Victory Integrity Discovery Fund

Class A

Ticker: MMEAX

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about Victory Integrity Discovery Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. 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)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$84	1.57%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$63,559
Number of Holdings	122
Portfolio Turnover	14%

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

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

(as of December 31, 2025)

Value	Value
Utilities	0.7%
Communication Services	3.3%
Real Estate	3.8%
Materials	4.4%
Energy	4.5%
Health Care	5.5%
Consumer Discretionary	10.1%
Information Technology	17.0%
Industrials	18.5%
Financials^{Footnote Reference**}	29.6%

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

(as of December 31, 2025)

nLight, Inc.	1.6%
Bel Fuse, Inc., Class B	1.5%
Digi International, Inc.	1.3%
Artivion, Inc.	1.3%
Enviri Corp.	1.3%
Thermon Group Holdings, Inc.	1.3%
QCR Holdings, Inc.	1.2%
Kimball Electronics, Inc.	1.2%
Diamond Hill Investment Group, Inc.	1.2%
Horizon Bancorp, Inc.	1.1%

*	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

MMEAX — SAR (12/25)

Victory Integrity Discovery Fund

Class C

Ticker: MMECX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$132	2.45%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$63,559
Number of Holdings	122
Portfolio Turnover	14%

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

(as of December 31, 2025)

Value	Value
Utilities	0.7%
Communication Services	3.3%
Real Estate	3.8%
Materials	4.4%
Energy	4.5%
Health Care	5.5%
Consumer Discretionary	10.1%
Information Technology	17.0%
Industrials	18.5%
Financials^{Footnote Reference**}	29.6%

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

(as of December 31, 2025)

nLight, Inc.	1.6%
Bel Fuse, Inc., Class B	1.5%
Digi International, Inc.	1.3%
Artivion, Inc.	1.3%
Enviri Corp.	1.3%
Thermon Group Holdings, Inc.	1.3%
QCR Holdings, Inc.	1.2%
Kimball Electronics, Inc.	1.2%
Diamond Hill Investment Group, Inc.	1.2%
Horizon Bancorp, Inc.	1.1%

*	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

MMECX — SAR (12/25)

Victory Integrity Discovery Fund

Class Y

Ticker: MMEYX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$74	1.38%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$63,559
Number of Holdings	122
Portfolio Turnover	14%

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

(as of December 31, 2025)

Value	Value
Utilities	0.7%
Communication Services	3.3%
Real Estate	3.8%
Materials	4.4%
Energy	4.5%
Health Care	5.5%
Consumer Discretionary	10.1%
Information Technology	17.0%
Industrials	18.5%
Financials^{Footnote Reference**}	29.6%

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

(as of December 31, 2025)

nLight, Inc.	1.6%
Bel Fuse, Inc., Class B	1.5%
Digi International, Inc.	1.3%
Artivion, Inc.	1.3%
Enviri Corp.	1.3%
Thermon Group Holdings, Inc.	1.3%
QCR Holdings, Inc.	1.2%
Kimball Electronics, Inc.	1.2%
Diamond Hill Investment Group, Inc.	1.2%
Horizon Bancorp, Inc.	1.1%

*	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

MMEYX — SAR (12/25)

Victory Integrity Discovery Fund

Member Class

Ticker: MMMMX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Member Class	$81	1.50%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$63,559
Number of Holdings	122
Portfolio Turnover	14%

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

(as of December 31, 2025)

Value	Value
Utilities	0.7%
Communication Services	3.3%
Real Estate	3.8%
Materials	4.4%
Energy	4.5%
Health Care	5.5%
Consumer Discretionary	10.1%
Information Technology	17.0%
Industrials	18.5%
Financials^{Footnote Reference**}	29.6%

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

(as of December 31, 2025)

nLight, Inc.	1.6%
Bel Fuse, Inc., Class B	1.5%
Digi International, Inc.	1.3%
Artivion, Inc.	1.3%
Enviri Corp.	1.3%
Thermon Group Holdings, Inc.	1.3%
QCR Holdings, Inc.	1.2%
Kimball Electronics, Inc.	1.2%
Diamond Hill Investment Group, Inc.	1.2%
Horizon Bancorp, Inc.	1.1%

*	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

MMMMX — SAR (12/25)

Victory Integrity Mid-Cap Value Fund

Class A

Ticker: MAIMX

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about Victory Integrity Mid-Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. 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)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$52	1.00%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$328,356
Number of Holdings	116
Portfolio Turnover	23%

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

(as of December 31, 2025)

Value	Value
Consumer Staples	5.0%
Energy	6.6%
Materials	6.8%
Utilities	7.4%
Real Estate	8.3%
Consumer Discretionary	9.6%
Health Care	10.1%
Information Technology	10.4%
Financials	16.1%
Industrials	17.7%

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

(as of December 31, 2025)

Realty Income Corp.	1.4%
State Street Corp.	1.4%
Ross Stores, Inc.	1.4%
Raymond James Financial, Inc.	1.3%
M&T Bank Corp.	1.3%
Xcel Energy, Inc.	1.3%
AMETEK, Inc.	1.3%
Fifth Third Bancorp	1.2%
Nasdaq, Inc.	1.2%
MKS, Inc.	1.2%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	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

MAIMX — SAR (12/25)

Victory Integrity Mid-Cap Value Fund

Class C

Ticker: MCIMX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$91	1.75%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$328,356
Number of Holdings	116
Portfolio Turnover	23%

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

(as of December 31, 2025)

Value	Value
Consumer Staples	5.0%
Energy	6.6%
Materials	6.8%
Utilities	7.4%
Real Estate	8.3%
Consumer Discretionary	9.6%
Health Care	10.1%
Information Technology	10.4%
Financials	16.1%
Industrials	17.7%

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

(as of December 31, 2025)

Realty Income Corp.	1.4%
State Street Corp.	1.4%
Ross Stores, Inc.	1.4%
Raymond James Financial, Inc.	1.3%
M&T Bank Corp.	1.3%
Xcel Energy, Inc.	1.3%
AMETEK, Inc.	1.3%
Fifth Third Bancorp	1.2%
Nasdaq, Inc.	1.2%
MKS, Inc.	1.2%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	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

MCIMX — SAR (12/25)

Victory Integrity Mid-Cap Value Fund

Class R6

Ticker: MRIMX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R6	$31	0.60%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$328,356
Number of Holdings	116
Portfolio Turnover	23%

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

(as of December 31, 2025)

Value	Value
Consumer Staples	5.0%
Energy	6.6%
Materials	6.8%
Utilities	7.4%
Real Estate	8.3%
Consumer Discretionary	9.6%
Health Care	10.1%
Information Technology	10.4%
Financials	16.1%
Industrials	17.7%

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

(as of December 31, 2025)

Realty Income Corp.	1.4%
State Street Corp.	1.4%
Ross Stores, Inc.	1.4%
Raymond James Financial, Inc.	1.3%
M&T Bank Corp.	1.3%
Xcel Energy, Inc.	1.3%
AMETEK, Inc.	1.3%
Fifth Third Bancorp	1.2%
Nasdaq, Inc.	1.2%
MKS, Inc.	1.2%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	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

MRIMX — SAR (12/25)

Victory Integrity Mid-Cap Value Fund

Class Y

Ticker: MYIMX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$39	0.75%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$328,356
Number of Holdings	116
Portfolio Turnover	23%

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

(as of December 31, 2025)

Value	Value
Consumer Staples	5.0%
Energy	6.6%
Materials	6.8%
Utilities	7.4%
Real Estate	8.3%
Consumer Discretionary	9.6%
Health Care	10.1%
Information Technology	10.4%
Financials	16.1%
Industrials	17.7%

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

(as of December 31, 2025)

