Victory RS Partners Fund

Class A

Ticker: RSPFX

Semi-Annual Shareholder Report — June 30, 2026

The semi-annual shareholder report contains important information about Victory RS Partners Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$679,354
Number of Holdings	70
Portfolio Turnover	32%

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 June 30, 2026)

Table Summary
Value	Value
Consumer Staples	1.3%
Materials	3.7%
Utilities	5.1%
Energy	5.3%
Information Technology	7.9%
Health Care	8.4%
Real Estate	8.5%
Consumer Discretionary	11.4%
Industrials	18.9%
Financials^{Footnote Reference**}	25.8%

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

(as of June 30, 2026)

Table Summary
Globe Life, Inc.	3.5%
Garrett Motion, Inc.	2.6%
Crane NXT Co.	2.5%
The Timken Co.	2.5%
The Bank of NT Butterfield & Son Ltd.	2.4%
Matson, Inc.	2.4%
UMB Financial Corp.	2.4%
The St. Joe Co.	2.3%
Gates Industrial Corp. PLC	2.3%
Black Hills Corp.	2.1%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RSPFX — SAR (6/26)

Victory RS Partners Fund

Class R

Ticker: RSPKX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R	$91	1.69%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$679,354
Number of Holdings	70
Portfolio Turnover	32%

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

(as of June 30, 2026)

Table Summary
Value	Value
Consumer Staples	1.3%
Materials	3.7%
Utilities	5.1%
Energy	5.3%
Information Technology	7.9%
Health Care	8.4%
Real Estate	8.5%
Consumer Discretionary	11.4%
Industrials	18.9%
Financials^{Footnote Reference**}	25.8%

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

(as of June 30, 2026)

Table Summary
Globe Life, Inc.	3.5%
Garrett Motion, Inc.	2.6%
Crane NXT Co.	2.5%
The Timken Co.	2.5%
The Bank of NT Butterfield & Son Ltd.	2.4%
Matson, Inc.	2.4%
UMB Financial Corp.	2.4%
The St. Joe Co.	2.3%
Gates Industrial Corp. PLC	2.3%
Black Hills Corp.	2.1%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RSPKX — SAR (6/26)

Victory RS Partners Fund

Class R6

Ticker: RPPRX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R6	$48	0.89%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$679,354
Number of Holdings	70
Portfolio Turnover	32%

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

(as of June 30, 2026)

Table Summary
Value	Value
Consumer Staples	1.3%
Materials	3.7%
Utilities	5.1%
Energy	5.3%
Information Technology	7.9%
Health Care	8.4%
Real Estate	8.5%
Consumer Discretionary	11.4%
Industrials	18.9%
Financials^{Footnote Reference**}	25.8%

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

(as of June 30, 2026)

Table Summary
Globe Life, Inc.	3.5%
Garrett Motion, Inc.	2.6%
Crane NXT Co.	2.5%
The Timken Co.	2.5%
The Bank of NT Butterfield & Son Ltd.	2.4%
Matson, Inc.	2.4%
UMB Financial Corp.	2.4%
The St. Joe Co.	2.3%
Gates Industrial Corp. PLC	2.3%
Black Hills Corp.	2.1%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RPPRX — SAR (6/26)

Victory RS Partners Fund

Class Y

Ticker: RSPYX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$51	0.94%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$679,354
Number of Holdings	70
Portfolio Turnover	32%

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

(as of June 30, 2026)

Table Summary
Value	Value
Consumer Staples	1.3%
Materials	3.7%
Utilities	5.1%
Energy	5.3%
Information Technology	7.9%
Health Care	8.4%
Real Estate	8.5%
Consumer Discretionary	11.4%
Industrials	18.9%
Financials^{Footnote Reference**}	25.8%

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

(as of June 30, 2026)

Table Summary
Globe Life, Inc.	3.5%
Garrett Motion, Inc.	2.6%
Crane NXT Co.	2.5%
The Timken Co.	2.5%
The Bank of NT Butterfield & Son Ltd.	2.4%
Matson, Inc.	2.4%
UMB Financial Corp.	2.4%
The St. Joe Co.	2.3%
Gates Industrial Corp. PLC	2.3%
Black Hills Corp.	2.1%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RSPYX — SAR (6/26)

Victory RS Partners Fund

Member Class

Ticker: RSPMX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Member Class	$61	1.13%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$679,354
Number of Holdings	70
Portfolio Turnover	32%

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

(as of June 30, 2026)

Table Summary
Value	Value
Consumer Staples	1.3%
Materials	3.7%
Utilities	5.1%
Energy	5.3%
Information Technology	7.9%
Health Care	8.4%
Real Estate	8.5%
Consumer Discretionary	11.4%
Industrials	18.9%
Financials^{Footnote Reference**}	25.8%

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

(as of June 30, 2026)

Table Summary
Globe Life, Inc.	3.5%
Garrett Motion, Inc.	2.6%
Crane NXT Co.	2.5%
The Timken Co.	2.5%
The Bank of NT Butterfield & Son Ltd.	2.4%
Matson, Inc.	2.4%
UMB Financial Corp.	2.4%
The St. Joe Co.	2.3%
Gates Industrial Corp. PLC	2.3%
Black Hills Corp.	2.1%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RSPMX — SAR (6/26)

Victory RS Value Fund

Class A

Ticker: RSVAX

Semi-Annual Shareholder Report — June 30, 2026

The semi-annual shareholder report contains important information about Victory RS Value Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$67	1.30%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$253,319
Number of Holdings	61
Portfolio Turnover	28%

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

(as of June 30, 2026)

Table Summary
Value	Value
Consumer Staples	3.2%
Energy	5.7%
Materials	6.0%
Real Estate	6.7%
Utilities	7.2%
Consumer Discretionary	7.8%
Information Technology	9.2%
Health Care	10.9%
Financials	18.3%
Industrials	22.6%

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

(as of June 30, 2026)

Table Summary
Globe Life, Inc.	4.4%
Teva Pharmaceutical Industries Ltd., ADR	3.1%
FirstEnergy Corp.	2.7%
AMETEK, Inc.	2.7%
NNN REIT, Inc.	2.6%
CenterPoint Energy, Inc.	2.4%
Dover Corp.	2.4%
MarketAxess Holdings, Inc.	2.2%
The Timken Co.	2.2%
Littelfuse, Inc.	2.1%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RSVAX — SAR (6/26)

Victory RS Value Fund

Class C

Ticker: RVACX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$106	2.07%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$253,319
Number of Holdings	61
Portfolio Turnover	28%

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

(as of June 30, 2026)

Table Summary
Value	Value
Consumer Staples	3.2%
Energy	5.7%
Materials	6.0%
Real Estate	6.7%
Utilities	7.2%
Consumer Discretionary	7.8%
Information Technology	9.2%
Health Care	10.9%
Financials	18.3%
Industrials	22.6%

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

(as of June 30, 2026)

Table Summary
Globe Life, Inc.	4.4%
Teva Pharmaceutical Industries Ltd., ADR	3.1%
FirstEnergy Corp.	2.7%
AMETEK, Inc.	2.7%
NNN REIT, Inc.	2.6%
CenterPoint Energy, Inc.	2.4%
Dover Corp.	2.4%
MarketAxess Holdings, Inc.	2.2%
The Timken Co.	2.2%
Littelfuse, Inc.	2.1%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RVACX — SAR (6/26)

