Victory Pioneer Active Credit Fund

Class A

Ticker: RCRAX

Semi-Annual Shareholder Report — February 28, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Active Credit Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/ mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$45	0.90%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of February 28, 2026)

Table Summary
Net Assets	$48,350
Number of Holdings	256
Portfolio Turnover	36%

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

Asset Allocation^{Footnote Reference*}^ (% of Net Assets)

(as of February 28, 2026)

Table Summary
Value	Value
Yankee Dollars	38.7%
Corporate Bonds	30.4%
Collateralized Mortgage Obligations	15.3%
Asset-Backed Securities	5.1%
Collateralized Loan Obligations	4.1%
Other^{Footnote Reference**}	5.5%

Table Summary
*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
**	Other includes the remaining asset classes which are each under 2% of the net assets of the Fund.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RCRAX — SAR (2/26)

Victory Pioneer Active Credit Fund

Class C

Ticker: RCRCX

Semi-Annual Shareholder Report — February 28, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$83	1.65%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of February 28, 2026)

Table Summary
Net Assets	$48,350
Number of Holdings	256
Portfolio Turnover	36%

Asset Allocation^{Footnote Reference*}^ (% of Net Assets)

(as of February 28, 2026)

Table Summary
Value	Value
Yankee Dollars	38.7%
Corporate Bonds	30.4%
Collateralized Mortgage Obligations	15.3%
Asset-Backed Securities	5.1%
Collateralized Loan Obligations	4.1%
Other^{Footnote Reference**}	5.5%

Table Summary
*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
**	Other includes the remaining asset classes which are each under 2% of the net assets of the Fund.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RCRCX — SAR (2/26)

Victory Pioneer Active Credit Fund

Class Y

Ticker: RCRYX

Semi-Annual Shareholder Report — February 28, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$30	0.60%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of February 28, 2026)

Table Summary
Net Assets	$48,350
Number of Holdings	256
Portfolio Turnover	36%

Asset Allocation^{Footnote Reference*}^ (% of Net Assets)

(as of February 28, 2026)

Table Summary
Value	Value
Yankee Dollars	38.7%
Corporate Bonds	30.4%
Collateralized Mortgage Obligations	15.3%
Asset-Backed Securities	5.1%
Collateralized Loan Obligations	4.1%
Other^{Footnote Reference**}	5.5%

Table Summary
*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
**	Other includes the remaining asset classes which are each under 2% of the net assets of the Fund.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RCRYX — SAR (2/26)

Victory Pioneer Disciplined Growth Fund

Class A

Ticker: PINDX

Semi-Annual Shareholder Report — February 28, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Disciplined Growth Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/ mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$48	0.95%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of February 28, 2026)

Table Summary
Net Assets	$2,145,733
Number of Holdings	46
Portfolio Turnover	16%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of February 28, 2026)

Table Summary
Value	Value
Energy	1.4%
Consumer Staples	1.4%
Materials	3.2%
Financials	5.8%
Health Care	8.3%
Consumer Discretionary	10.0%
Industrials	12.8%
Communication Services	16.9%
Information Technology^{Footnote Reference**}	40.2%

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of February 28, 2026)

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

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

PINDX — SAR (2/26)

Victory Pioneer Disciplined Growth Fund

Class C

Ticker: INDCX

Semi-Annual Shareholder Report — February 28, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$88	1.75%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of February 28, 2026)

Table Summary
Net Assets	$2,145,733
Number of Holdings	46
Portfolio Turnover	16%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of February 28, 2026)

Table Summary
Value	Value
Energy	1.4%
Consumer Staples	1.4%
Materials	3.2%
Financials	5.8%
Health Care	8.3%
Consumer Discretionary	10.0%
Industrials	12.8%
Communication Services	16.9%
Information Technology^{Footnote Reference**}	40.2%

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of February 28, 2026)

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

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

INDCX — SAR (2/26)

Victory Pioneer Disciplined Growth Fund

Class R6

Ticker: INKDX

Semi-Annual Shareholder Report — February 28, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Disciplined Growth Fund (the "Fund") for the period of February 9, 2026 to February 28, 2026 ("reporting period"). You can find additional information about the Fund at advisor.vcm.com/literature/ mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

What were the Fund's costs for the last reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R6	$4^{Footnote Reference**}	0.70%

Footnote	Description
Footnote^*	Annualized
Footnote^**	The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown.

