Victory RS Partners Fund

Class A

Ticker: RSPFX

Annual shareholder report — December 31, 2024

The annual shareholder report contains important information about Victory RS Partners Fund (the "Fund") for the period of January 1, 2024 to December 31, 2024, as well as certain changes to the Fund. 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 year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$143	1.33%

What affected the Fund’s performance during the period?

Top contributors to performance:

In 2024, strong performance from stock selection in the financials, consumer discretionary, and industrials aided relative positive performance.
Within the financials sector, the Fund benefited from strong performance in both insurance companies and in banks.
Within the insurance sector, the Fund benefited from its holding in Kemper Corp., a U.S. insurer that primarily writes personal auto insurance. The company has benefited from increased industry pricing over the last several years.
In the consumer discretionary, despite a challenging year for the consumer, we were able to find compelling opportunities. Modine Manufacturing Co., the supplier of HVAC parts, performed well as new management continued to execute a returns focused strategy.
In the industrials sector, strong performance from names that are beneficiaries from infrastructure spending contributed to relative positive performance.

Top detractors from performance:

The Fund was negatively impacted by holdings in the materials sector, which was largely driven by underperformance from its holding of Constellium SE. The manufacturer of aluminum products saw weakness in demand in its aerospace and automotive businesses.

Holdings are subject to change. There is no guarantee that securities mentioned remain in or out of the Fund.

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

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 5.75% for Class A. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory RS Partners Fund Class A @ NAV - $24,013	Victory RS Partners Fund Class A @ MOP - $22,629	Russell 3000^® Index (regulatory broad based index) - $32,604	Russell 2000^® Value Index - $19,934
12/14	$10,000	$9,424	$10,000	$10,000
12/15	$8,926	$8,412	$10,048	$9,253
12/16	$11,072	$10,434	$11,327	$12,190
12/17	$12,645	$11,917	$13,721	$13,146
12/18	$11,123	$10,482	$13,002	$11,455
12/19	$14,537	$13,699	$17,035	$14,020
12/20	$14,604	$13,762	$20,593	$14,669
12/21	$18,924	$17,834	$25,877	$18,816
12/22	$18,066	$17,025	$20,907	$16,091
12/23	$20,894	$19,690	$26,334	$18,448
12/24	$24,013	$22,629	$32,604	$19,934

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class A @ NAV	14.93%	10.56%	9.16%
Class A @ MOP	8.32%	9.26%	8.51%
Russell 3000^®Index^{Footnote Reference1}	23.81%	13.86%	12.55%
Russell 2000^® Value Index^{Footnote Reference2}	8.05%	7.29%	7.14%

Footnote	Description
Footnote¹	The unmanaged Russell 3000^® Index is a market-capitalization-weighted index that measures the performance of the 3,000 largest U.S. stocks by market capitalization and covers 98% of the investable U.S. equity universe.
Footnote²	The unmanaged Russell 2000^® Value Index is a market-capitalization-weighted index that measures the performance of those companies in the Russell 2000^® Index with lower price-to-book ratios and lower forecasted growth values.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$544,687
Number of Holdings	63
Investment Advisory Fees	$4,134
Portfolio Turnover	48%

The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost.

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

Value	Value
Consumer Staples	3.9%
Utilities	3.9%
Health Care	4.2%
Information Technology	5.4%
Materials	6.3%
Energy	7.5%
Real Estate	8.4%
Industrials	10.6%
Consumer Discretionary	10.6%
Financials^{Footnote Reference**}	33.9%

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

UMB Financial Corp.	3.6%
Old National Bancorp	3.2%
Globe Life, Inc.	3.0%
Prosperity Bancshares, Inc.	2.8%
Ameris Bancorp	2.8%
Howard Hughes Holdings, Inc.	2.6%
Gates Industrial Corp. PLC	2.5%
SouthState Corp.	2.5%
Northern Oil & Gas, Inc.	2.2%
Nomad Foods Ltd.	2.2%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSPFX — AR (12/24)

Victory RS Partners Fund

Class R

Ticker: RSPKX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class R	$181	1.69%

What affected the Fund’s performance during the period?

Top contributors to performance:

In 2024, strong performance from stock selection in the financials, consumer discretionary, and industrials aided relative positive performance.
Within the financials sector, the Fund benefited from strong performance in both insurance companies and in banks.
Within the insurance sector, the Fund benefited from its holding in Kemper Corp., a U.S. insurer that primarily writes personal auto insurance. The company has benefited from increased industry pricing over the last several years.
In the consumer discretionary, despite a challenging year for the consumer, we were able to find compelling opportunities. Modine Manufacturing Co., the supplier of HVAC parts, performed well as new management continued to execute a returns focused strategy.
In the industrials sector, strong performance from names that are beneficiaries from infrastructure spending contributed to relative positive performance.

Top detractors from performance:

The Fund was negatively impacted by holdings in the materials sector, which was largely driven by underperformance from its holding of Constellium SE. The manufacturer of aluminum products saw weakness in demand in its aerospace and automotive businesses.

Holdings are subject to change. There is no guarantee that securities mentioned remain in or out of the Fund.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory RS Partners Fund Class R - $23,156	Russell 3000^® Index (regulatory broad based index) - $32,604	Russell 2000^® Value Index - $19,934
12/14	$10,000	$10,000	$10,000
12/15	$8,891	$10,048	$9,253
12/16	$10,992	$11,327	$12,190
12/17	$12,510	$13,721	$13,146
12/18	$10,960	$13,002	$11,455
12/19	$14,277	$17,035	$14,020
12/20	$14,285	$20,593	$14,669
12/21	$18,449	$25,877	$18,816
12/22	$17,553	$20,907	$16,091
12/23	$20,220	$26,334	$18,448
12/24	$23,156	$32,604	$19,934

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class R	14.52%	10.16%	8.76%
Russell 3000^®Index^{Footnote Reference1}	23.81%	13.86%	12.55%
Russell 2000^® Value Index^{Footnote Reference2}	8.05%	7.29%	7.14%

Footnote	Description
Footnote¹	The unmanaged Russell 3000^® Index is a market-capitalization-weighted index that measures the performance of the 3,000 largest U.S. stocks by market capitalization and covers 98% of the investable U.S. equity universe.
Footnote²	The unmanaged Russell 2000^® Value Index is a market-capitalization-weighted index that measures the performance of those companies in the Russell 2000^® Index with lower price-to-book ratios and lower forecasted growth values.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$544,687
Number of Holdings	63
Investment Advisory Fees	$4,134
Portfolio Turnover	48%

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

Value	Value
Consumer Staples	3.9%
Utilities	3.9%
Health Care	4.2%
Information Technology	5.4%
Materials	6.3%
Energy	7.5%
Real Estate	8.4%
Industrials	10.6%
Consumer Discretionary	10.6%
Financials^{Footnote Reference**}	33.9%

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

UMB Financial Corp.	3.6%
Old National Bancorp	3.2%
Globe Life, Inc.	3.0%
Prosperity Bancshares, Inc.	2.8%
Ameris Bancorp	2.8%
Howard Hughes Holdings, Inc.	2.6%
Gates Industrial Corp. PLC	2.5%
SouthState Corp.	2.5%
Northern Oil & Gas, Inc.	2.2%
Nomad Foods Ltd.	2.2%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSPKX — AR (12/24)

Victory RS Partners Fund

Class R6

Ticker: RPPRX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class R6	$96	0.89%

What affected the Fund’s performance during the period?

Top contributors to performance:

In 2024, strong performance from stock selection in the financials, consumer discretionary, and industrials aided relative positive performance.
Within the financials sector, the Fund benefited from strong performance in both insurance companies and in banks.
Within the insurance sector, the Fund benefited from its holding in Kemper Corp., a U.S. insurer that primarily writes personal auto insurance. The company has benefited from increased industry pricing over the last several years.
In the consumer discretionary, despite a challenging year for the consumer, we were able to find compelling opportunities. Modine Manufacturing Co., the supplier of HVAC parts, performed well as new management continued to execute a returns focused strategy.
In the industrials sector, strong performance from names that are beneficiaries from infrastructure spending contributed to relative positive performance.

Top detractors from performance:

The Fund was negatively impacted by holdings in the materials sector, which was largely driven by underperformance from its holding of Constellium SE. The manufacturer of aluminum products saw weakness in demand in its aerospace and automotive businesses.

Holdings are subject to change. There is no guarantee that securities mentioned remain in or out of the Fund.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory RS Partners Fund Class R6 - $13,392	Russell 3000^® Index (regulatory broad based index) - $14,197	Russell 2000^® Value Index - $12,922
6/23^{Footnote Reference*}	$10,000	$10,000	$10,000
6/23	$10,667	$10,576	$10,692
9/23	$10,445	$10,232	$10,376
12/23	$11,600	$11,467	$11,959
3/24	$12,718	$12,616	$12,306
6/24	$11,988	$13,022	$11,857
9/24	$13,365	$13,833	$13,061
12/24	$13,392	$14,197	$12,922

Footnote	Description
Footnote^*	Inception date for the Victory RS Partners Fund, Class R6 is 6/2/2023.

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	Since Inception
Class R6	15.44%^{Footnote Reference}	20.25%^{Footnote Reference}
Russell 3000^®Index^{Footnote Reference1}	23.81%	24.77%
Russell 2000^® Value Index^{Footnote Reference2}	8.05%	17.57%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged Russell 3000^® Index is a market-capitalization-weighted index that measures the performance of the 3,000 largest U.S. stocks by market capitalization and covers 98% of the investable U.S. equity universe.
Footnote²	The unmanaged Russell 2000^® Value Index is a market-capitalization-weighted index that measures the performance of those companies in the Russell 2000^® Index with lower price-to-book ratios and lower forecasted growth values.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$544,687
Number of Holdings	63
Investment Advisory Fees	$4,134
Portfolio Turnover	48%

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

Value	Value
Consumer Staples	3.9%
Utilities	3.9%
Health Care	4.2%
Information Technology	5.4%
Materials	6.3%
Energy	7.5%
Real Estate	8.4%
Industrials	10.6%
Consumer Discretionary	10.6%
Financials^{Footnote Reference**}	33.9%

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

UMB Financial Corp.	3.6%
Old National Bancorp	3.2%
Globe Life, Inc.	3.0%
Prosperity Bancshares, Inc.	2.8%
Ameris Bancorp	2.8%
Howard Hughes Holdings, Inc.	2.6%
Gates Industrial Corp. PLC	2.5%
SouthState Corp.	2.5%
Northern Oil & Gas, Inc.	2.2%
Nomad Foods Ltd.	2.2%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RPPRX — AR (12/24)

Victory RS Partners Fund

Class Y

Ticker: RSPYX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$101	0.94%

What affected the Fund’s performance during the period?

Top contributors to performance:

In 2024, strong performance from stock selection in the financials, consumer discretionary, and industrials aided relative positive performance.
Within the financials sector, the Fund benefited from strong performance in both insurance companies and in banks.
Within the insurance sector, the Fund benefited from its holding in Kemper Corp., a U.S. insurer that primarily writes personal auto insurance. The company has benefited from increased industry pricing over the last several years.
In the consumer discretionary, despite a challenging year for the consumer, we were able to find compelling opportunities. Modine Manufacturing Co., the supplier of HVAC parts, performed well as new management continued to execute a returns focused strategy.
In the industrials sector, strong performance from names that are beneficiaries from infrastructure spending contributed to relative positive performance.

Top detractors from performance:

The Fund was negatively impacted by holdings in the materials sector, which was largely driven by underperformance from its holding of Constellium SE. The manufacturer of aluminum products saw weakness in demand in its aerospace and automotive businesses.

Holdings are subject to change. There is no guarantee that securities mentioned remain in or out of the Fund.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory RS Partners Fund Class Y - $24,830	Russell 3000^® Index (regulatory broad based index) - $32,604	Russell 2000^® Value Index - $19,934
12/14	$10,000	$10,000	$10,000
12/15	$8,953	$10,048	$9,253
12/16	$11,138	$11,327	$12,190
12/17	$12,763	$13,721	$13,146
12/18	$11,261	$13,002	$11,455
12/19	$14,772	$17,035	$14,020
12/20	$14,887	$20,593	$14,669
12/21	$19,358	$25,877	$18,816
12/22	$18,538	$20,907	$16,091
12/23	$21,517	$26,334	$18,448
12/24	$24,830	$32,604	$19,934

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class Y	15.40%^{Footnote Reference}	10.94%	9.52%
Russell 3000^®Index^{Footnote Reference1}	23.81%	13.86%	12.55%
Russell 2000^® Value Index^{Footnote Reference2}	8.05%	7.29%	7.14%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged Russell 3000^® Index is a market-capitalization-weighted index that measures the performance of the 3,000 largest U.S. stocks by market capitalization and covers 98% of the investable U.S. equity universe.
Footnote²	The unmanaged Russell 2000^® Value Index is a market-capitalization-weighted index that measures the performance of those companies in the Russell 2000^® Index with lower price-to-book ratios and lower forecasted growth values.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$544,687
Number of Holdings	63
Investment Advisory Fees	$4,134
Portfolio Turnover	48%

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

Value	Value
Consumer Staples	3.9%
Utilities	3.9%
Health Care	4.2%
Information Technology	5.4%
Materials	6.3%
Energy	7.5%
Real Estate	8.4%
Industrials	10.6%
Consumer Discretionary	10.6%
Financials^{Footnote Reference**}	33.9%

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

UMB Financial Corp.	3.6%
Old National Bancorp	3.2%
Globe Life, Inc.	3.0%
Prosperity Bancshares, Inc.	2.8%
Ameris Bancorp	2.8%
Howard Hughes Holdings, Inc.	2.6%
Gates Industrial Corp. PLC	2.5%
SouthState Corp.	2.5%
Northern Oil & Gas, Inc.	2.2%
Nomad Foods Ltd.	2.2%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSPYX — AR (12/24)

Victory RS Partners Fund

Member Class

Ticker: RSPMX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Member Class	$122	1.13%

What affected the Fund’s performance during the period?

Top contributors to performance:

In 2024, strong performance from stock selection in the financials, consumer discretionary, and industrials aided relative positive performance.
Within the financials sector, the Fund benefited from strong performance in both insurance companies and in banks.
Within the insurance sector, the Fund benefited from its holding in Kemper Corp., a U.S. insurer that primarily writes personal auto insurance. The company has benefited from increased industry pricing over the last several years.
In the consumer discretionary, despite a challenging year for the consumer, we were able to find compelling opportunities. Modine Manufacturing Co., the supplier of HVAC parts, performed well as new management continued to execute a returns focused strategy.
In the industrials sector, strong performance from names that are beneficiaries from infrastructure spending contributed to relative positive performance.

Top detractors from performance:

The Fund was negatively impacted by holdings in the materials sector, which was largely driven by underperformance from its holding of Constellium SE. The manufacturer of aluminum products saw weakness in demand in its aerospace and automotive businesses.

Holdings are subject to change. There is no guarantee that securities mentioned remain in or out of the Fund.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory RS Partners Fund Member Class - $20,768	Russell 3000^® Index (regulatory broad based index) - $18,329	Russell 2000^® Value Index - $17,073
11/20^{Footnote Reference*}	$10,000	$10,000	$10,000
12/20	$12,522	$11,577	$12,564
12/21	$16,265	$14,548	$16,116
12/22	$15,556	$11,754	$13,782
12/23	$18,031	$14,804	$15,800
12/24	$20,768	$18,329	$17,073

Footnote	Description
Footnote^*	Inception date for the Victory RS Partners Fund, Member Class is 11/3/2020.

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	Since Inception
Member Class	15.18%^{Footnote Reference}	19.20%^{Footnote Reference}
Russell 3000^®Index^{Footnote Reference1}	23.81%	15.67%
Russell 2000^® Value Index^{Footnote Reference2}	8.05%	13.72%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged Russell 3000^® Index is a market-capitalization-weighted index that measures the performance of the 3,000 largest U.S. stocks by market capitalization and covers 98% of the investable U.S. equity universe.
Footnote²	The unmanaged Russell 2000^® Value Index is a market-capitalization-weighted index that measures the performance of those companies in the Russell 2000^® Index with lower price-to-book ratios and lower forecasted growth values.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$544,687
Number of Holdings	63
Investment Advisory Fees	$4,134
Portfolio Turnover	48%

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

Value	Value
Consumer Staples	3.9%
Utilities	3.9%
Health Care	4.2%
Information Technology	5.4%
Materials	6.3%
Energy	7.5%
Real Estate	8.4%
Industrials	10.6%
Consumer Discretionary	10.6%
Financials^{Footnote Reference**}	33.9%

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

UMB Financial Corp.	3.6%
Old National Bancorp	3.2%
Globe Life, Inc.	3.0%
Prosperity Bancshares, Inc.	2.8%
Ameris Bancorp	2.8%
Howard Hughes Holdings, Inc.	2.6%
Gates Industrial Corp. PLC	2.5%
SouthState Corp.	2.5%
Northern Oil & Gas, Inc.	2.2%
Nomad Foods Ltd.	2.2%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSPMX — AR (12/24)

Victory RS Value Fund

Class A

Ticker: RSVAX

Annual shareholder report — December 31, 2024

The annual shareholder report contains important information about Victory RS Value Fund (the "Fund") for the period of January 1, 2024 to December 31, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us. This report describes changes to the Fund that occurred during the period.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$138	1.30%

What affected the Fund’s performance during the period?

Top contributors to performance:

The Fund modestly underperformed the Russell Midcap^® Value Index during 2024, despite generating strong stock performance from the communication services and utilities sectors.

Top detractors from performance:

Cyclical headwinds in the automotive, agriculture, and health care sectors pressured shares of several names in the portfolio.
In the automotive sector, higher cost of ownership through higher sticker prices and higher interest rates muted sales.
In the agriculture sector, lower crop prices and stubbornly high input prices have led to lower profit margins for farmers.
In the health care sector, an excess supply of lab space impacted the demand for medical office real estate.

In total, these near-term cyclical pressures have not changed our longer-term outlook for investments in these sectors.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 5.75% for Class A. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory RS Value Fund Class A @ NAV - $20,873	Victory RS Value Fund Class A @ MOP - $19,670	Russell 1000^® Index (regulatory broad based index) - $33,560	Russell Midcap^® Value Index - $21,798
12/14	$10,000	$9,424	$10,000	$10,000
12/15	$9,382	$8,842	$10,092	$9,522
12/16	$10,407	$9,807	$11,308	$11,426
12/17	$12,218	$11,515	$13,761	$12,951
12/18	$10,905	$10,277	$13,102	$11,359
12/19	$14,324	$13,498	$17,220	$14,433
12/20	$13,952	$13,149	$20,830	$15,150
12/21	$17,763	$16,740	$26,340	$19,443
12/22	$17,235	$16,242	$21,302	$17,104
12/23	$18,532	$17,464	$26,953	$19,278
12/24	$20,873	$19,670	$33,560	$21,798

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class A @ NAV	12.63%	7.82%	7.64%
Class A @ MOP	6.15%	6.55%	7.00%
Russell 1000^®Index^{Footnote Reference1}	24.51%	14.28%	12.87%
Russell Midcap^® Value Index^{Footnote Reference2}	13.07%	8.59%	8.10%

Footnote	Description
Footnote¹	The unmanaged Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe.
Footnote²	The unmanaged Russell Midcap^® Value Index is a market-capitalization-weighted index that measures the performance of Russell Midcap^® Index companies with relatively lower price-to-book ratios and lower forecasted growth.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$275,432
Number of Holdings	61
Investment Advisory Fees	$2,411
Portfolio Turnover	39%

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

Value	Value
Materials	4.6%
Energy	5.1%
Utilities	5.9%
Consumer Discretionary	6.2%
Real Estate	6.8%
Consumer Staples	6.8%
Health Care	7.3%
Information Technology	9.4%
Industrials	18.0%
Financials	23.7%

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

Globe Life, Inc.	3.8%
U.S. Foods Holding Corp.	2.7%
KeyCorp	2.7%
Cboe Global Markets, Inc.	2.7%
Teva Pharmaceutical Industries Ltd., ADR	2.5%
SS&C Technologies Holdings, Inc.	2.5%
Littelfuse, Inc.	2.5%
Trimble, Inc.	2.4%
First American Financial Corp.	2.2%
Nomad Foods Ltd.	2.1%

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

Material Fund Changes

Effective March 29, 2024the Fund's Class R shares converted to Class A shares. For more complete information, you may review the Fund's prospectus, issued May 1, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSVAX — AR (12/24)

Victory RS Value Fund

Class C

Ticker: RVACX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class C	$219	2.07%

What affected the Fund’s performance during the period?

Top contributors to performance:

The Fund modestly underperformed the Russell Midcap^® Value Index during 2024, despite generating strong stock performance from the communication services and utilities sectors.

Top detractors from performance:

Cyclical headwinds in the automotive, agriculture, and health care sectors pressured shares of several names in the portfolio.
In the automotive sector, higher cost of ownership through higher sticker prices and higher interest rates muted sales.
In the agriculture sector, lower crop prices and stubbornly high input prices have led to lower profit margins for farmers.
In the health care sector, an excess supply of lab space impacted the demand for medical office real estate.

In total, these near-term cyclical pressures have not changed our longer-term outlook for investments in these sectors.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. Class C is not subject to an initial sales charge, but is subject to Contingent Deferred Sales Charge (“CDSC”) of 1.00% on shares redeemed within one year of purchase. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory RS Value Fund Class C @ NAV - $19,609	Victory RS Value Fund Class C @ CDSC - $19,609	Russell 1000^® Index (regulatory broad based index) - $33,560	Russell Midcap^® Value Index - $21,798
12/14	$10,000	$10,000	$10,000	$10,000
12/15	$9,308	$9,308	$10,092	$9,522
12/16	$10,240	$10,240	$11,308	$11,426
12/17	$11,933	$11,933	$13,761	$12,951
12/18	$10,572	$10,572	$13,102	$11,359
12/19	$13,778	$13,778	$17,220	$14,433
12/20	$13,316	$13,316	$20,830	$15,150
12/21	$16,816	$16,816	$26,340	$19,443
12/22	$16,191	$16,191	$21,302	$17,104
12/23	$17,409	$17,409	$26,953	$19,278
12/24	$19,609	$19,609	$33,560	$21,798

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class C @ NAV	11.75%	6.99%	6.97%
Class C @ CDSC	10.75%	6.99%	6.97%
Russell 1000^®Index^{Footnote Reference1}	24.51%	14.28%	12.87%
Russell Midcap^® Value Index^{Footnote Reference2}	13.07%	8.59%	8.10%

Footnote	Description
Footnote¹	The unmanaged Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe.
Footnote²	The unmanaged Russell Midcap^® Value Index is a market-capitalization-weighted index that measures the performance of Russell Midcap^® Index companies with relatively lower price-to-book ratios and lower forecasted growth.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$275,432
Number of Holdings	61
Investment Advisory Fees	$2,411
Portfolio Turnover	39%

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

Value	Value
Materials	4.6%
Energy	5.1%
Utilities	5.9%
Consumer Discretionary	6.2%
Real Estate	6.8%
Consumer Staples	6.8%
Health Care	7.3%
Information Technology	9.4%
Industrials	18.0%
Financials	23.7%

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

Globe Life, Inc.	3.8%
U.S. Foods Holding Corp.	2.7%
KeyCorp	2.7%
Cboe Global Markets, Inc.	2.7%
Teva Pharmaceutical Industries Ltd., ADR	2.5%
SS&C Technologies Holdings, Inc.	2.5%
Littelfuse, Inc.	2.5%
Trimble, Inc.	2.4%
First American Financial Corp.	2.2%
Nomad Foods Ltd.	2.1%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RVACX — AR (12/24)

Victory RS Value Fund

Class Y

Ticker: RSVYX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$113	1.06%

What affected the Fund’s performance during the period?

Top contributors to performance:

The Fund modestly underperformed the Russell Midcap^® Value Index during 2024, despite generating strong stock performance from the communication services and utilities sectors.

Top detractors from performance:

Cyclical headwinds in the automotive, agriculture, and health care sectors pressured shares of several names in the portfolio.
In the automotive sector, higher cost of ownership through higher sticker prices and higher interest rates muted sales.
In the agriculture sector, lower crop prices and stubbornly high input prices have led to lower profit margins for farmers.
In the health care sector, an excess supply of lab space impacted the demand for medical office real estate.

In total, these near-term cyclical pressures have not changed our longer-term outlook for investments in these sectors.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory RS Value Fund Class Y - $21,365	Russell 1000^® Index (regulatory broad based index) - $33,560	Russell Midcap^® Value Index - $21,798
12/14	$10,000	$10,000	$10,000
12/15	$9,401	$10,092	$9,522
12/16	$10,448	$11,308	$11,426
12/17	$12,298	$13,761	$12,951
12/18	$11,002	$13,102	$11,359
12/19	$14,488	$17,220	$14,433
12/20	$14,146	$20,830	$15,150
12/21	$18,045	$26,340	$19,443
12/22	$17,556	$21,302	$17,104
12/23	$18,918	$26,953	$19,278
12/24	$21,365	$33,560	$21,798

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class Y	12.94%	8.08%	7.89%
Russell 1000^®Index^{Footnote Reference1}	24.51%	14.28%	12.87%
Russell Midcap^® Value Index^{Footnote Reference2}	13.07%	8.59%	8.10%

Footnote	Description
Footnote¹	The unmanaged Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe.
Footnote²	The unmanaged Russell Midcap^® Value Index is a market-capitalization-weighted index that measures the performance of Russell Midcap^® Index companies with relatively lower price-to-book ratios and lower forecasted growth.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$275,432
Number of Holdings	61
Investment Advisory Fees	$2,411
Portfolio Turnover	39%

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

Value	Value
Materials	4.6%
Energy	5.1%
Utilities	5.9%
Consumer Discretionary	6.2%
Real Estate	6.8%
Consumer Staples	6.8%
Health Care	7.3%
Information Technology	9.4%
Industrials	18.0%
Financials	23.7%

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

Globe Life, Inc.	3.8%
U.S. Foods Holding Corp.	2.7%
KeyCorp	2.7%
Cboe Global Markets, Inc.	2.7%
Teva Pharmaceutical Industries Ltd., ADR	2.5%
SS&C Technologies Holdings, Inc.	2.5%
Littelfuse, Inc.	2.5%
Trimble, Inc.	2.4%
First American Financial Corp.	2.2%
Nomad Foods Ltd.	2.1%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSVYX — AR (12/24)

Victory RS Large Cap Alpha Fund

Class A

Ticker: GPAFX

Annual shareholder report — December 31, 2024

The annual shareholder report contains important information about Victory RS Large Cap Alpha Fund (the "Fund") for the period of January 1, 2024 to December 31, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us. This report describes changes to the Fund that occurred during the period.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$98	0.89%

What affected the Fund’s performance during the period?

In 2024, the Fund’s focus on investing in businesses with improving return on invested capital continued to generate strong results.

Top contributors to performance:

The Fund’s performance was led by strong stock selection in the utilities, communication services, and financial services sectors.
Within the utilities sector, Vistra Corp. generated strong results benefiting from a business shift as well as increasing electricity demand as the world shifts to artificial intelligence.
In the communication services sector, TKO Group Holdings, Inc. was also a positive contributor, benefiting from growing demand for both its Ultimate Fighting Championship and World Wrestling Entertainment franchises.
Within the financial services sector, performance was strong across the large money center banks, as increased capital markets activity propelled the stocks.

Top detractors from performance:

The Fund was negatively impacted during the year by some of its consumer holdings.
LKQ Corp., a distributor of after-market auto parts, was negatively impacted by higher insurance costs and rising inflation. While we were disappointed to see a slowdown in the business in 2024, which negatively impacted the stock, our investment outlook for this investment remains unchanged.
Cash flows and earnings for Mondelez International, Inc., Class A, one of the largest chocolate and snack product companies, were negatively impacted by a dramatic rise in cocoa prices.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 5.75% for Class A. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory RS Large Cap Alpha Fund Class A @ NAV - $23,766	Victory RS Large Cap Alpha Fund Class A @ MOP - $22,401	S&P 500^® Index (regulatory broad based index) - $34,254	Russell 1000^® Value Index - $22,580
12/14	$10,000	$9,426	$10,000	$10,000
12/15	$9,797	$9,234	$10,138	$9,617
12/16	$10,646	$10,035	$11,351	$11,285
12/17	$12,596	$11,873	$13,829	$12,827
12/18	$11,423	$10,767	$13,223	$11,767
12/19	$14,933	$14,076	$17,386	$14,890
12/20	$14,779	$13,931	$20,585	$15,306
12/21	$18,179	$17,135	$26,494	$19,157
12/22	$17,339	$16,344	$21,696	$17,713
12/23	$19,637	$18,510	$27,399	$19,743
12/24	$23,766	$22,401	$34,254	$22,580

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class A @ NAV	21.02%^{Footnote Reference}	9.74%	9.04%
Class A @ MOP	14.07%	8.45%	8.40%
S&P 500^®Index^{Footnote Reference1}	25.02%	14.53%	13.10%
Russell 1000^® Value Index^{Footnote Reference2}	14.37%	8.68%	8.49%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged S&P 500^® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies.
Footnote²	The unmanaged Russell 1000^® Value Index is a market-capitalization-weighted index that measures the performance of Russell 1000^® Index companies with lower price-to-book ratios and lower forecasted growth rates.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$531,971
Number of Holdings	52
Investment Advisory Fees	$2,631
Portfolio Turnover	27%

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

Value	Value
Utilities	2.8%
Materials	3.0%
Consumer Discretionary	3.2%
Energy	6.8%
Communication Services	6.9%
Consumer Staples	7.7%
Information Technology	8.7%
Industrials	15.3%
Health Care	16.4%
Financials	22.7%

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

Citigroup, Inc.	3.7%
KeyCorp	3.5%
Keurig Dr. Pepper, Inc.	3.0%
Exxon Mobil Corp.	2.9%
U.S. Foods Holding Corp.	2.9%
TKO Group Holdings, Inc.	2.7%
Teva Pharmaceutical Industries Ltd., ADR	2.7%
Cboe Global Markets, Inc.	2.5%
SS&C Technologies Holdings, Inc.	2.5%
Merck & Co., Inc.	2.5%

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

Material Fund Changes

Effective March 29, 2024the Fund's Class R shares converted to Class A shares. For more complete information, you may review the Fund's prospectus, issued May 1, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

GPAFX — AR (12/24)

Victory RS Large Cap Alpha Fund

Class C

Ticker: RCOCX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class C	$186	1.69%

What affected the Fund’s performance during the period?

