Victory California Bond Fund

Fund Shares

Ticker: USCBX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory California Bond Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Fund Shares	$25	0.50%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$402,123
Number of Holdings	164
Portfolio Turnover	7%

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

Top Industries* (% of Net Assets)

(as of August 31, 2025)

Value	Value
Special Tax	3.7%
Higher Education	4.5%
Nursing Homes	5.1%
General Obligation	5.5%
Airport	8.7%
Transportation	9.1%
Education	10.8%
General	11.1%
School District	13.0%
Medical	16.2%

*	Does not include futures contracts, money market instruments, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

USCBX — SAR (8/25)

Victory California Bond Fund

Institutional Shares

Ticker: UCBIX

Semi-Annual Shareholder Report — August 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Institutional Shares	$24	0.48%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$402,123
Number of Holdings	164
Portfolio Turnover	7%

Top Industries* (% of Net Assets)

(as of August 31, 2025)

Value	Value
Special Tax	3.7%
Higher Education	4.5%
Nursing Homes	5.1%
General Obligation	5.5%
Airport	8.7%
Transportation	9.1%
Education	10.8%
General	11.1%
School District	13.0%
Medical	16.2%

*	Does not include futures contracts, money market instruments, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

UCBIX — SAR (8/25)

Victory California Bond Fund

Class A

Ticker: UXABX

Semi-Annual Shareholder Report — August 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$37	0.75%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$402,123
Number of Holdings	164
Portfolio Turnover	7%

Top Industries* (% of Net Assets)

(as of August 31, 2025)

Value	Value
Special Tax	3.7%
Higher Education	4.5%
Nursing Homes	5.1%
General Obligation	5.5%
Airport	8.7%
Transportation	9.1%
Education	10.8%
General	11.1%
School District	13.0%
Medical	16.2%

*	Does not include futures contracts, money market instruments, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

UXABX — SAR (8/25)

Victory Cornerstone Aggressive Fund

Fund Shares

Ticker: UCAGX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Cornerstone Aggressive Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Fund Shares	$52	0.98%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$419,458
Number of Holdings	393
Portfolio Turnover	49%

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

(as of August 31, 2025)

iShares Core S&P 500 ETF	6.9%
VictoryShares Core Intermediate Bond ETF	6.2%
Vanguard FTSE Developed Markets ETF	5.2%
VictoryShares Free Cash Flow Growth ETF	5.0%
Schwab Fundamental International Equity ETF	5.0%
VictoryShares Core Plus Intermediate Bond ETF	3.0%
NVIDIA Corp.	2.7%
Microsoft Corp.	2.5%
Vanguard FTSE Emerging Markets ETF	2.5%
Schwab Fundamental Emerging Markets Equity ETF	2.3%

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

(as of August 31, 2025)

Value	Value
Exchange-Traded Funds	44.7%
Common Stocks	33.8%
Affiliated Fixed-Income Exchange-Traded Funds	11.3%
Affiliated Equity Exchange-Traded Funds	9.9%

*	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.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

UCAGX — SAR (8/25)

Victory Cornerstone Conservative Fund

Fund Shares

Ticker: USCCX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Cornerstone Conservative Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Fund Shares	$5	0.10%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$221,635
Number of Holdings	28
Portfolio Turnover	3%

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

(as of August 31, 2025)

Victory Core Plus Intermediate Bond Fund, Institutional Shares	23.5%
VictoryShares Short-Term Bond ETF	14.0%
Victory Government Securities Fund, Institutional Shares	11.6%
VictoryShares Core Intermediate Bond ETF	9.4%
Victory Income Fund, Institutional Shares	7.9%
Victory Market Neutral Income Fund, Class I	4.7%
Victory 500 Index Fund, Reward Shares	4.6%
Victory High Income Fund, Institutional Shares	4.6%
Victory International Fund, Institutional Shares	3.4%
VictoryShares International Value Momentum ETF	2.6%

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

(as of August 31, 2025)

Value	Value
Affiliated Fixed-Income Mutual Funds	47.8%
Affiliated Equity Mutual Funds	15.7%
Affiliated Fixed-Income Exchange-Traded Funds	23.3%
Affiliated Equity Exchange-Traded Funds	13.0%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

USCCX — SAR (8/25)

Victory Cornerstone Equity Fund

Fund Shares

Ticker: UCEQX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Cornerstone Equity Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Fund Shares	$4	0.08%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$284,117
Number of Holdings	19
Portfolio Turnover	10%

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

(as of August 31, 2025)

Victory 500 Index Fund, Reward Shares	19.5%
Victory International Fund, Institutional Shares	15.3%
VictoryShares International Value Momentum ETF	9.7%
VictoryShares WestEnd U.S. Sector ETF	8.7%
Victory Nasdaq-100 Index Fund, Class R6	8.3%
VictoryShares Free Cash Flow ETF	6.8%
VictoryShares Free Cash Flow Growth ETF	6.8%
VictoryShares Emerging Markets Value Momentum ETF	6.2%
VictoryShares US Value Momentum ETF	4.6%
Victory Income Stock Fund, Institutional Shares	4.2%

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

(as of August 31, 2025)

