Victory Pioneer Strategic Income Fund

Class A

Ticker: PSRAX

Semi-Annual Shareholder Report — March 31, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Strategic Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/ mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of March 31, 2026)

Table Summary
Net Assets	$3,725,684
Number of Holdings	1,196
Portfolio Turnover	43%

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

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

(as of March 31, 2026)

Table Summary
Value	Value
Corporate Bonds	23.4%
Yankee Dollars	21.9%
U.S. Treasury Obligations	18.2%
U.S. Government Agency Mortgages	17.8%
Collateralized Mortgage Obligations	9.3%
Asset-Backed Securities	7.8%
Insurance-Linked Securities	3.6%
Other^{Footnote Reference**}	2.6%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

PSRAX — SAR (3/26)

Victory Pioneer Strategic Income Fund

Class C

Ticker: PSRCX

Semi-Annual Shareholder Report — March 31, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$84	1.68%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of March 31, 2026)

Table Summary
Net Assets	$3,725,684
Number of Holdings	1,196
Portfolio Turnover	43%

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

(as of March 31, 2026)

Table Summary
Value	Value
Corporate Bonds	23.4%
Yankee Dollars	21.9%
U.S. Treasury Obligations	18.2%
U.S. Government Agency Mortgages	17.8%
Collateralized Mortgage Obligations	9.3%
Asset-Backed Securities	7.8%
Insurance-Linked Securities	3.6%
Other^{Footnote Reference**}	2.6%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

PSRCX — SAR (3/26)

Victory Pioneer Strategic Income Fund

Class R

Ticker: STIRX

Semi-Annual Shareholder Report — March 31, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R	$67	1.34%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of March 31, 2026)

Table Summary
Net Assets	$3,725,684
Number of Holdings	1,196
Portfolio Turnover	43%

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

(as of March 31, 2026)

Table Summary
Value	Value
Corporate Bonds	23.4%
Yankee Dollars	21.9%
U.S. Treasury Obligations	18.2%
U.S. Government Agency Mortgages	17.8%
Collateralized Mortgage Obligations	9.3%
Asset-Backed Securities	7.8%
Insurance-Linked Securities	3.6%
Other^{Footnote Reference**}	2.6%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

STIRX — SAR (3/26)

Victory Pioneer Strategic Income Fund

Class R6

Ticker: STRKX

Semi-Annual Shareholder Report — March 31, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R6	$30	0.59%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of March 31, 2026)

Table Summary
Net Assets	$3,725,684
Number of Holdings	1,196
Portfolio Turnover	43%

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

(as of March 31, 2026)

Table Summary
Value	Value
Corporate Bonds	23.4%
Yankee Dollars	21.9%
U.S. Treasury Obligations	18.2%
U.S. Government Agency Mortgages	17.8%
Collateralized Mortgage Obligations	9.3%
Asset-Backed Securities	7.8%
Insurance-Linked Securities	3.6%
Other^{Footnote Reference**}	2.6%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

STRKX — SAR (3/26)

Victory Pioneer Strategic Income Fund

Class Y

Ticker: STRYX

Semi-Annual Shareholder Report — March 31, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$34	0.68%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of March 31, 2026)

Table Summary
Net Assets	$3,725,684
Number of Holdings	1,196
Portfolio Turnover	43%

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

(as of March 31, 2026)

Table Summary
Value	Value
Corporate Bonds	23.4%
Yankee Dollars	21.9%
U.S. Treasury Obligations	18.2%
U.S. Government Agency Mortgages	17.8%
Collateralized Mortgage Obligations	9.3%
Asset-Backed Securities	7.8%
Insurance-Linked Securities	3.6%
Other^{Footnote Reference**}	2.6%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

STRYX — SAR (3/26)

Schedule

Portfolio

Investments

March

31,

2026

Victory

Portfolios

Victory

Pioneer

Strategic

Income

Fund

(Unaudited)

See

notes

financial

statements.