Victory RS Value Fund

Class Y

Ticker: RSVYX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$55	1.06%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$253,319
Number of Holdings	61
Portfolio Turnover	28%

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

(as of June 30, 2026)

Table Summary
Value	Value
Consumer Staples	3.2%
Energy	5.7%
Materials	6.0%
Real Estate	6.7%
Utilities	7.2%
Consumer Discretionary	7.8%
Information Technology	9.2%
Health Care	10.9%
Financials	18.3%
Industrials	22.6%

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

(as of June 30, 2026)

Table Summary
Globe Life, Inc.	4.4%
Teva Pharmaceutical Industries Ltd., ADR	3.1%
FirstEnergy Corp.	2.7%
AMETEK, Inc.	2.7%
NNN REIT, Inc.	2.6%
CenterPoint Energy, Inc.	2.4%
Dover Corp.	2.4%
MarketAxess Holdings, Inc.	2.2%
The Timken Co.	2.2%
Littelfuse, Inc.	2.1%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RSVYX — SAR (6/26)

Victory RS Large Cap Alpha Fund

Class A

Ticker: GPAFX

Semi-Annual Shareholder Report — June 30, 2026

The semi-annual shareholder report contains important information about Victory RS Large Cap Alpha Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$45	0.89%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$553,947
Number of Holdings	53
Portfolio Turnover	31%

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

(as of June 30, 2026)

Table Summary
Value	Value
Real Estate	1.8%
Utilities	4.0%
Materials	4.2%
Energy	6.0%
Consumer Staples	6.7%
Consumer Discretionary	8.2%
Health Care	13.6%
Information Technology	13.9%
Industrials	18.7%
Financials	20.0%

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

(as of June 30, 2026)

Table Summary
Amazon.com, Inc.	4.6%
Apple, Inc.	3.8%
Microsoft Corp.	3.7%
KeyCorp	3.4%
Citigroup, Inc.	3.3%
Teva Pharmaceutical Industries Ltd., ADR	2.9%
Enterprise Products Partners LP	2.5%
Corpay, Inc.	2.4%
Union Pacific Corp.	2.4%
The Cigna Group	2.3%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

GPAFX — SAR (6/26)

Victory RS Large Cap Alpha Fund

Class C

Ticker: RCOCX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$86	1.69%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$553,947
Number of Holdings	53
Portfolio Turnover	31%

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

(as of June 30, 2026)

Table Summary
Value	Value
Real Estate	1.8%
Utilities	4.0%
Materials	4.2%
Energy	6.0%
Consumer Staples	6.7%
Consumer Discretionary	8.2%
Health Care	13.6%
Information Technology	13.9%
Industrials	18.7%
Financials	20.0%

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

(as of June 30, 2026)

Table Summary
Amazon.com, Inc.	4.6%
Apple, Inc.	3.8%
Microsoft Corp.	3.7%
KeyCorp	3.4%
Citigroup, Inc.	3.3%
Teva Pharmaceutical Industries Ltd., ADR	2.9%
Enterprise Products Partners LP	2.5%
Corpay, Inc.	2.4%
Union Pacific Corp.	2.4%
The Cigna Group	2.3%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RCOCX — SAR (6/26)

Victory RS Large Cap Alpha Fund

Class Y

Ticker: RCEYX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$35	0.68%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$553,947
Number of Holdings	53
Portfolio Turnover	31%

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

(as of June 30, 2026)

Table Summary
Value	Value
Real Estate	1.8%
Utilities	4.0%
Materials	4.2%
Energy	6.0%
Consumer Staples	6.7%
Consumer Discretionary	8.2%
Health Care	13.6%
Information Technology	13.9%
Industrials	18.7%
Financials	20.0%

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

(as of June 30, 2026)

Table Summary
Amazon.com, Inc.	4.6%
Apple, Inc.	3.8%
Microsoft Corp.	3.7%
KeyCorp	3.4%
Citigroup, Inc.	3.3%
Teva Pharmaceutical Industries Ltd., ADR	2.9%
Enterprise Products Partners LP	2.5%
Corpay, Inc.	2.4%
Union Pacific Corp.	2.4%
The Cigna Group	2.3%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RCEYX — SAR (6/26)

Victory RS Investors Fund

Class A

Ticker: RSINX

Semi-Annual Shareholder Report — June 30, 2026

The semi-annual shareholder report contains important information about Victory RS Investors Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$68	1.33%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$71,173
Number of Holdings	30
Portfolio Turnover	42%

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

(as of June 30, 2026)

Table Summary
Value	Value
Materials	2.8%
Real Estate	4.8%
Energy	6.2%
Consumer Discretionary	10.4%
Information Technology	11.9%
Health Care	14.8%
Industrials	20.9%
Financials^{Footnote Reference**}	26.7%

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

(as of June 30, 2026)

Table Summary
Globe Life, Inc.	6.7%
The St. Joe Co.	4.8%
CVS Health Corp.	4.4%
Apple, Inc.	4.1%
Citigroup, Inc.	4.0%
Plains GP Holdings LP, Class A	4.0%
Amazon.com, Inc.	4.0%
The Timken Co.	3.9%
The Cigna Group	3.9%
Unum Group	3.9%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RSINX — SAR (6/26)

Victory RS Investors Fund

Class C

Ticker: RIVCX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$106	2.07%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$71,173
Number of Holdings	30
Portfolio Turnover	42%

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

(as of June 30, 2026)

Table Summary
Value	Value
Materials	2.8%
Real Estate	4.8%
Energy	6.2%
Consumer Discretionary	10.4%
Information Technology	11.9%
Health Care	14.8%
Industrials	20.9%
Financials^{Footnote Reference**}	26.7%

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

(as of June 30, 2026)

Table Summary
Globe Life, Inc.	6.7%
The St. Joe Co.	4.8%
CVS Health Corp.	4.4%
Apple, Inc.	4.1%
Citigroup, Inc.	4.0%
Plains GP Holdings LP, Class A	4.0%
Amazon.com, Inc.	4.0%
The Timken Co.	3.9%
The Cigna Group	3.9%
Unum Group	3.9%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RIVCX — SAR (6/26)

Victory RS Investors Fund

Class Y

Ticker: RSIYX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$54	1.05%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$71,173
Number of Holdings	30
Portfolio Turnover	42%

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

(as of June 30, 2026)

Table Summary
Value	Value
Materials	2.8%
Real Estate	4.8%
Energy	6.2%
Consumer Discretionary	10.4%
Information Technology	11.9%
Health Care	14.8%
Industrials	20.9%
Financials^{Footnote Reference**}	26.7%

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

(as of June 30, 2026)

Table Summary
Globe Life, Inc.	6.7%
The St. Joe Co.	4.8%
CVS Health Corp.	4.4%
Apple, Inc.	4.1%
Citigroup, Inc.	4.0%
Plains GP Holdings LP, Class A	4.0%
Amazon.com, Inc.	4.0%
The Timken Co.	3.9%
The Cigna Group	3.9%
Unum Group	3.9%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RSIYX — SAR (6/26)