Value	Value
Affiliated Equity Mutual Funds	51.3%
Affiliated Equity Exchange-Traded Funds	48.3%

*	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.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

UCEQX — SAR (8/25)

Victory Cornerstone Moderate Fund

Fund Shares

Ticker: USBSX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Cornerstone Moderate Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Fund Shares	$42	0.81%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$1,168,628
Number of Holdings	171
Portfolio Turnover	47%

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

(as of August 31, 2025)

VictoryShares Core Intermediate Bond ETF	18.3%
VictoryShares Core Plus Intermediate Bond ETF	9.1%
iShares Core S&P 500 ETF	5.0%
VictoryShares Free Cash Flow Growth ETF	3.3%
VictoryShares WestEnd Economic Cycle Bond ETF	2.9%
Schwab Fundamental International Equity ETF	2.5%
Vanguard FTSE Developed Markets ETF	2.3%
iShares MSCI Japan ETF	2.2%
iShares Core U.S. Aggregate Bond ETF	2.1%
Vanguard FTSE Europe ETF	2.0%

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

(as of August 31, 2025)

Value	Value
Exchange-Traded Funds	41.3%
Affiliated Fixed-Income Exchange-Traded Funds	32.7%
Affiliated Equity Exchange-Traded Funds	6.7%
Common Stocks	19.1%

*	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.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

USBSX — SAR (8/25)

Victory Cornerstone Moderately Aggressive Fund

Fund Shares

Ticker: USCRX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Cornerstone Moderately Aggressive Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Fund Shares	$43	0.82%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$2,812,887
Number of Holdings	408
Portfolio Turnover	48%

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

(as of August 31, 2025)

VictoryShares Core Intermediate Bond ETF	14.1%
VictoryShares Core Plus Intermediate Bond ETF	6.9%
iShares Core S&P 500 ETF	5.1%
Vanguard FTSE Developed Markets ETF	3.6%
VictoryShares Free Cash Flow Growth ETF	3.6%
Schwab Fundamental International Equity ETF	2.9%
VictoryShares WestEnd Economic Cycle Bond ETF	2.4%
iShares MSCI Japan ETF	2.4%
Vanguard FTSE Europe ETF	2.2%
NVIDIA Corp.	2.1%

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

(as of August 31, 2025)

Value	Value
Exchange-Traded Funds	40.9%
Affiliated Fixed-Income Exchange-Traded Funds	25.2%
Affiliated Equity Exchange-Traded Funds	7.6%
Common Stocks	25.9%

*	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.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

USCRX — SAR (8/25)

Victory Cornerstone Moderately Conservative Fund

Fund Shares

Ticker: UCMCX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Cornerstone Moderately Conservative Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Fund Shares	$47	0.90%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$182,704
Number of Holdings	119
Portfolio Turnover	45%

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

(as of August 31, 2025)

VictoryShares Core Intermediate Bond ETF	20.8%
VictoryShares Core Plus Intermediate Bond ETF	11.7%
iShares Core S&P 500 ETF	5.7%
VictoryShares WestEnd Economic Cycle Bond ETF	3.7%
iShares Core U.S. Aggregate Bond ETF	3.2%
VictoryShares Free Cash Flow Growth ETF	3.1%
VictoryShares Short-Term Bond ETF	2.3%
iShares MSCI Japan ETF	2.3%
Vanguard FTSE Europe ETF	2.1%
iShares 7-10 Year Treasury Bond ETF	2.1%

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

(as of August 31, 2025)

Value	Value
Exchange-Traded Funds	43.5%
Affiliated Fixed-Income Exchange-Traded Funds	38.5%
Affiliated Equity Exchange-Traded Funds	3.7%
Common Stocks	13.6%

*	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.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

UCMCX — SAR (8/25)

Victory Emerging Markets Fund

Fund Shares

Ticker: USEMX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Emerging Markets Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Fund Shares	$82	1.50%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$578,252
Number of Holdings	252
Portfolio Turnover	67%

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

(as of August 31, 2025)

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

(as of August 31, 2025)

Value	Value
Utilities	2.3%
Energy	3.9%
Health Care	4.0%
Consumer Staples	4.2%
Materials	5.6%
Industrials	6.3%
Communication Services	9.4%
Consumer Discretionary	12.4%
Financials	22.1%
Information Technology	25.3%

Value	Value
China	24.8%
Taiwan	21.3%
India	13.4%
South Korea	12.3%
Brazil	5.9%
Mexico	4.5%
Other^{Footnote Reference**}	16.1%

Footnote	Description
Footnote*	Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.
Footnote**	Includes countries comprising less than 3.0% of portfolio.
Footnote^	Percentages are of the net assets of the Fund and may not equal 100%.

Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

USEMX — SAR (8/25)

Victory Emerging Markets Fund

Institutional Shares

Ticker: UIEMX

Semi-Annual Shareholder Report — August 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Institutional Shares	$72	1.31%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$578,252
Number of Holdings	252
Portfolio Turnover	67%

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

(as of August 31, 2025)

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

(as of August 31, 2025)

Value	Value
Utilities	2.3%
Energy	3.9%
Health Care	4.0%
Consumer Staples	4.2%
Materials	5.6%
Industrials	6.3%
Communication Services	9.4%
Consumer Discretionary	12.4%
Financials	22.1%
Information Technology	25.3%

Value	Value
China	24.8%
Taiwan	21.3%
India	13.4%
South Korea	12.3%
Brazil	5.9%
Mexico	4.5%
Other^{Footnote Reference**}	16.1%

Footnote	Description
Footnote*	Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.
Footnote**	Includes countries comprising less than 3.0% of portfolio.
Footnote^	Percentages are of the net assets of the Fund and may not equal 100%.

Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

UIEMX — SAR (8/25)

Victory Global Equity Income Fund

Fund Shares

Ticker: UGEIX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Global Equity Income Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$67,916
Number of Holdings	124
Portfolio Turnover	15%

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

(as of August 31, 2025)

Value	Value
Communication Services	2.7%
Consumer Discretionary	3.3%
Utilities	5.6%
Energy	7.4%
Materials	10.0%
Health Care	10.5%
Consumer Staples	10.8%
Industrials	13.1%
Information Technology	13.2%
Financials	22.9%

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

(as of August 31, 2025)

Apple, Inc.	2.2%
Cisco Systems, Inc.	1.9%
Heidelberg Materials AG	1.7%
Banco Bilbao Vizcaya Argentaria SA	1.7%
AbbVie, Inc.	1.6%
Fujikura Ltd.	1.5%
Cie de Saint-Gobain SA	1.5%
Novartis AG, Registered Shares	1.4%
Allianz SE, Registered Shares	1.4%
QUALCOMM, Inc.	1.4%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

UGEIX — SAR (8/25)

Victory Government Securities Fund

Fund Shares

Ticker: USGNX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Government Securities Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Fund Shares	$25	0.49%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$1,136,724
Number of Holdings	434
Portfolio Turnover	9%

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

(as of August 31, 2025)

Value	Value
U.S. Government Agency Mortgages	48.9%
U.S. Treasury Obligations	30.8%
Collateralized Mortgage Obligations	16.1%
Other^{Footnote Reference**}	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.
**	Other includes the remaining asset classes which are each under 2% of the net assets of the Fund.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

USGNX — SAR (8/25)

Victory Government Securities Fund

Institutional Shares

Ticker: UIGSX

Semi-Annual Shareholder Report — August 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Institutional Shares	$20	0.40%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$1,136,724
Number of Holdings	434
Portfolio Turnover	9%

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

(as of August 31, 2025)

Value	Value
U.S. Government Agency Mortgages	48.9%
U.S. Treasury Obligations	30.8%
Collateralized Mortgage Obligations	16.1%
Other^{Footnote Reference**}	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.
**	Other includes the remaining asset classes which are each under 2% of the net assets of the Fund.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

UIGSX — SAR (8/25)

Victory Government Securities Fund

Class R6

Ticker: URGSX

Semi-Annual Shareholder Report — August 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R6	$19	0.37%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$1,136,724
Number of Holdings	434
Portfolio Turnover	9%

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

(as of August 31, 2025)

Value	Value
U.S. Government Agency Mortgages	48.9%
U.S. Treasury Obligations	30.8%
Collateralized Mortgage Obligations	16.1%
Other^{Footnote Reference**}	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.
**	Other includes the remaining asset classes which are each under 2% of the net assets of the Fund.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

URGSX — SAR (8/25)

Victory Growth and Tax Strategy Fund

Fund Shares

Ticker: USBLX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Growth and Tax Strategy Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Fund Shares	$26	0.50%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$856,932
Number of Holdings	686
Portfolio Turnover	5%

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

(as of August 31, 2025)

Value	Value
Nursing Homes	4.3%
Education	4.7%
Consumer Discretionary	4.9%
Communication Services	5.1%
Single Family Housing	5.4%
Higher Education	6.2%
General	6.8%
Financials	7.6%
Medical	10.3%
Information Technology	15.9%

Top 5 Blue Chip Stocks (% of Net Assets)

(as of August 31, 2025)

NVIDIA Corp.	3.7%
Microsoft Corp.	3.4%
Apple, Inc.	3.2%
Amazon.com, Inc.	2.1%
Meta Platforms, Inc. Class A	1.6%

Top 5 Tax-Exempt Bonds (% of Net Assets)

(as of August 31, 2025)

University of California Revenue, Series AL-2, 1.45%, 5/15/48	1.2%
Regents of the University of California Medical Center Pooled Revenue, Series O-1, 1.90%, 5/15/45	0.8%
Capital Area Housing Finance Corp. Revenue, Series 2025-DBE8159, 2.50%, 3/1/41	0.6%
Development Authority of Appling County Revenue, Series GA, 2.30%, 9/1/41	0.6%
The Development Authority of Burke County Revenue, Series GA, 2.25%, 11/1/52	0.6%

* 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.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

USBLX — SAR (8/25)

Victory Growth and Tax Strategy Fund

Institutional Shares

Ticker: UGTIX

Semi-Annual Shareholder Report — August 31, 2025

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

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$856,932
Number of Holdings	686
Portfolio Turnover	5%

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

(as of August 31, 2025)