Realty Income Corp.	1.4%
State Street Corp.	1.4%
Ross Stores, Inc.	1.4%
Raymond James Financial, Inc.	1.3%
M&T Bank Corp.	1.3%
Xcel Energy, Inc.	1.3%
AMETEK, Inc.	1.3%
Fifth Third Bancorp	1.2%
Nasdaq, Inc.	1.2%
MKS, Inc.	1.2%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	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

MYIMX — SAR (12/25)

Victory Integrity Mid-Cap Value Fund

Member Class

Ticker: MMIJX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Member Class	$44	0.85%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$328,356
Number of Holdings	116
Portfolio Turnover	23%

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

(as of December 31, 2025)

Value	Value
Consumer Staples	5.0%
Energy	6.6%
Materials	6.8%
Utilities	7.4%
Real Estate	8.3%
Consumer Discretionary	9.6%
Health Care	10.1%
Information Technology	10.4%
Financials	16.1%
Industrials	17.7%

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

(as of December 31, 2025)

Realty Income Corp.	1.4%
State Street Corp.	1.4%
Ross Stores, Inc.	1.4%
Raymond James Financial, Inc.	1.3%
M&T Bank Corp.	1.3%
Xcel Energy, Inc.	1.3%
AMETEK, Inc.	1.3%
Fifth Third Bancorp	1.2%
Nasdaq, Inc.	1.2%
MKS, Inc.	1.2%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	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

MMIJX — SAR (12/25)

Victory Integrity Small-Cap Value Fund

Class A

Ticker: VSCVX

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about Victory Integrity Small-Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. 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)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$77	1.43%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$1,007,772
Number of Holdings	125
Portfolio Turnover	19%

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

(as of December 31, 2025)

Value	Value
Consumer Staples	1.7%
Utilities	4.3%
Materials	5.3%
Energy	6.7%
Health Care	7.2%
Information Technology	8.3%
Consumer Discretionary	10.0%
Real Estate	11.4%
Industrials	14.8%
Financials^{Footnote Reference**}	27.7%

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

(as of December 31, 2025)

Flagstar Bank NA	1.4%
Essent Group Ltd.	1.3%
Victoria's Secret & Co.	1.3%
Cushman & Wakefield Ltd.	1.3%
Glacier Bancorp, Inc.	1.3%
Hancock Whitney Corp.	1.2%
Commercial Metals Co.	1.2%
First Interstate BancSystem, Inc., Class A	1.2%
Resideo Technologies, Inc.	1.2%
Ameris Bancorp	1.1%

*	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

VSCVX — SAR (12/25)

Victory Integrity Small-Cap Value Fund

Class C

Ticker: MCVSX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$126	2.35%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$1,007,772
Number of Holdings	125
Portfolio Turnover	19%

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

(as of December 31, 2025)

Value	Value
Consumer Staples	1.7%
Utilities	4.3%
Materials	5.3%
Energy	6.7%
Health Care	7.2%
Information Technology	8.3%
Consumer Discretionary	10.0%
Real Estate	11.4%
Industrials	14.8%
Financials^{Footnote Reference**}	27.7%

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

(as of December 31, 2025)

Flagstar Bank NA	1.4%
Essent Group Ltd.	1.3%
Victoria's Secret & Co.	1.3%
Cushman & Wakefield Ltd.	1.3%
Glacier Bancorp, Inc.	1.3%
Hancock Whitney Corp.	1.2%
Commercial Metals Co.	1.2%
First Interstate BancSystem, Inc., Class A	1.2%
Resideo Technologies, Inc.	1.2%
Ameris Bancorp	1.1%

*	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

MCVSX — SAR (12/25)

Victory Integrity Small-Cap Value Fund

Class R

Ticker: MRVSX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R	$94	1.75%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$1,007,772
Number of Holdings	125
Portfolio Turnover	19%

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

(as of December 31, 2025)

Value	Value
Consumer Staples	1.7%
Utilities	4.3%
Materials	5.3%
Energy	6.7%
Health Care	7.2%
Information Technology	8.3%
Consumer Discretionary	10.0%
Real Estate	11.4%
Industrials	14.8%
Financials^{Footnote Reference**}	27.7%

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

(as of December 31, 2025)

Flagstar Bank NA	1.4%
Essent Group Ltd.	1.3%
Victoria's Secret & Co.	1.3%
Cushman & Wakefield Ltd.	1.3%
Glacier Bancorp, Inc.	1.3%
Hancock Whitney Corp.	1.2%
Commercial Metals Co.	1.2%
First Interstate BancSystem, Inc., Class A	1.2%
Resideo Technologies, Inc.	1.2%
Ameris Bancorp	1.1%

*	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

MRVSX — SAR (12/25)

Victory Integrity Small-Cap Value Fund

Class R6

Ticker: MVSSX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R6	$51	0.95%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$1,007,772
Number of Holdings	125
Portfolio Turnover	19%

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

(as of December 31, 2025)

Value	Value
Consumer Staples	1.7%
Utilities	4.3%
Materials	5.3%
Energy	6.7%
Health Care	7.2%
Information Technology	8.3%
Consumer Discretionary	10.0%
Real Estate	11.4%
Industrials	14.8%
Financials^{Footnote Reference**}	27.7%

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

(as of December 31, 2025)

Flagstar Bank NA	1.4%
Essent Group Ltd.	1.3%
Victoria's Secret & Co.	1.3%
Cushman & Wakefield Ltd.	1.3%
Glacier Bancorp, Inc.	1.3%
Hancock Whitney Corp.	1.2%
Commercial Metals Co.	1.2%
First Interstate BancSystem, Inc., Class A	1.2%
Resideo Technologies, Inc.	1.2%
Ameris Bancorp	1.1%

*	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

MVSSX — SAR (12/25)

Victory Integrity Small-Cap Value Fund

Class Y

Ticker: VSVIX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$56	1.05%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$1,007,772
Number of Holdings	125
Portfolio Turnover	19%

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

(as of December 31, 2025)

Value	Value
Consumer Staples	1.7%
Utilities	4.3%
Materials	5.3%
Energy	6.7%
Health Care	7.2%
Information Technology	8.3%
Consumer Discretionary	10.0%
Real Estate	11.4%
Industrials	14.8%
Financials^{Footnote Reference**}	27.7%

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

(as of December 31, 2025)

Flagstar Bank NA	1.4%
Essent Group Ltd.	1.3%
Victoria's Secret & Co.	1.3%
Cushman & Wakefield Ltd.	1.3%
Glacier Bancorp, Inc.	1.3%
Hancock Whitney Corp.	1.2%
Commercial Metals Co.	1.2%
First Interstate BancSystem, Inc., Class A	1.2%
Resideo Technologies, Inc.	1.2%
Ameris Bancorp	1.1%

*	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

VSVIX — SAR (12/25)

Victory Integrity Small/Mid-Cap Value Fund

Class A

Ticker: MAISX

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about Victory Integrity Small/Mid-Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. 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)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$60	1.13%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$321,523
Number of Holdings	117
Portfolio Turnover	20%

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

(as of December 31, 2025)

Value	Value
Consumer Staples	3.8%
Utilities	4.0%
Energy	4.6%
Materials	7.6%
Health Care	8.3%
Real Estate	8.9%
Information Technology	9.0%
Consumer Discretionary	10.9%
Industrials	18.4%
Financials	21.3%

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

(as of December 31, 2025)

Textron, Inc.	1.4%
Cushman & Wakefield Ltd.	1.3%
Valmont Industries, Inc.	1.3%
C.H. Robinson Worldwide, Inc.	1.3%
First Industrial Realty Trust, Inc.	1.3%
Globus Medical, Inc., Class A	1.3%
MKS, Inc.	1.3%
Victoria's Secret & Co.	1.2%
Flagstar Bank NA	1.2%
Commercial Metals Co.	1.2%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	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

MAISX — SAR (12/25)