Security

Description

Principal

Amount

(000)

Value

(000)

Asset-Backed

Securities

(7.8%)

ABS

Auto

(2.9%):

ACM

Auto

Trust,

Series

2024-2A,

Class

9.21%,

8/20/31,

Callable

8/20/26

100(a)

.....

1,190

1,202

Ally

Bank

Auto

Credit-Linked

Notes

.........................................

Series

2024-A,

Class

6.32%,

5/17/32,

Callable

1/15/28

100(a)

...............

513

521

Series

2024-A,

Class

12.75%,

5/17/32,

Callable

1/15/28

100(a)

..............

1,200

1,240

Series

2024-B,

Class

11.40%,

9/15/32,

Callable

6/15/28

100(a)

..............

2,220

2,261

American

Credit

Acceptance

Receivables

Trust

.................................

Series

2024-3,

Class

6.04%,

7/12/30,

Callable

2/12/28

100(a)

...............

3,260

3,311

Series

2025-4,

Class

5.25%,

9/12/31,

Callable

11/12/28

100(a)

..............

4,130

4,139

Arivo

Acceptance

Auto

Loan

Receivables

Trust,

Series

2022-1A,

Class

7.38%,

9/17/29,

Callable

10/15/26

100(a)

...........................................

2,000

2,005

Exeter

Automobile

Receivables

Trust

.........................................

Series

2024-4A,

Class

7.65%,

2/17/32,

Callable

5/15/29

100(a)

..............

14,800

15,181

Series

2024-5A,

Class

7.22%,

5/17/32,

Callable

3/15/29

100(a)

..............

13,220

13,411

Series

2025-1A,

Class

7.48%,

9/15/32,

Callable

7/15/29

100(a)

..............

10,730

10,806

Series

2025-3A,

Class

7.52%,

12/15/32,

Callable

9/15/29

100(a)

.............

7,560

7,600

GLS

Auto

Receivables

Issuer

Trust

..........................................

Series

2024-2A,

Class

7.98%,

5/15/31,

Callable

12/15/28

100(a)

.............

2,830

2,948

Series

2024-3A,

Class

7.25%,

6/16/31,

Callable

1/15/29

100(a)

..............

12,197

12,480

Series

2025-2A,

Class

7.73%,

6/15/32,

Callable

8/15/29

100(a)

..............

4,270

4,408

Huntington

Bank

Auto

Credit-Linked

Notes

....................................

Series

2024-1,

Class

8.92%

(SOFR30A+525bps),

5/20/32,

Callable

11/20/27

100(a)

(b)

.............................................................

392

399

Series

2024-2,

Class

7.67%

(SOFR30A+400bps),

10/20/32,

Callable

6/20/28

100(a)

(b)

.............................................................

629

628

Merchants

Fleet

Funding

LLC

..............................................

Series

2024-1A,

Class

9.35%,

4/20/37,

Callable

2/20/27

100(a)

..............

3,200

3,238

Series

2025-1A,

Class

4.49%,

1/20/39,

Callable

6/20/29

100(a)

..............

6,700

6,710

Prestige

Auto

Receivables

Trust,

Series

2025-1A,

Class

6.02%,

7/15/31,

Callable

3/15/29

100(a)

...........................................................

2,959

2,951

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2024-A,

Class

10.17%,

6/15/32,

Callable

9/15/28

100(a)

...................................................

1,921

1,973

Tricolor

Auto

Securitization

Trust

...........................................

Series

2024-1A,

Class

11.91%,

9/17/29,

Callable

11/15/26

100(a)(c)

..........

4,022

1,079

Series

2024-2A,

Class

7.61%,

8/15/28,

Callable

6/15/28

100(a)(c)

............

7,690

1,993

Series

2024-3A,

Class

8.64%,

7/15/30,

Callable

10/15/27

100(a)(c)

...........

2,550

328

Veros

Auto

Receivables

Trust

..............................................

Series

2024-1,

Class

9.87%,

5/15/31,

Callable

8/15/27

100(a)

...............

