Victory Integrity Discovery Fund

Class A

Ticker: MMEAX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Integrity Discovery Fund (the "Fund") for the period of July 1, 2024 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 year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$169	1.59%

What affected the Fund’s performance during the last year?

For the fiscal year ended June 30, 2025, the Fund outperformed its benchmark, the Russell Microcap^® Value Index (the “Index”). Over the last 12 months, U.S. equity market reactions to the Federal Reserve’s interest rate policy and President Trump’s tariff plans dominated headlines. Even though equities reached all-time highs in the fourth quarter of 2024, investor expectations for further rate cuts in 2025 began to cool. As the calendar turned to 2025, we believe market volatility increased due to concern and uncertainty regarding President Trump’s tariff agenda. As the fourth quarter of the Fund’s fiscal year end concluded, U.S. markets rallied once again to record highs. We believe that investor sentiment was boosted by hopes that the U.S. would reach trade agreements that could result in lower tariffs and optimism that the Federal Reserve could cut rates. For the one-year period ending June 30, 2025, microcap value stocks underperformed microcap growth stocks.

Top contributors to performance:

From a benchmark perspective, information technology, consumer staples, and financials were the top performing sectors.
Security selection in the health care, financials, and consumer discretionary sectors were the largest positive contributors to the Fund’s relative performance.
Sector weights contributed positively to the Fund’s performance relative to the Index largely due to the Fund’s underweight allocation to the health care sector and the Fund’s overweight allocation to the information technology sector.

Top detractors from performance:

From a benchmark perspective, the materials, health care, and consumer discretionary sectors were the largest detractors from relative performance.
The information technology sector was the largest detractor from the Fund’s performance.
From a style perspective, the Fund’s holdings on average had lower volatility and a higher market capitalization relative to the benchmark and both were headwinds.

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

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

Growth of $10,000 Investment

	Victory Integrity Discovery Fund Class A @ NAV - $20,297	Victory Integrity Discovery Fund Class A @ MOP - $19,128	S&P 500^® Index (regulatory broad based index) - $35,936	Russell Microcap^® Value Index - $19,827
6/15	$10,000	$9,424	$10,000	$10,000
6/16	$9,266	$8,732	$10,399	$9,283
6/17	$12,079	$11,383	$12,260	$12,185
6/18	$13,983	$13,178	$14,023	$14,706
6/19	$12,303	$11,594	$15,483	$13,101
6/20	$9,378	$8,838	$16,645	$11,145
6/21	$17,772	$16,749	$23,436	$20,464
6/22	$15,058	$14,191	$20,948	$16,332
6/23	$15,978	$15,058	$25,053	$16,799
6/24	$18,124	$17,080	$31,204	$18,136
6/25	$20,297	$19,128	$35,936	$19,827

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class A @ NAV	11.99%	16.70%^{Footnote Reference}	7.34%
Class A @ MOP	5.55%	15.32%	6.70%
S&P 500^® Index	15.16%	16.64%	13.65%
Russell Microcap^® Value Index	9.32%	12.21%	7.08%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$58,122
Number of Holdings	122
Investment Advisory Fees	$641
Portfolio Turnover	33%

The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-funds or call 800-539-3863.

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

(as of June 30, 2025)

Value	Value
Utilities	0.7%
Communication Services	3.4%
Real Estate	4.5%
Energy	5.0%
Health Care	5.0%
Materials	5.3%
Consumer Discretionary	12.4%
Information Technology	12.6%
Industrials	18.5%
Financials^{Footnote Reference**}	30.9%

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

(as of June 30, 2025)

nLight, Inc.	1.3%
Digi International, Inc.	1.2%
Interface, Inc.	1.2%
Ducommun, Inc.	1.2%
Ribbon Communications, Inc.	1.2%
Artivion, Inc.	1.2%
First Mid Bancshares, Inc.	1.2%
Peoples Bancorp, Inc.	1.2%
Great Lakes Dredge & Dock Corp.	1.1%
ConnectOne Bancorp, Inc.	1.1%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

MMEAX — AR (6/25)

Victory Integrity Discovery Fund

Class C

Ticker: MMECX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class C	$258	2.45%

What affected the Fund’s performance during the last year?

Top contributors to performance:

From a benchmark perspective, information technology, consumer staples, and financials were the top performing sectors.
Security selection in the health care, financials, and consumer discretionary sectors were the largest positive contributors to the Fund’s relative performance.
Sector weights contributed positively to the Fund’s performance relative to the Index largely due to the Fund’s underweight allocation to the health care sector and the Fund’s overweight allocation to the information technology sector.

Top detractors from performance:

From a benchmark perspective, the materials, health care, and consumer discretionary sectors were the largest detractors from relative performance.
The information technology sector was the largest detractor from the Fund’s performance.
From a style perspective, the Fund’s holdings on average had lower volatility and a higher market capitalization relative to the benchmark and both were headwinds.

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

Growth of $10,000 Investment

	Victory Integrity Discovery Fund Class C @ NAV - $19,008	Victory Integrity Discovery Fund Class C @ CDSC - $19,008	S&P 500^® Index (regulatory broad based index) - $35,936	Russell Microcap^® Value Index - $19,827
6/15	$10,000	$10,000	$10,000	$10,000
6/16	$9,196	$9,196	$10,399	$9,283
6/17	$11,893	$11,893	$12,260	$12,185
6/18	$13,663	$13,663	$14,023	$14,706
6/19	$11,922	$11,922	$15,483	$13,101
6/20	$9,011	$9,011	$16,645	$11,145
6/21	$16,934	$16,934	$23,436	$20,464
6/22	$14,228	$14,228	$20,948	$16,332
6/23	$14,963	$14,963	$25,053	$16,799
6/24	$16,973	$16,973	$31,204	$18,136
6/25	$19,008	$19,008	$35,936	$19,827

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class C @ NAV	11.01%	15.71%^{Footnote Reference}	6.63%
Class C @ CDSC	10.05%	15.71%	6.63%
S&P 500^® Index	15.16%	16.64%	13.65%
Russell Microcap^® Value Index	9.32%	12.21%	7.08%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$58,122
Number of Holdings	122
Investment Advisory Fees	$641
Portfolio Turnover	33%

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

(as of June 30, 2025)

Value	Value
Utilities	0.7%
Communication Services	3.4%
Real Estate	4.5%
Energy	5.0%
Health Care	5.0%
Materials	5.3%
Consumer Discretionary	12.4%
Information Technology	12.6%
Industrials	18.5%
Financials^{Footnote Reference**}	30.9%

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

(as of June 30, 2025)

nLight, Inc.	1.3%
Digi International, Inc.	1.2%
Interface, Inc.	1.2%
Ducommun, Inc.	1.2%
Ribbon Communications, Inc.	1.2%
Artivion, Inc.	1.2%
First Mid Bancshares, Inc.	1.2%
Peoples Bancorp, Inc.	1.2%
Great Lakes Dredge & Dock Corp.	1.1%
ConnectOne Bancorp, Inc.	1.1%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

MMECX — AR (6/25)

Victory Integrity Discovery Fund

Class Y

Ticker: MMEYX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$150	1.41%

What affected the Fund’s performance during the last year?

Top contributors to performance:

From a benchmark perspective, information technology, consumer staples, and financials were the top performing sectors.
Security selection in the health care, financials, and consumer discretionary sectors were the largest positive contributors to the Fund’s relative performance.
Sector weights contributed positively to the Fund’s performance relative to the Index largely due to the Fund’s underweight allocation to the health care sector and the Fund’s overweight allocation to the information technology sector.

Top detractors from performance:

From a benchmark perspective, the materials, health care, and consumer discretionary sectors were the largest detractors from relative performance.
The information technology sector was the largest detractor from the Fund’s performance.
From a style perspective, the Fund’s holdings on average had lower volatility and a higher market capitalization relative to the benchmark and both were headwinds.

The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $1,000,000 Investment

	Victory Integrity Discovery Fund Class Y - $2,074,189	S&P 500^® Index (regulatory broad based index) - $3,593,619	Russell Microcap^® Value Index - $1,982,697
6/15	$1,000,000	$1,000,000	$1,000,000
6/16	$928,992	$1,039,928	$928,271
6/17	$1,213,433	$1,226,034	$1,218,471
6/18	$1,408,513	$1,402,264	$1,470,620
6/19	$1,242,096	$1,548,344	$1,310,123
6/20	$948,498	$1,664,549	$1,114,500
6/21	$1,803,001	$2,343,588	$2,046,409
6/22	$1,530,551	$2,094,797	$1,633,197
6/23	$1,626,788	$2,505,253	$1,679,921
6/24	$1,849,108	$3,120,445	$1,813,643
6/25	$2,074,189	$3,593,619	$1,982,697

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class Y	12.17%	16.94%^{Footnote Reference}	7.57%
S&P 500^® Index	15.16%	16.64%	13.65%
Russell Microcap^® Value Index	9.32%	12.21%	7.08%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$58,122
Number of Holdings	122
Investment Advisory Fees	$641
Portfolio Turnover	33%

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

(as of June 30, 2025)

Value	Value
Utilities	0.7%
Communication Services	3.4%
Real Estate	4.5%
Energy	5.0%
Health Care	5.0%
Materials	5.3%
Consumer Discretionary	12.4%
Information Technology	12.6%
Industrials	18.5%
Financials^{Footnote Reference**}	30.9%

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

(as of June 30, 2025)

nLight, Inc.	1.3%
Digi International, Inc.	1.2%
Interface, Inc.	1.2%
Ducommun, Inc.	1.2%
Ribbon Communications, Inc.	1.2%
Artivion, Inc.	1.2%
First Mid Bancshares, Inc.	1.2%
Peoples Bancorp, Inc.	1.2%
Great Lakes Dredge & Dock Corp.	1.1%
ConnectOne Bancorp, Inc.	1.1%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

MMEYX — AR (6/25)

Victory Integrity Discovery Fund

Member Class

Ticker: MMMMX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Member Class	$159	1.50%

What affected the Fund’s performance during the last year?

Top contributors to performance:

From a benchmark perspective, information technology, consumer staples, and financials were the top performing sectors.
Security selection in the health care, financials, and consumer discretionary sectors were the largest positive contributors to the Fund’s relative performance.
Sector weights contributed positively to the Fund’s performance relative to the Index largely due to the Fund’s underweight allocation to the health care sector and the Fund’s overweight allocation to the information technology sector.

Top detractors from performance:

From a benchmark perspective, the materials, health care, and consumer discretionary sectors were the largest detractors from relative performance.
The information technology sector was the largest detractor from the Fund’s performance.
From a style perspective, the Fund’s holdings on average had lower volatility and a higher market capitalization relative to the benchmark and both were headwinds.

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

Growth of $10,000 Investment

	Victory Integrity Discovery Fund Member Class - $19,801	S&P 500^® Index (regulatory broad based index) - $20,113	Russell Microcap^® Value Index - $16,503
11/20^{Footnote Reference*}	$10,000	$10,000	$10,000
6/21	$17,285	$13,117	$17,034
6/22	$14,663	$11,724	$13,594
6/23	$15,566	$14,021	$13,983
6/24	$17,679	$17,465	$15,096
6/25	$19,801	$20,113	$16,503

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

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	Since Inception
Member Class	12.00%	15.80%^{Footnote Reference}
S&P 500^® Index	15.16%	16.19%
Russell Microcap^® Value Index	9.32%	11.36%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$58,122
Number of Holdings	122
Investment Advisory Fees	$641
Portfolio Turnover	33%

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

(as of June 30, 2025)

Value	Value
Utilities	0.7%
Communication Services	3.4%
Real Estate	4.5%
Energy	5.0%
Health Care	5.0%
Materials	5.3%
Consumer Discretionary	12.4%
Information Technology	12.6%
Industrials	18.5%
Financials^{Footnote Reference**}	30.9%

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

(as of June 30, 2025)

nLight, Inc.	1.3%
Digi International, Inc.	1.2%
Interface, Inc.	1.2%
Ducommun, Inc.	1.2%
Ribbon Communications, Inc.	1.2%
Artivion, Inc.	1.2%
First Mid Bancshares, Inc.	1.2%
Peoples Bancorp, Inc.	1.2%
Great Lakes Dredge & Dock Corp.	1.1%
ConnectOne Bancorp, Inc.	1.1%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

MMMMX — AR (6/25)

Victory Integrity Mid-Cap Value Fund

Class A

Ticker: MAIMX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Integrity Mid-Cap Value Fund (the "Fund") for the period of July 1, 2024 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 year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$104	1.00%

What affected the Fund’s performance during the last year?

For the fiscal year ended June 30, 2025, the Fund underperformed its benchmark, the Russell Midcap^® Value Index (the “Index”). Over the last 12 months, U.S. equity market reactions to the Federal Reserve’s interest rate policy and President Trump’s tariff plans dominated headlines. Even though equities reached all-time highs in the fourth quarter of 2024, investor expectations for further rate cuts in 2025 began to cool. As the calendar turned to 2025, we believe market volatility increased due to concern and uncertainty regarding President Trump’s tariff agenda. As the fourth quarter of the Fund’s fiscal year end concluded, U.S. markets rallied once again to record highs. We believe that investor sentiment was boosted by hopes that the U.S. will reach trade agreements that could result in lower tariffs and optimism that the Federal Reserve could cut rates. For the one-year period ending June 30, 2025, mid-cap value stocks underperformed mid-cap growth stocks.

Top contributors to performance:

From a benchmark perspective, financials, communication services, and utilities were the top performing sectors.
The consumer staples, health care, and utilities sectors were the largest positive contributors to the Fund’s relative performance.

Top detractors from performance:

The health care and materials sectors were the largest detractors from relative performance.
Security selection in the consumer discretionary, industrials, and energy sectors were the largest detractors from the Fund’s performance.
Sector weights detracted from the Fund’s performance relative to the Index largely due to the Fund’s underweight allocation to the financials and communication services sectors.
The Fund’s higher volatility and lower market capitalization relative to the Index were style headwinds.

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

Growth of $10,000 Investment

	Victory Integrity Mid-Cap Value Fund Class A @ NAV - $22,782	Victory Integrity Mid-Cap Value Fund Class A @ MOP - $21,469	S&P 500^® Index (regulatory broad based index) - $35,936	Russell Midcap^® Value Index - $22,387
6/15	$10,000	$9,424	$10,000	$10,000
6/16	$10,041	$9,463	$10,399	$10,325
6/17	$11,655	$10,984	$12,260	$11,969
6/18	$12,975	$12,227	$14,023	$12,878
6/19	$13,022	$12,272	$15,483	$13,352
6/20	$11,212	$10,566	$16,645	$11,775
6/21	$17,788	$16,763	$23,436	$18,023
6/22	$16,622	$15,664	$20,948	$16,221
6/23	$18,920	$17,830	$25,053	$17,925
6/24	$21,137	$19,919	$31,204	$20,072
6/25	$22,782	$21,469	$35,936	$22,387

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class A @ NAV	7.78%	15.23%^{Footnote Reference}	8.58%
Class A @ MOP	1.60%	13.88%	7.94%
S&P 500^® Index	15.16%	16.64%	13.65%
Russell Midcap^® Value Index	11.53%	13.71%	8.39%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$313,979
Number of Holdings	112
Investment Advisory Fees	$2,350
Portfolio Turnover	49%

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

(as of June 30, 2025)

Value	Value
Consumer Staples	6.6%
Energy	6.7%
Materials	6.7%
Utilities	7.2%
Health Care	8.2%
Consumer Discretionary	8.3%
Real Estate	9.2%
Information Technology	10.2%
Financials	15.1%
Industrials	18.3%

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

(as of June 30, 2025)

Realty Income Corp.	1.6%
M&T Bank Corp.	1.4%
Raymond James Financial, Inc.	1.4%
Huntington Bancshares, Inc.	1.4%
Xcel Energy, Inc.	1.3%
VICI Properties, Inc.	1.3%
WP Carey, Inc.	1.2%
State Street Corp.	1.2%
STERIS PLC	1.2%
Nasdaq, Inc.	1.2%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

MAIMX — AR (6/25)

Victory Integrity Mid-Cap Value Fund

Class C

Ticker: MCIMX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class C	$181	1.75%

What affected the Fund’s performance during the last year?

Top contributors to performance:

From a benchmark perspective, financials, communication services, and utilities were the top performing sectors.
The consumer staples, health care, and utilities sectors were the largest positive contributors to the Fund’s relative performance.

Top detractors from performance:

The health care and materials sectors were the largest detractors from relative performance.
Security selection in the consumer discretionary, industrials, and energy sectors were the largest detractors from the Fund’s performance.
Sector weights detracted from the Fund’s performance relative to the Index largely due to the Fund’s underweight allocation to the financials and communication services sectors.
The Fund’s higher volatility and lower market capitalization relative to the Index were style headwinds.

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

Growth of $10,000 Investment

	Victory Integrity Mid-Cap Value Fund Class C @ NAV - $16,127	Victory Integrity Mid-Cap Value Fund Class C @ CDSC - $16,127	S&P 500^® Index (regulatory broad based index) - $22,122	Russell Midcap^® Value Index - $16,256
11/19^{Footnote Reference*}	$10,000	$10,000	$10,000	$10,000
6/20	$8,245	$8,245	$10,247	$8,550
6/21	$12,979	$12,979	$14,427	$13,088
6/22	$12,036	$12,036	$12,896	$11,779
6/23	$13,599	$13,599	$15,422	$13,016
6/24	$15,081	$15,081	$19,209	$14,575
6/25	$16,127	$16,127	$22,122	$16,256

Footnote	Description
Footnote^*	Inception date for the Victory Integrity Mid-Cap Value Fund, Class C is 11/4/2019.

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	Since Inception
Class C @ NAV	6.94%	14.36%	8.81%
Class C @ CDSC	6.02%	14.36%	8.81%
S&P 500^® Index	15.16%	16.64%	15.05%
Russell Midcap^® Value Index	11.53%	13.71%	8.96%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$313,979
Number of Holdings	112
Investment Advisory Fees	$2,350
Portfolio Turnover	49%

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

(as of June 30, 2025)

Value	Value
Consumer Staples	6.6%
Energy	6.7%
Materials	6.7%
Utilities	7.2%
Health Care	8.2%
Consumer Discretionary	8.3%
Real Estate	9.2%
Information Technology	10.2%
Financials	15.1%
Industrials	18.3%

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

(as of June 30, 2025)

Realty Income Corp.	1.6%
M&T Bank Corp.	1.4%
Raymond James Financial, Inc.	1.4%
Huntington Bancshares, Inc.	1.4%
Xcel Energy, Inc.	1.3%
VICI Properties, Inc.	1.3%
WP Carey, Inc.	1.2%
State Street Corp.	1.2%
STERIS PLC	1.2%
Nasdaq, Inc.	1.2%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

MCIMX — AR (6/25)

Victory Integrity Mid-Cap Value Fund

Class R6

Ticker: MRIMX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class R6	$62	0.60%

What affected the Fund’s performance during the last year?

Top contributors to performance:

From a benchmark perspective, financials, communication services, and utilities were the top performing sectors.
The consumer staples, health care, and utilities sectors were the largest positive contributors to the Fund’s relative performance.

Top detractors from performance:

The health care and materials sectors were the largest detractors from relative performance.
Security selection in the consumer discretionary, industrials, and energy sectors were the largest detractors from the Fund’s performance.
Sector weights detracted from the Fund’s performance relative to the Index largely due to the Fund’s underweight allocation to the financials and communication services sectors.
The Fund’s higher volatility and lower market capitalization relative to the Index were style headwinds.

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

Growth of $10,000 Investment

	Victory Integrity Mid-Cap Value Fund Class R6 - $25,697	S&P 500^® Index (regulatory broad based index) - $36,304	Russell Midcap^® Value Index - $24,136
12/15^{Footnote Reference*}	$10,000	$10,000	$10,000
6/16	$10,950	$10,506	$11,131
6/17	$12,749	$12,386	$12,904
6/18	$14,238	$14,166	$13,884
6/19	$14,341	$15,642	$14,395
6/20	$12,401	$16,816	$12,695
6/21	$19,748	$23,676	$19,431
6/22	$18,523	$21,162	$17,488
6/23	$21,170	$25,309	$19,325
6/24	$23,754	$31,524	$21,640
6/25	$25,697	$36,304	$24,136

Footnote	Description
Footnote^*	Inception date for the Victory Integrity Mid-Cap Value Fund, Class R6 is 12/14/2015.

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	Since Inception
Class R6	8.18%	15.69%^{Footnote Reference}	10.39%
S&P 500^® Index	15.16%	16.64%	14.46%
Russell Midcap^® Value Index	11.53%	13.71%	9.67%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$313,979
Number of Holdings	112
Investment Advisory Fees	$2,350
Portfolio Turnover	49%

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

(as of June 30, 2025)

Value	Value
Consumer Staples	6.6%
Energy	6.7%
Materials	6.7%
Utilities	7.2%
Health Care	8.2%
Consumer Discretionary	8.3%
Real Estate	9.2%
Information Technology	10.2%
Financials	15.1%
Industrials	18.3%

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

(as of June 30, 2025)

Realty Income Corp.	1.6%
M&T Bank Corp.	1.4%
Raymond James Financial, Inc.	1.4%
Huntington Bancshares, Inc.	1.4%
Xcel Energy, Inc.	1.3%
VICI Properties, Inc.	1.3%
WP Carey, Inc.	1.2%
State Street Corp.	1.2%
STERIS PLC	1.2%
Nasdaq, Inc.	1.2%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

MRIMX — AR (6/25)

Victory Integrity Mid-Cap Value Fund

Class Y

Ticker: MYIMX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$78	0.75%

What affected the Fund’s performance during the last year?

Top contributors to performance:

From a benchmark perspective, financials, communication services, and utilities were the top performing sectors.
The consumer staples, health care, and utilities sectors were the largest positive contributors to the Fund’s relative performance.

Top detractors from performance:

The health care and materials sectors were the largest detractors from relative performance.
Security selection in the consumer discretionary, industrials, and energy sectors were the largest detractors from the Fund’s performance.
Sector weights detracted from the Fund’s performance relative to the Index largely due to the Fund’s underweight allocation to the financials and communication services sectors.
The Fund’s higher volatility and lower market capitalization relative to the Index were style headwinds.

The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $1,000,000 Investment

	Victory Integrity Mid-Cap Value Fund Class Y - $2,336,709	S&P 500^® Index (regulatory broad based index) - $3,593,619	Russell Midcap^® Value Index - $2,238,704
6/15	$1,000,000	$1,000,000	$1,000,000
6/16	$1,007,255	$1,039,928	$1,032,458
6/17	$1,172,760	$1,226,034	$1,196,883
6/18	$1,308,586	$1,402,264	$1,287,789
6/19	$1,316,157	$1,548,344	$1,335,196
6/20	$1,136,243	$1,664,549	$1,177,484
6/21	$1,806,996	$2,343,588	$1,802,305
6/22	$1,692,215	$2,094,797	$1,622,130
6/23	$1,931,477	$2,505,253	$1,792,497
6/24	$2,162,961	$3,120,445	$2,007,194
6/25	$2,336,709	$3,593,619	$2,238,704

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class Y	8.03%	15.51%^{Footnote Reference}	8.86%
S&P 500^® Index	15.16%	16.64%	13.65%
Russell Midcap^® Value Index	11.53%	13.71%	8.39%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$313,979
Number of Holdings	112
Investment Advisory Fees	$2,350
Portfolio Turnover	49%

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

(as of June 30, 2025)

Value	Value
Consumer Staples	6.6%
Energy	6.7%
Materials	6.7%
Utilities	7.2%
Health Care	8.2%
Consumer Discretionary	8.3%
Real Estate	9.2%
Information Technology	10.2%
Financials	15.1%
Industrials	18.3%

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

(as of June 30, 2025)

Realty Income Corp.	1.6%
M&T Bank Corp.	1.4%
Raymond James Financial, Inc.	1.4%
Huntington Bancshares, Inc.	1.4%
Xcel Energy, Inc.	1.3%
VICI Properties, Inc.	1.3%
WP Carey, Inc.	1.2%
State Street Corp.	1.2%
STERIS PLC	1.2%
Nasdaq, Inc.	1.2%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

MYIMX — AR (6/25)

Victory Integrity Mid-Cap Value Fund

Member Class

Ticker: MMIJX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Member Class	$88	0.85%

What affected the Fund’s performance during the last year?