Victory Integrity Small/Mid-Cap Value Fund

Class R6

Ticker: MIRSX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R6	$44	0.83%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$321,523
Number of Holdings	117
Portfolio Turnover	20%

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

(as of December 31, 2025)

Value	Value
Consumer Staples	3.8%
Utilities	4.0%
Energy	4.6%
Materials	7.6%
Health Care	8.3%
Real Estate	8.9%
Information Technology	9.0%
Consumer Discretionary	10.9%
Industrials	18.4%
Financials	21.3%

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

(as of December 31, 2025)

Textron, Inc.	1.4%
Cushman & Wakefield Ltd.	1.3%
Valmont Industries, Inc.	1.3%
C.H. Robinson Worldwide, Inc.	1.3%
First Industrial Realty Trust, Inc.	1.3%
Globus Medical, Inc., Class A	1.3%
MKS, Inc.	1.3%
Victoria's Secret & Co.	1.2%
Flagstar Bank NA	1.2%
Commercial Metals Co.	1.2%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	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

MIRSX — SAR (12/25)

Victory Integrity Small/Mid-Cap Value Fund

Class Y

Ticker: MYISX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$47	0.88%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$321,523
Number of Holdings	117
Portfolio Turnover	20%

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

(as of December 31, 2025)

Value	Value
Consumer Staples	3.8%
Utilities	4.0%
Energy	4.6%
Materials	7.6%
Health Care	8.3%
Real Estate	8.9%
Information Technology	9.0%
Consumer Discretionary	10.9%
Industrials	18.4%
Financials	21.3%

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

(as of December 31, 2025)

Textron, Inc.	1.4%
Cushman & Wakefield Ltd.	1.3%
Valmont Industries, Inc.	1.3%
C.H. Robinson Worldwide, Inc.	1.3%
First Industrial Realty Trust, Inc.	1.3%
Globus Medical, Inc., Class A	1.3%
MKS, Inc.	1.3%
Victoria's Secret & Co.	1.2%
Flagstar Bank NA	1.2%
Commercial Metals Co.	1.2%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	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

MYISX — SAR (12/25)

Victory Integrity Small/Mid-Cap Value Fund

Member Class

Ticker: MMMSX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Member Class	$51	0.95%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$321,523
Number of Holdings	117
Portfolio Turnover	20%

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

(as of December 31, 2025)

Value	Value
Consumer Staples	3.8%
Utilities	4.0%
Energy	4.6%
Materials	7.6%
Health Care	8.3%
Real Estate	8.9%
Information Technology	9.0%
Consumer Discretionary	10.9%
Industrials	18.4%
Financials	21.3%

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

(as of December 31, 2025)

Textron, Inc.	1.4%
Cushman & Wakefield Ltd.	1.3%
Valmont Industries, Inc.	1.3%
C.H. Robinson Worldwide, Inc.	1.3%
First Industrial Realty Trust, Inc.	1.3%
Globus Medical, Inc., Class A	1.3%
MKS, Inc.	1.3%
Victoria's Secret & Co.	1.2%
Flagstar Bank NA	1.2%
Commercial Metals Co.	1.2%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	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

MMMSX — SAR (12/25)

Victory Multi-Cap Fund (formerly Victory Munder Multi-Cap Fund)

Class A

Ticker: MNNAX

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about Victory Multi-Cap Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. 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)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$65	1.21%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$522,555
Number of Holdings	101
Portfolio Turnover	37%

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

(as of December 31, 2025)

Value	Value
Real Estate	1.2%
Materials	2.4%
Consumer Staples	3.1%
Energy	4.2%
Industrials	6.1%
Consumer Discretionary	9.4%
Communication Services	9.9%
Health Care	12.5%
Financials	13.3%
Information Technology^{Footnote Reference**}	34.9%

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

(as of December 31, 2025)

Apple, Inc.	8.0%
NVIDIA Corp.	7.9%
Microsoft Corp.	5.9%
Alphabet, Inc., Class A	5.6%
Amazon.com, Inc.	3.5%
Broadcom, Inc.	2.9%
Eli Lilly & Co.	2.5%
Meta Platforms, Inc., Class A	2.4%
Expedia Group, Inc.	2.1%
KLA Corp.	1.9%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
**	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.

Material Fund Changes

Effective November 1, 2025, Victory Munder Multi-Cap Fund was renamed to Victory Multi-Cap 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

MNNAX — SAR (12/25)

Victory Multi-Cap Fund (formerly Victory Munder Multi-Cap Fund)

Class C

Ticker: MNNCX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$116	2.16%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$522,555
Number of Holdings	101
Portfolio Turnover	37%

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

(as of December 31, 2025)

Value	Value
Real Estate	1.2%
Materials	2.4%
Consumer Staples	3.1%
Energy	4.2%
Industrials	6.1%
Consumer Discretionary	9.4%
Communication Services	9.9%
Health Care	12.5%
Financials	13.3%
Information Technology^{Footnote Reference**}	34.9%

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

(as of December 31, 2025)

Apple, Inc.	8.0%
NVIDIA Corp.	7.9%
Microsoft Corp.	5.9%
Alphabet, Inc., Class A	5.6%
Amazon.com, Inc.	3.5%
Broadcom, Inc.	2.9%
Eli Lilly & Co.	2.5%
Meta Platforms, Inc., Class A	2.4%
Expedia Group, Inc.	2.1%
KLA Corp.	1.9%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
**	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.

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

MNNCX — SAR (12/25)

Victory Multi-Cap Fund (formerly Victory Munder Multi-Cap Fund)

Class Y

Ticker: MNNYX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$50	0.93%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$522,555
Number of Holdings	101
Portfolio Turnover	37%

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

(as of December 31, 2025)

Value	Value
Real Estate	1.2%
Materials	2.4%
Consumer Staples	3.1%
Energy	4.2%
Industrials	6.1%
Consumer Discretionary	9.4%
Communication Services	9.9%
Health Care	12.5%
Financials	13.3%
Information Technology^{Footnote Reference**}	34.9%

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

(as of December 31, 2025)

Apple, Inc.	8.0%
NVIDIA Corp.	7.9%
Microsoft Corp.	5.9%
Alphabet, Inc., Class A	5.6%
Amazon.com, Inc.	3.5%
Broadcom, Inc.	2.9%
Eli Lilly & Co.	2.5%
Meta Platforms, Inc., Class A	2.4%
Expedia Group, Inc.	2.1%
KLA Corp.	1.9%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
**	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.

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

MNNYX — SAR (12/25)

Victory S&P 500 Index Fund

Class A

Ticker: MUXAX

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about Victory S&P 500 Index Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. 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)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$27	0.51%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$277,892
Number of Holdings	508
Portfolio Turnover	2%

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

(as of December 31, 2025)

Value	Value
Materials	1.8%
Utilities	2.2%
Energy	2.8%
Consumer Staples	4.7%
Industrials	8.1%
Health Care	9.5%
Consumer Discretionary	10.3%
Communication Services	10.5%
Financials	13.3%
Information Technology^{Footnote Reference**}	34.0%

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

(as of December 31, 2025)

NVIDIA Corp.	7.7%
Apple, Inc.	6.8%
Microsoft Corp.	6.1%
Amazon.com, Inc.	3.8%
Alphabet, Inc., Class A	3.1%
Broadcom, Inc.	2.8%
Alphabet, Inc., Class C	2.5%
Meta Platforms, Inc., Class A	2.4%
Tesla, Inc.	2.1%
Berkshire Hathaway, Inc., Class B	1.6%

*	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

MUXAX — SAR (12/25)

Victory S&P 500 Index Fund

Class R

Ticker: MUXRX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R	$45	0.84%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$277,892
Number of Holdings	508
Portfolio Turnover	2%

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

(as of December 31, 2025)

Value	Value
Materials	1.8%
Utilities	2.2%
Energy	2.8%
Consumer Staples	4.7%
Industrials	8.1%
Health Care	9.5%
Consumer Discretionary	10.3%
Communication Services	10.5%
Financials	13.3%
Information Technology^{Footnote Reference**}	34.0%

