Victory RS Partners Fund

Class A

Ticker: RSPFX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Partners Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$65	1.33%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$541,123
Number of Holdings	69
Portfolio Turnover	28%

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

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

(as of June 30, 2025)

Value	Value
Consumer Staples	3.0%
Information Technology	4.5%
Utilities	5.4%
Health Care	5.4%
Materials	5.8%
Energy	6.0%
Real Estate	8.6%
Consumer Discretionary	10.1%
Industrials	13.5%
Financials^{Footnote Reference**}	34.7%

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

(as of June 30, 2025)

Globe Life, Inc.	3.8%
Old National Bancorp	3.0%
White Mountains Insurance Group Ltd.	3.0%
Ameris Bancorp	2.9%
UMB Financial Corp.	2.8%
Prosperity Bancshares, Inc.	2.6%
The Bank of NT Butterfield & Son Ltd.	2.5%
Renasant Corp.	2.5%
FNB Corp.	2.3%
Euronet Worldwide, Inc.	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.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RSPFX — SAR (6/25)

Victory RS Partners Fund

Class R

Ticker: RSPKX

Semi-Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R	$83	1.69%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$541,123
Number of Holdings	69
Portfolio Turnover	28%

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

(as of June 30, 2025)

Value	Value
Consumer Staples	3.0%
Information Technology	4.5%
Utilities	5.4%
Health Care	5.4%
Materials	5.8%
Energy	6.0%
Real Estate	8.6%
Consumer Discretionary	10.1%
Industrials	13.5%
Financials^{Footnote Reference**}	34.7%

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

(as of June 30, 2025)

Globe Life, Inc.	3.8%
Old National Bancorp	3.0%
White Mountains Insurance Group Ltd.	3.0%
Ameris Bancorp	2.9%
UMB Financial Corp.	2.8%
Prosperity Bancshares, Inc.	2.6%
The Bank of NT Butterfield & Son Ltd.	2.5%
Renasant Corp.	2.5%
FNB Corp.	2.3%
Euronet Worldwide, Inc.	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.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RSPKX — SAR (6/25)

Victory RS Partners Fund

Class R6

Ticker: RPPRX

Semi-Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R6	$44	0.89%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$541,123
Number of Holdings	69
Portfolio Turnover	28%

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

(as of June 30, 2025)

Value	Value
Consumer Staples	3.0%
Information Technology	4.5%
Utilities	5.4%
Health Care	5.4%
Materials	5.8%
Energy	6.0%
Real Estate	8.6%
Consumer Discretionary	10.1%
Industrials	13.5%
Financials^{Footnote Reference**}	34.7%

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

(as of June 30, 2025)

Globe Life, Inc.	3.8%
Old National Bancorp	3.0%
White Mountains Insurance Group Ltd.	3.0%
Ameris Bancorp	2.9%
UMB Financial Corp.	2.8%
Prosperity Bancshares, Inc.	2.6%
The Bank of NT Butterfield & Son Ltd.	2.5%
Renasant Corp.	2.5%
FNB Corp.	2.3%
Euronet Worldwide, Inc.	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.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RPPRX — SAR (6/25)

Victory RS Partners Fund

Class Y

Ticker: RSPYX

Semi-Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$46	0.94%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$541,123
Number of Holdings	69
Portfolio Turnover	28%

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

(as of June 30, 2025)

Value	Value
Consumer Staples	3.0%
Information Technology	4.5%
Utilities	5.4%
Health Care	5.4%
Materials	5.8%
Energy	6.0%
Real Estate	8.6%
Consumer Discretionary	10.1%
Industrials	13.5%
Financials^{Footnote Reference**}	34.7%

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

(as of June 30, 2025)

Globe Life, Inc.	3.8%
Old National Bancorp	3.0%
White Mountains Insurance Group Ltd.	3.0%
Ameris Bancorp	2.9%
UMB Financial Corp.	2.8%
Prosperity Bancshares, Inc.	2.6%
The Bank of NT Butterfield & Son Ltd.	2.5%
Renasant Corp.	2.5%
FNB Corp.	2.3%
Euronet Worldwide, Inc.	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.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RSPYX — SAR (6/25)

Victory RS Partners Fund

Member Class

Ticker: RSPMX

Semi-Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Member Class	$55	1.13%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$541,123
Number of Holdings	69
Portfolio Turnover	28%

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

(as of June 30, 2025)

Value	Value
Consumer Staples	3.0%
Information Technology	4.5%
Utilities	5.4%
Health Care	5.4%
Materials	5.8%
Energy	6.0%
Real Estate	8.6%
Consumer Discretionary	10.1%
Industrials	13.5%
Financials^{Footnote Reference**}	34.7%

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

(as of June 30, 2025)

Globe Life, Inc.	3.8%
Old National Bancorp	3.0%
White Mountains Insurance Group Ltd.	3.0%
Ameris Bancorp	2.9%
UMB Financial Corp.	2.8%
Prosperity Bancshares, Inc.	2.6%
The Bank of NT Butterfield & Son Ltd.	2.5%
Renasant Corp.	2.5%
FNB Corp.	2.3%
Euronet Worldwide, Inc.	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.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RSPMX — SAR (6/25)

Victory RS Value Fund

Class A

Ticker: RSVAX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Value Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$65	1.30%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$259,120
Number of Holdings	57
Portfolio Turnover	27%

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

(as of June 30, 2025)

Value	Value
Materials	4.3%
Consumer Staples	6.3%
Energy	6.3%
Utilities	6.6%
Consumer Discretionary	7.7%
Real Estate	7.9%
Health Care	8.3%
Information Technology	8.3%
Industrials	18.2%
Financials	23.2%

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

(as of June 30, 2025)

Globe Life, Inc.	4.4%
SS&C Technologies Holdings, Inc.	2.8%
NNN REIT, Inc.	2.5%
Nice Ltd., ADR	2.4%
FirstEnergy Corp.	2.3%
Teva Pharmaceutical Industries Ltd., ADR	2.3%
Encompass Health Corp.	2.3%
Everest Group Ltd.	2.2%
LKQ Corp.	2.2%
U.S. Foods Holding Corp.	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.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RSVAX — SAR (6/25)

Victory RS Value Fund

Class C

Ticker: RVACX

Semi-Annual Shareholder Report — June 30, 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	$103	2.07%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$259,120
Number of Holdings	57
Portfolio Turnover	27%

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

(as of June 30, 2025)

Value	Value
Materials	4.3%
Consumer Staples	6.3%
Energy	6.3%
Utilities	6.6%
Consumer Discretionary	7.7%
Real Estate	7.9%
Health Care	8.3%
Information Technology	8.3%
Industrials	18.2%
Financials	23.2%

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

(as of June 30, 2025)

Globe Life, Inc.	4.4%
SS&C Technologies Holdings, Inc.	2.8%
NNN REIT, Inc.	2.5%
Nice Ltd., ADR	2.4%
FirstEnergy Corp.	2.3%
Teva Pharmaceutical Industries Ltd., ADR	2.3%
Encompass Health Corp.	2.3%
Everest Group Ltd.	2.2%
LKQ Corp.	2.2%
U.S. Foods Holding Corp.	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.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RVACX — SAR (6/25)

Victory RS Value Fund

Class Y

Ticker: RSVYX

Semi-Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$53	1.06%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$259,120
Number of Holdings	57
Portfolio Turnover	27%

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

(as of June 30, 2025)

Value	Value
Materials	4.3%
Consumer Staples	6.3%
Energy	6.3%
Utilities	6.6%
Consumer Discretionary	7.7%
Real Estate	7.9%
Health Care	8.3%
Information Technology	8.3%
Industrials	18.2%
Financials	23.2%

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

(as of June 30, 2025)