Victory Global Energy Transition Fund

Class A

Ticker: RSNRX

Semi-Annual Shareholder Report — June 30, 2026

The semi-annual shareholder report contains important information about Victory Global Energy Transition Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$85	1.48%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$617,112
Number of Holdings	37
Portfolio Turnover	35%

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

(as of June 30, 2026)

Table Summary
Value	Value
Utilities	1.0%
Industrials	3.9%
Energy	36.7%
Materials	54.0%

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

(as of June 30, 2026)

Table Summary
Compass Minerals International, Inc.	9.8%
Sunrise Energy Metals Ltd.	9.5%
Iluka Resources Ltd.	6.7%
Tamarack Valley Energy Ltd.	6.6%
Keyera Corp.	5.2%
Sunrise Energy Metals Ltd., 12/31/26	4.9%
Range Resources Corp.	4.7%
Antero Resources Corp.	4.4%
Linde PLC	4.2%
Enterprise Products Partners LP	4.0%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RSNRX — SAR (6/26)

Victory Global Energy Transition Fund

Class C

Ticker: RGNCX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$130	2.28%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$617,112
Number of Holdings	37
Portfolio Turnover	35%

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

(as of June 30, 2026)

Table Summary
Value	Value
Utilities	1.0%
Industrials	3.9%
Energy	36.7%
Materials	54.0%

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

(as of June 30, 2026)

Table Summary
Compass Minerals International, Inc.	9.8%
Sunrise Energy Metals Ltd.	9.5%
Iluka Resources Ltd.	6.7%
Tamarack Valley Energy Ltd.	6.6%
Keyera Corp.	5.2%
Sunrise Energy Metals Ltd., 12/31/26	4.9%
Range Resources Corp.	4.7%
Antero Resources Corp.	4.4%
Linde PLC	4.2%
Enterprise Products Partners LP	4.0%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RGNCX — SAR (6/26)

Victory Global Energy Transition Fund

Class Y

Ticker: RSNYX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$66	1.15%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$617,112
Number of Holdings	37
Portfolio Turnover	35%

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

(as of June 30, 2026)

Table Summary
Value	Value
Utilities	1.0%
Industrials	3.9%
Energy	36.7%
Materials	54.0%

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

(as of June 30, 2026)

Table Summary
Compass Minerals International, Inc.	9.8%
Sunrise Energy Metals Ltd.	9.5%
Iluka Resources Ltd.	6.7%
Tamarack Valley Energy Ltd.	6.6%
Keyera Corp.	5.2%
Sunrise Energy Metals Ltd., 12/31/26	4.9%
Range Resources Corp.	4.7%
Antero Resources Corp.	4.4%
Linde PLC	4.2%
Enterprise Products Partners LP	4.0%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RSNYX — SAR (6/26)

Victory RS Small Cap Growth Fund

Class A

Ticker: RSEGX

Semi-Annual Shareholder Report — June 30, 2026

The semi-annual shareholder report contains important information about Victory RS Small Cap Growth Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$79	1.40%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$407,422
Number of Holdings	105
Portfolio Turnover	51%

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

(as of June 30, 2026)

Table Summary
Value	Value
Consumer Staples	1.5%
Energy	2.6%
Materials	3.2%
Consumer Discretionary	8.1%
Financials	9.5%
Industrials	18.6%
Information Technology^{Footnote Reference**}	26.6%
Health Care^{Footnote Reference**}	28.7%

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

(as of June 30, 2026)

Table Summary
Mercury Systems, Inc.	2.9%
ESCO Technologies, Inc.	2.1%
MSC Industrial Direct Co., Inc., Class A	2.1%
Semtech Corp.	2.1%
Guardant Health, Inc.	2.0%
FirstCash Holdings, Inc.	2.0%
Revolution Medicines, Inc.	1.9%
Riot Platforms, Inc.	1.9%
Spyre Therapeutics, Inc.	1.9%
Krystal Biotech, Inc.	1.6%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RSEGX — SAR (6/26)

Victory RS Small Cap Growth Fund

Class C

Ticker: REGWX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$122	2.16%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$407,422
Number of Holdings	105
Portfolio Turnover	51%

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

(as of June 30, 2026)

Table Summary
Value	Value
Consumer Staples	1.5%
Energy	2.6%
Materials	3.2%
Consumer Discretionary	8.1%
Financials	9.5%
Industrials	18.6%
Information Technology^{Footnote Reference**}	26.6%
Health Care^{Footnote Reference**}	28.7%

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

(as of June 30, 2026)

Table Summary
Mercury Systems, Inc.	2.9%
ESCO Technologies, Inc.	2.1%
MSC Industrial Direct Co., Inc., Class A	2.1%
Semtech Corp.	2.1%
Guardant Health, Inc.	2.0%
FirstCash Holdings, Inc.	2.0%
Revolution Medicines, Inc.	1.9%
Riot Platforms, Inc.	1.9%
Spyre Therapeutics, Inc.	1.9%
Krystal Biotech, Inc.	1.6%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

REGWX — SAR (6/26)

Victory RS Small Cap Growth Fund

Class R6

Ticker: RSEJX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R6	$60	1.06%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$407,422
Number of Holdings	105
Portfolio Turnover	51%

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

(as of June 30, 2026)

Table Summary
Value	Value
Consumer Staples	1.5%
Energy	2.6%
Materials	3.2%
Consumer Discretionary	8.1%
Financials	9.5%
Industrials	18.6%
Information Technology^{Footnote Reference**}	26.6%
Health Care^{Footnote Reference**}	28.7%

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

(as of June 30, 2026)

Table Summary
Mercury Systems, Inc.	2.9%
ESCO Technologies, Inc.	2.1%
MSC Industrial Direct Co., Inc., Class A	2.1%
Semtech Corp.	2.1%
Guardant Health, Inc.	2.0%
FirstCash Holdings, Inc.	2.0%
Revolution Medicines, Inc.	1.9%
Riot Platforms, Inc.	1.9%
Spyre Therapeutics, Inc.	1.9%
Krystal Biotech, Inc.	1.6%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RSEJX — SAR (6/26)

Victory RS Small Cap Growth Fund

Class Y

Ticker: RSYEX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$64	1.13%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$407,422
Number of Holdings	105
Portfolio Turnover	51%

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

(as of June 30, 2026)

Table Summary
Value	Value
Consumer Staples	1.5%
Energy	2.6%
Materials	3.2%
Consumer Discretionary	8.1%
Financials	9.5%
Industrials	18.6%
Information Technology^{Footnote Reference**}	26.6%
Health Care^{Footnote Reference**}	28.7%

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

(as of June 30, 2026)

Table Summary
Mercury Systems, Inc.	2.9%
ESCO Technologies, Inc.	2.1%
MSC Industrial Direct Co., Inc., Class A	2.1%
Semtech Corp.	2.1%
Guardant Health, Inc.	2.0%
FirstCash Holdings, Inc.	2.0%
Revolution Medicines, Inc.	1.9%
Riot Platforms, Inc.	1.9%
Spyre Therapeutics, Inc.	1.9%
Krystal Biotech, Inc.	1.6%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RSYEX — SAR (6/26)