Top contributors to performance:

From a benchmark perspective, financials, communication services, and utilities were the top performing sectors.
The consumer staples, health care, and utilities sectors were the largest positive contributors to the Fund’s relative performance.

Top detractors from performance:

The health care and materials sectors were the largest detractors from relative performance.
Security selection in the consumer discretionary, industrials, and energy sectors were the largest detractors from the Fund’s performance.
Sector weights detracted from the Fund’s performance relative to the Index largely due to the Fund’s underweight allocation to the financials and communication services sectors.
The Fund’s higher volatility and lower market capitalization relative to the Index were style headwinds.

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

Growth of $10,000 Investment

	Victory Integrity Mid-Cap Value Fund Member Class - $18,476	S&P 500^® Index (regulatory broad based index) - $20,113	Russell Midcap^® Value Index - $17,302
11/20^{Footnote Reference*}	$10,000	$10,000	$10,000
6/21	$14,346	$13,117	$13,929
6/22	$13,420	$11,724	$12,537
6/23	$15,301	$14,021	$13,853
6/24	$17,124	$17,465	$15,513
6/25	$18,476	$20,113	$17,302

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

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	Since Inception
Member Class	7.89%	14.09%
S&P 500^® Index	15.16%	16.19%
Russell Midcap^® Value Index	11.53%	12.49%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$313,979
Number of Holdings	112
Investment Advisory Fees	$2,350
Portfolio Turnover	49%

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

(as of June 30, 2025)

Value	Value
Consumer Staples	6.6%
Energy	6.7%
Materials	6.7%
Utilities	7.2%
Health Care	8.2%
Consumer Discretionary	8.3%
Real Estate	9.2%
Information Technology	10.2%
Financials	15.1%
Industrials	18.3%

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

(as of June 30, 2025)

Realty Income Corp.	1.6%
M&T Bank Corp.	1.4%
Raymond James Financial, Inc.	1.4%
Huntington Bancshares, Inc.	1.4%
Xcel Energy, Inc.	1.3%
VICI Properties, Inc.	1.3%
WP Carey, Inc.	1.2%
State Street Corp.	1.2%
STERIS PLC	1.2%
Nasdaq, Inc.	1.2%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

MMIJX — AR (6/25)

Victory Integrity Small-Cap Value Fund

Class A

Ticker: VSCVX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Integrity Small-Cap Value Fund (the "Fund") for the period of July 1, 2024 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 year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$141	1.43%

What affected the Fund’s performance during the last year?

For the fiscal year ended June 30, 2025, the Fund underperformed its benchmark, the Russell 2000^® Value Index (the “Index”). Over the last 12 months, U.S. equity market reactions to the Federal Reserve’s interest rate policy and President Trump’s tariff plans dominated headlines. Even though equities reached all-time highs in the fourth quarter of 2024, investor expectations for further rate cuts in 2025 began to cool. As the calendar turned to 2025, we believe market volatility increased due to concern and uncertainty regarding President Trump’s tariff agenda. As the fourth quarter of the Fund’s fiscal year end concluded, U.S. markets rallied once again to record highs. We believe that investor sentiment was boosted by hopes that the U.S. will reach trade agreements that could result in lower tariffs and optimism that the Federal Reserve could cut rates. For the one-year period ending June 30, 2025, small value stocks underperformed small growth stocks.

Top contributors to performance:

From a benchmark perspective, communication services, information technology, and financials were the top performing sectors.
The health care and utilities sectors were the largest positive contributors to the Fund’s performance.
Sector weights contributed positively to the Fund’s performance relative to the Index largely due to the Fund’s underweight allocation to the health care sector and the Fund’s overweight allocations to the utilities and information technology sectors.

Top detractors from performance:

The energy and health care sectors were the largest detractors from relative performance.
Security selection in the industrials, materials, and consumer discretionary sectors were the largest detractors from the Fund’s performance.
From a style perspective, the Fund’s holdings on average, had lower beta and higher volume relative to the Index and both were headwinds.

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

Growth of $10,000 Investment

	Victory Integrity Small-Cap Value Fund Class A @ NAV - $17,778	Victory Integrity Small-Cap Value Fund Class A @ MOP - $16,757	Russell 3000^® Index (regulatory broad based index) - $33,822	Russell 2000^® Value Index - $19,158
6/15	$10,000	$9,426	$10,000	$10,000
6/16	$9,313	$8,778	$10,214	$9,742
6/17	$11,429	$10,773	$12,104	$12,163
6/18	$12,864	$12,125	$13,893	$13,757
6/19	$11,943	$11,257	$15,141	$12,899
6/20	$9,038	$8,519	$16,130	$10,645
6/21	$16,305	$15,368	$23,253	$18,445
6/22	$14,326	$13,504	$20,029	$15,442
6/23	$16,652	$15,695	$23,825	$16,370
6/24	$18,387	$17,331	$29,335	$18,153
6/25	$17,778	$16,757	$33,822	$19,158

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class A @ NAV	-3.31%	14.49%	5.92%
Class A @ MOP	-8.88%	13.14%	5.30%
Russell 3000^® Index	15.30%	15.96%	12.96%
Russell 2000^® Value Index	5.54%	12.47%	6.72%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$1,010,876
Number of Holdings	127
Investment Advisory Fees	$9,956
Portfolio Turnover	44%

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

(as of June 30, 2025)

Value	Value
Consumer Staples	2.1%
Materials	4.1%
Utilities	4.4%
Health Care	6.1%
Energy	6.3%
Information Technology	7.7%
Consumer Discretionary	10.8%
Real Estate	11.4%
Industrials	14.4%
Financials^{Footnote Reference**}	29.2%

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

(as of June 30, 2025)

Glacier Bancorp, Inc.	1.3%
Essent Group Ltd.	1.3%
Ameris Bancorp	1.3%
Hancock Whitney Corp.	1.3%
Valley National Bancorp	1.2%
Bank of Hawaii Corp.	1.2%
Taylor Morrison Home Corp.	1.2%
SouthState Corp.	1.2%
Flagstar Financial, Inc.	1.2%
The Chefs' Warehouse, Inc.	1.1%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

VSCVX — AR (6/25)

Victory Integrity Small-Cap Value Fund

Class C

Ticker: MCVSX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class C	$230	2.35%

What affected the Fund’s performance during the last year?

Top contributors to performance:

From a benchmark perspective, communication services, information technology, and financials were the top performing sectors.
The health care and utilities sectors were the largest positive contributors to the Fund’s performance.
Sector weights contributed positively to the Fund’s performance relative to the Index largely due to the Fund’s underweight allocation to the health care sector and the Fund’s overweight allocations to the utilities and information technology sectors.

Top detractors from performance:

The energy and health care sectors were the largest detractors from relative performance.
Security selection in the industrials, materials, and consumer discretionary sectors were the largest detractors from the Fund’s performance.
From a style perspective, the Fund’s holdings on average, had lower beta and higher volume relative to the Index and both were headwinds.

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

Growth of $10,000 Investment

	Victory Integrity Small-Cap Value Fund Class C @ NAV - $16,757	Victory Integrity Small-Cap Value Fund Class C @ CDSC - $16,757	Russell 3000^® Index (regulatory broad based index) - $33,822	Russell 2000^® Value Index - $19,158
6/15	$10,000	$10,000	$10,000	$10,000
6/16	$9,244	$9,244	$10,214	$9,742
6/17	$11,271	$11,271	$12,104	$12,163
6/18	$12,608	$12,608	$13,893	$13,757
6/19	$11,627	$11,627	$15,141	$12,899
6/20	$8,730	$8,730	$16,130	$10,645
6/21	$15,615	$15,615	$23,253	$18,445
6/22	$13,621	$13,621	$20,029	$15,442
6/23	$15,696	$15,696	$23,825	$16,370
6/24	$17,331	$17,331	$29,335	$18,153
6/25	$16,757	$16,757	$33,822	$19,158

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class C @ NAV	-4.24%	13.50%	5.30%
Class C @ CDSC	-5.01%	13.50%	5.30%
Russell 3000^® Index	15.30%	15.96%	12.96%
Russell 2000^® Value Index	5.54%	12.47%	6.72%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$1,010,876
Number of Holdings	127
Investment Advisory Fees	$9,956
Portfolio Turnover	44%

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

(as of June 30, 2025)

Value	Value
Consumer Staples	2.1%
Materials	4.1%
Utilities	4.4%
Health Care	6.1%
Energy	6.3%
Information Technology	7.7%
Consumer Discretionary	10.8%
Real Estate	11.4%
Industrials	14.4%
Financials^{Footnote Reference**}	29.2%

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

(as of June 30, 2025)

Glacier Bancorp, Inc.	1.3%
Essent Group Ltd.	1.3%
Ameris Bancorp	1.3%
Hancock Whitney Corp.	1.3%
Valley National Bancorp	1.2%
Bank of Hawaii Corp.	1.2%
Taylor Morrison Home Corp.	1.2%
SouthState Corp.	1.2%
Flagstar Financial, Inc.	1.2%
The Chefs' Warehouse, Inc.	1.1%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

MCVSX — AR (6/25)

Victory Integrity Small-Cap Value Fund

Class R

Ticker: MRVSX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class R	$172	1.75%

What affected the Fund’s performance during the last year?

Top contributors to performance:

From a benchmark perspective, communication services, information technology, and financials were the top performing sectors.
The health care and utilities sectors were the largest positive contributors to the Fund’s performance.
Sector weights contributed positively to the Fund’s performance relative to the Index largely due to the Fund’s underweight allocation to the health care sector and the Fund’s overweight allocations to the utilities and information technology sectors.

Top detractors from performance:

The energy and health care sectors were the largest detractors from relative performance.
Security selection in the industrials, materials, and consumer discretionary sectors were the largest detractors from the Fund’s performance.
From a style perspective, the Fund’s holdings on average, had lower beta and higher volume relative to the Index and both were headwinds.

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

Growth of $10,000 Investment

	Victory Integrity Small-Cap Value Fund Class R - $17,252	Russell 3000^® Index (regulatory broad based index) - $33,822	Russell 2000^® Value Index - $19,158
6/15	$10,000	$10,000	$10,000
6/16	$9,264	$10,214	$9,742
6/17	$11,340	$12,104	$12,163
6/18	$12,734	$13,893	$13,757
6/19	$11,793	$15,141	$12,899
6/20	$8,899	$16,130	$10,645
6/21	$16,010	$23,253	$18,445
6/22	$14,038	$20,029	$15,442
6/23	$16,265	$23,825	$16,370
6/24	$17,901	$29,335	$18,153
6/25	$17,252	$33,822	$19,158

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class R	-3.63%	14.16%	5.60%
Russell 3000^® Index	15.30%	15.96%	12.96%
Russell 2000^® Value Index	5.54%	12.47%	6.72%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$1,010,876
Number of Holdings	127
Investment Advisory Fees	$9,956
Portfolio Turnover	44%

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

(as of June 30, 2025)

Value	Value
Consumer Staples	2.1%
Materials	4.1%
Utilities	4.4%
Health Care	6.1%
Energy	6.3%
Information Technology	7.7%
Consumer Discretionary	10.8%
Real Estate	11.4%
Industrials	14.4%
Financials^{Footnote Reference**}	29.2%

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

(as of June 30, 2025)

Glacier Bancorp, Inc.	1.3%
Essent Group Ltd.	1.3%
Ameris Bancorp	1.3%
Hancock Whitney Corp.	1.3%
Valley National Bancorp	1.2%
Bank of Hawaii Corp.	1.2%
Taylor Morrison Home Corp.	1.2%
SouthState Corp.	1.2%
Flagstar Financial, Inc.	1.2%
The Chefs' Warehouse, Inc.	1.1%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

MRVSX — AR (6/25)

Victory Integrity Small-Cap Value Fund

Class R6

Ticker: MVSSX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class R6	$95	0.96%

What affected the Fund’s performance during the last year?

Top contributors to performance:

From a benchmark perspective, communication services, information technology, and financials were the top performing sectors.
The health care and utilities sectors were the largest positive contributors to the Fund’s performance.
Sector weights contributed positively to the Fund’s performance relative to the Index largely due to the Fund’s underweight allocation to the health care sector and the Fund’s overweight allocations to the utilities and information technology sectors.

Top detractors from performance:

The energy and health care sectors were the largest detractors from relative performance.
Security selection in the industrials, materials, and consumer discretionary sectors were the largest detractors from the Fund’s performance.
From a style perspective, the Fund’s holdings on average, had lower beta and higher volume relative to the Index and both were headwinds.

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

Growth of $10,000 Investment

	Victory Integrity Small-Cap Value Fund Class R6 - $18,719	Russell 3000^® Index (regulatory broad based index) - $33,822	Russell 2000^® Value Index - $19,158
6/15	$10,000	$10,000	$10,000
6/16	$9,359	$10,214	$9,742
6/17	$11,549	$12,104	$12,163
6/18	$13,071	$13,893	$13,757
6/19	$12,199	$15,141	$12,899
6/20	$9,278	$16,130	$10,645
6/21	$16,831	$23,253	$18,445
6/22	$14,874	$20,029	$15,442
6/23	$17,369	$23,825	$16,370
6/24	$19,270	$29,335	$18,153
6/25	$18,719	$33,822	$19,158

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class R6	-2.86%	15.07%^{Footnote Reference}	6.47%
Russell 3000^® Index	15.30%	15.96%	12.96%
Russell 2000^® Value Index	5.54%	12.47%	6.72%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$1,010,876
Number of Holdings	127
Investment Advisory Fees	$9,956
Portfolio Turnover	44%

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

(as of June 30, 2025)

Value	Value
Consumer Staples	2.1%
Materials	4.1%
Utilities	4.4%
Health Care	6.1%
Energy	6.3%
Information Technology	7.7%
Consumer Discretionary	10.8%
Real Estate	11.4%
Industrials	14.4%
Financials^{Footnote Reference**}	29.2%

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

(as of June 30, 2025)

Glacier Bancorp, Inc.	1.3%
Essent Group Ltd.	1.3%
Ameris Bancorp	1.3%
Hancock Whitney Corp.	1.3%
Valley National Bancorp	1.2%
Bank of Hawaii Corp.	1.2%
Taylor Morrison Home Corp.	1.2%
SouthState Corp.	1.2%
Flagstar Financial, Inc.	1.2%
The Chefs' Warehouse, Inc.	1.1%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

MVSSX — AR (6/25)

Victory Integrity Small-Cap Value Fund

Class Y

Ticker: VSVIX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$104	1.06%

What affected the Fund’s performance during the last year?

Top contributors to performance:

From a benchmark perspective, communication services, information technology, and financials were the top performing sectors.
The health care and utilities sectors were the largest positive contributors to the Fund’s performance.
Sector weights contributed positively to the Fund’s performance relative to the Index largely due to the Fund’s underweight allocation to the health care sector and the Fund’s overweight allocations to the utilities and information technology sectors.

Top detractors from performance:

The energy and health care sectors were the largest detractors from relative performance.
Security selection in the industrials, materials, and consumer discretionary sectors were the largest detractors from the Fund’s performance.
From a style perspective, the Fund’s holdings on average, had lower beta and higher volume relative to the Index and both were headwinds.

The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $1,000,000 Investment

	Victory Integrity Small-Cap Value Fund Class Y - $1,846,551	Russell 3000^® Index (regulatory broad based index) - $3,382,207	Russell 2000^® Value Index - $1,915,800
6/15	$1,000,000	$1,000,000	$1,000,000
6/16	$934,593	$1,021,383	$974,182
6/17	$1,150,836	$1,210,436	$1,216,334
6/18	$1,300,512	$1,389,315	$1,375,664
6/19	$1,211,634	$1,514,111	$1,289,885
6/20	$920,355	$1,612,975	$1,064,452
6/21	$1,667,045	$2,325,337	$1,844,479
6/22	$1,471,631	$2,002,914	$1,544,189
6/23	$1,716,686	$2,382,540	$1,636,957
6/24	$1,902,827	$2,933,505	$1,815,316
6/25	$1,846,551	$3,382,207	$1,915,800

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class Y	-2.96%	14.94%	6.33%
Russell 3000^® Index	15.30%	15.96%	12.96%
Russell 2000^® Value Index	5.54%	12.47%	6.72%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$1,010,876
Number of Holdings	127
Investment Advisory Fees	$9,956
Portfolio Turnover	44%

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

(as of June 30, 2025)

Value	Value
Consumer Staples	2.1%
Materials	4.1%
Utilities	4.4%
Health Care	6.1%
Energy	6.3%
Information Technology	7.7%
Consumer Discretionary	10.8%
Real Estate	11.4%
Industrials	14.4%
Financials^{Footnote Reference**}	29.2%

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

(as of June 30, 2025)

Glacier Bancorp, Inc.	1.3%
Essent Group Ltd.	1.3%
Ameris Bancorp	1.3%
Hancock Whitney Corp.	1.3%
Valley National Bancorp	1.2%
Bank of Hawaii Corp.	1.2%
Taylor Morrison Home Corp.	1.2%
SouthState Corp.	1.2%
Flagstar Financial, Inc.	1.2%
The Chefs' Warehouse, Inc.	1.1%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

VSVIX — AR (6/25)

Victory Integrity Small/Mid-Cap Value Fund

Class A

Ticker: MAISX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Integrity Small/Mid-Cap Value Fund (the "Fund") for the period of July 1, 2024 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 year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$115	1.13%

What affected the Fund’s performance during the last year?

For the fiscal year ended June 30, 2025, the Fund underperformed its benchmark, the Russell 2500^TM Value Index (the “Index”). Over the last 12 months, U.S. equity market reactions to the Federal Reserve’s interest rate policy and President Trump’s tariff plans dominated headlines. Even though equities reached all-time highs in the fourth quarter of 2024, investor expectations for further rate cuts in 2025 began to cool. As the calendar turned to 2025, we believe market volatility increased due to concern and uncertainty regarding President Trump’s tariff agenda. As the fourth quarter of the Fund’s fiscal year end concluded, U.S. markets rallied once again to record highs. We believe that investor sentiment was boosted by hopes that the U.S. will reach trade agreements that could result in lower tariffs and optimism that the Federal Reserve could cut rates. For the one-year period ending June 30, 2025, small/mid value stocks outperformed small/mid growth stocks.

Top contributors to performance:

From a benchmark perspective, utilities, financials and communication services were the top performing sectors.
The health care and utilities sectors were the largest positive contributors to the Fund’s performance.

Top detractors from performance:

The health care and energy sectors were the largest detractors from relative performance.
Security selection in consumer discretionary, financials, and industrials sectors were the largest detractors from the Fund’s performance.
Sector weights detracted from the Fund’s performance relative to the Index largely due to the Fund’s underweight allocation to the financials sector and overweight allocation to the industrials sector.
From a style perspective, the Fund’s holdings on average had lower volatility and this was a style headwind.

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

Growth of $10,000 Investment

	Victory Integrity Small/Mid-Cap Value Fund Class A @ NAV - $20,975	Victory Integrity Small/Mid-Cap Value Fund Class A @ MOP - $19,767	Russell 3000^® Index (regulatory broad based index) - $33,822	Russell 2500™ Value Index - $21,063
6/15	$10,000	$9,424	$10,000	$10,000
6/16	$9,441	$8,897	$10,214	$10,022
6/17	$11,420	$10,763	$12,104	$11,862
6/18	$12,809	$12,071	$13,893	$13,224
6/19	$12,596	$11,871	$15,141	$12,970
6/20	$10,207	$9,619	$16,130	$10,960
6/21	$17,679	$16,661	$23,253	$17,890
6/22	$16,151	$15,221	$20,029	$15,529
6/23	$18,586	$17,516	$23,825	$17,140
6/24	$20,375	$19,202	$29,335	$19,067
6/25	$20,975	$19,767	$33,822	$21,063

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class A @ NAV	2.95%	15.49%^{Footnote Reference}	7.69%
Class A @ MOP	-2.97%	14.14%	7.05%
Russell 3000^® Index	15.30%	15.96%	12.96%
Russell 2500™ Value Index	10.47%	13.96%	7.73%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$312,357
Number of Holdings	113
Investment Advisory Fees	$2,546
Portfolio Turnover	47%

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

(as of June 30, 2025)

Value	Value
Utilities	3.7%
Energy	4.6%
Consumer Staples	4.9%
Materials	7.0%
Health Care	7.1%
Information Technology	8.5%
Real Estate	9.9%
Consumer Discretionary	11.2%
Industrials	19.7%
Financials	19.8%

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

(as of June 30, 2025)

Gaming and Leisure Properties, Inc.	1.3%
Textron, Inc.	1.3%
Camden Property Trust	1.3%
WP Carey, Inc.	1.3%
Amdocs Ltd.	1.2%
Flex Ltd.	1.2%
First Industrial Realty Trust, Inc.	1.2%
UGI Corp.	1.1%
Pentair PLC	1.1%
Federal Realty Investment Trust	1.1%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

MAISX — AR (6/25)

Victory Integrity Small/Mid-Cap Value Fund

Class R6

Ticker: MIRSX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class R6	$84	0.83%

What affected the Fund’s performance during the last year?

Top contributors to performance:

From a benchmark perspective, utilities, financials and communication services were the top performing sectors.
The health care and utilities sectors were the largest positive contributors to the Fund’s performance.

Top detractors from performance:

The health care and energy sectors were the largest detractors from relative performance.
Security selection in consumer discretionary, financials, and industrials sectors were the largest detractors from the Fund’s performance.
Sector weights detracted from the Fund’s performance relative to the Index largely due to the Fund’s underweight allocation to the financials sector and overweight allocation to the industrials sector.
From a style perspective, the Fund’s holdings on average had lower volatility and this was a style headwind.