Globe Life, Inc.	4.4%
SS&C Technologies Holdings, Inc.	2.8%
NNN REIT, Inc.	2.5%
Nice Ltd., ADR	2.4%
FirstEnergy Corp.	2.3%
Teva Pharmaceutical Industries Ltd., ADR	2.3%
Encompass Health Corp.	2.3%
Everest Group Ltd.	2.2%
LKQ Corp.	2.2%
U.S. Foods Holding Corp.	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.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RSVYX — SAR (6/25)

Victory RS Large Cap Alpha Fund

Class A

Ticker: GPAFX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Large Cap Alpha Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$520,935
Number of Holdings	51
Portfolio Turnover	25%

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

(as of June 30, 2025)

Value	Value
Communication Services	3.4%
Real Estate	3.6%
Utilities	4.0%
Consumer Discretionary	5.0%
Energy	5.8%
Consumer Staples	7.1%
Information Technology	8.9%
Health Care	15.4%
Industrials	16.1%
Financials	23.5%

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

(as of June 30, 2025)

Citigroup, Inc.	3.6%
Fairfax Financial Holdings Ltd.	3.4%
KeyCorp	3.3%
Everest Group Ltd.	3.2%
The Cigna Group	3.2%
SS&C Technologies Holdings, Inc.	2.7%
JPMorgan Chase & Co.	2.5%
Exxon Mobil Corp.	2.4%
CACI International, Inc., Class A	2.4%
Exelon Corp.	2.4%

*	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

GPAFX — SAR (6/25)

Victory RS Large Cap Alpha Fund

Class C

Ticker: RCOCX

Semi-Annual Shareholder Report — June 30, 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	$86	1.69%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$520,935
Number of Holdings	51
Portfolio Turnover	25%

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

(as of June 30, 2025)

Value	Value
Communication Services	3.4%
Real Estate	3.6%
Utilities	4.0%
Consumer Discretionary	5.0%
Energy	5.8%
Consumer Staples	7.1%
Information Technology	8.9%
Health Care	15.4%
Industrials	16.1%
Financials	23.5%

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

(as of June 30, 2025)

Citigroup, Inc.	3.6%
Fairfax Financial Holdings Ltd.	3.4%
KeyCorp	3.3%
Everest Group Ltd.	3.2%
The Cigna Group	3.2%
SS&C Technologies Holdings, Inc.	2.7%
JPMorgan Chase & Co.	2.5%
Exxon Mobil Corp.	2.4%
CACI International, Inc., Class A	2.4%
Exelon Corp.	2.4%

*	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

RCOCX — SAR (6/25)

Victory RS Large Cap Alpha Fund

Class Y

Ticker: RCEYX

Semi-Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$520,935
Number of Holdings	51
Portfolio Turnover	25%

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

(as of June 30, 2025)

Value	Value
Communication Services	3.4%
Real Estate	3.6%
Utilities	4.0%
Consumer Discretionary	5.0%
Energy	5.8%
Consumer Staples	7.1%
Information Technology	8.9%
Health Care	15.4%
Industrials	16.1%
Financials	23.5%

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

(as of June 30, 2025)

Citigroup, Inc.	3.6%
Fairfax Financial Holdings Ltd.	3.4%
KeyCorp	3.3%
Everest Group Ltd.	3.2%
The Cigna Group	3.2%
SS&C Technologies Holdings, Inc.	2.7%
JPMorgan Chase & Co.	2.5%
Exxon Mobil Corp.	2.4%
CACI International, Inc., Class A	2.4%
Exelon Corp.	2.4%

*	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

RCEYX — SAR (6/25)

Victory RS Investors Fund

Class A

Ticker: RSINX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Investors Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$66	1.33%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$94,568
Number of Holdings	30
Portfolio Turnover	32%

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

(as of June 30, 2025)

Value	Value
Real Estate	2.7%
Materials	2.8%
Utilities	3.7%
Consumer Discretionary	4.9%
Energy	5.0%
Consumer Staples	5.7%
Information Technology	7.1%
Health Care	11.7%
Industrials	14.4%
Financials^{Footnote Reference**}	35.2%

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

(as of June 30, 2025)

Globe Life, Inc.	4.8%
White Mountains Insurance Group Ltd.	4.4%
Citigroup, Inc.	4.1%
Unum Group	4.0%
Gates Industrial Corp. PLC	3.9%
Prosperity Bancshares, Inc.	3.9%
FirstEnergy Corp.	3.7%
Trimble, Inc.	3.6%
SS&C Technologies Holdings, Inc.	3.6%
CACI International, Inc., Class A	3.5%

*	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.
**	In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RSINX — SAR (6/25)

Victory RS Investors Fund

Class C

Ticker: RIVCX

Semi-Annual Shareholder Report — June 30, 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	$103	2.07%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$94,568
Number of Holdings	30
Portfolio Turnover	32%

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

(as of June 30, 2025)

Value	Value
Real Estate	2.7%
Materials	2.8%
Utilities	3.7%
Consumer Discretionary	4.9%
Energy	5.0%
Consumer Staples	5.7%
Information Technology	7.1%
Health Care	11.7%
Industrials	14.4%
Financials^{Footnote Reference**}	35.2%

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

(as of June 30, 2025)

Globe Life, Inc.	4.8%
White Mountains Insurance Group Ltd.	4.4%
Citigroup, Inc.	4.1%
Unum Group	4.0%
Gates Industrial Corp. PLC	3.9%
Prosperity Bancshares, Inc.	3.9%
FirstEnergy Corp.	3.7%
Trimble, Inc.	3.6%
SS&C Technologies Holdings, Inc.	3.6%
CACI International, Inc., Class A	3.5%

*	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.
**	In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RIVCX — SAR (6/25)

Victory RS Investors Fund

Class Y

Ticker: RSIYX

Semi-Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$52	1.05%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$94,568
Number of Holdings	30
Portfolio Turnover	32%

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

(as of June 30, 2025)

Value	Value
Real Estate	2.7%
Materials	2.8%
Utilities	3.7%
Consumer Discretionary	4.9%
Energy	5.0%
Consumer Staples	5.7%
Information Technology	7.1%
Health Care	11.7%
Industrials	14.4%
Financials^{Footnote Reference**}	35.2%

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

(as of June 30, 2025)

Globe Life, Inc.	4.8%
White Mountains Insurance Group Ltd.	4.4%
Citigroup, Inc.	4.1%
Unum Group	4.0%
Gates Industrial Corp. PLC	3.9%
Prosperity Bancshares, Inc.	3.9%
FirstEnergy Corp.	3.7%
Trimble, Inc.	3.6%
SS&C Technologies Holdings, Inc.	3.6%
CACI International, Inc., Class A	3.5%

*	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.
**	In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RSIYX — SAR (6/25)

Victory Global Energy Transition Fund

Class A

Ticker: RSNRX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory Global Energy Transition Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us. This report describes changes to the Fund that occurred during the period.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$81	1.48%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$373,083
Number of Holdings	33
Portfolio Turnover	28%

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

(as of June 30, 2025)

Value	Value
Utilities	1.4%
Industrials	3.4%
Energy	34.5%
Materials	57.2%

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

(as of June 30, 2025)

Compass Minerals International, Inc.	17.2%
Ivanhoe Electric, Inc.	7.3%
Iluka Resources Ltd.	6.5%
MAC Copper Ltd.	6.4%
Enterprise Products Partners LP	4.8%
Linde PLC	4.8%
Keyera Corp.	4.6%
Range Resources Corp.	4.2%
First Quantum Minerals Ltd.	4.1%
Norsk Hydro ASA	4.0%

*	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

RSNRX — SAR (6/25)

Victory Global Energy Transition Fund

Class C

Ticker: RGNCX

Semi-Annual Shareholder Report — June 30, 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	$125	2.28%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$373,083
Number of Holdings	33
Portfolio Turnover	28%

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

(as of June 30, 2025)

Value	Value
Utilities	1.4%
Industrials	3.4%
Energy	34.5%
Materials	57.2%

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

(as of June 30, 2025)