Victory RS Select Growth Fund

Class A

Ticker: RSDGX

Semi-Annual Shareholder Report — June 30, 2026

The semi-annual shareholder report contains important information about Victory RS Select Growth Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$77	1.40%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$91,181
Number of Holdings	66
Portfolio Turnover	45%

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

(as of June 30, 2026)

Table Summary
Value	Value
Communication Services	0.8%
Consumer Staples	1.0%
Energy	1.8%
Materials	2.7%
Financials	8.2%
Consumer Discretionary	8.3%
Health Care	20.9%
Information Technology^{Footnote Reference**}	26.5%
Industrials^{Footnote Reference**}	28.8%

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

(as of June 30, 2026)

Table Summary
Guardant Health, Inc.	3.7%
MACOM Technology Solutions Holdings, Inc.	3.5%
Woodward, Inc.	3.0%
Mercury Systems, Inc.	2.9%
Comfort Systems USA, Inc.	2.5%
Revolution Medicines, Inc.	2.5%
FirstCash Holdings, Inc.	2.5%
Sterling Infrastructure, Inc.	2.3%
Onto Innovation, Inc.	2.3%
Semtech Corp.	2.3%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RSDGX — SAR (6/26)

Victory RS Select Growth Fund

Class C

Ticker: RSGFX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$120	2.18%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$91,181
Number of Holdings	66
Portfolio Turnover	45%

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

(as of June 30, 2026)

Table Summary
Value	Value
Communication Services	0.8%
Consumer Staples	1.0%
Energy	1.8%
Materials	2.7%
Financials	8.2%
Consumer Discretionary	8.3%
Health Care	20.9%
Information Technology^{Footnote Reference**}	26.5%
Industrials^{Footnote Reference**}	28.8%

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

(as of June 30, 2026)

Table Summary
Guardant Health, Inc.	3.7%
MACOM Technology Solutions Holdings, Inc.	3.5%
Woodward, Inc.	3.0%
Mercury Systems, Inc.	2.9%
Comfort Systems USA, Inc.	2.5%
Revolution Medicines, Inc.	2.5%
FirstCash Holdings, Inc.	2.5%
Sterling Infrastructure, Inc.	2.3%
Onto Innovation, Inc.	2.3%
Semtech Corp.	2.3%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RSGFX — SAR (6/26)

Victory RS Select Growth Fund

Class R6

Ticker: RSSRX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R6	$59	1.06%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$91,181
Number of Holdings	66
Portfolio Turnover	45%

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

(as of June 30, 2026)

Table Summary
Value	Value
Communication Services	0.8%
Consumer Staples	1.0%
Energy	1.8%
Materials	2.7%
Financials	8.2%
Consumer Discretionary	8.3%
Health Care	20.9%
Information Technology^{Footnote Reference**}	26.5%
Industrials^{Footnote Reference**}	28.8%

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

(as of June 30, 2026)

Table Summary
Guardant Health, Inc.	3.7%
MACOM Technology Solutions Holdings, Inc.	3.5%
Woodward, Inc.	3.0%
Mercury Systems, Inc.	2.9%
Comfort Systems USA, Inc.	2.5%
Revolution Medicines, Inc.	2.5%
FirstCash Holdings, Inc.	2.5%
Sterling Infrastructure, Inc.	2.3%
Onto Innovation, Inc.	2.3%
Semtech Corp.	2.3%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RSSRX — SAR (6/26)

Victory RS Select Growth Fund

Class Y

Ticker: RSSYX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$63	1.14%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$91,181
Number of Holdings	66
Portfolio Turnover	45%

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

(as of June 30, 2026)

Table Summary
Value	Value
Communication Services	0.8%
Consumer Staples	1.0%
Energy	1.8%
Materials	2.7%
Financials	8.2%
Consumer Discretionary	8.3%
Health Care	20.9%
Information Technology^{Footnote Reference**}	26.5%
Industrials^{Footnote Reference**}	28.8%

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

(as of June 30, 2026)

Table Summary
Guardant Health, Inc.	3.7%
MACOM Technology Solutions Holdings, Inc.	3.5%
Woodward, Inc.	3.0%
Mercury Systems, Inc.	2.9%
Comfort Systems USA, Inc.	2.5%
Revolution Medicines, Inc.	2.5%
FirstCash Holdings, Inc.	2.5%
Sterling Infrastructure, Inc.	2.3%
Onto Innovation, Inc.	2.3%
Semtech Corp.	2.3%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RSSYX — SAR (6/26)

Victory RS Mid Cap Growth Fund

Class A

Ticker: RSMOX

Semi-Annual Shareholder Report — June 30, 2026

The semi-annual shareholder report contains important information about Victory RS Mid Cap Growth Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$64	1.20%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$71,931
Number of Holdings	82
Portfolio Turnover	46%

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

(as of June 30, 2026)

Table Summary
Value	Value
Consumer Staples	1.6%
Energy	3.0%
Communication Services	4.3%
Financials	9.0%
Consumer Discretionary	10.5%
Health Care	12.8%
Industrials^{Footnote Reference**}	27.3%
Information Technology^{Footnote Reference**}	30.6%

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

(as of June 30, 2026)

Table Summary
Cloudflare, Inc., Class A	3.2%
FTAI Aviation Ltd.	3.0%
Datadog, Inc., Class A	2.9%
Rockwell Automation, Inc.	2.8%
Woodward, Inc.	2.8%
Comfort Systems USA, Inc.	2.7%
Take-Two Interactive Software, Inc.	2.6%
Mercury Systems, Inc.	2.6%
MACOM Technology Solutions Holdings, Inc.	2.5%
Astera Labs, Inc.	2.4%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RSMOX — SAR (6/26)

Victory RS Mid Cap Growth Fund

Class C

Ticker: RMOCX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$112	2.11%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$71,931
Number of Holdings	82
Portfolio Turnover	46%

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

(as of June 30, 2026)

Table Summary
Value	Value
Consumer Staples	1.6%
Energy	3.0%
Communication Services	4.3%
Financials	9.0%
Consumer Discretionary	10.5%
Health Care	12.8%
Industrials^{Footnote Reference**}	27.3%
Information Technology^{Footnote Reference**}	30.6%

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

(as of June 30, 2026)

Table Summary
Cloudflare, Inc., Class A	3.2%
FTAI Aviation Ltd.	3.0%
Datadog, Inc., Class A	2.9%
Rockwell Automation, Inc.	2.8%
Woodward, Inc.	2.8%
Comfort Systems USA, Inc.	2.7%
Take-Two Interactive Software, Inc.	2.6%
Mercury Systems, Inc.	2.6%
MACOM Technology Solutions Holdings, Inc.	2.5%
Astera Labs, Inc.	2.4%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RMOCX — SAR (6/26)

Victory RS Mid Cap Growth Fund

Class R6

Ticker: RMORX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R6	$50	0.94%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$71,931
Number of Holdings	82
Portfolio Turnover	46%

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

(as of June 30, 2026)

Table Summary
Value	Value
Consumer Staples	1.6%
Energy	3.0%
Communication Services	4.3%
Financials	9.0%
Consumer Discretionary	10.5%
Health Care	12.8%
Industrials^{Footnote Reference**}	27.3%
Information Technology^{Footnote Reference**}	30.6%

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

(as of June 30, 2026)

