its

commitment

to

purchase

a

TBA

or,

in

the

case

of

a

sale

commitment,

the

Fund

maintains

an

entitlement

to

the

security

to

be

sold.

To

mitigate

counterparty

risk,

the

Fund

has

entered

into

agreements

with

TBA

counterparties

that

provide

for

collateral

and

the

right

to

offset

amounts

due

to

or

from

those

counterparties

under

specified

conditions.

Subject

to

minimum

transfer

amounts,

collateral

requirements

are

determined

and

transfers

made

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

TBA

commitments

with

a

particular

counterparty.

At

any

time,

the

Fund's

risk

of

loss

from

a

particular

counterparty

related

to

its

TBA

commitments

is

the

aggregate

unrealized

gain

on

appreciated

TBAs

in

excess

of

unrealized

loss

on

depreciated

TBAs

and

collateral

received,

if

any,

from

such

counterparty.

The

cash

collateral

held

by

the

Fund

is

reflected

on

the

Statement

of

Assets

and

Liabilities

under

TBA

sales

commitments

collateral.

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.

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

Notes

to

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

IV

(Unaudited)

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 March

31,

2026,

the

Fund

had

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.

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

March

31,

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.

Notes

to

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

IV

(Unaudited)

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

period end

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

March

31,

2026 (amounts

in

thousands):

\*

Includes

cumulative

unrealized appreciation

(depreciation)

of

futures

contracts as

reported

on

the

Schedule

of

Portfolio

Investments.

Only

current

day's

variation

margin

for

futures

contracts

is

reported

within

the

Statement

of

Assets

and

Liabilities.

The

following

table

presents the

effect

of

derivative

instruments

on

the

Statement

of

Operations,

categorized

by

risk

exposure,

for

the period

ended

March

31,

2026 (amounts

in

thousands):

Assets

Liabilities

Futures

contracts\*

Swap

Agreements\*

Forward

Currency

Contracts

Futures

contracts\*

Swap

agreements\*

Forward

Currency

Contracts

Credit

Risk

Exposure:

–

3,901,000

–

–

(326,000)

–

Strategic

Income

Fund

...........

$

–

$

3,901

$

–

$

–

$

$

–

Interest

Rate

Risk

Exposure:

5,173,000

–

–

(14,780,000)

–

–

Strategic

Income

Fund

...........

5,173

–

–

14,780

–

–

Foreign

Exchange

Rate

Risk

Exposure:

3,989,000

(2,572,000)

Strategic

Income

Fund

...........

–

–

3,989

–

–

(2,572)

Net

realized

gains

(losses)

from

futures

contracts

Net

Realized

Gains

(Losses)

from

Swap

Agreements

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:

–

(1,602,000)

–

3,975,000

–

Strategic

Income

Fund

.............

$

–

$

(1,602)

$

–

$

3,975

$

–

Interest

Rate

Risk

Exposure:

577,000

–

(10,691,000)

–

–

Strategic

Income

Fund

.............

577

–

(10,691)

–

–

Forward

Exchange

Rate

Risk

Exposure:

–

–

–

–

1,417,000

Strategic

Income

Fund

.............

–

–

–

–

1,417

Notes

to

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

IV

(Unaudited)

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

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 September

30. For

the

six

months

ended

March

31,

2026,

the

Fund

did

not

incur

any

income

tax,

interest,

or

penalties,

and

has

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

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.

Notes

to

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

IV

(Unaudited)

3. #### Purchases

#### and

#### Sales:
Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

six

months

ended

March

31,

2026,

were

as

follows

(amounts

in

thousands):

4. #### Affiliated

#### Fund

#### Ownership:
The

Fund

offers

shares

for

investment

by

other

funds

including

VCM

affiliated

fund-of-funds.

The

affiliated fund-of-funds

do

not

invest

in

the

underlying

funds

for

the

purpose

of

exercising

management

or

control;

however,

investments

by

affiliated fund-of-funds

within

its

principal

investment

strategies

may

represent

a

significant

portion

of

an

underlying

fund's

assets,

and

together

with

the

investments

of

the

other

affiliated

funds-of-funds,

may

represent

a

substantial

portion

or

even

all

of

an

underlying

fund's

net

assets.

The

affiliated

fund-of-funds'

annual

and

semi-

annual

reports

may

be

viewed

at

vcm.com.