Compass Minerals International, Inc.	17.2%
Ivanhoe Electric, Inc.	7.3%
Iluka Resources Ltd.	6.5%
MAC Copper Ltd.	6.4%
Enterprise Products Partners LP	4.8%
Linde PLC	4.8%
Keyera Corp.	4.6%
Range Resources Corp.	4.2%
First Quantum Minerals Ltd.	4.1%
Norsk Hydro ASA	4.0%

*	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

RGNCX — SAR (6/25)

Victory Global Energy Transition Fund

Class Y

Ticker: RSNYX

Semi-Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$63	1.15%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$373,083
Number of Holdings	33
Portfolio Turnover	28%

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

(as of June 30, 2025)

Value	Value
Utilities	1.4%
Industrials	3.4%
Energy	34.5%
Materials	57.2%

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

(as of June 30, 2025)

Compass Minerals International, Inc.	17.2%
Ivanhoe Electric, Inc.	7.3%
Iluka Resources Ltd.	6.5%
MAC Copper Ltd.	6.4%
Enterprise Products Partners LP	4.8%
Linde PLC	4.8%
Keyera Corp.	4.6%
Range Resources Corp.	4.2%
First Quantum Minerals Ltd.	4.1%
Norsk Hydro ASA	4.0%

*	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

RSNYX — SAR (6/25)

Victory RS Small Cap Growth Fund

Class A

Ticker: RSEGX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Small Cap Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$67	1.40%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$395,222
Number of Holdings	109
Portfolio Turnover	54%

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

(as of June 30, 2025)

Value	Value
Real Estate	0.5%
Materials	2.3%
Energy	2.4%
Consumer Staples	3.6%
Consumer Discretionary	8.3%
Financials	8.9%
Industrials	19.8%
Health Care	24.6%
Information Technology^{Footnote Reference**}	28.4%

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

(as of June 30, 2025)

Fabrinet	3.0%
Applied Industrial Technologies, Inc.	2.0%
Varonis Systems, Inc.	1.9%
Wintrust Financial Corp.	1.8%
SPX Technologies, Inc.	1.8%
MACOM Technology Solutions Holdings, Inc.	1.7%
Primoris Services Corp.	1.7%
Q2 Holdings, Inc.	1.7%
WisdomTree, Inc.	1.6%
Mirion Technologies, Inc.	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.
**	In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RSEGX — SAR (6/25)

Victory RS Small Cap Growth Fund

Class C

Ticker: REGWX

Semi-Annual Shareholder Report — June 30, 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	$103	2.16%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$395,222
Number of Holdings	109
Portfolio Turnover	54%

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

(as of June 30, 2025)

Value	Value
Real Estate	0.5%
Materials	2.3%
Energy	2.4%
Consumer Staples	3.6%
Consumer Discretionary	8.3%
Financials	8.9%
Industrials	19.8%
Health Care	24.6%
Information Technology^{Footnote Reference**}	28.4%

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

(as of June 30, 2025)

Fabrinet	3.0%
Applied Industrial Technologies, Inc.	2.0%
Varonis Systems, Inc.	1.9%
Wintrust Financial Corp.	1.8%
SPX Technologies, Inc.	1.8%
MACOM Technology Solutions Holdings, Inc.	1.7%
Primoris Services Corp.	1.7%
Q2 Holdings, Inc.	1.7%
WisdomTree, Inc.	1.6%
Mirion Technologies, Inc.	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.
**	In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

REGWX — SAR (6/25)

Victory RS Small Cap Growth Fund

Class R6

Ticker: RSEJX

Semi-Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R6	$51	1.06%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$395,222
Number of Holdings	109
Portfolio Turnover	54%

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

(as of June 30, 2025)

Value	Value
Real Estate	0.5%
Materials	2.3%
Energy	2.4%
Consumer Staples	3.6%
Consumer Discretionary	8.3%
Financials	8.9%
Industrials	19.8%
Health Care	24.6%
Information Technology^{Footnote Reference**}	28.4%

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

(as of June 30, 2025)

Fabrinet	3.0%
Applied Industrial Technologies, Inc.	2.0%
Varonis Systems, Inc.	1.9%
Wintrust Financial Corp.	1.8%
SPX Technologies, Inc.	1.8%
MACOM Technology Solutions Holdings, Inc.	1.7%
Primoris Services Corp.	1.7%
Q2 Holdings, Inc.	1.7%
WisdomTree, Inc.	1.6%
Mirion Technologies, Inc.	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.
**	In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RSEJX — SAR (6/25)

Victory RS Small Cap Growth Fund

Class Y

Ticker: RSYEX

Semi-Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$54	1.13%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$395,222
Number of Holdings	109
Portfolio Turnover	54%

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

(as of June 30, 2025)

Value	Value
Real Estate	0.5%
Materials	2.3%
Energy	2.4%
Consumer Staples	3.6%
Consumer Discretionary	8.3%
Financials	8.9%
Industrials	19.8%
Health Care	24.6%
Information Technology^{Footnote Reference**}	28.4%

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

(as of June 30, 2025)

Fabrinet	3.0%
Applied Industrial Technologies, Inc.	2.0%
Varonis Systems, Inc.	1.9%
Wintrust Financial Corp.	1.8%
SPX Technologies, Inc.	1.8%
MACOM Technology Solutions Holdings, Inc.	1.7%
Primoris Services Corp.	1.7%
Q2 Holdings, Inc.	1.7%
WisdomTree, Inc.	1.6%
Mirion Technologies, Inc.	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.
**	In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RSYEX — SAR (6/25)

Victory RS Select Growth Fund

Class A

Ticker: RSDGX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Select Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$68	1.40%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$83,819
Number of Holdings	68
Portfolio Turnover	54%

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

(as of June 30, 2025)

Value	Value
Communication Services	0.8%
Materials	1.7%
Energy	1.9%
Consumer Staples	5.3%
Consumer Discretionary	10.8%
Financials	11.8%
Industrials	19.3%
Health Care	20.2%
Information Technology^{Footnote Reference**}	27.4%

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

(as of June 30, 2025)

CyberArk Software Ltd.	3.7%
Natera, Inc.	3.0%
Check Point Software Technologies Ltd.	2.9%
Fabrinet	2.7%
Q2 Holdings, Inc.	2.6%
Clean Harbors, Inc.	2.6%
Insmed, Inc.	2.4%
Applied Industrial Technologies, Inc.	2.3%
Wintrust Financial Corp.	2.3%
BJ's Wholesale Club Holdings, Inc.	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.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RSDGX — SAR (6/25)

Victory RS Select Growth Fund

Class C

Ticker: RSGFX

Semi-Annual Shareholder Report — June 30, 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	$106	2.18%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$83,819
Number of Holdings	68
Portfolio Turnover	54%

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

(as of June 30, 2025)

Value	Value
Communication Services	0.8%
Materials	1.7%
Energy	1.9%
Consumer Staples	5.3%
Consumer Discretionary	10.8%
Financials	11.8%
Industrials	19.3%
Health Care	20.2%
Information Technology^{Footnote Reference**}	27.4%

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

(as of June 30, 2025)

CyberArk Software Ltd.	3.7%
Natera, Inc.	3.0%
Check Point Software Technologies Ltd.	2.9%
Fabrinet	2.7%
Q2 Holdings, Inc.	2.6%
Clean Harbors, Inc.	2.6%
Insmed, Inc.	2.4%
Applied Industrial Technologies, Inc.	2.3%
Wintrust Financial Corp.	2.3%
BJ's Wholesale Club Holdings, Inc.	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.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RSGFX — SAR (6/25)

Victory RS Select Growth Fund

Class R6

Ticker: RSSRX

Semi-Annual Shareholder Report — June 30, 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	$52	1.06%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$83,819
Number of Holdings	68
Portfolio Turnover	54%

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

(as of June 30, 2025)

Value	Value
Communication Services	0.8%
Materials	1.7%
Energy	1.9%
Consumer Staples	5.3%
Consumer Discretionary	10.8%
Financials	11.8%
Industrials	19.3%
Health Care	20.2%
Information Technology^{Footnote Reference**}	27.4%