In 2024, the Fund’s focus on investing in businesses with improving return on invested capital continued to generate strong results.

Top contributors to performance:

The Fund’s performance was led by strong stock selection in the utilities, communication services, and financial services sectors.
Within the utilities sector, Vistra Corp. generated strong results benefiting from a business shift as well as increasing electricity demand as the world shifts to artificial intelligence.
In the communication services sector, TKO Group Holdings, Inc. was also a positive contributor, benefiting from growing demand for both its Ultimate Fighting Championship and World Wrestling Entertainment franchises.
Within the financial services sector, performance was strong across the large money center banks, as increased capital markets activity propelled the stocks.

Top detractors from performance:

The Fund was negatively impacted during the year by some of its consumer holdings.
LKQ Corp., a distributor of after-market auto parts, was negatively impacted by higher insurance costs and rising inflation. While we were disappointed to see a slowdown in the business in 2024, which negatively impacted the stock, our investment outlook for this investment remains unchanged.
Cash flows and earnings for Mondelez International, Inc., Class A, one of the largest chocolate and snack product companies, were negatively impacted by a dramatic rise in cocoa prices.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. Class C is not subject to an initial sales charge, but is subject to Contingent Deferred Sales Charge (“CDSC”) of 1.00% on shares redeemed within one year of purchase. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory RS Large Cap Alpha Fund Class C @ NAV - $22,292	Victory RS Large Cap Alpha Fund Class C @ CDSC - $22,292	S&P 500^® Index (regulatory broad based index) - $34,254	Russell 1000^® Value Index - $22,580
12/14	$10,000	$10,000	$10,000	$10,000
12/15	$9,720	$9,720	$10,138	$9,617
12/16	$10,479	$10,479	$11,351	$11,285
12/17	$12,298	$12,298	$13,829	$12,827
12/18	$11,064	$11,064	$13,223	$11,767
12/19	$14,350	$14,350	$17,386	$14,890
12/20	$14,085	$14,085	$20,585	$15,306
12/21	$17,191	$17,191	$26,494	$19,157
12/22	$16,264	$16,264	$21,696	$17,713
12/23	$18,419	$18,419	$27,399	$19,743
12/24	$22,292	$22,292	$34,254	$22,580

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class C @ NAV	20.02%^{Footnote Reference}	8.86%	8.35%
Class C @ CDSC	19.02%	8.86%	8.35%
S&P 500^®Index^{Footnote Reference1}	25.02%	14.53%	13.10%
Russell 1000^® Value Index^{Footnote Reference2}	14.37%	8.68%	8.49%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged S&P 500^® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies.
Footnote²	The unmanaged Russell 1000^® Value Index is a market-capitalization-weighted index that measures the performance of Russell 1000^® Index companies with lower price-to-book ratios and lower forecasted growth rates.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$531,971
Number of Holdings	52
Investment Advisory Fees	$2,631
Portfolio Turnover	27%

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

Value	Value
Utilities	2.8%
Materials	3.0%
Consumer Discretionary	3.2%
Energy	6.8%
Communication Services	6.9%
Consumer Staples	7.7%
Information Technology	8.7%
Industrials	15.3%
Health Care	16.4%
Financials	22.7%

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

Citigroup, Inc.	3.7%
KeyCorp	3.5%
Keurig Dr. Pepper, Inc.	3.0%
Exxon Mobil Corp.	2.9%
U.S. Foods Holding Corp.	2.9%
TKO Group Holdings, Inc.	2.7%
Teva Pharmaceutical Industries Ltd., ADR	2.7%
Cboe Global Markets, Inc.	2.5%
SS&C Technologies Holdings, Inc.	2.5%
Merck & Co., Inc.	2.5%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RCOCX — AR (12/24)

Victory RS Large Cap Alpha Fund

Class Y

Ticker: RCEYX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$75	0.68%

What affected the Fund’s performance during the period?

In 2024, the Fund’s focus on investing in businesses with improving return on invested capital continued to generate strong results.

Top contributors to performance:

The Fund’s performance was led by strong stock selection in the utilities, communication services, and financial services sectors.
Within the utilities sector, Vistra Corp. generated strong results benefiting from a business shift as well as increasing electricity demand as the world shifts to artificial intelligence.
In the communication services sector, TKO Group Holdings, Inc. was also a positive contributor, benefiting from growing demand for both its Ultimate Fighting Championship and World Wrestling Entertainment franchises.
Within the financial services sector, performance was strong across the large money center banks, as increased capital markets activity propelled the stocks.

Top detractors from performance:

The Fund was negatively impacted during the year by some of its consumer holdings.
LKQ Corp., a distributor of after-market auto parts, was negatively impacted by higher insurance costs and rising inflation. While we were disappointed to see a slowdown in the business in 2024, which negatively impacted the stock, our investment outlook for this investment remains unchanged.
Cash flows and earnings for Mondelez International, Inc., Class A, one of the largest chocolate and snack product companies, were negatively impacted by a dramatic rise in cocoa prices.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory RS Large Cap Alpha Fund Class Y - $24,265	S&P 500^® Index (regulatory broad based index) - $34,254	Russell 1000^® Value Index - $22,580
12/14	$10,000	$10,000	$10,000
12/15	$9,818	$10,138	$9,617
12/16	$10,690	$11,351	$11,285
12/17	$12,675	$13,829	$12,827
12/18	$11,520	$13,223	$11,767
12/19	$15,089	$17,386	$14,890
12/20	$14,963	$20,585	$15,306
12/21	$18,447	$26,494	$19,157
12/22	$17,630	$21,696	$17,713
12/23	$20,012	$27,399	$19,743
12/24	$24,265	$34,254	$22,580

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class Y	21.25%^{Footnote Reference}	9.97%	9.27%
S&P 500^®Index^{Footnote Reference1}	25.02%	14.53%	13.10%
Russell 1000^® Value Index^{Footnote Reference2}	14.37%	8.68%	8.49%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged S&P 500^® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies.
Footnote²	The unmanaged Russell 1000^® Value Index is a market-capitalization-weighted index that measures the performance of Russell 1000^® Index companies with lower price-to-book ratios and lower forecasted growth rates.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$531,971
Number of Holdings	52
Investment Advisory Fees	$2,631
Portfolio Turnover	27%

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

Value	Value
Utilities	2.8%
Materials	3.0%
Consumer Discretionary	3.2%
Energy	6.8%
Communication Services	6.9%
Consumer Staples	7.7%
Information Technology	8.7%
Industrials	15.3%
Health Care	16.4%
Financials	22.7%

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

Citigroup, Inc.	3.7%
KeyCorp	3.5%
Keurig Dr. Pepper, Inc.	3.0%
Exxon Mobil Corp.	2.9%
U.S. Foods Holding Corp.	2.9%
TKO Group Holdings, Inc.	2.7%
Teva Pharmaceutical Industries Ltd., ADR	2.7%
Cboe Global Markets, Inc.	2.5%
SS&C Technologies Holdings, Inc.	2.5%
Merck & Co., Inc.	2.5%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RCEYX — AR (12/24)

Victory RS Investors Fund

Class A

Ticker: RSINX

Annual shareholder report — December 31, 2024

The annual shareholder report contains important information about Victory RS Investors Fund (the "Fund") for the period of January 1, 2024 to December 31, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us. This report describes changes to the Fund that occurred during the period.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$147	1.33%

What affected the Fund’s performance during the period?

Top contributors to performance:

In 2024, strong performance from the Fund’s stock selection in the utilities and financials sectors aided relative positive performance.
In the utilities sector, holdings in Vistra Corp. generated strong results.
In the financials sector, the Fund’s ownership of The Progressive Corp. and Fairfax Financial Holdings Ltd. contributed positively to the Fund's returns.

Top detractors from performance:

The Fund’s stock selection in the information technology and consumer discretionary sectors detracted from performance.
In the information technology sector, Verint Systems, Inc. detracted from performance.
In the consumer discretionary sector, LKQ Corp. was also a drag on performance.

Holdings are subject to change. There is no guarantee that securities mentioned remain in or out of the Fund.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 5.75% for Class A. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory RS Investors Fund Class A @ NAV - $23,566	Victory RS Investors Fund Class A @ MOP - $22,211	Russell 3000^® Index (regulatory broad based index) - $32,604	Russell 3000^® Value Index - $22,400
12/14	$10,000	$9,425	$10,000	$10,000
12/15	$9,591	$9,039	$10,048	$9,587
12/16	$10,541	$9,934	$11,327	$11,351
12/17	$12,257	$11,552	$13,721	$12,848
12/18	$11,109	$10,470	$13,002	$11,746
12/19	$14,221	$13,403	$17,035	$14,831
12/20	$13,982	$13,178	$20,593	$15,257
12/21	$17,580	$16,570	$25,877	$19,128
12/22	$17,227	$16,237	$20,907	$17,601
12/23	$19,496	$18,375	$26,334	$19,653
12/24	$23,566	$22,211	$32,604	$22,400

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class A @ NAV	20.87%^{Footnote Reference}	10.63%	8.95%
Class A @ MOP	13.90%	9.33%	8.31%
Russell 3000^®Index^{Footnote Reference1}	23.81%	13.86%	12.55%
Russell 3000^® Value Index^{Footnote Reference2}	13.98%	8.60%	8.40%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged Russell 3000^® Index is a market-capitalization-weighted index that measures the performance of the 3,000 largest U.S. stocks by market capitalization and covers 98% of the investable U.S. equity universe.
Footnote²	The unmanaged Russell 3000^® Value Index is a market-capitalization-weighted index that measures the performance of those companies in the Russell 3000^® index with lower price-to-book ratios and lower forecasted growth values.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$61,668
Number of Holdings	30
Investment Advisory Fees	$506
Portfolio Turnover	74%

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

Value	Value
Consumer Discretionary	2.6%
Communication Services	2.7%
Materials	3.3%
Real Estate	6.9%
Health Care	7.5%
Energy	7.5%
Information Technology	9.2%
Consumer Staples	10.9%
Industrials	12.1%
Financials^{Footnote Reference**}	32.5%

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

Globe Life, Inc.	5.0%
Prosperity Bancshares, Inc.	4.5%
Trimble, Inc.	4.3%
Howard Hughes Holdings, Inc.	4.3%
White Mountains Insurance Group Ltd.	4.0%
Cboe Global Markets, Inc.	4.0%
U.S. Foods Holding Corp.	3.8%
SS&C Technologies Holdings, Inc.	3.8%
Keurig Dr. Pepper, Inc.	3.6%
Nomad Foods Ltd.	3.6%

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

Material Fund Changes

Effective March 29, 2024the Fund's Class R shares converted to Class A shares. For more complete information, you may review the Fund's prospectus, issued May 1, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSINX — AR (12/24)

Victory RS Investors Fund

Class C

Ticker: RIVCX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class C	$228	2.07%

What affected the Fund’s performance during the period?

Top contributors to performance:

In 2024, strong performance from the Fund’s stock selection in the utilities and financials sectors aided relative positive performance.
In the utilities sector, holdings in Vistra Corp. generated strong results.
In the financials sector, the Fund’s ownership of The Progressive Corp. and Fairfax Financial Holdings Ltd. contributed positively to the Fund's returns.

Top detractors from performance:

The Fund’s stock selection in the information technology and consumer discretionary sectors detracted from performance.
In the information technology sector, Verint Systems, Inc. detracted from performance.
In the consumer discretionary sector, LKQ Corp. was also a drag on performance.

Holdings are subject to change. There is no guarantee that securities mentioned remain in or out of the Fund.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. Class C is not subject to an initial sales charge, but is subject to Contingent Deferred Sales Charge (“CDSC”) of 1.00% on shares redeemed within one year of purchase. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory RS Investors Fund Class C @ NAV - $22,208	Victory RS Investors Fund Class C @ CDSC - $22,208	Russell 3000^® Index (regulatory broad based index) - $32,604	Russell 3000^® Value Index - $22,400
12/14	$10,000	$10,000	$10,000	$10,000
12/15	$9,519	$9,519	$10,048	$9,587
12/16	$10,383	$10,383	$11,327	$11,351
12/17	$11,991	$11,991	$13,721	$12,848
12/18	$10,782	$10,782	$13,002	$11,746
12/19	$13,702	$13,702	$17,035	$14,831
12/20	$13,370	$13,370	$20,593	$15,257
12/21	$16,684	$16,684	$25,877	$19,128
12/22	$16,235	$16,235	$20,907	$17,601
12/23	$18,373	$18,373	$26,334	$19,653
12/24	$22,208	$22,208	$32,604	$22,400

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class C @ NAV	19.92%^{Footnote Reference}	9.81%	8.31%
Class C @ CDSC	18.92%	9.81%	8.31%
Russell 3000^®Index^{Footnote Reference1}	23.81%	13.86%	12.55%
Russell 3000^® Value Index^{Footnote Reference2}	13.98%	8.60%	8.40%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged Russell 3000^® Index is a market-capitalization-weighted index that measures the performance of the 3,000 largest U.S. stocks by market capitalization and covers 98% of the investable U.S. equity universe.
Footnote²	The unmanaged Russell 3000^® Value Index is a market-capitalization-weighted index that measures the performance of those companies in the Russell 3000^® index with lower price-to-book ratios and lower forecasted growth values.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$61,668
Number of Holdings	30
Investment Advisory Fees	$506
Portfolio Turnover	74%

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

Value	Value
Consumer Discretionary	2.6%
Communication Services	2.7%
Materials	3.3%
Real Estate	6.9%
Health Care	7.5%
Energy	7.5%
Information Technology	9.2%
Consumer Staples	10.9%
Industrials	12.1%
Financials^{Footnote Reference**}	32.5%

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

Globe Life, Inc.	5.0%
Prosperity Bancshares, Inc.	4.5%
Trimble, Inc.	4.3%
Howard Hughes Holdings, Inc.	4.3%
White Mountains Insurance Group Ltd.	4.0%
Cboe Global Markets, Inc.	4.0%
U.S. Foods Holding Corp.	3.8%
SS&C Technologies Holdings, Inc.	3.8%
Keurig Dr. Pepper, Inc.	3.6%
Nomad Foods Ltd.	3.6%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RIVCX — AR (12/24)

Victory RS Investors Fund

Class Y

Ticker: RSIYX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$116	1.05%

What affected the Fund’s performance during the period?

Top contributors to performance:

In 2024, strong performance from the Fund’s stock selection in the utilities and financials sectors aided relative positive performance.
In the utilities sector, holdings in Vistra Corp. generated strong results.
In the financials sector, the Fund’s ownership of The Progressive Corp. and Fairfax Financial Holdings Ltd. contributed positively to the Fund's returns.

Top detractors from performance:

The Fund’s stock selection in the information technology and consumer discretionary sectors detracted from performance.
In the information technology sector, Verint Systems, Inc. detracted from performance.
In the consumer discretionary sector, LKQ Corp. was also a drag on performance.

Holdings are subject to change. There is no guarantee that securities mentioned remain in or out of the Fund.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory RS Investors Fund Class Y - $24,239	Russell 3000^® Index (regulatory broad based index) - $32,604	Russell 3000^® Value Index - $22,400
12/14	$10,000	$10,000	$10,000
12/15	$9,617	$10,048	$9,587
12/16	$10,595	$11,327	$11,351
12/17	$12,353	$13,721	$12,848
12/18	$11,234	$13,002	$11,746
12/19	$14,419	$17,035	$14,831
12/20	$14,215	$20,593	$15,257
12/21	$17,921	$25,877	$19,128
12/22	$17,610	$20,907	$17,601
12/23	$19,991	$26,334	$19,653
12/24	$24,239	$32,604	$22,400

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class Y	21.25%^{Footnote Reference}	10.95%	9.26%
Russell 3000^®Index^{Footnote Reference1}	23.81%	13.86%	12.55%
Russell 3000^® Value Index^{Footnote Reference2}	13.98%	8.60%	8.40%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged Russell 3000^® Index is a market-capitalization-weighted index that measures the performance of the 3,000 largest U.S. stocks by market capitalization and covers 98% of the investable U.S. equity universe.
Footnote²	The unmanaged Russell 3000^® Value Index is a market-capitalization-weighted index that measures the performance of those companies in the Russell 3000^® index with lower price-to-book ratios and lower forecasted growth values.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$61,668
Number of Holdings	30
Investment Advisory Fees	$506
Portfolio Turnover	74%

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

Value	Value
Consumer Discretionary	2.6%
Communication Services	2.7%
Materials	3.3%
Real Estate	6.9%
Health Care	7.5%
Energy	7.5%
Information Technology	9.2%
Consumer Staples	10.9%
Industrials	12.1%
Financials^{Footnote Reference**}	32.5%

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

Globe Life, Inc.	5.0%
Prosperity Bancshares, Inc.	4.5%
Trimble, Inc.	4.3%
Howard Hughes Holdings, Inc.	4.3%
White Mountains Insurance Group Ltd.	4.0%
Cboe Global Markets, Inc.	4.0%
U.S. Foods Holding Corp.	3.8%
SS&C Technologies Holdings, Inc.	3.8%
Keurig Dr. Pepper, Inc.	3.6%
Nomad Foods Ltd.	3.6%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSIYX — AR (12/24)

Victory Global Energy Transition Fund

Class A

Ticker: RSNRX

Annual shareholder report — December 31, 2024

The annual shareholder report contains important information about Victory Global Energy Transition Fund (the "Fund") for the period of January 1, 2024 to December 31, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us. This report describes changes to the Fund that occurred during the period.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$160	1.48%

What affected the Fund’s performance during the period?

Top contributors to performance:

Investments in North American natural gas, base metals, and oil & gas pipelines industries were the largest contributors to performance.
Both commodity mix and stock selection generated a positive impact relative to broad natural resource indices with stock selection driving the majority of the outperfomance, consistent with our investment process and focus on company-specific value creation.

Top detractors from performance:

Minor metals, industrial metals, and precious metals industries were the largest detractors.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 5.75% for Class A. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory Global Energy Transition Fund Class A @ NAV - $13,049	Victory Global Energy Transition Fund Class A @ MOP - $12,301	S&P 500^® Index (regulatory broad based index) - $34,254	S&P North American Natural Resources Sector Index - $15,861	MSCI World Commodity Producers Index - $14,937
12/14	$10,000	$9,426	$10,000	$10,000	$10,000
12/15	$6,183	$5,828	$10,138	$7,572	$7,438
12/16	$9,468	$8,925	$11,351	$9,910	$9,709
12/17	$9,565	$9,016	$13,829	$10,032	$10,921
12/18	$5,183	$4,886	$13,223	$7,918	$9,404
12/19	$3,914	$3,689	$17,386	$9,314	$10,498
12/20	$4,984	$4,698	$20,585	$7,544	$8,913
12/21	$9,122	$8,598	$26,494	$10,557	$11,746
12/22	$12,315	$11,608	$21,696	$14,154	$15,519
12/23	$11,246	$10,601	$27,399	$14,672	$15,769
12/24	$13,049	$12,301	$34,254	$15,861	$14,937

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class A @ NAV	16.03%^{Footnote Reference}	27.23%^{Footnote Reference}	2.70%
Class A @ MOP	9.36%	25.74%	2.09%
S&P 500^®Index^{Footnote Reference1}	25.02%	14.53%	13.10%
MSCI World Commodity Producers Index^{Footnote Reference2}	-5.28%	7.31%	4.09%
S&P North American Natural Resources Sector Index^{Footnote Reference3}	8.11%	11.23%	4.72%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged S&P 500^® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies.
Footnote²	The unmanaged MSCI World Commodity Producers Index captures the global opportunity set of commodity producers in the energy, metal and agricultural sectors. Constituents are selected from the equity universe of MSCI World, the parent index, which covers large- and mid-cap securities across developed markets.
Footnote³	The unmanaged S&P North American Natural Resources Sector Index is a modified cap-weighted index designed as a benchmark for U.S.-traded securities in the natural resources sector. The index includes companies involved in the following categories: extractive industries, energy companies, owners and operations or timber tracts, forestry services, producers of pulp and paper, and owners of plantations.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$321,661
Number of Holdings	25
Investment Advisory Fees	$3,236
Portfolio Turnover	57%

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

Value	Value
Industrials	3.4%
Energy^{Footnote Reference**}	45.3%
Materials^{Footnote Reference**}	46.6%

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

Compass Minerals International, Inc.	10.4%
Range Resources Corp.	7.3%
Whitecap Resources, Inc.	6.8%
First Quantum Minerals Ltd.	6.6%
Ivanhoe Electric, Inc.,US	6.1%
MAC Copper Ltd.	6.0%
ARC Resources Ltd.	4.8%
Linde PLC	4.8%
Peyto Exploration & Development Corp.	4.7%
Antero Resources Corp.	4.7%

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

Material Fund Changes

Effective March 29, 2024the Fund's Class R shares converted to Class A shares. For more complete information, you may review the Fund's prospectus, issued May 1, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSNRX — AR (12/24)

Victory Global Energy Transition Fund

Class C

Ticker: RGNCX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class C	$245	2.28%

What affected the Fund’s performance during the period?

Top contributors to performance:

Investments in North American natural gas, base metals, and oil & gas pipelines industries were the largest contributors to performance.
Both commodity mix and stock selection generated a positive impact relative to broad natural resource indices with stock selection driving the majority of the outperfomance, consistent with our investment process and focus on company-specific value creation.

Top detractors from performance:

Minor metals, industrial metals, and precious metals industries were the largest detractors.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. Class C is not subject to an initial sales charge, but is subject to Contingent Deferred Sales Charge (“CDSC”) of 1.00% on shares redeemed within one year of purchase. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory Global Energy Transition Fund Class C @ NAV - $12,239	Victory Global Energy Transition Fund Class C @ CDSC - $12,239	S&P 500^® Index (regulatory broad based index) - $34,254	S&P North American Natural Resources Sector Index - $15,861	MSCI World Commodity Producers Index - $14,937
12/14	$10,000	$10,000	$10,000	$10,000	$10,000
12/15	$6,133	$6,133	$10,138	$7,572	$7,438
12/16	$9,318	$9,318	$11,351	$9,910	$9,709
12/17	$9,340	$9,340	$13,829	$10,032	$10,921
12/18	$5,019	$5,019	$13,223	$7,918	$9,404
12/19	$3,759	$3,759	$17,386	$9,314	$10,498
12/20	$4,748	$4,748	$20,585	$7,544	$8,913
12/21	$8,623	$8,623	$26,494	$10,557	$11,746
12/22	$11,550	$11,550	$21,696	$14,154	$15,519
12/23	$10,548	$10,548	$27,399	$14,672	$15,769
12/24	$12,239	$12,239	$34,254	$15,861	$14,937

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class C @ NAV	15.08%^{Footnote Reference}	26.21%^{Footnote Reference}	2.04%
Class C @ CDSC	14.08%	26.21%	2.04%
S&P 500^®Index^{Footnote Reference1}	25.02%	14.53%	13.10%
MSCI World Commodity Producers Index^{Footnote Reference2}	-5.28%	7.31%	4.09%
S&P North American Natural Resources Sector Index^{Footnote Reference3}	8.11%	11.23%	4.72%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged S&P 500^® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies.
Footnote²	The unmanaged MSCI World Commodity Producers Index captures the global opportunity set of commodity producers in the energy, metal and agricultural sectors. Constituents are selected from the equity universe of MSCI World, the parent index, which covers large- and mid-cap securities across developed markets.
Footnote³	The unmanaged S&P North American Natural Resources Sector Index is a modified cap-weighted index designed as a benchmark for U.S.-traded securities in the natural resources sector. The index includes companies involved in the following categories: extractive industries, energy companies, owners and operations or timber tracts, forestry services, producers of pulp and paper, and owners of plantations.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$321,661
Number of Holdings	25
Investment Advisory Fees	$3,236
Portfolio Turnover	57%

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

Value	Value
Industrials	3.4%
Energy^{Footnote Reference**}	45.3%
Materials^{Footnote Reference**}	46.6%

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

Compass Minerals International, Inc.	10.4%
Range Resources Corp.	7.3%
Whitecap Resources, Inc.	6.8%
First Quantum Minerals Ltd.	6.6%
Ivanhoe Electric, Inc.,US	6.1%
MAC Copper Ltd.	6.0%
ARC Resources Ltd.	4.8%
Linde PLC	4.8%
Peyto Exploration & Development Corp.	4.7%
Antero Resources Corp.	4.7%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RGNCX — AR (12/24)

Victory Global Energy Transition Fund

Class Y

Ticker: RSNYX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$124	1.15%

What affected the Fund’s performance during the period?

Top contributors to performance:

Investments in North American natural gas, base metals, and oil & gas pipelines industries were the largest contributors to performance.
Both commodity mix and stock selection generated a positive impact relative to broad natural resource indices with stock selection driving the majority of the outperfomance, consistent with our investment process and focus on company-specific value creation.

Top detractors from performance:

Minor metals, industrial metals, and precious metals industries were the largest detractors.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory Global Energy Transition Fund Class Y - $13,478	S&P 500^® Index (regulatory broad based index) - $34,254	S&P North American Natural Resources Sector Index - $15,861	MSCI World Commodity Producers Index - $14,937
12/14	$10,000	$10,000	$10,000	$10,000
12/15	$6,201	$10,138	$7,572	$7,438
12/16	$9,529	$11,351	$9,910	$9,709
12/17	$9,659	$13,829	$10,032	$10,921
12/18	$5,251	$13,223	$7,918	$9,404
12/19	$3,974	$17,386	$9,314	$10,498
12/20	$5,081	$20,585	$7,544	$8,913
12/21	$9,330	$26,494	$10,557	$11,746
12/22	$12,638	$21,696	$14,154	$15,519
12/23	$11,581	$27,399	$14,672	$15,769
12/24	$13,478	$34,254	$15,861	$14,937

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class Y	16.38%^{Footnote Reference}	27.67%^{Footnote Reference}	3.03%
S&P 500^®Index^{Footnote Reference1}	25.02%	14.53%	13.10%
MSCI World Commodity Producers Index^{Footnote Reference2}	-5.28%	7.31%	4.09%
S&P North American Natural Resources Sector Index^{Footnote Reference3}	8.11%	11.23%	4.72%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged S&P 500^® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies.
Footnote²	The unmanaged MSCI World Commodity Producers Index captures the global opportunity set of commodity producers in the energy, metal and agricultural sectors. Constituents are selected from the equity universe of MSCI World, the parent index, which covers large- and mid-cap securities across developed markets.
Footnote³	The unmanaged S&P North American Natural Resources Sector Index is a modified cap-weighted index designed as a benchmark for U.S.-traded securities in the natural resources sector. The index includes companies involved in the following categories: extractive industries, energy companies, owners and operations or timber tracts, forestry services, producers of pulp and paper, and owners of plantations.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$321,661
Number of Holdings	25
Investment Advisory Fees	$3,236
Portfolio Turnover	57%

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

Value	Value
Industrials	3.4%
Energy^{Footnote Reference**}	45.3%
Materials^{Footnote Reference**}	46.6%

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

Compass Minerals International, Inc.	10.4%
Range Resources Corp.	7.3%
Whitecap Resources, Inc.	6.8%
First Quantum Minerals Ltd.	6.6%
Ivanhoe Electric, Inc.,US	6.1%
MAC Copper Ltd.	6.0%
ARC Resources Ltd.	4.8%
Linde PLC	4.8%
Peyto Exploration & Development Corp.	4.7%
Antero Resources Corp.	4.7%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSNYX — AR (12/24)

Victory RS Small Cap Growth Fund

Class A

Ticker: RSEGX

Annual shareholder report — December 31, 2024

The annual shareholder report contains important information about Victory RS Small Cap Growth Fund (the "Fund") for the period of January 1, 2024 to December 31, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us. This report describes changes to the Fund that occurred during the period.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$148	1.40%

What affected the Fund’s performance during the period?