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

(as of December 31, 2025)

NVIDIA Corp.	7.7%
Apple, Inc.	6.8%
Microsoft Corp.	6.1%
Amazon.com, Inc.	3.8%
Alphabet, Inc., Class A	3.1%
Broadcom, Inc.	2.8%
Alphabet, Inc., Class C	2.5%
Meta Platforms, Inc., Class A	2.4%
Tesla, Inc.	2.1%
Berkshire Hathaway, Inc., Class B	1.6%

*	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

MUXRX — SAR (12/25)

Victory S&P 500 Index Fund

Class Y

Ticker: MUXYX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$19	0.36%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$277,892
Number of Holdings	508
Portfolio Turnover	2%

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

(as of December 31, 2025)

Value	Value
Materials	1.8%
Utilities	2.2%
Energy	2.8%
Consumer Staples	4.7%
Industrials	8.1%
Health Care	9.5%
Consumer Discretionary	10.3%
Communication Services	10.5%
Financials	13.3%
Information Technology^{Footnote Reference**}	34.0%

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

(as of December 31, 2025)

NVIDIA Corp.	7.7%
Apple, Inc.	6.8%
Microsoft Corp.	6.1%
Amazon.com, Inc.	3.8%
Alphabet, Inc., Class A	3.1%
Broadcom, Inc.	2.8%
Alphabet, Inc., Class C	2.5%
Meta Platforms, Inc., Class A	2.4%
Tesla, Inc.	2.1%
Berkshire Hathaway, Inc., Class B	1.6%

*	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

MUXYX — SAR (12/25)

Victory Mid-Cap Core Growth Fund (formerly Victory Munder Mid-Cap Core Growth Fund)

Class A

Ticker: MGOAX

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about Victory Mid-Cap Core Growth Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. 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)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$65	1.27%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$271,548
Number of Holdings	122
Portfolio Turnover	50%

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

(as of December 31, 2025)

Value	Value
Utilities	4.0%
Materials	4.1%
Consumer Staples	4.2%
Energy	7.5%
Real Estate	7.8%
Information Technology	10.4%
Health Care	12.7%
Consumer Discretionary	13.5%
Financials	16.6%
Industrials	16.8%

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

(as of December 31, 2025)

Expedia Group, Inc.	2.6%
Comfort Systems USA, Inc.	2.3%
The Bank of New York Mellon Corp.	2.3%
Howmet Aerospace, Inc.	2.1%
Halozyme Therapeutics, Inc.	2.1%
HCA Healthcare, Inc.	2.1%
Ralph Lauren Corp., Class A	2.0%
Affiliated Managers Group, Inc.	1.9%
Vertiv Holdings Co., Class A	1.8%
Universal Health Services, Inc., Class B	1.8%

*	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 November 1, 2025, Victory Munder Mid-Cap Core Growth was renamed to Victory Mid-Cap Core Growth . 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

MGOAX — SAR (12/25)

Victory Mid-Cap Core Growth Fund (formerly Victory Munder Mid-Cap Core Growth Fund)

Class C

Ticker: MGOTX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$109	2.12%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$271,548
Number of Holdings	122
Portfolio Turnover	50%

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

(as of December 31, 2025)

Value	Value
Utilities	4.0%
Materials	4.1%
Consumer Staples	4.2%
Energy	7.5%
Real Estate	7.8%
Information Technology	10.4%
Health Care	12.7%
Consumer Discretionary	13.5%
Financials	16.6%
Industrials	16.8%

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

(as of December 31, 2025)

Expedia Group, Inc.	2.6%
Comfort Systems USA, Inc.	2.3%
The Bank of New York Mellon Corp.	2.3%
Howmet Aerospace, Inc.	2.1%
Halozyme Therapeutics, Inc.	2.1%
HCA Healthcare, Inc.	2.1%
Ralph Lauren Corp., Class A	2.0%
Affiliated Managers Group, Inc.	1.9%
Vertiv Holdings Co., Class A	1.8%
Universal Health Services, Inc., Class B	1.8%

*	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

MGOTX — SAR (12/25)

Victory Mid-Cap Core Growth Fund (formerly Victory Munder Mid-Cap Core Growth Fund)

Class R6

Ticker: MGOSX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R6	$45	0.87%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$271,548
Number of Holdings	122
Portfolio Turnover	50%

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

(as of December 31, 2025)

Value	Value
Utilities	4.0%
Materials	4.1%
Consumer Staples	4.2%
Energy	7.5%
Real Estate	7.8%
Information Technology	10.4%
Health Care	12.7%
Consumer Discretionary	13.5%
Financials	16.6%
Industrials	16.8%

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

(as of December 31, 2025)

Expedia Group, Inc.	2.6%
Comfort Systems USA, Inc.	2.3%
The Bank of New York Mellon Corp.	2.3%
Howmet Aerospace, Inc.	2.1%
Halozyme Therapeutics, Inc.	2.1%
HCA Healthcare, Inc.	2.1%
Ralph Lauren Corp., Class A	2.0%
Affiliated Managers Group, Inc.	1.9%
Vertiv Holdings Co., Class A	1.8%
Universal Health Services, Inc., Class B	1.8%

*	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

MGOSX — SAR (12/25)

Victory Mid-Cap Core Growth Fund (formerly Victory Munder Mid-Cap Core Growth Fund)

Class Y

Ticker: MGOYX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$51	0.99%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$271,548
Number of Holdings	122
Portfolio Turnover	50%

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

(as of December 31, 2025)

Value	Value
Utilities	4.0%
Materials	4.1%
Consumer Staples	4.2%
Energy	7.5%
Real Estate	7.8%
Information Technology	10.4%
Health Care	12.7%
Consumer Discretionary	13.5%
Financials	16.6%
Industrials	16.8%

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

(as of December 31, 2025)

Expedia Group, Inc.	2.6%
Comfort Systems USA, Inc.	2.3%
The Bank of New York Mellon Corp.	2.3%
Howmet Aerospace, Inc.	2.1%
Halozyme Therapeutics, Inc.	2.1%
HCA Healthcare, Inc.	2.1%
Ralph Lauren Corp., Class A	2.0%
Affiliated Managers Group, Inc.	1.9%
Vertiv Holdings Co., Class A	1.8%
Universal Health Services, Inc., Class B	1.8%

*	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

MGOYX — SAR (12/25)

Victory Trivalent International Fund - Core Equity

Class A

Ticker: MAICX

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about Victory Trivalent International Fund - Core Equity (the "Fund") for the period of July 1, 2025 to December 31, 2025. 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)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$51	0.95%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$257,977
Number of Holdings	200
Portfolio Turnover	19%

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

(as of December 31, 2025)

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

(as of December 31, 2025)

Value	Value
Utilities	3.3%
Energy	4.4%
Communication Services	5.2%
Consumer Staples	5.9%
Materials	7.7%
Health Care	7.8%
Consumer Discretionary	9.1%
Industrials	13.8%
Information Technology	14.8%
Financials	23.8%

Value	Value
Japan	14.6%
United Kingdom	9.2%
Canada	8.1%
Switzerland	6.6%
France	6.4%
Taiwan	6.0%
China	6.0%
Germany	5.5%
Other^{Footnote Reference**}	36.6%

*	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 5.0% 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

MAICX — SAR (12/25)

Victory Trivalent International Fund - Core Equity

Class I

Ticker: MICIX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class I	$32	0.60%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$257,977
Number of Holdings	200
Portfolio Turnover	19%

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

(as of December 31, 2025)

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

(as of December 31, 2025)

Value	Value
Utilities	3.3%
Energy	4.4%
Communication Services	5.2%
Consumer Staples	5.9%
Materials	7.7%
Health Care	7.8%
Consumer Discretionary	9.1%
Industrials	13.8%
Information Technology	14.8%
Financials	23.8%