Value	Value
Nursing Homes	4.3%
Education	4.7%
Consumer Discretionary	4.9%
Communication Services	5.1%
Single Family Housing	5.4%
Higher Education	6.2%
General	6.8%
Financials	7.6%
Medical	10.3%
Information Technology	15.9%

Top 5 Blue Chip Stocks (% of Net Assets)

(as of August 31, 2025)

NVIDIA Corp.	3.7%
Microsoft Corp.	3.4%
Apple, Inc.	3.2%
Amazon.com, Inc.	2.1%
Meta Platforms, Inc. Class A	1.6%

Top 5 Tax-Exempt Bonds (% of Net Assets)

(as of August 31, 2025)

University of California Revenue, Series AL-2, 1.45%, 5/15/48	1.2%
Regents of the University of California Medical Center Pooled Revenue, Series O-1, 1.90%, 5/15/45	0.8%
Capital Area Housing Finance Corp. Revenue, Series 2025-DBE8159, 2.50%, 3/1/41	0.6%
Development Authority of Appling County Revenue, Series GA, 2.30%, 9/1/41	0.6%
The Development Authority of Burke County Revenue, Series GA, 2.25%, 11/1/52	0.6%

* 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.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

UGTIX — SAR (8/25)

Victory Growth and Tax Strategy Fund

Class A

Ticker: UGTAX

Semi-Annual Shareholder Report — August 31, 2025

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

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$856,932
Number of Holdings	686
Portfolio Turnover	5%

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

(as of August 31, 2025)

Value	Value
Nursing Homes	4.3%
Education	4.7%
Consumer Discretionary	4.9%
Communication Services	5.1%
Single Family Housing	5.4%
Higher Education	6.2%
General	6.8%
Financials	7.6%
Medical	10.3%
Information Technology	15.9%

Top 5 Blue Chip Stocks (% of Net Assets)

(as of August 31, 2025)

NVIDIA Corp.	3.7%
Microsoft Corp.	3.4%
Apple, Inc.	3.2%
Amazon.com, Inc.	2.1%
Meta Platforms, Inc. Class A	1.6%

Top 5 Tax-Exempt Bonds (% of Net Assets)

(as of August 31, 2025)

University of California Revenue, Series AL-2, 1.45%, 5/15/48	1.2%
Regents of the University of California Medical Center Pooled Revenue, Series O-1, 1.90%, 5/15/45	0.8%
Capital Area Housing Finance Corp. Revenue, Series 2025-DBE8159, 2.50%, 3/1/41	0.6%
Development Authority of Appling County Revenue, Series GA, 2.30%, 9/1/41	0.6%
The Development Authority of Burke County Revenue, Series GA, 2.25%, 11/1/52	0.6%

* 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.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

UGTAX — SAR (8/25)

Victory Growth and Tax Strategy Fund

Class C

Ticker: UGTCX

Semi-Annual Shareholder Report — August 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$80	1.57%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$856,932
Number of Holdings	686
Portfolio Turnover	5%

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

(as of August 31, 2025)

Value	Value
Nursing Homes	4.3%
Education	4.7%
Consumer Discretionary	4.9%
Communication Services	5.1%
Single Family Housing	5.4%
Higher Education	6.2%
General	6.8%
Financials	7.6%
Medical	10.3%
Information Technology	15.9%

Top 5 Blue Chip Stocks (% of Net Assets)

(as of August 31, 2025)

NVIDIA Corp.	3.7%
Microsoft Corp.	3.4%
Apple, Inc.	3.2%
Amazon.com, Inc.	2.1%
Meta Platforms, Inc. Class A	1.6%

Top 5 Tax-Exempt Bonds (% of Net Assets)

(as of August 31, 2025)

University of California Revenue, Series AL-2, 1.45%, 5/15/48	1.2%
Regents of the University of California Medical Center Pooled Revenue, Series O-1, 1.90%, 5/15/45	0.8%
Capital Area Housing Finance Corp. Revenue, Series 2025-DBE8159, 2.50%, 3/1/41	0.6%
Development Authority of Appling County Revenue, Series GA, 2.30%, 9/1/41	0.6%
The Development Authority of Burke County Revenue, Series GA, 2.25%, 11/1/52	0.6%

* 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.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

UGTCX — SAR (8/25)

Victory International Fund

Fund Shares

Ticker: USIFX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory International Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Fund Shares	$58	1.07%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$2,608,459
Number of Holdings	403
Portfolio Turnover	22%

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

(as of August 31, 2025)

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

(as of August 31, 2025)

Value	Value
Real Estate	3.1%
Energy	4.4%
Communication Services	5.5%
Materials	5.9%
Consumer Staples	7.7%
Health Care	8.9%
Information Technology	8.9%
Consumer Discretionary	9.2%
Industrials	16.2%
Financials	25.5%

Value	Value
Japan	19.3%
United Kingdom	13.4%
France	8.5%
Switzerland	7.9%
Germany	7.7%
Netherlands	5.1%
Australia	4.6%
Other^{Footnote Reference**}	31.8%

Footnote	Description
Footnote*	Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.
Footnote**	Includes countries comprising less than 3.0% of portfolio.
Footnote^	Percentages are of the net assets of the Fund and may not equal 100%.

Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

USIFX — SAR (8/25)

Victory International Fund

Institutional Shares

Ticker: UIIFX

Semi-Annual Shareholder Report — August 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Institutional Shares	$55	1.00%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$2,608,459
Number of Holdings	403
Portfolio Turnover	22%

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

(as of August 31, 2025)

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

(as of August 31, 2025)

Value	Value
Real Estate	3.1%
Energy	4.4%
Communication Services	5.5%
Materials	5.9%
Consumer Staples	7.7%
Health Care	8.9%
Information Technology	8.9%
Consumer Discretionary	9.2%
Industrials	16.2%
Financials	25.5%

Value	Value
Japan	19.3%
United Kingdom	13.4%
France	8.5%
Switzerland	7.9%
Germany	7.7%
Netherlands	5.1%
Australia	4.6%
Other^{Footnote Reference**}	31.8%

Footnote	Description
Footnote*	Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.
Footnote**	Includes countries comprising less than 3.0% of portfolio.
Footnote^	Percentages are of the net assets of the Fund and may not equal 100%.

Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

UIIFX — SAR (8/25)

Victory International Fund

Class R6

Ticker: URITX

Semi-Annual Shareholder Report — August 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R6	$47	0.86%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$2,608,459
Number of Holdings	403
Portfolio Turnover	22%

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

(as of August 31, 2025)

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

(as of August 31, 2025)

Value	Value
Real Estate	3.1%
Energy	4.4%
Communication Services	5.5%
Materials	5.9%
Consumer Staples	7.7%
Health Care	8.9%
Information Technology	8.9%
Consumer Discretionary	9.2%
Industrials	16.2%
Financials	25.5%

Value	Value
Japan	19.3%
United Kingdom	13.4%
France	8.5%
Switzerland	7.9%
Germany	7.7%
Netherlands	5.1%
Australia	4.6%
Other^{Footnote Reference**}	31.8%

Footnote	Description
Footnote*	Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.
Footnote**	Includes countries comprising less than 3.0% of portfolio.
Footnote^	Percentages are of the net assets of the Fund and may not equal 100%.

Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

URITX — SAR (8/25)

Victory New York Bond Fund

Fund Shares

Ticker: USNYX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory New York Bond Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Fund Shares	$31	0.63%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$102,810
Number of Holdings	100
Portfolio Turnover	5%

Top Industries* (% of Net Assets)

(as of August 31, 2025)

Value	Value
Airport	3.7%
Housing	4.0%
Multifamily Housing	5.2%
General Obligation	6.0%
Nursing Homes	6.5%
Transportation	10.7%
General	11.4%
Education	12.3%
Medical	15.0%
Higher Education	15.3%

*	Does not include futures contracts, money market instruments, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

USNYX — SAR (8/25)

Victory New York Bond Fund

Institutional Shares

Ticker: UNYIX

Semi-Annual Shareholder Report — August 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Institutional Shares	$28	0.56%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$102,810
Number of Holdings	100
Portfolio Turnover	5%

Top Industries* (% of Net Assets)

(as of August 31, 2025)

Value	Value
Airport	3.7%
Housing	4.0%
Multifamily Housing	5.2%
General Obligation	6.0%
Nursing Homes	6.5%
Transportation	10.7%
General	11.4%
Education	12.3%
Medical	15.0%
Higher Education	15.3%

*	Does not include futures contracts, money market instruments, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

UNYIX — SAR (8/25)

Victory Precious Metals and Minerals Fund

Fund Shares

Ticker: USAGX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Precious Metals and Minerals Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Fund Shares	$70	1.08%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$874,923
Number of Holdings	43
Portfolio Turnover	15%

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

(as of August 31, 2025)

Agnico Eagle Mines Ltd.	12.8%
Gold Fields Ltd., ADR	8.2%
Kinross Gold Corp.	7.1%
Newmont Corp.	7.0%
Anglogold Ashanti PLC (Johannesburg Stock Exchange)	5.5%
Royal Gold, Inc.	5.1%
Barrick Mining Corp.	4.9%
Zijin Mining Group Co. Ltd., Class H	4.4%
Dundee Precious Metals, Inc.	4.0%
Wheaton Precious Metals Corp.	3.9%

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

(as of August 31, 2025)

Value	Value
Canada	52.2%
United States	13.6%
South Africa	11.4%
Australia	10.7%
United Kingdom	7.2%
China	4.4%
Other^{Footnote Reference**}	0.2%

*	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.
**	Includes countries comprising less than 3.0% of portfolio.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

USAGX — SAR (8/25)

Victory Precious Metals and Minerals Fund

Institutional Shares

Ticker: UIPMX

Semi-Annual Shareholder Report — August 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Institutional Shares	$66	1.02%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$874,923
Number of Holdings	43
Portfolio Turnover	15%

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

(as of August 31, 2025)

Agnico Eagle Mines Ltd.	12.8%
Gold Fields Ltd., ADR	8.2%
Kinross Gold Corp.	7.1%
Newmont Corp.	7.0%
Anglogold Ashanti PLC (Johannesburg Stock Exchange)	5.5%
Royal Gold, Inc.	5.1%
Barrick Mining Corp.	4.9%
Zijin Mining Group Co. Ltd., Class H	4.4%
Dundee Precious Metals, Inc.	4.0%
Wheaton Precious Metals Corp.	3.9%