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

(as of June 30, 2025)

CyberArk Software Ltd.	3.7%
Natera, Inc.	3.0%
Check Point Software Technologies Ltd.	2.9%
Fabrinet	2.7%
Q2 Holdings, Inc.	2.6%
Clean Harbors, Inc.	2.6%
Insmed, Inc.	2.4%
Applied Industrial Technologies, Inc.	2.3%
Wintrust Financial Corp.	2.3%
BJ's Wholesale Club Holdings, Inc.	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.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RSSRX — SAR (6/25)

Victory RS Select Growth Fund

Class Y

Ticker: RSSYX

Semi-Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$56	1.14%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$83,819
Number of Holdings	68
Portfolio Turnover	54%

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

(as of June 30, 2025)

Value	Value
Communication Services	0.8%
Materials	1.7%
Energy	1.9%
Consumer Staples	5.3%
Consumer Discretionary	10.8%
Financials	11.8%
Industrials	19.3%
Health Care	20.2%
Information Technology^{Footnote Reference**}	27.4%

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

(as of June 30, 2025)

CyberArk Software Ltd.	3.7%
Natera, Inc.	3.0%
Check Point Software Technologies Ltd.	2.9%
Fabrinet	2.7%
Q2 Holdings, Inc.	2.6%
Clean Harbors, Inc.	2.6%
Insmed, Inc.	2.4%
Applied Industrial Technologies, Inc.	2.3%
Wintrust Financial Corp.	2.3%
BJ's Wholesale Club Holdings, Inc.	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.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RSSYX — SAR (6/25)

Victory RS Mid Cap Growth Fund

Class A

Ticker: RSMOX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$61	1.20%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$71,809
Number of Holdings	91
Portfolio Turnover	56%

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

(as of June 30, 2025)

Value	Value
Energy	2.6%
Utilities	3.2%
Consumer Staples	3.8%
Communication Services	7.1%
Health Care	14.0%
Financials	14.2%
Consumer Discretionary	15.9%
Industrials	17.8%
Information Technology	20.1%

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

(as of June 30, 2025)

Natera, Inc.	2.7%
Royal Caribbean Cruises Ltd.	2.4%
Burlington Stores, Inc.	2.2%
ROBLOX Corp., Class A	2.2%
Axon Enterprise, Inc.	2.2%
Vistra Corp.	2.2%
Cloudflare, Inc., Class A	2.2%
Howmet Aerospace, Inc.	2.0%
Ameriprise Financial, Inc.	2.0%
Carvana Co.	1.9%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RSMOX — SAR (6/25)

Victory RS Mid Cap Growth Fund

Class C

Ticker: RMOCX

Semi-Annual Shareholder Report — June 30, 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	$107	2.11%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$71,809
Number of Holdings	91
Portfolio Turnover	56%

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

(as of June 30, 2025)

Value	Value
Energy	2.6%
Utilities	3.2%
Consumer Staples	3.8%
Communication Services	7.1%
Health Care	14.0%
Financials	14.2%
Consumer Discretionary	15.9%
Industrials	17.8%
Information Technology	20.1%

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

(as of June 30, 2025)

Natera, Inc.	2.7%
Royal Caribbean Cruises Ltd.	2.4%
Burlington Stores, Inc.	2.2%
ROBLOX Corp., Class A	2.2%
Axon Enterprise, Inc.	2.2%
Vistra Corp.	2.2%
Cloudflare, Inc., Class A	2.2%
Howmet Aerospace, Inc.	2.0%
Ameriprise Financial, Inc.	2.0%
Carvana Co.	1.9%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RMOCX — SAR (6/25)

Victory RS Mid Cap Growth Fund

Class R6

Ticker: RMORX

Semi-Annual Shareholder Report — June 30, 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	$48	0.94%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$71,809
Number of Holdings	91
Portfolio Turnover	56%

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

(as of June 30, 2025)

Value	Value
Energy	2.6%
Utilities	3.2%
Consumer Staples	3.8%
Communication Services	7.1%
Health Care	14.0%
Financials	14.2%
Consumer Discretionary	15.9%
Industrials	17.8%
Information Technology	20.1%

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

(as of June 30, 2025)

Natera, Inc.	2.7%
Royal Caribbean Cruises Ltd.	2.4%
Burlington Stores, Inc.	2.2%
ROBLOX Corp., Class A	2.2%
Axon Enterprise, Inc.	2.2%
Vistra Corp.	2.2%
Cloudflare, Inc., Class A	2.2%
Howmet Aerospace, Inc.	2.0%
Ameriprise Financial, Inc.	2.0%
Carvana Co.	1.9%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RMORX — SAR (6/25)

Victory RS Mid Cap Growth Fund

Class Y

Ticker: RMOYX

Semi-Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$71,809
Number of Holdings	91
Portfolio Turnover	56%

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

(as of June 30, 2025)

Value	Value
Energy	2.6%
Utilities	3.2%
Consumer Staples	3.8%
Communication Services	7.1%
Health Care	14.0%
Financials	14.2%
Consumer Discretionary	15.9%
Industrials	17.8%
Information Technology	20.1%

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

(as of June 30, 2025)

Natera, Inc.	2.7%
Royal Caribbean Cruises Ltd.	2.4%
Burlington Stores, Inc.	2.2%
ROBLOX Corp., Class A	2.2%
Axon Enterprise, Inc.	2.2%
Vistra Corp.	2.2%
Cloudflare, Inc., Class A	2.2%
Howmet Aerospace, Inc.	2.0%
Ameriprise Financial, Inc.	2.0%
Carvana Co.	1.9%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RMOYX — SAR (6/25)

Victory RS Mid Cap Growth Fund

Member Class

Ticker: RMOMX

Semi-Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Member Class	$53	1.05%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$71,809
Number of Holdings	91
Portfolio Turnover	56%

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

(as of June 30, 2025)

Value	Value
Energy	2.6%
Utilities	3.2%
Consumer Staples	3.8%
Communication Services	7.1%
Health Care	14.0%
Financials	14.2%
Consumer Discretionary	15.9%
Industrials	17.8%
Information Technology	20.1%

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

(as of June 30, 2025)

Natera, Inc.	2.7%
Royal Caribbean Cruises Ltd.	2.4%
Burlington Stores, Inc.	2.2%
ROBLOX Corp., Class A	2.2%
Axon Enterprise, Inc.	2.2%
Vistra Corp.	2.2%
Cloudflare, Inc., Class A	2.2%
Howmet Aerospace, Inc.	2.0%
Ameriprise Financial, Inc.	2.0%
Carvana Co.	1.9%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RMOMX — SAR (6/25)

Victory RS Growth Fund

Class A

Ticker: RSGRX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$352,668
Number of Holdings	45
Portfolio Turnover	14%

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

(as of June 30, 2025)

Value	Value
Energy	0.3%
Consumer Staples	2.2%
Industrials	5.0%
Financials	6.3%
Health Care	7.0%
Consumer Discretionary	11.6%
Communication Services	15.0%
Information Technology^{Footnote Reference**}	52.3%

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

(as of June 30, 2025)

NVIDIA Corp.	13.0%
Microsoft Corp.	12.2%
Apple, Inc.	8.6%
Meta Platforms, Inc., Class A	6.5%
Amazon.com, Inc.	5.2%
Alphabet, Inc., Class C	4.0%
Netflix, Inc.	3.7%
Visa, Inc., Class A	3.5%
Eli Lilly & Co.	3.2%
Broadcom, Inc.	3.2%

*	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.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RSGRX — SAR (6/25)

Victory RS Growth Fund

Class C

Ticker: RGWCX

Semi-Annual Shareholder Report — June 30, 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	$99	1.93%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$352,668
Number of Holdings	45
Portfolio Turnover	14%

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

(as of June 30, 2025)