Table Summary
Cloudflare, Inc., Class A	3.2%
FTAI Aviation Ltd.	3.0%
Datadog, Inc., Class A	2.9%
Rockwell Automation, Inc.	2.8%
Woodward, Inc.	2.8%
Comfort Systems USA, Inc.	2.7%
Take-Two Interactive Software, Inc.	2.6%
Mercury Systems, Inc.	2.6%
MACOM Technology Solutions Holdings, Inc.	2.5%
Astera Labs, Inc.	2.4%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RMORX — SAR (6/26)

Victory RS Mid Cap Growth Fund

Class Y

Ticker: RMOYX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$71,931
Number of Holdings	82
Portfolio Turnover	46%

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

(as of June 30, 2026)

Table Summary
Value	Value
Consumer Staples	1.6%
Energy	3.0%
Communication Services	4.3%
Financials	9.0%
Consumer Discretionary	10.5%
Health Care	12.8%
Industrials^{Footnote Reference**}	27.3%
Information Technology^{Footnote Reference**}	30.6%

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

(as of June 30, 2026)

Table Summary
Cloudflare, Inc., Class A	3.2%
FTAI Aviation Ltd.	3.0%
Datadog, Inc., Class A	2.9%
Rockwell Automation, Inc.	2.8%
Woodward, Inc.	2.8%
Comfort Systems USA, Inc.	2.7%
Take-Two Interactive Software, Inc.	2.6%
Mercury Systems, Inc.	2.6%
MACOM Technology Solutions Holdings, Inc.	2.5%
Astera Labs, Inc.	2.4%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RMOYX — SAR (6/26)

Victory RS Mid Cap Growth Fund

Member Class

Ticker: RMOMX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$71,931
Number of Holdings	82
Portfolio Turnover	46%

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

(as of June 30, 2026)

Table Summary
Value	Value
Consumer Staples	1.6%
Energy	3.0%
Communication Services	4.3%
Financials	9.0%
Consumer Discretionary	10.5%
Health Care	12.8%
Industrials^{Footnote Reference**}	27.3%
Information Technology^{Footnote Reference**}	30.6%

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

(as of June 30, 2026)

Table Summary
Cloudflare, Inc., Class A	3.2%
FTAI Aviation Ltd.	3.0%
Datadog, Inc., Class A	2.9%
Rockwell Automation, Inc.	2.8%
Woodward, Inc.	2.8%
Comfort Systems USA, Inc.	2.7%
Take-Two Interactive Software, Inc.	2.6%
Mercury Systems, Inc.	2.6%
MACOM Technology Solutions Holdings, Inc.	2.5%
Astera Labs, Inc.	2.4%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RMOMX — SAR (6/26)

Victory RS Growth Fund

Class A

Ticker: RSGRX

Semi-Annual Shareholder Report — June 30, 2026

The semi-annual shareholder report contains important information about Victory RS Growth Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$386,307
Number of Holdings	54
Portfolio Turnover	20%

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

(as of June 30, 2026)

Table Summary
Value	Value
Energy	0.4%
Consumer Staples	1.7%
Financials	5.7%
Industrials	7.5%
Health Care	8.4%
Consumer Discretionary	10.9%
Communication Services	11.0%
Information Technology^{Footnote Reference**}	54.0%

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

(as of June 30, 2026)

Table Summary
NVIDIA Corp.	14.1%
Apple, Inc.	6.6%
Alphabet, Inc., Class C	6.3%
Amazon.com, Inc.	4.9%
Eli Lilly & Co.	4.5%
Microsoft Corp.	4.5%
Broadcom, Inc.	4.2%
Lam Research Corp.	4.1%
Advanced Micro Devices, Inc.	3.5%
Meta Platforms, Inc., Class A	3.5%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RSGRX — SAR (6/26)

Victory RS Growth Fund

Class C

Ticker: RGWCX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$98	1.93%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$386,307
Number of Holdings	54
Portfolio Turnover	20%

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

(as of June 30, 2026)

Table Summary
Value	Value
Energy	0.4%
Consumer Staples	1.7%
Financials	5.7%
Industrials	7.5%
Health Care	8.4%
Consumer Discretionary	10.9%
Communication Services	11.0%
Information Technology^{Footnote Reference**}	54.0%

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

(as of June 30, 2026)

Table Summary
NVIDIA Corp.	14.1%
Apple, Inc.	6.6%
Alphabet, Inc., Class C	6.3%
Amazon.com, Inc.	4.9%
Eli Lilly & Co.	4.5%
Microsoft Corp.	4.5%
Broadcom, Inc.	4.2%
Lam Research Corp.	4.1%
Advanced Micro Devices, Inc.	3.5%
Meta Platforms, Inc., Class A	3.5%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RGWCX — SAR (6/26)

Victory RS Growth Fund

Class Y

Ticker: RGRYX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$42	0.83%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$386,307
Number of Holdings	54
Portfolio Turnover	20%

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

(as of June 30, 2026)

Table Summary
Value	Value
Energy	0.4%
Consumer Staples	1.7%
Financials	5.7%
Industrials	7.5%
Health Care	8.4%
Consumer Discretionary	10.9%
Communication Services	11.0%
Information Technology^{Footnote Reference**}	54.0%

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

(as of June 30, 2026)

Table Summary
NVIDIA Corp.	14.1%
Apple, Inc.	6.6%
Alphabet, Inc., Class C	6.3%
Amazon.com, Inc.	4.9%
Eli Lilly & Co.	4.5%
Microsoft Corp.	4.5%
Broadcom, Inc.	4.2%
Lam Research Corp.	4.1%
Advanced Micro Devices, Inc.	3.5%
Meta Platforms, Inc., Class A	3.5%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RGRYX — SAR (6/26)

Victory RS Science and Technology Fund

Class A

Ticker: RSIFX

Semi-Annual Shareholder Report — June 30, 2026

The semi-annual shareholder report contains important information about Victory RS Science and Technology Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$80	1.44%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$253,379
Number of Holdings	75
Portfolio Turnover	12%

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

(as of June 30, 2026)

Table Summary
Value	Value
Consumer Staples	0.6%
Financials	1.5%
Consumer Discretionary	4.4%
Communication Services	7.6%
Health Care	21.3%
Information Technology^{Footnote Reference**}	63.5%

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

(as of June 30, 2026)

Table Summary
NVIDIA Corp.	8.7%
Microsoft Corp.	5.0%
AppLovin Corp., Class A	3.8%
Amazon.com, Inc.	3.7%
Meta Platforms, Inc., Class A	3.6%
Guardant Health, Inc.	3.4%
Revolution Medicines, Inc.	2.9%
Lam Research Corp.	2.9%
Monolithic Power Systems, Inc.	2.8%
Semtech Corp.	2.7%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RSIFX — SAR (6/26)

Victory RS Science and Technology Fund

Class C

Ticker: RINCX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$126	2.28%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$253,379
Number of Holdings	75
Portfolio Turnover	12%

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

(as of June 30, 2026)

Table Summary
Value	Value
Consumer Staples	0.6%
Financials	1.5%
Consumer Discretionary	4.4%
Communication Services	7.6%
Health Care	21.3%
Information Technology^{Footnote Reference**}	63.5%

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

(as of June 30, 2026)