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

(as of August 31, 2025)

Value	Value
Canada	52.2%
United States	13.6%
South Africa	11.4%
Australia	10.7%
United Kingdom	7.2%
China	4.4%
Other^{Footnote Reference**}	0.2%

*	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.
**	Includes countries comprising less than 3.0% of portfolio.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

UIPMX — SAR (8/25)

Victory Precious Metals and Minerals Fund

Class A

Ticker: UPMMX

Semi-Annual Shareholder Report — August 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$88	1.35%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$874,923
Number of Holdings	43
Portfolio Turnover	15%

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

(as of August 31, 2025)

Agnico Eagle Mines Ltd.	12.8%
Gold Fields Ltd., ADR	8.2%
Kinross Gold Corp.	7.1%
Newmont Corp.	7.0%
Anglogold Ashanti PLC (Johannesburg Stock Exchange)	5.5%
Royal Gold, Inc.	5.1%
Barrick Mining Corp.	4.9%
Zijin Mining Group Co. Ltd., Class H	4.4%
Dundee Precious Metals, Inc.	4.0%
Wheaton Precious Metals Corp.	3.9%

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

(as of August 31, 2025)

Value	Value
Canada	52.2%
United States	13.6%
South Africa	11.4%
Australia	10.7%
United Kingdom	7.2%
China	4.4%
Other^{Footnote Reference**}	0.2%

*	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.
**	Includes countries comprising less than 3.0% of portfolio.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

UPMMX — SAR (8/25)

Victory Sustainable World Fund

Fund Shares

Ticker: USAWX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Sustainable World Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Fund Shares	$54	1.02%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$1,474,583
Number of Holdings	339
Portfolio Turnover	37%

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

(as of August 31, 2025)

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

(as of August 31, 2025)

Value	Value
Utilities	3.0%
Materials	3.2%
Energy	3.4%
Consumer Staples	5.7%
Communication Services	8.2%
Consumer Discretionary	10.1%
Health Care	10.5%
Industrials	10.7%
Financials	19.7%
Information Technology	22.4%

Value	Value
United States	60.5%
Japan	6.6%
Switzerland	3.6%
United Kingdom	3.6%
Other^{Footnote Reference**}	24.1%

Footnote	Description
Footnote*	Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.
Footnote**	Includes countries comprising less than 3.0% of portfolio.
Footnote^	Percentages are of the net assets of the Fund and may not equal 100%.

Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

USAWX — SAR (8/25)

Victory Sustainable World Fund

Institutional Shares

Ticker: UIWGX

Semi-Annual Shareholder Report — August 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Institutional Shares	$53	1.00%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$1,474,583
Number of Holdings	339
Portfolio Turnover	37%

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

(as of August 31, 2025)

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

(as of August 31, 2025)

Value	Value
Utilities	3.0%
Materials	3.2%
Energy	3.4%
Consumer Staples	5.7%
Communication Services	8.2%
Consumer Discretionary	10.1%
Health Care	10.5%
Industrials	10.7%
Financials	19.7%
Information Technology	22.4%

Value	Value
United States	60.5%
Japan	6.6%
Switzerland	3.6%
United Kingdom	3.6%
Other^{Footnote Reference**}	24.1%

Footnote	Description
Footnote*	Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.
Footnote**	Includes countries comprising less than 3.0% of portfolio.
Footnote^	Percentages are of the net assets of the Fund and may not equal 100%.

Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

UIWGX — SAR (8/25)

Victory Sustainable World Fund

Class A

Ticker: USWGX

Semi-Annual Shareholder Report — August 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$71	1.35%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$1,474,583
Number of Holdings	339
Portfolio Turnover	37%

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

(as of August 31, 2025)

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

(as of August 31, 2025)

Value	Value
Utilities	3.0%
Materials	3.2%
Energy	3.4%
Consumer Staples	5.7%
Communication Services	8.2%
Consumer Discretionary	10.1%
Health Care	10.5%
Industrials	10.7%
Financials	19.7%
Information Technology	22.4%

Value	Value
United States	60.5%
Japan	6.6%
Switzerland	3.6%
United Kingdom	3.6%
Other^{Footnote Reference**}	24.1%

Footnote	Description
Footnote*	Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.
Footnote**	Includes countries comprising less than 3.0% of portfolio.
Footnote^	Percentages are of the net assets of the Fund and may not equal 100%.

Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

USWGX — SAR (8/25)

Victory Target Managed Allocation Fund

Fund Shares

Ticker: UTMAX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Target Managed Allocation Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$383,417
Number of Holdings	308
Portfolio Turnover	91%

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

(as of August 31, 2025)

Value	Value
Real Estate	1.8%
Utilities	2.1%
Energy	3.3%
Consumer Staples	4.9%
Communication Services	6.5%
Health Care	7.2%
Consumer Discretionary	9.8%
Industrials	10.8%
Financials	17.3%
Information Technology	23.4%

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

(as of August 31, 2025)