FUND STATISTICS

($ amounts in 000s)

(as of February 28, 2026)

Table Summary
Net Assets	$2,145,733
Number of Holdings	46
Portfolio Turnover	16%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of February 28, 2026)

Table Summary
Value	Value
Energy	1.4%
Consumer Staples	1.4%
Materials	3.2%
Financials	5.8%
Health Care	8.3%
Consumer Discretionary	10.0%
Industrials	12.8%
Communication Services	16.9%
Information Technology^{Footnote Reference**}	40.2%

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of February 28, 2026)

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

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

INKDX — SAR (2/26)

Victory Pioneer Disciplined Growth Fund

Class Y

Ticker: INYDX

Semi-Annual Shareholder Report — February 28, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$39	0.78%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of February 28, 2026)

Table Summary
Net Assets	$2,145,733
Number of Holdings	46
Portfolio Turnover	16%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of February 28, 2026)

Table Summary
Value	Value
Energy	1.4%
Consumer Staples	1.4%
Materials	3.2%
Financials	5.8%
Health Care	8.3%
Consumer Discretionary	10.0%
Industrials	12.8%
Communication Services	16.9%
Information Technology^{Footnote Reference**}	40.2%

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of February 28, 2026)

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

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

INYDX — SAR (2/26)

Victory Pioneer Disciplined Value Fund

Class A

Ticker: CVFCX

Semi-Annual Shareholder Report — February 28, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Disciplined Value Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/ mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$41	0.79%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of February 28, 2026)

Table Summary
Net Assets	$423,362
Number of Holdings	68
Portfolio Turnover	25%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of February 28, 2026)

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

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of February 28, 2026)

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

Table Summary
*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

CVFCX — SAR (2/26)

Victory Pioneer Disciplined Value Fund

Class C

Ticker: CVCFX

Semi-Annual Shareholder Report — February 28, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$81	1.55%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of February 28, 2026)

Table Summary
Net Assets	$423,362
Number of Holdings	68
Portfolio Turnover	25%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of February 28, 2026)

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

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of February 28, 2026)

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

Table Summary
*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

CVCFX — SAR (2/26)

Victory Pioneer Disciplined Value Fund

Class R6

Ticker: CVKFX

Semi-Annual Shareholder Report — February 28, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R6	$24	0.45%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of February 28, 2026)

Table Summary
Net Assets	$423,362
Number of Holdings	68
Portfolio Turnover	25%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of February 28, 2026)

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

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of February 28, 2026)

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

Table Summary
*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

CVKFX — SAR (2/26)

Victory Pioneer Disciplined Value Fund

Class Y

Ticker: CVFYX

Semi-Annual Shareholder Report — February 28, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$24	0.45%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of February 28, 2026)

Table Summary
Net Assets	$423,362
Number of Holdings	68
Portfolio Turnover	25%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of February 28, 2026)

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

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of February 28, 2026)

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

Table Summary
*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

CVFYX — SAR (2/26)

Victory Pioneer Global Equity Fund

Class A

Ticker: GLOSX

Semi-Annual Shareholder Report — February 28, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Global Equity Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/ mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$56	1.03%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of February 28, 2026)

Table Summary
Net Assets	$801,025
Number of Holdings	81
Portfolio Turnover	19%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of February 28, 2026)

Top Countries^{Footnote Reference*}^{Footnote Reference^} (% of Net Assets)

(as of February 28, 2026)

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

Table Summary
Value	Value
United States	54.7%
South Korea	9.5%
Japan	6.9%
Ireland	5.6%
Other^{Footnote Reference**}	21.0%

Table Summary
*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
**	Includes countries comprising less than 3.0% of portfolio.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

GLOSX — SAR (2/26)

Victory Pioneer Global Equity Fund

Class C

Ticker: GCSLX

Semi-Annual Shareholder Report — February 28, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$99	1.82%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of February 28, 2026)

Table Summary
Net Assets	$801,025
Number of Holdings	81
Portfolio Turnover	19%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of February 28, 2026)

Top Countries^{Footnote Reference*}^{Footnote Reference^} (% of Net Assets)

(as of February 28, 2026)

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

Table Summary
Value	Value
United States	54.7%
South Korea	9.5%
Japan	6.9%
Ireland	5.6%
Other^{Footnote Reference**}	21.0%

Table Summary
*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
**	Includes countries comprising less than 3.0% of portfolio.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

GCSLX — SAR (2/26)

Victory Pioneer Global Equity Fund

Class R6

Ticker: PGEKX

Semi-Annual Shareholder Report — February 28, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R6	$40	0.73%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of February 28, 2026)

Table Summary
Net Assets	$801,025
Number of Holdings	81
Portfolio Turnover	19%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of February 28, 2026)

Top Countries^{Footnote Reference*}^{Footnote Reference^} (% of Net Assets)

(as of February 28, 2026)

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

Table Summary
Value	Value
United States	54.7%
South Korea	9.5%
Japan	6.9%
Ireland	5.6%
Other^{Footnote Reference**}	21.0%