The Fund’s absolute performance during the period was hindered in part by the relative performance of secular small-cap growth stocks as small growth, as defined by the Russell 2000^{^®} Growth Index (the "Index"), significantly underperformed large growth, as defined by the Russell 1000^{^®} Growth Index. A "secular small-cap stock" refers to a small-cap company that is positioned to benefit from long-term, sustained industry trends that are not closely tied to short-term economic cycles. In other words, the company is likely to experience growth even during market turndowns.

We believe the multi-year underperformance of innovative smaller-cap growth stocks has created an outsized opportunity for smaller-cap growth stocks, as current valuations (defined as the forward price-to-earnings ratio, excluding non-earners) of the Index are the cheapest since the 1979 inception of the Index relative to the Russell 1000^{^®} Growth Index (per FactSet).

Top contributors to performance:

Fund performance relative to the Index was positively impacted during the year by stock selection in the information technology, consumer staples, and financials sectors.

Top detractors from performance:

The largest detractor from performance relative to the Index was the Fund’s holdings of securities in the health care sector.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 5.75% for Class A. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory RS Small Cap Growth Fund Class A @ NAV - $17,810	Victory RS Small Cap Growth Fund Class A @ MOP - $16,785	Russell 3000^® Index (regulatory broad based index) - $32,604	Russell 2000^® Growth Index - $21,772
12/14	$10,000	$9,425	$10,000	$10,000
12/15	$10,008	$9,432	$10,048	$9,862
12/16	$10,097	$9,516	$11,327	$10,978
12/17	$13,819	$13,024	$13,721	$13,411
12/18	$12,579	$11,855	$13,002	$12,163
12/19	$17,348	$16,350	$17,035	$15,628
12/20	$23,912	$22,537	$20,593	$21,040
12/21	$21,267	$20,044	$25,877	$21,636
12/22	$13,383	$12,613	$20,907	$15,933
12/23	$16,033	$15,111	$26,334	$18,906
12/24	$17,810	$16,785	$32,604	$21,772

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class A @ NAV	11.08%	0.53%	5.94%
Class A @ MOP	4.69%	-0.66%	5.32%
Russell 3000^®Index^{Footnote Reference1}	23.81%	13.86%	12.55%
Russell 2000^® Growth Index^{Footnote Reference2}	15.15%	6.86%	8.09%

Footnote	Description
Footnote¹	The unmanaged Russell 3000^® Index is a market-capitalization-weighted index that measures the performance of the 3,000 largest U.S. stocks by market capitalization and covers 98% of the investable U.S. equity universe.
Footnote²	The unmanaged Russell 2000^® Growth Index is a market-capitalization-weighted index that measures the performance of Russell 2000^® Index companies with higher price-to-book ratios and forecasted growth values.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$486,025
Number of Holdings	108
Investment Advisory Fees	$4,978
Portfolio Turnover	120%

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

Value	Value
Real Estate	0.5%
Communication Services	0.9%
Energy	2.2%
Materials	2.6%
Consumer Staples	3.8%
Financials	9.4%
Consumer Discretionary	10.7%
Information Technology	21.0%
Industrials	23.1%
Health Care	24.8%

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

FTAI Aviation Ltd.	2.5%
Semtech Corp.	2.2%
Under Armour, Inc., Class C	1.9%
Applied Industrial Technologies, Inc.	1.7%
Varonis Systems, Inc.	1.7%
Utz Brands, Inc.	1.6%
Champion Homes, Inc.	1.6%
Gitlab, Inc., Class A	1.5%
Modine Manufacturing Co.	1.5%
Fabrinet	1.5%

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

Material Fund Changes

Effective March 29, 2024the Fund's Class R shares converted to Class A shares. For more complete information, you may review the Fund's prospectus, issued May 1, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSEGX — AR (12/24)

Victory RS Small Cap Growth Fund

Class C

Ticker: REGWX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class C	$227	2.16%

What affected the Fund’s performance during the period?

Top contributors to performance:

Fund performance relative to the Index was positively impacted during the year by stock selection in the information technology, consumer staples, and financials sectors.

Top detractors from performance:

The largest detractor from performance relative to the Index was the Fund’s holdings of securities in the health care sector.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. Class C is not subject to an initial sales charge, but is subject to Contingent Deferred Sales Charge (“CDSC”) of 1.00% on shares redeemed within one year of purchase. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory RS Small Cap Growth Fund Class C @ NAV - $16,761	Victory RS Small Cap Growth Fund Class C @ CDSC - $16,761	Russell 3000^® Index (regulatory broad based index) - $32,604	Russell 2000^® Growth Index - $21,772
12/14	$10,000	$10,000	$10,000	$10,000
12/15	$9,933	$9,933	$10,048	$9,862
12/16	$9,945	$9,945	$11,327	$10,978
12/17	$13,510	$13,510	$13,721	$13,411
12/18	$12,205	$12,205	$13,002	$12,163
12/19	$16,706	$16,706	$17,035	$15,628
12/20	$22,849	$22,849	$20,593	$21,040
12/21	$20,170	$20,170	$25,877	$21,636
12/22	$12,595	$12,595	$20,907	$15,933
12/23	$15,089	$15,089	$26,334	$18,906
12/24	$16,761	$16,761	$32,604	$21,772

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class C @ NAV	10.23%	-0.24%	5.30%
Class C @ CDSC	9.23%	-0.24%	5.30%
Russell 3000^®Index^{Footnote Reference1}	23.81%	13.86%	12.55%
Russell 2000^® Growth Index^{Footnote Reference2}	15.15%	6.86%	8.09%

Footnote	Description
Footnote¹	The unmanaged Russell 3000^® Index is a market-capitalization-weighted index that measures the performance of the 3,000 largest U.S. stocks by market capitalization and covers 98% of the investable U.S. equity universe.
Footnote²	The unmanaged Russell 2000^® Growth Index is a market-capitalization-weighted index that measures the performance of Russell 2000^® Index companies with higher price-to-book ratios and forecasted growth values.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$486,025
Number of Holdings	108
Investment Advisory Fees	$4,978
Portfolio Turnover	120%

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

Value	Value
Real Estate	0.5%
Communication Services	0.9%
Energy	2.2%
Materials	2.6%
Consumer Staples	3.8%
Financials	9.4%
Consumer Discretionary	10.7%
Information Technology	21.0%
Industrials	23.1%
Health Care	24.8%

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

FTAI Aviation Ltd.	2.5%
Semtech Corp.	2.2%
Under Armour, Inc., Class C	1.9%
Applied Industrial Technologies, Inc.	1.7%
Varonis Systems, Inc.	1.7%
Utz Brands, Inc.	1.6%
Champion Homes, Inc.	1.6%
Gitlab, Inc., Class A	1.5%
Modine Manufacturing Co.	1.5%
Fabrinet	1.5%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

REGWX — AR (12/24)

Victory RS Small Cap Growth Fund

Class R6

Ticker: RSEJX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class R6	$112	1.06%

What affected the Fund’s performance during the period?

Top contributors to performance:

Fund performance relative to the Index was positively impacted during the year by stock selection in the information technology, consumer staples, and financials sectors.

Top detractors from performance:

The largest detractor from performance relative to the Index was the Fund’s holdings of securities in the health care sector.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory RS Small Cap Growth Fund Class R6 - $15,345	Russell 3000^® Index (regulatory broad based index) - $26,399	Russell 2000^® Growth Index - $17,979
7/17^{Footnote Reference*}	$10,000	$10,000	$10,000
12/17	$11,623	$11,110	$11,075
12/18	$10,617	$10,528	$10,044
12/19	$14,692	$13,793	$12,905
12/20	$20,321	$16,674	$17,375
12/21	$18,138	$20,953	$17,867
12/22	$11,453	$16,929	$13,158
12/23	$13,770	$21,323	$15,613
12/24	$15,345	$26,399	$17,979

Footnote	Description
Footnote^*	Inception date for the Victory RS Small Cap Growth Fund, Class R6 is 7/12/2017.

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	Since Inception
Class R6	11.43%	0.87%	5.90%
Russell 3000^®Index^{Footnote Reference1}	23.81%	13.86%	13.87%
Russell 2000^® Growth Index^{Footnote Reference2}	15.15%	6.86%	8.17%

Footnote	Description
Footnote¹	The unmanaged Russell 3000^® Index is a market-capitalization-weighted index that measures the performance of the 3,000 largest U.S. stocks by market capitalization and covers 98% of the investable U.S. equity universe.
Footnote²	The unmanaged Russell 2000^® Growth Index is a market-capitalization-weighted index that measures the performance of Russell 2000^® Index companies with higher price-to-book ratios and forecasted growth values.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$486,025
Number of Holdings	108
Investment Advisory Fees	$4,978
Portfolio Turnover	120%

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

Value	Value
Real Estate	0.5%
Communication Services	0.9%
Energy	2.2%
Materials	2.6%
Consumer Staples	3.8%
Financials	9.4%
Consumer Discretionary	10.7%
Information Technology	21.0%
Industrials	23.1%
Health Care	24.8%

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

FTAI Aviation Ltd.	2.5%
Semtech Corp.	2.2%
Under Armour, Inc., Class C	1.9%
Applied Industrial Technologies, Inc.	1.7%
Varonis Systems, Inc.	1.7%
Utz Brands, Inc.	1.6%
Champion Homes, Inc.	1.6%
Gitlab, Inc., Class A	1.5%
Modine Manufacturing Co.	1.5%
Fabrinet	1.5%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSEJX — AR (12/24)

Victory RS Small Cap Growth Fund

Class Y

Ticker: RSYEX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$119	1.13%

What affected the Fund’s performance during the period?

Top contributors to performance:

Fund performance relative to the Index was positively impacted during the year by stock selection in the information technology, consumer staples, and financials sectors.

Top detractors from performance:

The largest detractor from performance relative to the Index was the Fund’s holdings of securities in the health care sector.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory RS Small Cap Growth Fund Class Y - $18,299	Russell 3000^® Index (regulatory broad based index) - $32,604	Russell 2000^® Growth Index - $21,772
12/14	$10,000	$10,000	$10,000
12/15	$10,036	$10,048	$9,862
12/16	$10,152	$11,327	$10,978
12/17	$13,932	$13,721	$13,411
12/18	$12,717	$13,002	$12,163
12/19	$17,586	$17,035	$15,628
12/20	$24,307	$20,593	$21,040
12/21	$21,676	$25,877	$21,636
12/22	$13,677	$20,907	$15,933
12/23	$16,431	$26,334	$18,906
12/24	$18,299	$32,604	$21,772

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class Y	11.37%	0.80%	6.23%
Russell 3000^®Index^{Footnote Reference1}	23.81%	13.86%	12.55%
Russell 2000^® Growth Index^{Footnote Reference2}	15.15%	6.86%	8.09%

Footnote	Description
Footnote¹	The unmanaged Russell 3000^® Index is a market-capitalization-weighted index that measures the performance of the 3,000 largest U.S. stocks by market capitalization and covers 98% of the investable U.S. equity universe.
Footnote²	The unmanaged Russell 2000^® Growth Index is a market-capitalization-weighted index that measures the performance of Russell 2000^® Index companies with higher price-to-book ratios and forecasted growth values.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$486,025
Number of Holdings	108
Investment Advisory Fees	$4,978
Portfolio Turnover	120%

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

Value	Value
Real Estate	0.5%
Communication Services	0.9%
Energy	2.2%
Materials	2.6%
Consumer Staples	3.8%
Financials	9.4%
Consumer Discretionary	10.7%
Information Technology	21.0%
Industrials	23.1%
Health Care	24.8%

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

FTAI Aviation Ltd.	2.5%
Semtech Corp.	2.2%
Under Armour, Inc., Class C	1.9%
Applied Industrial Technologies, Inc.	1.7%
Varonis Systems, Inc.	1.7%
Utz Brands, Inc.	1.6%
Champion Homes, Inc.	1.6%
Gitlab, Inc., Class A	1.5%
Modine Manufacturing Co.	1.5%
Fabrinet	1.5%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSYEX — AR (12/24)

Victory RS Select Growth Fund

Class A

Ticker: RSDGX

Annual shareholder report — December 31, 2024

The annual shareholder report contains important information about Victory RS Select Growth Fund (the "Fund") for the period of January 1, 2024 to December 31, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us. This report describes changes to the Fund that occurred during the period.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$156	1.40%

What affected the Fund’s performance during the period?

The Fund’s absolute performance during the period was hindered in part by the relative performance of secular growth stocks in the mid-cap segment of the Small-Mid universe, as the Russell Midcap^{^®} Growth Index underperformed mid value, as defined by the Russell Midcap^{^®} Value Index. A "secular growth stock" refers to a growth company that is positioned to benefit from long-term, sustained industry trends that are not closely tied to short-term economic cycles. In other words, the company is likely to experience growth even during market turndowns.

We believe the multi-year underperformance of innovative smaller-cap growth stocks has created an outsized opportunity for smaller-cap growth stocks, as current valuations (defined as the forward price-to-earnings ratio, excluding non-earners) of the Russell 2000^{^®} Growth Index are the cheapest since the 1979 inception of the index relative to the Russell 1000^{^®} Growth Index (per FactSet).

Top contributors to performance:

Fund performance relative to the Russell 2500^TM Growth Index (the "Index") was positively impacted during the year by stock selection in the information technology and consumer staples sectors.

Top detractors from performance:

The largest detractors from performance relative to the Index were the health care and financials sectors.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 5.75% for Class A. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory RS Select Growth Fund Class A @ NAV - $21,550	Victory RS Select Growth Fund Class A @ MOP - $20,310	Russell 3000^® Index (regulatory broad based index) - $32,604	Russell 2500™ Growth Index - $24,677	Russell 2000^® Growth Index - $21,772
12/14	$10,000	$9,424	$10,000	$10,000	$10,000
12/15	$9,962	$9,389	$10,048	$9,981	$9,862
12/16	$10,645	$10,032	$11,327	$10,952	$10,978
12/17	$12,465	$11,747	$13,721	$13,631	$13,411
12/18	$11,563	$10,897	$13,002	$12,613	$12,163
12/19	$15,297	$14,416	$17,035	$16,732	$15,628
12/20	$20,377	$19,204	$20,593	$23,503	$21,040
12/21	$21,782	$20,528	$25,877	$24,688	$21,636
12/22	$14,718	$13,871	$20,907	$18,217	$15,933
12/23	$17,460	$16,455	$26,334	$21,666	$18,906
12/24	$21,550	$20,310	$32,604	$24,677	$21,772

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class A @ NAV	23.42%^{Footnote Reference}	7.10%	7.98%
Class A @ MOP	16.34%	5.84%	7.34%
Russell 3000^®Index^{Footnote Reference1}	23.81%	13.86%	12.55%
Russell 2500™ Growth Index^{Footnote Reference2}	13.90%	8.08%	9.45%
Russell 2000^® Growth Index^{Footnote Reference3}	15.15%	6.86%	8.09%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged Russell 3000^® Index is a market-capitalization-weighted index that measures the performance of the 3,000 largest U.S. stocks by market capitalization and covers 98% of the investable U.S. equity universe.
Footnote²	The unmanaged Russell 2500™ Growth Index is a market-capitalization-weighted index that measures the performance of those companies in the Russell 2500™ Index with higher price-to-book ratios and higher forecasted growth values.
Footnote³	The unmanaged Russell 2000^® Growth Index is a market-capitalization-weighted index that measures the performance of Russell 2000^® Index companies with higher price-to-book ratios and forecasted growth values.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$95,996
Number of Holdings	63
Investment Advisory Fees	$956
Portfolio Turnover	129%

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

Value	Value
Materials	1.3%
Energy	2.1%
Communication Services	3.0%
Consumer Staples	4.1%
Consumer Discretionary	9.3%
Financials	11.8%
Health Care	21.3%
Industrials	22.5%
Information Technology	23.6%

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

Natera, Inc.	3.0%
Reddit, Inc., Class A	3.0%
Check Point Software Technologies Ltd.	3.0%
FTAI Aviation Ltd.	2.9%
Churchill Downs, Inc.	2.8%
Semtech Corp.	2.6%
American Eagle Outfitters, Inc.	2.5%
CyberArk Software Ltd.	2.5%
Clean Harbors, Inc.	2.5%
SpringWorks Therapeutics, Inc.	2.3%

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

Material Fund Changes

Effective March 29, 2024the Fund's Class R shares converted to Class A shares. For more complete information, you may review the Fund's prospectus, issued May 1, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSDGX — AR (12/24)

Victory RS Select Growth Fund

Class C

Ticker: RSGFX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class C	$242	2.18%

What affected the Fund’s performance during the period?

We believe the multi-year underperformance of innovative smaller-cap growth stocks has created an outsized opportunity for smaller-cap growth stocks, as current valuations (defined as the forward price-to-earnings ratio, excluding non-earners) of the Russell 2000^{^®} Growth Index are the cheapest since the 1979 inception of the index relative to the Russell 1000^{^®} Growth Index (per FactSet).

Top contributors to performance:

Fund performance relative to the Russell 2500^TM Growth Index (the "Index") was positively impacted during the year by stock selection in the information technology and consumer staples sectors.

Top detractors from performance:

The largest detractors from performance relative to the Index were the health care and financials sectors.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. Class C is not subject to an initial sales charge, but is subject to Contingent Deferred Sales Charge (“CDSC”) of 1.00% on shares redeemed within one year of purchase. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory RS Select Growth Fund Class C @ NAV - $20,243	Victory RS Select Growth Fund Class C @ CDSC - $20,243	Russell 3000^® Index (regulatory broad based index) - $32,604	Russell 2500™ Growth Index - $24,677	Russell 2000^® Growth Index - $21,772
12/14	$10,000	$10,000	$10,000	$10,000	$10,000
12/15	$9,883	$9,883	$10,048	$9,981	$9,862
12/16	$10,479	$10,479	$11,327	$10,952	$10,978
12/17	$12,175	$12,175	$13,721	$13,631	$13,411
12/18	$11,204	$11,204	$13,002	$12,613	$12,163
12/19	$14,708	$14,708	$17,035	$16,732	$15,628
12/20	$19,444	$19,444	$20,593	$23,503	$21,040
12/21	$20,615	$20,615	$25,877	$24,688	$21,636
12/22	$13,825	$13,825	$20,907	$18,217	$15,933
12/23	$16,401	$16,401	$26,334	$21,666	$18,906
12/24	$20,243	$20,243	$32,604	$24,677	$21,772

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class C @ NAV	22.38%^{Footnote Reference}	6.26%	7.31%
Class C @ CDSC	21.38%	6.26%	7.31%
Russell 3000^®Index^{Footnote Reference1}	23.81%	13.86%	12.55%
Russell 2500™ Growth Index^{Footnote Reference2}	13.90%	8.08%	9.45%
Russell 2000^® Growth Index^{Footnote Reference3}	15.15%	6.86%	8.09%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged Russell 3000^® Index is a market-capitalization-weighted index that measures the performance of the 3,000 largest U.S. stocks by market capitalization and covers 98% of the investable U.S. equity universe.
Footnote²	The unmanaged Russell 2500™ Growth Index is a market-capitalization-weighted index that measures the performance of those companies in the Russell 2500™ Index with higher price-to-book ratios and higher forecasted growth values.
Footnote³	The unmanaged Russell 2000^® Growth Index is a market-capitalization-weighted index that measures the performance of Russell 2000^® Index companies with higher price-to-book ratios and forecasted growth values.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$95,996
Number of Holdings	63
Investment Advisory Fees	$956
Portfolio Turnover	129%

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

Value	Value
Materials	1.3%
Energy	2.1%
Communication Services	3.0%
Consumer Staples	4.1%
Consumer Discretionary	9.3%
Financials	11.8%
Health Care	21.3%
Industrials	22.5%
Information Technology	23.6%

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

Natera, Inc.	3.0%
Reddit, Inc., Class A	3.0%
Check Point Software Technologies Ltd.	3.0%
FTAI Aviation Ltd.	2.9%
Churchill Downs, Inc.	2.8%
Semtech Corp.	2.6%
American Eagle Outfitters, Inc.	2.5%
CyberArk Software Ltd.	2.5%
Clean Harbors, Inc.	2.5%
SpringWorks Therapeutics, Inc.	2.3%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSGFX — AR (12/24)

Victory RS Select Growth Fund

Class R6

Ticker: RSSRX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class R6	$119	1.06%

What affected the Fund’s performance during the period?

We believe the multi-year underperformance of innovative smaller-cap growth stocks has created an outsized opportunity for smaller-cap growth stocks, as current valuations (defined as the forward price-to-earnings ratio, excluding non-earners) of the Russell 2000^{^®} Growth Index are the cheapest since the 1979 inception of the index relative to the Russell 1000^{^®} Growth Index (per FactSet).

Top contributors to performance:

Fund performance relative to the Russell 2500^TM Growth Index (the "Index") was positively impacted during the year by stock selection in the information technology and consumer staples sectors.

Top detractors from performance:

The largest detractors from performance relative to the Index were the health care and financials sectors.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory RS Select Growth Fund Class R6 - $21,254	Russell 3000^® Index (regulatory broad based index) - $29,876	Russell 2500™ Growth Index - $22,974	Russell 2000^® Growth Index - $20,252
11/16^{Footnote Reference*}	$10,000	$10,000	$10,000	$10,000
12/16	$10,215	$10,380	$10,196	$10,212
12/17	$12,001	$12,573	$12,690	$12,475
12/18	$11,171	$11,914	$11,742	$11,314
12/19	$14,831	$15,610	$15,577	$14,537
12/20	$19,822	$18,870	$21,881	$19,571
12/21	$21,255	$23,713	$22,984	$20,126
12/22	$14,408	$19,158	$16,960	$14,821
12/23	$17,163	$24,131	$20,171	$17,586
12/24	$21,254	$29,876	$22,974	$20,252

Footnote	Description
Footnote^*	Inception date for the Victory RS Select Growth Fund, Class R6 is 11/15/2016.

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	Since Inception
Class R6	23.84%^{Footnote Reference}	7.46%	9.72%
Russell 3000^®Index^{Footnote Reference1}	23.81%	13.86%	14.41%
Russell 2500™ Growth Index^{Footnote Reference2}	13.90%	8.08%	10.77%
Russell 2000^® Growth Index^{Footnote Reference3}	15.15%	6.86%	9.07%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged Russell 3000^® Index is a market-capitalization-weighted index that measures the performance of the 3,000 largest U.S. stocks by market capitalization and covers 98% of the investable U.S. equity universe.
Footnote²	The unmanaged Russell 2500™ Growth Index is a market-capitalization-weighted index that measures the performance of those companies in the Russell 2500™ Index with higher price-to-book ratios and higher forecasted growth values.
Footnote³	The unmanaged Russell 2000^® Growth Index is a market-capitalization-weighted index that measures the performance of Russell 2000^® Index companies with higher price-to-book ratios and forecasted growth values.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$95,996
Number of Holdings	63
Investment Advisory Fees	$956
Portfolio Turnover	129%

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

Value	Value
Materials	1.3%
Energy	2.1%
Communication Services	3.0%
Consumer Staples	4.1%
Consumer Discretionary	9.3%
Financials	11.8%
Health Care	21.3%
Industrials	22.5%
Information Technology	23.6%

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

Natera, Inc.	3.0%
Reddit, Inc., Class A	3.0%
Check Point Software Technologies Ltd.	3.0%
FTAI Aviation Ltd.	2.9%
Churchill Downs, Inc.	2.8%
Semtech Corp.	2.6%
American Eagle Outfitters, Inc.	2.5%
CyberArk Software Ltd.	2.5%
Clean Harbors, Inc.	2.5%
SpringWorks Therapeutics, Inc.	2.3%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSSRX — AR (12/24)

Victory RS Select Growth Fund

Class Y

Ticker: RSSYX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$128	1.14%

What affected the Fund’s performance during the period?

We believe the multi-year underperformance of innovative smaller-cap growth stocks has created an outsized opportunity for smaller-cap growth stocks, as current valuations (defined as the forward price-to-earnings ratio, excluding non-earners) of the Russell 2000^{^®} Growth Index are the cheapest since the 1979 inception of the index relative to the Russell 1000^{^®} Growth Index (per FactSet).

Top contributors to performance:

Fund performance relative to the Russell 2500^TM Growth Index (the "Index") was positively impacted during the year by stock selection in the information technology and consumer staples sectors.

Top detractors from performance:

The largest detractors from performance relative to the Index were the health care and financials sectors.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory RS Select Growth Fund Class Y - $22,116	Russell 3000^® Index (regulatory broad based index) - $32,604	Russell 2500™ Growth Index - $24,677	Russell 2000^® Growth Index - $21,772
12/14	$10,000	$10,000	$10,000	$10,000
12/15	$9,988	$10,048	$9,981	$9,862
12/16	$10,700	$11,327	$10,952	$10,978
12/17	$12,562	$13,721	$13,631	$13,411
12/18	$11,681	$13,002	$12,613	$12,163
12/19	$15,496	$17,035	$16,732	$15,628
12/20	$20,698	$20,593	$23,503	$21,040
12/21	$22,178	$25,877	$24,688	$21,636
12/22	$15,021	$20,907	$18,217	$15,933
12/23	$17,876	$26,334	$21,666	$18,906
12/24	$22,116	$32,604	$24,677	$21,772

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class Y	23.72%^{Footnote Reference}	7.37%	8.26%
Russell 3000^®Index^{Footnote Reference1}	23.81%	13.86%	12.55%
Russell 2500™ Growth Index^{Footnote Reference2}	13.90%	8.08%	9.45%
Russell 2000^® Growth Index^{Footnote Reference3}	15.15%	6.86%	8.09%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged Russell 3000^® Index is a market-capitalization-weighted index that measures the performance of the 3,000 largest U.S. stocks by market capitalization and covers 98% of the investable U.S. equity universe.
Footnote²	The unmanaged Russell 2500™ Growth Index is a market-capitalization-weighted index that measures the performance of those companies in the Russell 2500™ Index with higher price-to-book ratios and higher forecasted growth values.
Footnote³	The unmanaged Russell 2000^® Growth Index is a market-capitalization-weighted index that measures the performance of Russell 2000^® Index companies with higher price-to-book ratios and forecasted growth values.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$95,996
Number of Holdings	63
Investment Advisory Fees	$956
Portfolio Turnover	129%

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

Value	Value
Materials	1.3%
Energy	2.1%
Communication Services	3.0%
Consumer Staples	4.1%
Consumer Discretionary	9.3%
Financials	11.8%
Health Care	21.3%
Industrials	22.5%
Information Technology	23.6%

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

Natera, Inc.	3.0%
Reddit, Inc., Class A	3.0%
Check Point Software Technologies Ltd.	3.0%
FTAI Aviation Ltd.	2.9%
Churchill Downs, Inc.	2.8%
Semtech Corp.	2.6%
American Eagle Outfitters, Inc.	2.5%
CyberArk Software Ltd.	2.5%
Clean Harbors, Inc.	2.5%
SpringWorks Therapeutics, Inc.	2.3%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSSYX — AR (12/24)

Victory RS Mid Cap Growth Fund

Class A

Ticker: RSMOX

Annual shareholder report — December 31, 2024

The annual shareholder report contains important information about Victory RS Mid Cap Growth Fund (the "Fund") for the period of January 1, 2024 to December 31, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us. This report describes changes to the Fund that occurred during the period.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$134	1.20%

What affected the Fund’s performance during the period?

The Fund’s absolute performance during the period was aided in part by the relative performance of secular mid-cap growth stocks as mid growth, as defined by the Russell Midcap^{^®} Growth Index (the "Index"), outperformed mid-cap value, as defined by the Russell Midcap^{^®} Value Index. A "secular mid-cap stock" refers to a mid-cap company that is positioned to benefit from long-term, sustained industry trends that are not closely tied to short-term economic cycles. In other words, the company is likely to experience growth even during market turndowns.

We continue to believe technology-oriented companies are better positioned for the longer term, as innovation has permanently sped up the adoption of these new technologies at the expense of legacy products and services.

Mid-cap growth stocks have outperformed their mid-cap value counterparts over 5-, 10-, and 15-year periods as of December 31, 2024, as measured by Russell.

Top contributors to performance:

Fund performance relative to the Index was positively impacted during the year by stock selection in the information technology and consumer staples sectors.