NVIDIA Corp.	4.6%
Microsoft Corp.	4.3%
VanEck Gold Miners ETF	4.1%
Apple, Inc.	4.1%
iShares Core MSCI Emerging Markets ETF	3.1%
Amazon.com, Inc.	2.3%
Meta Platforms, Inc., Class A	1.7%
Broadcom, Inc.	1.6%
Alphabet, Inc., Class A	1.2%
Alphabet, Inc., Class C	1.0%

*	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.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

UTMAX — SAR (8/25)

Victory Tax Exempt Intermediate-Term Fund

Fund Shares

Ticker: USATX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Tax Exempt Intermediate-Term Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Fund Shares	$24	0.48%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$2,849,177
Number of Holdings	1,107
Portfolio Turnover	7%

Top Industries* (% of Net Assets)

(as of August 31, 2025)

Value	Value
General Obligation	3.7%
Airport	3.8%
Single Family Housing	4.3%
School District	5.0%
Education	6.4%
Nursing Homes	6.6%
Higher Education	7.7%
Transportation	9.1%
General	17.3%
Medical	22.7%

*	Does not include futures contracts, money market instruments, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

USATX — SAR (8/25)

Victory Tax Exempt Intermediate-Term Fund

Institutional Shares

Ticker: UITIX

Semi-Annual Shareholder Report — August 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Institutional Shares	$22	0.44%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$2,849,177
Number of Holdings	1,107
Portfolio Turnover	7%

Top Industries* (% of Net Assets)

(as of August 31, 2025)

Value	Value
General Obligation	3.7%
Airport	3.8%
Single Family Housing	4.3%
School District	5.0%
Education	6.4%
Nursing Homes	6.6%
Higher Education	7.7%
Transportation	9.1%
General	17.3%
Medical	22.7%

*	Does not include futures contracts, money market instruments, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

UITIX — SAR (8/25)

Victory Tax Exempt Intermediate-Term Fund

Class A

Ticker: UTEIX

Semi-Annual Shareholder Report — August 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$36	0.72%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$2,849,177
Number of Holdings	1,107
Portfolio Turnover	7%

Top Industries* (% of Net Assets)

(as of August 31, 2025)

Value	Value
General Obligation	3.7%
Airport	3.8%
Single Family Housing	4.3%
School District	5.0%
Education	6.4%
Nursing Homes	6.6%
Higher Education	7.7%
Transportation	9.1%
General	17.3%
Medical	22.7%

*	Does not include futures contracts, money market instruments, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

UTEIX — SAR (8/25)

Victory Tax Exempt Long-Term Fund

Fund Shares

Ticker: USTEX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Tax Exempt Long-Term Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Fund Shares	$21	0.43%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$1,562,368
Number of Holdings	561
Portfolio Turnover	3%

Top Industries* (% of Net Assets)

(as of August 31, 2025)

Value	Value
Airport	2.4%
Water	2.6%
General Obligation	5.4%
Transportation	6.9%
Education	7.3%
School District	7.7%
Higher Education	9.4%
Nursing Homes	11.5%
General	16.1%
Medical	19.8%

*	Does not include futures contracts, money market instruments, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

USTEX — SAR (8/25)

Victory Tax Exempt Long-Term Fund

Institutional Shares

Ticker: ULTIX

Semi-Annual Shareholder Report — August 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Institutional Shares	$19	0.38%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$1,562,368
Number of Holdings	561
Portfolio Turnover	3%

Top Industries* (% of Net Assets)

(as of August 31, 2025)

Value	Value
Airport	2.4%
Water	2.6%
General Obligation	5.4%
Transportation	6.9%
Education	7.3%
School District	7.7%
Higher Education	9.4%
Nursing Homes	11.5%
General	16.1%
Medical	19.8%

*	Does not include futures contracts, money market instruments, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

ULTIX — SAR (8/25)

Victory Tax Exempt Long-Term Fund

Class A

Ticker: UTELX

Semi-Annual Shareholder Report — August 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$32	0.64%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$1,562,368
Number of Holdings	561
Portfolio Turnover	3%

Top Industries* (% of Net Assets)

(as of August 31, 2025)

Value	Value
Airport	2.4%
Water	2.6%
General Obligation	5.4%
Transportation	6.9%
Education	7.3%
School District	7.7%
Higher Education	9.4%
Nursing Homes	11.5%
General	16.1%
Medical	19.8%

*	Does not include futures contracts, money market instruments, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

UTELX — SAR (8/25)

Victory Tax Exempt Short-Term Fund

Fund Shares

Ticker: USSTX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Tax Exempt Short-Term Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Fund Shares	$27	0.54%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$648,814
Number of Holdings	365
Portfolio Turnover	20%

Top Industries* (% of Net Assets)

(as of August 31, 2025)

Value	Value
Multifamily Housing	3.2%
Transportation	3.8%
Education	4.0%
Water	4.1%
Nursing Homes	6.7%
General Obligation	9.3%
Development	9.6%
Pollution	9.9%
Medical	13.4%
General	22.4%

*	Does not include futures contracts, money market instruments, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

USSTX — SAR (8/25)

Victory Tax Exempt Short-Term Fund

Institutional Shares

Ticker: USTIX

Semi-Annual Shareholder Report — August 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Institutional Shares	$26	0.51%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$648,814
Number of Holdings	365
Portfolio Turnover	20%

Top Industries* (% of Net Assets)