Table Summary
NVIDIA Corp.	8.7%
Microsoft Corp.	5.0%
AppLovin Corp., Class A	3.8%
Amazon.com, Inc.	3.7%
Meta Platforms, Inc., Class A	3.6%
Guardant Health, Inc.	3.4%
Revolution Medicines, Inc.	2.9%
Lam Research Corp.	2.9%
Monolithic Power Systems, Inc.	2.8%
Semtech Corp.	2.7%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RINCX — SAR (6/26)

Victory RS Science and Technology Fund

Class Y

Ticker: RIFYX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$69	1.24%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$253,379
Number of Holdings	75
Portfolio Turnover	12%

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

(as of June 30, 2026)

Table Summary
Value	Value
Consumer Staples	0.6%
Financials	1.5%
Consumer Discretionary	4.4%
Communication Services	7.6%
Health Care	21.3%
Information Technology^{Footnote Reference**}	63.5%

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

(as of June 30, 2026)

Table Summary
NVIDIA Corp.	8.7%
Microsoft Corp.	5.0%
AppLovin Corp., Class A	3.8%
Amazon.com, Inc.	3.7%
Meta Platforms, Inc., Class A	3.6%
Guardant Health, Inc.	3.4%
Revolution Medicines, Inc.	2.9%
Lam Research Corp.	2.9%
Monolithic Power Systems, Inc.	2.8%
Semtech Corp.	2.7%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RIFYX — SAR (6/26)

Victory RS International Fund

Class A

Ticker: GUBGX

Semi-Annual Shareholder Report — June 30, 2026

The semi-annual shareholder report contains important information about Victory RS International Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$59	1.13%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$688,280
Number of Holdings	77
Portfolio Turnover	17%

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

(as of June 30, 2026)

Table Summary
Value	Value
Real Estate	2.4%
Energy	3.1%
Utilities	3.5%
Materials	5.8%
Consumer Staples	6.6%
Consumer Discretionary	8.8%
Health Care	10.7%
Information Technology	11.3%
Industrials	20.0%
Financials	24.7%

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

(as of June 30, 2026)

Table Summary
Japan	22.8%
United Kingdom	13.7%
Switzerland	12.5%
France	8.6%
Netherlands	8.6%
Germany	7.9%
Australia	5.5%
Other^{Footnote Reference**}	18.3%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

GUBGX — SAR (6/26)

Victory RS International Fund

Class C

Ticker: RIGCX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$97	1.88%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$688,280
Number of Holdings	77
Portfolio Turnover	17%

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

(as of June 30, 2026)

Table Summary
Value	Value
Real Estate	2.4%
Energy	3.1%
Utilities	3.5%
Materials	5.8%
Consumer Staples	6.6%
Consumer Discretionary	8.8%
Health Care	10.7%
Information Technology	11.3%
Industrials	20.0%
Financials	24.7%

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

(as of June 30, 2026)

Table Summary
Japan	22.8%
United Kingdom	13.7%
Switzerland	12.5%
France	8.6%
Netherlands	8.6%
Germany	7.9%
Australia	5.5%
Other^{Footnote Reference**}	18.3%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RIGCX — SAR (6/26)

Victory RS International Fund

Class R

Ticker: RIGKX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R	$71	1.38%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$688,280
Number of Holdings	77
Portfolio Turnover	17%

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

(as of June 30, 2026)

Table Summary
Value	Value
Real Estate	2.4%
Energy	3.1%
Utilities	3.5%
Materials	5.8%
Consumer Staples	6.6%
Consumer Discretionary	8.8%
Health Care	10.7%
Information Technology	11.3%
Industrials	20.0%
Financials	24.7%

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

(as of June 30, 2026)

Table Summary
Japan	22.8%
United Kingdom	13.7%
Switzerland	12.5%
France	8.6%
Netherlands	8.6%
Germany	7.9%
Australia	5.5%
Other^{Footnote Reference**}	18.3%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RIGKX — SAR (6/26)

Victory RS International Fund

Class R6

Ticker: RSIRX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R6	$43	0.83%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$688,280
Number of Holdings	77
Portfolio Turnover	17%

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

(as of June 30, 2026)

Table Summary
Value	Value
Real Estate	2.4%
Energy	3.1%
Utilities	3.5%
Materials	5.8%
Consumer Staples	6.6%
Consumer Discretionary	8.8%
Health Care	10.7%
Information Technology	11.3%
Industrials	20.0%
Financials	24.7%

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

(as of June 30, 2026)

Table Summary
Japan	22.8%
United Kingdom	13.7%
Switzerland	12.5%
France	8.6%
Netherlands	8.6%
Germany	7.9%
Australia	5.5%
Other^{Footnote Reference**}	18.3%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RSIRX — SAR (6/26)

Victory RS International Fund

Class Y

Ticker: RSIGX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$46	0.88%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$688,280
Number of Holdings	77
Portfolio Turnover	17%

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

(as of June 30, 2026)

Table Summary
Value	Value
Real Estate	2.4%
Energy	3.1%
Utilities	3.5%
Materials	5.8%
Consumer Staples	6.6%
Consumer Discretionary	8.8%
Health Care	10.7%
Information Technology	11.3%
Industrials	20.0%
Financials	24.7%

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

(as of June 30, 2026)

Table Summary
Japan	22.8%
United Kingdom	13.7%
Switzerland	12.5%
France	8.6%
Netherlands	8.6%
Germany	7.9%
Australia	5.5%
Other^{Footnote Reference**}	18.3%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RSIGX — SAR (6/26)

Victory RS Global Fund

Class A

Ticker: RSGGX

Semi-Annual Shareholder Report — June 30, 2026

The semi-annual shareholder report contains important information about Victory RS Global Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$45	0.85%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$1,987,144
Number of Holdings	99
Portfolio Turnover	15%

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

(as of June 30, 2026)

Table Summary
Value	Value
Utilities	2.6%
Materials	3.0%
Energy	3.0%
Consumer Staples	4.2%
Communication Services	6.7%
Health Care	8.2%
Industrials	9.2%
Consumer Discretionary	10.6%
Financials	17.0%
Information Technology	30.1%

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

(as of June 30, 2026)

Table Summary
NVIDIA Corp.	4.9%
Apple, Inc.	4.4%
Alphabet, Inc., Class C	3.8%
Microsoft Corp.	3.0%
Taiwan Semiconductor Manufacturing Co. Ltd.	2.9%
Micron Technology, Inc.	2.2%
Amazon.com, Inc.	2.1%
Caterpillar, Inc.	2.1%
Eli Lilly & Co.	1.9%
Fortinet, Inc.	1.6%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RSGGX — SAR (6/26)

Victory RS Global Fund

Class C

Ticker: RGGCX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$84	1.60%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$1,987,144
Number of Holdings	99
Portfolio Turnover	15%

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

(as of June 30, 2026)

Table Summary
Value	Value
Utilities	2.6%
Materials	3.0%
Energy	3.0%
Consumer Staples	4.2%
Communication Services	6.7%
Health Care	8.2%
Industrials	9.2%
Consumer Discretionary	10.6%
Financials	17.0%
Information Technology	30.1%

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

(as of June 30, 2026)