3,500

3,693

Series

2026-1,

Class

4.53%,

8/15/28(a)

.................................

2,651

107,156

ABS

Card

(0.3%):

Continental

Finance

Credit

Card

ABS

Master

Trust

...............................

Series

2022-A,

Class

9.33%,

10/15/30(a)

................................

6,550

6,654

Series

2022-A,

Class

12.42%,

10/15/30(a)

...............................

3,000

3,110

Series

2024-A,

Class

5.78%,

12/15/32(a)

................................

1,900

1,907

11,671

ABS

Home

(0.2%):

Mortgage-Backed

Securities

Trust,

Series

2025-CES1,

Class

A1A,

5.57%,

5/25/55,

Callable

3/25/28

100(a)(d)

..........................................

3,897

3,908

Vista

Point

Securitization

Trust,

Series

2024-CES1,

Class

A1,

6.68%,

5/25/54,

Callable

5/25/27

100(a)(d)

.......................................................

4,123

4,166

8,074

ABS

Other

(4.4%):

321

Henderson

Receivables

III

LLC

.........................................

Series

2008-1A,

Class

9.36%,

1/15/48,

Callable

10/15/26

100(a)

.............

500

510

Series

2008-1A,

Class

10.81%,

1/15/50,

Callable

10/15/26

100(a)

............

500

512

Accelerated

Assets

LLC

..................................................

Series

2018-1,

Class

4.51%,

12/2/33(a)

.................................

145

143

Series

2018-1,

Class

6.65%,

12/2/33(a)

.................................

205

196

Amur

Equipment

Finance

Receivables

LLC,

Series

2022-1A,

Class

5.02%,

12/20/28,

Callable

4/20/26

100(a)

............................................

2,350

2,351

Victory

Portfolios

Victory

Pioneer

Strategic

Income

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

March

31,

2026

See

notes

financial

statements.

Security

Description

Principal

Amount

(000)

Value

(000)

Amur

Equipment

Finance

Receivables

LLC,

Series

2022-2A,

Class

9.32%,

10/22/29,

Callable

7/20/26

100(a)

............................................

1,413

1,424

Amur

Equipment

Finance

Receivables

XII

LLC,

Series

2023-1A,

Class

7.48%,

7/22/30,

Callable

6/20/27

100(a)

............................................

5,250

5,416

Amur

Equipment

Finance

Receivables

XIII

LLC,

Series

2024-1A,

Class

6.57%,

4/21/31,

Callable

1/20/28

100(a)

............................................

4,910

5,029

Amur

Equipment

Finance

Receivables

XIV

LLC,

Series

2024-2A,

Class

8.88%,

10/20/32,

Callable

8/20/28

100(a)

............................................

2,176

2,232

BHG

Securitization

Trust,

Series

2022-C,

Class

9.73%,

10/17/35,

Callable

10/17/28

100(a)

...........................................................

6,410

6,789

Blackbird

Capital

Aircraft

Lease

Ltd.,

Series

2021-1A,

Class

3.45%,

7/15/46,

Callable

7/15/28

100(a)

...................................................

2,760

2,634

Blue

Owl

Asset

Leasing

Trust

LLC,

Series

2024-1A,

Class

8.00%,

12/15/31,

Callable

7/15/27

100(a)

...................................................

3,180

3,227

Cascade

Asset

Trust

..................................................

Series

2021-MH1,

Class

B1,

4.57%,

2/25/46,

Callable

4/25/38

100(a)

...........

2,150

1,808

Series

2021-MH1,

Class

B3,

7.50%,

2/25/46,

Callable

4/25/38

100(a)(d)

.........

4,000

3,578

Cologix

Canadian

Issuer

LP,

Series

2022-1CAN,

Class

A2,

4.94%,

1/25/52,

Callable

4/25/26

100(a)

.........................................................

7,465

5,330

Commonbond

Student

Loan

Trust,

Series

2017-BGS,

Class

4.44%,

9/25/42,

Callable

4/25/26

100(a)

...................................................