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

Growth of $10,000 Investment

	Victory Integrity Small/Mid-Cap Value Fund Class R6 - $21,627	Russell 3000^® Index (regulatory broad based index) - $33,822	Russell 2500™ Value Index - $21,063
6/15	$10,000	$10,000	$10,000
6/16	$9,467	$10,214	$10,022
6/17	$11,489	$12,104	$11,862
6/18	$12,929	$13,893	$13,224
6/19	$12,749	$15,141	$12,970
6/20	$10,365	$16,130	$10,960
6/21	$18,002	$23,253	$17,890
6/22	$16,493	$20,029	$15,529
6/23	$19,044	$23,825	$17,140
6/24	$20,944	$29,335	$19,067
6/25	$21,627	$33,822	$21,063

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class R6	3.26%	15.85%^{Footnote Reference}	8.02%
Russell 3000^® Index	15.30%	15.96%	12.96%
Russell 2500™ Value Index	10.47%	13.96%	7.73%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$312,357
Number of Holdings	113
Investment Advisory Fees	$2,546
Portfolio Turnover	47%

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

(as of June 30, 2025)

Value	Value
Utilities	3.7%
Energy	4.6%
Consumer Staples	4.9%
Materials	7.0%
Health Care	7.1%
Information Technology	8.5%
Real Estate	9.9%
Consumer Discretionary	11.2%
Industrials	19.7%
Financials	19.8%

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

(as of June 30, 2025)

Gaming and Leisure Properties, Inc.	1.3%
Textron, Inc.	1.3%
Camden Property Trust	1.3%
WP Carey, Inc.	1.3%
Amdocs Ltd.	1.2%
Flex Ltd.	1.2%
First Industrial Realty Trust, Inc.	1.2%
UGI Corp.	1.1%
Pentair PLC	1.1%
Federal Realty Investment Trust	1.1%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

MIRSX — AR (6/25)

Victory Integrity Small/Mid-Cap Value Fund

Class Y

Ticker: MYISX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$89	0.88%

What affected the Fund’s performance during the last year?

Top contributors to performance:

From a benchmark perspective, utilities, financials and communication services were the top performing sectors.
The health care and utilities sectors were the largest positive contributors to the Fund’s performance.

Top detractors from performance:

The health care and energy sectors were the largest detractors from relative performance.
Security selection in consumer discretionary, financials, and industrials sectors were the largest detractors from the Fund’s performance.
Sector weights detracted from the Fund’s performance relative to the Index largely due to the Fund’s underweight allocation to the financials sector and overweight allocation to the industrials sector.
From a style perspective, the Fund’s holdings on average had lower volatility and this was a style headwind.

The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $1,000,000 Investment

	Victory Integrity Small/Mid-Cap Value Fund Class Y - $2,151,217	Russell 3000^® Index (regulatory broad based index) - $3,382,207	Russell 2500™ Value Index - $2,106,258
6/15	$1,000,000	$1,000,000	$1,000,000
6/16	$946,609	$1,021,383	$1,002,150
6/17	$1,147,750	$1,210,436	$1,186,151
6/18	$1,291,378	$1,389,315	$1,322,427
6/19	$1,272,647	$1,514,111	$1,296,982
6/20	$1,034,255	$1,612,975	$1,095,967
6/21	$1,795,530	$2,325,337	$1,788,956
6/22	$1,643,897	$2,002,914	$1,552,932
6/23	$1,897,447	$2,382,540	$1,713,979
6/24	$2,084,871	$2,933,505	$1,906,660
6/25	$2,151,217	$3,382,207	$2,106,258

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class Y	3.18%	15.77%^{Footnote Reference}	7.96%
Russell 3000^® Index	15.30%	15.96%	12.96%
Russell 2500™ Value Index	10.47%	13.96%	7.73%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$312,357
Number of Holdings	113
Investment Advisory Fees	$2,546
Portfolio Turnover	47%

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

(as of June 30, 2025)

Value	Value
Utilities	3.7%
Energy	4.6%
Consumer Staples	4.9%
Materials	7.0%
Health Care	7.1%
Information Technology	8.5%
Real Estate	9.9%
Consumer Discretionary	11.2%
Industrials	19.7%
Financials	19.8%

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

(as of June 30, 2025)

Gaming and Leisure Properties, Inc.	1.3%
Textron, Inc.	1.3%
Camden Property Trust	1.3%
WP Carey, Inc.	1.3%
Amdocs Ltd.	1.2%
Flex Ltd.	1.2%
First Industrial Realty Trust, Inc.	1.2%
UGI Corp.	1.1%
Pentair PLC	1.1%
Federal Realty Investment Trust	1.1%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

MYISX — AR (6/25)

Victory Integrity Small/Mid-Cap Value Fund

Member Class

Ticker: MMMSX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Member Class	$96	0.95%

What affected the Fund’s performance during the last year?

Top contributors to performance:

From a benchmark perspective, utilities, financials and communication services were the top performing sectors.
The health care and utilities sectors were the largest positive contributors to the Fund’s performance.

Top detractors from performance:

The health care and energy sectors were the largest detractors from relative performance.
Security selection in consumer discretionary, financials, and industrials sectors were the largest detractors from the Fund’s performance.
Sector weights detracted from the Fund’s performance relative to the Index largely due to the Fund’s underweight allocation to the financials sector and overweight allocation to the industrials sector.
From a style perspective, the Fund’s holdings on average had lower volatility and this was a style headwind.

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

Growth of $10,000 Investment

	Victory Integrity Small/Mid-Cap Value Fund Member Class - $18,779	Russell 3000^® Index (regulatory broad based index) - $19,383	Russell 2500™ Value Index - $17,724
11/20^{Footnote Reference*}	$10,000	$10,000	$10,000
6/21	$15,717	$13,326	$15,054
6/22	$14,373	$11,478	$13,068
6/23	$16,578	$13,654	$14,423
6/24	$18,209	$16,812	$16,045
6/25	$18,779	$19,383	$17,724

Footnote	Description
Footnote^*	Inception date for the Victory Integrity Small/Mid-Cap Value Fund, Member Class is 11/3/2020.

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	Since Inception
Member Class	3.13%	14.49%
Russell 3000^® Index	15.30%	15.27%
Russell 2500™ Value Index	10.47%	13.08%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$312,357
Number of Holdings	113
Investment Advisory Fees	$2,546
Portfolio Turnover	47%

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

(as of June 30, 2025)

Value	Value
Utilities	3.7%
Energy	4.6%
Consumer Staples	4.9%
Materials	7.0%
Health Care	7.1%
Information Technology	8.5%
Real Estate	9.9%
Consumer Discretionary	11.2%
Industrials	19.7%
Financials	19.8%

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

(as of June 30, 2025)

Gaming and Leisure Properties, Inc.	1.3%
Textron, Inc.	1.3%
Camden Property Trust	1.3%
WP Carey, Inc.	1.3%
Amdocs Ltd.	1.2%
Flex Ltd.	1.2%
First Industrial Realty Trust, Inc.	1.2%
UGI Corp.	1.1%
Pentair PLC	1.1%
Federal Realty Investment Trust	1.1%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

MMMSX — AR (6/25)

Victory Munder Multi-Cap Fund

Class A

Ticker: MNNAX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Munder Multi-Cap Fund (the "Fund") for the period of July 1, 2024 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 year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$134	1.24%

What affected the Fund’s performance during the last year?

Top contributors to performance:

The Fund generated the strongest relative performance within the technology, communication services, and health care sectors.
Stocks that contributed most positively to the Fund’s relative performance were Interactive Brokers Group, Inc. and Broadcom Inc.

Top detractors from performance:

Stocks that contributed negatively to the Fund’s performance were NVIDIA Corp. (“NVIDIA”) and Novo Nordisk A/S, ADR (“Novo Nordisk”).
The Fund was underweight NVIDIA compared to the Fund’s benchmark during much of the year while we believe investor excitement and demand for its high-end artificial intelligence chips led the stock to continually surpass market expectations.
Novo Nordisk underperformed as the company’s flagship portfolio of GLP-1 drugs such as Wegovy lagged competitors in demand and efficacy for some health conditions.

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

Growth of $10,000 Investment

	Victory Munder Multi-Cap Fund Class A @ NAV - $29,808	Victory Munder Multi-Cap Fund Class A @ MOP - $28,094	Russell 3000^® Index (regulatory broad based index) - $33,822	S&P 500^® Index - $35,936
6/15	$10,000	$9,425	$10,000	$10,000
6/16	$9,599	$9,047	$10,214	$10,399
6/17	$11,269	$10,621	$12,104	$12,260
6/18	$12,775	$12,041	$13,893	$14,023
6/19	$13,141	$12,385	$15,141	$15,483
6/20	$13,342	$12,574	$16,130	$16,645
6/21	$18,683	$17,609	$23,253	$23,436
6/22	$17,055	$16,075	$20,029	$20,948
6/23	$20,777	$19,582	$23,825	$25,053
6/24	$25,562	$24,092	$29,335	$31,204
6/25	$29,808	$28,094	$33,822	$35,936

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class A @ NAV	16.61%^{Footnote Reference}	17.44%^{Footnote Reference}	11.54%
Class A @ MOP	9.91%	16.06%	10.88%
Russell 3000^® Index	15.30%	15.96%	12.96%
S&P 500^® Index	15.16%	16.64%	13.65%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$496,726
Number of Holdings	75
Investment Advisory Fees	$3,580
Portfolio Turnover	88%

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

(as of June 30, 2025)

Value	Value
Real Estate	1.4%
Materials	2.3%
Energy	2.6%
Consumer Staples	2.8%
Industrials	8.0%
Communication Services	11.0%
Consumer Discretionary	12.3%
Health Care	12.9%
Financials	14.2%
Information Technology^{Footnote Reference**}	30.9%

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

(as of June 30, 2025)

Microsoft Corp.	6.6%
NVIDIA Corp.	5.5%
Apple, Inc.	5.1%
Alphabet, Inc., Class A	3.8%
Amazon.com, Inc.	3.6%
Meta Platforms, Inc., Class A	3.3%
Broadcom, Inc.	3.2%
Visa, Inc., Class A	2.3%
Eli Lilly & Co.	2.0%
Jabil, Inc.	1.8%

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

MNNAX — AR (6/25)

Victory Munder Multi-Cap Fund

Class C

Ticker: MNNCX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class C	$233	2.16%

What affected the Fund’s performance during the last year?

Top contributors to performance:

The Fund generated the strongest relative performance within the technology, communication services, and health care sectors.
Stocks that contributed most positively to the Fund’s relative performance were Interactive Brokers Group, Inc. and Broadcom Inc.

Top detractors from performance:

Stocks that contributed negatively to the Fund’s performance were NVIDIA Corp. (“NVIDIA”) and Novo Nordisk A/S, ADR (“Novo Nordisk”).
The Fund was underweight NVIDIA compared to the Fund’s benchmark during much of the year while we believe investor excitement and demand for its high-end artificial intelligence chips led the stock to continually surpass market expectations.
Novo Nordisk underperformed as the company’s flagship portfolio of GLP-1 drugs such as Wegovy lagged competitors in demand and efficacy for some health conditions.

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

Growth of $10,000 Investment

	Victory Munder Multi-Cap Fund Class C @ NAV - $27,937	Victory Munder Multi-Cap Fund Class C @ CDSC - $27,937	Russell 3000^® Index (regulatory broad based index) - $33,822	S&P 500^® Index - $35,936
6/15	$10,000	$10,000	$10,000	$10,000
6/16	$9,518	$9,518	$10,214	$10,399
6/17	$11,084	$11,084	$12,104	$12,260
6/18	$12,468	$12,468	$13,893	$14,023
6/19	$12,744	$12,744	$15,141	$15,483
6/20	$12,832	$12,832	$16,130	$16,645
6/21	$17,820	$17,820	$23,253	$23,436
6/22	$16,123	$16,123	$20,029	$20,948
6/23	$19,473	$19,473	$23,825	$25,053
6/24	$23,958	$23,958	$29,335	$31,204
6/25	$27,937	$27,937	$33,822	$35,936

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class C @ NAV	15.53%^{Footnote Reference}	16.41%^{Footnote Reference}	10.82%
Class C @ CDSC	14.53%	16.41%	10.82%
Russell 3000^® Index	15.30%	15.96%	12.96%
S&P 500^® Index	15.16%	16.64%	13.65%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$496,726
Number of Holdings	75
Investment Advisory Fees	$3,580
Portfolio Turnover	88%

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

(as of June 30, 2025)

Value	Value
Real Estate	1.4%
Materials	2.3%
Energy	2.6%
Consumer Staples	2.8%
Industrials	8.0%
Communication Services	11.0%
Consumer Discretionary	12.3%
Health Care	12.9%
Financials	14.2%
Information Technology^{Footnote Reference**}	30.9%

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

(as of June 30, 2025)

Microsoft Corp.	6.6%
NVIDIA Corp.	5.5%
Apple, Inc.	5.1%
Alphabet, Inc., Class A	3.8%
Amazon.com, Inc.	3.6%
Meta Platforms, Inc., Class A	3.3%
Broadcom, Inc.	3.2%
Visa, Inc., Class A	2.3%
Eli Lilly & Co.	2.0%
Jabil, Inc.	1.8%

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

MNNCX — AR (6/25)

Victory Munder Multi-Cap Fund

Class Y

Ticker: MNNYX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$103	0.95%

What affected the Fund’s performance during the last year?

Top contributors to performance:

The Fund generated the strongest relative performance within the technology, communication services, and health care sectors.
Stocks that contributed most positively to the Fund’s relative performance were Interactive Brokers Group, Inc. and Broadcom Inc.

Top detractors from performance:

Stocks that contributed negatively to the Fund’s performance were NVIDIA Corp. (“NVIDIA”) and Novo Nordisk A/S, ADR (“Novo Nordisk”).
The Fund was underweight NVIDIA compared to the Fund’s benchmark during much of the year while we believe investor excitement and demand for its high-end artificial intelligence chips led the stock to continually surpass market expectations.
Novo Nordisk underperformed as the company’s flagship portfolio of GLP-1 drugs such as Wegovy lagged competitors in demand and efficacy for some health conditions.

The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $1,000,000 Investment

	Victory Munder Multi-Cap Fund Class Y - $3,087,000	Russell 3000^® Index (regulatory broad based index) - $3,382,207	S&P 500^® Index - $3,593,619
6/15	$1,000,000	$1,000,000	$1,000,000
6/16	$963,935	$1,021,383	$1,039,928
6/17	$1,136,048	$1,210,436	$1,226,034
6/18	$1,292,897	$1,389,315	$1,402,264
6/19	$1,334,361	$1,514,111	$1,548,344
6/20	$1,360,051	$1,612,975	$1,664,549
6/21	$1,911,385	$2,325,337	$2,343,588
6/22	$1,750,402	$2,002,914	$2,094,797
6/23	$2,138,980	$2,382,540	$2,505,253
6/24	$2,639,925	$2,933,505	$3,120,445
6/25	$3,087,000	$3,382,207	$3,593,619

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class Y	16.94%^{Footnote Reference}	17.81%^{Footnote Reference}	11.93%
Russell 3000^® Index	15.30%	15.96%	12.96%
S&P 500^® Index	15.16%	16.64%	13.65%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$496,726
Number of Holdings	75
Investment Advisory Fees	$3,580
Portfolio Turnover	88%

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

(as of June 30, 2025)

Value	Value
Real Estate	1.4%
Materials	2.3%
Energy	2.6%
Consumer Staples	2.8%
Industrials	8.0%
Communication Services	11.0%
Consumer Discretionary	12.3%
Health Care	12.9%
Financials	14.2%
Information Technology^{Footnote Reference**}	30.9%

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

(as of June 30, 2025)

Microsoft Corp.	6.6%
NVIDIA Corp.	5.5%
Apple, Inc.	5.1%
Alphabet, Inc., Class A	3.8%
Amazon.com, Inc.	3.6%
Meta Platforms, Inc., Class A	3.3%
Broadcom, Inc.	3.2%
Visa, Inc., Class A	2.3%
Eli Lilly & Co.	2.0%
Jabil, Inc.	1.8%

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

MNNYX — AR (6/25)

Victory S&P 500 Index Fund

Class A

Ticker: MUXAX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory S&P 500 Index Fund (the "Fund") for the period of July 1, 2024 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 year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$57	0.53%

What affected the Fund’s performance during the last year?

During the reporting period, the Fund had positive absolute returns.

Top contributors to performance:

During the reporting period, nine of the 11 sectors delivered positive absolute returns.
The information technology sector was the best performing sector.

Top detractors from performance:

The energy sector lagged all other sectors.

The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 2.25% for Class A. The Net Asset Value ("NAV") figures do not reflect sales charges.

Growth of $10,000 Investment

	Victory S&P 500 Index Fund Class A @ NAV - $34,066	Victory S&P 500 Index Fund Class A @ MOP - $33,303	S&P 500^® Index (regulatory broad based index) - $35,936
6/15	$10,000	$9,776	$10,000
6/16	$10,349	$10,117	$10,399
6/17	$12,124	$11,852	$12,260
6/18	$13,789	$13,480	$14,023
6/19	$15,140	$14,800	$15,483
6/20	$16,193	$15,830	$16,645
6/21	$22,670	$22,162	$23,436
6/22	$20,151	$19,700	$20,948
6/23	$23,955	$23,418	$25,053
6/24	$29,674	$29,008	$31,204
6/25	$34,066	$33,303	$35,936

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class A @ NAV	14.80%	16.04%^{Footnote Reference}	13.04%
Class A @ MOP	12.22%	15.51%	12.78%
S&P 500^® Index	15.16%	16.64%	13.65%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$266,140
Number of Holdings	505
Investment Advisory Fees	$511
Portfolio Turnover	4%

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

(as of June 30, 2025)

Value	Value
Real Estate	2.0%
Utilities	2.4%
Energy	3.0%
Consumer Staples	5.5%
Industrials	8.5%
Health Care	9.3%
Communication Services	9.8%
Consumer Discretionary	10.3%
Financials	13.9%
Information Technology^{Footnote Reference**}	32.9%

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

(as of June 30, 2025)

NVIDIA Corp.	7.3%
Microsoft Corp.	7.0%
Apple, Inc.	5.8%
Amazon.com, Inc.	3.9%
Meta Platforms, Inc., Class A	3.0%
Broadcom, Inc.	2.5%
Alphabet, Inc., Class A	1.9%
Berkshire Hathaway, Inc., Class B	1.7%
Tesla, Inc.	1.7%
Alphabet, Inc., Class C	1.6%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

MUXAX — AR (6/25)

Victory S&P 500 Index Fund

Class R

Ticker: MUXRX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class R	$93	0.87%

What affected the Fund’s performance during the last year?

During the reporting period, the Fund had positive absolute returns.

Top contributors to performance:

During the reporting period, nine of the 11 sectors delivered positive absolute returns.
The information technology sector was the best performing sector.

Top detractors from performance:

The energy sector lagged all other sectors.

The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

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

Growth of $10,000 Investment

	Victory S&P 500 Index Fund Class R - $32,736	S&P 500^® Index (regulatory broad based index) - $35,936
6/15	$10,000	$10,000
6/16	$10,303	$10,399
6/17	$12,012	$12,260
6/18	$13,611	$14,023
6/19	$14,879	$15,483
6/20	$15,856	$16,645
6/21	$22,108	$23,436
6/22	$19,574	$20,948
6/23	$23,175	$25,053
6/24	$28,617	$31,204
6/25	$32,736	$35,936

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class R	14.39%	15.60%^{Footnote Reference}	12.59%
S&P 500^® Index	15.16%	16.64%	13.65%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$266,140
Number of Holdings	505
Investment Advisory Fees	$511
Portfolio Turnover	4%

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

(as of June 30, 2025)

Value	Value
Real Estate	2.0%
Utilities	2.4%
Energy	3.0%
Consumer Staples	5.5%
Industrials	8.5%
Health Care	9.3%
Communication Services	9.8%
Consumer Discretionary	10.3%
Financials	13.9%
Information Technology^{Footnote Reference**}	32.9%

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

(as of June 30, 2025)

NVIDIA Corp.	7.3%
Microsoft Corp.	7.0%
Apple, Inc.	5.8%
Amazon.com, Inc.	3.9%
Meta Platforms, Inc., Class A	3.0%
Broadcom, Inc.	2.5%
Alphabet, Inc., Class A	1.9%
Berkshire Hathaway, Inc., Class B	1.7%
Tesla, Inc.	1.7%
Alphabet, Inc., Class C	1.6%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

MUXRX — AR (6/25)

Victory S&P 500 Index Fund

Class Y

Ticker: MUXYX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$46	0.43%

What affected the Fund’s performance during the last year?

During the reporting period, the Fund had positive absolute returns.

Top contributors to performance:

During the reporting period, nine of the 11 sectors delivered positive absolute returns.
The information technology sector was the best performing sector.

Top detractors from performance:

The energy sector lagged all other sectors.

The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $1,000,000 Investment

	Victory S&P 500 Index Fund Class Y - $3,448,981	S&P 500^® Index (regulatory broad based index) - $3,593,619
6/15	$1,000,000	$1,000,000
6/16	$1,037,419	$1,039,928
6/17	$1,217,250	$1,226,034
6/18	$1,387,174	$1,402,264
6/19	$1,524,859	$1,548,344
6/20	$1,632,738	$1,664,549
6/21	$2,288,427	$2,343,588
6/22	$2,035,404	$2,094,797
6/23	$2,421,662	$2,505,253
6/24	$3,002,016	$3,120,445
6/25	$3,448,981	$3,593,619

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class Y	14.89%	16.13%^{Footnote Reference}	13.18%
S&P 500^® Index	15.16%	16.64%	13.65%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$266,140
Number of Holdings	505
Investment Advisory Fees	$511
Portfolio Turnover	4%

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

(as of June 30, 2025)

Value	Value
Real Estate	2.0%
Utilities	2.4%
Energy	3.0%
Consumer Staples	5.5%
Industrials	8.5%
Health Care	9.3%
Communication Services	9.8%
Consumer Discretionary	10.3%
Financials	13.9%
Information Technology^{Footnote Reference**}	32.9%

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

(as of June 30, 2025)

NVIDIA Corp.	7.3%
Microsoft Corp.	7.0%
Apple, Inc.	5.8%
Amazon.com, Inc.	3.9%
Meta Platforms, Inc., Class A	3.0%
Broadcom, Inc.	2.5%
Alphabet, Inc., Class A	1.9%
Berkshire Hathaway, Inc., Class B	1.7%
Tesla, Inc.	1.7%
Alphabet, Inc., Class C	1.6%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

MUXYX — AR (6/25)

Victory Munder Mid-Cap Core Growth Fund

Class A

Ticker: MGOAX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Munder Mid-Cap Core Growth Fund (the "Fund") for the period of July 1, 2024 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 year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$137	1.28%

What affected the Fund’s performance during the last year?

Top contributors to performance:

The Fund’s best-performing sectors for the year on a relative basis were health care and real estate.
On an individual stock basis, the Fund’s two best active-contributing stocks over the past year were Amphenol Corp., Class A (“Amphenol”) and CBRE Group, Inc., Class A. (“CBRE”). Amphenol provides electrical and fiber-optic connectors for use in a broad range of end markets. The company’s fastest growing end market by far has been IT datacom. This segment continues to benefit from robust connector demand in AI-related data center applications. CBRE, the provider of commercial real estate services, has seen a significant improvement in transaction volumes and leasing activity over the past year, especially in core office markets like New York City.

Top detractors from performance:

The Fund’s worst-performing sectors were energy and industrials.
The Fund’s two worst active-contributing stocks in the last two months were two benchmark names Palantir Technologies, Inc., Class A (“Palantir”) and AppLovin Corp., Class A (“AppLovin”), both of which are in the information technology sector. Palantir provides data analytics software that leverages AI. The company’s offering has gained significant traction in both government and commercial channels. While the Fund has been actively hedging its position over the last year, the Fund has been underweight the position mainly on valuation – Palantir consistently trades at more than 60 times forward revenues. AppLovin provides mobile gaming applications and related advertising platforms. The company’s AI-powered advertising offering has been a significant growth driver. Similar to Palantir, the Fund has been actively hedging its position in AppLovin over the last year, but has been underweight the position due to valuation.