Value	Value
Energy	0.3%
Consumer Staples	2.2%
Industrials	5.0%
Financials	6.3%
Health Care	7.0%
Consumer Discretionary	11.6%
Communication Services	15.0%
Information Technology^{Footnote Reference**}	52.3%

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

(as of June 30, 2025)

NVIDIA Corp.	13.0%
Microsoft Corp.	12.2%
Apple, Inc.	8.6%
Meta Platforms, Inc., Class A	6.5%
Amazon.com, Inc.	5.2%
Alphabet, Inc., Class C	4.0%
Netflix, Inc.	3.7%
Visa, Inc., Class A	3.5%
Eli Lilly & Co.	3.2%
Broadcom, Inc.	3.2%

*	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.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RGWCX — SAR (6/25)

Victory RS Growth Fund

Class Y

Ticker: RGRYX

Semi-Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$352,668
Number of Holdings	45
Portfolio Turnover	14%

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

(as of June 30, 2025)

Value	Value
Energy	0.3%
Consumer Staples	2.2%
Industrials	5.0%
Financials	6.3%
Health Care	7.0%
Consumer Discretionary	11.6%
Communication Services	15.0%
Information Technology^{Footnote Reference**}	52.3%

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

(as of June 30, 2025)

NVIDIA Corp.	13.0%
Microsoft Corp.	12.2%
Apple, Inc.	8.6%
Meta Platforms, Inc., Class A	6.5%
Amazon.com, Inc.	5.2%
Alphabet, Inc., Class C	4.0%
Netflix, Inc.	3.7%
Visa, Inc., Class A	3.5%
Eli Lilly & Co.	3.2%
Broadcom, Inc.	3.2%

*	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.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RGRYX — SAR (6/25)

Victory RS Science and Technology Fund

Class A

Ticker: RSIFX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Science and Technology Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$75	1.47%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$203,030
Number of Holdings	82
Portfolio Turnover	14%

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

(as of June 30, 2025)

Value	Value
Financials	3.1%
Consumer Discretionary	3.8%
Communication Services	16.7%
Health Care	18.3%
Information Technology^{Footnote Reference**}	58.0%

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

(as of June 30, 2025)

NVIDIA Corp.	9.3%
Meta Platforms, Inc., Class A	8.8%
Microsoft Corp.	8.5%
AppLovin Corp., Class A	4.6%
Netflix, Inc.	4.3%
Amazon.com, Inc.	3.8%
Varonis Systems, Inc.	2.8%
ServiceNow, Inc.	2.8%
MACOM Technology Solutions Holdings, Inc.	2.6%
Fair Isaac Corp.	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.
**	In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RSIFX — SAR (6/25)

Victory RS Science and Technology Fund

Class C

Ticker: RINCX

Semi-Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$116	2.28%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$203,030
Number of Holdings	82
Portfolio Turnover	14%

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

(as of June 30, 2025)

Value	Value
Financials	3.1%
Consumer Discretionary	3.8%
Communication Services	16.7%
Health Care	18.3%
Information Technology^{Footnote Reference**}	58.0%

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

(as of June 30, 2025)

NVIDIA Corp.	9.3%
Meta Platforms, Inc., Class A	8.8%
Microsoft Corp.	8.5%
AppLovin Corp., Class A	4.6%
Netflix, Inc.	4.3%
Amazon.com, Inc.	3.8%
Varonis Systems, Inc.	2.8%
ServiceNow, Inc.	2.8%
MACOM Technology Solutions Holdings, Inc.	2.6%
Fair Isaac Corp.	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.
**	In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RINCX — SAR (6/25)

Victory RS Science and Technology Fund

Class Y

Ticker: RIFYX

Semi-Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$63	1.24%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$203,030
Number of Holdings	82
Portfolio Turnover	14%

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

(as of June 30, 2025)

Value	Value
Financials	3.1%
Consumer Discretionary	3.8%
Communication Services	16.7%
Health Care	18.3%
Information Technology^{Footnote Reference**}	58.0%

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

(as of June 30, 2025)

NVIDIA Corp.	9.3%
Meta Platforms, Inc., Class A	8.8%
Microsoft Corp.	8.5%
AppLovin Corp., Class A	4.6%
Netflix, Inc.	4.3%
Amazon.com, Inc.	3.8%
Varonis Systems, Inc.	2.8%
ServiceNow, Inc.	2.8%
MACOM Technology Solutions Holdings, Inc.	2.6%
Fair Isaac Corp.	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.
**	In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RIFYX — SAR (6/25)

Victory RS International Fund

Class A

Ticker: GUBGX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS International Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$509,710
Number of Holdings	83
Portfolio Turnover	13%

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

(as of June 30, 2025)

Value	Value
Utilities	3.0%
Energy	3.1%
Materials	4.9%
Communication Services	5.1%
Consumer Staples	8.4%
Consumer Discretionary	8.7%
Information Technology	9.8%
Health Care	10.5%
Industrials	16.0%
Financials	23.3%

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

(as of June 30, 2025)

Allianz SE, Registered Shares	2.7%
SAP SE	2.6%
Novartis AG, Registered Shares	2.6%
Roche Holding AG	2.5%
HSBC Holdings PLC	2.3%
Barclays PLC	2.3%
Banco Bilbao Vizcaya Argentaria SA	2.2%
Siemens AG, Registered Shares	2.2%
Nestle SA, Registered Shares	2.1%
Safran SA	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.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

GUBGX — SAR (6/25)

Victory RS International Fund

Class C

Ticker: RIGCX

Semi-Annual Shareholder Report — June 30, 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	$102	1.88%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$509,710
Number of Holdings	83
Portfolio Turnover	13%

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

(as of June 30, 2025)

Value	Value
Utilities	3.0%
Energy	3.1%
Materials	4.9%
Communication Services	5.1%
Consumer Staples	8.4%
Consumer Discretionary	8.7%
Information Technology	9.8%
Health Care	10.5%
Industrials	16.0%
Financials	23.3%

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

(as of June 30, 2025)

Allianz SE, Registered Shares	2.7%
SAP SE	2.6%
Novartis AG, Registered Shares	2.6%
Roche Holding AG	2.5%
HSBC Holdings PLC	2.3%
Barclays PLC	2.3%
Banco Bilbao Vizcaya Argentaria SA	2.2%
Siemens AG, Registered Shares	2.2%
Nestle SA, Registered Shares	2.1%
Safran SA	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.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RIGCX — SAR (6/25)

Victory RS International Fund

Class R

Ticker: RIGKX

Semi-Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R	$75	1.38%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$509,710
Number of Holdings	83
Portfolio Turnover	13%

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

(as of June 30, 2025)

Value	Value
Utilities	3.0%
Energy	3.1%
Materials	4.9%
Communication Services	5.1%
Consumer Staples	8.4%
Consumer Discretionary	8.7%
Information Technology	9.8%
Health Care	10.5%
Industrials	16.0%
Financials	23.3%

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

(as of June 30, 2025)

Allianz SE, Registered Shares	2.7%
SAP SE	2.6%
Novartis AG, Registered Shares	2.6%
Roche Holding AG	2.5%
HSBC Holdings PLC	2.3%
Barclays PLC	2.3%
Banco Bilbao Vizcaya Argentaria SA	2.2%
Siemens AG, Registered Shares	2.2%
Nestle SA, Registered Shares	2.1%
Safran SA	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.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RIGKX — SAR (6/25)

Victory RS International Fund

Class R6

Ticker: RSIRX

Semi-Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R6	$45	0.83%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$509,710
Number of Holdings	83
Portfolio Turnover	13%

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

(as of June 30, 2025)

Value	Value
Utilities	3.0%
Energy	3.1%
Materials	4.9%
Communication Services	5.1%
Consumer Staples	8.4%
Consumer Discretionary	8.7%
Information Technology	9.8%
Health Care	10.5%
Industrials	16.0%
Financials	23.3%

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

(as of June 30, 2025)