Value	Value
Japan	14.6%
United Kingdom	9.2%
Canada	8.1%
Switzerland	6.6%
France	6.4%
Taiwan	6.0%
China	6.0%
Germany	5.5%
Other^{Footnote Reference**}	36.6%

*	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 5.0% 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

MICIX — SAR (12/25)

Victory Trivalent International Fund - Core Equity

Class R6

Ticker: MAIRX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R6	$30	0.55%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$257,977
Number of Holdings	200
Portfolio Turnover	19%

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

(as of December 31, 2025)

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

(as of December 31, 2025)

Value	Value
Utilities	3.3%
Energy	4.4%
Communication Services	5.2%
Consumer Staples	5.9%
Materials	7.7%
Health Care	7.8%
Consumer Discretionary	9.1%
Industrials	13.8%
Information Technology	14.8%
Financials	23.8%

Value	Value
Japan	14.6%
United Kingdom	9.2%
Canada	8.1%
Switzerland	6.6%
France	6.4%
Taiwan	6.0%
China	6.0%
Germany	5.5%
Other^{Footnote Reference**}	36.6%

*	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 5.0% 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

MAIRX — SAR (12/25)

Victory Trivalent International Fund - Core Equity

Class Y

Ticker: MICYX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$38	0.70%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$257,977
Number of Holdings	200
Portfolio Turnover	19%

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

(as of December 31, 2025)

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

(as of December 31, 2025)

Value	Value
Utilities	3.3%
Energy	4.4%
Communication Services	5.2%
Consumer Staples	5.9%
Materials	7.7%
Health Care	7.8%
Consumer Discretionary	9.1%
Industrials	13.8%
Information Technology	14.8%
Financials	23.8%

Value	Value
Japan	14.6%
United Kingdom	9.2%
Canada	8.1%
Switzerland	6.6%
France	6.4%
Taiwan	6.0%
China	6.0%
Germany	5.5%
Other^{Footnote Reference**}	36.6%

*	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 5.0% 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

MICYX — SAR (12/25)

Victory Trivalent International Small-Cap Fund

Class A

Ticker: MISAX

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about Victory Trivalent International Small-Cap Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. 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)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$72	1.35%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$4,195,038
Number of Holdings	223
Portfolio Turnover	30%

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

(as of December 31, 2025)

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

(as of December 31, 2025)

Value	Value
Consumer Staples	3.5%
Energy	3.8%
Communication Services	3.8%
Health Care	6.3%
Real Estate	7.9%
Information Technology	10.2%
Consumer Discretionary	11.6%
Materials	12.5%
Financials	13.3%
Industrials	23.3%

Value	Value
Japan	22.7%
United Kingdom	13.0%
Canada	12.6%
Switzerland	7.0%
South Korea	5.9%
France	5.6%
Australia	5.4%
Germany	5.3%
Other^{Footnote Reference**}	21.1%

*	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 5.0% 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

MISAX — SAR (12/25)

Victory Trivalent International Small-Cap Fund

Class C

Ticker: MCISX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$112	2.10%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$4,195,038
Number of Holdings	223
Portfolio Turnover	30%

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

(as of December 31, 2025)

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

(as of December 31, 2025)

Value	Value
Consumer Staples	3.5%
Energy	3.8%
Communication Services	3.8%
Health Care	6.3%
Real Estate	7.9%
Information Technology	10.2%
Consumer Discretionary	11.6%
Materials	12.5%
Financials	13.3%
Industrials	23.3%

Value	Value
Japan	22.7%
United Kingdom	13.0%
Canada	12.6%
Switzerland	7.0%
South Korea	5.9%
France	5.6%
Australia	5.4%
Germany	5.3%
Other^{Footnote Reference**}	21.1%

*	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 5.0% 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

MCISX — SAR (12/25)

Victory Trivalent International Small-Cap Fund

Class I

Ticker: MISIX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class I	$52	0.97%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$4,195,038
Number of Holdings	223
Portfolio Turnover	30%

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

(as of December 31, 2025)

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

(as of December 31, 2025)

Value	Value
Consumer Staples	3.5%
Energy	3.8%
Communication Services	3.8%
Health Care	6.3%
Real Estate	7.9%
Information Technology	10.2%
Consumer Discretionary	11.6%
Materials	12.5%
Financials	13.3%
Industrials	23.3%

Value	Value
Japan	22.7%
United Kingdom	13.0%
Canada	12.6%
Switzerland	7.0%
South Korea	5.9%
France	5.6%
Australia	5.4%
Germany	5.3%
Other^{Footnote Reference**}	21.1%

*	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 5.0% 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

MISIX — SAR (12/25)

Victory Trivalent International Small-Cap Fund

Class R6

Ticker: MSSIX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R6	$54	1.01%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$4,195,038
Number of Holdings	223
Portfolio Turnover	30%

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

(as of December 31, 2025)

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

(as of December 31, 2025)

Value	Value
Consumer Staples	3.5%
Energy	3.8%
Communication Services	3.8%
Health Care	6.3%
Real Estate	7.9%
Information Technology	10.2%
Consumer Discretionary	11.6%
Materials	12.5%
Financials	13.3%
Industrials	23.3%

Value	Value
Japan	22.7%
United Kingdom	13.0%
Canada	12.6%
Switzerland	7.0%
South Korea	5.9%
France	5.6%
Australia	5.4%
Germany	5.3%
Other^{Footnote Reference**}	21.1%

*	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 5.0% 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

MSSIX — SAR (12/25)

Victory Trivalent International Small-Cap Fund

Class Y

Ticker: MYSIX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$59	1.10%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$4,195,038
Number of Holdings	223
Portfolio Turnover	30%

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

(as of December 31, 2025)

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

(as of December 31, 2025)

Value	Value
Consumer Staples	3.5%
Energy	3.8%
Communication Services	3.8%
Health Care	6.3%
Real Estate	7.9%
Information Technology	10.2%
Consumer Discretionary	11.6%
Materials	12.5%
Financials	13.3%
Industrials	23.3%

Value	Value
Japan	22.7%
United Kingdom	13.0%
Canada	12.6%
Switzerland	7.0%
South Korea	5.9%
France	5.6%
Australia	5.4%
Germany	5.3%
Other^{Footnote Reference**}	21.1%

*	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 5.0% 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

MYSIX — SAR (12/25)

Victory Diversified Stock Fund

Class A

Ticker: SRVEX

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about Victory Diversified Stock Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. 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)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$56	1.04%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$373,826
Number of Holdings	101
Portfolio Turnover	46%

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

(as of December 31, 2025)

Value	Value
Utilities	0.9%
Energy	2.4%
Materials	3.1%
Consumer Staples	4.6%
Industrials	6.6%
Consumer Discretionary	8.6%
Communication Services	9.1%
Health Care	12.3%
Financials	15.7%
Information Technology^{Footnote Reference**}	33.9%

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

(as of December 31, 2025)

Apple, Inc.	8.0%
NVIDIA Corp.	7.2%
Alphabet, Inc., Class C	5.8%
Microsoft Corp.	5.6%
Broadcom, Inc.	3.0%
Eli Lilly & Co.	2.8%
Amazon.com, Inc.	2.8%
Expedia Group, Inc.	2.0%
State Street Real Estate Select Sector SPDR ETF	1.8%
KLA Corp.	1.8%

*	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

SRVEX — SAR (12/25)

Victory Diversified Stock Fund

Class C

Ticker: VDSCX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$109	2.02%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$373,826
Number of Holdings	101
Portfolio Turnover	46%

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

(as of December 31, 2025)

Value	Value
Utilities	0.9%
Energy	2.4%
Materials	3.1%
Consumer Staples	4.6%
Industrials	6.6%
Consumer Discretionary	8.6%
Communication Services	9.1%
Health Care	12.3%
Financials	15.7%
Information Technology^{Footnote Reference**}	33.9%