Table Summary
*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
**	Includes countries comprising less than 3.0% of portfolio.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

PGEKX — SAR (2/26)

Victory Pioneer Global Equity Fund

Class Y

Ticker: PGSYX

Semi-Annual Shareholder Report — February 28, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$41	0.75%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of February 28, 2026)

Table Summary
Net Assets	$801,025
Number of Holdings	81
Portfolio Turnover	19%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of February 28, 2026)

Top Countries^{Footnote Reference*}^{Footnote Reference^} (% of Net Assets)

(as of February 28, 2026)

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

Table Summary
Value	Value
United States	54.7%
South Korea	9.5%
Japan	6.9%
Ireland	5.6%
Other^{Footnote Reference**}	21.0%

Table Summary
*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
**	Includes countries comprising less than 3.0% of portfolio.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

PGSYX — SAR (2/26)

Victory High Income Municipal Fund

Class A

Ticker: PIMAX

Semi-Annual Shareholder Report — February 28, 2026

The semi-annual shareholder report contains important information about Victory High Income Municipal Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/ mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us. This report describes changes to the Fund that occurred during the period.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$42	0.82%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of February 28, 2026)

Table Summary
Net Assets	$720,795
Number of Holdings	187
Portfolio Turnover	14%

Top Industries* (% of Net Assets)

(as of February 28, 2026)

Table Summary
Value	Value
Facilities	2.1%
Housing	2.4%
Medical	3.5%
Multifamily Housing	3.5%
Transportation	4.4%
Development	10.6%
General	13.1%
Nursing Homes	13.2%
Tobacco Settlement	18.7%
Education	20.3%

Table Summary
*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Material Fund Changes

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

PIMAX — SAR (2/26)

Victory High Income Municipal Fund

Class C

Ticker: HICMX

Semi-Annual Shareholder Report — February 28, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$81	1.59%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of February 28, 2026)

Table Summary
Net Assets	$720,795
Number of Holdings	187
Portfolio Turnover	14%

Top Industries* (% of Net Assets)

(as of February 28, 2026)

Table Summary
Value	Value
Facilities	2.1%
Housing	2.4%
Medical	3.5%
Multifamily Housing	3.5%
Transportation	4.4%
Development	10.6%
General	13.1%
Nursing Homes	13.2%
Tobacco Settlement	18.7%
Education	20.3%

Table Summary
*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Material Fund Changes

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

HICMX — SAR (2/26)

Victory High Income Municipal Fund

Class Y

Ticker: HIMYX

Semi-Annual Shareholder Report — February 28, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$28	0.55%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of February 28, 2026)

Table Summary
Net Assets	$720,795
Number of Holdings	187
Portfolio Turnover	14%

Top Industries* (% of Net Assets)

(as of February 28, 2026)

Table Summary
Value	Value
Facilities	2.1%
Housing	2.4%
Medical	3.5%
Multifamily Housing	3.5%
Transportation	4.4%
Development	10.6%
General	13.1%
Nursing Homes	13.2%
Tobacco Settlement	18.7%
Education	20.3%

Table Summary
*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Material Fund Changes

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

HIMYX — SAR (2/26)

Victory Pioneer Short Term Income Fund

Class A

Ticker: STABX

Semi-Annual Shareholder Report — February 28, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Short Term Income Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/ mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$33	0.67%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of February 28, 2026)

Table Summary
Net Assets	$1,076,310
Number of Holdings	773
Portfolio Turnover	19%

Asset Allocation^{Footnote Reference*}^ (% of Net Assets)

(as of February 28, 2026)

Table Summary
Value	Value
Asset-Backed Securities	30.0%
Corporate Bonds	25.1%
Collateralized Mortgage Obligations	12.6%
Yankee Dollars	11.4%
Collateralized Loan Obligations	9.9%
U.S. Treasury Obligations	3.8%
U.S. Government Agency Mortgages	3.1%
Other^{Footnote Reference**}	0.9%

Table Summary
*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
**	Other includes the remaining asset classes which are each under 2% of the net assets of the Fund.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

STABX — SAR (2/26)

Victory Pioneer Short Term Income Fund

Class C

Ticker: STIIX

Semi-Annual Shareholder Report — February 28, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$48	0.97%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of February 28, 2026)

Table Summary
Net Assets	$1,076,310
Number of Holdings	773
Portfolio Turnover	19%

Asset Allocation^{Footnote Reference*}^ (% of Net Assets)

(as of February 28, 2026)

Table Summary
Value	Value
Asset-Backed Securities	30.0%
Corporate Bonds	25.1%
Collateralized Mortgage Obligations	12.6%
Yankee Dollars	11.4%
Collateralized Loan Obligations	9.9%
U.S. Treasury Obligations	3.8%
U.S. Government Agency Mortgages	3.1%
Other^{Footnote Reference**}	0.9%