Top detractors from performance:

The largest detractors from performance relative to the Index were the consumer discretionary and financials sectors.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 5.75% for Class A. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory RS Mid Cap Growth Fund Class A @ NAV - $20,405	Victory RS Mid Cap Growth Fund Class A @ MOP - $19,230	S&P 500^® Index (regulatory broad based index) - $34,254	Russell Midcap^® Growth Index - $29,803
12/14	$10,000	$9,424	$10,000	$10,000
12/15	$10,074	$9,495	$10,138	$9,980
12/16	$10,586	$9,977	$11,351	$10,711
12/17	$12,795	$12,059	$13,829	$13,418
12/18	$11,853	$11,170	$13,223	$12,780
12/19	$15,178	$14,305	$17,386	$17,314
12/20	$20,411	$19,236	$20,585	$23,475
12/21	$21,367	$20,137	$26,494	$26,463
12/22	$13,957	$13,154	$21,696	$19,392
12/23	$16,457	$15,510	$27,399	$24,408
12/24	$20,405	$19,230	$34,254	$29,803

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class A @ NAV	23.99%^{Footnote Reference}	6.10%	7.39%
Class A @ MOP	16.84%	4.85%	6.76%
S&P 500^®Index^{Footnote Reference1}	25.02%	14.53%	13.10%
Russell Midcap^® Growth Index^{Footnote Reference2}	22.10%	11.47%	11.54%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged S&P 500^® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies.
Footnote²	The unmanaged Russell Midcap^® Growth Index is a market- capitalization-weighted index that measures the performance of those companies in the Russell Midcap^® Index with higher price-to-book ratios and higher forecasted growth values.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$76,513
Number of Holdings	82
Investment Advisory Fees	$642
Portfolio Turnover	126%

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

Value	Value
Materials	0.7%
Consumer Staples	2.4%
Energy	2.8%
Communication Services	8.9%
Consumer Discretionary	12.1%
Health Care	14.1%
Financials	15.4%
Industrials	19.1%
Information Technology	24.3%

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

AppLovin Corp., Class A	4.9%
Datadog, Inc., Class A	3.0%
FTAI Aviation Ltd.	2.9%
Reddit, Inc., Class A	2.8%
Palantir Technologies, Inc., Class A	2.8%
Natera, Inc.	2.7%
The Trade Desk, Inc., Class A	2.6%
Churchill Downs, Inc.	2.2%
Ameriprise Financial, Inc.	2.2%
Burlington Stores, Inc.	1.8%

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

Material Fund Changes

Effective March 29, 2024the Fund's Class R shares converted to Class A shares. For more complete information, you may review the Fund's prospectus, issued May 1, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSMOX — AR (12/24)

Victory RS Mid Cap Growth Fund

Class C

Ticker: RMOCX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class C	$235	2.11%

What affected the Fund’s performance during the period?

Mid-cap growth stocks have outperformed their mid-cap value counterparts over 5-, 10-, and 15-year periods as of December 31, 2024, as measured by Russell.

Top contributors to performance:

Fund performance relative to the Index was positively impacted during the year by stock selection in the information technology and consumer staples sectors.

Top detractors from performance:

The largest detractors from performance relative to the Index were the consumer discretionary and financials sectors.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. Class C is not subject to an initial sales charge, but is subject to Contingent Deferred Sales Charge (“CDSC”) of 1.00% on shares redeemed within one year of purchase. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory RS Mid Cap Growth Fund Class C @ NAV - $18,994	Victory RS Mid Cap Growth Fund Class C @ CDSC - $18,994	S&P 500^® Index (regulatory broad based index) - $34,254	Russell Midcap^® Growth Index - $29,803
12/14	$10,000	$10,000	$10,000	$10,000
12/15	$9,984	$9,984	$10,138	$9,980
12/16	$10,397	$10,397	$11,351	$10,711
12/17	$12,457	$12,457	$13,829	$13,418
12/18	$11,432	$11,432	$13,223	$12,780
12/19	$14,507	$14,507	$17,386	$17,314
12/20	$19,338	$19,338	$20,585	$23,475
12/21	$20,063	$20,063	$26,494	$26,463
12/22	$12,992	$12,992	$21,696	$19,392
12/23	$15,319	$15,319	$27,399	$24,408
12/24	$18,994	$18,994	$34,254	$29,803

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class C @ NAV	22.87%^{Footnote Reference}	5.14%	6.63%
Class C @ CDSC	21.87%	5.14%	6.63%
S&P 500^®Index^{Footnote Reference1}	25.02%	14.53%	13.10%
Russell Midcap^® Growth Index^{Footnote Reference2}	22.10%	11.47%	11.54%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged S&P 500^® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies.
Footnote²	The unmanaged Russell Midcap^® Growth Index is a market- capitalization-weighted index that measures the performance of those companies in the Russell Midcap^® Index with higher price-to-book ratios and higher forecasted growth values.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$76,513
Number of Holdings	82
Investment Advisory Fees	$642
Portfolio Turnover	126%

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

Value	Value
Materials	0.7%
Consumer Staples	2.4%
Energy	2.8%
Communication Services	8.9%
Consumer Discretionary	12.1%
Health Care	14.1%
Financials	15.4%
Industrials	19.1%
Information Technology	24.3%

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

AppLovin Corp., Class A	4.9%
Datadog, Inc., Class A	3.0%
FTAI Aviation Ltd.	2.9%
Reddit, Inc., Class A	2.8%
Palantir Technologies, Inc., Class A	2.8%
Natera, Inc.	2.7%
The Trade Desk, Inc., Class A	2.6%
Churchill Downs, Inc.	2.2%
Ameriprise Financial, Inc.	2.2%
Burlington Stores, Inc.	1.8%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RMOCX — AR (12/24)

Victory RS Mid Cap Growth Fund

Class R6

Ticker: RMORX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class R6	$105	0.94%

What affected the Fund’s performance during the period?

Mid-cap growth stocks have outperformed their mid-cap value counterparts over 5-, 10-, and 15-year periods as of December 31, 2024, as measured by Russell.

Top contributors to performance:

Fund performance relative to the Index was positively impacted during the year by stock selection in the information technology and consumer staples sectors.

Top detractors from performance:

The largest detractors from performance relative to the Index were the consumer discretionary and financials sectors.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory RS Mid Cap Growth Fund Class R6 - $20,246	S&P 500^® Index (regulatory broad based index) - $31,310	Russell Midcap^® Growth Index - $28,369
11/16^{Footnote Reference*}	$10,000	$10,000	$10,000
12/16	$10,282	$10,376	$10,196
12/17	$12,465	$12,641	$12,772
12/18	$11,574	$12,086	$12,165
12/19	$14,860	$15,892	$16,481
12/20	$20,040	$18,816	$22,345
12/21	$21,033	$24,217	$25,190
12/22	$13,778	$19,831	$18,459
12/23	$16,281	$25,044	$23,233
12/24	$20,246	$31,310	$28,369

Footnote	Description
Footnote^*	Inception date for the Victory RS Mid Cap Growth Fund, Class R6 is 11/15/2016.

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	Since Inception
Class R6	24.35%^{Footnote Reference}	6.38%	9.07%
S&P 500^®Index^{Footnote Reference1}	25.02%	14.53%	15.07%
Russell Midcap^® Growth Index^{Footnote Reference2}	22.10%	11.47%	13.69%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged S&P 500^® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies.
Footnote²	The unmanaged Russell Midcap^® Growth Index is a market- capitalization-weighted index that measures the performance of those companies in the Russell Midcap^® Index with higher price-to-book ratios and higher forecasted growth values.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$76,513
Number of Holdings	82
Investment Advisory Fees	$642
Portfolio Turnover	126%

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

Value	Value
Materials	0.7%
Consumer Staples	2.4%
Energy	2.8%
Communication Services	8.9%
Consumer Discretionary	12.1%
Health Care	14.1%
Financials	15.4%
Industrials	19.1%
Information Technology	24.3%

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

AppLovin Corp., Class A	4.9%
Datadog, Inc., Class A	3.0%
FTAI Aviation Ltd.	2.9%
Reddit, Inc., Class A	2.8%
Palantir Technologies, Inc., Class A	2.8%
Natera, Inc.	2.7%
The Trade Desk, Inc., Class A	2.6%
Churchill Downs, Inc.	2.2%
Ameriprise Financial, Inc.	2.2%
Burlington Stores, Inc.	1.8%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RMORX — AR (12/24)

Victory RS Mid Cap Growth Fund

Class Y

Ticker: RMOYX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$107	0.95%

What affected the Fund’s performance during the period?

Mid-cap growth stocks have outperformed their mid-cap value counterparts over 5-, 10-, and 15-year periods as of December 31, 2024, as measured by Russell.

Top contributors to performance:

Fund performance relative to the Index was positively impacted during the year by stock selection in the information technology and consumer staples sectors.

Top detractors from performance:

The largest detractors from performance relative to the Index were the consumer discretionary and financials sectors.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory RS Mid Cap Growth Fund Class Y - $20,922	S&P 500^® Index (regulatory broad based index) - $34,254	Russell Midcap^® Growth Index - $29,803
12/14	$10,000	$10,000	$10,000
12/15	$10,102	$10,138	$9,980
12/16	$10,641	$11,351	$10,711
12/17	$12,896	$13,829	$13,418
12/18	$11,974	$13,223	$12,780
12/19	$15,370	$17,386	$17,314
12/20	$20,726	$20,585	$23,475
12/21	$21,753	$26,494	$26,463
12/22	$14,242	$21,696	$19,392
12/23	$16,833	$27,399	$24,408
12/24	$20,922	$34,254	$29,803

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class Y	24.29%^{Footnote Reference}	6.36%	7.66%
S&P 500^®Index^{Footnote Reference1}	25.02%	14.53%	13.10%
Russell Midcap^® Growth Index^{Footnote Reference2}	22.10%	11.47%	11.54%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged S&P 500^® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies.
Footnote²	The unmanaged Russell Midcap^® Growth Index is a market- capitalization-weighted index that measures the performance of those companies in the Russell Midcap^® Index with higher price-to-book ratios and higher forecasted growth values.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$76,513
Number of Holdings	82
Investment Advisory Fees	$642
Portfolio Turnover	126%

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

Value	Value
Materials	0.7%
Consumer Staples	2.4%
Energy	2.8%
Communication Services	8.9%
Consumer Discretionary	12.1%
Health Care	14.1%
Financials	15.4%
Industrials	19.1%
Information Technology	24.3%

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

AppLovin Corp., Class A	4.9%
Datadog, Inc., Class A	3.0%
FTAI Aviation Ltd.	2.9%
Reddit, Inc., Class A	2.8%
Palantir Technologies, Inc., Class A	2.8%
Natera, Inc.	2.7%
The Trade Desk, Inc., Class A	2.6%
Churchill Downs, Inc.	2.2%
Ameriprise Financial, Inc.	2.2%
Burlington Stores, Inc.	1.8%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RMOYX — AR (12/24)

Victory RS Mid Cap Growth Fund

Member Class

Ticker: RMOMX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Member Class	$118	1.05%

What affected the Fund’s performance during the period?

Mid-cap growth stocks have outperformed their mid-cap value counterparts over 5-, 10-, and 15-year periods as of December 31, 2024, as measured by Russell.

Top contributors to performance:

Fund performance relative to the Index was positively impacted during the year by stock selection in the information technology and consumer staples sectors.

Top detractors from performance:

The largest detractors from performance relative to the Index were the consumer discretionary and financials sectors.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory RS Mid Cap Growth Fund Member Class - $11,861	S&P 500^® Index (regulatory broad based index) - $18,938	Russell Midcap^® Growth Index - $14,977
11/20^{Footnote Reference*}	$10,000	$10,000	$10,000
12/20	$11,794	$11,381	$11,797
12/21	$12,369	$14,648	$13,299
12/22	$8,089	$11,995	$9,745
12/23	$9,552	$15,148	$12,266
12/24	$11,861	$18,938	$14,977

Footnote	Description
Footnote^*	Inception date for the Victory RS Mid Cap Growth Fund, Member Class is 11/3/2020.

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	Since Inception
Member Class	24.17%^{Footnote Reference}	4.19%
S&P 500^®Index^{Footnote Reference1}	25.02%	16.58%
Russell Midcap^® Growth Index^{Footnote Reference2}	22.10%	10.19%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged S&P 500^® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies.
Footnote²	The unmanaged Russell Midcap^® Growth Index is a market- capitalization-weighted index that measures the performance of those companies in the Russell Midcap^® Index with higher price-to-book ratios and higher forecasted growth values.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$76,513
Number of Holdings	82
Investment Advisory Fees	$642
Portfolio Turnover	126%

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

Value	Value
Materials	0.7%
Consumer Staples	2.4%
Energy	2.8%
Communication Services	8.9%
Consumer Discretionary	12.1%
Health Care	14.1%
Financials	15.4%
Industrials	19.1%
Information Technology	24.3%

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

AppLovin Corp., Class A	4.9%
Datadog, Inc., Class A	3.0%
FTAI Aviation Ltd.	2.9%
Reddit, Inc., Class A	2.8%
Palantir Technologies, Inc., Class A	2.8%
Natera, Inc.	2.7%
The Trade Desk, Inc., Class A	2.6%
Churchill Downs, Inc.	2.2%
Ameriprise Financial, Inc.	2.2%
Burlington Stores, Inc.	1.8%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RMOMX — AR (12/24)

Victory RS Growth Fund

Class A

Ticker: RSGRX

Annual shareholder report — December 31, 2024

The annual shareholder report contains important information about Victory RS Growth Fund (the "Fund") for the period of January 1, 2024 to December 31, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us. This report describes changes to the Fund that occurred during the period.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$129	1.10%

What affected the Fund’s performance during the period?

Despite the challenging performance over the past few years for growth, large-cap growth stocks have outperformed their large-cap value counterparts over 5-, 10-, and 15-year periods as of December 31, 2024, as measured by Russell. Leadership in the technology sector, the sector that is the majority of Russell 1000^{^®} Growth Index (the "Index"), drove strong returns and in particular the largest mega-cap largest technology stocks in the Fund set the tone all year. Our approach has included exposure to smaller mid-cap companies that can grow faster than their larger cap peers and offer more compelling valuations.

Top contributors to performance:

Fund performance relative to the Index was positively impacted during the year by stock selection in the technology, financials, and consumer staples sectors.

Top detractors from performance:

The largest detractors from performance relative to the Index were the consumer discretionary and materials sectors.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 5.75% for Class A. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory RS Growth Fund Class A @ NAV - $35,577	Victory RS Growth Fund Class A @ MOP - $33,529	S&P 500^® Index (regulatory broad based index) - $34,254	Russell 1000^® Growth Index - $47,152
12/14	$10,000	$9,424	$10,000	$10,000
12/15	$10,394	$9,795	$10,138	$10,567
12/16	$10,587	$9,977	$11,351	$11,314
12/17	$13,948	$13,145	$13,829	$14,733
12/18	$12,999	$12,250	$13,223	$14,510
12/19	$16,876	$15,905	$17,386	$19,790
12/20	$22,891	$21,573	$20,585	$27,408
12/21	$27,449	$25,869	$26,494	$34,971
12/22	$18,306	$17,252	$21,696	$24,782
12/23	$26,479	$24,955	$27,399	$35,358
12/24	$35,577	$33,529	$34,254	$47,152

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class A @ NAV	34.36%^{Footnote Reference}	16.09%^{Footnote Reference}	13.53%
Class A @ MOP	26.65%	14.72%	12.86%
S&P 500^®Index^{Footnote Reference1}	25.02%	14.53%	13.10%
Russell 1000^® Growth Index^{Footnote Reference2}	33.36%	18.96%	16.78%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged S&P 500^® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies.
Footnote²	The unmanaged Russell 1000^® Growth Index is a market-capitalization-weighted index that measures the performance of Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$347,729
Number of Holdings	41
Investment Advisory Fees	$2,406
Portfolio Turnover	50%

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

Value	Value
Energy	0.4%
Consumer Staples	0.5%
Industrials	5.0%
Financials	7.0%
Health Care	7.8%
Consumer Discretionary	13.0%
Communication Services	14.6%
Information Technology^{Footnote Reference**}	50.9%

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

NVIDIA Corp.	11.5%
Apple, Inc.	10.9%
Microsoft Corp.	10.7%
Alphabet, Inc., Class C	5.6%
Amazon.com, Inc.	5.4%
Meta Platforms, Inc., Class A	5.4%
Tesla, Inc.	4.4%
Eli Lilly & Co.	3.8%
Visa, Inc., Class A	3.4%
Broadcom, Inc.	2.8%

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

Material Fund Changes

Effective March 29, 2024the Fund's Class R shares converted to Class A shares. For more complete information, you may review the Fund's prospectus, issued May 1, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSGRX — AR (12/24)

Victory RS Growth Fund

Class C

Ticker: RGWCX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class C	$225	1.93%

What affected the Fund’s performance during the period?

Top contributors to performance:

Fund performance relative to the Index was positively impacted during the year by stock selection in the technology, financials, and consumer staples sectors.

Top detractors from performance:

The largest detractors from performance relative to the Index were the consumer discretionary and materials sectors.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. Class C is not subject to an initial sales charge, but is subject to Contingent Deferred Sales Charge (“CDSC”) of 1.00% on shares redeemed within one year of purchase. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory RS Growth Fund Class C @ NAV - $33,286	Victory RS Growth Fund Class C @ CDSC - $33,286	S&P 500^® Index (regulatory broad based index) - $34,254	Russell 1000^® Growth Index - $47,152
12/14	$10,000	$10,000	$10,000	$10,000
12/15	$10,309	$10,309	$10,138	$10,567
12/16	$10,417	$10,417	$11,351	$11,314
12/17	$13,602	$13,602	$13,829	$14,733
12/18	$12,573	$12,573	$13,223	$14,510
12/19	$16,186	$16,186	$17,386	$19,790
12/20	$21,778	$21,778	$20,585	$27,408
12/21	$25,906	$25,906	$26,494	$34,971
12/22	$17,127	$17,127	$21,696	$24,782
12/23	$24,774	$24,774	$27,399	$35,358
12/24	$33,286	$33,286	$34,254	$47,152

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class C @ NAV	33.23%^{Footnote Reference}	15.13%^{Footnote Reference}	12.78%
Class C @ CDSC	32.23%	15.13%	12.78%
S&P 500^®Index^{Footnote Reference1}	25.02%	14.53%	13.10%
Russell 1000^® Growth Index^{Footnote Reference2}	33.36%	18.96%	16.78%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged S&P 500^® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies.
Footnote²	The unmanaged Russell 1000^® Growth Index is a market-capitalization-weighted index that measures the performance of Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$347,729
Number of Holdings	41
Investment Advisory Fees	$2,406
Portfolio Turnover	50%

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

Value	Value
Energy	0.4%
Consumer Staples	0.5%
Industrials	5.0%
Financials	7.0%
Health Care	7.8%
Consumer Discretionary	13.0%
Communication Services	14.6%
Information Technology^{Footnote Reference**}	50.9%

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

NVIDIA Corp.	11.5%
Apple, Inc.	10.9%
Microsoft Corp.	10.7%
Alphabet, Inc., Class C	5.6%
Amazon.com, Inc.	5.4%
Meta Platforms, Inc., Class A	5.4%
Tesla, Inc.	4.4%
Eli Lilly & Co.	3.8%
Visa, Inc., Class A	3.4%
Broadcom, Inc.	2.8%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RGWCX — AR (12/24)

Victory RS Growth Fund

Class Y

Ticker: RGRYX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$97	0.83%

What affected the Fund’s performance during the period?

Top contributors to performance:

Fund performance relative to the Index was positively impacted during the year by stock selection in the technology, financials, and consumer staples sectors.

Top detractors from performance:

The largest detractors from performance relative to the Index were the consumer discretionary and materials sectors.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory RS Growth Fund Class Y - $36,531	S&P 500^® Index (regulatory broad based index) - $34,254	Russell 1000^® Growth Index - $47,152
12/14	$10,000	$10,000	$10,000
12/15	$10,420	$10,138	$10,567
12/16	$10,644	$11,351	$11,314
12/17	$14,055	$13,829	$14,733
12/18	$13,133	$13,223	$14,510
12/19	$17,097	$17,386	$19,790
12/20	$23,262	$20,585	$27,408
12/21	$27,965	$26,494	$34,971
12/22	$18,700	$21,696	$24,782
12/23	$27,125	$27,399	$35,358
12/24	$36,531	$34,254	$47,152

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class Y	34.68%^{Footnote Reference}	16.40%^{Footnote Reference}	13.83%
S&P 500^®Index^{Footnote Reference1}	25.02%	14.53%	13.10%
Russell 1000^® Growth Index^{Footnote Reference2}	33.36%	18.96%	16.78%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged S&P 500^® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies.
Footnote²	The unmanaged Russell 1000^® Growth Index is a market-capitalization-weighted index that measures the performance of Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$347,729
Number of Holdings	41
Investment Advisory Fees	$2,406
Portfolio Turnover	50%

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

Value	Value
Energy	0.4%
Consumer Staples	0.5%
Industrials	5.0%
Financials	7.0%
Health Care	7.8%
Consumer Discretionary	13.0%
Communication Services	14.6%
Information Technology^{Footnote Reference**}	50.9%

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

NVIDIA Corp.	11.5%
Apple, Inc.	10.9%
Microsoft Corp.	10.7%
Alphabet, Inc., Class C	5.6%
Amazon.com, Inc.	5.4%
Meta Platforms, Inc., Class A	5.4%
Tesla, Inc.	4.4%
Eli Lilly & Co.	3.8%
Visa, Inc., Class A	3.4%
Broadcom, Inc.	2.8%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RGRYX — AR (12/24)

Victory RS Science and Technology Fund

Class A

Ticker: RSIFX

Annual shareholder report — December 31, 2024

The annual shareholder report contains important information about Victory RS Science and Technology Fund (the "Fund") for the period of January 1, 2024 to December 31, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us. This report describes changes to the Fund that occurred during the period.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$172	1.48%

What affected the Fund’s performance during the period?

The Fund’s relative underperfomance during the period was largely during the first half of the year, as the S&P North American Technology Sector Index™'s (the "Index") allocation to the narrow breadth of leadership in megacap technology outperformed the Fund’s stylistic allocation to lower market cap names and health care sector. Performance in the second half of the year was significantly improved due to style and stock selection.

We believe the underperformance of innovative smaller-cap information technology and health care stocks over the past two years has created an outsized opportunity for these segments relative to larger-cap information technology stocks and because current valuations (defined as the forward price-to-earnings, excluding non-earners) of the Russell 2000^{^®} Growth Index are near the cheapest since the 1979 inception of the index relative to the Russell 1000^{^®} Growth Index (per FactSet).

We continue to believe that innovative companies will grow at a much higher rate than the Index across market caps, so that the Fund’s holding will include a much more diversified set of companies than the Index.

Top contributors to performance:

The Fund’s performance relative to the Index was positively impacted during the year by stock selection in the information technology sector, with the software and services industries particularly strong.

Top detractors from performance:

The largest detractors from the Fund’s performance relative to the Index was the Fund’s active allocation to the health care sector, primarily in the biotechnology and pharmaceuticals industries.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 5.75% for Class A. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory RS Science and Technology Fund Class A @ NAV - $35,960	Victory RS Science and Technology Fund Class A @ MOP - $33,885	S&P 500^® Index (regulatory broad based index) - $34,254	S&P North American Technology Sector Index™ - $65,639
12/14	$10,000	$9,423	$10,000	$10,000
12/15	$10,589	$9,978	$10,138	$10,991
12/16	$12,050	$11,355	$11,351	$12,481
12/17	$17,441	$16,434	$13,829	$17,196
12/18	$17,314	$16,315	$13,223	$17,691
12/19	$24,121	$22,730	$17,386	$25,243
12/20	$39,806	$37,510	$20,585	$36,640
12/21	$36,125	$34,040	$26,494	$46,313
12/22	$20,407	$19,230	$21,696	$29,937
12/23	$27,053	$25,493	$27,399	$48,237
12/24	$35,960	$33,885	$34,254	$65,639

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class A @ NAV	32.92%^{Footnote Reference}	8.31%	13.65%
Class A @ MOP	25.30%	7.03%	12.98%
S&P 500^®Index^{Footnote Reference1}	25.02%	14.53%	13.10%
S&P North American Technology Sector Index™^{Footnote Reference2}	36.08%	21.06%	20.70%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged S&P 500^® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies.
Footnote²	The unmanaged S&P North American Technology Sector Index™ is a modified capitalization-weighted index based on a universe of technology-related stocks.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$204,534
Number of Holdings	88
Investment Advisory Fees	$1,889
Portfolio Turnover	39%

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

Value	Value
Financials	2.9%
Consumer Discretionary	4.5%
Communication Services	14.1%
Health Care	24.0%
Information Technology^{Footnote Reference**}	54.0%

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

NVIDIA Corp.	7.9%
Microsoft Corp.	7.2%
Meta Platforms, Inc., Class A	7.0%
AppLovin Corp., Class A	6.9%
Amazon.com, Inc.	4.5%
Eli Lilly & Co.	3.3%
ServiceNow, Inc.	3.0%
Netflix, Inc.	2.9%
Fair Isaac Corp.	2.9%
Reddit, Inc., Class A	2.8%

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

Material Fund Changes

Effective March 29, 2024the Fund's Class R shares converted to Class A shares. For more complete information, you may review the Fund's prospectus, issued May 1, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSIFX — AR (12/24)

Victory RS Science and Technology Fund

Class C

Ticker: RINCX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class C	$264	2.28%

What affected the Fund’s performance during the period?

Top contributors to performance:

The Fund’s performance relative to the Index was positively impacted during the year by stock selection in the information technology sector, with the software and services industries particularly strong.

Top detractors from performance:

The largest detractors from the Fund’s performance relative to the Index was the Fund’s active allocation to the health care sector, primarily in the biotechnology and pharmaceuticals industries.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. Class C is not subject to an initial sales charge, but is subject to Contingent Deferred Sales Charge (“CDSC”) of 1.00% on shares redeemed within one year of purchase. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory RS Science and Technology Fund Class C @ NAV - $33,746	Victory RS Science and Technology Fund Class C @ CDSC - $33,746	S&P 500^® Index (regulatory broad based index) - $34,254	S&P North American Technology Sector Index™ - $65,639
12/14	$10,000	$10,000	$10,000	$10,000
12/15	$10,508	$10,508	$10,138	$10,991
12/16	$11,860	$11,860	$11,351	$12,481
12/17	$17,044	$17,044	$13,829	$17,196
12/18	$16,775	$16,775	$13,223	$17,691
12/19	$23,194	$23,194	$17,386	$25,243
12/20	$37,972	$37,972	$20,585	$36,640
12/21	$34,164	$34,164	$26,494	$46,313
12/22	$19,151	$19,151	$21,696	$29,937
12/23	$25,388	$25,388	$27,399	$48,237
12/24	$33,746	$33,746	$34,254	$65,639

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class C @ NAV	31.76%^{Footnote Reference}	7.44%	12.93%
Class C @ CDSC	30.76%	7.44%	12.93%
S&P 500^®Index^{Footnote Reference1}	25.02%	14.53%	13.10%
S&P North American Technology Sector Index™^{Footnote Reference2}	36.08%	21.06%	20.70%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged S&P 500^® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies.
Footnote²	The unmanaged S&P North American Technology Sector Index™ is a modified capitalization-weighted index based on a universe of technology-related stocks.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$204,534
Number of Holdings	88
Investment Advisory Fees	$1,889
Portfolio Turnover	39%

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

Value	Value
Financials	2.9%
Consumer Discretionary	4.5%
Communication Services	14.1%
Health Care	24.0%
Information Technology^{Footnote Reference**}	54.0%

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

NVIDIA Corp.	7.9%
Microsoft Corp.	7.2%
Meta Platforms, Inc., Class A	7.0%
AppLovin Corp., Class A	6.9%
Amazon.com, Inc.	4.5%
Eli Lilly & Co.	3.3%
ServiceNow, Inc.	3.0%
Netflix, Inc.	2.9%
Fair Isaac Corp.	2.9%
Reddit, Inc., Class A	2.8%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RINCX — AR (12/24)

Victory RS Science and Technology Fund

Class Y

Ticker: RIFYX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$145	1.24%

What affected the Fund’s performance during the period?

Top contributors to performance:

The Fund’s performance relative to the Index was positively impacted during the year by stock selection in the information technology sector, with the software and services industries particularly strong.

Top detractors from performance:

The largest detractors from the Fund’s performance relative to the Index was the Fund’s active allocation to the health care sector, primarily in the biotechnology and pharmaceuticals industries.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory RS Science and Technology Fund Class Y - $36,805	S&P 500^® Index (regulatory broad based index) - $34,254	S&P North American Technology Sector Index™ - $65,639
12/14	$10,000	$10,000	$10,000
12/15	$10,611	$10,138	$10,991
12/16	$12,104	$11,351	$12,481
12/17	$17,563	$13,829	$17,196
12/18	$17,474	$13,223	$17,691
12/19	$24,404	$17,386	$25,243
12/20	$40,366	$20,585	$36,640
12/21	$36,716	$26,494	$46,313
12/22	$20,788	$21,696	$29,937
12/23	$27,628	$27,399	$48,237
12/24	$36,805	$34,254	$65,639

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class Y	33.22%^{Footnote Reference}	8.56%	13.92%
S&P 500^®Index^{Footnote Reference1}	25.02%	14.53%	13.10%
S&P North American Technology Sector Index™^{Footnote Reference2}	36.08%	21.06%	20.70%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged S&P 500^® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies.
Footnote²	The unmanaged S&P North American Technology Sector Index™ is a modified capitalization-weighted index based on a universe of technology-related stocks.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$204,534
Number of Holdings	88
Investment Advisory Fees	$1,889
Portfolio Turnover	39%

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

Value	Value
Financials	2.9%
Consumer Discretionary	4.5%
Communication Services	14.1%
Health Care	24.0%
Information Technology^{Footnote Reference**}	54.0%

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

NVIDIA Corp.	7.9%
Microsoft Corp.	7.2%
Meta Platforms, Inc., Class A	7.0%
AppLovin Corp., Class A	6.9%
Amazon.com, Inc.	4.5%
Eli Lilly & Co.	3.3%
ServiceNow, Inc.	3.0%
Netflix, Inc.	2.9%
Fair Isaac Corp.	2.9%
Reddit, Inc., Class A	2.8%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RIFYX — AR (12/24)

Victory RS Small Cap Equity Fund

Class A

Ticker: GPSCX

Annual shareholder report — December 31, 2024

The annual shareholder report contains important information about Victory RS Small Cap Equity Fund (the "Fund") for the period of January 1, 2024 to December 31, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us. This report describes changes to the Fund that occurred during the period.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$151	1.35%

What affected the Fund’s performance during the period?