As

of

March

31,

2026,

certain

affiliated

fund-of-funds

owned

total

outstanding

shares

of

the

Fund

as

follows:

\*

Rounds

to

less

than

0.05%

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

March

31,

2026,

are

reflected

on

the

Statements

of

Operations

as

Investment

advisory

fees.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Fund's

administrator

and

fund

accountant.

Under

the Administration

and

Fund

Accounting

Agreement,

VCM

is

paid

an

administration

fee

based

on

a

percentage

of

the

average

daily

net

assets

of

all

Companies

and

Funds

(as

defined

in

the

Administration

and

Fund

Accounting

Agreement)

together

with

all

other

registered

investment

companies

for

which

VCM

acts

as

administrator,

and

allocating

to the

Fund

on

a

pro

rata

basis

calculated

based

on

the

Fund's

average

daily

net

assets.

The

tiered

rates

at

which

VCM

is

paid

by

the

Fund

are

shown

in

the

table

below:

Amounts

incurred

for

the

six

months

ended

March

31,

2026,

are

reflected

on

the

Statement

of

Operations

as

Administration

fees.

Effective

February

9,

2026,

Citi

Fund

Services

Ohio,

Inc.

("Citi"),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Fund

pursuant

to

a

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The

Fund

reimburses

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services,

including

costs

associated

with

the

Chief

Compliance

Officer,

and

implementing

new

reports

required

by

new

rules

adopted

by

the

SEC

under

the

1940

Act.

Excluding

U.S.

Government

Securities

U.S.

Government

Securities

Purchases

Sales

Purchases

Sales

Strategic

Income

Fund

............................................

$

858,891

$

755,544

$

935,952

$

671,693

Strategic

Income

Fund

Ownership

%

Victory

Pioneer

Solutions-Balanced

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

–%\*

Adviser

Fee

Tier

Rates

Up

to

$1

billion

Over

$1

billion

-

$10

billion

Over

$10

billion

Strategic

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.60%,

plus

0.55%,

plus

0.50%

Annual

Charge

Up

to

$15

billion

Over

$15

billion

-

$30

billion

Over

$30

billion

-

$85

billion

Over

$85

billion

Strategic

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.08%,

plus

0.05%,

plus

0.04%,

plus

0.03%

Notes

to

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

IV

(Unaudited)

Prior

to

February

9,

2026,

BNY

Mellon

served

as

sub-administrator

and

sub-fund

accountant

for

the

Fund.

The

total

amounts

incurred

and

paid

for

through

the six

months

ended March

31,

2026

are

reflected

within

the

Sub-Administration

fees

on

the

Statement

of

Operations.

Transfer

Agency

Fees:

Effective February

9,

2026,

FIS

Investor

Services

LLC,

serves

as

the

Fund's

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the

Trust

pays

FIS

a

fee

for

its

services

and

reimburses

FIS

for

all

of

their

reasonable

out-of-pocket

expenses

incurred

in

providing

these

services.

Prior

to February

9,

2026,

BNY

Mellon

Investment

Servicing

(US)

Inc.

served

as

the

transfer

agent

to

the

Fund at

negotiated

rates

where

transfer

agent

fees

included

sub-transfer

agent

expenses

incurred

through

the

Fund's

omnibus

relationship

contracts.

In

addition,

the

Fund

would

reimburse

out-of-pocket

expenses

incurred

by

the

former

transfer

agent

related

to

shareholder

communications

activities

such

as

proxy

and

statement

mailings,

and

outgoing

phone

calls.

Total

transfer

agent

fees

incurred

for

the

six

months

ended

March

31,

2026,

are

reflected

on

the

Statement

of

Operations

as

Transfer

agent

fees.

Sub-Transfer

Agency

Fees:

Effective

February

9,

2026,

the

Fund

has

entered

into

Sub-Transfer

Agency

Agreements

with

financial

intermediaries

that

provide

recordkeeping,

processing,

shareholder

communications

and

other

services

to

customers

of

the

intermediaries

that

hold

positions

in

the

Fund

and

have

agreed

to

compensate

the

intermediaries

for

providing

those

services.

Intermediaries

transact

with

the

Fund

primarily

through

the

use

of

omnibus

accounts

on

behalf

of

their

customers

who

hold

positions

in

the

Fund.

These

services

would

have

been

provided

by

the

Fund's

transfer

agent

and

other

service

providers

if

the

shareholders'

accounts

were

maintained

directly

at

the

Fund's

transfer

agent.