(as of August 31, 2025)

Value	Value
Multifamily Housing	3.2%
Transportation	3.8%
Education	4.0%
Water	4.1%
Nursing Homes	6.7%
General Obligation	9.3%
Development	9.6%
Pollution	9.9%
Medical	13.4%
General	22.4%

*	Does not include futures contracts, money market instruments, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

USTIX — SAR (8/25)

Victory Tax Exempt Short-Term Fund

Class A

Ticker: UTESX

Semi-Annual Shareholder Report — August 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$39	0.76%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$648,814
Number of Holdings	365
Portfolio Turnover	20%

Top Industries* (% of Net Assets)

(as of August 31, 2025)

Value	Value
Multifamily Housing	3.2%
Transportation	3.8%
Education	4.0%
Water	4.1%
Nursing Homes	6.7%
General Obligation	9.3%
Development	9.6%
Pollution	9.9%
Medical	13.4%
General	22.4%

*	Does not include futures contracts, money market instruments, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

UTESX — SAR (8/25)

Victory Tax Exempt Money Market Fund

Fund Shares

Ticker: USEXX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Tax Exempt Money Market Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Fund Shares	$28	0.56%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$419,227
Number of Holdings	46
7 Day Net Yield	2.29%

Top Industries (% of Net Assets)

(as of August 31, 2025)

Value	Value
General	0.4%
Nursing Homes	1.8%
Higher Education	2.7%
Education	3.6%
Transportation	4.5%
Multifamily Housing	7.5%
Power	8.6%
Pollution	9.3%
Medical	27.6%
Development	33.9%

	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

USEXX — SAR (8/25)

Victory Treasury Money Market Trust

Fund Shares

Ticker: UATXX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Treasury Money Market Trust (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Fund Shares	$18	0.35%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$922,182
Number of Holdings	15
7 Day Net Yield	3.93%

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

(as of August 31, 2025)

Value	Value
U.S. Treasury Obligations	70.0%
Repurchase Agreements	29.6%

^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

UATXX — SAR (8/25)

Victory Virginia Bond Fund

Fund Shares

Ticker: USVAX

Semi-Annual Shareholder Report — August 31, 2025

The semi-annual shareholder report contains important information about Victory Virginia Bond Fund (the "Fund") for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Fund Shares	$27	0.54%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$456,185
Number of Holdings	170
Portfolio Turnover	5%

Top Industries* (% of Net Assets)

(as of August 31, 2025)

Value	Value
Water	2.6%
Facilities	3.2%
Airport	3.7%
Development	4.9%
Multifamily Housing	7.0%
Transportation	9.2%
Higher Education	9.8%
Nursing Homes	15.0%
General	16.6%
Medical	19.0%

*	Does not include futures contracts, money market instruments, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

USVAX — SAR (8/25)

Victory Virginia Bond Fund

Institutional Shares

Ticker: UVAIX

Semi-Annual Shareholder Report — August 31, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Institutional Shares	$25	0.51%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$456,185
Number of Holdings	170
Portfolio Turnover	5%

Top Industries* (% of Net Assets)

(as of August 31, 2025)

Value	Value
Water	2.6%
Facilities	3.2%
Airport	3.7%
Development	4.9%
Multifamily Housing	7.0%
Transportation	9.2%
Higher Education	9.8%
Nursing Homes	15.0%
General	16.6%
Medical	19.0%

*	Does not include futures contracts, money market instruments, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

UVAIX — SAR (8/25)

Victory Virginia Bond Fund

Class A

Ticker: UVABX

Semi-Annual Shareholder Report — August 31, 2025

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

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Net Assets	$456,185
Number of Holdings	170
Portfolio Turnover	5%

Top Industries* (% of Net Assets)

(as of August 31, 2025)

Value	Value
Water	2.6%
Facilities	3.2%
Airport	3.7%
Development	4.9%
Multifamily Housing	7.0%
Transportation	9.2%
Higher Education	9.8%
Nursing Homes	15.0%
General	16.6%
Medical	19.0%

*	Does not include futures contracts, money market instruments, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

UVABX — SAR (8/25)

UNITED STATES

FORM N-CSR

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

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Top Industries* (% of Net Assets)

(as of August 31, 2025)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Top Industries* (% of Net Assets)

(as of August 31, 2025)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

Top Industries* (% of Net Assets)

(as of August 31, 2025)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

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

(as of August 31, 2025)

Asset AllocationFootnote Reference* ^ (% of Net Assets)

(as of August 31, 2025)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

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

(as of August 31, 2025)

Asset AllocationFootnote Reference* ^ (% of Net Assets)

(as of August 31, 2025)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

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

(as of August 31, 2025)

Asset AllocationFootnote Reference* ^ (% of Net Assets)

(as of August 31, 2025)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

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

(as of August 31, 2025)

Asset AllocationFootnote Reference* ^ (% of Net Assets)

(as of August 31, 2025)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

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

(as of August 31, 2025)

Asset AllocationFootnote Reference* ^ (% of Net Assets)

(as of August 31, 2025)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2025)

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

(as of August 31, 2025)

Asset AllocationFootnote Reference* ^ (% of Net Assets)

(as of August 31, 2025)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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