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

(as of December 31, 2025)

Apple, Inc.	8.0%
NVIDIA Corp.	7.2%
Alphabet, Inc., Class C	5.8%
Microsoft Corp.	5.6%
Broadcom, Inc.	3.0%
Eli Lilly & Co.	2.8%
Amazon.com, Inc.	2.8%
Expedia Group, Inc.	2.0%
State Street Real Estate Select Sector SPDR ETF	1.8%
KLA Corp.	1.8%

*	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

VDSCX — SAR (12/25)

Victory Diversified Stock Fund

Class I

Ticker: VDSIX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class I	$45	0.83%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$373,826
Number of Holdings	101
Portfolio Turnover	46%

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

(as of December 31, 2025)

Value	Value
Utilities	0.9%
Energy	2.4%
Materials	3.1%
Consumer Staples	4.6%
Industrials	6.6%
Consumer Discretionary	8.6%
Communication Services	9.1%
Health Care	12.3%
Financials	15.7%
Information Technology^{Footnote Reference**}	33.9%

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

(as of December 31, 2025)

Apple, Inc.	8.0%
NVIDIA Corp.	7.2%
Alphabet, Inc., Class C	5.8%
Microsoft Corp.	5.6%
Broadcom, Inc.	3.0%
Eli Lilly & Co.	2.8%
Amazon.com, Inc.	2.8%
Expedia Group, Inc.	2.0%
State Street Real Estate Select Sector SPDR ETF	1.8%
KLA Corp.	1.8%

*	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

VDSIX — SAR (12/25)

Victory Diversified Stock Fund

Class R

Ticker: GRINX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R	$72	1.33%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$373,826
Number of Holdings	101
Portfolio Turnover	46%

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

(as of December 31, 2025)

Value	Value
Utilities	0.9%
Energy	2.4%
Materials	3.1%
Consumer Staples	4.6%
Industrials	6.6%
Consumer Discretionary	8.6%
Communication Services	9.1%
Health Care	12.3%
Financials	15.7%
Information Technology^{Footnote Reference**}	33.9%

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

(as of December 31, 2025)

Apple, Inc.	8.0%
NVIDIA Corp.	7.2%
Alphabet, Inc., Class C	5.8%
Microsoft Corp.	5.6%
Broadcom, Inc.	3.0%
Eli Lilly & Co.	2.8%
Amazon.com, Inc.	2.8%
Expedia Group, Inc.	2.0%
State Street Real Estate Select Sector SPDR ETF	1.8%
KLA Corp.	1.8%

*	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

GRINX — SAR (12/25)

Victory Diversified Stock Fund

Class R6

Ticker: VDSRX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R6	$42	0.78%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$373,826
Number of Holdings	101
Portfolio Turnover	46%

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

(as of December 31, 2025)

Value	Value
Utilities	0.9%
Energy	2.4%
Materials	3.1%
Consumer Staples	4.6%
Industrials	6.6%
Consumer Discretionary	8.6%
Communication Services	9.1%
Health Care	12.3%
Financials	15.7%
Information Technology^{Footnote Reference**}	33.9%

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

(as of December 31, 2025)

Apple, Inc.	8.0%
NVIDIA Corp.	7.2%
Alphabet, Inc., Class C	5.8%
Microsoft Corp.	5.6%
Broadcom, Inc.	3.0%
Eli Lilly & Co.	2.8%
Amazon.com, Inc.	2.8%
Expedia Group, Inc.	2.0%
State Street Real Estate Select Sector SPDR ETF	1.8%
KLA Corp.	1.8%

*	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

VDSRX — SAR (12/25)

Victory Diversified Stock Fund

Class Y

Ticker: VDSYX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$47	0.86%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$373,826
Number of Holdings	101
Portfolio Turnover	46%

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

(as of December 31, 2025)

Value	Value
Utilities	0.9%
Energy	2.4%
Materials	3.1%
Consumer Staples	4.6%
Industrials	6.6%
Consumer Discretionary	8.6%
Communication Services	9.1%
Health Care	12.3%
Financials	15.7%
Information Technology^{Footnote Reference**}	33.9%

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

(as of December 31, 2025)

Apple, Inc.	8.0%
NVIDIA Corp.	7.2%
Alphabet, Inc., Class C	5.8%
Microsoft Corp.	5.6%
Broadcom, Inc.	3.0%
Eli Lilly & Co.	2.8%
Amazon.com, Inc.	2.8%
Expedia Group, Inc.	2.0%
State Street Real Estate Select Sector SPDR ETF	1.8%
KLA Corp.	1.8%

*	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

VDSYX — SAR (12/25)

Victory Fund for Income

Class A

Ticker: IPFIX

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about Victory Fund for Income (the "Fund") for the period of July 1, 2025 to December 31, 2025. 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)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$46	0.91%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$327,115
Number of Holdings	495
Portfolio Turnover	23%

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

(as of December 31, 2025)

Value	Value
U.S. Government Agency Mortgages	70.4%
U.S. Treasury Obligations	27.2%
Collateralized Mortgage Obligations	2.0%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
^	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

IPFIX — SAR (12/25)

Victory Fund for Income

Class C

Ticker: VFFCX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$87	1.71%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$327,115
Number of Holdings	495
Portfolio Turnover	23%

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

(as of December 31, 2025)

Value	Value
U.S. Government Agency Mortgages	70.4%
U.S. Treasury Obligations	27.2%
Collateralized Mortgage Obligations	2.0%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
^	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

VFFCX — SAR (12/25)

Victory Fund for Income

Class I

Ticker: VFFIX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class I	$33	0.64%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$327,115
Number of Holdings	495
Portfolio Turnover	23%

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

(as of December 31, 2025)

Value	Value
U.S. Government Agency Mortgages	70.4%
U.S. Treasury Obligations	27.2%
Collateralized Mortgage Obligations	2.0%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
^	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

VFFIX — SAR (12/25)

Victory Fund for Income

Class R

Ticker: GGIFX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R	$46	0.91%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$327,115
Number of Holdings	495
Portfolio Turnover	23%

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

(as of December 31, 2025)

Value	Value
U.S. Government Agency Mortgages	70.4%
U.S. Treasury Obligations	27.2%
Collateralized Mortgage Obligations	2.0%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
^	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

GGIFX — SAR (12/25)

Victory Fund for Income

Class R6

Ticker: VFFRX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R6	$32	0.63%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$327,115
Number of Holdings	495
Portfolio Turnover	23%

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

(as of December 31, 2025)

Value	Value
U.S. Government Agency Mortgages	70.4%
U.S. Treasury Obligations	27.2%
Collateralized Mortgage Obligations	2.0%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
^	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

VFFRX — SAR (12/25)

Victory Fund for Income

Class Y

Ticker: VFFYX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$36	0.71%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$327,115
Number of Holdings	495
Portfolio Turnover	23%

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

(as of December 31, 2025)

Value	Value
U.S. Government Agency Mortgages	70.4%
U.S. Treasury Obligations	27.2%
Collateralized Mortgage Obligations	2.0%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
^	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

VFFYX — SAR (12/25)

Victory Fund for Income

Member Class

Ticker: VFFMX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Member Class	$38	0.75%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$327,115
Number of Holdings	495
Portfolio Turnover	23%

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

(as of December 31, 2025)

Value	Value
U.S. Government Agency Mortgages	70.4%
U.S. Treasury Obligations	27.2%
Collateralized Mortgage Obligations	2.0%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
^	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

VFFMX — SAR (12/25)

Victory Investment Grade Convertible Fund

Class A

Ticker: SBFCX

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about Victory Investment Grade Convertible Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. 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)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$66	1.29%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$245,372
Number of Holdings	56
Portfolio Turnover	14%