Prior

to

February

9,

2026,

BNY

Mellon

served

as

sub-transfer

agent.

Total

sub-transfer

agent

fees

incurred

for

the six

months

ended

March

31,

2026,

are

reflected

on

the

Statement

of

Operations

as

Sub-Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services,

Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Fund

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust.

Pursuant

to

the

Distribution

and

Services

Plan

adopted

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Distributor

may

receive

a

monthly

distribution

and

service

fee

for

Class

A,

Class

C

and

Class

R,

at

an

annual

rate

of

up

to

0.25%,

1.00%,

and

0.50%,

respectively,

of

the

average

daily

net

assets. Amounts

incurred

and

paid

to

the

Distributor

for

the six

months

ended

March

31,

2026, are

reflected

on

the

Statement

of

Operations

as

12b-1

fees.

In

addition,

the

Distributor

is

entitled

to

receive

commissions

in

connection

with

sales

of

Class

A. For

the

six

months

ended

March

31,

2026,

the

Distributor

received

$2

thousand

from

commissions

earned

in

connection

with

sales

of

Class

A. Other

Fees:

Effective

February

9,

2026,

Citibank

serves

as

the

Fund's

custodian.

The

Fund

pays

Citibank

a

fee

for

providing

these

services.

Prior

to

February

9,

2026,

BNY

Mellon

served

as

the

Fund's

custodian. Total

custodian

fees

incurred

for

the

period ended

March

31,

2026, are

reflected

on

the

Statement

of

Operations

as

Custodian

fees.

Sidley

Austin

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with the Fund.

Under

the

terms

of

the

agreement,

the

Adviser

has

agreed

to

waive

fees

or

reimburse

certain

expenses

to

the

extent

that

ordinary

operating

expenses

incurred

by

certain

classes

of

the

Fund

in

any

fiscal

year

exceed

the

expense limits

for

such

classes

of the

Fund.

Such

excess

amounts

will

be

the

liability

of

the

Adviser. Acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund's

business

are

excluded

from

the

expense

limits.

As

of

March

31,

2026,

the

expense

limits

(excluding

voluntary

waivers) were

as

follows:

Under

the

terms

of

the

expense

limitation

agreement,

the

Fund

has

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to two

years

(twenty-four

(24) months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense limits

in

effect

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

recoupment,

after

giving

effect

to

the

recoupment

amount.

The

Fund

has

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

March

31,

2026. In

effect

until

April

1,

2028

Class

A

Class

C

Class

R

Class

R6

Class

Y

Strategic

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.07%

1.69%

1.34%

0.59%

0.69%

Notes

to

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

IV

(Unaudited)

As

of March

31,

2026,

the

following amounts

in

the

table

below

represent

the

fiscal

year-end

in

which

the 24-month recoupment

period

expires.

These

amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

The

Adviser

may

voluntarily

waive

or

reimburse

additional

fees

to

assist

the

Fund

in

maintaining

competitive

expense

ratios.

Voluntary

waivers

and

reimbursements

applicable

to

the

Fund

are

not

available

to

be

recouped

at

a

future

time.

There

were

no

voluntary

waivers

or

reimbursements

for

the six

months

ended

March

31,

2026. Certain

officers

and/or

interested

trustees

of

the

Fund

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

legal

counsel,

and

Distributor.

6. #### Risks:
The

following

describes

principal

risks

that

you

may

assume

as

an

investor

in

the

Fund.

The

Fund's

prospectus

contains

unaudited

information

regarding

the

Fund's

principal

risks.

Please

refer

to

that

document

when

considering

the

Fund's

principal

risks.

The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

Market

Risk

—

The

market

prices

of

securities

or

other

assets

held

by

the

Fund

may

go

up

or

down,

sometimes

rapidly

or

unpredictably,

due

to

general

market

conditions,

such

as

real

or

perceived

adverse

economic,

political,

or

regulatory

conditions,

political

instability,

recessions,

inflation,

changes

in

interest

or

currency

rates,

lack

of

liquidity

in

the

markets,

the

spread

of

infectious

illness

or

other

public

health

issues,

weather

or

climate

events,

armed

conflict,

market

disruptions

caused

by

tariffs,

trade

disputes,

sanctions

or

other

government

actions,

or

other

factors

or

adverse

investor

sentiment.