Table Summary
*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
**	Other includes the remaining asset classes which are each under 2% of the net assets of the Fund.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

STIIX — SAR (2/26)

Victory Pioneer Short Term Income Fund

Class R6

Ticker: STIKX

Semi-Annual Shareholder Report — February 28, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R6	$21	0.42%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of February 28, 2026)

Table Summary
Net Assets	$1,076,310
Number of Holdings	773
Portfolio Turnover	19%

Asset Allocation^{Footnote Reference*}^ (% of Net Assets)

(as of February 28, 2026)

Table Summary
Value	Value
Asset-Backed Securities	30.0%
Corporate Bonds	25.1%
Collateralized Mortgage Obligations	12.6%
Yankee Dollars	11.4%
Collateralized Loan Obligations	9.9%
U.S. Treasury Obligations	3.8%
U.S. Government Agency Mortgages	3.1%
Other^{Footnote Reference**}	0.9%

Table Summary
*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
**	Other includes the remaining asset classes which are each under 2% of the net assets of the Fund.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

STIKX — SAR (2/26)

Victory Pioneer Short Term Income Fund

Class Y

Ticker: PSHYX

Semi-Annual Shareholder Report — February 28, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$23	0.46%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of February 28, 2026)

Table Summary
Net Assets	$1,076,310
Number of Holdings	773
Portfolio Turnover	19%

Asset Allocation^{Footnote Reference*}^ (% of Net Assets)

(as of February 28, 2026)

Table Summary
Value	Value
Asset-Backed Securities	30.0%
Corporate Bonds	25.1%
Collateralized Mortgage Obligations	12.6%
Yankee Dollars	11.4%
Collateralized Loan Obligations	9.9%
U.S. Treasury Obligations	3.8%
U.S. Government Agency Mortgages	3.1%
Other^{Footnote Reference**}	0.9%

Table Summary
*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
**	Other includes the remaining asset classes which are each under 2% of the net assets of the Fund.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

PSHYX — SAR (2/26)

UNITED STATES

FORM N-CSR

What were the Fund's costs for the last six months?

FUND STATISTICS

($ amounts in 000s)

(as of February 28, 2026)

Asset AllocationFootnote Reference* ^ (% of Net Assets)

(as of February 28, 2026)

Additional Shareholder Information

What were the Fund's costs for the last six months?

FUND STATISTICS

($ amounts in 000s)

(as of February 28, 2026)

Asset AllocationFootnote Reference* ^ (% of Net Assets)

(as of February 28, 2026)

Additional Shareholder Information

What were the Fund's costs for the last six months?

FUND STATISTICS

($ amounts in 000s)

(as of February 28, 2026)

Asset AllocationFootnote Reference* ^ (% of Net Assets)

(as of February 28, 2026)

Additional Shareholder Information

What were the Fund's costs for the last six months?

FUND STATISTICS

($ amounts in 000s)

(as of February 28, 2026)

Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference

(as of February 28, 2026)

Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference

(as of February 28, 2026)

Additional Shareholder Information

What were the Fund's costs for the last six months?

FUND STATISTICS

($ amounts in 000s)

(as of February 28, 2026)

Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference

(as of February 28, 2026)

Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference

(as of February 28, 2026)

Additional Shareholder Information

What were the Fund's costs for the last reporting period?

FUND STATISTICS

($ amounts in 000s)

(as of February 28, 2026)

Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference

(as of February 28, 2026)

Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference

(as of February 28, 2026)

Additional Shareholder Information

What were the Fund's costs for the last six months?

FUND STATISTICS

($ amounts in 000s)

(as of February 28, 2026)

Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference

(as of February 28, 2026)

Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference

(as of February 28, 2026)

Additional Shareholder Information

What were the Fund's costs for the last six months?

FUND STATISTICS

($ amounts in 000s)

(as of February 28, 2026)

Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference

(as of February 28, 2026)

Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference

(as of February 28, 2026)

Additional Shareholder Information

What were the Fund's costs for the last six months?

FUND STATISTICS

($ amounts in 000s)

(as of February 28, 2026)

Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference

(as of February 28, 2026)

Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference

(as of February 28, 2026)

Additional Shareholder Information

What were the Fund's costs for the last six months?

FUND STATISTICS

($ amounts in 000s)

Asset Allocation^{Footnote Reference*}^ (% of Net Assets)

Asset Allocation^{Footnote Reference*}^ (% of Net Assets)

Asset Allocation^{Footnote Reference*}^ (% of Net Assets)

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Asset Allocation^{Footnote Reference*}^ (% of Net Assets)

Asset Allocation^{Footnote Reference*}^ (% of Net Assets)