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

Growth of $10,000 Investment

	Victory Munder Mid-Cap Core Growth Fund Class A @ NAV - $21,077	Victory Munder Mid-Cap Core Growth Fund Class A @ MOP - $19,866	S&P 500^® Index (regulatory broad based index) - $35,936	Russell Midcap^® Index - $25,678	Russell Midcap^® Growth Index - $31,408
6/15	$10,000	$9,425	$10,000	$10,000	$10,000
6/16	$9,206	$8,677	$10,399	$10,056	$9,786
6/17	$10,787	$10,167	$12,260	$11,713	$11,454
6/18	$12,090	$11,395	$14,023	$13,157	$13,576
6/19	$12,596	$11,872	$15,483	$14,187	$15,468
6/20	$12,213	$11,511	$16,645	$13,869	$17,311
6/21	$18,016	$16,981	$23,436	$20,776	$24,888
6/22	$14,982	$14,121	$20,948	$17,182	$17,527
6/23	$16,679	$15,721	$25,053	$19,746	$21,582
6/24	$18,602	$17,533	$31,204	$22,289	$24,830
6/25	$21,077	$19,866	$35,936	$25,678	$31,408

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class A @ NAV	13.31%	11.53%	7.74%
Class A @ MOP	6.83%	10.21%	7.11%
S&P 500^® Index	15.16%	16.64%	13.65%
Russell Midcap^® Index	15.21%	13.11%	9.89%
Russell Midcap^® Growth Index	26.49%	12.65%	12.13%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$285,661
Number of Holdings	94
Investment Advisory Fees	$2,240
Portfolio Turnover	89%

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

(as of June 30, 2025)

Value	Value
Utilities	3.2%
Communication Services	3.5%
Consumer Staples	5.1%
Energy	5.1%
Real Estate	6.6%
Health Care	10.0%
Consumer Discretionary	12.2%
Industrials	14.8%
Information Technology	15.9%
Financials	19.3%

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

(as of June 30, 2025)

Royal Caribbean Cruises Ltd.	2.2%
Quanta Services, Inc.	2.2%
Jabil, Inc.	1.9%
CBRE Group, Inc., Class A	1.8%
Interactive Brokers Group, Inc.	1.8%
Verisk Analytics, Inc.	1.7%
Federal Signal Corp.	1.7%
Cencora, Inc.	1.7%
HCA Healthcare, Inc.	1.7%
Cheniere Energy, Inc.	1.7%

*	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

MGOAX — AR (6/25)

Victory Munder Mid-Cap Core Growth Fund

Class C

Ticker: MGOTX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class C	$225	2.12%

What affected the Fund’s performance during the last year?

Top contributors to performance:

The Fund’s best-performing sectors for the year on a relative basis were health care and real estate.
On an individual stock basis, the Fund’s two best active-contributing stocks over the past year were Amphenol Corp., Class A (“Amphenol”) and CBRE Group, Inc., Class A. (“CBRE”). Amphenol provides electrical and fiber-optic connectors for use in a broad range of end markets. The company’s fastest growing end market by far has been IT datacom. This segment continues to benefit from robust connector demand in AI-related data center applications. CBRE, the provider of commercial real estate services, has seen a significant improvement in transaction volumes and leasing activity over the past year, especially in core office markets like New York City.

Top detractors from performance:

The Fund’s worst-performing sectors were energy and industrials.
The Fund’s two worst active-contributing stocks in the last two months were two benchmark names Palantir Technologies, Inc., Class A (“Palantir”) and AppLovin Corp., Class A (“AppLovin”), both of which are in the information technology sector. Palantir provides data analytics software that leverages AI. The company’s offering has gained significant traction in both government and commercial channels. While the Fund has been actively hedging its position over the last year, the Fund has been underweight the position mainly on valuation – Palantir consistently trades at more than 60 times forward revenues. AppLovin provides mobile gaming applications and related advertising platforms. The company’s AI-powered advertising offering has been a significant growth driver. Similar to Palantir, the Fund has been actively hedging its position in AppLovin over the last year, but has been underweight the position due to valuation.

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

Growth of $10,000 Investment

	Victory Munder Mid-Cap Core Growth Fund Class C @ NAV - $19,856	Victory Munder Mid-Cap Core Growth Fund Class C @ CDSC - $19,856	S&P 500^® Index (regulatory broad based index) - $35,936	Russell Midcap^® Index - $25,678	Russell Midcap^® Growth Index - $31,408
6/15	$10,000	$10,000	$10,000	$10,000	$10,000
6/16	$9,142	$9,142	$10,399	$10,056	$9,786
6/17	$10,644	$10,644	$12,260	$11,713	$11,454
6/18	$11,844	$11,844	$14,023	$13,157	$13,576
6/19	$12,259	$12,259	$15,483	$14,187	$15,468
6/20	$11,791	$11,791	$16,645	$13,869	$17,311
6/21	$17,274	$17,274	$23,436	$20,776	$24,888
6/22	$14,246	$14,246	$20,948	$17,182	$17,527
6/23	$15,713	$15,713	$25,053	$19,746	$21,582
6/24	$17,524	$17,524	$31,204	$22,289	$24,830
6/25	$19,856	$19,856	$35,936	$25,678	$31,408

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class C @ NAV	12.15%	10.60%	7.10%
Class C @ CDSC	11.24%	10.60%	7.10%
S&P 500^® Index	15.16%	16.64%	13.65%
Russell Midcap^® Index	15.21%	13.11%	9.89%
Russell Midcap^® Growth Index	26.49%	12.65%	12.13%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$285,661
Number of Holdings	94
Investment Advisory Fees	$2,240
Portfolio Turnover	89%

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

(as of June 30, 2025)

Value	Value
Utilities	3.2%
Communication Services	3.5%
Consumer Staples	5.1%
Energy	5.1%
Real Estate	6.6%
Health Care	10.0%
Consumer Discretionary	12.2%
Industrials	14.8%
Information Technology	15.9%
Financials	19.3%

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

(as of June 30, 2025)

Royal Caribbean Cruises Ltd.	2.2%
Quanta Services, Inc.	2.2%
Jabil, Inc.	1.9%
CBRE Group, Inc., Class A	1.8%
Interactive Brokers Group, Inc.	1.8%
Verisk Analytics, Inc.	1.7%
Federal Signal Corp.	1.7%
Cencora, Inc.	1.7%
HCA Healthcare, Inc.	1.7%
Cheniere Energy, Inc.	1.7%

*	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

MGOTX — AR (6/25)

Victory Munder Mid-Cap Core Growth Fund

Class R6

Ticker: MGOSX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class R6	$94	0.88%

What affected the Fund’s performance during the last year?

Top contributors to performance:

The Fund’s best-performing sectors for the year on a relative basis were health care and real estate.
On an individual stock basis, the Fund’s two best active-contributing stocks over the past year were Amphenol Corp., Class A (“Amphenol”) and CBRE Group, Inc., Class A. (“CBRE”). Amphenol provides electrical and fiber-optic connectors for use in a broad range of end markets. The company’s fastest growing end market by far has been IT datacom. This segment continues to benefit from robust connector demand in AI-related data center applications. CBRE, the provider of commercial real estate services, has seen a significant improvement in transaction volumes and leasing activity over the past year, especially in core office markets like New York City.

Top detractors from performance:

The Fund’s worst-performing sectors were energy and industrials.
The Fund’s two worst active-contributing stocks in the last two months were two benchmark names Palantir Technologies, Inc., Class A (“Palantir”) and AppLovin Corp., Class A (“AppLovin”), both of which are in the information technology sector. Palantir provides data analytics software that leverages AI. The company’s offering has gained significant traction in both government and commercial channels. While the Fund has been actively hedging its position over the last year, the Fund has been underweight the position mainly on valuation – Palantir consistently trades at more than 60 times forward revenues. AppLovin provides mobile gaming applications and related advertising platforms. The company’s AI-powered advertising offering has been a significant growth driver. Similar to Palantir, the Fund has been actively hedging its position in AppLovin over the last year, but has been underweight the position due to valuation.

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

Growth of $10,000 Investment

	Victory Munder Mid-Cap Core Growth Fund Class R6 - $21,955	S&P 500^® Index (regulatory broad based index) - $35,936	Russell Midcap^® Index - $25,678	Russell Midcap^® Growth Index - $31,408
6/15	$10,000	$10,000	$10,000	$10,000
6/16	$9,246	$10,399	$10,056	$9,786
6/17	$10,885	$12,260	$11,713	$11,454
6/18	$12,253	$14,023	$13,157	$13,576
6/19	$12,812	$15,483	$14,187	$15,468
6/20	$12,479	$16,645	$13,869	$17,311
6/21	$18,494	$23,436	$20,776	$24,888
6/22	$15,436	$20,948	$17,182	$17,527
6/23	$17,250	$25,053	$19,746	$21,582
6/24	$19,316	$31,204	$22,289	$24,830
6/25	$21,955	$35,936	$25,678	$31,408

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class R6	13.66%	11.96%	8.18%
S&P 500^® Index	15.16%	16.64%	13.65%
Russell Midcap^® Index	15.21%	13.11%	9.89%
Russell Midcap^® Growth Index	26.49%	12.65%	12.13%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$285,661
Number of Holdings	94
Investment Advisory Fees	$2,240
Portfolio Turnover	89%

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

(as of June 30, 2025)

Value	Value
Utilities	3.2%
Communication Services	3.5%
Consumer Staples	5.1%
Energy	5.1%
Real Estate	6.6%
Health Care	10.0%
Consumer Discretionary	12.2%
Industrials	14.8%
Information Technology	15.9%
Financials	19.3%

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

(as of June 30, 2025)

Royal Caribbean Cruises Ltd.	2.2%
Quanta Services, Inc.	2.2%
Jabil, Inc.	1.9%
CBRE Group, Inc., Class A	1.8%
Interactive Brokers Group, Inc.	1.8%
Verisk Analytics, Inc.	1.7%
Federal Signal Corp.	1.7%
Cencora, Inc.	1.7%
HCA Healthcare, Inc.	1.7%
Cheniere Energy, Inc.	1.7%

*	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

MGOSX — AR (6/25)

Victory Munder Mid-Cap Core Growth Fund

Class Y

Ticker: MGOYX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$107	1.00%

What affected the Fund’s performance during the last year?

Top contributors to performance:

The Fund’s best-performing sectors for the year on a relative basis were health care and real estate.
On an individual stock basis, the Fund’s two best active-contributing stocks over the past year were Amphenol Corp., Class A (“Amphenol”) and CBRE Group, Inc., Class A. (“CBRE”). Amphenol provides electrical and fiber-optic connectors for use in a broad range of end markets. The company’s fastest growing end market by far has been IT datacom. This segment continues to benefit from robust connector demand in AI-related data center applications. CBRE, the provider of commercial real estate services, has seen a significant improvement in transaction volumes and leasing activity over the past year, especially in core office markets like New York City.

Top detractors from performance:

The Fund’s worst-performing sectors were energy and industrials.
The Fund’s two worst active-contributing stocks in the last two months were two benchmark names Palantir Technologies, Inc., Class A (“Palantir”) and AppLovin Corp., Class A (“AppLovin”), both of which are in the information technology sector. Palantir provides data analytics software that leverages AI. The company’s offering has gained significant traction in both government and commercial channels. While the Fund has been actively hedging its position over the last year, the Fund has been underweight the position mainly on valuation – Palantir consistently trades at more than 60 times forward revenues. AppLovin provides mobile gaming applications and related advertising platforms. The company’s AI-powered advertising offering has been a significant growth driver. Similar to Palantir, the Fund has been actively hedging its position in AppLovin over the last year, but has been underweight the position due to valuation.

The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $1,000,000 Investment

	Victory Munder Mid-Cap Core Growth Fund Class Y - $2,166,651	S&P 500^® Index (regulatory broad based index) - $3,593,619	Russell Midcap^® Index - $2,567,804	Russell Midcap^® Growth Index - $3,140,761
6/15	$1,000,000	$1,000,000	$1,000,000	$1,000,000
6/16	$922,946	$1,039,928	$1,005,579	$978,598
6/17	$1,084,344	$1,226,034	$1,171,337	$1,145,417
6/18	$1,218,642	$1,402,264	$1,315,714	$1,357,568
6/19	$1,273,052	$1,548,344	$1,418,672	$1,546,808
6/20	$1,237,862	$1,664,549	$1,386,895	$1,731,051
6/21	$1,832,007	$2,343,588	$2,077,551	$2,488,756
6/22	$1,527,211	$2,094,797	$1,718,214	$1,752,722
6/23	$1,705,009	$2,505,253	$1,974,648	$2,158,159
6/24	$1,908,172	$3,120,445	$2,228,892	$2,483,009
6/25	$2,166,651	$3,593,619	$2,567,804	$3,140,761

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class Y	13.55%	11.85%	8.04%
S&P 500^® Index	15.16%	16.64%	13.65%
Russell Midcap^® Index	15.21%	13.11%	9.89%
Russell Midcap^® Growth Index	26.49%	12.65%	12.13%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$285,661
Number of Holdings	94
Investment Advisory Fees	$2,240
Portfolio Turnover	89%

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

(as of June 30, 2025)

Value	Value
Utilities	3.2%
Communication Services	3.5%
Consumer Staples	5.1%
Energy	5.1%
Real Estate	6.6%
Health Care	10.0%
Consumer Discretionary	12.2%
Industrials	14.8%
Information Technology	15.9%
Financials	19.3%

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

(as of June 30, 2025)

Royal Caribbean Cruises Ltd.	2.2%
Quanta Services, Inc.	2.2%
Jabil, Inc.	1.9%
CBRE Group, Inc., Class A	1.8%
Interactive Brokers Group, Inc.	1.8%
Verisk Analytics, Inc.	1.7%
Federal Signal Corp.	1.7%
Cencora, Inc.	1.7%
HCA Healthcare, Inc.	1.7%
Cheniere Energy, Inc.	1.7%

*	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

MGOYX — AR (6/25)

Victory Trivalent International Fund - Core Equity

Class A

Ticker: MAICX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Trivalent International Fund - Core Equity (the "Fund") for the period of July 1, 2024 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 year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$105	0.95%

What affected the Fund’s performance during the last year?

International returns were supported by a decline in the U.S. dollar alongside weaker U.S. confidence and widespread tariff announcements. All six regions posted gains during the period. Ten of 11 sectors were up with industrials as the highest-performing sector. The health care sector trailed the broader MSCI ACWI ex USA Index (the “Index”).

Top contributors to performance:

Security selection was positive and yielded relative outperformances for the Fund.
Four out of six regions outperformed the Index, and excess returns were generated in eight out of 11 sectors.
The industrials sector exhibited outperformance relative to the Index.
From a style perspective, exposure to value had the biggest impact on relative outperformance, with a moderate contribution from exposure to business momentum.

Top detractors from performance:

Security selection was weakest in the consumer discretionary and health care sectors.
Stylistically, exposure to quality was a minor headwind to relative performance.

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

Growth of $10,000 Investment

	Victory Trivalent International Fund - Core Equity Class A @ NAV - $18,116	Victory Trivalent International Fund - Core Equity Class A @ MOP - $17,069	MSCI ACWI ex USA Index (regulatory broad based index) - $18,115
6/15	$10,000	$9,422	$10,000
6/16	$8,957	$8,439	$8,975
6/17	$10,654	$10,038	$10,811
6/18	$11,479	$10,816	$11,598
6/19	$11,301	$10,648	$11,747
6/20	$10,752	$10,131	$11,183
6/21	$14,009	$13,199	$15,178
6/22	$11,301	$10,647	$12,230
6/23	$13,005	$12,254	$13,785
6/24	$15,069	$14,198	$15,388
6/25	$18,116	$17,069	$18,115

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class A @ NAV	20.22%^{Footnote Reference}	11.00%	6.12%
Class A @ MOP	13.31%	9.68%	5.49%
MSCI ACWI ex USA Index	17.72%	10.13%	6.12%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$238,689
Number of Holdings	202
Investment Advisory Fees	$1,802
Portfolio Turnover	44%

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

(as of June 30, 2025)

Value	Value
Utilities	3.6%
Energy	4.7%
Communication Services	5.8%
Materials	5.9%
Consumer Staples	6.6%
Health Care	7.8%
Consumer Discretionary	9.4%
Information Technology	12.8%
Industrials	14.4%
Financials	23.7%

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

(as of June 30, 2025)

Taiwan Semiconductor Manufacturing Co. Ltd.	3.0%
Novartis AG, Registered Shares	1.6%
Siemens AG, Registered Shares	1.5%
Tencent Holdings Ltd.	1.4%
Alibaba Group Holding Ltd., Class W	1.1%
Banco Santander SA	1.1%
Deutsche Telekom AG	1.1%
NEC Corp.	1.1%
Schneider Electric SE	1.0%
Standard Chartered PLC	1.0%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

MAICX — AR (6/25)

Victory Trivalent International Fund - Core Equity

Class I

Ticker: MICIX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class I	$66	0.60%

What affected the Fund’s performance during the last year?

Top contributors to performance:

Security selection was positive and yielded relative outperformances for the Fund.
Four out of six regions outperformed the Index, and excess returns were generated in eight out of 11 sectors.
The industrials sector exhibited outperformance relative to the Index.
From a style perspective, exposure to value had the biggest impact on relative outperformance, with a moderate contribution from exposure to business momentum.

Top detractors from performance:

Security selection was weakest in the consumer discretionary and health care sectors.
Stylistically, exposure to quality was a minor headwind to relative performance.

The graph reflects investment growth of a hypothetical investment of $2,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $2,000,000 Investment

	Victory Trivalent International Fund - Core Equity Class I - $3,762,101	MSCI ACWI ex USA Index (regulatory broad based index) - $3,622,969
6/15	$2,000,000	$2,000,000
6/16	$1,801,647	$1,795,085
6/17	$2,149,369	$2,162,187
6/18	$2,322,857	$2,319,559
6/19	$2,298,562	$2,349,448
6/20	$2,195,079	$2,236,610
6/21	$2,867,851	$3,035,507
6/22	$2,321,974	$2,446,038
6/23	$2,679,601	$2,757,071
6/24	$3,115,603	$3,077,533
6/25	$3,762,101	$3,622,969

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class I	20.75%^{Footnote Reference}	11.38%	6.52%
MSCI ACWI ex USA Index	17.72%	10.13%	6.12%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$238,689
Number of Holdings	202
Investment Advisory Fees	$1,802
Portfolio Turnover	44%

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

(as of June 30, 2025)

Value	Value
Utilities	3.6%
Energy	4.7%
Communication Services	5.8%
Materials	5.9%
Consumer Staples	6.6%
Health Care	7.8%
Consumer Discretionary	9.4%
Information Technology	12.8%
Industrials	14.4%
Financials	23.7%

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

(as of June 30, 2025)

Taiwan Semiconductor Manufacturing Co. Ltd.	3.0%
Novartis AG, Registered Shares	1.6%
Siemens AG, Registered Shares	1.5%
Tencent Holdings Ltd.	1.4%
Alibaba Group Holding Ltd., Class W	1.1%
Banco Santander SA	1.1%
Deutsche Telekom AG	1.1%
NEC Corp.	1.1%
Schneider Electric SE	1.0%
Standard Chartered PLC	1.0%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

MICIX — AR (6/25)

Victory Trivalent International Fund - Core Equity

Class R6

Ticker: MAIRX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class R6	$61	0.55%

What affected the Fund’s performance during the last year?

Top contributors to performance:

Security selection was positive and yielded relative outperformances for the Fund.
Four out of six regions outperformed the Index, and excess returns were generated in eight out of 11 sectors.
The industrials sector exhibited outperformance relative to the Index.
From a style perspective, exposure to value had the biggest impact on relative outperformance, with a moderate contribution from exposure to business momentum.

Top detractors from performance:

Security selection was weakest in the consumer discretionary and health care sectors.
Stylistically, exposure to quality was a minor headwind to relative performance.

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

Growth of $10,000 Investment

	Victory Trivalent International Fund - Core Equity Class R6 - $18,890	MSCI ACWI ex USA Index (regulatory broad based index) - $18,115
6/15	$10,000	$10,000
6/16	$9,014	$8,975
6/17	$10,761	$10,811
6/18	$11,637	$11,598
6/19	$11,507	$11,747
6/20	$11,008	$11,183
6/21	$14,373	$15,178
6/22	$11,653	$12,230
6/23	$13,459	$13,785
6/24	$15,641	$15,388
6/25	$18,890	$18,115

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class R6	20.77%^{Footnote Reference}	11.41%	6.57%
MSCI ACWI ex USA Index	17.72%	10.13%	6.12%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$238,689
Number of Holdings	202
Investment Advisory Fees	$1,802
Portfolio Turnover	44%

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

(as of June 30, 2025)

Value	Value
Utilities	3.6%
Energy	4.7%
Communication Services	5.8%
Materials	5.9%
Consumer Staples	6.6%
Health Care	7.8%
Consumer Discretionary	9.4%
Information Technology	12.8%
Industrials	14.4%
Financials	23.7%

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

(as of June 30, 2025)

Taiwan Semiconductor Manufacturing Co. Ltd.	3.0%
Novartis AG, Registered Shares	1.6%
Siemens AG, Registered Shares	1.5%
Tencent Holdings Ltd.	1.4%
Alibaba Group Holding Ltd., Class W	1.1%
Banco Santander SA	1.1%
Deutsche Telekom AG	1.1%
NEC Corp.	1.1%
Schneider Electric SE	1.0%
Standard Chartered PLC	1.0%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

MAIRX — AR (6/25)

Victory Trivalent International Fund - Core Equity

Class Y

Ticker: MICYX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$77	0.70%

What affected the Fund’s performance during the last year?

Top contributors to performance:

Security selection was positive and yielded relative outperformances for the Fund.
Four out of six regions outperformed the Index, and excess returns were generated in eight out of 11 sectors.
The industrials sector exhibited outperformance relative to the Index.
From a style perspective, exposure to value had the biggest impact on relative outperformance, with a moderate contribution from exposure to business momentum.

Top detractors from performance:

Security selection was weakest in the consumer discretionary and health care sectors.
Stylistically, exposure to quality was a minor headwind to relative performance.

The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $1,000,000 Investment

	Victory Trivalent International Fund - Core Equity Class Y - $1,858,162	MSCI ACWI ex USA Index (regulatory broad based index) - $1,811,484
6/15	$1,000,000	$1,000,000
6/16	$898,121	$897,543
6/17	$1,071,294	$1,081,093
6/18	$1,157,077	$1,159,779
6/19	$1,141,621	$1,174,724
6/20	$1,089,123	$1,118,305
6/21	$1,422,646	$1,517,753
6/22	$1,151,805	$1,223,019
6/23	$1,327,150	$1,378,536
6/24	$1,541,608	$1,538,766
6/25	$1,858,162	$1,811,484

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class Y	20.53%^{Footnote Reference}	11.28%	6.39%
MSCI ACWI ex USA Index	17.72%	10.13%	6.12%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$238,689
Number of Holdings	202
Investment Advisory Fees	$1,802
Portfolio Turnover	44%

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

(as of June 30, 2025)

Value	Value
Utilities	3.6%
Energy	4.7%
Communication Services	5.8%
Materials	5.9%
Consumer Staples	6.6%
Health Care	7.8%
Consumer Discretionary	9.4%
Information Technology	12.8%
Industrials	14.4%
Financials	23.7%

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

(as of June 30, 2025)

Taiwan Semiconductor Manufacturing Co. Ltd.	3.0%
Novartis AG, Registered Shares	1.6%
Siemens AG, Registered Shares	1.5%
Tencent Holdings Ltd.	1.4%
Alibaba Group Holding Ltd., Class W	1.1%
Banco Santander SA	1.1%
Deutsche Telekom AG	1.1%
NEC Corp.	1.1%
Schneider Electric SE	1.0%
Standard Chartered PLC	1.0%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

MICYX — AR (6/25)

Victory Trivalent International Small-Cap Fund

Class A

Ticker: MISAX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Trivalent International Small-Cap Fund (the "Fund") for the period of July 1, 2024 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 year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$153	1.35%

What affected the Fund’s performance during the last year?