Despite strong stock selection, the Fund’s absolute performance during the period was hindered in part by the relative performance of secular small-cap growth stocks as the small growth category, as defined by the Russell 2000^{^®} Growth Index (the "Index"), significantly underperformed large growth category, as defined by the Russell 1000^{^®} Growth Index. A "secular small-cap stock" refers to a small-cap company that is positioned to benefit from long-term, sustained industry trends that are not closely tied to short-term economic cycles. In other words, the company is likely to experience growth even during market turndowns.

Top contributors to performance:

Fund performance relative to the Index was positively impacted during the year by stock selection in the information technology and financial sectors.

Top detractors from performance:

The largest detractors from performance relative to the Index were the Fund’s holdings of securities in the energy and consumer discretionary sectors.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 5.75% for Class A. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory RS Small Cap Equity Fund Class A @ NAV - $19,011	Victory RS Small Cap Equity Fund Class A @ MOP - $17,916	Russell 3000^® Index (regulatory broad based index) - $32,604	Russell 2000^® Growth Index - $21,772
12/14	$10,000	$9,424	$10,000	$10,000
12/15	$10,061	$9,482	$10,048	$9,862
12/16	$10,181	$9,595	$11,327	$10,978
12/17	$14,005	$13,199	$13,721	$13,411
12/18	$12,831	$12,092	$13,002	$12,163
12/19	$17,769	$16,746	$17,035	$15,628
12/20	$24,519	$23,107	$20,593	$21,040
12/21	$22,715	$21,407	$25,877	$21,636
12/22	$14,263	$13,442	$20,907	$15,933
12/23	$15,299	$14,418	$26,334	$18,906
12/24	$19,011	$17,916	$32,604	$21,772

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class A @ NAV	24.26%^{Footnote Reference}	1.36%	6.64%
Class A @ MOP	17.05%	0.17%	6.00%
Russell 3000^®Index^{Footnote Reference1}	23.81%	13.86%	12.55%
Russell 2000^® Growth Index^{Footnote Reference2}	15.15%	6.86%	8.09%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged Russell 3000^® Index is a market-capitalization-weighted index that measures the performance of the 3,000 largest U.S. stocks by market capitalization and covers 98% of the investable U.S. equity universe.
Footnote²	The unmanaged Russell 2000^® Growth Index is a market-capitalization-weighted index that measures the performance of Russell 2000^® Index companies with higher price-to-book ratios and forecasted growth values.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$37,045
Number of Holdings	38
Investment Advisory Fees	$257
Portfolio Turnover	206%

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

Value	Value
Consumer Staples	1.0%
Energy	2.5%
Consumer Discretionary	13.8%
Health Care	14.8%
Information Technology	15.0%
Financials	22.5%
Industrials^{Footnote Reference**}	29.1%

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

Chart Industries, Inc.	6.0%
FirstCash Holdings, Inc.	5.3%
Euronet Worldwide, Inc.	5.1%
Payoneer Global, Inc.	4.5%
CBIZ, Inc.	4.2%
FTAI Aviation Ltd.	4.2%
Primoris Services Corp.	3.9%
Flywire Corp.	3.9%
Semtech Corp.	3.9%
American Eagle Outfitters, Inc.	3.7%

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

Material Fund Changes

Effective March 29, 2024the Fund's Class R shares converted to Class A shares. For more complete information, you may review the Fund's prospectus, issued May 1, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

GPSCX — AR (12/24)

Victory RS Small Cap Equity Fund

Class C

Ticker: RSCCX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class C	$235	2.10%

What affected the Fund’s performance during the period?

Top contributors to performance:

Fund performance relative to the Index was positively impacted during the year by stock selection in the information technology and financial sectors.

Top detractors from performance:

The largest detractors from performance relative to the Index were the Fund’s holdings of securities in the energy and consumer discretionary sectors.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. Class C is not subject to an initial sales charge, but is subject to Contingent Deferred Sales Charge (“CDSC”) of 1.00% on shares redeemed within one year of purchase. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory RS Small Cap Equity Fund Class C @ NAV - $17,754	Victory RS Small Cap Equity Fund Class C @ CDSC - $17,754	Russell 3000^® Index (regulatory broad based index) - $32,604	Russell 2000^® Growth Index - $21,772
12/14	$10,000	$10,000	$10,000	$10,000
12/15	$9,983	$9,983	$10,048	$9,862
12/16	$10,022	$10,022	$11,327	$10,978
12/17	$13,665	$13,665	$13,721	$13,411
12/18	$12,403	$12,403	$13,002	$12,163
12/19	$17,024	$17,024	$17,035	$15,628
12/20	$23,280	$23,280	$20,593	$21,040
12/21	$21,384	$21,384	$25,877	$21,636
12/22	$13,320	$13,320	$20,907	$15,933
12/23	$14,288	$14,288	$26,334	$18,906
12/24	$17,754	$17,754	$32,604	$21,772

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class C @ NAV	23.46%^{Footnote Reference}	0.56%	5.91%
Class C @ CDSC	22.46%	0.56%	5.91%
Russell 3000^®Index^{Footnote Reference1}	23.81%	13.86%	12.55%
Russell 2000^® Growth Index^{Footnote Reference2}	15.15%	6.86%	8.09%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged Russell 3000^® Index is a market-capitalization-weighted index that measures the performance of the 3,000 largest U.S. stocks by market capitalization and covers 98% of the investable U.S. equity universe.
Footnote²	The unmanaged Russell 2000^® Growth Index is a market-capitalization-weighted index that measures the performance of Russell 2000^® Index companies with higher price-to-book ratios and forecasted growth values.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$37,045
Number of Holdings	38
Investment Advisory Fees	$257
Portfolio Turnover	206%

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

Value	Value
Consumer Staples	1.0%
Energy	2.5%
Consumer Discretionary	13.8%
Health Care	14.8%
Information Technology	15.0%
Financials	22.5%
Industrials^{Footnote Reference**}	29.1%

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

Chart Industries, Inc.	6.0%
FirstCash Holdings, Inc.	5.3%
Euronet Worldwide, Inc.	5.1%
Payoneer Global, Inc.	4.5%
CBIZ, Inc.	4.2%
FTAI Aviation Ltd.	4.2%
Primoris Services Corp.	3.9%
Flywire Corp.	3.9%
Semtech Corp.	3.9%
American Eagle Outfitters, Inc.	3.7%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSCCX — AR (12/24)

Victory RS Small Cap Equity Fund

Class Y

Ticker: RSCYX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$124	1.10%

What affected the Fund’s performance during the period?

Top contributors to performance:

Fund performance relative to the Index was positively impacted during the year by stock selection in the information technology and financial sectors.

Top detractors from performance:

The largest detractors from performance relative to the Index were the Fund’s holdings of securities in the energy and consumer discretionary sectors.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory RS Small Cap Equity Fund Class Y - $19,305	Russell 3000^® Index (regulatory broad based index) - $32,604	Russell 2000^® Growth Index - $21,772
12/14	$10,000	$10,000	$10,000
12/15	$10,018	$10,048	$9,862
12/16	$10,179	$11,327	$10,978
12/17	$14,024	$13,721	$13,411
12/18	$12,869	$13,002	$12,163
12/19	$17,848	$17,035	$15,628
12/20	$24,673	$20,593	$21,040
12/21	$22,884	$25,877	$21,636
12/22	$14,411	$20,907	$15,933
12/23	$15,491	$26,334	$18,906
12/24	$19,305	$32,604	$21,772

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class Y	24.62%^{Footnote Reference}	1.58%	6.80%
Russell 3000^®Index^{Footnote Reference1}	23.81%	13.86%	12.55%
Russell 2000^® Growth Index^{Footnote Reference2}	15.15%	6.86%	8.09%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged Russell 3000^® Index is a market-capitalization-weighted index that measures the performance of the 3,000 largest U.S. stocks by market capitalization and covers 98% of the investable U.S. equity universe.
Footnote²	The unmanaged Russell 2000^® Growth Index is a market-capitalization-weighted index that measures the performance of Russell 2000^® Index companies with higher price-to-book ratios and forecasted growth values.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$37,045
Number of Holdings	38
Investment Advisory Fees	$257
Portfolio Turnover	206%

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

Value	Value
Consumer Staples	1.0%
Energy	2.5%
Consumer Discretionary	13.8%
Health Care	14.8%
Information Technology	15.0%
Financials	22.5%
Industrials^{Footnote Reference**}	29.1%

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

Chart Industries, Inc.	6.0%
FirstCash Holdings, Inc.	5.3%
Euronet Worldwide, Inc.	5.1%
Payoneer Global, Inc.	4.5%
CBIZ, Inc.	4.2%
FTAI Aviation Ltd.	4.2%
Primoris Services Corp.	3.9%
Flywire Corp.	3.9%
Semtech Corp.	3.9%
American Eagle Outfitters, Inc.	3.7%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSCYX — AR (12/24)

Victory RS Small Cap Equity Fund

Member Class

Ticker: RSMMX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Member Class	$129	1.15%

What affected the Fund’s performance during the period?

Top contributors to performance:

Fund performance relative to the Index was positively impacted during the year by stock selection in the information technology and financial sectors.

Top detractors from performance:

The largest detractors from performance relative to the Index were the Fund’s holdings of securities in the energy and consumer discretionary sectors.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory RS Small Cap Equity Fund Member Class - $9,749	Russell 3000^® Index (regulatory broad based index) - $18,329	Russell 2000^® Growth Index - $13,117
11/20^{Footnote Reference*}	$10,000	$10,000	$10,000
12/20	$12,509	$11,577	$12,676
12/21	$11,590	$14,548	$13,035
12/22	$7,293	$11,754	$9,599
12/23	$7,830	$14,804	$11,390
12/24	$9,749	$18,329	$13,117

Footnote	Description
Footnote^*	Inception date for the Victory RS Small Cap Equity Fund, Member Class is 11/3/2020.

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	Since Inception
Member Class	24.51%^{Footnote Reference}	-0.61%
Russell 3000^®Index^{Footnote Reference1}	23.81%	15.67%
Russell 2000^® Growth Index^{Footnote Reference2}	15.15%	6.74%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged Russell 3000^® Index is a market-capitalization-weighted index that measures the performance of the 3,000 largest U.S. stocks by market capitalization and covers 98% of the investable U.S. equity universe.
Footnote²	The unmanaged Russell 2000^® Growth Index is a market-capitalization-weighted index that measures the performance of Russell 2000^® Index companies with higher price-to-book ratios and forecasted growth values.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$37,045
Number of Holdings	38
Investment Advisory Fees	$257
Portfolio Turnover	206%

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

Value	Value
Consumer Staples	1.0%
Energy	2.5%
Consumer Discretionary	13.8%
Health Care	14.8%
Information Technology	15.0%
Financials	22.5%
Industrials^{Footnote Reference**}	29.1%

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

Chart Industries, Inc.	6.0%
FirstCash Holdings, Inc.	5.3%
Euronet Worldwide, Inc.	5.1%
Payoneer Global, Inc.	4.5%
CBIZ, Inc.	4.2%
FTAI Aviation Ltd.	4.2%
Primoris Services Corp.	3.9%
Flywire Corp.	3.9%
Semtech Corp.	3.9%
American Eagle Outfitters, Inc.	3.7%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSMMX — AR (12/24)

Victory RS International Fund

Class A

Ticker: GUBGX

Annual shareholder report — December 31, 2024

The annual shareholder report contains important information about Victory RS International Fund (the "Fund") for the period of January 1, 2024 to December 31, 2024, as well as certain changes to the Fund. 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 year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$116	1.13%

What affected the Fund’s performance during the period?

Top contributors to performance:

Positive stock selection in the industrials, consumer discretionary, and information technology sectors supported the Fund’s performance relative to the MSCI EAFE Index for the period.
From a regional perspective, positive stock selection in Japan and the United Kingdom contributed to relative performance.
Country-level contributors to relative performance included Netherlands, Denmark, and New Zealand.

Top detractors from performance:

Negative stock selection in the materials sector hurt relative performance.
By region, stock selection was negative in Europe.
Country-level detractors included France, Switzerland, and Belgium.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 5.75% for Class A. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory RS International Fund Class A @ NAV - $17,951	Victory RS International Fund Class A @ MOP - $16,923	MSCI EAFE Index (regulatory broad based index) - $16,598
12/14	$10,000	$9,427	$10,000
12/15	$10,064	$9,487	$9,919
12/16	$10,306	$9,715	$10,018
12/17	$12,909	$12,169	$12,526
12/18	$11,535	$10,874	$10,798
12/19	$14,040	$13,235	$13,176
12/20	$14,819	$13,970	$14,205
12/21	$16,901	$15,933	$15,805
12/22	$14,216	$13,401	$13,521
12/23	$17,033	$16,057	$15,987
12/24	$17,951	$16,923	$16,598

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class A @ NAV	5.39%	5.04%	6.03%
Class A @ MOP	-0.65%	3.80%	5.40%
MSCI EAFE Index^{Footnote Reference1}	3.82%	4.73%	5.20%

Footnote	Description
Footnote¹	The unmanaged MSCI EAFE Index measures the performance of large- and mid-cap stocks in the developed markets, excluding the U.S. and Canada. The index covers approximately 85% of the free-float-adjusted market capitalization in each country.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$416,419
Number of Holdings	76
Investment Advisory Fees	$3,291
Portfolio Turnover	19%

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

Value	Value
Real Estate	3.1%
Energy	3.4%
Communication Services	4.6%
Materials	6.0%
Information Technology	9.3%
Consumer Staples	9.4%
Consumer Discretionary	10.8%
Health Care	12.4%
Industrials	15.0%
Financials	20.6%

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

Novo Nordisk A/S, Class B	2.9%
SAP SE	2.8%
Roche Holding AG	2.6%
Novartis AG, Registered Shares	2.5%
Allianz SE, Registered Shares	2.5%
Toyota Motor Corp.	2.2%
Barclays PLC	2.1%
Unilever PLC	2.1%
Banco Bilbao Vizcaya Argentaria SA	2.1%
Shell PLC	2.0%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

GUBGX — AR (12/24)

Victory RS International Fund

Class C

Ticker: RIGCX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class C	$192	1.88%

What affected the Fund’s performance during the period?

Top contributors to performance:

Positive stock selection in the industrials, consumer discretionary, and information technology sectors supported the Fund’s performance relative to the MSCI EAFE Index for the period.
From a regional perspective, positive stock selection in Japan and the United Kingdom contributed to relative performance.
Country-level contributors to relative performance included Netherlands, Denmark, and New Zealand.

Top detractors from performance:

Negative stock selection in the materials sector hurt relative performance.
By region, stock selection was negative in Europe.
Country-level detractors included France, Switzerland, and Belgium.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. Class C is not subject to an initial sales charge, but is subject to Contingent Deferred Sales Charge (“CDSC”) of 1.00% on shares redeemed within one year of purchase. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory RS International Fund Class C @ NAV - $16,896	Victory RS International Fund Class C @ CDSC - $16,896	MSCI EAFE Index (regulatory broad based index) - $16,598
12/14	$10,000	$10,000	$10,000
12/15	$9,973	$9,973	$9,919
12/16	$10,150	$10,150	$10,018
12/17	$12,611	$12,611	$12,526
12/18	$11,193	$11,193	$10,798
12/19	$13,509	$13,509	$13,176
12/20	$14,152	$14,152	$14,205
12/21	$16,025	$16,025	$15,805
12/22	$13,380	$13,380	$13,521
12/23	$16,032	$16,032	$15,987
12/24	$16,896	$16,896	$16,598

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class C @ NAV	4.62%	4.26%	5.39%
Class C @ CDSC	3.62%	4.26%	5.39%
MSCI EAFE Index^{Footnote Reference1}	3.82%	4.73%	5.20%

Footnote	Description
Footnote¹	The unmanaged MSCI EAFE Index measures the performance of large- and mid-cap stocks in the developed markets, excluding the U.S. and Canada. The index covers approximately 85% of the free-float-adjusted market capitalization in each country.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$416,419
Number of Holdings	76
Investment Advisory Fees	$3,291
Portfolio Turnover	19%

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

Value	Value
Real Estate	3.1%
Energy	3.4%
Communication Services	4.6%
Materials	6.0%
Information Technology	9.3%
Consumer Staples	9.4%
Consumer Discretionary	10.8%
Health Care	12.4%
Industrials	15.0%
Financials	20.6%

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

Novo Nordisk A/S, Class B	2.9%
SAP SE	2.8%
Roche Holding AG	2.6%
Novartis AG, Registered Shares	2.5%
Allianz SE, Registered Shares	2.5%
Toyota Motor Corp.	2.2%
Barclays PLC	2.1%
Unilever PLC	2.1%
Banco Bilbao Vizcaya Argentaria SA	2.1%
Shell PLC	2.0%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RIGCX — AR (12/24)

Victory RS International Fund

Class R

Ticker: RIGKX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class R	$142	1.38%

What affected the Fund’s performance during the period?

Top contributors to performance:

Positive stock selection in the industrials, consumer discretionary, and information technology sectors supported the Fund’s performance relative to the MSCI EAFE Index for the period.
From a regional perspective, positive stock selection in Japan and the United Kingdom contributed to relative performance.
Country-level contributors to relative performance included Netherlands, Denmark, and New Zealand.

Top detractors from performance:

Negative stock selection in the materials sector hurt relative performance.
By region, stock selection was negative in Europe.
Country-level detractors included France, Switzerland, and Belgium.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory RS International Fund Class R - $17,439	MSCI EAFE Index (regulatory broad based index) - $16,598
12/14	$10,000	$10,000
12/15	$10,022	$9,919
12/16	$10,228	$10,018
12/17	$12,770	$12,526
12/18	$11,385	$10,798
12/19	$13,818	$13,176
12/20	$14,538	$14,205
12/21	$16,551	$15,805
12/22	$13,888	$13,521
12/23	$16,595	$15,987
12/24	$17,439	$16,598

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class R	5.09%	4.77%	5.72%
MSCI EAFE Index^{Footnote Reference1}	3.82%	4.73%	5.20%

Footnote	Description
Footnote¹	The unmanaged MSCI EAFE Index measures the performance of large- and mid-cap stocks in the developed markets, excluding the U.S. and Canada. The index covers approximately 85% of the free-float-adjusted market capitalization in each country.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$416,419
Number of Holdings	76
Investment Advisory Fees	$3,291
Portfolio Turnover	19%

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

Value	Value
Real Estate	3.1%
Energy	3.4%
Communication Services	4.6%
Materials	6.0%
Information Technology	9.3%
Consumer Staples	9.4%
Consumer Discretionary	10.8%
Health Care	12.4%
Industrials	15.0%
Financials	20.6%

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

Novo Nordisk A/S, Class B	2.9%
SAP SE	2.8%
Roche Holding AG	2.6%
Novartis AG, Registered Shares	2.5%
Allianz SE, Registered Shares	2.5%
Toyota Motor Corp.	2.2%
Barclays PLC	2.1%
Unilever PLC	2.1%
Banco Bilbao Vizcaya Argentaria SA	2.1%
Shell PLC	2.0%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RIGKX — AR (12/24)

Victory RS International Fund

Class R6

Ticker: RSIRX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class R6	$85	0.83%

What affected the Fund’s performance during the period?

Top contributors to performance:

Positive stock selection in the industrials, consumer discretionary, and information technology sectors supported the Fund’s performance relative to the MSCI EAFE Index for the period.
From a regional perspective, positive stock selection in Japan and the United Kingdom contributed to relative performance.
Country-level contributors to relative performance included Netherlands, Denmark, and New Zealand.

Top detractors from performance:

Negative stock selection in the materials sector hurt relative performance.
By region, stock selection was negative in Europe.
Country-level detractors included France, Switzerland, and Belgium.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory RS International Fund Class R6 - $13,924	MSCI EAFE Index (regulatory broad based index) - $13,564
5/19^{Footnote Reference*}	$10,000	$10,000
12/19	$10,724	$10,767
12/20	$11,357	$11,608
12/21	$12,983	$12,916
12/22	$10,962	$11,049
12/23	$13,173	$13,064
12/24	$13,924	$13,564

Footnote	Description
Footnote^*	Inception date for the Victory RS International Fund, Class R6 is 5/2/2019.

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	Since Inception
Class R6	5.70%	5.36%	6.01%
MSCI EAFE Index^{Footnote Reference1}	3.82%	4.73%	5.52%

Footnote	Description
Footnote¹	The unmanaged MSCI EAFE Index measures the performance of large- and mid-cap stocks in the developed markets, excluding the U.S. and Canada. The index covers approximately 85% of the free-float-adjusted market capitalization in each country.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$416,419
Number of Holdings	76
Investment Advisory Fees	$3,291
Portfolio Turnover	19%

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

Value	Value
Real Estate	3.1%
Energy	3.4%
Communication Services	4.6%
Materials	6.0%
Information Technology	9.3%
Consumer Staples	9.4%
Consumer Discretionary	10.8%
Health Care	12.4%
Industrials	15.0%
Financials	20.6%

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

Novo Nordisk A/S, Class B	2.9%
SAP SE	2.8%
Roche Holding AG	2.6%
Novartis AG, Registered Shares	2.5%
Allianz SE, Registered Shares	2.5%
Toyota Motor Corp.	2.2%
Barclays PLC	2.1%
Unilever PLC	2.1%
Banco Bilbao Vizcaya Argentaria SA	2.1%
Shell PLC	2.0%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSIRX — AR (12/24)

Victory RS International Fund

Class Y

Ticker: RSIGX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$90	0.88%

What affected the Fund’s performance during the period?

Top contributors to performance:

Positive stock selection in the industrials, consumer discretionary, and information technology sectors supported the Fund’s performance relative to the MSCI EAFE Index for the period.
From a regional perspective, positive stock selection in Japan and the United Kingdom contributed to relative performance.
Country-level contributors to relative performance included Netherlands, Denmark, and New Zealand.

Top detractors from performance:

Negative stock selection in the materials sector hurt relative performance.
By region, stock selection was negative in Europe.
Country-level detractors included France, Switzerland, and Belgium.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory RS International Fund Class Y - $18,412	MSCI EAFE Index (regulatory broad based index) - $16,598
12/14	$10,000	$10,000
12/15	$10,092	$9,919
12/16	$10,363	$10,018
12/17	$13,012	$12,526
12/18	$11,661	$10,798
12/19	$14,219	$13,176
12/20	$15,043	$14,205
12/21	$17,207	$15,805
12/22	$14,504	$13,521
12/23	$17,427	$15,987
12/24	$18,412	$16,598

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class Y	5.65%	5.30%	6.29%
MSCI EAFE Index^{Footnote Reference1}	3.82%	4.73%	5.20%

Footnote	Description
Footnote¹	The unmanaged MSCI EAFE Index measures the performance of large- and mid-cap stocks in the developed markets, excluding the U.S. and Canada. The index covers approximately 85% of the free-float-adjusted market capitalization in each country.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$416,419
Number of Holdings	76
Investment Advisory Fees	$3,291
Portfolio Turnover	19%

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

Value	Value
Real Estate	3.1%
Energy	3.4%
Communication Services	4.6%
Materials	6.0%
Information Technology	9.3%
Consumer Staples	9.4%
Consumer Discretionary	10.8%
Health Care	12.4%
Industrials	15.0%
Financials	20.6%

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

Novo Nordisk A/S, Class B	2.9%
SAP SE	2.8%
Roche Holding AG	2.6%
Novartis AG, Registered Shares	2.5%
Allianz SE, Registered Shares	2.5%
Toyota Motor Corp.	2.2%
Barclays PLC	2.1%
Unilever PLC	2.1%
Banco Bilbao Vizcaya Argentaria SA	2.1%
Shell PLC	2.0%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSIGX — AR (12/24)

Victory RS Global Fund

Class A

Ticker: RSGGX

Annual shareholder report — December 31, 2024

The annual shareholder report contains important information about Victory RS Global Fund (the "Fund") for the period of January 1, 2024 to December 31, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us. This report describes changes to the Fund that occurred during the period.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$93	0.85%

What affected the Fund’s performance during the period?

Top contributors to performance:

Positive stock selection in the financials, industrials, and information technology sectors supported the Fund’s performance relative to the MSCI All Country World Index (the "Index") for the period.
From a regional perspective, positive stock selection in North America and Japan contributed to performance relative to the Index.
Country-level contributors to relative performance included the United States, South Africa, and an underweight allocation to South Korea.

Top detractors from performance:

Negative stock selection in the energy sector hurt relative performance.
By region, stock selection in Europe detracted from relative performance.
Country-level detractors included Belgium, France, and Indonesia.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 5.75% for Class A. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory RS Global Fund Class A @ NAV - $29,825	Victory RS Global Fund Class A @ MOP - $28,099	MSCI All Country World Index (regulatory broad based index) - $24,184
12/14	$10,000	$9,421	$10,000
12/15	$10,368	$9,768	$9,764
12/16	$11,059	$10,419	$10,532
12/17	$13,767	$12,970	$13,056
12/18	$13,016	$12,263	$11,827
12/19	$16,968	$15,986	$14,973
12/20	$19,853	$18,704	$17,407
12/21	$24,299	$22,893	$20,633
12/22	$19,684	$18,545	$16,844
12/23	$24,925	$23,483	$20,584
12/24	$29,825	$28,099	$24,184

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class A @ NAV	19.66%^{Footnote Reference}	11.94%	11.55%
Class A @ MOP	12.76%	10.62%	10.88%
MSCI All Country World Index^{Footnote Reference1}	17.49%	10.06%	9.23%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged MSCI All Country World Index is a free float-adjusted, market-capitalization-weighted index designed to measure the performance of large- and mid-cap stocks across developed and emerging markets.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$1,217,876
Number of Holdings	104
Investment Advisory Fees	$6,265
Portfolio Turnover	20%

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

Value	Value
Utilities	1.9%
Energy	3.4%
Materials	3.7%
Consumer Staples	5.8%
Industrials	8.7%
Communication Services	8.8%
Health Care	9.2%
Consumer Discretionary	12.6%
Financials	17.5%
Information Technology	24.7%

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

Apple, Inc.	5.5%
NVIDIA Corp.	4.9%
Microsoft Corp.	4.5%
Alphabet, Inc., Class C	2.9%
Amazon.com, Inc.	2.8%
Meta Platforms, Inc., Class A	2.6%
Eli Lilly & Co.	1.7%
Mastercard, Inc., Class A	1.6%
JPMorgan Chase & Co.	1.6%
Taiwan Semiconductor Manufacturing Co. Ltd.	1.6%

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

Material Fund Changes

Effective July 1, 2024, the Fund’s investment strategy changed to reflect a reduction in the percentage the Fund normally will investment in non-U.S. companies from 40% to 30%. For more complete information, you may review the Fund's prospectus issued May 1, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSGGX — AR (12/24)

Victory RS Global Fund

Class C

Ticker: RGGCX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class C	$175	1.60%

What affected the Fund’s performance during the period?

Top contributors to performance:

Positive stock selection in the financials, industrials, and information technology sectors supported the Fund’s performance relative to the MSCI All Country World Index (the "Index") for the period.
From a regional perspective, positive stock selection in North America and Japan contributed to performance relative to the Index.
Country-level contributors to relative performance included the United States, South Africa, and an underweight allocation to South Korea.

Top detractors from performance:

Negative stock selection in the energy sector hurt relative performance.
By region, stock selection in Europe detracted from relative performance.
Country-level detractors included Belgium, France, and Indonesia.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. Class C is not subject to an initial sales charge, but is subject to Contingent Deferred Sales Charge (“CDSC”) of 1.00% on shares redeemed within one year of purchase. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory RS Global Fund Class C @ NAV - $28,076	Victory RS Global Fund Class C @ CDSC - $28,076	MSCI All Country World Index (regulatory broad based index) - $24,184
12/14	$10,000	$10,000	$10,000
12/15	$10,285	$10,285	$9,764
12/16	$10,894	$10,894	$10,532
12/17	$13,450	$13,450	$13,056
12/18	$12,617	$12,617	$11,827
12/19	$16,342	$16,342	$14,973
12/20	$18,967	$18,967	$17,407
12/21	$23,050	$23,050	$20,633
12/22	$18,530	$18,530	$16,844
12/23	$23,463	$23,463	$20,584
12/24	$28,076	$28,076	$24,184

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class C @ NAV	18.76%^{Footnote Reference}	11.10%	10.87%
Class C @ CDSC	17.76%	11.10%	10.87%
MSCI All Country World Index^{Footnote Reference1}	17.49%	10.06%	9.23%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged MSCI All Country World Index is a free float-adjusted, market-capitalization-weighted index designed to measure the performance of large- and mid-cap stocks across developed and emerging markets.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$1,217,876
Number of Holdings	104
Investment Advisory Fees	$6,265
Portfolio Turnover	20%

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

Value	Value
Utilities	1.9%
Energy	3.4%
Materials	3.7%
Consumer Staples	5.8%
Industrials	8.7%
Communication Services	8.8%
Health Care	9.2%
Consumer Discretionary	12.6%
Financials	17.5%
Information Technology	24.7%

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

Apple, Inc.	5.5%
NVIDIA Corp.	4.9%
Microsoft Corp.	4.5%
Alphabet, Inc., Class C	2.9%
Amazon.com, Inc.	2.8%
Meta Platforms, Inc., Class A	2.6%
Eli Lilly & Co.	1.7%
Mastercard, Inc., Class A	1.6%
JPMorgan Chase & Co.	1.6%
Taiwan Semiconductor Manufacturing Co. Ltd.	1.6%

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

Material Fund Changes

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RGGCX — AR (12/24)

Victory RS Global Fund

Class R

Ticker: RGGKX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class R	$121	1.10%

What affected the Fund’s performance during the period?