Crockett

Partners

Equipment

Co.

IIA

LLC

.....................................

Series

2024-1C,

Class

6.05%,

1/20/31,

Callable

4/20/29

100(a)

..............

4,258

4,308

Series

2024-1C,

Class

10.16%,

1/20/31,

Callable

4/20/29

100(a)

.............

913

949

DataBank

Issuer,

Series

2024-1A,

Class

A2,

5.30%,

1/26/54,

Callable

1/25/27

100(a)

....

3,590

3,534

FIGRE

Trust

..........................................................

Series

2024-HE6,

Class

5.72%,

12/25/54,

Callable

2/25/30

100(a)(d)

..........

11,950

12,014

Series

2025-HE1,

Class

5.83%,

1/25/55,

Callable

3/25/30

100(a)(d)

...........

6,475

6,516

Series

2025-HE2,

Class

5.78%,

3/25/55,

Callable

10/25/30

100(a)(d)

..........

3,112

3,132

Series

2025-HE5,

Class

5.29%,

8/25/55,

Callable

1/25/31

100(a)(d)

...........

14,693

14,653

Series

2025-HE8,

Class

5.21%,

11/25/55,

Callable

7/25/28

100(a)(d)

..........

5,954

5,916

Granite

Park

Equipment

Leasing

LLC,

Series

2023-1A,

Class

7.00%,

6/20/35,

Callable

4/20/27

100(a)

...................................................

2,885

2,879

Home

Partners

America

Trust,

Series

2019-1,

Class

4.10%,

9/17/39,

Callable

4/17/26

100(a)(e)

.........................................................

572

550

J.G.

Wentworth

XLI

LLC,

Series

2010-3A,

Class

3.82%,

12/15/48,

Callable

4/15/26

100(a)

...........................................................

100

Libra

Solutions

LLC

.....................................................

Series

2024-1A,

Class

7.91%,

9/30/38(a)

................................

2,010

2,008

Series

2025-1A,

Class

8.06%,

8/15/39(a)

................................

3,830

3,825

Mosaic

Solar

Loan

Trust

..................................................

Series

2019-2A,

Class

6.18%,

9/20/40,

Callable

3/20/31

100(a)

..............

750

743

Series

2021-1A,

Class

3.71%,

12/20/46,

Callable

11/20/33

100(a)

............

2,730

2,183

NMEF

Funding

LLC

....................................................

Series

2022-B,

Class

8.54%,

6/15/29,

Callable

8/15/26

100(a)

...............

5,950

6,019

Series

2024-A,

Class

6.33%,

12/15/31,

Callable

3/15/28

100(a)

..............

5,450

5,568

Series

2024-A,

Class

8.75%,

12/15/31,

Callable

3/15/28

100(a)

..............

4,997

5,203

PEAR

LLC,

Series

2021-1,

Class

1/15/34(a)(f)(g)

..............................

6,400

6,000

Post

Road

Equipment

Finance

LLC,

Series

2024-1A,

Class

8.50%,

12/15/31,

Callable

12/15/26

100(a)

..................................................

2,260

2,321

Reach

ABS

Trust,

Series

2026-1A,

Class

4.32%,

2/15/33,

Callable

6/15/30

100(a)

....

6,616

RMF

Buyout

Issuance

Trust

...............................................

Series

2021-HB1,

Class

M4,

4.70%,

11/25/31(a)(d)

..........................

3,000

2,850

Series

2021-HB1,

Class

M5,

6.00%,

11/25/31(a)(d)

..........................

6,000

5,675

Series

2022-HB1,

Class

M5,

4.50%,

4/25/32,

Callable

4/25/27

100(a)(d)(f)

.......

3,750

165

Rosy

Blue

Carat

SCS,

Series

2018-1,

Class

A1R,

8.48%,

3/15/30(a)(f)

.................

1,031

1,047

SCF

Equipment

Leasing

LLC

..............................................