Allianz SE, Registered Shares	2.7%
SAP SE	2.6%
Novartis AG, Registered Shares	2.6%
Roche Holding AG	2.5%
HSBC Holdings PLC	2.3%
Barclays PLC	2.3%
Banco Bilbao Vizcaya Argentaria SA	2.2%
Siemens AG, Registered Shares	2.2%
Nestle SA, Registered Shares	2.1%
Safran SA	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.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RSIRX — SAR (6/25)

Victory RS International Fund

Class Y

Ticker: RSIGX

Semi-Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$48	0.88%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$509,710
Number of Holdings	83
Portfolio Turnover	13%

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

(as of June 30, 2025)

Value	Value
Utilities	3.0%
Energy	3.1%
Materials	4.9%
Communication Services	5.1%
Consumer Staples	8.4%
Consumer Discretionary	8.7%
Information Technology	9.8%
Health Care	10.5%
Industrials	16.0%
Financials	23.3%

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

(as of June 30, 2025)

Allianz SE, Registered Shares	2.7%
SAP SE	2.6%
Novartis AG, Registered Shares	2.6%
Roche Holding AG	2.5%
HSBC Holdings PLC	2.3%
Barclays PLC	2.3%
Banco Bilbao Vizcaya Argentaria SA	2.2%
Siemens AG, Registered Shares	2.2%
Nestle SA, Registered Shares	2.1%
Safran SA	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.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RSIGX — SAR (6/25)

Victory RS Global Fund

Class A

Ticker: RSGGX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Global Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$1,524,531
Number of Holdings	102
Portfolio Turnover	17%

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

(as of June 30, 2025)

Value	Value
Utilities	2.3%
Materials	2.7%
Energy	3.0%
Consumer Staples	6.1%
Health Care	8.8%
Communication Services	9.1%
Industrials	9.3%
Consumer Discretionary	10.9%
Financials	17.1%
Information Technology	25.7%

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

(as of June 30, 2025)

NVIDIA Corp.	5.2%
Microsoft Corp.	4.8%
Apple, Inc.	4.2%
Meta Platforms, Inc., Class A	2.8%
Alphabet, Inc., Class C	2.5%
Amazon.com, Inc.	2.3%
Taiwan Semiconductor Manufacturing Co. Ltd.	1.8%
Mastercard, Inc., Class A	1.7%
JPMorgan Chase & Co.	1.6%
Cisco Systems, Inc.	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.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RSGGX — SAR (6/25)

Victory RS Global Fund

Class C

Ticker: RGGCX

Semi-Annual Shareholder Report — June 30, 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	$82	1.60%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$1,524,531
Number of Holdings	102
Portfolio Turnover	17%

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

(as of June 30, 2025)

Value	Value
Utilities	2.3%
Materials	2.7%
Energy	3.0%
Consumer Staples	6.1%
Health Care	8.8%
Communication Services	9.1%
Industrials	9.3%
Consumer Discretionary	10.9%
Financials	17.1%
Information Technology	25.7%

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

(as of June 30, 2025)

NVIDIA Corp.	5.2%
Microsoft Corp.	4.8%
Apple, Inc.	4.2%
Meta Platforms, Inc., Class A	2.8%
Alphabet, Inc., Class C	2.5%
Amazon.com, Inc.	2.3%
Taiwan Semiconductor Manufacturing Co. Ltd.	1.8%
Mastercard, Inc., Class A	1.7%
JPMorgan Chase & Co.	1.6%
Cisco Systems, Inc.	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.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RGGCX — SAR (6/25)

Victory RS Global Fund

Class R

Ticker: RGGKX

Semi-Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$1,524,531
Number of Holdings	102
Portfolio Turnover	17%

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

(as of June 30, 2025)

Value	Value
Utilities	2.3%
Materials	2.7%
Energy	3.0%
Consumer Staples	6.1%
Health Care	8.8%
Communication Services	9.1%
Industrials	9.3%
Consumer Discretionary	10.9%
Financials	17.1%
Information Technology	25.7%

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

(as of June 30, 2025)

NVIDIA Corp.	5.2%
Microsoft Corp.	4.8%
Apple, Inc.	4.2%
Meta Platforms, Inc., Class A	2.8%
Alphabet, Inc., Class C	2.5%
Amazon.com, Inc.	2.3%
Taiwan Semiconductor Manufacturing Co. Ltd.	1.8%
Mastercard, Inc., Class A	1.7%
JPMorgan Chase & Co.	1.6%
Cisco Systems, Inc.	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.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RGGKX — SAR (6/25)

Victory RS Global Fund

Class R6

Ticker: RGGRX

Semi-Annual Shareholder Report — June 30, 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	$28	0.55%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$1,524,531
Number of Holdings	102
Portfolio Turnover	17%

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

(as of June 30, 2025)

Value	Value
Utilities	2.3%
Materials	2.7%
Energy	3.0%
Consumer Staples	6.1%
Health Care	8.8%
Communication Services	9.1%
Industrials	9.3%
Consumer Discretionary	10.9%
Financials	17.1%
Information Technology	25.7%

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

(as of June 30, 2025)

NVIDIA Corp.	5.2%
Microsoft Corp.	4.8%
Apple, Inc.	4.2%
Meta Platforms, Inc., Class A	2.8%
Alphabet, Inc., Class C	2.5%
Amazon.com, Inc.	2.3%
Taiwan Semiconductor Manufacturing Co. Ltd.	1.8%
Mastercard, Inc., Class A	1.7%
JPMorgan Chase & Co.	1.6%
Cisco Systems, Inc.	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.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RGGRX — SAR (6/25)

Victory RS Global Fund

Class Y

Ticker: RGGYX

Semi-Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$1,524,531
Number of Holdings	102
Portfolio Turnover	17%

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

(as of June 30, 2025)

Value	Value
Utilities	2.3%
Materials	2.7%
Energy	3.0%
Consumer Staples	6.1%
Health Care	8.8%
Communication Services	9.1%
Industrials	9.3%
Consumer Discretionary	10.9%
Financials	17.1%
Information Technology	25.7%

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

(as of June 30, 2025)

NVIDIA Corp.	5.2%
Microsoft Corp.	4.8%
Apple, Inc.	4.2%
Meta Platforms, Inc., Class A	2.8%
Alphabet, Inc., Class C	2.5%
Amazon.com, Inc.	2.3%
Taiwan Semiconductor Manufacturing Co. Ltd.	1.8%
Mastercard, Inc., Class A	1.7%
JPMorgan Chase & Co.	1.6%
Cisco Systems, Inc.	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.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RGGYX — SAR (6/25)

Victory Low Duration Bond Fund

Class A

Ticker: RLDAX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory Low Duration Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$94,725
Number of Holdings	234
Portfolio Turnover	12%

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

(as of June 30, 2025)

Value	Value
Corporate Bonds	28.2%
Asset-Backed Securities	23.5%
Collateralized Mortgage Obligations	18.9%
Yankee Dollars	11.5%
U.S. Treasury Obligations	11.1%
U.S. Government Agency Mortgages	2.6%
Other^{Footnote Reference**}	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.
**	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

RLDAX — SAR (6/25)

Victory Low Duration Bond Fund

Class C

Ticker: RLDCX

Semi-Annual Shareholder Report — June 30, 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	$81	1.62%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$94,725
Number of Holdings	234
Portfolio Turnover	12%

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

(as of June 30, 2025)

Value	Value
Corporate Bonds	28.2%
Asset-Backed Securities	23.5%
Collateralized Mortgage Obligations	18.9%
Yankee Dollars	11.5%
U.S. Treasury Obligations	11.1%
U.S. Government Agency Mortgages	2.6%
Other^{Footnote Reference**}	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.
**	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

RLDCX — SAR (6/25)

Victory Low Duration Bond Fund

Class Y

Ticker: RSDYX

Semi-Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$94,725
Number of Holdings	234
Portfolio Turnover	12%