Table Summary
NVIDIA Corp.	4.9%
Apple, Inc.	4.4%
Alphabet, Inc., Class C	3.8%
Microsoft Corp.	3.0%
Taiwan Semiconductor Manufacturing Co. Ltd.	2.9%
Micron Technology, Inc.	2.2%
Amazon.com, Inc.	2.1%
Caterpillar, Inc.	2.1%
Eli Lilly & Co.	1.9%
Fortinet, Inc.	1.6%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RGGCX — SAR (6/26)

Victory RS Global Fund

Class R

Ticker: RGGKX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R	$58	1.10%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$1,987,144
Number of Holdings	99
Portfolio Turnover	15%

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

(as of June 30, 2026)

Table Summary
Value	Value
Utilities	2.6%
Materials	3.0%
Energy	3.0%
Consumer Staples	4.2%
Communication Services	6.7%
Health Care	8.2%
Industrials	9.2%
Consumer Discretionary	10.6%
Financials	17.0%
Information Technology	30.1%

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

(as of June 30, 2026)

Table Summary
NVIDIA Corp.	4.9%
Apple, Inc.	4.4%
Alphabet, Inc., Class C	3.8%
Microsoft Corp.	3.0%
Taiwan Semiconductor Manufacturing Co. Ltd.	2.9%
Micron Technology, Inc.	2.2%
Amazon.com, Inc.	2.1%
Caterpillar, Inc.	2.1%
Eli Lilly & Co.	1.9%
Fortinet, Inc.	1.6%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RGGKX — SAR (6/26)

Victory RS Global Fund

Class R6

Ticker: RGGRX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R6	$29	0.55%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$1,987,144
Number of Holdings	99
Portfolio Turnover	15%

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

(as of June 30, 2026)

Table Summary
Value	Value
Utilities	2.6%
Materials	3.0%
Energy	3.0%
Consumer Staples	4.2%
Communication Services	6.7%
Health Care	8.2%
Industrials	9.2%
Consumer Discretionary	10.6%
Financials	17.0%
Information Technology	30.1%

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

(as of June 30, 2026)

Table Summary
NVIDIA Corp.	4.9%
Apple, Inc.	4.4%
Alphabet, Inc., Class C	3.8%
Microsoft Corp.	3.0%
Taiwan Semiconductor Manufacturing Co. Ltd.	2.9%
Micron Technology, Inc.	2.2%
Amazon.com, Inc.	2.1%
Caterpillar, Inc.	2.1%
Eli Lilly & Co.	1.9%
Fortinet, Inc.	1.6%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RGGRX — SAR (6/26)

Victory RS Global Fund

Class Y

Ticker: RGGYX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$1,987,144
Number of Holdings	99
Portfolio Turnover	15%

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

(as of June 30, 2026)

Table Summary
Value	Value
Utilities	2.6%
Materials	3.0%
Energy	3.0%
Consumer Staples	4.2%
Communication Services	6.7%
Health Care	8.2%
Industrials	9.2%
Consumer Discretionary	10.6%
Financials	17.0%
Information Technology	30.1%

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

(as of June 30, 2026)

Table Summary
NVIDIA Corp.	4.9%
Apple, Inc.	4.4%
Alphabet, Inc., Class C	3.8%
Microsoft Corp.	3.0%
Taiwan Semiconductor Manufacturing Co. Ltd.	2.9%
Micron Technology, Inc.	2.2%
Amazon.com, Inc.	2.1%
Caterpillar, Inc.	2.1%
Eli Lilly & Co.	1.9%
Fortinet, Inc.	1.6%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RGGYX — SAR (6/26)

Victory Low Duration Bond Fund

Class A

Ticker: RLDAX

Semi-Annual Shareholder Report — June 30, 2026

The semi-annual shareholder report contains important information about Victory Low Duration Bond Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$42	0.85%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$82,688
Number of Holdings	259
Portfolio Turnover	11%

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

(as of June 30, 2026)

Table Summary
Value	Value
Corporate Bonds	32.2%
Asset-Backed Securities	23.8%
Yankee Dollars	14.5%
U.S. Treasury Obligations	11.3%
Collateralized Mortgage Obligations	9.3%
U.S. Government Agency Mortgages	3.1%
Municipal Bonds	1.6%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RLDAX — SAR (6/26)

Victory Low Duration Bond Fund

Class C

Ticker: RLDCX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$81	1.62%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$82,688
Number of Holdings	259
Portfolio Turnover	11%

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

(as of June 30, 2026)

Table Summary
Value	Value
Corporate Bonds	32.2%
Asset-Backed Securities	23.8%
Yankee Dollars	14.5%
U.S. Treasury Obligations	11.3%
Collateralized Mortgage Obligations	9.3%
U.S. Government Agency Mortgages	3.1%
Municipal Bonds	1.6%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RLDCX — SAR (6/26)

Victory Low Duration Bond Fund

Class Y

Ticker: RSDYX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$31	0.62%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$82,688
Number of Holdings	259
Portfolio Turnover	11%

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

(as of June 30, 2026)

Table Summary
Value	Value
Corporate Bonds	32.2%
Asset-Backed Securities	23.8%
Yankee Dollars	14.5%
U.S. Treasury Obligations	11.3%
Collateralized Mortgage Obligations	9.3%
U.S. Government Agency Mortgages	3.1%
Municipal Bonds	1.6%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RSDYX — SAR (6/26)

Victory High Yield Fund

Class A

Ticker: GUHYX

Semi-Annual Shareholder Report — June 30, 2026

The semi-annual shareholder report contains important information about Victory High Yield Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$50	1.00%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$114,311
Number of Holdings	413
Portfolio Turnover	44%

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

(as of June 30, 2026)

Table Summary
Value	Value
Corporate Bonds	61.7%
Yankee Dollars	18.1%
Senior Secured Loans	5.7%
Other^{Footnote Reference**}	1.9%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

GUHYX — SAR (6/26)

Victory High Yield Fund

Class C

Ticker: RHYCX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$85	1.70%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$114,311
Number of Holdings	413
Portfolio Turnover	44%

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

(as of June 30, 2026)

Table Summary
Value	Value
Corporate Bonds	61.7%
Yankee Dollars	18.1%
Senior Secured Loans	5.7%
Other^{Footnote Reference**}	1.9%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RHYCX — SAR (6/26)

Victory High Yield Fund

Class R

Ticker: RHYKX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R	$67	1.35%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$114,311
Number of Holdings	413
Portfolio Turnover	44%

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

(as of June 30, 2026)

Table Summary
Value	Value
Corporate Bonds	61.7%
Yankee Dollars	18.1%
Senior Secured Loans	5.7%
Other^{Footnote Reference**}	1.9%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RHYKX — SAR (6/26)

Victory High Yield Fund

Class Y

Ticker: RSYYX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$38	0.76%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$114,311
Number of Holdings	413
Portfolio Turnover	44%

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

(as of June 30, 2026)

Table Summary
Value	Value
Corporate Bonds	61.7%
Yankee Dollars	18.1%
Senior Secured Loans	5.7%
Other^{Footnote Reference**}	1.9%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RSYYX — SAR (6/26)

Victory Floating Rate Fund

Class A

Ticker: RSFLX

Semi-Annual Shareholder Report — June 30, 2026

The semi-annual shareholder report contains important information about Victory Floating Rate Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$50	1.00%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$342,276
Number of Holdings	208
Portfolio Turnover	16%