Series

2024-1A,

Class

9.00%,

12/20/34,

Callable

2/20/30

100(a)

.............

2,300

2,456

Series

2025-1A,

Class

6.75%,

11/20/35,

Callable

9/20/31

100(a)

.............

4,200

4,343

Series

2025-2A,

Class

6.21%,

6/20/36,

Callable

4/20/32

100(a)

..............

3,390

3,404

Tricon

American

Homes

Trust,

Series

2020-SFR2,

Class

E1,

2.73%,

11/17/39(a)(e)

........

4,250

4,065

Victory

Portfolios

Victory

Pioneer

Strategic

Income

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

March

31,

2026

See

notes

financial

statements.

Security

Description

Principal

Amount

(000)

Value

(000)

VFI

ABS

LLC,

Series

2023-1A,

Class

12.36%,

12/24/30,

Callable

6/24/26

100(a)

....

2,540

2,573

162,854

Total

Asset-Backed

Securities

(Cost

$301,890)

289,755

Collateralized

Loan

Obligations

(0.9%)

Cash

Flow

CLO

(0.9%):

Arbor

Realty

Collateralized

Loan

Obligation

Ltd.

................................

Series

2025-BTR1,

Class

5.60%

(TSFR1M+193bps),

1/20/41,

Callable

5/20/27

100(a)(b)

.........................................................

1,660

1,661

Series

2025-BTR1,

Class

AS,

6.31%

(TSFR1M+264bps),

1/20/41,

Callable

5/20/27

100(a)(b)

.........................................................

4,180

4,205

Series

2025-BTR1,

Class

6.86%

(TSFR1M+319bps),

1/20/41,

Callable

5/20/27

100(a)(b)

.........................................................

2,510

2,524

Series

2025-BTR1,

Class

7.36%

(TSFR1M+369bps),

1/20/41,

Callable

5/20/27

100(a)(b)

.........................................................

1,390

1,398

AREIT

Ltd.,

Series

2022-CRE6,

Class

6.52%

(SOFR30A+285bps),

1/20/37(a)(b)

......

3,600

3,543

Carlyle

CLO

Ltd.,

Series

2019-4A,

Class

CR,

6.87%

(TSFR3M+320bps),

4/15/35,

Callable

4/15/26

100(a)(b)

.................................................

3,000

2,930

First

Eagle

BSL

CLO

Ltd.,

Series

2019-1A,

Class

8.28%

(TSFR3M+461bps),

1/20/33,

Callable

4/20/26

100(a)(b)

..........................................

1,000

999

Rialto

Issuer

LLC,

Series

2025-FL10,

Class

5.06%

(TSFR1M+139bps),

8/19/42,

Callable

8/19/27

100(a)(b)(e)

........................................

6,110

6,107

Neuberger

Berman

CLO

XVII

Ltd.,

Series

2014-17A,

Class

ER3,

10.42%

(TSFR3M+675bps),

7/22/38,

Callable

7/22/26

100(a)(b)

....................................

4,500

4,464

Sound

Point

CLO

XXI

Ltd.,

Series

2018-3A,

Class

7.23%

(TSFR3M+356bps),

10/26/31,

Callable

4/26/26

100(a)(b)

..........................................

4,750

4,553

32,384

Total

Collateralized

Loan

Obligations

(Cost

$32,659)

32,384

Collateralized

Mortgage

Obligations

(9.3%)

Agency

CMO

(1.0%):

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

4087,

Class

SB,

2.24%

(SOFR30A+592bps),

7/15/42(b)(e)

................

5,984

574

Series

4601,

Class

NI,

3.50%,

9/15/45(e)

..................................

2,498

296

Series

4791,

Class

IO,

3.00%,

5/15/48(e)

..................................

1,655

271

Series

4988,

Class

IL,

3.00%,

6/25/50(e)

..................................

3,582

658

Series

5003,

Class

KI,

2.50%,

8/25/50(e)

..................................