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

(as of June 30, 2025)

Value	Value
Corporate Bonds	28.2%
Asset-Backed Securities	23.5%
Collateralized Mortgage Obligations	18.9%
Yankee Dollars	11.5%
U.S. Treasury Obligations	11.1%
U.S. Government Agency Mortgages	2.6%
Other^{Footnote Reference**}	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.
**	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

RSDYX — SAR (6/25)

Victory High Yield Fund

Class A

Ticker: GUHYX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory High Yield Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$51	1.00%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$121,728
Number of Holdings	304
Portfolio Turnover	33%

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

(as of June 30, 2025)

Value	Value
Corporate Bonds	61.6%
Yankee Dollars	16.1%
Senior Secured Loans	7.5%
Exchange-Traded Funds	4.8%
Other^{Footnote Reference**}	1.3%

*	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.
**	Other includes the remaining asset classes which are each under 2% of the net assets of the Fund.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

GUHYX — SAR (6/25)

Victory High Yield Fund

Class C

Ticker: RHYCX

Semi-Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$87	1.70%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$121,728
Number of Holdings	304
Portfolio Turnover	33%

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

(as of June 30, 2025)

Value	Value
Corporate Bonds	61.6%
Yankee Dollars	16.1%
Senior Secured Loans	7.5%
Exchange-Traded Funds	4.8%
Other^{Footnote Reference**}	1.3%

*	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.
**	Other includes the remaining asset classes which are each under 2% of the net assets of the Fund.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RHYCX — SAR (6/25)

Victory High Yield Fund

Class R

Ticker: RHYKX

Semi-Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R	$69	1.35%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$121,728
Number of Holdings	304
Portfolio Turnover	33%

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

(as of June 30, 2025)

Value	Value
Corporate Bonds	61.6%
Yankee Dollars	16.1%
Senior Secured Loans	7.5%
Exchange-Traded Funds	4.8%
Other^{Footnote Reference**}	1.3%

*	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.
**	Other includes the remaining asset classes which are each under 2% of the net assets of the Fund.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RHYKX — SAR (6/25)

Victory High Yield Fund

Class Y

Ticker: RSYYX

Semi-Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$121,728
Number of Holdings	304
Portfolio Turnover	33%

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

(as of June 30, 2025)

Value	Value
Corporate Bonds	61.6%
Yankee Dollars	16.1%
Senior Secured Loans	7.5%
Exchange-Traded Funds	4.8%
Other^{Footnote Reference**}	1.3%

*	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.
**	Other includes the remaining asset classes which are each under 2% of the net assets of the Fund.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

RSYYX — SAR (6/25)

Victory Tax-Exempt Fund

Class A

Ticker: GUTEX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory Tax-Exempt Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$39	0.80%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$32,983
Number of Holdings	62
Portfolio Turnover	2%

Top Industries* (% of Net Assets)

(as of June 30, 2025)

Value	Value
School District	3.8%
Airport	5.6%
Tobacco Settlement	5.8%
Development	6.2%
Higher Education	6.9%
Transportation	8.4%
Medical	9.7%
Nursing Homes	12.3%
Education	13.3%
General	13.9%

*	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.

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

GUTEX — SAR (6/25)

Victory Tax-Exempt Fund

Class C

Ticker: RETCX

Semi-Annual Shareholder Report — June 30, 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	$78	1.60%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$32,983
Number of Holdings	62
Portfolio Turnover	2%

Top Industries* (% of Net Assets)

(as of June 30, 2025)

Value	Value
School District	3.8%
Airport	5.6%
Tobacco Settlement	5.8%
Development	6.2%
Higher Education	6.9%
Transportation	8.4%
Medical	9.7%
Nursing Homes	12.3%
Education	13.3%
General	13.9%

*	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.

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

RETCX — SAR (6/25)

Victory Tax-Exempt Fund

Class Y

Ticker: RSTYX

Semi-Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$34	0.69%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$32,983
Number of Holdings	62
Portfolio Turnover	2%

Top Industries* (% of Net Assets)

(as of June 30, 2025)

Value	Value
School District	3.8%
Airport	5.6%
Tobacco Settlement	5.8%
Development	6.2%
Higher Education	6.9%
Transportation	8.4%
Medical	9.7%
Nursing Homes	12.3%
Education	13.3%
General	13.9%

*	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.

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

RSTYX — SAR (6/25)

Victory High Income Municipal Bond Fund

Class A

Ticker: RSHMX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory High Income Municipal Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$39	0.80%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$39,800
Number of Holdings	88
Portfolio Turnover	7%

Top Industries* (% of Net Assets)

(as of June 30, 2025)

Value	Value
Housing	2.0%
Pollution	2.0%
Power	2.3%
Transportation	4.1%
Medical	7.3%
Higher Education	12.8%
General	13.0%
Nursing Homes	13.7%
Development	18.9%
Education	20.7%

*	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.
	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

RSHMX — SAR (6/25)

Victory High Income Municipal Bond Fund

Class C

Ticker: RSHCX

Semi-Annual Shareholder Report — June 30, 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	$77	1.57%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$39,800
Number of Holdings	88
Portfolio Turnover	7%

Top Industries* (% of Net Assets)

(as of June 30, 2025)

Value	Value
Housing	2.0%
Pollution	2.0%
Power	2.3%
Transportation	4.1%
Medical	7.3%
Higher Education	12.8%
General	13.0%
Nursing Homes	13.7%
Development	18.9%
Education	20.7%

*	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.
	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

RSHCX — SAR (6/25)

Victory High Income Municipal Bond Fund

Class Y

Ticker: RHMYX

Semi-Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$28	0.57%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$39,800
Number of Holdings	88
Portfolio Turnover	7%

Top Industries* (% of Net Assets)

(as of June 30, 2025)

Value	Value
Housing	2.0%
Pollution	2.0%
Power	2.3%
Transportation	4.1%
Medical	7.3%
Higher Education	12.8%
General	13.0%
Nursing Homes	13.7%
Development	18.9%
Education	20.7%

*	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.
	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

RHMYX — SAR (6/25)

Victory High Income Municipal Bond Fund

Member Class

Ticker: RHMMX

Semi-Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Member Class	$32	0.65%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$39,800
Number of Holdings	88
Portfolio Turnover	7%

Top Industries* (% of Net Assets)

(as of June 30, 2025)

Value	Value
Housing	2.0%
Pollution	2.0%
Power	2.3%
Transportation	4.1%
Medical	7.3%
Higher Education	12.8%
General	13.0%
Nursing Homes	13.7%
Development	18.9%
Education	20.7%

*	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.
	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

RHMMX — SAR (6/25)

Victory Floating Rate Fund

Class A

Ticker: RSFLX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory Floating Rate Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$402,625
Number of Holdings	158
Portfolio Turnover	12%

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

(as of June 30, 2025)

Value	Value
Real Estate	1.0%
Consumer Staples	2.1%
Energy	4.4%
Information Technology	5.3%
Materials	7.2%
Communication Services	10.0%
Financials	14.0%
Industrials	14.6%
Health Care	14.8%
Consumer Discretionary	16.3%

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

(as of June 30, 2025)

Knight Health Holdings LLC, Term B Loans, First Lien, 9.69% (SOFR01M+525bps), 12/26/28	2.2%
Invesco Senior Loan ETF	2.1%
SPDR Blackstone Senior Loan ETF	2.1%
Amneal Pharmaceuticals LLC, Initial Term Loan, First Lien, 9.83% (SOFR01M+550bps), 5/4/28	1.6%
White Cap Supply Holdings LLC, Tranche C Term Facility, First Lien, 7.58% (SOFR01M+325bps), 10/19/29	1.5%
Gates Global LLC, Initial B-5 Dollar Term Loans, First Lien, 6.08% (SOFR01M+175bps), 6/4/31	1.5%
Global Medical Response, Inc., 2024 Extended Term Loan, First Lien, 9.08% (SOFR01M+475bps), 10/2/28	1.5%
Ziggo Financing Partnership, Term Loan I Facility, First Lien, 6.93% (SOFR01M+250bps), 4/30/28	1.5%
B&G Foods, Inc., Tranche B-5 Term Loans, First Lien, 7.83% (SOFR01M+350bps), 10/10/29	1.4%
Oldcastle BuildingEnvelope, Inc., Term B Loans, First Lien, 8.55% (SOFR06M+425bps), 4/29/29	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