If

the

market

prices

of

the

Fund's

securities

and

assets

fall,

the

value

of

your

investment

will

go

down.

A

change

in

financial

condition

or

other

event

affecting

a

single

issuer

or

market

may

adversely

impact

securities

markets

as

a

whole.

High-Yield/Junk

Bond

Risk

—

Debt

securities

that

are

below

investment

grade,

called

"junk

bonds,"

are

speculative,

have

a

higher

risk

of

default

or

are

already

in

default,

tend

to

be

less

liquid

and

are

more

difficult

to

value

than

higher

grade

securities.

Junk

bonds

tend

to

be

volatile

and

more

susceptible

to

adverse

events

and

negative

sentiments,

and

may

become

illiquid.

These

risks

are

more

pronounced

for

securities

that

are

already

in

default.

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.

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.

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

September

30,

2026

September

30,

2027

Total

Strategic

Income

Fund

.............................................................

$

766

$

632

$

1,398

Notes

to

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

IV

(Unaudited)

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.

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

March

31,

2026. Interfund

Lending:

The

Trust

and

the

Adviser

rely

on

an

exemptive

order

granted

by

the

SEC

in

March

2017

(the

"Order"),

permitting

the

establishment

and

operation

of

an

Interfund

Lending

Facility

(the

"Facility").

The

Facility

allows

the

Fund

to

directly

lend

and

borrow

money

to

or

from

any

other

fund

in

the

Victory

Funds

Complex

that

is

permitted

to

participate

in

the

Facility,

relying

upon

the

Order

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Advances

under

the

Facility

are

allowed

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

each

Fund's

borrowing

restrictions.

The

interfund

loan

rate

is

determined,

as

specified

in

the

Order,

by

averaging

the

current

repurchase

agreement

rate

and

the

current

bank

loan

rate.

As

a

Borrower

(as

defined

in

the

Order),

interest

charged

to

the

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statement

of

Operations

under

Interfund

lending

fees.

As

a

Lender

(as

defined

in

the

Order),

interest

earned

by

the

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statement

of

Operations

under

Interfund

lending.

The

Fund

did

not

utilize

or

participate

in

the

Facility

during

the

six

months

ended

March

31,

2026. 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 September

30,

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. #### 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

Short-Term

Amount

Long-Term

Amount

Total

Strategic

Income

Fund

..................................................

$

(119,626)

$

(261,036)

$

(380,662)

Notes

to

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

IV

(Unaudited)

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.

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

March

31,

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

liabilities

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.

Counterparty

Derivative

Assets

Subject

to

Master

Netting

Agreement

Derivatives

Available

for

Offset

Non-Cash

Collateral

Pledged

(a) Cash

Collateral

Pledged

(a) Net

Amount

of

Derivative

Assets

(b) CitiBank

NA

$3,989

$(1,652)

$—

$—

$2,337

Total

$3,989

$(1,652)

$—

$—

$2,337

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

$1,652

$(1,652)

$—

$—

$—

StateStreet

920

—

—

—

920

Total

$2,572

$(1,652)

$—

$—

$920

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800) 539-3863

19207-0526

(b) The Financial Highlights are included as a part of the Financial Statements filed under Item 7(a) of this Form.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

&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>June 8, 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>June 8, 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>June 8, 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>June 8, 2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Thomas Dusenberry&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thomas Dusenberry<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Principal Executive Officer

<u>Section 302 – CERTIFICATIONS</u>

I, Carol D. Trevino, certify that:

1. I have reviewed this report on Form N-CSR of Victory Portfolios IV (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)

&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)

&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

<u>June 8, 2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Carol D. Trevino&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carol D. Trevino<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasurer and Principal Financial Officer

## Exhibit 99.906

<u>Section 906 – CERTIFICATIONS</u>

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended March 31, 2026, of Victory Portfolios IV (the "Registrant").

Each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of the Registrant, hereby certifies that, to such officer's knowledge:

1. &nbsp;&nbsp;&nbsp;&nbsp;

the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. &nbsp;&nbsp;&nbsp;&nbsp;

the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

<u>June 8, 2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Date

<u>/s/ Thomas Dusenberry&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Thomas Dusenberry

President and Principal Executive Officer

<u>/s/ Carol D. Trevino&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Carol D. Trevino

Treasurer and Principal Financial Officer

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.