Top contributors to performance:

Positive stock selection in the financials, industrials, and information technology sectors supported the Fund’s performance relative to the MSCI All Country World Index (the "Index") for the period.
From a regional perspective, positive stock selection in North America and Japan contributed to performance relative to the Index.
Country-level contributors to relative performance included the United States, South Africa, and an underweight allocation to South Korea.

Top detractors from performance:

Negative stock selection in the energy sector hurt relative performance.
By region, stock selection in Europe detracted from relative performance.
Country-level detractors included Belgium, France, and Indonesia.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory RS Global Fund Class R - $35,638	MSCI All Country World Index (regulatory broad based index) - $24,184
12/14	$10,000	$10,000
12/15	$10,323	$9,764
12/16	$13,479	$10,532
12/17	$16,726	$13,056
12/18	$15,776	$11,827
12/19	$20,524	$14,973
12/20	$23,951	$17,407
12/21	$29,248	$20,633
12/22	$23,635	$16,844
12/23	$29,848	$20,584
12/24	$35,638	$24,184

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class R	19.40%^{Footnote Reference}	11.67%	13.55%
MSCI All Country World Index^{Footnote Reference1}	17.49%	10.06%	9.23%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged MSCI All Country World Index is a free float-adjusted, market-capitalization-weighted index designed to measure the performance of large- and mid-cap stocks across developed and emerging markets.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$1,217,876
Number of Holdings	104
Investment Advisory Fees	$6,265
Portfolio Turnover	20%

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

Value	Value
Utilities	1.9%
Energy	3.4%
Materials	3.7%
Consumer Staples	5.8%
Industrials	8.7%
Communication Services	8.8%
Health Care	9.2%
Consumer Discretionary	12.6%
Financials	17.5%
Information Technology	24.7%

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

Apple, Inc.	5.5%
NVIDIA Corp.	4.9%
Microsoft Corp.	4.5%
Alphabet, Inc., Class C	2.9%
Amazon.com, Inc.	2.8%
Meta Platforms, Inc., Class A	2.6%
Eli Lilly & Co.	1.7%
Mastercard, Inc., Class A	1.6%
JPMorgan Chase & Co.	1.6%
Taiwan Semiconductor Manufacturing Co. Ltd.	1.6%

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

Material Fund Changes

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RGGKX — AR (12/24)

Victory RS Global Fund

Class R6

Ticker: RGGRX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class R6	$61	0.55%

What affected the Fund’s performance during the period?

Top contributors to performance:

Positive stock selection in the financials, industrials, and information technology sectors supported the Fund’s performance relative to the MSCI All Country World Index (the "Index") for the period.
From a regional perspective, positive stock selection in North America and Japan contributed to performance relative to the Index.
Country-level contributors to relative performance included the United States, South Africa, and an underweight allocation to South Korea.

Top detractors from performance:

Negative stock selection in the energy sector hurt relative performance.
By region, stock selection in Europe detracted from relative performance.
Country-level detractors included Belgium, France, and Indonesia.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory RS Global Fund Class R6 - $20,056	MSCI All Country World Index (regulatory broad based index) - $17,693
5/19^{Footnote Reference*}	$10,000	$10,000
12/19	$11,247	$10,954
12/20	$13,188	$12,734
12/21	$16,201	$15,095
12/22	$13,154	$12,323
12/23	$16,708	$15,059
12/24	$20,056	$17,693

Footnote	Description
Footnote^*	Inception date for the Victory RS Global Fund, Class R6 is 5/2/2019.

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	Since Inception
Class R6	20.04%^{Footnote Reference}	12.26%	13.06%
MSCI All Country World Index^{Footnote Reference1}	17.49%	10.06%	10.59%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged MSCI All Country World Index is a free float-adjusted, market-capitalization-weighted index designed to measure the performance of large- and mid-cap stocks across developed and emerging markets.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$1,217,876
Number of Holdings	104
Investment Advisory Fees	$6,265
Portfolio Turnover	20%

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

Value	Value
Utilities	1.9%
Energy	3.4%
Materials	3.7%
Consumer Staples	5.8%
Industrials	8.7%
Communication Services	8.8%
Health Care	9.2%
Consumer Discretionary	12.6%
Financials	17.5%
Information Technology	24.7%

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

Apple, Inc.	5.5%
NVIDIA Corp.	4.9%
Microsoft Corp.	4.5%
Alphabet, Inc., Class C	2.9%
Amazon.com, Inc.	2.8%
Meta Platforms, Inc., Class A	2.6%
Eli Lilly & Co.	1.7%
Mastercard, Inc., Class A	1.6%
JPMorgan Chase & Co.	1.6%
Taiwan Semiconductor Manufacturing Co. Ltd.	1.6%

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

Material Fund Changes

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RGGRX — AR (12/24)

Victory RS Global Fund

Class Y

Ticker: RGGYX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$66	0.60%

What affected the Fund’s performance during the period?

Top contributors to performance:

Positive stock selection in the financials, industrials, and information technology sectors supported the Fund’s performance relative to the MSCI All Country World Index (the "Index") for the period.
From a regional perspective, positive stock selection in North America and Japan contributed to performance relative to the Index.
Country-level contributors to relative performance included the United States, South Africa, and an underweight allocation to South Korea.

Top detractors from performance:

Negative stock selection in the energy sector hurt relative performance.
By region, stock selection in Europe detracted from relative performance.
Country-level detractors included Belgium, France, and Indonesia.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory RS Global Fund Class Y - $30,621	MSCI All Country World Index (regulatory broad based index) - $24,184
12/14	$10,000	$10,000
12/15	$10,396	$9,764
12/16	$11,125	$10,532
12/17	$13,879	$13,056
12/18	$13,162	$11,827
12/19	$17,202	$14,973
12/20	$20,173	$17,407
12/21	$24,768	$20,633
12/22	$20,107	$16,844
12/23	$25,523	$20,584
12/24	$30,621	$24,184

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class Y	19.97%^{Footnote Reference}	12.22%	11.84%
MSCI All Country World Index^{Footnote Reference1}	17.49%	10.06%	9.23%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged MSCI All Country World Index is a free float-adjusted, market-capitalization-weighted index designed to measure the performance of large- and mid-cap stocks across developed and emerging markets.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$1,217,876
Number of Holdings	104
Investment Advisory Fees	$6,265
Portfolio Turnover	20%

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

Value	Value
Utilities	1.9%
Energy	3.4%
Materials	3.7%
Consumer Staples	5.8%
Industrials	8.7%
Communication Services	8.8%
Health Care	9.2%
Consumer Discretionary	12.6%
Financials	17.5%
Information Technology	24.7%

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

Apple, Inc.	5.5%
NVIDIA Corp.	4.9%
Microsoft Corp.	4.5%
Alphabet, Inc., Class C	2.9%
Amazon.com, Inc.	2.8%
Meta Platforms, Inc., Class A	2.6%
Eli Lilly & Co.	1.7%
Mastercard, Inc., Class A	1.6%
JPMorgan Chase & Co.	1.6%
Taiwan Semiconductor Manufacturing Co. Ltd.	1.6%

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

Material Fund Changes

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RGGYX — AR (12/24)

Victory Sophus Emerging Markets Fund

Class A

Ticker: GBEMX

Annual shareholder report — December 31, 2024

The annual shareholder report contains important information about Victory Sophus Emerging Markets Fund (the "Fund") for the period of January 1, 2024 to December 31, 2024, as well as certain changes to the Fund. 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 year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$137	1.34%

What affected the Fund’s performance during the period?

Top contributors to performance:

Stock selection in the industrials sector served as the most significant contributor to relative performance in the period. The Fund was moderately overweight this sector.
Holdings in Taiwanese companies were another significant contributor to relative performance, driven by positive stock selection within the technology sector. Within industrials, Fortune Electric Co. Ltd outperformed due to the previously mentioned power investments. The Fund was moderately underweight in Taiwanese companies.
The materials sector also significantly contributed to relative performance, due to positive stock selection, as evidenced by holdings including Shandong Nanshan Aluminum, Western Mining, and Welspun Corp. Ltd. The Fund benefited from its underweight allocation in poor performer POSCO. The Fund was positioned effectively neutral in this sector.

Top detractors from performance:

The third quarter was flooded by conflicting signals and periods of sharp reversals, which resulted in elevated market volatility, with sentiment changing sometimes on a weekly basis. This proved a challenging environment for the Fund’s quantitative models to perform. As such, the impact of market volatility was one of the most significant detractors from performance in 2024.
The consumer discretionary sector was the most significant detractor from relative performance, due to negative stock selection concentrated largely amongst a handful of underperforming investments that the Fund held over the course of the year. The Fund was moderately overweight the consumer discretionary sector during the period.
China-based investments were the most significant detractor from relative performance, driven by both stock-specific blow-ups and the Fund’s defensive positioning within that market amidst the sharp rally in the final week of the third quarter. Four consumer discretionary stocks alone accounted for roughly half of this China-centric negative attribution: Alibaba Group Holdings Ltd., Class W, PDD, Miniso, and JD.com, Inc., Class SW. The Fund was virtually neutral positioned in China-centric investments.
Holdings in the information technology sector significantly detracted from relative performance, due to negative stock selection, driven by a combination of strong performers the Fund did not own (or held at underweight positions on average). The Fund was positioned effectively neutral in this sector.

Holdings are subject to change. There is no guarantee that securities mentioned remain in or out of the Fund.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 5.75% for Class A. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory Sophus Emerging Markets Fund Class A @ NAV - $13,753	Victory Sophus Emerging Markets Fund Class A @ MOP - $12,963	MSCI All Country World Index (regulatory broad based index) - $24,184	MSCI Emerging Markets Index - $14,293
12/14	$10,000	$9,425	$10,000	$10,000
12/15	$8,706	$8,206	$9,764	$8,508
12/16	$9,621	$9,068	$10,532	$9,460
12/17	$13,669	$12,884	$13,056	$12,987
12/18	$11,061	$10,426	$11,827	$11,094
12/19	$13,601	$12,820	$14,973	$13,139
12/20	$15,876	$14,964	$17,407	$15,544
12/21	$15,185	$14,313	$20,633	$15,149
12/22	$11,783	$11,106	$16,844	$12,105
12/23	$13,076	$12,324	$20,584	$13,295
12/24	$13,753	$12,963	$24,184	$14,293

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class A @ NAV	5.18%	0.22%	3.24%
Class A @ MOP	-0.86%	-0.95%	2.63%
MSCI All Country World Index^{Footnote Reference1}	17.49%	10.06%	9.23%
MSCI Emerging Markets Index^{Footnote Reference2}	7.50%	1.70%	3.64%

Footnote	Description
Footnote¹	The unmanaged MSCI All Country World Index is a free float-adjusted, market-capitalization-weighted index designed to measure the performance of large- and mid-cap stocks across developed and emerging markets.
Footnote²	The unmanaged MSCI Emerging Markets Index is a free-float-adjusted market-capitalization-weighted index designed to measure equity market performance in the global emerging markets.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$343,742
Number of Holdings	125
Investment Advisory Fees	$3,722
Portfolio Turnover	96%

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

Value	Value
Consumer Staples	2.6%
Real Estate	2.9%
Energy	3.0%
Materials	5.0%
Health Care	5.9%
Industrials	8.4%
Communication Services	8.6%
Consumer Discretionary	14.6%
Financials	20.2%
Information Technology^{Footnote Reference**}	25.7%

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

Taiwan Semiconductor Manufacturing Co. Ltd.	11.4%
Tencent Holdings Ltd.	6.0%
ICICI Bank Ltd., ADR	3.1%
Infosys Ltd., ADR	2.7%
Alibaba Group Holding Ltd., Class W	2.4%
SK Hynix, Inc.	2.1%
Meituan, Class W	1.9%
China Construction Bank Corp., Class H	1.7%
Xiaomi Corp., Class W	1.5%
Sun Pharmaceutical Industries Ltd.	1.4%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

GBEMX — AR (12/24)

Victory Sophus Emerging Markets Fund

Class C

Ticker: REMGX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class C	$219	2.14%

What affected the Fund’s performance during the period?

Top contributors to performance:

Stock selection in the industrials sector served as the most significant contributor to relative performance in the period. The Fund was moderately overweight this sector.
Holdings in Taiwanese companies were another significant contributor to relative performance, driven by positive stock selection within the technology sector. Within industrials, Fortune Electric Co. Ltd outperformed due to the previously mentioned power investments. The Fund was moderately underweight in Taiwanese companies.
The materials sector also significantly contributed to relative performance, due to positive stock selection, as evidenced by holdings including Shandong Nanshan Aluminum, Western Mining, and Welspun Corp. Ltd. The Fund benefited from its underweight allocation in poor performer POSCO. The Fund was positioned effectively neutral in this sector.

Top detractors from performance:

The third quarter was flooded by conflicting signals and periods of sharp reversals, which resulted in elevated market volatility, with sentiment changing sometimes on a weekly basis. This proved a challenging environment for the Fund’s quantitative models to perform. As such, the impact of market volatility was one of the most significant detractors from performance in 2024.
The consumer discretionary sector was the most significant detractor from relative performance, due to negative stock selection concentrated largely amongst a handful of underperforming investments that the Fund held over the course of the year. The Fund was moderately overweight the consumer discretionary sector during the period.
China-based investments were the most significant detractor from relative performance, driven by both stock-specific blow-ups and the Fund’s defensive positioning within that market amidst the sharp rally in the final week of the third quarter. Four consumer discretionary stocks alone accounted for roughly half of this China-centric negative attribution: Alibaba Group Holdings Ltd., Class W, PDD, Miniso, and JD.com, Inc., Class SW. The Fund was virtually neutral positioned in China-centric investments.
Holdings in the information technology sector significantly detracted from relative performance, due to negative stock selection, driven by a combination of strong performers the Fund did not own (or held at underweight positions on average). The Fund was positioned effectively neutral in this sector.

Holdings are subject to change. There is no guarantee that securities mentioned remain in or out of the Fund.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. Class C is not subject to an initial sales charge, but is subject to Contingent Deferred Sales Charge (“CDSC”) of 1.00% on shares redeemed within one year of purchase. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory Sophus Emerging Markets Fund Class C @ NAV - $12,893	Victory Sophus Emerging Markets Fund Class C @ CDSC - $12,893	MSCI All Country World Index (regulatory broad based index) - $24,184	MSCI Emerging Markets Index - $14,293
12/14	$10,000	$10,000	$10,000	$10,000
12/15	$8,632	$8,632	$9,764	$8,508
12/16	$9,462	$9,462	$10,532	$9,460
12/17	$13,337	$13,337	$13,056	$12,987
12/18	$10,704	$10,704	$11,827	$11,094
12/19	$13,064	$13,064	$14,973	$13,139
12/20	$15,127	$15,127	$17,407	$15,544
12/21	$14,347	$14,347	$20,633	$15,149
12/22	$11,046	$11,046	$16,844	$12,105
12/23	$12,257	$12,257	$20,584	$13,295
12/24	$12,893	$12,893	$24,184	$14,293

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class C @ NAV	4.34%	-0.59%	2.57%
Class C @ CDSC	3.34%	-0.59%	2.57%
MSCI All Country World Index^{Footnote Reference1}	17.49%	10.06%	9.23%
MSCI Emerging Markets Index^{Footnote Reference2}	7.50%	1.70%	3.64%

Footnote	Description
Footnote¹	The unmanaged MSCI All Country World Index is a free float-adjusted, market-capitalization-weighted index designed to measure the performance of large- and mid-cap stocks across developed and emerging markets.
Footnote²	The unmanaged MSCI Emerging Markets Index is a free-float-adjusted market-capitalization-weighted index designed to measure equity market performance in the global emerging markets.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$343,742
Number of Holdings	125
Investment Advisory Fees	$3,722
Portfolio Turnover	96%

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

Value	Value
Consumer Staples	2.6%
Real Estate	2.9%
Energy	3.0%
Materials	5.0%
Health Care	5.9%
Industrials	8.4%
Communication Services	8.6%
Consumer Discretionary	14.6%
Financials	20.2%
Information Technology^{Footnote Reference**}	25.7%

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

Taiwan Semiconductor Manufacturing Co. Ltd.	11.4%
Tencent Holdings Ltd.	6.0%
ICICI Bank Ltd., ADR	3.1%
Infosys Ltd., ADR	2.7%
Alibaba Group Holding Ltd., Class W	2.4%
SK Hynix, Inc.	2.1%
Meituan, Class W	1.9%
China Construction Bank Corp., Class H	1.7%
Xiaomi Corp., Class W	1.5%
Sun Pharmaceutical Industries Ltd.	1.4%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

REMGX — AR (12/24)

Victory Sophus Emerging Markets Fund

Class R

Ticker: REMKX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class R	$162	1.58%

What affected the Fund’s performance during the period?

Top contributors to performance:

Stock selection in the industrials sector served as the most significant contributor to relative performance in the period. The Fund was moderately overweight this sector.
Holdings in Taiwanese companies were another significant contributor to relative performance, driven by positive stock selection within the technology sector. Within industrials, Fortune Electric Co. Ltd outperformed due to the previously mentioned power investments. The Fund was moderately underweight in Taiwanese companies.
The materials sector also significantly contributed to relative performance, due to positive stock selection, as evidenced by holdings including Shandong Nanshan Aluminum, Western Mining, and Welspun Corp. Ltd. The Fund benefited from its underweight allocation in poor performer POSCO. The Fund was positioned effectively neutral in this sector.

Top detractors from performance:

The third quarter was flooded by conflicting signals and periods of sharp reversals, which resulted in elevated market volatility, with sentiment changing sometimes on a weekly basis. This proved a challenging environment for the Fund’s quantitative models to perform. As such, the impact of market volatility was one of the most significant detractors from performance in 2024.
The consumer discretionary sector was the most significant detractor from relative performance, due to negative stock selection concentrated largely amongst a handful of underperforming investments that the Fund held over the course of the year. The Fund was moderately overweight the consumer discretionary sector during the period.
China-based investments were the most significant detractor from relative performance, driven by both stock-specific blow-ups and the Fund’s defensive positioning within that market amidst the sharp rally in the final week of the third quarter. Four consumer discretionary stocks alone accounted for roughly half of this China-centric negative attribution: Alibaba Group Holdings Ltd., Class W, PDD, Miniso, and JD.com, Inc., Class SW. The Fund was virtually neutral positioned in China-centric investments.
Holdings in the information technology sector significantly detracted from relative performance, due to negative stock selection, driven by a combination of strong performers the Fund did not own (or held at underweight positions on average). The Fund was positioned effectively neutral in this sector.

Holdings are subject to change. There is no guarantee that securities mentioned remain in or out of the Fund.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory Sophus Emerging Markets Fund Class R - $13,413	MSCI All Country World Index (regulatory broad based index) - $24,184	MSCI Emerging Markets Index - $14,293
12/14	$10,000	$10,000	$10,000
12/15	$8,677	$9,764	$8,508
12/16	$9,568	$10,532	$9,460
12/17	$13,557	$13,056	$12,987
12/18	$10,948	$11,827	$11,094
12/19	$13,427	$14,973	$13,139
12/20	$15,638	$17,407	$15,544
12/21	$14,924	$20,633	$15,149
12/22	$11,548	$16,844	$12,105
12/23	$12,783	$20,584	$13,295
12/24	$13,413	$24,184	$14,293

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class R	4.93%	-0.02%	2.98%
MSCI All Country World Index^{Footnote Reference1}	17.49%	10.06%	9.23%
MSCI Emerging Markets Index^{Footnote Reference2}	7.50%	1.70%	3.64%

Footnote	Description
Footnote¹	The unmanaged MSCI All Country World Index is a free float-adjusted, market-capitalization-weighted index designed to measure the performance of large- and mid-cap stocks across developed and emerging markets.
Footnote²	The unmanaged MSCI Emerging Markets Index is a free-float-adjusted market-capitalization-weighted index designed to measure equity market performance in the global emerging markets.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$343,742
Number of Holdings	125
Investment Advisory Fees	$3,722
Portfolio Turnover	96%

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

Value	Value
Consumer Staples	2.6%
Real Estate	2.9%
Energy	3.0%
Materials	5.0%
Health Care	5.9%
Industrials	8.4%
Communication Services	8.6%
Consumer Discretionary	14.6%
Financials	20.2%
Information Technology^{Footnote Reference**}	25.7%

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

Taiwan Semiconductor Manufacturing Co. Ltd.	11.4%
Tencent Holdings Ltd.	6.0%
ICICI Bank Ltd., ADR	3.1%
Infosys Ltd., ADR	2.7%
Alibaba Group Holding Ltd., Class W	2.4%
SK Hynix, Inc.	2.1%
Meituan, Class W	1.9%
China Construction Bank Corp., Class H	1.7%
Xiaomi Corp., Class W	1.5%
Sun Pharmaceutical Industries Ltd.	1.4%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

REMKX — AR (12/24)

Victory Sophus Emerging Markets Fund

Class R6

Ticker: RSERX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class R6	$92	0.89%

What affected the Fund’s performance during the period?

Top contributors to performance:

Stock selection in the industrials sector served as the most significant contributor to relative performance in the period. The Fund was moderately overweight this sector.
Holdings in Taiwanese companies were another significant contributor to relative performance, driven by positive stock selection within the technology sector. Within industrials, Fortune Electric Co. Ltd outperformed due to the previously mentioned power investments. The Fund was moderately underweight in Taiwanese companies.
The materials sector also significantly contributed to relative performance, due to positive stock selection, as evidenced by holdings including Shandong Nanshan Aluminum, Western Mining, and Welspun Corp. Ltd. The Fund benefited from its underweight allocation in poor performer POSCO. The Fund was positioned effectively neutral in this sector.

Top detractors from performance:

The third quarter was flooded by conflicting signals and periods of sharp reversals, which resulted in elevated market volatility, with sentiment changing sometimes on a weekly basis. This proved a challenging environment for the Fund’s quantitative models to perform. As such, the impact of market volatility was one of the most significant detractors from performance in 2024.
The consumer discretionary sector was the most significant detractor from relative performance, due to negative stock selection concentrated largely amongst a handful of underperforming investments that the Fund held over the course of the year. The Fund was moderately overweight the consumer discretionary sector during the period.
China-based investments were the most significant detractor from relative performance, driven by both stock-specific blow-ups and the Fund’s defensive positioning within that market amidst the sharp rally in the final week of the third quarter. Four consumer discretionary stocks alone accounted for roughly half of this China-centric negative attribution: Alibaba Group Holdings Ltd., Class W, PDD, Miniso, and JD.com, Inc., Class SW. The Fund was virtually neutral positioned in China-centric investments.
Holdings in the information technology sector significantly detracted from relative performance, due to negative stock selection, driven by a combination of strong performers the Fund did not own (or held at underweight positions on average). The Fund was positioned effectively neutral in this sector.

Holdings are subject to change. There is no guarantee that securities mentioned remain in or out of the Fund.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory Sophus Emerging Markets Fund Class R6 - $15,094	MSCI All Country World Index (regulatory broad based index) - $23,793	MSCI Emerging Markets Index - $15,578
11/16^{Footnote Reference*}	$10,000	$10,000	$10,000
12/16	$10,181	$10,362	$10,311
12/17	$14,536	$12,845	$14,155
12/18	$11,814	$11,636	$12,092
12/19	$14,596	$14,730	$14,321
12/20	$17,118	$17,125	$16,942
12/21	$16,445	$20,300	$16,512
12/22	$12,818	$16,572	$13,194
12/23	$14,284	$20,251	$14,491
12/24	$15,094	$23,793	$15,578

Footnote	Description
Footnote^*	Inception date for the Victory Sophus Emerging Markets Fund, Class R6 is 11/15/2016.

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	Since Inception
Class R6	5.67%	0.67%	5.20%
MSCI All Country World Index^{Footnote Reference1}	17.49%	10.06%	11.25%
MSCI Emerging Markets Index^{Footnote Reference2}	7.50%	1.70%	5.60%

Footnote	Description
Footnote¹	The unmanaged MSCI All Country World Index is a free float-adjusted, market-capitalization-weighted index designed to measure the performance of large- and mid-cap stocks across developed and emerging markets.
Footnote²	The unmanaged MSCI Emerging Markets Index is a free-float-adjusted market-capitalization-weighted index designed to measure equity market performance in the global emerging markets.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$343,742
Number of Holdings	125
Investment Advisory Fees	$3,722
Portfolio Turnover	96%

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

Value	Value
Consumer Staples	2.6%
Real Estate	2.9%
Energy	3.0%
Materials	5.0%
Health Care	5.9%
Industrials	8.4%
Communication Services	8.6%
Consumer Discretionary	14.6%
Financials	20.2%
Information Technology^{Footnote Reference**}	25.7%

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

Taiwan Semiconductor Manufacturing Co. Ltd.	11.4%
Tencent Holdings Ltd.	6.0%
ICICI Bank Ltd., ADR	3.1%
Infosys Ltd., ADR	2.7%
Alibaba Group Holding Ltd., Class W	2.4%
SK Hynix, Inc.	2.1%
Meituan, Class W	1.9%
China Construction Bank Corp., Class H	1.7%
Xiaomi Corp., Class W	1.5%
Sun Pharmaceutical Industries Ltd.	1.4%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSERX — AR (12/24)

Victory Sophus Emerging Markets Fund

Class Y

Ticker: RSENX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$102	0.99%

What affected the Fund’s performance during the period?

Top contributors to performance:

Stock selection in the industrials sector served as the most significant contributor to relative performance in the period. The Fund was moderately overweight this sector.
Holdings in Taiwanese companies were another significant contributor to relative performance, driven by positive stock selection within the technology sector. Within industrials, Fortune Electric Co. Ltd outperformed due to the previously mentioned power investments. The Fund was moderately underweight in Taiwanese companies.
The materials sector also significantly contributed to relative performance, due to positive stock selection, as evidenced by holdings including Shandong Nanshan Aluminum, Western Mining, and Welspun Corp. Ltd. The Fund benefited from its underweight allocation in poor performer POSCO. The Fund was positioned effectively neutral in this sector.

Top detractors from performance:

The third quarter was flooded by conflicting signals and periods of sharp reversals, which resulted in elevated market volatility, with sentiment changing sometimes on a weekly basis. This proved a challenging environment for the Fund’s quantitative models to perform. As such, the impact of market volatility was one of the most significant detractors from performance in 2024.
The consumer discretionary sector was the most significant detractor from relative performance, due to negative stock selection concentrated largely amongst a handful of underperforming investments that the Fund held over the course of the year. The Fund was moderately overweight the consumer discretionary sector during the period.
China-based investments were the most significant detractor from relative performance, driven by both stock-specific blow-ups and the Fund’s defensive positioning within that market amidst the sharp rally in the final week of the third quarter. Four consumer discretionary stocks alone accounted for roughly half of this China-centric negative attribution: Alibaba Group Holdings Ltd., Class W, PDD, Miniso, and JD.com, Inc., Class SW. The Fund was virtually neutral positioned in China-centric investments.
Holdings in the information technology sector significantly detracted from relative performance, due to negative stock selection, driven by a combination of strong performers the Fund did not own (or held at underweight positions on average). The Fund was positioned effectively neutral in this sector.