RSFLX — SAR (6/25)

Victory Floating Rate Fund

Class C

Ticker: RSFCX

Semi-Annual Shareholder Report — June 30, 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	$90	1.80%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$402,625
Number of Holdings	158
Portfolio Turnover	12%

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

(as of June 30, 2025)

Value	Value
Real Estate	1.0%
Consumer Staples	2.1%
Energy	4.4%
Information Technology	5.3%
Materials	7.2%
Communication Services	10.0%
Financials	14.0%
Industrials	14.6%
Health Care	14.8%
Consumer Discretionary	16.3%

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

(as of June 30, 2025)

Knight Health Holdings LLC, Term B Loans, First Lien, 9.69% (SOFR01M+525bps), 12/26/28	2.2%
Invesco Senior Loan ETF	2.1%
SPDR Blackstone Senior Loan ETF	2.1%
Amneal Pharmaceuticals LLC, Initial Term Loan, First Lien, 9.83% (SOFR01M+550bps), 5/4/28	1.6%
White Cap Supply Holdings LLC, Tranche C Term Facility, First Lien, 7.58% (SOFR01M+325bps), 10/19/29	1.5%
Gates Global LLC, Initial B-5 Dollar Term Loans, First Lien, 6.08% (SOFR01M+175bps), 6/4/31	1.5%
Global Medical Response, Inc., 2024 Extended Term Loan, First Lien, 9.08% (SOFR01M+475bps), 10/2/28	1.5%
Ziggo Financing Partnership, Term Loan I Facility, First Lien, 6.93% (SOFR01M+250bps), 4/30/28	1.5%
B&G Foods, Inc., Tranche B-5 Term Loans, First Lien, 7.83% (SOFR01M+350bps), 10/10/29	1.4%
Oldcastle BuildingEnvelope, Inc., Term B Loans, First Lien, 8.55% (SOFR06M+425bps), 4/29/29	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

RSFCX — SAR (6/25)

Victory Floating Rate Fund

Class Y

Ticker: RSFYX

Semi-Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$402,625
Number of Holdings	158
Portfolio Turnover	12%

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

(as of June 30, 2025)

Value	Value
Real Estate	1.0%
Consumer Staples	2.1%
Energy	4.4%
Information Technology	5.3%
Materials	7.2%
Communication Services	10.0%
Financials	14.0%
Industrials	14.6%
Health Care	14.8%
Consumer Discretionary	16.3%

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

(as of June 30, 2025)

Knight Health Holdings LLC, Term B Loans, First Lien, 9.69% (SOFR01M+525bps), 12/26/28	2.2%
Invesco Senior Loan ETF	2.1%
SPDR Blackstone Senior Loan ETF	2.1%
Amneal Pharmaceuticals LLC, Initial Term Loan, First Lien, 9.83% (SOFR01M+550bps), 5/4/28	1.6%
White Cap Supply Holdings LLC, Tranche C Term Facility, First Lien, 7.58% (SOFR01M+325bps), 10/19/29	1.5%
Gates Global LLC, Initial B-5 Dollar Term Loans, First Lien, 6.08% (SOFR01M+175bps), 6/4/31	1.5%
Global Medical Response, Inc., 2024 Extended Term Loan, First Lien, 9.08% (SOFR01M+475bps), 10/2/28	1.5%
Ziggo Financing Partnership, Term Loan I Facility, First Lien, 6.93% (SOFR01M+250bps), 4/30/28	1.5%
B&G Foods, Inc., Tranche B-5 Term Loans, First Lien, 7.83% (SOFR01M+350bps), 10/10/29	1.4%
Oldcastle BuildingEnvelope, Inc., Term B Loans, First Lien, 8.55% (SOFR06M+425bps), 4/29/29	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

RSFYX — SAR (6/25)

Victory Floating Rate Fund

Member Class

Ticker: RSFMX

Semi-Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$402,625
Number of Holdings	158
Portfolio Turnover	12%

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

(as of June 30, 2025)

Value	Value
Real Estate	1.0%
Consumer Staples	2.1%
Energy	4.4%
Information Technology	5.3%
Materials	7.2%
Communication Services	10.0%
Financials	14.0%
Industrials	14.6%
Health Care	14.8%
Consumer Discretionary	16.3%

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

(as of June 30, 2025)

Knight Health Holdings LLC, Term B Loans, First Lien, 9.69% (SOFR01M+525bps), 12/26/28	2.2%
Invesco Senior Loan ETF	2.1%
SPDR Blackstone Senior Loan ETF	2.1%
Amneal Pharmaceuticals LLC, Initial Term Loan, First Lien, 9.83% (SOFR01M+550bps), 5/4/28	1.6%
White Cap Supply Holdings LLC, Tranche C Term Facility, First Lien, 7.58% (SOFR01M+325bps), 10/19/29	1.5%
Gates Global LLC, Initial B-5 Dollar Term Loans, First Lien, 6.08% (SOFR01M+175bps), 6/4/31	1.5%
Global Medical Response, Inc., 2024 Extended Term Loan, First Lien, 9.08% (SOFR01M+475bps), 10/2/28	1.5%
Ziggo Financing Partnership, Term Loan I Facility, First Lien, 6.93% (SOFR01M+250bps), 4/30/28	1.5%
B&G Foods, Inc., Tranche B-5 Term Loans, First Lien, 7.83% (SOFR01M+350bps), 10/10/29	1.4%
Oldcastle BuildingEnvelope, Inc., Term B Loans, First Lien, 8.55% (SOFR06M+425bps), 4/29/29	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

RSFMX — SAR (6/25)

	Expires 2025	Expires 2026	Expires 2027	Expires 2028	Total
RS Partners Fund	$ 145	$ 350	$ 358	$ 182	$ 1,035
RS Value Fund	21	89	79	43	232
RS Large Cap Alpha Fund	70	177	135	57	439
RS Investors Fund	62	140	180	111	493
Global Energy Transition Fund	123	267	210	102	702

	RS Small Cap Growth Fund	RS Select Growth Fund	RS Mid Cap Growth Fund	RS Growth Fund	RS Science & Tech Fund
Equity Securities Risk	x	x	x	x	x
General Market Risk	x	x	x	x	x
Smaller-Capitalization Stock Risk	x	x			x
Mid-Capitalization Stock Risk			x	x
Large-Capitalization Stock Risk				x	x
Science and Technology Investment Risk					x
Sector Focus Risk	x	x	x	x	x

	Low Duration Bond Fund	High Yield Fund	Tax-Exempt Fund	High Income Municipal Bond Fund	Floating Rate Fund
General Market Risk	X	X	X	X	X
Debt Securities Risk	X	X	X	X	X
High-Yield/Junk Bond Risk	X	X	X	X	X
Municipal Obligations Risk			X	X
Floating Rate Loan Risk		X			X

UNITED STATES

FORM N-CSR

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

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

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

(as of June 30, 2025)

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

(as of June 30, 2025)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

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

(as of June 30, 2025)

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

(as of June 30, 2025)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

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

(as of June 30, 2025)

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

(as of June 30, 2025)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

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

(as of June 30, 2025)

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

(as of June 30, 2025)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

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

(as of June 30, 2025)

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

(as of June 30, 2025)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

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

(as of June 30, 2025)

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

(as of June 30, 2025)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

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

(as of June 30, 2025)

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

(as of June 30, 2025)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

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

(as of June 30, 2025)

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

(as of June 30, 2025)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

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

(as of June 30, 2025)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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