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

(as of June 30, 2026)

Table Summary
Value	Value
Real Estate	0.9%
Utilities	1.0%
Energy	2.6%
Materials	2.9%
Information Technology	4.5%
Communication Services	6.0%
Consumer Discretionary	7.6%
Health Care	13.1%
Industrials	15.2%
Financials^{Footnote Reference**}	30.2%

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

(as of June 30, 2026)

Table Summary
LifePoint Health, Inc., Term Loan B, First Lien, 7.42% (SOFR03M+375bps), 5/19/31	4.6%
State Street Blackstone Senior Loan ETF	3.2%
Invesco Senior Loan ETF	3.0%
Air Methods Corp.	2.9%
LS Group OpCo. Acquisition LLC, Term Loan B, First Lien, 6.17% (SOFR03M+250bps), 4/23/31	1.3%
Traverse Midstream Partners LLC, Term Loan B, First Lien, 6.16% (SOFR03M+250bps), 2/16/28	1.2%
Gainwell Acquisition Corp., Term B Loan, First Lien, 7.83% (SOFR03M+410bps), 10/1/27	1.1%
Cengage Learning, Inc., Existing Term Loan, First Lien, 6.64% (SOFR03M+600bps), 3/24/31	1.1%
Innio North America Holding, Inc., 5.15% (SOFR03M+150bps), 11/2/31	1.0%
Ineos Finance PLC, 2030 Dollar Term Loans, First Lien, 6.89% (SOFR01M+325bps), 2/16/30	1.0%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RSFLX — SAR (6/26)

Victory Floating Rate Fund

Class C

Ticker: RSFCX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$91	1.80%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$342,276
Number of Holdings	208
Portfolio Turnover	16%

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

(as of June 30, 2026)

Table Summary
Value	Value
Real Estate	0.9%
Utilities	1.0%
Energy	2.6%
Materials	2.9%
Information Technology	4.5%
Communication Services	6.0%
Consumer Discretionary	7.6%
Health Care	13.1%
Industrials	15.2%
Financials^{Footnote Reference**}	30.2%

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

(as of June 30, 2026)

Table Summary
LifePoint Health, Inc., Term Loan B, First Lien, 7.42% (SOFR03M+375bps), 5/19/31	4.6%
State Street Blackstone Senior Loan ETF	3.2%
Invesco Senior Loan ETF	3.0%
Air Methods Corp.	2.9%
LS Group OpCo. Acquisition LLC, Term Loan B, First Lien, 6.17% (SOFR03M+250bps), 4/23/31	1.3%
Traverse Midstream Partners LLC, Term Loan B, First Lien, 6.16% (SOFR03M+250bps), 2/16/28	1.2%
Gainwell Acquisition Corp., Term B Loan, First Lien, 7.83% (SOFR03M+410bps), 10/1/27	1.1%
Cengage Learning, Inc., Existing Term Loan, First Lien, 6.64% (SOFR03M+600bps), 3/24/31	1.1%
Innio North America Holding, Inc., 5.15% (SOFR03M+150bps), 11/2/31	1.0%
Ineos Finance PLC, 2030 Dollar Term Loans, First Lien, 6.89% (SOFR01M+325bps), 2/16/30	1.0%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RSFCX — SAR (6/26)

Victory Floating Rate Fund

Class Y

Ticker: RSFYX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$342,276
Number of Holdings	208
Portfolio Turnover	16%

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

(as of June 30, 2026)

Table Summary
Value	Value
Real Estate	0.9%
Utilities	1.0%
Energy	2.6%
Materials	2.9%
Information Technology	4.5%
Communication Services	6.0%
Consumer Discretionary	7.6%
Health Care	13.1%
Industrials	15.2%
Financials^{Footnote Reference**}	30.2%

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

(as of June 30, 2026)

Table Summary
LifePoint Health, Inc., Term Loan B, First Lien, 7.42% (SOFR03M+375bps), 5/19/31	4.6%
State Street Blackstone Senior Loan ETF	3.2%
Invesco Senior Loan ETF	3.0%
Air Methods Corp.	2.9%
LS Group OpCo. Acquisition LLC, Term Loan B, First Lien, 6.17% (SOFR03M+250bps), 4/23/31	1.3%
Traverse Midstream Partners LLC, Term Loan B, First Lien, 6.16% (SOFR03M+250bps), 2/16/28	1.2%
Gainwell Acquisition Corp., Term B Loan, First Lien, 7.83% (SOFR03M+410bps), 10/1/27	1.1%
Cengage Learning, Inc., Existing Term Loan, First Lien, 6.64% (SOFR03M+600bps), 3/24/31	1.1%
Innio North America Holding, Inc., 5.15% (SOFR03M+150bps), 11/2/31	1.0%
Ineos Finance PLC, 2030 Dollar Term Loans, First Lien, 6.89% (SOFR01M+325bps), 2/16/30	1.0%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RSFYX — SAR (6/26)

Victory Floating Rate Fund

Member Class

Ticker: RSFMX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Member Class	$43	0.85%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$342,276
Number of Holdings	208
Portfolio Turnover	16%

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

(as of June 30, 2026)

Table Summary
Value	Value
Real Estate	0.9%
Utilities	1.0%
Energy	2.6%
Materials	2.9%
Information Technology	4.5%
Communication Services	6.0%
Consumer Discretionary	7.6%
Health Care	13.1%
Industrials	15.2%
Financials^{Footnote Reference**}	30.2%

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

(as of June 30, 2026)

Table Summary
LifePoint Health, Inc., Term Loan B, First Lien, 7.42% (SOFR03M+375bps), 5/19/31	4.6%
State Street Blackstone Senior Loan ETF	3.2%
Invesco Senior Loan ETF	3.0%
Air Methods Corp.	2.9%
LS Group OpCo. Acquisition LLC, Term Loan B, First Lien, 6.17% (SOFR03M+250bps), 4/23/31	1.3%
Traverse Midstream Partners LLC, Term Loan B, First Lien, 6.16% (SOFR03M+250bps), 2/16/28	1.2%
Gainwell Acquisition Corp., Term B Loan, First Lien, 7.83% (SOFR03M+410bps), 10/1/27	1.1%
Cengage Learning, Inc., Existing Term Loan, First Lien, 6.64% (SOFR03M+600bps), 3/24/31	1.1%
Innio North America Holding, Inc., 5.15% (SOFR03M+150bps), 11/2/31	1.0%
Ineos Finance PLC, 2030 Dollar Term Loans, First Lien, 6.89% (SOFR01M+325bps), 2/16/30	1.0%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

RSFMX — SAR (6/26)

UNITED STATES

FORM N-CSR

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

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

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

(as of June 30, 2026)

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

(as of June 30, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

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

(as of June 30, 2026)

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

(as of June 30, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

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

(as of June 30, 2026)

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

(as of June 30, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

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

(as of June 30, 2026)

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

(as of June 30, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

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

(as of June 30, 2026)

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

(as of June 30, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

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

(as of June 30, 2026)

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

(as of June 30, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

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

(as of June 30, 2026)

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

(as of June 30, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

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

(as of June 30, 2026)

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

(as of June 30, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

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

(as of June 30, 2026)

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}