Holdings are subject to change. There is no guarantee that securities mentioned remain in or out of the Fund.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory Sophus Emerging Markets Fund Class Y - $14,226	MSCI All Country World Index (regulatory broad based index) - $24,184	MSCI Emerging Markets Index - $14,293
12/14	$10,000	$10,000	$10,000
12/15	$8,727	$9,764	$8,508
12/16	$9,675	$10,532	$9,460
12/17	$13,796	$13,056	$12,987
12/18	$11,207	$11,827	$11,094
12/19	$13,830	$14,973	$13,139
12/20	$16,195	$17,407	$15,544
12/21	$15,545	$20,633	$15,149
12/22	$12,102	$16,844	$12,105
12/23	$13,478	$20,584	$13,295
12/24	$14,226	$24,184	$14,293

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class Y	5.56%	0.57%	3.59%
MSCI All Country World Index^{Footnote Reference1}	17.49%	10.06%	9.23%
MSCI Emerging Markets Index^{Footnote Reference2}	7.50%	1.70%	3.64%

Footnote	Description
Footnote¹	The unmanaged MSCI All Country World Index is a free float-adjusted, market-capitalization-weighted index designed to measure the performance of large- and mid-cap stocks across developed and emerging markets.
Footnote²	The unmanaged MSCI Emerging Markets Index is a free-float-adjusted market-capitalization-weighted index designed to measure equity market performance in the global emerging markets.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$343,742
Number of Holdings	125
Investment Advisory Fees	$3,722
Portfolio Turnover	96%

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

Value	Value
Consumer Staples	2.6%
Real Estate	2.9%
Energy	3.0%
Materials	5.0%
Health Care	5.9%
Industrials	8.4%
Communication Services	8.6%
Consumer Discretionary	14.6%
Financials	20.2%
Information Technology^{Footnote Reference**}	25.7%

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

Taiwan Semiconductor Manufacturing Co. Ltd.	11.4%
Tencent Holdings Ltd.	6.0%
ICICI Bank Ltd., ADR	3.1%
Infosys Ltd., ADR	2.7%
Alibaba Group Holding Ltd., Class W	2.4%
SK Hynix, Inc.	2.1%
Meituan, Class W	1.9%
China Construction Bank Corp., Class H	1.7%
Xiaomi Corp., Class W	1.5%
Sun Pharmaceutical Industries Ltd.	1.4%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSENX — AR (12/24)

Victory Low Duration Bond Fund

Class A

Ticker: RLDAX

Annual shareholder report — December 31, 2024

The annual shareholder report contains important information about Victory Low Duration Bond Fund (the "Fund") for the period of January 1, 2024 to December 31, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us. This report describes changes to the Fund that occurred during the period.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$87	0.85%

What affected the Fund’s performance during the period?

The Fund benefited from its overweight to credit relative to the Bloomberg U.S. Government/Credit 1-3 Year Bond Index (the "Index") as credit spreads tightened during the reporting period. The yield curve was volatile throughout the reporting period but was only a very slight detractor from overall performance. Based on relative value, the Fund increased its allocation to asset-backed securities and treasuries while reducing allocations to corporate bonds and commercial mortgage-backed securities.

Top contributors to performance:

Asset allocation contributed the majority of the Fund’s outperformance relative to the Index driven by overweights to both commercial mortgage-backed securities and asset-backed securities combined with a large underweight to treasury securities.
Security selection provided the remainder of the outperformance as compared to the Index, driven by positions in the insurance, banking, and transportation sectors.

Top detractors from performance:

The yield curve was a slight detractor from performance relative to the Index driven by the 5-year part of the curve.
Cash holdings, and holdings in the consumer non-cyclical, and capital goods sectors were the largest detractors from relative performance from an asset allocation perspective.
Security selection within the finance sector was a slight detractor from relative performance.

The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 2.25% for Class A. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory Low Duration Bond Fund Class A @ NAV - $12,004	Victory Low Duration Bond Fund Class A @ MOP - $11,735	Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,432	Bloomberg U.S. Government/Credit 1-3 Year Bond Index - $11,467
12/14	$10,000	$9,776	$10,000	$10,000
12/15	$10,052	$9,827	$10,055	$10,056
12/16	$10,233	$10,003	$10,321	$10,143
12/17	$10,383	$10,151	$10,687	$10,186
12/18	$10,459	$10,225	$10,688	$10,345
12/19	$10,827	$10,584	$11,620	$10,716
12/20	$11,243	$10,991	$12,492	$11,055
12/21	$11,323	$11,069	$12,299	$10,988
12/22	$10,912	$10,668	$10,699	$10,569
12/23	$11,420	$11,164	$11,291	$11,023
12/24	$12,004	$11,735	$11,432	$11,467

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class A @ NAV	5.11%	2.09%	1.84%
Class A @ MOP	2.70%	1.62%	1.61%
Bloomberg U.S. Aggregate Bond Index^{Footnote Reference1}	1.25%	-0.33%	1.35%
Bloomberg U.S. Government/Credit 1-3 Year Bond Index^{Footnote Reference2}	4.03%	1.36%	1.38%

Footnote	Description
Footnote¹	The unmanaged Bloomberg U.S. Aggregate Bond Index measures the investment grade, USD-denominated, fixed-rate taxable bond market. The index includes Treasurys, government-related and corporate securities, and asset backed securities.
Footnote²	The unmanaged Bloomberg U.S. Government/Credit 1-3 Year Bond Index is generally considered to be respresentative of the average yield on U.S. government obligations having maturities between one and three years.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$102,374
Number of Holdings	216
Investment Advisory Fees	$533
Portfolio Turnover	38%

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

Value	Value
Asset-Backed Securities	25.9%
Corporate Bonds	25.0%
Collateralized Mortgage Obligations	21.8%
Yankee Dollars	11.1%
U.S. Treasury Obligations	10.3%
U.S. Government Agency Mortgages	2.8%
Other^{Footnote Reference**}	0.9%

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

Material Fund Changes

Effective March 29, 2024the Fund's Class R shares converted to Class A shares. For more complete information, you may review the Fund's prospectus, issued May 1, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RLDAX — AR (12/24)

Victory Low Duration Bond Fund

Class C

Ticker: RLDCX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class C	$165	1.62%

What affected the Fund’s performance during the period?

Top contributors to performance:

Asset allocation contributed the majority of the Fund’s outperformance relative to the Index driven by overweights to both commercial mortgage-backed securities and asset-backed securities combined with a large underweight to treasury securities.
Security selection provided the remainder of the outperformance as compared to the Index, driven by positions in the insurance, banking, and transportation sectors.

Top detractors from performance:

The yield curve was a slight detractor from performance relative to the Index driven by the 5-year part of the curve.
Cash holdings, and holdings in the consumer non-cyclical, and capital goods sectors were the largest detractors from relative performance from an asset allocation perspective.
Security selection within the finance sector was a slight detractor from relative performance.

The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. Class C is not subject to an initial sales charge, but is subject to Contingent Deferred Sales Charge (“CDSC”) of 1.00% on shares redeemed within one year of purchase. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory Low Duration Bond Fund Class C @ NAV - $11,305	Victory Low Duration Bond Fund Class C @ CDSC - $11,305	Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,432	Bloomberg U.S. Government/Credit 1-3 Year Bond Index - $11,467
12/14	$10,000	$10,000	$10,000	$10,000
12/15	$9,980	$9,980	$10,055	$10,056
12/16	$10,074	$10,074	$10,321	$10,143
12/17	$10,144	$10,144	$10,687	$10,186
12/18	$10,140	$10,140	$10,688	$10,345
12/19	$10,424	$10,424	$11,620	$10,716
12/20	$10,742	$10,742	$12,492	$11,055
12/21	$10,735	$10,735	$12,299	$10,988
12/22	$10,277	$10,277	$10,699	$10,569
12/23	$10,755	$10,755	$11,291	$11,023
12/24	$11,305	$11,305	$11,432	$11,467

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class C @ NAV	4.29%	1.32%	1.23%
Class C @ CDSC	3.29%	1.32%	1.23%
Bloomberg U.S. Aggregate Bond Index^{Footnote Reference1}	1.25%	-0.33%	1.35%
Bloomberg U.S. Government/Credit 1-3 Year Bond Index^{Footnote Reference2}	4.03%	1.36%	1.38%

Footnote	Description
Footnote¹	The unmanaged Bloomberg U.S. Aggregate Bond Index measures the investment grade, USD-denominated, fixed-rate taxable bond market. The index includes Treasurys, government-related and corporate securities, and asset backed securities.
Footnote²	The unmanaged Bloomberg U.S. Government/Credit 1-3 Year Bond Index is generally considered to be respresentative of the average yield on U.S. government obligations having maturities between one and three years.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$102,374
Number of Holdings	216
Investment Advisory Fees	$533
Portfolio Turnover	38%

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

Value	Value
Asset-Backed Securities	25.9%
Corporate Bonds	25.0%
Collateralized Mortgage Obligations	21.8%
Yankee Dollars	11.1%
U.S. Treasury Obligations	10.3%
U.S. Government Agency Mortgages	2.8%
Other^{Footnote Reference**}	0.9%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RLDCX — AR (12/24)

Victory Low Duration Bond Fund

Class Y

Ticker: RSDYX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$64	0.62%

What affected the Fund’s performance during the period?

Top contributors to performance:

Asset allocation contributed the majority of the Fund’s outperformance relative to the Index driven by overweights to both commercial mortgage-backed securities and asset-backed securities combined with a large underweight to treasury securities.
Security selection provided the remainder of the outperformance as compared to the Index, driven by positions in the insurance, banking, and transportation sectors.

Top detractors from performance:

The yield curve was a slight detractor from performance relative to the Index driven by the 5-year part of the curve.
Cash holdings, and holdings in the consumer non-cyclical, and capital goods sectors were the largest detractors from relative performance from an asset allocation perspective.
Security selection within the finance sector was a slight detractor from relative performance.

The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory Low Duration Bond Fund Class Y - $12,297	Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,432	Bloomberg U.S. Government/Credit 1-3 Year Bond Index - $11,467
12/14	$10,000	$10,000	$10,000
12/15	$10,074	$10,055	$10,056
12/16	$10,280	$10,321	$10,143
12/17	$10,456	$10,687	$10,186
12/18	$10,556	$10,688	$10,345
12/19	$10,953	$11,620	$10,716
12/20	$11,400	$12,492	$11,055
12/21	$11,508	$12,299	$10,988
12/22	$11,128	$10,699	$10,569
12/23	$11,660	$11,291	$11,023
12/24	$12,297	$11,432	$11,467

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class Y	5.47%	2.34%	2.09%
Bloomberg U.S. Aggregate Bond Index^{Footnote Reference1}	1.25%	-0.33%	1.35%
Bloomberg U.S. Government/Credit 1-3 Year Bond Index^{Footnote Reference2}	4.03%	1.36%	1.38%

Footnote	Description
Footnote¹	The unmanaged Bloomberg U.S. Aggregate Bond Index measures the investment grade, USD-denominated, fixed-rate taxable bond market. The index includes Treasurys, government-related and corporate securities, and asset backed securities.
Footnote²	The unmanaged Bloomberg U.S. Government/Credit 1-3 Year Bond Index is generally considered to be respresentative of the average yield on U.S. government obligations having maturities between one and three years.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$102,374
Number of Holdings	216
Investment Advisory Fees	$533
Portfolio Turnover	38%

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

Value	Value
Asset-Backed Securities	25.9%
Corporate Bonds	25.0%
Collateralized Mortgage Obligations	21.8%
Yankee Dollars	11.1%
U.S. Treasury Obligations	10.3%
U.S. Government Agency Mortgages	2.8%
Other^{Footnote Reference**}	0.9%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSDYX — AR (12/24)

Victory High Yield Fund

Class A

Ticker: GUHYX

Annual shareholder report — December 31, 2024

The annual shareholder report contains important information about Victory High Yield Fund (the "Fund") for the period of January 1, 2024 to December 31, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us. This report describes changes to the Fund that occurred during the period.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$104	1.00%

What affected the Fund’s performance during the period?

Top contributors to performance:

The Fund’s allocations to securities in the pharma, wireless, and independent industries.
Security selection in the health care, consumer products, and airlines industries.
The Fund’s allocation to debt securities rated BB & CCC contributed to positive relative performance.

Top detractors from performance:

The Fund’s allocations to securities in the media, wirelines, and oil field services industries.
Security selection of certain debt securities of issuers in the media, retailers, and pharma industries.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 2.25% for Class A. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory High Yield Fund Class A @ NAV - $15,803	Victory High Yield Fund Class A @ MOP - $15,448	Bloomberg U.S. Universal Index (regulatory broad based index) - $11,875	Bloomberg U.S. Corporate High Yield Index - $16,552
12/14	$10,000	$9,775	$10,000	$10,000
12/15	$9,549	$9,334	$10,043	$9,553
12/16	$11,019	$10,771	$10,436	$11,190
12/17	$12,113	$11,840	$10,862	$12,029
12/18	$12,146	$11,873	$10,835	$11,779
12/19	$13,957	$13,643	$11,841	$13,466
12/20	$15,019	$14,681	$12,739	$14,424
12/21	$15,749	$15,395	$12,598	$15,185
12/22	$13,092	$12,798	$10,961	$13,486
12/23	$14,596	$14,267	$11,638	$15,299
12/24	$15,803	$15,448	$11,875	$16,552

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class A @ NAV	8.27%	2.52%	4.68%
Class A @ MOP	5.91%	2.07%	4.44%
Bloomberg U.S. Universal Index^{Footnote Reference1}	2.04%	0.06%	1.73%
Bloomberg U.S. Corporate High Yield Index^{Footnote Reference2}	8.19%	4.21%	5.17%

Footnote	Description
Footnote¹	The unmanaged Bloomberg U.S. Universal Index is an index that represents the union of the U.S. Aggregate Index, U.S. Corporate High-Yield, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD denominated, taxable bonds that are rated either investment-grade or below investment-grade
Footnote²	The unmanaged Bloomberg U.S. Corporate High Yield Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody's, Fitch and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on the Bloomberg EM country definition, are excluded.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$144,671
Number of Holdings	218
Investment Advisory Fees	$1,063
Portfolio Turnover	88%

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

Value	Value
Corporate Bonds	61.3%
Yankee Dollars	16.4%
Senior Secured Loans	7.5%
Exchange-Traded Funds	2.9%
Other^{Footnote Reference**}	0.5%

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

Material Fund Changes

Effective October 3, 2024, VCM terminated the Sub-Advisory Agreement with Park Avenue Institutional Advisers LLC and effective October 4, 2024, VCM continues to serve as the High Yield Fund's adviser and members of VCM's Victory Income Investors franchise serves as the High Yield Fund's portfolio managers.

For more complete information, you may review the Fund's prospectus, issued May 1, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

GUHYX — AR (12/24)

Victory High Yield Fund

Class C

Ticker: RHYCX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class C	$176	1.70%

What affected the Fund’s performance during the period?

Top contributors to performance:

The Fund’s allocations to securities in the pharma, wireless, and independent industries.
Security selection in the health care, consumer products, and airlines industries.
The Fund’s allocation to debt securities rated BB & CCC contributed to positive relative performance.

Top detractors from performance:

The Fund’s allocations to securities in the media, wirelines, and oil field services industries.
Security selection of certain debt securities of issuers in the media, retailers, and pharma industries.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. Class C is not subject to an initial sales charge, but is subject to Contingent Deferred Sales Charge (“CDSC”) of 1.00% on shares redeemed within one year of purchase. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory High Yield Fund Class C @ NAV - $14,966	Victory High Yield Fund Class C @ CDSC - $14,966	Bloomberg U.S. Universal Index (regulatory broad based index) - $11,875	Bloomberg U.S. Corporate High Yield Index - $16,552
12/14	$10,000	$10,000	$10,000	$10,000
12/15	$9,484	$9,484	$10,043	$9,553
12/16	$10,867	$10,867	$10,436	$11,190
12/17	$11,865	$11,865	$10,862	$12,029
12/18	$11,814	$11,814	$10,835	$11,779
12/19	$13,497	$13,497	$11,841	$13,466
12/20	$14,399	$14,399	$12,739	$14,424
12/21	$15,013	$15,013	$12,598	$15,185
12/22	$12,399	$12,399	$10,961	$13,486
12/23	$13,823	$13,823	$11,638	$15,299
12/24	$14,966	$14,966	$11,875	$16,552

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class C @ NAV	7.30%	1.75%	4.11%
Class C @ CDSC	6.30%	1.75%	4.11%
Bloomberg U.S. Universal Index^{Footnote Reference1}	2.04%	0.06%	1.73%
Bloomberg U.S. Corporate High Yield Index^{Footnote Reference2}	8.19%	4.21%	5.17%

Footnote	Description
Footnote¹	The unmanaged Bloomberg U.S. Universal Index is an index that represents the union of the U.S. Aggregate Index, U.S. Corporate High-Yield, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD denominated, taxable bonds that are rated either investment-grade or below investment-grade
Footnote²	The unmanaged Bloomberg U.S. Corporate High Yield Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody's, Fitch and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on the Bloomberg EM country definition, are excluded.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$144,671
Number of Holdings	218
Investment Advisory Fees	$1,063
Portfolio Turnover	88%

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

Value	Value
Corporate Bonds	61.3%
Yankee Dollars	16.4%
Senior Secured Loans	7.5%
Exchange-Traded Funds	2.9%
Other^{Footnote Reference**}	0.5%

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

Material Fund Changes

For more complete information, you may review the Fund's prospectus, issued May 1, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RHYCX — AR (12/24)

Victory High Yield Fund

Class R

Ticker: RHYKX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class R	$141	1.35%

What affected the Fund’s performance during the period?

Top contributors to performance:

The Fund’s allocations to securities in the pharma, wireless, and independent industries.
Security selection in the health care, consumer products, and airlines industries.
The Fund’s allocation to debt securities rated BB & CCC contributed to positive relative performance.

Top detractors from performance:

The Fund’s allocations to securities in the media, wirelines, and oil field services industries.
Security selection of certain debt securities of issuers in the media, retailers, and pharma industries.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory High Yield Fund Class R - $15,346	Bloomberg U.S. Universal Index (regulatory broad based index) - $11,875	Bloomberg U.S. Corporate High Yield Index - $16,552
12/14	$10,000	$10,000	$10,000
12/15	$9,518	$10,043	$9,553
12/16	$10,926	$10,436	$11,190
12/17	$11,979	$10,862	$12,029
12/18	$11,970	$10,835	$11,779
12/19	$13,704	$11,841	$13,466
12/20	$14,696	$12,739	$14,424
12/21	$15,365	$12,598	$15,185
12/22	$12,742	$10,961	$13,486
12/23	$14,155	$11,638	$15,299
12/24	$15,346	$11,875	$16,552

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class R	8.41%	2.29%	4.38%
Bloomberg U.S. Universal Index^{Footnote Reference1}	2.04%	0.06%	1.73%
Bloomberg U.S. Corporate High Yield Index^{Footnote Reference2}	8.19%	4.21%	5.17%

Footnote	Description
Footnote¹	The unmanaged Bloomberg U.S. Universal Index is an index that represents the union of the U.S. Aggregate Index, U.S. Corporate High-Yield, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD denominated, taxable bonds that are rated either investment-grade or below investment-grade
Footnote²	The unmanaged Bloomberg U.S. Corporate High Yield Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody's, Fitch and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on the Bloomberg EM country definition, are excluded.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$144,671
Number of Holdings	218
Investment Advisory Fees	$1,063
Portfolio Turnover	88%

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

Value	Value
Corporate Bonds	61.3%
Yankee Dollars	16.4%
Senior Secured Loans	7.5%
Exchange-Traded Funds	2.9%
Other^{Footnote Reference**}	0.5%

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

Material Fund Changes

For more complete information, you may review the Fund's prospectus, issued May 1, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RHYKX — AR (12/24)

Victory High Yield Fund

Class Y

Ticker: RSYYX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$79	0.76%

What affected the Fund’s performance during the period?

Top contributors to performance:

The Fund’s allocations to securities in the pharma, wireless, and independent industries.
Security selection in the health care, consumer products, and airlines industries.
The Fund’s allocation to debt securities rated BB & CCC contributed to positive relative performance.

Top detractors from performance:

The Fund’s allocations to securities in the media, wirelines, and oil field services industries.
Security selection of certain debt securities of issuers in the media, retailers, and pharma industries.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory High Yield Fund Class Y - $16,212	Bloomberg U.S. Universal Index (regulatory broad based index) - $11,875	Bloomberg U.S. Corporate High Yield Index - $16,552
12/14	$10,000	$10,000	$10,000
12/15	$9,566	$10,043	$9,553
12/16	$11,071	$10,436	$11,190
12/17	$12,204	$10,862	$12,029
12/18	$12,267	$10,835	$11,779
12/19	$14,138	$11,841	$13,466
12/20	$15,230	$12,739	$14,424
12/21	$16,039	$12,598	$15,185
12/22	$13,379	$10,961	$13,486
12/23	$14,960	$11,638	$15,299
12/24	$16,212	$11,875	$16,552

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class Y	8.37%	2.78%	4.95%
Bloomberg U.S. Universal Index^{Footnote Reference1}	2.04%	0.06%	1.73%
Bloomberg U.S. Corporate High Yield Index^{Footnote Reference2}	8.19%	4.21%	5.17%

Footnote	Description
Footnote¹	The unmanaged Bloomberg U.S. Universal Index is an index that represents the union of the U.S. Aggregate Index, U.S. Corporate High-Yield, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD denominated, taxable bonds that are rated either investment-grade or below investment-grade
Footnote²	The unmanaged Bloomberg U.S. Corporate High Yield Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody's, Fitch and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on the Bloomberg EM country definition, are excluded.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$144,671
Number of Holdings	218
Investment Advisory Fees	$1,063
Portfolio Turnover	88%

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

Value	Value
Corporate Bonds	61.3%
Yankee Dollars	16.4%
Senior Secured Loans	7.5%
Exchange-Traded Funds	2.9%
Other^{Footnote Reference**}	0.5%

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

Material Fund Changes

For more complete information, you may review the Fund's prospectus, issued May 1, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSYYX — AR (12/24)

Victory Tax-Exempt Fund

Class A

Ticker: GUTEX

Annual shareholder report — December 31, 2024

The annual shareholder report contains important information about Victory Tax-Exempt Fund (the "Fund") for the period of January 1, 2024 to December 31, 2024, as well as certain changes to the Fund. 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 year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$81	0.80%

What affected the Fund’s performance during the period?

AAA municipal bond interest rates ended 2024 at higher levels across most of the maturity spectrum. In addition, municipal credit spreads tightened by year end.

Top contributors to performance:

Security selection in the continuing care retirement center (CCRC) and tax revenue sectors.
Overweight allocation to the CCRC sector.
Security selection in the A and BBB rating categories.
Overweight allocation to the BBB rating category.

Top detractors from performance:

The Fund’s duration (sensitivity to interest rates) was higher than that of the Index, which drove underperformance as interest rates increased during the reporting period.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 2.25% for Class A. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory Tax-Exempt Fund Class A @ NAV - $12,743	Victory Tax-Exempt Fund Class A @ MOP - $12,456	Bloomberg Municipal Bond Index (regulatory broad based index) - $12,494
12/14	$10,000	$9,774	$10,000
12/15	$10,276	$10,044	$10,330
12/16	$10,132	$9,903	$10,356
12/17	$10,931	$10,684	$10,920
12/18	$11,006	$10,758	$11,060
12/19	$11,977	$11,707	$11,893
12/20	$12,623	$12,338	$12,513
12/21	$13,121	$12,825	$12,703
12/22	$11,586	$11,325	$11,620
12/23	$12,384	$12,105	$12,364
12/24	$12,743	$12,456	$12,494

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class A @ NAV	2.90%	1.25%	2.45%
Class A @ MOP	0.54%	0.78%	2.22%
Bloomberg Municipal Bond Index^{Footnote Reference1}	1.05%	0.99%	2.25%

Footnote	Description
Footnote¹	The unmanaged Bloomberg Municipal Bond Index is considered to be generally representative of investment-grade-municipal issues having remaining maturities greater than 1 year and a national scope.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$36,150
Number of Holdings	64
Investment Advisory Fees	$179
Portfolio Turnover	18%

Top Industries* (% of Net Assets)

Value	Value
Tobacco Settlement	5.5%
Water	5.6%
Development	5.9%
Higher Education	6.5%
Transportation	8.2%
Airport	8.4%
Nursing Homes	11.9%
General	12.3%
Medical	12.5%
Education	12.9%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

GUTEX — AR (12/24)

Victory Tax-Exempt Fund

Class C

Ticker: RETCX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class C	$162	1.60%

What affected the Fund’s performance during the period?

AAA municipal bond interest rates ended 2024 at higher levels across most of the maturity spectrum. In addition, municipal credit spreads tightened by year end.

Top contributors to performance:

Security selection in the continuing care retirement center (CCRC) and tax revenue sectors.
Overweight allocation to the CCRC sector.
Security selection in the A and BBB rating categories.
Overweight allocation to the BBB rating category.

Top detractors from performance:

The Fund’s duration (sensitivity to interest rates) was higher than that of the Index, which drove underperformance as interest rates increased during the reporting period.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. Class C is not subject to an initial sales charge, but is subject to Contingent Deferred Sales Charge (“CDSC”) of 1.00% on shares redeemed within one year of purchase. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory Tax-Exempt Fund Class C @ NAV - $11,968	Victory Tax-Exempt Fund Class C @ CDSC - $11,968	Bloomberg Municipal Bond Index (regulatory broad based index) - $12,494
12/14	$10,000	$10,000	$10,000
12/15	$10,204	$10,204	$10,330
12/16	$9,980	$9,980	$10,356
12/17	$10,670	$10,670	$10,920
12/18	$10,670	$10,670	$11,060
12/19	$11,520	$11,520	$11,893
12/20	$12,045	$12,045	$12,513
12/21	$12,422	$12,422	$12,703
12/22	$10,882	$10,882	$11,620
12/23	$11,631	$11,631	$12,364
12/24	$11,968	$11,968	$12,494

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class C @ NAV	2.09%	0.45%	1.81%
Class C @ CDSC	1.10%	0.45%	1.81%
Bloomberg Municipal Bond Index^{Footnote Reference1}	1.05%	0.99%	2.25%

Footnote	Description
Footnote¹	The unmanaged Bloomberg Municipal Bond Index is considered to be generally representative of investment-grade-municipal issues having remaining maturities greater than 1 year and a national scope.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$36,150
Number of Holdings	64
Investment Advisory Fees	$179
Portfolio Turnover	18%

Top Industries* (% of Net Assets)

Value	Value
Tobacco Settlement	5.5%
Water	5.6%
Development	5.9%
Higher Education	6.5%
Transportation	8.2%
Airport	8.4%
Nursing Homes	11.9%
General	12.3%
Medical	12.5%
Education	12.9%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RETCX — AR (12/24)

Victory Tax-Exempt Fund

Class Y

Ticker: RSTYX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$70	0.69%

What affected the Fund’s performance during the period?

AAA municipal bond interest rates ended 2024 at higher levels across most of the maturity spectrum. In addition, municipal credit spreads tightened by year end.

Top contributors to performance:

Security selection in the continuing care retirement center (CCRC) and tax revenue sectors.
Overweight allocation to the CCRC sector.
Security selection in the A and BBB rating categories.
Overweight allocation to the BBB rating category.

Top detractors from performance:

The Fund’s duration (sensitivity to interest rates) was higher than that of the Index, which drove underperformance as interest rates increased during the reporting period.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory Tax-Exempt Fund Class Y - $12,898	Bloomberg Municipal Bond Index (regulatory broad based index) - $12,494
12/14	$10,000	$10,000
12/15	$10,287	$10,330
12/16	$10,164	$10,356
12/17	$10,967	$10,920
12/18	$11,054	$11,060
12/19	$12,055	$11,893
12/20	$12,719	$12,513
12/21	$13,235	$12,703
12/22	$11,700	$11,620
12/23	$12,520	$12,364
12/24	$12,898	$12,494

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class Y	3.02%	1.36%	2.58%
Bloomberg Municipal Bond Index^{Footnote Reference1}	1.05%	0.99%	2.25%

Footnote	Description
Footnote¹	The unmanaged Bloomberg Municipal Bond Index is considered to be generally representative of investment-grade-municipal issues having remaining maturities greater than 1 year and a national scope.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$36,150
Number of Holdings	64
Investment Advisory Fees	$179
Portfolio Turnover	18%

Top Industries* (% of Net Assets)

Value	Value
Tobacco Settlement	5.5%
Water	5.6%
Development	5.9%
Higher Education	6.5%
Transportation	8.2%
Airport	8.4%
Nursing Homes	11.9%
General	12.3%
Medical	12.5%
Education	12.9%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSTYX — AR (12/24)

Victory High Income Municipal Bond Fund

Class A

Ticker: RSHMX

Annual shareholder report — December 31, 2024

The annual shareholder report contains important information about Victory High Income Municipal Bond Fund (the "Fund") for the period of January 1, 2024 to December 31, 2024, as well as certain changes to the Fund. 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 year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$83	0.80%

What affected the Fund’s performance during the period?

AAA municipal bond interest rates ended 2024 at higher levels across most of the maturity spectrum. In addition, municipal credit spreads tightened by year end.

Top contributors to performance:

Security selection in the continuing care retirement center (CCRC) and education sectors.
Overweight allocation to the CCRC sector.
Security selection in the BBB, BB, and unrated rating categories.