International returns were supported by a decline in the U.S. dollar alongside weaker U.S. confidence and widespread tariff announcements. All five regions were up during the period and all 11 economic sectors posted gains in the S&P^® Developed Ex-U.S. SmallCap Index (the “Index”). Financials were the strongest performing sector while energy stocks detracted from performance relative to the broader Index.

Top contributors to performance:

Overall security selection was strongest and accounted for the Fund’s relative outperformance of the Index.
Excess returns were generated in four of the five regions and eight of 11 sectors.
Outperformance was generated within the industrials, information technology, and healthcare sectors.
From a style perspective, the Fund’s overall exposure to value, business momentum and quality factors all contributed positively to its relative performance.

Top detractors from performance:

Performance was weakest in the UK region and consumer staples sector.
At the sector level, relative underperformance was centered in consumer staples and utilities.

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

Growth of $10,000 Investment

	Victory Trivalent International Small-Cap Fund Class A @ NAV - $19,592	Victory Trivalent International Small-Cap Fund Class A @ MOP - $18,470	MSCI All Country World Index (regulatory broad based index) - $25,923	S&P Developed Ex-U.S. SmallCap Index - $17,744
6/15	$10,000	$9,428	$10,000	$10,000
6/16	$9,187	$8,661	$9,627	$9,581
6/17	$11,211	$10,569	$11,435	$11,626
6/18	$12,796	$12,064	$12,662	$12,904
6/19	$11,885	$11,205	$13,389	$12,110
6/20	$11,903	$11,222	$13,672	$11,608
6/21	$16,737	$15,779	$19,040	$16,672
6/22	$12,515	$11,799	$16,041	$12,460
6/23	$14,155	$13,345	$18,693	$13,768
6/24	$15,488	$14,602	$22,315	$14,813
6/25	$19,592	$18,470	$25,923	$17,744

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class A @ NAV	26.56%^{Footnote Reference}	10.48%	6.96%
Class A @ MOP	19.20%	9.18%	6.33%
MSCI All Country World Index	16.17%	13.65%	9.99%
S&P Developed Ex-U.S. SmallCap Index	19.79%	8.86%	5.90%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$3,803,556
Number of Holdings	224
Investment Advisory Fees	$32,102
Portfolio Turnover	49%

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

(as of June 30, 2025)

Value	Value
Energy	3.4%
Communication Services	4.0%
Consumer Staples	4.0%
Health Care	7.5%
Real Estate	7.9%
Materials	9.4%
Information Technology	11.0%
Consumer Discretionary	12.3%
Financials	13.0%
Industrials	23.5%

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

(as of June 30, 2025)

Celestica, Inc.	1.7%
Swissquote Group Holding SA, Registered Shares	1.2%
Bankinter SA	1.0%
Dundee Precious Metals, Inc.	1.0%
Sanwa Holdings Corp.	1.0%
Coca-Cola HBC AG, Class DI	0.9%
Indra Sistemas SA	0.8%
SPIE SA	0.8%
Buzzi SpA	0.8%
Euronext NV	0.8%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

MISAX — AR (6/25)

Victory Trivalent International Small-Cap Fund

Class C

Ticker: MCISX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class C	$237	2.10%

What affected the Fund’s performance during the last year?

Top contributors to performance:

Overall security selection was strongest and accounted for the Fund’s relative outperformance of the Index.
Excess returns were generated in four of the five regions and eight of 11 sectors.
Outperformance was generated within the industrials, information technology, and healthcare sectors.
From a style perspective, the Fund’s overall exposure to value, business momentum and quality factors all contributed positively to its relative performance.

Top detractors from performance:

Performance was weakest in the UK region and consumer staples sector.
At the sector level, relative underperformance was centered in consumer staples and utilities.

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

Growth of $10,000 Investment

	Victory Trivalent International Small-Cap Fund Class C @ NAV - $18,442	Victory Trivalent International Small-Cap Fund Class C @ CDSC - $18,442	MSCI All Country World Index (regulatory broad based index) - $25,923	S&P Developed Ex-U.S. SmallCap Index - $17,744
6/15	$10,000	$10,000	$10,000	$10,000
6/16	$9,113	$9,113	$9,627	$9,581
6/17	$11,040	$11,040	$11,435	$11,626
6/18	$12,505	$12,505	$12,662	$12,904
6/19	$11,533	$11,533	$13,389	$12,110
6/20	$11,458	$11,458	$13,672	$11,608
6/21	$15,991	$15,991	$19,040	$16,672
6/22	$11,859	$11,859	$16,041	$12,460
6/23	$13,325	$13,325	$18,693	$13,768
6/24	$14,579	$14,579	$22,315	$14,813
6/25	$18,442	$18,442	$25,923	$17,744

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class C @ NAV	25.63%^{Footnote Reference}	9.64%	6.31%
Class C @ CDSC	24.56%	9.64%	6.31%
MSCI All Country World Index	16.17%	13.65%	9.99%
S&P Developed Ex-U.S. SmallCap Index	19.79%	8.86%	5.90%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$3,803,556
Number of Holdings	224
Investment Advisory Fees	$32,102
Portfolio Turnover	49%

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

(as of June 30, 2025)

Value	Value
Energy	3.4%
Communication Services	4.0%
Consumer Staples	4.0%
Health Care	7.5%
Real Estate	7.9%
Materials	9.4%
Information Technology	11.0%
Consumer Discretionary	12.3%
Financials	13.0%
Industrials	23.5%

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

(as of June 30, 2025)

Celestica, Inc.	1.7%
Swissquote Group Holding SA, Registered Shares	1.2%
Bankinter SA	1.0%
Dundee Precious Metals, Inc.	1.0%
Sanwa Holdings Corp.	1.0%
Coca-Cola HBC AG, Class DI	0.9%
Indra Sistemas SA	0.8%
SPIE SA	0.8%
Buzzi SpA	0.8%
Euronext NV	0.8%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

MCISX — AR (6/25)

Victory Trivalent International Small-Cap Fund

Class I

Ticker: MISIX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class I	$109	0.96%

What affected the Fund’s performance during the last year?

Top contributors to performance:

Overall security selection was strongest and accounted for the Fund’s relative outperformance of the Index.
Excess returns were generated in four of the five regions and eight of 11 sectors.
Outperformance was generated within the industrials, information technology, and healthcare sectors.
From a style perspective, the Fund’s overall exposure to value, business momentum and quality factors all contributed positively to its relative performance.

Top detractors from performance:

Performance was weakest in the UK region and consumer staples sector.
At the sector level, relative underperformance was centered in consumer staples and utilities.

The graph reflects investment growth of a hypothetical investment of $2,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $2,000,000 Investment

	Victory Trivalent International Small-Cap Fund Class I - $4,077,835	MSCI All Country World Index (regulatory broad based index) - $5,184,523	S&P Developed Ex-U.S. SmallCap Index - $3,548,838
6/15	$2,000,000	$2,000,000	$2,000,000
6/16	$1,845,183	$1,925,406	$1,916,122
6/17	$2,259,497	$2,287,013	$2,325,264
6/18	$2,589,494	$2,532,390	$2,580,855
6/19	$2,416,167	$2,677,859	$2,421,991
6/20	$2,429,152	$2,734,373	$2,321,685
6/21	$3,429,018	$3,808,038	$3,334,400
6/22	$2,573,301	$3,208,286	$2,491,989
6/23	$2,923,810	$3,738,609	$2,753,545
6/24	$3,210,415	$4,462,961	$2,962,507
6/25	$4,077,835	$5,184,523	$3,548,838

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class I	27.02%^{Footnote Reference}	10.92%	7.38%
MSCI All Country World Index	16.17%	13.65%	9.99%
S&P Developed Ex-U.S. SmallCap Index	19.79%	8.86%	5.90%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$3,803,556
Number of Holdings	224
Investment Advisory Fees	$32,102
Portfolio Turnover	49%

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

(as of June 30, 2025)

Value	Value
Energy	3.4%
Communication Services	4.0%
Consumer Staples	4.0%
Health Care	7.5%
Real Estate	7.9%
Materials	9.4%
Information Technology	11.0%
Consumer Discretionary	12.3%
Financials	13.0%
Industrials	23.5%

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

(as of June 30, 2025)

Celestica, Inc.	1.7%
Swissquote Group Holding SA, Registered Shares	1.2%
Bankinter SA	1.0%
Dundee Precious Metals, Inc.	1.0%
Sanwa Holdings Corp.	1.0%
Coca-Cola HBC AG, Class DI	0.9%
Indra Sistemas SA	0.8%
SPIE SA	0.8%
Buzzi SpA	0.8%
Euronext NV	0.8%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

MISIX — AR (6/25)

Victory Trivalent International Small-Cap Fund

Class R6

Ticker: MSSIX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class R6	$116	1.02%

What affected the Fund’s performance during the last year?

Top contributors to performance:

Overall security selection was strongest and accounted for the Fund’s relative outperformance of the Index.
Excess returns were generated in four of the five regions and eight of 11 sectors.
Outperformance was generated within the industrials, information technology, and healthcare sectors.
From a style perspective, the Fund’s overall exposure to value, business momentum and quality factors all contributed positively to its relative performance.

Top detractors from performance:

Performance was weakest in the UK region and consumer staples sector.
At the sector level, relative underperformance was centered in consumer staples and utilities.

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

Growth of $10,000 Investment

	Victory Trivalent International Small-Cap Fund Class R6 - $20,169	MSCI All Country World Index (regulatory broad based index) - $25,923	S&P Developed Ex-U.S. SmallCap Index - $17,744
6/15	$10,000	$10,000	$10,000
6/16	$9,210	$9,627	$9,581
6/17	$11,262	$11,435	$11,626
6/18	$12,894	$12,662	$12,904
6/19	$12,010	$13,389	$12,110
6/20	$12,053	$13,672	$11,608
6/21	$17,011	$19,040	$16,672
6/22	$12,749	$16,041	$12,460
6/23	$14,476	$18,693	$13,768
6/24	$15,889	$22,315	$14,813
6/25	$20,169	$25,923	$17,744

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class R6	26.94%^{Footnote Reference}	10.85%	7.27%
MSCI All Country World Index	16.17%	13.65%	9.99%
S&P Developed Ex-U.S. SmallCap Index	19.79%	8.86%	5.90%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$3,803,556
Number of Holdings	224
Investment Advisory Fees	$32,102
Portfolio Turnover	49%

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

(as of June 30, 2025)

Value	Value
Energy	3.4%
Communication Services	4.0%
Consumer Staples	4.0%
Health Care	7.5%
Real Estate	7.9%
Materials	9.4%
Information Technology	11.0%
Consumer Discretionary	12.3%
Financials	13.0%
Industrials	23.5%

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

(as of June 30, 2025)

Celestica, Inc.	1.7%
Swissquote Group Holding SA, Registered Shares	1.2%
Bankinter SA	1.0%
Dundee Precious Metals, Inc.	1.0%
Sanwa Holdings Corp.	1.0%
Coca-Cola HBC AG, Class DI	0.9%
Indra Sistemas SA	0.8%
SPIE SA	0.8%
Buzzi SpA	0.8%
Euronext NV	0.8%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

MSSIX — AR (6/25)

Victory Trivalent International Small-Cap Fund

Class Y

Ticker: MYSIX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$125	1.10%

What affected the Fund’s performance during the last year?

Top contributors to performance:

Overall security selection was strongest and accounted for the Fund’s relative outperformance of the Index.
Excess returns were generated in four of the five regions and eight of 11 sectors.
Outperformance was generated within the industrials, information technology, and healthcare sectors.
From a style perspective, the Fund’s overall exposure to value, business momentum and quality factors all contributed positively to its relative performance.

Top detractors from performance:

Performance was weakest in the UK region and consumer staples sector.
At the sector level, relative underperformance was centered in consumer staples and utilities.

The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $1,000,000 Investment

	Victory Trivalent International Small-Cap Fund Class Y - $2,008,738	MSCI All Country World Index (regulatory broad based index) - $2,592,262	S&P Developed Ex-U.S. SmallCap Index - $1,774,419
6/15	$1,000,000	$1,000,000	$1,000,000
6/16	$921,255	$962,703	$958,061
6/17	$1,126,450	$1,143,507	$1,162,632
6/18	$1,289,209	$1,266,195	$1,290,428
6/19	$1,200,549	$1,338,930	$1,210,996
6/20	$1,205,463	$1,367,187	$1,160,843
6/21	$1,699,263	$1,904,019	$1,667,200
6/22	$1,273,286	$1,604,143	$1,245,995
6/23	$1,444,322	$1,869,305	$1,376,772
6/24	$1,583,522	$2,231,481	$1,481,254
6/25	$2,008,738	$2,592,262	$1,774,419

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class Y	26.85%^{Footnote Reference}	10.75%	7.22%
MSCI All Country World Index	16.17%	13.65%	9.99%
S&P Developed Ex-U.S. SmallCap Index	19.79%	8.86%	5.90%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$3,803,556
Number of Holdings	224
Investment Advisory Fees	$32,102
Portfolio Turnover	49%

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

(as of June 30, 2025)

Value	Value
Energy	3.4%
Communication Services	4.0%
Consumer Staples	4.0%
Health Care	7.5%
Real Estate	7.9%
Materials	9.4%
Information Technology	11.0%
Consumer Discretionary	12.3%
Financials	13.0%
Industrials	23.5%

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

(as of June 30, 2025)

Celestica, Inc.	1.7%
Swissquote Group Holding SA, Registered Shares	1.2%
Bankinter SA	1.0%
Dundee Precious Metals, Inc.	1.0%
Sanwa Holdings Corp.	1.0%
Coca-Cola HBC AG, Class DI	0.9%
Indra Sistemas SA	0.8%
SPIE SA	0.8%
Buzzi SpA	0.8%
Euronext NV	0.8%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

MYSIX — AR (6/25)

Victory Core Bond Fund

Class A

Ticker: MUCAX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Core Bond Fund (the "Fund") for the period of July 1, 2024 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 year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$87	0.85%

What affected the Fund’s performance during the last year?

Top contributors to performance:

Banking, utilities, transportation, and food & beverage were sub-sectors that contributed to relative performance.
The Fund’s overweight allocation to, and security selection in, commercial mortgage-backed securities contributed to relative performance.
The Fund’s overweight allocation to, and security selection in, BBB-rated securities were the largest credit rating factors that benefited performance.

Top detractors from performance:

The Fund’s underweight allocation to agency mortgage-backed securities was the largest detractor from relative performance during the year.
Cable & satellite and media & entertainment were sectors that detracted from performance.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 2.25% for Class A. The Net Asset Value ("NAV") figures do not reflect sales charges.

Growth of $10,000 Investment

	Victory Core Bond Fund Class A @ NAV - $11,459	Victory Core Bond Fund Class A @ MOP - $11,196	Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,904
6/15	$10,000	$9,770	$10,000
6/16	$10,334	$10,097	$10,600
6/17	$10,435	$10,195	$10,567
6/18	$10,384	$10,146	$10,525
6/19	$10,983	$10,731	$11,353
6/20	$11,815	$11,544	$12,345
6/21	$12,012	$11,737	$12,304
6/22	$10,754	$10,507	$11,038
6/23	$10,611	$10,367	$10,934
6/24	$10,850	$10,601	$11,222
6/25	$11,459	$11,196	$11,904

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class A @ NAV	5.62%	-0.61%	1.37%
Class A @ MOP	3.21%	-1.06%	1.14%
Bloomberg U.S. Aggregate Bond Index	6.08%	-0.73%	1.76%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$36,237
Number of Holdings	318
Investment Advisory Fees	$179
Portfolio Turnover	36%

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

(as of June 30, 2025)

Value	Value
U.S. Treasury Obligations	39.3%
Corporate Bonds	25.9%
U.S. Government Agency Mortgages	14.4%
Asset-Backed Securities	8.8%
Collateralized Mortgage Obligations	6.1%
Yankee Dollars	4.2%
Other^{Footnote Reference**}	0.3%

*	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

MUCAX — AR (6/25)

Victory Core Bond Fund

Class C

Ticker: MUCCX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class C	$164	1.60%

What affected the Fund’s performance during the last year?

Top contributors to performance:

Banking, utilities, transportation, and food & beverage were sub-sectors that contributed to relative performance.
The Fund’s overweight allocation to, and security selection in, commercial mortgage-backed securities contributed to relative performance.
The Fund’s overweight allocation to, and security selection in, BBB-rated securities were the largest credit rating factors that benefited performance.

Top detractors from performance:

The Fund’s underweight allocation to agency mortgage-backed securities was the largest detractor from relative performance during the year.
Cable & satellite and media & entertainment were sectors that detracted from performance.

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

Growth of $10,000 Investment

	Victory Core Bond Fund Class C @ NAV - $10,793	Victory Core Bond Fund Class C @ CDSC - $10,793	Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,904
6/15	$10,000	$10,000	$10,000
6/16	$10,256	$10,256	$10,600
6/17	$10,269	$10,269	$10,567
6/18	$10,154	$10,154	$10,525
6/19	$10,666	$10,666	$11,353
6/20	$11,387	$11,387	$12,345
6/21	$11,491	$11,491	$12,304
6/22	$10,201	$10,201	$11,038
6/23	$9,994	$9,994	$10,934
6/24	$10,219	$10,219	$11,222
6/25	$10,793	$10,793	$11,904

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class C @ NAV	4.71%	-1.37%	0.77%
Class C @ CDSC	3.71%	-1.37%	0.77%
Bloomberg U.S. Aggregate Bond Index	6.08%	-0.73%	1.76%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$36,237
Number of Holdings	318
Investment Advisory Fees	$179
Portfolio Turnover	36%

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

(as of June 30, 2025)

Value	Value
U.S. Treasury Obligations	39.3%
Corporate Bonds	25.9%
U.S. Government Agency Mortgages	14.4%
Asset-Backed Securities	8.8%
Collateralized Mortgage Obligations	6.1%
Yankee Dollars	4.2%
Other^{Footnote Reference**}	0.3%

*	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

MUCCX — AR (6/25)

Victory Core Bond Fund

Class R6

Ticker: MUCRX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class R6	$60	0.58%

What affected the Fund’s performance during the last year?

Top contributors to performance:

Banking, utilities, transportation, and food & beverage were sub-sectors that contributed to relative performance.
The Fund’s overweight allocation to, and security selection in, commercial mortgage-backed securities contributed to relative performance.
The Fund’s overweight allocation to, and security selection in, BBB-rated securities were the largest credit rating factors that benefited performance.

Top detractors from performance:

The Fund’s underweight allocation to agency mortgage-backed securities was the largest detractor from relative performance during the year.
Cable & satellite and media & entertainment were sectors that detracted from performance.

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

Growth of $10,000 Investment

	Victory Core Bond Fund Class R6 - $11,782	Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,904
6/15	$10,000	$10,000
6/16	$10,360	$10,600
6/17	$10,483	$10,567
6/18	$10,471	$10,525
6/19	$11,105	$11,353
6/20	$11,986	$12,345
6/21	$12,218	$12,304
6/22	$10,959	$11,038
6/23	$10,843	$10,934
6/24	$11,129	$11,222
6/25	$11,782	$11,904

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class R6	5.87%	-0.34%	1.65%
Bloomberg U.S. Aggregate Bond Index	6.08%	-0.73%	1.76%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$36,237
Number of Holdings	318
Investment Advisory Fees	$179
Portfolio Turnover	36%

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

(as of June 30, 2025)

Value	Value
U.S. Treasury Obligations	39.3%
Corporate Bonds	25.9%
U.S. Government Agency Mortgages	14.4%
Asset-Backed Securities	8.8%
Collateralized Mortgage Obligations	6.1%
Yankee Dollars	4.2%
Other^{Footnote Reference**}	0.3%

*	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

MUCRX — AR (6/25)

Victory Core Bond Fund

Class Y

Ticker: MUCYX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$62	0.60%

What affected the Fund’s performance during the last year?

Top contributors to performance:

Banking, utilities, transportation, and food & beverage were sub-sectors that contributed to relative performance.
The Fund’s overweight allocation to, and security selection in, commercial mortgage-backed securities contributed to relative performance.
The Fund’s overweight allocation to, and security selection in, BBB-rated securities were the largest credit rating factors that benefited performance.

Top detractors from performance:

The Fund’s underweight allocation to agency mortgage-backed securities was the largest detractor from relative performance during the year.
Cable & satellite and media & entertainment were sectors that detracted from performance.

The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $1,000,000 Investment

	Victory Core Bond Fund Class Y - $1,175,651	Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $1,190,377
6/15	$1,000,000	$1,000,000
6/16	$1,035,856	$1,060,014
6/17	$1,048,027	$1,056,679
6/18	$1,046,662	$1,052,481
6/19	$1,109,322	$1,135,303
6/20	$1,197,216	$1,234,525
6/21	$1,220,132	$1,230,411
6/22	$1,094,196	$1,103,775
6/23	$1,082,425	$1,093,424
6/24	$1,110,739	$1,122,192
6/25	$1,175,651	$1,190,377

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class Y	5.84%	-0.36%	1.63%
Bloomberg U.S. Aggregate Bond Index	6.08%	-0.73%	1.76%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$36,237
Number of Holdings	318
Investment Advisory Fees	$179
Portfolio Turnover	36%

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

(as of June 30, 2025)

Value	Value
U.S. Treasury Obligations	39.3%
Corporate Bonds	25.9%
U.S. Government Agency Mortgages	14.4%
Asset-Backed Securities	8.8%
Collateralized Mortgage Obligations	6.1%
Yankee Dollars	4.2%
Other^{Footnote Reference**}	0.3%

*	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

MUCYX — AR (6/25)

Victory Diversified Stock Fund

Class A

Ticker: SRVEX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Diversified Stock Fund (the "Fund") for the period of July 1, 2024 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 year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$114	1.05%

What affected the Fund’s performance during the last year?

Top contributors to performance:

• The Fund generated the strongest relative performance within the technology, communication services, and health care sectors.

• Stocks that contributed most positively to the Fund’s relative performance were Interactive Brokers Group, Inc. and Broadcom, Inc.

Top detractors from performance:

• Stocks that contributed negatively to the Fund’s relative performance were Tesla, Inc. (“Tesla”) and Novo Nordisk A/S, ADR (“Novo Nordisk”).

• The Fund was underweight to Tesla stock compared to the Index and the company’s shares rebounded sharply after the presidential election. We believe the rebound in share price suggests a favorable policy outlook for the company and its autonomous driving ambitions.

• Novo Nordisk underperformed as the company’s flagship portfolio of GLP-1 drugs such as Wegovy lagged competitors in demand and efficacy for some health conditions.