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

(as of December 31, 2025)

Value	Value
Materials	1.1%
Information Technology	3.5%
Health Care	4.4%
Consumer Discretionary	7.4%
Industrials	8.1%
Real Estate	14.5%
Utilities	22.7%
Financials^{Footnote Reference**}	36.0%

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

(as of December 31, 2025)

Bank of America Corp., Series L, 7.25%	5.0%
Apollo Global Management, Inc., 6.75%, 7/31/26	4.9%
Wells Fargo & Co., Series L, 7.50%	4.9%
Uber Technologies, Inc., 0.88%, 12/1/28	4.8%
Barclays Bank PLC, 1.00%, 2/16/29	4.0%
Welltower OP LLC, 2.75%, 5/15/28	3.9%
KKR & Co., Inc., Series D, 6.25%, 3/1/28	3.8%
NextEra Energy, Inc., 7.30%, 6/1/27	3.6%
Envista Holdings Corp., 1.75%, 8/15/28	3.5%
Ares Management Corp., Series B, 6.75%, 10/1/27	3.4%

*	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

SBFCX — SAR (12/25)

Victory Investment Grade Convertible Fund

Class I

Ticker: VICIX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class I	$48	0.94%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$245,372
Number of Holdings	56
Portfolio Turnover	14%

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

(as of December 31, 2025)

Value	Value
Materials	1.1%
Information Technology	3.5%
Health Care	4.4%
Consumer Discretionary	7.4%
Industrials	8.1%
Real Estate	14.5%
Utilities	22.7%
Financials^{Footnote Reference**}	36.0%

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

(as of December 31, 2025)

Bank of America Corp., Series L, 7.25%	5.0%
Apollo Global Management, Inc., 6.75%, 7/31/26	4.9%
Wells Fargo & Co., Series L, 7.50%	4.9%
Uber Technologies, Inc., 0.88%, 12/1/28	4.8%
Barclays Bank PLC, 1.00%, 2/16/29	4.0%
Welltower OP LLC, 2.75%, 5/15/28	3.9%
KKR & Co., Inc., Series D, 6.25%, 3/1/28	3.8%
NextEra Energy, Inc., 7.30%, 6/1/27	3.6%
Envista Holdings Corp., 1.75%, 8/15/28	3.5%
Ares Management Corp., Series B, 6.75%, 10/1/27	3.4%

*	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

VICIX — SAR (12/25)

Victory Investment Grade Convertible Fund

Member Class

Ticker: SBFMX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Member Class	$56	1.10%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$245,372
Number of Holdings	56
Portfolio Turnover	14%

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

(as of December 31, 2025)

Value	Value
Materials	1.1%
Information Technology	3.5%
Health Care	4.4%
Consumer Discretionary	7.4%
Industrials	8.1%
Real Estate	14.5%
Utilities	22.7%
Financials^{Footnote Reference**}	36.0%

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

(as of December 31, 2025)

Bank of America Corp., Series L, 7.25%	5.0%
Apollo Global Management, Inc., 6.75%, 7/31/26	4.9%
Wells Fargo & Co., Series L, 7.50%	4.9%
Uber Technologies, Inc., 0.88%, 12/1/28	4.8%
Barclays Bank PLC, 1.00%, 2/16/29	4.0%
Welltower OP LLC, 2.75%, 5/15/28	3.9%
KKR & Co., Inc., Series D, 6.25%, 3/1/28	3.8%
NextEra Energy, Inc., 7.30%, 6/1/27	3.6%
Envista Holdings Corp., 1.75%, 8/15/28	3.5%
Ares Management Corp., Series B, 6.75%, 10/1/27	3.4%

*	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

SBFMX — SAR (12/25)

Victory Sycamore Established Value Fund

Class A

Ticker: VETAX

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about Victory Sycamore Established Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. 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)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$46	0.89%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$15,552,824
Number of Holdings	76
Portfolio Turnover	28%

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

(as of December 31, 2025)

Value	Value
Utilities	5.7%
Energy	6.0%
Real Estate	6.6%
Consumer Staples	7.1%
Health Care	8.3%
Information Technology	10.0%
Materials	10.3%
Consumer Discretionary	11.9%
Financials	13.2%
Industrials	18.9%

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

(as of December 31, 2025)

Alliant Energy Corp.	2.4%
Packaging Corp. of America	2.1%
Hologic, Inc.	1.9%
Labcorp Holdings, Inc.	1.9%
Willis Towers Watson PLC	1.9%
Lincoln Electric Holdings, Inc.	1.9%
Expedia Group, Inc.	1.8%
Lamar Advertising Co., Class A	1.8%
The Hartford Insurance Group, Inc.	1.8%
Keysight Technologies, Inc.	1.8%

*	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

VETAX — SAR (12/25)

Victory Sycamore Established Value Fund

Class C

Ticker: VEVCX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$94	1.84%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$15,552,824
Number of Holdings	76
Portfolio Turnover	28%

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

(as of December 31, 2025)

Value	Value
Utilities	5.7%
Energy	6.0%
Real Estate	6.6%
Consumer Staples	7.1%
Health Care	8.3%
Information Technology	10.0%
Materials	10.3%
Consumer Discretionary	11.9%
Financials	13.2%
Industrials	18.9%

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

(as of December 31, 2025)

Alliant Energy Corp.	2.4%
Packaging Corp. of America	2.1%
Hologic, Inc.	1.9%
Labcorp Holdings, Inc.	1.9%
Willis Towers Watson PLC	1.9%
Lincoln Electric Holdings, Inc.	1.9%
Expedia Group, Inc.	1.8%
Lamar Advertising Co., Class A	1.8%
The Hartford Insurance Group, Inc.	1.8%
Keysight Technologies, Inc.	1.8%

*	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

VEVCX — SAR (12/25)

Victory Sycamore Established Value Fund

Class I

Ticker: VEVIX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class I	$30	0.58%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$15,552,824
Number of Holdings	76
Portfolio Turnover	28%

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

(as of December 31, 2025)

Value	Value
Utilities	5.7%
Energy	6.0%
Real Estate	6.6%
Consumer Staples	7.1%
Health Care	8.3%
Information Technology	10.0%
Materials	10.3%
Consumer Discretionary	11.9%
Financials	13.2%
Industrials	18.9%

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

(as of December 31, 2025)

Alliant Energy Corp.	2.4%
Packaging Corp. of America	2.1%
Hologic, Inc.	1.9%
Labcorp Holdings, Inc.	1.9%
Willis Towers Watson PLC	1.9%
Lincoln Electric Holdings, Inc.	1.9%
Expedia Group, Inc.	1.8%
Lamar Advertising Co., Class A	1.8%
The Hartford Insurance Group, Inc.	1.8%
Keysight Technologies, Inc.	1.8%

*	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

VEVIX — SAR (12/25)

Victory Sycamore Established Value Fund

Class R

Ticker: GETGX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R	$56	1.09%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$15,552,824
Number of Holdings	76
Portfolio Turnover	28%

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

(as of December 31, 2025)

Value	Value
Utilities	5.7%
Energy	6.0%
Real Estate	6.6%
Consumer Staples	7.1%
Health Care	8.3%
Information Technology	10.0%
Materials	10.3%
Consumer Discretionary	11.9%
Financials	13.2%
Industrials	18.9%

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

(as of December 31, 2025)

Alliant Energy Corp.	2.4%
Packaging Corp. of America	2.1%
Hologic, Inc.	1.9%
Labcorp Holdings, Inc.	1.9%
Willis Towers Watson PLC	1.9%
Lincoln Electric Holdings, Inc.	1.9%
Expedia Group, Inc.	1.8%
Lamar Advertising Co., Class A	1.8%
The Hartford Insurance Group, Inc.	1.8%
Keysight Technologies, Inc.	1.8%

*	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

GETGX — SAR (12/25)