1,630

213

Series

5086,

Class

NI,

2.50%,

3/25/51(e)

..................................

1,778

272

Series

5135,

Class

MI,

2.50%,

8/25/51(e)

..................................

2,550

282

Series

5141,

Class

IJ,

2.50%,

4/25/51(e)

...................................

4,083

463

Federal

Home

Loan

Mortgage

Corporation

REMICs

..............................

Series

4091,

Class

SH,

2.76%

(SOFR30A+644bps),

8/15/42(b)(e)

................

3,444

506

Series

4999,

Class

QI,

4.00%,

5/25/50(e)

..................................

1,692

328

Series

5067,

Class

GI,

4.00%,

12/25/50(e)

.................................

2,009

418

Federal

National

Mortgage

Association

.......................................

Series

Class

CI,

3.00%,

11/25/50(e)

....................................

11,113

1,847

Series

2012-14,

Class

SP,

2.77%

(SOFR30A+644bps),

8/25/41(b)(e)

..............

1,152

Series

2018-43,

Class

SM,

2.42%

(SOFR30A+609bps),

6/25/48(b)(e)

.............

1,448

176

Series

2019-33,

Class

2.27%

(SOFR30A+594bps),

7/25/49(b)(e)

...............

1,619

181

Series

2019-41,

Class

PS,

2.27%

(SOFR30A+594bps),

8/25/49(b)(e)

..............

1,282

169

Series

2019-41,

Class

SM,

2.27%

(SOFR30A+594bps),

8/25/49(b)(e)

.............

1,321

145

Series

2019-59,

Class

AI,

4.00%,

10/25/39(e)

...............................

1,299

192

Series

2020-83,

Class

EI,

4.00%,

11/25/50(e)

...............................

1,457

302

Series

2021-44,

Class

NI,

3.00%,

7/25/51(e)

................................

4,552

866

Series

437,

Class

C11,

3.00%,

7/25/52(e)

..................................

25,613

4,511

Series

78,

Class

CI,

4.50%,

11/25/51(e)

...................................

2,654

597

Government

National

Mortgage

Association

....................................

Series

140,

Class

IO,

2.50%,

8/20/51(e)

...................................

10,131

1,001

Series

146,

Class

QI,

3.00%,

8/20/51(e)

...................................

3,014

487

Series

173,

Class

AI,

2.50%,

10/20/51(e)

..................................

33,317

3,449

Victory

Portfolios

Victory

Pioneer

Strategic

Income

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

March

31,

2026

See

notes

financial

statements.

Security

Description

Principal

Amount

(000)

Value

(000)

Series

182,

Class

TI,

3.50%,

10/20/51(e)

..................................

1,391

257

Series

2019-103,

Class

SB,

2.26%

(TSFR1M+594bps),

8/20/49(b)

................

1,431

169

Series

2019-117,

Class

(TSFR1M+331bps),

9/20/49(b)(e)(g)

.................

12,720

116

Series

2019-128,

Class

IB,

3.50%,

10/20/49(e)

..............................

18,249

2,925

Series

2019-128,

Class

ID,

3.50%,

10/20/49(e)

..............................

18,259

2,921

Series

2019-159,

Class

CI,

3.50%,

12/20/49(e)

..............................

8,360

1,352

Series

2020-15,

Class

IM,

3.50%,

2/20/50

.................................

1,559

262

Series

2020-7,

Class

CI,

3.50%,

1/20/50

...................................

3,665

679

Series

2020-9,

Class

(TSFR1M+324bps),

1/20/50(b)(e)(g)

...................

10,563

159

Series

2025-120,

Class

IC,

4.50%,

1/20/50(e)

...............................

8,474

1,895

Series

206,

Class

IO,

2.50%,

10/20/51(e)

..................................

10,481

1,053

Series

213,

Class

CI,

2.50%,

7/20/50(e)

...................................

2,163

280

Series

213,

Class

EI,

2.50%,

1/20/49(e)

...................................