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

Growth of $10,000 Investment

	Victory Diversified Stock Fund Class A @ NAV - $30,893	Victory Diversified Stock Fund Class A @ MOP - $29,118	S&P 500^® Index (regulatory broad based index) - $35,936
6/15	$10,000	$9,425	$10,000
6/16	$9,848	$9,282	$10,399
6/17	$11,016	$10,383	$12,260
6/18	$12,564	$11,842	$14,023
6/19	$13,117	$12,363	$15,483
6/20	$13,601	$12,820	$16,645
6/21	$19,161	$18,061	$23,436
6/22	$17,546	$16,538	$20,948
6/23	$21,401	$20,172	$25,053
6/24	$26,464	$24,944	$31,204
6/25	$30,893	$29,118	$35,936

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class A @ NAV	16.73%^{Footnote Reference}	17.83%^{Footnote Reference}	11.94%
Class A @ MOP	10.03%	16.44%	11.28%
S&P 500^® Index	15.16%	16.64%	13.65%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$339,653
Number of Holdings	74
Investment Advisory Fees	$2,101
Portfolio Turnover	92%

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

(as of June 30, 2025)

Value	Value
Real Estate	1.0%
Materials	1.9%
Energy	2.5%
Consumer Staples	2.8%
Industrials	7.9%
Communication Services	10.8%
Consumer Discretionary	12.1%
Health Care	12.6%
Financials	13.7%
Information Technology^{Footnote Reference**}	32.9%

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

(as of June 30, 2025)

NVIDIA Corp.	6.7%
Microsoft Corp.	6.7%
Apple, Inc.	5.9%
Alphabet, Inc., Class C	3.8%
Amazon.com, Inc.	3.6%
Meta Platforms, Inc., Class A	3.3%
Broadcom, Inc.	3.1%
Visa, Inc., Class A	2.2%
Eli Lilly & Co.	1.9%
Jabil, Inc.	1.8%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

SRVEX — AR (6/25)

Victory Diversified Stock Fund

Class C

Ticker: VDSCX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class C	$218	2.02%

What affected the Fund’s performance during the last year?

Top contributors to performance:

• The Fund generated the strongest relative performance within the technology, communication services, and health care sectors.

• Stocks that contributed most positively to the Fund’s relative performance were Interactive Brokers Group, Inc. and Broadcom, Inc.

Top detractors from performance:

• Stocks that contributed negatively to the Fund’s relative performance were Tesla, Inc. (“Tesla”) and Novo Nordisk A/S, ADR (“Novo Nordisk”).

• Novo Nordisk underperformed as the company’s flagship portfolio of GLP-1 drugs such as Wegovy lagged competitors in demand and efficacy for some health conditions.

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

Growth of $10,000 Investment

	Victory Diversified Stock Fund Class C @ NAV - $28,755	Victory Diversified Stock Fund Class C @ CDSC - $28,755	S&P 500^® Index (regulatory broad based index) - $35,936
6/15	$10,000	$10,000	$10,000
6/16	$9,768	$9,768	$10,399
6/17	$10,831	$10,831	$12,260
6/18	$12,251	$12,251	$14,023
6/19	$12,678	$12,678	$15,483
6/20	$13,023	$13,023	$16,645
6/21	$18,170	$18,170	$23,436
6/22	$16,482	$16,482	$20,948
6/23	$19,921	$19,921	$25,053
6/24	$24,633	$24,633	$31,204
6/25	$28,755	$28,755	$35,936

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class C @ NAV	15.59%^{Footnote Reference}	16.71%^{Footnote Reference}	11.14%
Class C @ CDSC	14.59%	16.71%	11.14%
S&P 500^® Index	15.16%	16.64%	13.65%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$339,653
Number of Holdings	74
Investment Advisory Fees	$2,101
Portfolio Turnover	92%

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

(as of June 30, 2025)

Value	Value
Real Estate	1.0%
Materials	1.9%
Energy	2.5%
Consumer Staples	2.8%
Industrials	7.9%
Communication Services	10.8%
Consumer Discretionary	12.1%
Health Care	12.6%
Financials	13.7%
Information Technology^{Footnote Reference**}	32.9%

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

(as of June 30, 2025)

NVIDIA Corp.	6.7%
Microsoft Corp.	6.7%
Apple, Inc.	5.9%
Alphabet, Inc., Class C	3.8%
Amazon.com, Inc.	3.6%
Meta Platforms, Inc., Class A	3.3%
Broadcom, Inc.	3.1%
Visa, Inc., Class A	2.2%
Eli Lilly & Co.	1.9%
Jabil, Inc.	1.8%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

VDSCX — AR (6/25)

Victory Diversified Stock Fund

Class I

Ticker: VDSIX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class I	$90	0.83%

What affected the Fund’s performance during the last year?

Top contributors to performance:

• The Fund generated the strongest relative performance within the technology, communication services, and health care sectors.

• Stocks that contributed most positively to the Fund’s relative performance were Interactive Brokers Group, Inc. and Broadcom, Inc.

Top detractors from performance:

• Stocks that contributed negatively to the Fund’s relative performance were Tesla, Inc. (“Tesla”) and Novo Nordisk A/S, ADR (“Novo Nordisk”).

• Novo Nordisk underperformed as the company’s flagship portfolio of GLP-1 drugs such as Wegovy lagged competitors in demand and efficacy for some health conditions.

The graph reflects investment growth of a hypothetical investment of $2,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $2,000,000 Investment

	Victory Diversified Stock Fund Class I - $6,332,781	S&P 500^® Index (regulatory broad based index) - $7,187,237
6/15	$2,000,000	$2,000,000
6/16	$1,975,297	$2,079,856
6/17	$2,214,305	$2,452,067
6/18	$2,532,159	$2,804,528
6/19	$2,650,488	$3,096,689
6/20	$2,755,420	$3,329,098
6/21	$3,891,308	$4,687,176
6/22	$3,572,361	$4,189,593
6/23	$4,368,459	$5,010,506
6/24	$5,412,735	$6,240,890
6/25	$6,332,781	$7,187,237

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class I	17.00%^{Footnote Reference}	18.11%^{Footnote Reference}	12.22%
S&P 500^® Index	15.16%	16.64%	13.65%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$339,653
Number of Holdings	74
Investment Advisory Fees	$2,101
Portfolio Turnover	92%

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

(as of June 30, 2025)

Value	Value
Real Estate	1.0%
Materials	1.9%
Energy	2.5%
Consumer Staples	2.8%
Industrials	7.9%
Communication Services	10.8%
Consumer Discretionary	12.1%
Health Care	12.6%
Financials	13.7%
Information Technology^{Footnote Reference**}	32.9%

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

(as of June 30, 2025)

NVIDIA Corp.	6.7%
Microsoft Corp.	6.7%
Apple, Inc.	5.9%
Alphabet, Inc., Class C	3.8%
Amazon.com, Inc.	3.6%
Meta Platforms, Inc., Class A	3.3%
Broadcom, Inc.	3.1%
Visa, Inc., Class A	2.2%
Eli Lilly & Co.	1.9%
Jabil, Inc.	1.8%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

VDSIX — AR (6/25)

Victory Diversified Stock Fund

Class R

Ticker: GRINX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class R	$146	1.35%

What affected the Fund’s performance during the last year?

Top contributors to performance:

• The Fund generated the strongest relative performance within the technology, communication services, and health care sectors.

• Stocks that contributed most positively to the Fund’s relative performance were Interactive Brokers Group, Inc. and Broadcom, Inc.

Top detractors from performance:

• Stocks that contributed negatively to the Fund’s relative performance were Tesla, Inc. (“Tesla”) and Novo Nordisk A/S, ADR (“Novo Nordisk”).

• Novo Nordisk underperformed as the company’s flagship portfolio of GLP-1 drugs such as Wegovy lagged competitors in demand and efficacy for some health conditions.

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

Growth of $10,000 Investment

	Victory Diversified Stock Fund Class R - $30,014	S&P 500^® Index (regulatory broad based index) - $35,936
6/15	$10,000	$10,000
6/16	$9,818	$10,399
6/17	$10,951	$12,260
6/18	$12,453	$14,023
6/19	$12,970	$15,483
6/20	$13,409	$16,645
6/21	$18,833	$23,436
6/22	$17,198	$20,948
6/23	$20,924	$25,053
6/24	$25,789	$31,204
6/25	$30,014	$35,936

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class R	16.38%^{Footnote Reference}	17.49%^{Footnote Reference}	11.62%
S&P 500^® Index	15.16%	16.64%	13.65%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$339,653
Number of Holdings	74
Investment Advisory Fees	$2,101
Portfolio Turnover	92%

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

(as of June 30, 2025)

Value	Value
Real Estate	1.0%
Materials	1.9%
Energy	2.5%
Consumer Staples	2.8%
Industrials	7.9%
Communication Services	10.8%
Consumer Discretionary	12.1%
Health Care	12.6%
Financials	13.7%
Information Technology^{Footnote Reference**}	32.9%

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

(as of June 30, 2025)

NVIDIA Corp.	6.7%
Microsoft Corp.	6.7%
Apple, Inc.	5.9%
Alphabet, Inc., Class C	3.8%
Amazon.com, Inc.	3.6%
Meta Platforms, Inc., Class A	3.3%
Broadcom, Inc.	3.1%
Visa, Inc., Class A	2.2%
Eli Lilly & Co.	1.9%
Jabil, Inc.	1.8%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

GRINX — AR (6/25)

Victory Diversified Stock Fund

Class R6

Ticker: VDSRX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class R6	$85	0.78%

What affected the Fund’s performance during the last year?

Top contributors to performance:

• The Fund generated the strongest relative performance within the technology, communication services, and health care sectors.

• Stocks that contributed most positively to the Fund’s relative performance were Interactive Brokers Group, Inc. and Broadcom, Inc.

Top detractors from performance:

• Stocks that contributed negatively to the Fund’s relative performance were Tesla, Inc. (“Tesla”) and Novo Nordisk A/S, ADR (“Novo Nordisk”).

• Novo Nordisk underperformed as the company’s flagship portfolio of GLP-1 drugs such as Wegovy lagged competitors in demand and efficacy for some health conditions.

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

Growth of $10,000 Investment

	Victory Diversified Stock Fund Class R6 - $31,811	S&P 500^® Index (regulatory broad based index) - $35,936
6/15	$10,000	$10,000
6/16	$9,880	$10,399
6/17	$11,079	$12,260
6/18	$12,677	$14,023
6/19	$13,275	$15,483
6/20	$13,808	$16,645
6/21	$19,510	$23,436
6/22	$17,917	$20,948
6/23	$21,927	$25,053
6/24	$27,174	$31,204
6/25	$31,811	$35,936

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class R6	17.06%^{Footnote Reference}	18.17%^{Footnote Reference}	12.27%
S&P 500^® Index	15.16%	16.64%	13.65%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$339,653
Number of Holdings	74
Investment Advisory Fees	$2,101
Portfolio Turnover	92%

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

(as of June 30, 2025)

Value	Value
Real Estate	1.0%
Materials	1.9%
Energy	2.5%
Consumer Staples	2.8%
Industrials	7.9%
Communication Services	10.8%
Consumer Discretionary	12.1%
Health Care	12.6%
Financials	13.7%
Information Technology^{Footnote Reference**}	32.9%

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

(as of June 30, 2025)

NVIDIA Corp.	6.7%
Microsoft Corp.	6.7%
Apple, Inc.	5.9%
Alphabet, Inc., Class C	3.8%
Amazon.com, Inc.	3.6%
Meta Platforms, Inc., Class A	3.3%
Broadcom, Inc.	3.1%
Visa, Inc., Class A	2.2%
Eli Lilly & Co.	1.9%
Jabil, Inc.	1.8%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

VDSRX — AR (6/25)

Victory Diversified Stock Fund

Class Y

Ticker: VDSYX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$93	0.86%

What affected the Fund’s performance during the last year?

Top contributors to performance:

• The Fund generated the strongest relative performance within the technology, communication services, and health care sectors.

• Stocks that contributed most positively to the Fund’s relative performance were Interactive Brokers Group, Inc. and Broadcom, Inc.

Top detractors from performance:

• Stocks that contributed negatively to the Fund’s relative performance were Tesla, Inc. (“Tesla”) and Novo Nordisk A/S, ADR (“Novo Nordisk”).

• Novo Nordisk underperformed as the company’s flagship portfolio of GLP-1 drugs such as Wegovy lagged competitors in demand and efficacy for some health conditions.

The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $1,000,000 Investment

	Victory Diversified Stock Fund Class Y - $3,153,035	S&P 500^® Index (regulatory broad based index) - $3,593,619
6/15	$1,000,000	$1,000,000
6/16	$986,651	$1,039,928
6/17	$1,105,938	$1,226,034
6/18	$1,263,355	$1,402,264
6/19	$1,321,847	$1,548,344
6/20	$1,373,879	$1,664,549
6/21	$1,939,739	$2,343,588
6/22	$1,780,732	$2,094,797
6/23	$2,177,066	$2,505,253
6/24	$2,695,856	$3,120,445
6/25	$3,153,035	$3,593,619

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class Y	16.96%^{Footnote Reference}	18.07%^{Footnote Reference}	12.17%
S&P 500^® Index	15.16%	16.64%	13.65%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$339,653
Number of Holdings	74
Investment Advisory Fees	$2,101
Portfolio Turnover	92%

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

(as of June 30, 2025)

Value	Value
Real Estate	1.0%
Materials	1.9%
Energy	2.5%
Consumer Staples	2.8%
Industrials	7.9%
Communication Services	10.8%
Consumer Discretionary	12.1%
Health Care	12.6%
Financials	13.7%
Information Technology^{Footnote Reference**}	32.9%

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

(as of June 30, 2025)

NVIDIA Corp.	6.7%
Microsoft Corp.	6.7%
Apple, Inc.	5.9%
Alphabet, Inc., Class C	3.8%
Amazon.com, Inc.	3.6%
Meta Platforms, Inc., Class A	3.3%
Broadcom, Inc.	3.1%
Visa, Inc., Class A	2.2%
Eli Lilly & Co.	1.9%
Jabil, Inc.	1.8%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

VDSYX — AR (6/25)

Victory Fund for Income

Class A

Ticker: IPFIX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Fund for Income (the "Fund") for the period of July 1, 2024 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 year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$94	0.91%

What affected the Fund’s performance during the last year?

The Federal Reserve cut rates three times from September to December 2024, leaving the Federal Funds rate 1% less than where it was at the end of June 2024. We believe that the U.S. economy remained strong as the market appreciated strong balance sheets and solid employment. In response, the U.S. yield curve steepened, with yields at the short end falling the most, as bond prices typically move in the opposite direction of yields. The Fund's benchmark, the Bloomberg 1-5 year U.S. Government Bond Index (the “Index”), had significant and direct exposure to the very short end of the yield curve. The Index outperformed the Fund’s strong Government National Mortgage Association (“GNMA”) performance.

Top contributors to performance:

Throughout the year, the Fund added its GNMA single family pools. The Fund maintained its allocation to GNMA structure at 3% allocation. This small allocation to GNMA collateralized mortgage obligations provided a strong total return.
The Fund’s primary exposure, approximately 80% to older high coupon GNMA, contributed the most to its total return.
The Fund’s 17.2% allocation to U.S. Treasury bonds contributed almost as much to performance as its GNMA single family pools.

Top detractors from performance:

Among its three sector allocations, GNMA collateralized mortgage obligations contributed the least to absolute performance.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 2.25% for Class A. The Net Asset Value ("NAV") figures do not reflect sales charges.

Growth of $10,000 Investment

	Victory Fund for Income Class A @ NAV - $11,233	Victory Fund for Income Class A @ MOP - $10,983	Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,904	Bloomberg 1-5 Year U.S. Government Bond Index - $11,709
6/15	$10,000	$9,778	$10,000	$10,000
6/16	$10,233	$10,006	$10,600	$10,239
6/17	$10,107	$9,882	$10,567	$10,186
6/18	$10,044	$9,820	$10,525	$10,147
6/19	$10,508	$10,274	$11,353	$10,649
6/20	$10,904	$10,661	$12,345	$11,217
6/21	$10,800	$10,560	$12,304	$11,181
6/22	$10,258	$10,030	$11,038	$10,637
6/23	$10,212	$9,985	$10,934	$10,597
6/24	$10,645	$10,409	$11,222	$11,035
6/25	$11,233	$10,983	$11,904	$11,709

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class A @ NAV	5.52%	0.60%	1.17%
Class A @ MOP	3.11%	0.13%	0.94%
Bloomberg U.S. Aggregate Bond Index	6.08%	-0.73%	1.76%
Bloomberg 1-5 Year U.S. Government Bond Index	6.11%	0.86%	1.59%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$336,568
Number of Holdings	491
Investment Advisory Fees	$1,654
Portfolio Turnover	22%

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

(as of June 30, 2025)

Value	Value
U.S. Government Agency Mortgages	70.0%
U.S. Treasury Obligations	26.7%
Collateralized Mortgage Obligations	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.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

IPFIX — AR (6/25)

Victory Fund for Income

Class C

Ticker: VFFCX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class C	$175	1.71%

What affected the Fund’s performance during the last year?

Top contributors to performance:

Throughout the year, the Fund added its GNMA single family pools. The Fund maintained its allocation to GNMA structure at 3% allocation. This small allocation to GNMA collateralized mortgage obligations provided a strong total return.
The Fund’s primary exposure, approximately 80% to older high coupon GNMA, contributed the most to its total return.
The Fund’s 17.2% allocation to U.S. Treasury bonds contributed almost as much to performance as its GNMA single family pools.

Top detractors from performance:

Among its three sector allocations, GNMA collateralized mortgage obligations contributed the least to absolute performance.

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

Growth of $10,000 Investment

	Victory Fund for Income Class C @ NAV - $10,542	Victory Fund for Income Class C @ CDSC - $10,542	Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,904	Bloomberg 1-5 Year U.S. Government Bond Index - $11,709
6/15	$10,000	$10,000	$10,000	$10,000
6/16	$10,148	$10,148	$10,600	$10,239
6/17	$9,953	$9,953	$10,567	$10,186
6/18	$9,803	$9,803	$10,525	$10,147
6/19	$10,180	$10,180	$11,353	$10,649
6/20	$10,473	$10,473	$12,345	$11,217
6/21	$10,290	$10,290	$12,304	$11,181
6/22	$9,691	$9,691	$11,038	$10,637
6/23	$9,583	$9,583	$10,934	$10,597
6/24	$9,990	$9,990	$11,222	$11,035
6/25	$10,542	$10,542	$11,904	$11,709

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class C @ NAV	4.65%	-0.18%	0.53%
Class C @ CDSC	3.65%	-0.18%	0.53%
Bloomberg U.S. Aggregate Bond Index	6.08%	-0.73%	1.76%
Bloomberg 1-5 Year U.S. Government Bond Index	6.11%	0.86%	1.59%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$336,568
Number of Holdings	491
Investment Advisory Fees	$1,654
Portfolio Turnover	22%

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

(as of June 30, 2025)

Value	Value
U.S. Government Agency Mortgages	70.0%
U.S. Treasury Obligations	26.7%
Collateralized Mortgage Obligations	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.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

VFFCX — AR (6/25)

Victory Fund for Income

Class I

Ticker: VFFIX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class I	$66	0.64%

What affected the Fund’s performance during the last year?

Top contributors to performance:

Throughout the year, the Fund added its GNMA single family pools. The Fund maintained its allocation to GNMA structure at 3% allocation. This small allocation to GNMA collateralized mortgage obligations provided a strong total return.
The Fund’s primary exposure, approximately 80% to older high coupon GNMA, contributed the most to its total return.
The Fund’s 17.2% allocation to U.S. Treasury bonds contributed almost as much to performance as its GNMA single family pools.

Top detractors from performance:

Among its three sector allocations, GNMA collateralized mortgage obligations contributed the least to absolute performance.

The graph reflects investment growth of a hypothetical investment of $2,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $2,000,000 Investment

	Victory Fund for Income Class I - $2,309,661	Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $2,380,754	Bloomberg 1-5 Year U.S. Government Bond Index - $2,341,862
6/15	$2,000,000	$2,000,000	$2,000,000
6/16	$2,051,919	$2,120,028	$2,047,747
6/17	$2,034,553	$2,113,357	$2,037,158
6/18	$2,025,039	$2,104,962	$2,029,463
6/19	$2,124,646	$2,270,606	$2,129,789
6/20	$2,210,424	$2,469,049	$2,243,475
6/21	$2,197,528	$2,460,821	$2,236,249
6/22	$2,089,829	$2,207,550	$2,127,365
6/23	$2,088,864	$2,186,848	$2,119,321
6/24	$2,183,287	$2,244,384	$2,207,089
6/25	$2,309,661	$2,380,754	$2,341,862

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class I	5.79%	0.88%	1.45%
Bloomberg U.S. Aggregate Bond Index	6.08%	-0.73%	1.76%
Bloomberg 1-5 Year U.S. Government Bond Index	6.11%	0.86%	1.59%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$336,568
Number of Holdings	491
Investment Advisory Fees	$1,654
Portfolio Turnover	22%

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

(as of June 30, 2025)

Value	Value
U.S. Government Agency Mortgages	70.0%
U.S. Treasury Obligations	26.7%
Collateralized Mortgage Obligations	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.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

VFFIX — AR (6/25)

Victory Fund for Income

Class R

Ticker: GGIFX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class R	$94	0.91%

What affected the Fund’s performance during the last year?

Top contributors to performance:

Throughout the year, the Fund added its GNMA single family pools. The Fund maintained its allocation to GNMA structure at 3% allocation. This small allocation to GNMA collateralized mortgage obligations provided a strong total return.
The Fund’s primary exposure, approximately 80% to older high coupon GNMA, contributed the most to its total return.
The Fund’s 17.2% allocation to U.S. Treasury bonds contributed almost as much to performance as its GNMA single family pools.

Top detractors from performance:

Among its three sector allocations, GNMA collateralized mortgage obligations contributed the least to absolute performance.

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

Growth of $10,000 Investment

	Victory Fund for Income Class R - $11,231	Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,904	Bloomberg 1-5 Year U.S. Government Bond Index - $11,709
6/15	$10,000	$10,000	$10,000
6/16	$10,221	$10,600	$10,239
6/17	$10,106	$10,567	$10,186
6/18	$10,044	$10,525	$10,147
6/19	$10,508	$11,353	$10,649
6/20	$10,891	$12,345	$11,217
6/21	$10,799	$12,304	$11,181
6/22	$10,257	$11,038	$10,637
6/23	$10,212	$10,934	$10,597
6/24	$10,644	$11,222	$11,035
6/25	$11,231	$11,904	$11,709

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class R	5.51%	0.62%	1.17%
Bloomberg U.S. Aggregate Bond Index	6.08%	-0.73%	1.76%
Bloomberg 1-5 Year U.S. Government Bond Index	6.11%	0.86%	1.59%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$336,568
Number of Holdings	491
Investment Advisory Fees	$1,654
Portfolio Turnover	22%

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

(as of June 30, 2025)

Value	Value
U.S. Government Agency Mortgages	70.0%
U.S. Treasury Obligations	26.7%
Collateralized Mortgage Obligations	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.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

GGIFX — AR (6/25)

Victory Fund for Income

Class R6

Ticker: VFFRX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class R6	$65	0.63%

What affected the Fund’s performance during the last year?

Top contributors to performance:

Throughout the year, the Fund added its GNMA single family pools. The Fund maintained its allocation to GNMA structure at 3% allocation. This small allocation to GNMA collateralized mortgage obligations provided a strong total return.
The Fund’s primary exposure, approximately 80% to older high coupon GNMA, contributed the most to its total return.
The Fund’s 17.2% allocation to U.S. Treasury bonds contributed almost as much to performance as its GNMA single family pools.