Victory Sycamore Established Value Fund

Class R6

Ticker: VEVRX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R6	$27	0.53%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$15,552,824
Number of Holdings	76
Portfolio Turnover	28%

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

(as of December 31, 2025)

Value	Value
Utilities	5.7%
Energy	6.0%
Real Estate	6.6%
Consumer Staples	7.1%
Health Care	8.3%
Information Technology	10.0%
Materials	10.3%
Consumer Discretionary	11.9%
Financials	13.2%
Industrials	18.9%

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

(as of December 31, 2025)

Alliant Energy Corp.	2.4%
Packaging Corp. of America	2.1%
Hologic, Inc.	1.9%
Labcorp Holdings, Inc.	1.9%
Willis Towers Watson PLC	1.9%
Lincoln Electric Holdings, Inc.	1.9%
Expedia Group, Inc.	1.8%
Lamar Advertising Co., Class A	1.8%
The Hartford Insurance Group, Inc.	1.8%
Keysight Technologies, Inc.	1.8%

*	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

VEVRX — SAR (12/25)

Victory Sycamore Established Value Fund

Class Y

Ticker: VEVYX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$33	0.65%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$15,552,824
Number of Holdings	76
Portfolio Turnover	28%

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

(as of December 31, 2025)

Value	Value
Utilities	5.7%
Energy	6.0%
Real Estate	6.6%
Consumer Staples	7.1%
Health Care	8.3%
Information Technology	10.0%
Materials	10.3%
Consumer Discretionary	11.9%
Financials	13.2%
Industrials	18.9%

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

(as of December 31, 2025)

Alliant Energy Corp.	2.4%
Packaging Corp. of America	2.1%
Hologic, Inc.	1.9%
Labcorp Holdings, Inc.	1.9%
Willis Towers Watson PLC	1.9%
Lincoln Electric Holdings, Inc.	1.9%
Expedia Group, Inc.	1.8%
Lamar Advertising Co., Class A	1.8%
The Hartford Insurance Group, Inc.	1.8%
Keysight Technologies, Inc.	1.8%

*	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

VEVYX — SAR (12/25)

Victory Sycamore Small Company Opportunity Fund

Class A

Ticker: SSGSX

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about Victory Sycamore Small Company Opportunity Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. 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)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$65	1.24%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$4,935,424
Number of Holdings	108
Portfolio Turnover	29%

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

(as of December 31, 2025)

Value	Value
Utilities	2.1%
Real Estate	4.7%
Consumer Staples	4.8%
Energy	6.4%
Health Care	7.1%
Consumer Discretionary	7.4%
Materials	9.1%
Information Technology	10.3%
Industrials	20.0%
Financials	24.4%

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

(as of December 31, 2025)

Hub Group, Inc., Class A	1.6%
United Bankshares, Inc.	1.6%
Old National Bancorp	1.6%
Renasant Corp.	1.5%
McGrath RentCorp	1.4%
NCR Atleos Corp.	1.4%
UMB Financial Corp.	1.4%
IDACORP, Inc.	1.4%
Hayward Holdings, Inc.	1.4%
Lazard, Inc., Class A	1.4%

*	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

SSGSX — SAR (12/25)

Victory Sycamore Small Company Opportunity Fund

Class I

Ticker: VSOIX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class I	$47	0.89%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$4,935,424
Number of Holdings	108
Portfolio Turnover	29%

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

(as of December 31, 2025)

Value	Value
Utilities	2.1%
Real Estate	4.7%
Consumer Staples	4.8%
Energy	6.4%
Health Care	7.1%
Consumer Discretionary	7.4%
Materials	9.1%
Information Technology	10.3%
Industrials	20.0%
Financials	24.4%

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

(as of December 31, 2025)

Hub Group, Inc., Class A	1.6%
United Bankshares, Inc.	1.6%
Old National Bancorp	1.6%
Renasant Corp.	1.5%
McGrath RentCorp	1.4%
NCR Atleos Corp.	1.4%
UMB Financial Corp.	1.4%
IDACORP, Inc.	1.4%
Hayward Holdings, Inc.	1.4%
Lazard, Inc., Class A	1.4%

*	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

VSOIX — SAR (12/25)

Victory Sycamore Small Company Opportunity Fund

Class R

Ticker: GOGFX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R	$75	1.44%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$4,935,424
Number of Holdings	108
Portfolio Turnover	29%

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

(as of December 31, 2025)

Value	Value
Utilities	2.1%
Real Estate	4.7%
Consumer Staples	4.8%
Energy	6.4%
Health Care	7.1%
Consumer Discretionary	7.4%
Materials	9.1%
Information Technology	10.3%
Industrials	20.0%
Financials	24.4%

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

(as of December 31, 2025)

Hub Group, Inc., Class A	1.6%
United Bankshares, Inc.	1.6%
Old National Bancorp	1.6%
Renasant Corp.	1.5%
McGrath RentCorp	1.4%
NCR Atleos Corp.	1.4%
UMB Financial Corp.	1.4%
IDACORP, Inc.	1.4%
Hayward Holdings, Inc.	1.4%
Lazard, Inc., Class A	1.4%

*	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

GOGFX — SAR (12/25)

Victory Sycamore Small Company Opportunity Fund

Class R6

Ticker: VSORX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R6	$44	0.84%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$4,935,424
Number of Holdings	108
Portfolio Turnover	29%

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

(as of December 31, 2025)

Value	Value
Utilities	2.1%
Real Estate	4.7%
Consumer Staples	4.8%
Energy	6.4%
Health Care	7.1%
Consumer Discretionary	7.4%
Materials	9.1%
Information Technology	10.3%
Industrials	20.0%
Financials	24.4%

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

(as of December 31, 2025)

Hub Group, Inc., Class A	1.6%
United Bankshares, Inc.	1.6%
Old National Bancorp	1.6%
Renasant Corp.	1.5%
McGrath RentCorp	1.4%
NCR Atleos Corp.	1.4%
UMB Financial Corp.	1.4%
IDACORP, Inc.	1.4%
Hayward Holdings, Inc.	1.4%
Lazard, Inc., Class A	1.4%

*	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

VSORX — SAR (12/25)

Victory Sycamore Small Company Opportunity Fund

Class Y

Ticker: VSOYX

Semi-Annual Shareholder Report — December 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$50	0.95%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$4,935,424
Number of Holdings	108
Portfolio Turnover	29%

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

(as of December 31, 2025)

Value	Value
Utilities	2.1%
Real Estate	4.7%
Consumer Staples	4.8%
Energy	6.4%
Health Care	7.1%
Consumer Discretionary	7.4%
Materials	9.1%
Information Technology	10.3%
Industrials	20.0%
Financials	24.4%

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

(as of December 31, 2025)

Hub Group, Inc., Class A	1.6%
United Bankshares, Inc.	1.6%
Old National Bancorp	1.6%
Renasant Corp.	1.5%
McGrath RentCorp	1.4%
NCR Atleos Corp.	1.4%
UMB Financial Corp.	1.4%
IDACORP, Inc.	1.4%
Hayward Holdings, Inc.	1.4%
Lazard, Inc., Class A	1.4%

*	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

VSOYX — SAR (12/25)

UNITED STATES

FORM N-CSR

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

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

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

(as of December 31, 2025)

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

(as of December 31, 2025)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

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

(as of December 31, 2025)

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

(as of December 31, 2025)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

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

(as of December 31, 2025)

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

(as of December 31, 2025)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

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

(as of December 31, 2025)

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

(as of December 31, 2025)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

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

(as of December 31, 2025)

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

(as of December 31, 2025)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

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

(as of December 31, 2025)

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

(as of December 31, 2025)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

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

(as of December 31, 2025)

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

(as of December 31, 2025)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

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

(as of December 31, 2025)

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

(as of December 31, 2025)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

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

(as of December 31, 2025)

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}

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}