Top detractors from performance:

The Fund’s duration (sensitivity to interest rates) was higher than that of the Bloomberg Municipal Bond Index, which drove underperformance as interest rates increased during the reporting period.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 2.25% for Class A. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory High Income Municipal Bond Fund Class A @ NAV - $13,385	Victory High Income Municipal Bond Fund Class A @ MOP - $13,083	Bloomberg Municipal Bond Index (regulatory broad based index) - $12,494	Bloomberg High Yield Municipal Bond Index - $15,209
12/14	$10,000	$9,775	$10,000	$10,000
12/15	$10,451	$10,215	$10,330	$10,181
12/16	$10,342	$10,109	$10,356	$10,485
12/17	$11,258	$11,004	$10,920	$11,502
12/18	$11,296	$11,041	$11,060	$12,049
12/19	$12,204	$11,928	$11,893	$13,335
12/20	$12,877	$12,587	$12,513	$13,987
12/21	$13,639	$13,331	$12,703	$15,074
12/22	$11,664	$11,401	$11,620	$13,099
12/23	$12,529	$12,246	$12,364	$14,305
12/24	$13,385	$13,083	$12,494	$15,209

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class A @ NAV	6.83%	1.86%	2.96%
Class A @ MOP	4.48%	1.40%	2.72%
Bloomberg Municipal Bond Index^{Footnote Reference1}	1.05%	0.99%	2.25%
Bloomberg High Yield Municipal Bond Index^{Footnote Reference2}	6.32%	2.66%	4.28%

Footnote	Description
Footnote¹	The unmanaged Bloomberg Municipal Bond Index is considered to be generally representative of investment-grade-municipal issues having remaining maturities greater than 1 year and a national scope.
Footnote²	The unmanaged Bloomberg High Yield Municipal Bond Index is an index consisting of noninvestment-grade, unrated or below Ba1 bonds.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$36,074
Number of Holdings	78
Investment Advisory Fees	$181
Portfolio Turnover	8%

Top Industries* (% of Net Assets)

Value	Value
General Obligation	1.4%
Housing	2.3%
Pollution	3.6%
Transportation	4.7%
Medical	7.9%
Higher Education	8.9%
General	9.3%
Nursing Homes	15.6%
Development	17.6%
Education	24.1%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSHMX — AR (12/24)

Victory High Income Municipal Bond Fund

Class C

Ticker: RSHCX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class C	$162	1.57%

What affected the Fund’s performance during the period?

AAA municipal bond interest rates ended 2024 at higher levels across most of the maturity spectrum. In addition, municipal credit spreads tightened by year end.

Top contributors to performance:

Security selection in the continuing care retirement center (CCRC) and education sectors.
Overweight allocation to the CCRC sector.
Security selection in the BBB, BB, and unrated rating categories.

Top detractors from performance:

The Fund’s duration (sensitivity to interest rates) was higher than that of the Bloomberg Municipal Bond Index, which drove underperformance as interest rates increased during the reporting period.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. Class C is not subject to an initial sales charge, but is subject to Contingent Deferred Sales Charge (“CDSC”) of 1.00% on shares redeemed within one year of purchase. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory High Income Municipal Bond Fund Class C @ NAV - $12,590	Victory High Income Municipal Bond Fund Class C @ CDSC - $12,590	Bloomberg Municipal Bond Index (regulatory broad based index) - $12,494	Bloomberg High Yield Municipal Bond Index - $15,209
12/14	$10,000	$10,000	$10,000	$10,000
12/15	$10,371	$10,371	$10,330	$10,181
12/16	$10,185	$10,185	$10,356	$10,485
12/17	$11,002	$11,002	$10,920	$11,502
12/18	$10,954	$10,954	$11,060	$12,049
12/19	$11,745	$11,745	$11,893	$13,335
12/20	$12,299	$12,299	$12,513	$13,987
12/21	$12,929	$12,929	$12,703	$15,074
12/22	$10,972	$10,972	$11,620	$13,099
12/23	$11,785	$11,785	$12,364	$14,305
12/24	$12,590	$12,590	$12,494	$15,209

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class C @ NAV	6.02%	1.09%	2.33%
Class C @ CDSC	5.02%	1.09%	2.33%
Bloomberg Municipal Bond Index^{Footnote Reference1}	1.05%	0.99%	2.25%
Bloomberg High Yield Municipal Bond Index^{Footnote Reference2}	6.32%	2.66%	4.28%

Footnote	Description
Footnote¹	The unmanaged Bloomberg Municipal Bond Index is considered to be generally representative of investment-grade-municipal issues having remaining maturities greater than 1 year and a national scope.
Footnote²	The unmanaged Bloomberg High Yield Municipal Bond Index is an index consisting of noninvestment-grade, unrated or below Ba1 bonds.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$36,074
Number of Holdings	78
Investment Advisory Fees	$181
Portfolio Turnover	8%

Top Industries* (% of Net Assets)

Value	Value
General Obligation	1.4%
Housing	2.3%
Pollution	3.6%
Transportation	4.7%
Medical	7.9%
Higher Education	8.9%
General	9.3%
Nursing Homes	15.6%
Development	17.6%
Education	24.1%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSHCX — AR (12/24)

Victory High Income Municipal Bond Fund

Class Y

Ticker: RHMYX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$59	0.57%

What affected the Fund’s performance during the period?

AAA municipal bond interest rates ended 2024 at higher levels across most of the maturity spectrum. In addition, municipal credit spreads tightened by year end.

Top contributors to performance:

Security selection in the continuing care retirement center (CCRC) and education sectors.
Overweight allocation to the CCRC sector.
Security selection in the BBB, BB, and unrated rating categories.

Top detractors from performance:

The Fund’s duration (sensitivity to interest rates) was higher than that of the Bloomberg Municipal Bond Index, which drove underperformance as interest rates increased during the reporting period.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory High Income Municipal Bond Fund Class Y - $13,709	Bloomberg Municipal Bond Index (regulatory broad based index) - $12,494	Bloomberg High Yield Municipal Bond Index - $15,209
12/14	$10,000	$10,000	$10,000
12/15	$10,475	$10,330	$10,181
12/16	$10,390	$10,356	$10,485
12/17	$11,336	$10,920	$11,502
12/18	$11,401	$11,060	$12,049
12/19	$12,346	$11,893	$13,335
12/20	$13,057	$12,513	$13,987
12/21	$13,861	$12,703	$15,074
12/22	$11,881	$11,620	$13,099
12/23	$12,804	$12,364	$14,305
12/24	$13,709	$12,494	$15,209

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class Y	7.07%	2.12%	3.20%
Bloomberg Municipal Bond Index^{Footnote Reference1}	1.05%	0.99%	2.25%
Bloomberg High Yield Municipal Bond Index^{Footnote Reference2}	6.32%	2.66%	4.28%

Footnote	Description
Footnote¹	The unmanaged Bloomberg Municipal Bond Index is considered to be generally representative of investment-grade-municipal issues having remaining maturities greater than 1 year and a national scope.
Footnote²	The unmanaged Bloomberg High Yield Municipal Bond Index is an index consisting of noninvestment-grade, unrated or below Ba1 bonds.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$36,074
Number of Holdings	78
Investment Advisory Fees	$181
Portfolio Turnover	8%

Top Industries* (% of Net Assets)

Value	Value
General Obligation	1.4%
Housing	2.3%
Pollution	3.6%
Transportation	4.7%
Medical	7.9%
Higher Education	8.9%
General	9.3%
Nursing Homes	15.6%
Development	17.6%
Education	24.1%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RHMYX — AR (12/24)

Victory High Income Municipal Bond Fund

Member Class

Ticker: RHMMX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Member Class	$67	0.65%

What affected the Fund’s performance during the period?

AAA municipal bond interest rates ended 2024 at higher levels across most of the maturity spectrum. In addition, municipal credit spreads tightened by year end.

Top contributors to performance:

Security selection in the continuing care retirement center (CCRC) and education sectors.
Overweight allocation to the CCRC sector.
Security selection in the BBB, BB, and unrated rating categories.

Top detractors from performance:

The Fund’s duration (sensitivity to interest rates) was higher than that of the Bloomberg Municipal Bond Index, which drove underperformance as interest rates increased during the reporting period.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory High Income Municipal Bond Fund Member Class - $10,896	Bloomberg Municipal Bond Index (regulatory broad based index) - $10,195	Bloomberg High Yield Municipal Bond Index - $11,339
11/20^{Footnote Reference*}	$10,000	$10,000	$10,000
12/20	$10,411	$10,210	$10,428
12/21	$11,043	$10,365	$11,238
12/22	$9,458	$9,481	$9,766
12/23	$10,174	$10,088	$10,665
12/24	$10,896	$10,195	$11,339

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	Since Inception
Member Class	7.10%	2.08%
Bloomberg Municipal Bond Index^{Footnote Reference1}	1.05%	0.46%
Bloomberg High Yield Municipal Bond Index^{Footnote Reference2}	6.32%	3.07%

Footnote	Description
Footnote¹	The unmanaged Bloomberg Municipal Bond Index is considered to be generally representative of investment-grade-municipal issues having remaining maturities greater than 1 year and a national scope.
Footnote²	The unmanaged Bloomberg High Yield Municipal Bond Index is an index consisting of noninvestment-grade, unrated or below Ba1 bonds.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$36,074
Number of Holdings	78
Investment Advisory Fees	$181
Portfolio Turnover	8%

Top Industries* (% of Net Assets)

Value	Value
General Obligation	1.4%
Housing	2.3%
Pollution	3.6%
Transportation	4.7%
Medical	7.9%
Higher Education	8.9%
General	9.3%
Nursing Homes	15.6%
Development	17.6%
Education	24.1%

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

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RHMMX — AR (12/24)

Victory Floating Rate Fund

Class A

Ticker: RSFLX

Annual shareholder report — December 31, 2024

The annual shareholder report contains important information about Victory Floating Rate Fund (the "Fund") for the period of January 1, 2024 to December 31, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us. This report describes changes to the Fund that occurred during the period.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$104	1.00%

What affected the Fund’s performance during the period?

Top contributors to performance:

The Fund’s performance relative to the Morningstar LSTA US Leveraged Loan Index (the “Index”) benefited from its overweight holdings in the telecommunication services sector.
Security selection in the health care, retail, and software & services sectors contributed to the Fund’s performance relative to the Index.
The Fund’s positioning in favor of lower-quality, higher-yielding loans aided relative performance.
The Fund’s out of benchmark exposures to corporate bonds contributed positively to the Fund's returns relative to the Index.

Top detractors from performance:

The Fund’s overweight holdings in the media & entertainment sector detracted from performance relative to the Index.
Security selection in pharmaceuticals, capital goods, and energy sectors detracted from the Fund’s performance relative to the Index.
The Fund’s Exchange-Trade Funds comprised of senior secured loans and cash holdings detracted from performance.

The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 2.25% for Class A. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory Floating Rate Fund Class A @ NAV - $14,858	Victory Floating Rate Fund Class A @ MOP - $14,518	Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,432	Morningstar LSTA US Leveraged Loan Index - $16,521
12/14	$10,000	$9,771	$10,000	$10,000
12/15	$9,697	$9,475	$10,055	$9,931
12/16	$10,895	$10,645	$10,321	$10,938
12/17	$11,304	$11,045	$10,687	$11,387
12/18	$11,352	$11,092	$10,688	$11,441
12/19	$12,422	$12,138	$11,620	$12,429
12/20	$13,019	$12,721	$12,492	$12,818
12/21	$13,526	$13,216	$12,299	$13,485
12/22	$12,577	$12,289	$10,699	$13,378
12/23	$13,714	$13,400	$11,291	$15,155
12/24	$14,858	$14,518	$11,432	$16,521

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class A @ NAV	8.08%	3.65%	4.04%
Class A @ MOP	5.86%	3.17%	3.80%
Bloomberg U.S. Aggregate Bond Index^{Footnote Reference1}	1.25%	-0.33%	1.35%
Morningstar LSTA US Leveraged Loan Index^{Footnote Reference2}	9.01%	5.86%	5.15%

Footnote	Description
Footnote¹	The unmanaged Bloomberg U.S. Aggregate Bond Index measures the investment grade, USD-denominated, fixed-rate taxable bond market. The index includes Treasurys, government-related and corporate securities, and asset backed securities.
Footnote²	The unmanaged Morningstar LSTA US Leveraged Loan Index covers more than 1,100 loan facilities and reflects the market-value-weighted performance of U.S. dollar-denominated institutional leverages loans.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$466,448
Number of Holdings	137
Investment Advisory Fees	$4,336
Portfolio Turnover	52%

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

Value	Value
Real Estate	0.9%
Consumer Staples	2.0%
Energy	3.6%
Information Technology	3.9%
Materials	5.1%
Financials	9.6%
Communication Services	9.8%
Industrials	14.5%
Health Care	16.7%
Consumer Discretionary	23.6%

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

Knight Health Holdings LLC, Term B Loans, First Lien, 9.94% (SOFR01M+525bps), 12/26/28	3.0%
Sinclair Television Group, Inc., Term Loan B-3, First Lien, 7.69% (SOFR01M+300bps), 3/25/28	1.8%
Invesco Senior Loan ETF	1.8%
SPDR Blackstone Senior Loan ETF	1.8%
Gates Global LLC, Initial B-5 Dollar Term Loans, First Lien, 6.32% (SOFR01M+175bps), 6/4/31	1.5%
Ineos U.S. Finance LLC, 2030 Dollar Term Loans, First Lien, 7.82% (SOFR01M+325bps), 2/16/30	1.5%
Hunter Douglas, Inc., Tranche B-1 Term Loans, First Lien, 8.02% (SOFR03M+350bps), 2/25/29	1.4%
Amneal Pharmaceuticals LLC, Initial Term Loan, First Lien, 10.07% (SOFR01M+550bps), 3/23/25	1.4%
Houghton Mifflin Harcourt Co., Term B Loans, First Lien, 9.92% (SOFR01M+525bps), 4/7/29	1.4%
Hilton Grand Vacations Borrower LLC, Amendment No. 4 Term Loans, First Lien, 6.82% (SOFR01M+225bps), 1/17/31	1.4%

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

Material Fund Changes

Effective March 29, 2024the Fund's Class R shares converted to Class A shares.

The Fund was sub-advised by Park Avenue Institutional Investors LLC through October 3, 2024. VCM has entered into an Interim Sub-Advisory Agreement with Amundi Asset Management US, Inc, effective as of October 4, 2024, which expires on the close of business on February 28, 2025. Effective February 28, 2025, the Victory Income Investors franchise of VCM will manage the Fund. No changes to the Fund's investment objective or principal investment strategies are expected.

For more complete information, you may review the Fund's prospectus, issued May 1, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSFLX — AR (12/24)

Victory Floating Rate Fund

Class C

Ticker: RSFCX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class C	$187	1.80%

What affected the Fund’s performance during the period?

Top contributors to performance:

The Fund’s performance relative to the Morningstar LSTA US Leveraged Loan Index (the “Index”) benefited from its overweight holdings in the telecommunication services sector.
Security selection in the health care, retail, and software & services sectors contributed to the Fund’s performance relative to the Index.
The Fund’s positioning in favor of lower-quality, higher-yielding loans aided relative performance.
The Fund’s out of benchmark exposures to corporate bonds contributed positively to the Fund's returns relative to the Index.

Top detractors from performance:

The Fund’s overweight holdings in the media & entertainment sector detracted from performance relative to the Index.
Security selection in pharmaceuticals, capital goods, and energy sectors detracted from the Fund’s performance relative to the Index.
The Fund’s Exchange-Trade Funds comprised of senior secured loans and cash holdings detracted from performance.

The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. Class C is not subject to an initial sales charge, but is subject to Contingent Deferred Sales Charge (“CDSC”) of 1.00% on shares redeemed within one year of purchase. Net Asset Value ("NAV") does not reflect sales charges.

Growth of $10,000 Investment

	Victory Floating Rate Fund Class C @ NAV - $13,923	Victory Floating Rate Fund Class C @ CDSC - $13,923	Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,432	Morningstar LSTA US Leveraged Loan Index - $16,521
12/14	$10,000	$10,000	$10,000	$10,000
12/15	$9,609	$9,609	$10,055	$9,931
12/16	$10,721	$10,721	$10,321	$10,938
12/17	$11,036	$11,036	$10,687	$11,387
12/18	$10,994	$10,994	$10,688	$11,441
12/19	$11,928	$11,928	$11,620	$12,429
12/20	$12,401	$12,401	$12,492	$12,818
12/21	$12,779	$12,779	$12,299	$13,485
12/22	$11,785	$11,785	$10,699	$13,378
12/23	$12,851	$12,851	$11,291	$15,155
12/24	$13,923	$13,923	$11,432	$16,521

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class C @ NAV	7.32%	2.83%	3.36%
Class C @ CDSC	6.46%	2.83%	3.36%
Bloomberg U.S. Aggregate Bond Index^{Footnote Reference1}	1.25%	-0.33%	1.35%
Morningstar LSTA US Leveraged Loan Index^{Footnote Reference2}	9.01%	5.86%	5.15%

Footnote	Description
Footnote¹	The unmanaged Bloomberg U.S. Aggregate Bond Index measures the investment grade, USD-denominated, fixed-rate taxable bond market. The index includes Treasurys, government-related and corporate securities, and asset backed securities.
Footnote²	The unmanaged Morningstar LSTA US Leveraged Loan Index covers more than 1,100 loan facilities and reflects the market-value-weighted performance of U.S. dollar-denominated institutional leverages loans.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$466,448
Number of Holdings	137
Investment Advisory Fees	$4,336
Portfolio Turnover	52%

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

Value	Value
Real Estate	0.9%
Consumer Staples	2.0%
Energy	3.6%
Information Technology	3.9%
Materials	5.1%
Financials	9.6%
Communication Services	9.8%
Industrials	14.5%
Health Care	16.7%
Consumer Discretionary	23.6%

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

Knight Health Holdings LLC, Term B Loans, First Lien, 9.94% (SOFR01M+525bps), 12/26/28	3.0%
Sinclair Television Group, Inc., Term Loan B-3, First Lien, 7.69% (SOFR01M+300bps), 3/25/28	1.8%
Invesco Senior Loan ETF	1.8%
SPDR Blackstone Senior Loan ETF	1.8%
Gates Global LLC, Initial B-5 Dollar Term Loans, First Lien, 6.32% (SOFR01M+175bps), 6/4/31	1.5%
Ineos U.S. Finance LLC, 2030 Dollar Term Loans, First Lien, 7.82% (SOFR01M+325bps), 2/16/30	1.5%
Hunter Douglas, Inc., Tranche B-1 Term Loans, First Lien, 8.02% (SOFR03M+350bps), 2/25/29	1.4%
Amneal Pharmaceuticals LLC, Initial Term Loan, First Lien, 10.07% (SOFR01M+550bps), 3/23/25	1.4%
Houghton Mifflin Harcourt Co., Term B Loans, First Lien, 9.92% (SOFR01M+525bps), 4/7/29	1.4%
Hilton Grand Vacations Borrower LLC, Amendment No. 4 Term Loans, First Lien, 6.82% (SOFR01M+225bps), 1/17/31	1.4%

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

Material Fund Changes

For more complete information, you may review the Fund's prospectus, issued May 1, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSFCX — AR (12/24)

Victory Floating Rate Fund

Class Y

Ticker: RSFYX

Annual shareholder report — December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$81	0.78%

What affected the Fund’s performance during the period?

Top contributors to performance:

The Fund’s performance relative to the Morningstar LSTA US Leveraged Loan Index (the “Index”) benefited from its overweight holdings in the telecommunication services sector.
Security selection in the health care, retail, and software & services sectors contributed to the Fund’s performance relative to the Index.
The Fund’s positioning in favor of lower-quality, higher-yielding loans aided relative performance.
The Fund’s out of benchmark exposures to corporate bonds contributed positively to the Fund's returns relative to the Index.

Top detractors from performance:

The Fund’s overweight holdings in the media & entertainment sector detracted from performance relative to the Index.
Security selection in pharmaceuticals, capital goods, and energy sectors detracted from the Fund’s performance relative to the Index.
The Fund’s Exchange-Trade Funds comprised of senior secured loans and cash holdings detracted from performance.

The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory Floating Rate Fund Class Y - $15,189	Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,432	Morningstar LSTA US Leveraged Loan Index - $16,521
12/14	$10,000	$10,000	$10,000
12/15	$9,709	$10,055	$9,931
12/16	$10,943	$10,321	$10,938
12/17	$11,378	$10,687	$11,387
12/18	$11,451	$10,688	$11,441
12/19	$12,557	$11,620	$12,429
12/20	$13,174	$12,492	$12,818
12/21	$13,718	$12,299	$13,485
12/22	$12,784	$10,699	$13,378
12/23	$13,971	$11,291	$15,155
12/24	$15,189	$11,432	$16,521

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	5 Year	10 Year
Class Y	8.45%	3.88%	4.27%
Bloomberg U.S. Aggregate Bond Index^{Footnote Reference1}	1.25%	-0.33%	1.35%
Morningstar LSTA US Leveraged Loan Index^{Footnote Reference2}	9.01%	5.86%	5.15%

Footnote	Description
Footnote¹	The unmanaged Bloomberg U.S. Aggregate Bond Index measures the investment grade, USD-denominated, fixed-rate taxable bond market. The index includes Treasurys, government-related and corporate securities, and asset backed securities.
Footnote²	The unmanaged Morningstar LSTA US Leveraged Loan Index covers more than 1,100 loan facilities and reflects the market-value-weighted performance of U.S. dollar-denominated institutional leverages loans.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$466,448
Number of Holdings	137
Investment Advisory Fees	$4,336
Portfolio Turnover	52%

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

Value	Value
Real Estate	0.9%
Consumer Staples	2.0%
Energy	3.6%
Information Technology	3.9%
Materials	5.1%
Financials	9.6%
Communication Services	9.8%
Industrials	14.5%
Health Care	16.7%
Consumer Discretionary	23.6%

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

Knight Health Holdings LLC, Term B Loans, First Lien, 9.94% (SOFR01M+525bps), 12/26/28	3.0%
Sinclair Television Group, Inc., Term Loan B-3, First Lien, 7.69% (SOFR01M+300bps), 3/25/28	1.8%
Invesco Senior Loan ETF	1.8%
SPDR Blackstone Senior Loan ETF	1.8%
Gates Global LLC, Initial B-5 Dollar Term Loans, First Lien, 6.32% (SOFR01M+175bps), 6/4/31	1.5%
Ineos U.S. Finance LLC, 2030 Dollar Term Loans, First Lien, 7.82% (SOFR01M+325bps), 2/16/30	1.5%
Hunter Douglas, Inc., Tranche B-1 Term Loans, First Lien, 8.02% (SOFR03M+350bps), 2/25/29	1.4%
Amneal Pharmaceuticals LLC, Initial Term Loan, First Lien, 10.07% (SOFR01M+550bps), 3/23/25	1.4%
Houghton Mifflin Harcourt Co., Term B Loans, First Lien, 9.92% (SOFR01M+525bps), 4/7/29	1.4%
Hilton Grand Vacations Borrower LLC, Amendment No. 4 Term Loans, First Lien, 6.82% (SOFR01M+225bps), 1/17/31	1.4%

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

Material Fund Changes

For more complete information, you may review the Fund's prospectus, issued May 1, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSFYX — AR (12/24)

Victory Floating Rate Fund

Member Class

Ticker: RSFMX

Annual shareholder report — December 31, 2024

The annual shareholder report contains important information about Victory Floating Rate Fund (the "Fund") for the period of January 1, 2024 to December 31, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us. This report describes changes to the Fund that occurred during the period.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Member Class	$89	0.85%

What affected the Fund’s performance during the period?

Top contributors to performance:

The Fund’s performance relative to the Morningstar LSTA US Leveraged Loan Index (the “Index”) benefited from its overweight holdings in the telecommunication services sector.
Security selection in the health care, retail, and software & services sectors contributed to the Fund’s performance relative to the Index.
The Fund’s positioning in favor of lower-quality, higher-yielding loans aided relative performance.
The Fund’s out of benchmark exposures to corporate bonds contributed positively to the Fund's returns relative to the Index.

Top detractors from performance:

The Fund’s overweight holdings in the media & entertainment sector detracted from performance relative to the Index.
Security selection in pharmaceuticals, capital goods, and energy sectors detracted from the Fund’s performance relative to the Index.
The Fund’s Exchange-Trade Funds comprised of senior secured loans and cash holdings detracted from performance.

The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $10,000 Investment

	Victory Floating Rate Fund Member Class - $11,988	Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $9,247	Morningstar LSTA US Leveraged Loan Index - $13,345
11/20^{Footnote Reference*}	$10,000	$10,000	$10,000
12/20	$10,430	$10,104	$10,354
12/21	$10,862	$9,948	$10,892
12/22	$10,116	$8,654	$10,806
12/23	$11,047	$9,133	$12,242
12/24	$11,988	$9,247	$13,345

Footnote	Description
Footnote^*	Inception date for the Victory Floating Rate Fund, Member Class is 11/3/2020.

AVERAGE ANNUAL TOTAL RETURNS

	1 Year	Since Inception
Member Class	8.25%	4.45%
Bloomberg U.S. Aggregate Bond Index^{Footnote Reference1}	1.25%	-1.86%
Morningstar LSTA US Leveraged Loan Index^{Footnote Reference2}	9.01%	7.18%

Footnote	Description
Footnote¹	The unmanaged Bloomberg U.S. Aggregate Bond Index measures the investment grade, USD-denominated, fixed-rate taxable bond market. The index includes Treasurys, government-related and corporate securities, and asset backed securities.
Footnote²	The unmanaged Morningstar LSTA US Leveraged Loan Index covers more than 1,100 loan facilities and reflects the market-value-weighted performance of U.S. dollar-denominated institutional leverages loans.

FUND STATISTICS

($ amounts in 000s)

Net Assets	$466,448
Number of Holdings	137
Investment Advisory Fees	$4,336
Portfolio Turnover	52%

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

Value	Value
Real Estate	0.9%
Consumer Staples	2.0%
Energy	3.6%
Information Technology	3.9%
Materials	5.1%
Financials	9.6%
Communication Services	9.8%
Industrials	14.5%
Health Care	16.7%
Consumer Discretionary	23.6%

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

Knight Health Holdings LLC, Term B Loans, First Lien, 9.94% (SOFR01M+525bps), 12/26/28	3.0%
Sinclair Television Group, Inc., Term Loan B-3, First Lien, 7.69% (SOFR01M+300bps), 3/25/28	1.8%
Invesco Senior Loan ETF	1.8%
SPDR Blackstone Senior Loan ETF	1.8%
Gates Global LLC, Initial B-5 Dollar Term Loans, First Lien, 6.32% (SOFR01M+175bps), 6/4/31	1.5%
Ineos U.S. Finance LLC, 2030 Dollar Term Loans, First Lien, 7.82% (SOFR01M+325bps), 2/16/30	1.5%
Hunter Douglas, Inc., Tranche B-1 Term Loans, First Lien, 8.02% (SOFR03M+350bps), 2/25/29	1.4%
Amneal Pharmaceuticals LLC, Initial Term Loan, First Lien, 10.07% (SOFR01M+550bps), 3/23/25	1.4%
Houghton Mifflin Harcourt Co., Term B Loans, First Lien, 9.92% (SOFR01M+525bps), 4/7/29	1.4%
Hilton Grand Vacations Borrower LLC, Amendment No. 4 Term Loans, First Lien, 6.82% (SOFR01M+225bps), 1/17/31	1.4%

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

Material Fund Changes

For more complete information, you may review the Fund's prospectus, issued May 1, 2024.

Additional Shareholder Information

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

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

RSFMX — AR (12/24)

UNITED STATES

FORM N-CSR

What were the Fund's costs for the last year?

What affected the Fund’s performance during the period?

Growth of $10,000 Investment

AVERAGE ANNUAL TOTAL RETURNS

FUND STATISTICS

($ amounts in 000s)

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

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

Material Fund Changes

Additional Shareholder Information

What were the Fund's costs for the last year?

What affected the Fund’s performance during the period?

Growth of $10,000 Investment

AVERAGE ANNUAL TOTAL RETURNS

FUND STATISTICS

($ amounts in 000s)

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

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

Material Fund Changes

Additional Shareholder Information

What were the Fund's costs for the last year?

What affected the Fund’s performance during the period?

Growth of $10,000 Investment

AVERAGE ANNUAL TOTAL RETURNS

FUND STATISTICS

($ amounts in 000s)

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

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

Material Fund Changes

Additional Shareholder Information

What were the Fund's costs for the last year?

What affected the Fund’s performance during the period?

Growth of $10,000 Investment

AVERAGE ANNUAL TOTAL RETURNS

FUND STATISTICS

($ amounts in 000s)

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

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

Material Fund Changes

Additional Shareholder Information

What were the Fund's costs for the last year?

What affected the Fund’s performance during the period?

Growth of $10,000 Investment

AVERAGE ANNUAL TOTAL RETURNS

FUND STATISTICS

($ amounts in 000s)

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

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

Material Fund Changes

Additional Shareholder Information

What were the Fund's costs for the last year?

What affected the Fund’s performance during the period?

Growth of $10,000 Investment

AVERAGE ANNUAL TOTAL RETURNS

FUND STATISTICS

($ amounts in 000s)

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

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

Material Fund Changes

Additional Shareholder Information

What were the Fund's costs for the last year?

What affected the Fund’s performance during the period?

Growth of $10,000 Investment

AVERAGE ANNUAL TOTAL RETURNS

FUND STATISTICS

($ amounts in 000s)

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

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

Material Fund Changes

Additional Shareholder Information

What were the Fund's costs for the last year?

What affected the Fund’s performance during the period?

Growth of $10,000 Investment

AVERAGE ANNUAL TOTAL RETURNS

FUND STATISTICS

($ amounts in 000s)

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

Top 10 HoldingsFootnote 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}