Top detractors from performance:

Among its three sector allocations, GNMA collateralized mortgage obligations contributed the least to absolute performance.

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

Growth of $10,000 Investment

	Victory Fund for Income Class R6 - $11,548	Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,904	Bloomberg 1-5 Year U.S. Government Bond Index - $11,709
6/15	$10,000	$10,000	$10,000
6/16	$10,251	$10,600	$10,239
6/17	$10,162	$10,567	$10,186
6/18	$10,127	$10,525	$10,147
6/19	$10,626	$11,353	$10,649
6/20	$11,045	$12,345	$11,217
6/21	$10,983	$12,304	$11,181
6/22	$10,444	$11,038	$10,637
6/23	$10,426	$10,934	$10,597
6/24	$10,930	$11,222	$11,035
6/25	$11,548	$11,904	$11,709

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class R6	5.65%	0.89%	1.45%
Bloomberg U.S. Aggregate Bond Index	6.08%	-0.73%	1.76%
Bloomberg 1-5 Year U.S. Government Bond Index	6.11%	0.86%	1.59%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$336,568
Number of Holdings	491
Investment Advisory Fees	$1,654
Portfolio Turnover	22%

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

(as of June 30, 2025)

Value	Value
U.S. Government Agency Mortgages	70.0%
U.S. Treasury Obligations	26.7%
Collateralized Mortgage Obligations	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.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

VFFRX — AR (6/25)

Victory Fund for Income

Class Y

Ticker: VFFYX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$73	0.71%

What affected the Fund’s performance during the last year?

Top contributors to performance:

Throughout the year, the Fund added its GNMA single family pools. The Fund maintained its allocation to GNMA structure at 3% allocation. This small allocation to GNMA collateralized mortgage obligations provided a strong total return.
The Fund’s primary exposure, approximately 80% to older high coupon GNMA, contributed the most to its total return.
The Fund’s 17.2% allocation to U.S. Treasury bonds contributed almost as much to performance as its GNMA single family pools.

Top detractors from performance:

Among its three sector allocations, GNMA collateralized mortgage obligations contributed the least to absolute performance.

The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $1,000,000 Investment

	Victory Fund for Income Class Y - $1,146,138	Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $1,190,377	Bloomberg 1-5 Year U.S. Government Bond Index - $1,170,931
6/15	$1,000,000	$1,000,000	$1,000,000
6/16	$1,025,313	$1,060,014	$1,023,873
6/17	$1,014,626	$1,056,679	$1,018,579
6/18	$1,010,315	$1,052,481	$1,014,732
6/19	$1,059,247	$1,135,303	$1,064,894
6/20	$1,101,313	$1,234,525	$1,121,737
6/21	$1,092,958	$1,230,411	$1,118,125
6/22	$1,039,115	$1,103,775	$1,063,682
6/23	$1,036,414	$1,093,424	$1,059,661
6/24	$1,084,119	$1,122,192	$1,103,545
6/25	$1,146,138	$1,190,377	$1,170,931

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class Y	5.72%	0.80%	1.37%
Bloomberg U.S. Aggregate Bond Index	6.08%	-0.73%	1.76%
Bloomberg 1-5 Year U.S. Government Bond Index	6.11%	0.86%	1.59%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$336,568
Number of Holdings	491
Investment Advisory Fees	$1,654
Portfolio Turnover	22%

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

(as of June 30, 2025)

Value	Value
U.S. Government Agency Mortgages	70.0%
U.S. Treasury Obligations	26.7%
Collateralized Mortgage Obligations	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.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

VFFYX — AR (6/25)

Victory Fund for Income

Member Class

Ticker: VFFMX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Member Class	$77	0.75%

What affected the Fund’s performance during the last year?

Top contributors to performance:

Throughout the year, the Fund added its GNMA single family pools. The Fund maintained its allocation to GNMA structure at 3% allocation. This small allocation to GNMA collateralized mortgage obligations provided a strong total return.
The Fund’s primary exposure, approximately 80% to older high coupon GNMA, contributed the most to its total return.
The Fund’s 17.2% allocation to U.S. Treasury bonds contributed almost as much to performance as its GNMA single family pools.

Top detractors from performance:

Among its three sector allocations, GNMA collateralized mortgage obligations contributed the least to absolute performance.

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

Growth of $10,000 Investment

	Victory Fund for Income Member Class - $10,406	Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $9,619	Bloomberg 1-5 Year U.S. Government Bond Index - $10,437
11/20^{Footnote Reference*}	$10,000	$10,000	$10,000
6/21	$9,942	$9,942	$9,967
6/22	$9,447	$8,919	$9,481
6/23	$9,420	$8,835	$9,446
6/24	$9,848	$9,068	$9,837
6/25	$10,406	$9,619	$10,437

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

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	Since Inception
Member Class	5.66%	0.86%
Bloomberg U.S. Aggregate Bond Index	6.08%	-0.83%
Bloomberg 1-5 Year U.S. Government Bond Index	6.11%	0.92%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$336,568
Number of Holdings	491
Investment Advisory Fees	$1,654
Portfolio Turnover	22%

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

(as of June 30, 2025)

Value	Value
U.S. Government Agency Mortgages	70.0%
U.S. Treasury Obligations	26.7%
Collateralized Mortgage Obligations	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.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

VFFMX — AR (6/25)

Victory Investment Grade Convertible Fund

Class A

Ticker: SBFCX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Investment Grade Convertible Fund (the "Fund") for the period of July 1, 2024 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 year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$132	1.27%

What affected the Fund’s performance during the last year?

The Fund invests in convertible bonds and convertible preferred stocks that are influenced by both the stock market and bond market. Stock market returns were positive over the last year, and this led to positive convertible returns as well. Furthermore, the fixed coupons and/or preferred dividends of the convertible holdings provided income to the Fund.

As of June 30, 2025, the Fund is overweight compared to its benchmark in the health care, industrials, and information technology sectors. It is underweight compared to its benchmark in the real estate and utilities sectors. Otherwise, it is approximately equal weighted to other sectors. The Fund is broadly diversified across individual issues, economic sectors, credits, and convertible types.

Top contributors to performance:

Absolute performance of the Fund during the fiscal year ending June 30, 2025, was led by the financial sector, followed by the utilities and real estate sectors.
Relative performance was helped by overweight positions in the health care and industrials sectors.

Top detractors from performance:

Performance in the information technology and materials sectors detracted from returns.
Relative performance was hurt by underweight positions in the real estate and utilities sectors.

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 2.25% for Class A. The Net Asset Value ("NAV") figures do not reflect sales charges.

Growth of $10,000 Investment

	Victory Investment Grade Convertible Fund Class A @ NAV - $19,050	Victory Investment Grade Convertible Fund Class A @ MOP - $18,615	Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,904	ICE BofAML Investment Grade U.S. Conv 5% Constrained Index - $22,295	ICE BofAML Investment Grade U.S. Convertible Index - $22,718
6/15	$10,000	$9,772	$10,000	$10,000	$10,000
6/16	$9,925	$9,699	$10,600	$10,183	$10,334
6/17	$11,257	$11,000	$10,567	$11,871	$12,442
6/18	$12,480	$12,195	$10,525	$13,182	$14,289
6/19	$13,433	$13,126	$11,353	$14,697	$15,790
6/20	$13,925	$13,607	$12,345	$14,972	$15,973
6/21	$17,504	$17,104	$12,304	$18,320	$19,284
6/22	$15,943	$15,579	$11,038	$17,740	$18,369
6/23	$16,502	$16,125	$10,934	$18,402	$18,984
6/24	$17,740	$17,334	$11,222	$19,938	$20,503
6/25	$19,050	$18,615	$11,904	$22,295	$22,718

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class A @ NAV	7.39%	6.47%	6.66%
Class A @ MOP	5.00%	5.98%	6.41%
Bloomberg U.S. Aggregate Bond Index	6.08%	-0.73%	1.76%
ICE BofAML Investment Grade U.S. Conv 5% Constrained Index	11.83%	8.29%	8.35%
ICE BofAML Investment Grade U.S. Convertible Index	10.80%	7.30%	8.55%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$252,577
Number of Holdings	55
Investment Advisory Fees	$2,034
Portfolio Turnover	24%

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

(as of June 30, 2025)

Value	Value
Materials	0.6%
Information Technology	3.7%
Health Care	4.0%
Industrials	8.8%
Consumer Discretionary	9.8%
Real Estate	13.3%
Utilities	21.4%
Financials	36.5%

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

(as of June 30, 2025)

Bank of America Corp., Series L, 7.25%	5.5%
Wells Fargo & Co., Series L, 7.50%	5.3%
Uber Technologies, Inc., 0.88%, 12/1/28	5.1%
Apollo Global Management, Inc., 6.75%, 7/31/26	4.7%
Ford Motor Credit Co. LLC, 0.00%, 3/15/26	4.0%
Barclays Bank PLC, 1.00%, 2/16/29	3.9%
Ares Management Corp., Series B, 6.75%, 10/1/27	3.5%
Envista Holdings Corp., 1.75%, 8/15/28	3.3%
American Water Capital Corp., 3.63%, 6/15/26	3.2%
Welltower OP LLC, 2.75%, 5/15/28	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.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

SBFCX — AR (6/25)

Victory Investment Grade Convertible Fund

Class I

Ticker: VICIX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class I	$99	0.95%

What affected the Fund’s performance during the last year?

Top contributors to performance:

Absolute performance of the Fund during the fiscal year ending June 30, 2025, was led by the financial sector, followed by the utilities and real estate sectors.
Relative performance was helped by overweight positions in the health care and industrials sectors.

Top detractors from performance:

Performance in the information technology and materials sectors detracted from returns.
Relative performance was hurt by underweight positions in the real estate and utilities sectors.

The graph reflects investment growth of a hypothetical investment of $2,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $2,000,000 Investment

	Victory Investment Grade Convertible Fund Class I - $3,959,054	Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $2,380,754	ICE BofAML Investment Grade U.S. Conv 5% Constrained Index - $4,459,070	ICE BofAML Investment Grade U.S. Convertible Index - $4,543,579
6/15	$2,000,000	$2,000,000	$2,000,000	$2,000,000
6/16	$1,991,237	$2,120,028	$2,036,642	$2,066,767
6/17	$2,269,646	$2,113,357	$2,374,220	$2,488,442
6/18	$2,525,374	$2,104,962	$2,636,305	$2,857,706
6/19	$2,730,404	$2,270,606	$2,939,319	$3,158,013
6/20	$2,844,359	$2,469,049	$2,994,413	$3,194,511
6/21	$3,592,005	$2,460,821	$3,663,981	$3,856,830
6/22	$3,283,832	$2,207,550	$3,548,077	$3,673,853
6/23	$3,405,990	$2,186,848	$3,680,353	$3,796,876
6/24	$3,675,758	$2,244,384	$3,987,526	$4,100,540
6/25	$3,959,054	$2,380,754	$4,459,070	$4,543,579

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class I	7.71%	6.84%	7.07%
Bloomberg U.S. Aggregate Bond Index	6.08%	-0.73%	1.76%
ICE BofAML Investment Grade U.S. Conv 5% Constrained Index	11.83%	8.29%	8.35%
ICE BofAML Investment Grade U.S. Convertible Index	10.80%	7.30%	8.55%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$252,577
Number of Holdings	55
Investment Advisory Fees	$2,034
Portfolio Turnover	24%

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

(as of June 30, 2025)

Value	Value
Materials	0.6%
Information Technology	3.7%
Health Care	4.0%
Industrials	8.8%
Consumer Discretionary	9.8%
Real Estate	13.3%
Utilities	21.4%
Financials	36.5%

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

(as of June 30, 2025)

Bank of America Corp., Series L, 7.25%	5.5%
Wells Fargo & Co., Series L, 7.50%	5.3%
Uber Technologies, Inc., 0.88%, 12/1/28	5.1%
Apollo Global Management, Inc., 6.75%, 7/31/26	4.7%
Ford Motor Credit Co. LLC, 0.00%, 3/15/26	4.0%
Barclays Bank PLC, 1.00%, 2/16/29	3.9%
Ares Management Corp., Series B, 6.75%, 10/1/27	3.5%
Envista Holdings Corp., 1.75%, 8/15/28	3.3%
American Water Capital Corp., 3.63%, 6/15/26	3.2%
Welltower OP LLC, 2.75%, 5/15/28	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.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

VICIX — AR (6/25)

Victory Investment Grade Convertible Fund

Member Class

Ticker: SBFMX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Member Class	$114	1.10%

What affected the Fund’s performance during the last year?

Top contributors to performance:

Absolute performance of the Fund during the fiscal year ending June 30, 2025, was led by the financial sector, followed by the utilities and real estate sectors.
Relative performance was helped by overweight positions in the health care and industrials sectors.

Top detractors from performance:

Performance in the information technology and materials sectors detracted from returns.
Relative performance was hurt by underweight positions in the real estate and utilities sectors.

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

Growth of $10,000 Investment

	Victory Investment Grade Convertible Fund Member Class - $12,991	Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $9,619	ICE BofAML Investment Grade U.S. Conv 5% Constrained Index - $14,086	ICE BofAML Investment Grade U.S. Convertible Index - $13,300
11/20^{Footnote Reference*}	$10,000	$10,000	$10,000	$10,000
6/21	$11,869	$9,942	$11,574	$11,290
6/22	$10,829	$8,919	$11,208	$10,754
6/23	$11,215	$8,835	$11,626	$11,114
6/24	$12,082	$9,068	$12,596	$12,003
6/25	$12,991	$9,619	$14,086	$13,300

Footnote	Description
Footnote^*	Inception date for the Victory Investment Grade Convertible Fund, Member Class is 11/3/2020.

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	Since Inception
Member Class	7.53%	5.78%
Bloomberg U.S. Aggregate Bond Index	6.08%	-0.83%
ICE BofAML Investment Grade U.S. Conv 5% Constrained Index	11.83%	7.63%
ICE BofAML Investment Grade U.S. Convertible Index	10.80%	6.31%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$252,577
Number of Holdings	55
Investment Advisory Fees	$2,034
Portfolio Turnover	24%

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

(as of June 30, 2025)

Value	Value
Materials	0.6%
Information Technology	3.7%
Health Care	4.0%
Industrials	8.8%
Consumer Discretionary	9.8%
Real Estate	13.3%
Utilities	21.4%
Financials	36.5%

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

(as of June 30, 2025)

Bank of America Corp., Series L, 7.25%	5.5%
Wells Fargo & Co., Series L, 7.50%	5.3%
Uber Technologies, Inc., 0.88%, 12/1/28	5.1%
Apollo Global Management, Inc., 6.75%, 7/31/26	4.7%
Ford Motor Credit Co. LLC, 0.00%, 3/15/26	4.0%
Barclays Bank PLC, 1.00%, 2/16/29	3.9%
Ares Management Corp., Series B, 6.75%, 10/1/27	3.5%
Envista Holdings Corp., 1.75%, 8/15/28	3.3%
American Water Capital Corp., 3.63%, 6/15/26	3.2%
Welltower OP LLC, 2.75%, 5/15/28	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.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

SBFMX — AR (6/25)

Victory Sycamore Established Value Fund

Class A

Ticker: VETAX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Sycamore Established Value Fund (the "Fund") for the period of July 1, 2024 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 year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$91	0.89%

What affected the Fund’s performance during the last year?

The Fund underperformed the Russell Midcap^{^®} Value Index (the “Index”) for the trailing 12-month period ended June 30, 2025. The Fund’s returns were positive across nine of the 11 major economic sectors, with only four sectors outpacing the Index. Financials was the top-performing sector, posting a return of 28.37%. By contrast, health care was the worst-performing sector, returning -7.17%.

Top contributors to performance:

• Stock selection in the consumer staples and materials sectors contributed positively to relative performance. However, the Fund’s overweight allocation to the materials sector almost entirely offset the positive relative performance of stock selection in the sector.

Top detractors from performance:

• For the trailing 12-month period ended June 30, 2025, stock selection and sector allocation both detracted from relative performance, with stock selection having a larger impact on relative underperformance for the period.

• Stock selection in the industrials, information technology, energy, financials, and real estate sectors detracted for the relative performance for the period.

• The Fund did not have exposure to the communication services sector, which we believe detracted from relative performance.

• The Fund’s underweight allocation to the financials sector (the top-performing sector) also detracted from the Fund’s relative performance.

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

Growth of $10,000 Investment

	Victory Sycamore Established Value Fund Class A @ NAV - $25,860	Victory Sycamore Established Value Fund Class A @ MOP - $24,376	S&P 500^® Index (regulatory broad based index) - $35,936	Russell Midcap^® Value Index - $22,387
6/15	$10,000	$9,426	$10,000	$10,000
6/16	$10,676	$10,063	$10,399	$10,325
6/17	$12,378	$11,667	$12,260	$11,969
6/18	$13,761	$12,971	$14,023	$12,878
6/19	$14,511	$13,678	$15,483	$13,352
6/20	$13,313	$12,549	$16,645	$11,775
6/21	$20,703	$19,515	$23,436	$18,023
6/22	$19,770	$18,636	$20,948	$16,221
6/23	$22,394	$21,109	$25,053	$17,925
6/24	$24,793	$23,370	$31,204	$20,072
6/25	$25,860	$24,376	$35,936	$22,387

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class A @ NAV	4.31%	14.20%	9.97%
Class A @ MOP	-1.69%	12.86%	9.32%
S&P 500^® Index	15.16%	16.64%	13.65%
Russell Midcap^® Value Index	11.53%	13.71%	8.39%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$17,290,915
Number of Holdings	78
Investment Advisory Fees	$82,496
Portfolio Turnover	45%

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

(as of June 30, 2025)

Value	Value
Energy	5.0%
Utilities	5.2%
Health Care	5.9%
Real Estate	7.8%
Consumer Discretionary	7.9%
Consumer Staples	8.1%
Information Technology	10.0%
Materials	13.9%
Financials	14.8%
Industrials	18.3%

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

(as of June 30, 2025)

U.S. Foods Holding Corp.	2.5%
Alliant Energy Corp.	2.4%
Quest Diagnostics, Inc.	2.0%
Crown Holdings, Inc.	2.0%
Fidelity National Financial, Inc.	1.9%
Performance Food Group Co.	1.9%
Willis Towers Watson PLC	1.9%
Genpact Ltd.	1.8%
Expedia Group, Inc.	1.8%
American Water Works Co., Inc.	1.8%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

VETAX — AR (6/25)

Victory Sycamore Established Value Fund

Class C

Ticker: VEVCX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class C	$173	1.70%

What affected the Fund’s performance during the last year?

Top contributors to performance:

Top detractors from performance:

• Stock selection in the industrials, information technology, energy, financials, and real estate sectors detracted for the relative performance for the period.

• The Fund did not have exposure to the communication services sector, which we believe detracted from relative performance.

• The Fund’s underweight allocation to the financials sector (the top-performing sector) also detracted from the Fund’s relative performance.

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

Growth of $10,000 Investment

	Victory Sycamore Established Value Fund Class C @ NAV - $25,806	Victory Sycamore Established Value Fund Class C @ CDSC - $25,806	S&P 500^® Index (regulatory broad based index) - $37,807	Russell Midcap^® Value Index - $24,814
2/16^{Footnote Reference*}	$10,000	$10,000	$10,000	$10,000
6/16	$11,303	$11,303	$10,941	$11,444
6/17	$13,002	$13,002	$12,898	$13,266
6/18	$14,341	$14,341	$14,753	$14,274
6/19	$15,009	$15,009	$16,289	$14,799
6/20	$13,666	$13,666	$17,512	$13,051
6/21	$21,088	$21,088	$24,656	$19,977
6/22	$19,987	$19,987	$22,038	$17,980
6/23	$22,465	$22,465	$26,357	$19,868
6/24	$24,741	$24,741	$32,829	$22,248
6/25	$25,806	$25,806	$37,807	$24,814

Footnote	Description
Footnote^*	Inception date for the Victory Sycamore Established Value Fund, Class C is 3/1/2016.

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	Since Inception
Class C @ NAV	3.40%	13.31%	10.69%
Class C @ CDSC	2.46%	13.31%	10.69%
S&P 500^® Index	15.16%	16.64%	15.31%
Russell Midcap^® Value Index	11.53%	13.71%	10.23%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$17,290,915
Number of Holdings	78
Investment Advisory Fees	$82,496
Portfolio Turnover	45%

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

(as of June 30, 2025)

Value	Value
Energy	5.0%
Utilities	5.2%
Health Care	5.9%
Real Estate	7.8%
Consumer Discretionary	7.9%
Consumer Staples	8.1%
Information Technology	10.0%
Materials	13.9%
Financials	14.8%
Industrials	18.3%

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

(as of June 30, 2025)

U.S. Foods Holding Corp.	2.5%
Alliant Energy Corp.	2.4%
Quest Diagnostics, Inc.	2.0%
Crown Holdings, Inc.	2.0%
Fidelity National Financial, Inc.	1.9%
Performance Food Group Co.	1.9%
Willis Towers Watson PLC	1.9%
Genpact Ltd.	1.8%
Expedia Group, Inc.	1.8%
American Water Works Co., Inc.	1.8%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

VEVCX — AR (6/25)

Victory Sycamore Established Value Fund

Class I

Ticker: VEVIX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class I	$59	0.58%

What affected the Fund’s performance during the last year?

Top contributors to performance:

Top detractors from performance:

• Stock selection in the industrials, information technology, energy, financials, and real estate sectors detracted for the relative performance for the period.

• The Fund did not have exposure to the communication services sector, which we believe detracted from relative performance.

• The Fund’s underweight allocation to the financials sector (the top-performing sector) also detracted from the Fund’s relative performance.

The graph reflects investment growth of a hypothetical investment of $2,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $2,000,000 Investment

	Victory Sycamore Established Value Fund Class I - $5,334,727	S&P 500^® Index (regulatory broad based index) - $7,187,237	Russell Midcap^® Value Index - $4,477,408
6/15	$2,000,000	$2,000,000	$2,000,000
6/16	$2,142,987	$2,079,856	$2,064,917
6/17	$2,490,618	$2,452,067	$2,393,765
6/18	$2,777,083	$2,804,528	$2,575,578
6/19	$2,938,050	$3,096,689	$2,670,393
6/20	$2,703,938	$3,329,098	$2,354,969
6/21	$4,218,241	$4,687,176	$3,604,610
6/22	$4,040,859	$4,189,593	$3,244,260
6/23	$4,592,034	$5,010,506	$3,584,995
6/24	$5,099,867	$6,240,890	$4,014,387
6/25	$5,334,727	$7,187,237	$4,477,408

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class I	4.61%	14.56%	10.31%
S&P 500^® Index	15.16%	16.64%	13.65%
Russell Midcap^® Value Index	11.53%	13.71%	8.39%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$17,290,915
Number of Holdings	78
Investment Advisory Fees	$82,496
Portfolio Turnover	45%

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

(as of June 30, 2025)

Value	Value
Energy	5.0%
Utilities	5.2%
Health Care	5.9%
Real Estate	7.8%
Consumer Discretionary	7.9%
Consumer Staples	8.1%
Information Technology	10.0%
Materials	13.9%
Financials	14.8%
Industrials	18.3%

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

(as of June 30, 2025)

U.S. Foods Holding Corp.	2.5%
Alliant Energy Corp.	2.4%
Quest Diagnostics, Inc.	2.0%
Crown Holdings, Inc.	2.0%
Fidelity National Financial, Inc.	1.9%
Performance Food Group Co.	1.9%
Willis Towers Watson PLC	1.9%
Genpact Ltd.	1.8%
Expedia Group, Inc.	1.8%
American Water Works Co., Inc.	1.8%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

VEVIX — AR (6/25)

Victory Sycamore Established Value Fund

Class R

Ticker: GETGX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class R	$111	1.09%

What affected the Fund’s performance during the last year?

Top contributors to performance:

Top detractors from performance:

• Stock selection in the industrials, information technology, energy, financials, and real estate sectors detracted for the relative performance for the period.

• The Fund did not have exposure to the communication services sector, which we believe detracted from relative performance.

• The Fund’s underweight allocation to the financials sector (the top-performing sector) also detracted from the Fund’s relative performance.

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

Growth of $10,000 Investment

	Victory Sycamore Established Value Fund Class R - $25,336	S&P 500^® Index (regulatory broad based index) - $35,936	Russell Midcap^® Value Index - $22,387
6/15	$10,000	$10,000	$10,000
6/16	$10,656	$10,399	$10,325
6/17	$12,327	$12,260	$11,969
6/18	$13,682	$14,023	$12,878
6/19	$14,397	$15,483	$13,352
6/20	$13,183	$16,645	$11,775
6/21	$20,458	$23,436	$18,023
6/22	$19,495	$20,948	$16,221
6/23	$22,034	$25,053	$17,925
6/24	$24,347	$31,204	$20,072
6/25	$25,336	$35,936	$22,387

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class R	4.06%	13.96%	9.74%
S&P 500^® Index	15.16%	16.64%	13.65%
Russell Midcap^® Value Index	11.53%	13.71%	8.39%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$17,290,915
Number of Holdings	78
Investment Advisory Fees	$82,496
Portfolio Turnover	45%

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

(as of June 30, 2025)

Value	Value
Energy	5.0%
Utilities	5.2%
Health Care	5.9%
Real Estate	7.8%
Consumer Discretionary	7.9%
Consumer Staples	8.1%
Information Technology	10.0%
Materials	13.9%
Financials	14.8%
Industrials	18.3%

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

(as of June 30, 2025)

U.S. Foods Holding Corp.	2.5%
Alliant Energy Corp.	2.4%
Quest Diagnostics, Inc.	2.0%
Crown Holdings, Inc.	2.0%
Fidelity National Financial, Inc.	1.9%
Performance Food Group Co.	1.9%
Willis Towers Watson PLC	1.9%
Genpact Ltd.	1.8%
Expedia Group, Inc.	1.8%
American Water Works Co., Inc.	1.8%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

GETGX — AR (6/25)

Victory Sycamore Established Value Fund

Class R6

Ticker: VEVRX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class R6	$55	0.54%

What affected the Fund’s performance during the last year?

Top contributors to performance:

Top detractors from performance:

• Stock selection in the industrials, information technology, energy, financials, and real estate sectors detracted for the relative performance for the period.

• The Fund did not have exposure to the communication services sector, which we believe detracted from relative performance.

• The Fund’s underweight allocation to the financials sector (the top-performing sector) also detracted from the Fund’s relative performance.

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

Growth of $10,000 Investment

	Victory Sycamore Established Value Fund Class R6 - $26,784	S&P 500^® Index (regulatory broad based index) - $35,936	Russell Midcap^® Value Index - $22,387
6/15	$10,000	$10,000	$10,000
6/16	$10,714	$10,399	$10,325
6/17	$12,465	$12,260	$11,969
6/18	$13,911	$14,023	$12,878
6/19	$14,717	$15,483	$13,352
6/20	$13,547	$16,645	$11,775
6/21	$21,144	$23,436	$18,023
6/22	$20,264	$20,948	$16,221
6/23	$23,035	$25,053	$17,925
6/24	$25,597	$31,204	$20,072
6/25	$26,784	$35,936	$22,387

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class R6	4.64%	14.61%	10.35%
S&P 500^® Index	15.16%	16.64%	13.65%
Russell Midcap^® Value Index	11.53%	13.71%	8.39%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$17,290,915
Number of Holdings	78
Investment Advisory Fees	$82,496
Portfolio Turnover	45%

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

(as of June 30, 2025)

Value	Value
Energy	5.0%
Utilities	5.2%
Health Care	5.9%
Real Estate	7.8%
Consumer Discretionary	7.9%
Consumer Staples	8.1%
Information Technology	10.0%
Materials	13.9%
Financials	14.8%
Industrials	18.3%

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

(as of June 30, 2025)

U.S. Foods Holding Corp.	2.5%
Alliant Energy Corp.	2.4%
Quest Diagnostics, Inc.	2.0%
Crown Holdings, Inc.	2.0%
Fidelity National Financial, Inc.	1.9%
Performance Food Group Co.	1.9%
Willis Towers Watson PLC	1.9%
Genpact Ltd.	1.8%
Expedia Group, Inc.	1.8%
American Water Works Co., Inc.	1.8%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

VEVRX — AR (6/25)

Victory Sycamore Established Value Fund

Class Y

Ticker: VEVYX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$67	0.66%

What affected the Fund’s performance during the last year?

Top contributors to performance:

Top detractors from performance:

• Stock selection in the industrials, information technology, energy, financials, and real estate sectors detracted for the relative performance for the period.

• The Fund did not have exposure to the communication services sector, which we believe detracted from relative performance.

• The Fund’s underweight allocation to the financials sector (the top-performing sector) also detracted from the Fund’s relative performance.

The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $1,000,000 Investment

	Victory Sycamore Established Value Fund Class Y - $2,654,263	S&P 500^® Index (regulatory broad based index) - $3,593,619	Russell Midcap^® Value Index - $2,238,704
6/15	$1,000,000	$1,000,000	$1,000,000
6/16	$1,069,656	$1,039,928	$1,032,458
6/17	$1,243,340	$1,226,034	$1,196,883
6/18	$1,386,503	$1,402,264	$1,287,789
6/19	$1,466,550	$1,548,344	$1,335,196
6/20	$1,349,192	$1,664,549	$1,177,484
6/21	$2,104,541	$2,343,588	$1,802,305
6/22	$2,015,229	$2,094,797	$1,622,130
6/23	$2,288,174	$2,505,253	$1,792,497
6/24	$2,539,244	$3,120,445	$2,007,194
6/25	$2,654,263	$3,593,619	$2,238,704

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class Y	4.53%	14.49%	10.25%
S&P 500^® Index	15.16%	16.64%	13.65%
Russell Midcap^® Value Index	11.53%	13.71%	8.39%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$17,290,915
Number of Holdings	78
Investment Advisory Fees	$82,496
Portfolio Turnover	45%

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

(as of June 30, 2025)

Value	Value
Energy	5.0%
Utilities	5.2%
Health Care	5.9%
Real Estate	7.8%
Consumer Discretionary	7.9%
Consumer Staples	8.1%
Information Technology	10.0%
Materials	13.9%
Financials	14.8%
Industrials	18.3%

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

(as of June 30, 2025)

U.S. Foods Holding Corp.	2.5%
Alliant Energy Corp.	2.4%
Quest Diagnostics, Inc.	2.0%
Crown Holdings, Inc.	2.0%
Fidelity National Financial, Inc.	1.9%
Performance Food Group Co.	1.9%
Willis Towers Watson PLC	1.9%
Genpact Ltd.	1.8%
Expedia Group, Inc.	1.8%
American Water Works Co., Inc.	1.8%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

VEVYX — AR (6/25)

Victory Sycamore Small Company Opportunity Fund

Class A

Ticker: SSGSX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Sycamore Small Company Opportunity Fund (the "Fund") for the period of July 1, 2024 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 year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class A	$124	1.23%

What affected the Fund’s performance during the last year?

The Fund underperformed the Russell 2000^{^®} Value Index (the “Index”) for the trailing 12-month period ended June 30, 2025. The Fund’s returns were positive across eight of the 11 major economic sectors, with only seven sectors outpacing the Index. Communication services was the top-performing sector, posting a return of 21.38%. By contrast, energy was the worst-performing sector for the period, returning -24.98%.

Top contributors to performance:

• The Fund’s underweight position in the health care sector was a positive contributor to performance relative to the Index; and

• Stock selection in the consumer discretionary, health care and utilities sectors contributed positively to performance.

Top detractors from performance:

• For the trailing 12-month period ended June 30, 2025, stock selection was the primary driver of relative underperformance, while sector allocation partially offset the negative relative performance from stock selection for the period.

• Stock selection in the information technology sector detracted most from the Fund relative performance. However, the Fund’s overweight position in the information technology sector partially offset the unfavorable impact of stock selection.

• Stock selection in the materials and energy sectors also detracted from relative performance. However, the Fund’s underweight position in the energy sector (the worst-performing sector) partially offset the negative relative performance of stock selection in the sector.

• The Fund’s underweight positions in the financials and communication services (the top-performing sector) sectors detracted from relative performance.

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

Growth of $10,000 Investment

	Victory Sycamore Small Company Opportunity Fund Class A @ NAV - $21,624	Victory Sycamore Small Company Opportunity Fund Class A @ MOP - $20,379	Russell 3000^® Index (regulatory broad based index) - $33,822	Russell 2000^® Value Index - $19,158
6/15	$10,000	$9,424	$10,000	$10,000
6/16	$10,185	$9,599	$10,214	$9,742
6/17	$12,670	$11,940	$12,104	$12,163
6/18	$14,472	$13,639	$13,893	$13,757
6/19	$14,904	$14,046	$15,141	$12,899
6/20	$12,927	$12,183	$16,130	$10,645
6/21	$19,968	$18,819	$23,253	$18,445
6/22	$18,150	$17,106	$20,029	$15,442
6/23	$20,343	$19,172	$23,825	$16,370
6/24	$21,343	$20,114	$29,335	$18,153
6/25	$21,624	$20,379	$33,822	$19,158

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class A @ NAV	1.32%	10.84%	8.02%
Class A @ MOP	-4.50%	9.53%	7.38%
Russell 3000^® Index	15.30%	15.96%	12.96%
Russell 2000^® Value Index	5.54%	12.47%	6.72%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$5,605,590
Number of Holdings	113
Investment Advisory Fees	$48,162
Portfolio Turnover	50%

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

(as of June 30, 2025)

Value	Value
Utilities	2.6%
Health Care	4.0%
Consumer Staples	4.7%
Energy	4.7%
Real Estate	5.2%
Materials	7.6%
Information Technology	8.9%
Consumer Discretionary	9.2%
Industrials	21.6%
Financials^{Footnote Reference**}	28.5%

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

(as of June 30, 2025)

Renasant Corp.	1.6%
Old National Bancorp	1.6%
United Bankshares, Inc.	1.6%
National Bank Holdings Corp., Class A	1.4%
Stock Yards Bancorp, Inc.	1.4%
Commercial Metals Co.	1.3%
The Hanover Insurance Group, Inc.	1.3%
UMB Financial Corp.	1.3%
SouthState Corp.	1.3%
Tower Semiconductor Ltd.	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.
**	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

SSGSX — AR (6/25)

Victory Sycamore Small Company Opportunity Fund

Class I

Ticker: VSOIX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class I	$91	0.90%

What affected the Fund’s performance during the last year?

Top contributors to performance:

• The Fund’s underweight position in the health care sector was a positive contributor to performance relative to the Index; and

• Stock selection in the consumer discretionary, health care and utilities sectors contributed positively to performance.

Top detractors from performance:

• The Fund’s underweight positions in the financials and communication services (the top-performing sector) sectors detracted from relative performance.

The graph reflects investment growth of a hypothetical investment of $2,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $2,000,000 Investment

	Victory Sycamore Small Company Opportunity Fund Class I - $4,472,639	Russell 3000^® Index (regulatory broad based index) - $6,764,414	Russell 2000^® Value Index - $3,831,600
6/15	$2,000,000	$2,000,000	$2,000,000
6/16	$2,043,133	$2,042,767	$1,948,364
6/17	$2,549,633	$2,420,872	$2,432,668
6/18	$2,921,619	$2,778,631	$2,751,328
6/19	$3,019,218	$3,028,221	$2,579,771
6/20	$2,627,735	$3,225,951	$2,128,905
6/21	$4,072,584	$4,650,674	$3,688,958
6/22	$3,715,051	$4,005,829	$3,088,379
6/23	$4,179,340	$4,765,080	$3,273,914
6/24	$4,400,400	$5,867,009	$3,630,631
6/25	$4,472,639	$6,764,414	$3,831,600

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class I	1.64%	11.22%	8.38%
Russell 3000^® Index	15.30%	15.96%	12.96%
Russell 2000^® Value Index	5.54%	12.47%	6.72%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$5,605,590
Number of Holdings	113
Investment Advisory Fees	$48,162
Portfolio Turnover	50%

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

(as of June 30, 2025)

Value	Value
Utilities	2.6%
Health Care	4.0%
Consumer Staples	4.7%
Energy	4.7%
Real Estate	5.2%
Materials	7.6%
Information Technology	8.9%
Consumer Discretionary	9.2%
Industrials	21.6%
Financials^{Footnote Reference**}	28.5%

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

(as of June 30, 2025)

Renasant Corp.	1.6%
Old National Bancorp	1.6%
United Bankshares, Inc.	1.6%
National Bank Holdings Corp., Class A	1.4%
Stock Yards Bancorp, Inc.	1.4%
Commercial Metals Co.	1.3%
The Hanover Insurance Group, Inc.	1.3%
UMB Financial Corp.	1.3%
SouthState Corp.	1.3%
Tower Semiconductor Ltd.	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.
**	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

VSOIX — AR (6/25)

Victory Sycamore Small Company Opportunity Fund

Class R

Ticker: GOGFX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class R	$145	1.44%

What affected the Fund’s performance during the last year?

Top contributors to performance:

• The Fund’s underweight position in the health care sector was a positive contributor to performance relative to the Index; and

• Stock selection in the consumer discretionary, health care and utilities sectors contributed positively to performance.

Top detractors from performance:

• The Fund’s underweight positions in the financials and communication services (the top-performing sector) sectors detracted from relative performance.

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

Growth of $10,000 Investment

	Victory Sycamore Small Company Opportunity Fund Class R - $21,198	Russell 3000^® Index (regulatory broad based index) - $33,822	Russell 2000^® Value Index - $19,158
6/15	$10,000	$10,000	$10,000
6/16	$10,165	$10,214	$9,742
6/17	$12,618	$12,104	$12,163
6/18	$14,378	$13,893	$13,757
6/19	$14,774	$15,141	$12,899
6/20	$12,793	$16,130	$10,645
6/21	$19,728	$23,253	$18,445
6/22	$17,903	$20,029	$15,442
6/23	$20,031	$23,825	$16,370
6/24	$20,974	$29,335	$18,153
6/25	$21,198	$33,822	$19,158

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class R	1.06%	10.63%	7.80%
Russell 3000^® Index	15.30%	15.96%	12.96%
Russell 2000^® Value Index	5.54%	12.47%	6.72%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$5,605,590
Number of Holdings	113
Investment Advisory Fees	$48,162
Portfolio Turnover	50%

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

(as of June 30, 2025)

Value	Value
Utilities	2.6%
Health Care	4.0%
Consumer Staples	4.7%
Energy	4.7%
Real Estate	5.2%
Materials	7.6%
Information Technology	8.9%
Consumer Discretionary	9.2%
Industrials	21.6%
Financials^{Footnote Reference**}	28.5%

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

(as of June 30, 2025)

Renasant Corp.	1.6%
Old National Bancorp	1.6%
United Bankshares, Inc.	1.6%
National Bank Holdings Corp., Class A	1.4%
Stock Yards Bancorp, Inc.	1.4%
Commercial Metals Co.	1.3%
The Hanover Insurance Group, Inc.	1.3%
UMB Financial Corp.	1.3%
SouthState Corp.	1.3%
Tower Semiconductor Ltd.	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.
**	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

GOGFX — AR (6/25)

Victory Sycamore Small Company Opportunity Fund

Class R6

Ticker: VSORX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class R6	$86	0.85%

What affected the Fund’s performance during the last year?

Top contributors to performance:

• The Fund’s underweight position in the health care sector was a positive contributor to performance relative to the Index; and

• Stock selection in the consumer discretionary, health care and utilities sectors contributed positively to performance.

Top detractors from performance:

• The Fund’s underweight positions in the financials and communication services (the top-performing sector) sectors detracted from relative performance.

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

Growth of $10,000 Investment

	Victory Sycamore Small Company Opportunity Fund Class R6 - $23,366	Russell 3000^® Index (regulatory broad based index) - $34,768	Russell 2000^® Value Index - $21,294
12/15^{Footnote Reference*}	$10,000	$10,000	$10,000
6/16	$10,641	$10,499	$10,828
6/17	$13,278	$12,443	$13,519
6/18	$15,219	$14,282	$15,290
6/19	$15,731	$15,564	$14,337
6/20	$13,700	$16,581	$11,831
6/21	$21,242	$23,903	$20,501
6/22	$19,387	$20,589	$17,163
6/23	$21,814	$24,491	$18,194
6/24	$22,979	$30,155	$20,177
6/25	$23,366	$34,768	$21,294

Footnote	Description
Footnote^*	Inception date for the Victory Sycamore Small Company Opportunity Fund, Class R6 is 12/14/2015.

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	Since Inception
Class R6	1.69%	11.27%	9.30%
Russell 3000^® Index	15.30%	15.96%	13.95%
Russell 2000^® Value Index	5.54%	12.47%	8.24%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$5,605,590
Number of Holdings	113
Investment Advisory Fees	$48,162
Portfolio Turnover	50%

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

(as of June 30, 2025)

Value	Value
Utilities	2.6%
Health Care	4.0%
Consumer Staples	4.7%
Energy	4.7%
Real Estate	5.2%
Materials	7.6%
Information Technology	8.9%
Consumer Discretionary	9.2%
Industrials	21.6%
Financials^{Footnote Reference**}	28.5%

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

(as of June 30, 2025)

Renasant Corp.	1.6%
Old National Bancorp	1.6%
United Bankshares, Inc.	1.6%
National Bank Holdings Corp., Class A	1.4%
Stock Yards Bancorp, Inc.	1.4%
Commercial Metals Co.	1.3%
The Hanover Insurance Group, Inc.	1.3%
UMB Financial Corp.	1.3%
SouthState Corp.	1.3%
Tower Semiconductor Ltd.	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.
**	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

VSORX — AR (6/25)

Victory Sycamore Small Company Opportunity Fund

Class Y

Ticker: VSOYX

Annual Shareholder Report — June 30, 2025

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment
Class Y	$96	0.95%

What affected the Fund’s performance during the last year?

Top contributors to performance:

• The Fund’s underweight position in the health care sector was a positive contributor to performance relative to the Index; and

• Stock selection in the consumer discretionary, health care and utilities sectors contributed positively to performance.

Top detractors from performance:

• The Fund’s underweight positions in the financials and communication services (the top-performing sector) sectors detracted from relative performance.

The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

Growth of $1,000,000 Investment

	Victory Sycamore Small Company Opportunity Fund Class Y - $2,207,719	Russell 3000^® Index (regulatory broad based index) - $3,382,207	Russell 2000^® Value Index - $1,915,800
6/15	$1,000,000	$1,000,000	$1,000,000
6/16	$1,019,867	$1,021,383	$974,182
6/17	$1,269,604	$1,210,436	$1,216,334
6/18	$1,451,641	$1,389,315	$1,375,664
6/19	$1,497,960	$1,514,111	$1,289,885
6/20	$1,302,014	$1,612,975	$1,064,452
6/21	$2,015,150	$2,325,337	$1,844,479
6/22	$1,837,650	$2,002,914	$1,544,189
6/23	$2,065,589	$2,382,540	$1,636,957
6/24	$2,173,373	$2,933,505	$1,815,316
6/25	$2,207,719	$3,382,207	$1,915,800

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

	1 Year	5 Year	10 Year
Class Y	1.58%	11.14%	8.24%
Russell 3000^® Index	15.30%	15.96%	12.96%
Russell 2000^® Value Index	5.54%	12.47%	6.72%

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets	$5,605,590
Number of Holdings	113
Investment Advisory Fees	$48,162
Portfolio Turnover	50%

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

(as of June 30, 2025)

Value	Value
Utilities	2.6%
Health Care	4.0%
Consumer Staples	4.7%
Energy	4.7%
Real Estate	5.2%
Materials	7.6%
Information Technology	8.9%
Consumer Discretionary	9.2%
Industrials	21.6%
Financials^{Footnote Reference**}	28.5%

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

(as of June 30, 2025)

Renasant Corp.	1.6%
Old National Bancorp	1.6%
United Bankshares, Inc.	1.6%
National Bank Holdings Corp., Class A	1.4%
Stock Yards Bancorp, Inc.	1.4%
Commercial Metals Co.	1.3%
The Hanover Insurance Group, Inc.	1.3%
UMB Financial Corp.	1.3%
SouthState Corp.	1.3%
Tower Semiconductor Ltd.	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.
**	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

VSOYX — AR (6/25)

	Integrity Discovery Fund	Integrity Mid-Cap Value Fund	Integrity Small-Cap Value Fund	Integrity Small/Mid-Cap Value Fund	Munder Multi-Cap Fund	S&P 500 Index Fund	Munder Mid-Cap Core Growth Fund	Trivalent International Fund — Core Equity	Trivalent International Small-Cap Fund	Core Bond Fund
General Market Risk	X	X	X	X	X	X	X	X	X	X
Equity Securities Risk	X	X	X	X	X	X	X	X	X
Foreign Securities Risk	X	X	X	X	X		X	X	X	X
Smaller-Capitalization Stock Risk			X	X	X			X	X
Mid-Capitalization Stock Risk		X					X
Micro-Capitalization Stock Risk	X
Passive Investment/Index Risk						X
Tracking Error Risk						X
Debt Securities Risk										X
High-Yield/ Junk Bond Risk										X
Sector Focus Risk	X	X	X	X	X	X	X		X

	Expires 2026	Expires 2027	Expires 2028	Total
Fund for Income	247	244	235	726
Investment Grade Convertible Fund	10	17	16	43

	Diversified Stock Fund	Fund for Income	Investment Grade Convertible Fund
General Market Risk	x	x	x
Debt Securities Risk		x	x
Interest Rate Risk		x	x
Equity Securities Risk	x
Large-Capitalization Stock Risk	x
Prepayment Risk		x
Convertible Securities Risk			x
Sector Focus Risk	x		x

	Sycamore Established Value Fund	Sycamore Small Company Opportunity Fund
Equity Securities Risk	x	x
General Market Risk	x	x
Sector Focus Risk	x	x
Small-Capitalization Stock Risk		x

UNITED STATES

FORM N-CSR

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

What affected the Fund’s performance during the last year?

Growth of $10,000 Investment

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

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 year?

What affected the Fund’s performance during the last year?

Growth of $10,000 Investment

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

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 year?

What affected the Fund’s performance during the last year?

Growth of $1,000,000 Investment

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

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 year?

What affected the Fund’s performance during the last year?

Growth of $10,000 Investment

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

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 year?

What affected the Fund’s performance during the last year?

Growth of $10,000 Investment

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

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 year?

What affected the Fund’s performance during the last year?

Growth of $10,000 Investment

AVERAGE ANNUAL TOTAL RETURNS

(as of June 30, 2025)

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

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}