1,890

184

Series

213,

Class

NI,

3.00%,

12/20/51(e)

..................................

2,793

342

Series

24,

Class

AI,

2.50%,

8/20/51(e)

....................................

8,573

838

Series

34,

Class

IO,

5.00%,

12/20/39(e)

...................................

13,300

2,484

Series

42,

Class

KI,

2.50%,

3/20/51(e)

....................................

2,006

263

Series

70,

Class

IO,

4.00%,

6/20/50(e)

....................................

9,025

1,826

Series

96,

Class

BI,

3.50%,

6/20/51(e)

....................................

3,446

627

36,928

Agency

CMO

Other

(0.1%):

Government

National

Mortgage

Association,

Series

2009-83,

Class

EB,

4.50%,

9/20/39

....

807

808

Hipotecaria

Salvadorian

Mortgage

Trust,

Series

2016-1A,

Class

3.36%,

1/15/46,

Callable

5/15/31

100(a)

............................................

760

710

Hipotecaria

Mortgage

Trust,

Series

2019-2A,

Class

BBB,

4.75%,

9/29/46,

Callable

5/15/34

100(a)(f)

.......................................................

1,475

1,409

2,927

Commercial

MBS

(3.0%):

Alen

Mortgage

Trust,

Series

2021-ACEN,

Class

7.79%

(TSFR1M+411bps),

4/15/34(a)(b)(e)

6,320

4,740

Bayview

Commercial

Asset

Trust,

Series

2007-2A,

Class

IO,

7/25/37(a)(d)(e)(f)(g)

........

3,531

—(h)

Benchmark

Mortgage

Trust,

Series

2020-IG3,

Class

3.26%,

9/15/48,

Callable

4/15/30

100(a)(d)

.........................................................

2,025

1,442

BSREP

Commercial

Mortgage

Trust,

Series

2021-DC,

Class

7.64%

(TSFR1M+396bps),

8/15/38(a)(b)(e)

....................................................

1,704

618

COMM

Mortgage

Trust,

Series

2020-CX,

Class

2.17%,

11/10/46,

Callable

11/10/30

100(a)(e)

.........................................................

3,750

3,192

CSAIL

Commercial

Mortgage

Trust,

Series

2015-C1,

Class

3.74%,

4/15/50,

Callable

10/15/27

100(d)

..................................................

4,083

3,801

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

2021-K131,

Class

9/25/54,

Callable

9/25/31

100(a)(g)

...............

5,000

3,095

Series

2021-KG05,

Class

1/25/31(a)(g)

.................................

10,000

6,679

FREMF

Mortgage

Trust

..................................................

Series

2017-KW02,

Class

3.75%,

12/25/26(a)(d)

..........................

4,500

4,421

Series

2017-KW03,

Class

4.08%,

7/25/27(a)(d)

...........................

2,800

2,767

Series

2018-K154,

Class

4.02%,

11/25/32(a)(d)

...........................

2,300

2,014

Series

2018-K157,

Class

4.30%,

8/25/33(a)(d)

............................

1,875

1,656

Series

2018-KHG1,

Class

3.90%,

12/25/27(a)(d)

..........................

6,364

6,114

Series

2018-KSW4,

Class

8.78%

(SOFR30A+511bps),

10/25/28(a)(b)

...........

1,418

1,342

Series

2018-KW07,

Class

4.11%,

10/25/31,

Callable

10/25/28

100(a)(d)

.......

975

891

Series

2019-KJ24,

Class

7.60%,

10/25/27(a)(d)

...........................

2,471

2,380

Series

2019-KS12,

Class

10.68%

(SOFR30A+701bps),

8/25/29(a)(b)

............

8,352

8,224

Series

2020-KF74,

Class

10.03%

(SOFR30A+636bps),

1/25/27(a)(b)

............

928

921

Series

2020-KF83,

Class

12.78%

(SOFR30A+911bps),

7/25/30,

Callable

6/25/30

100(a)(b)

.........................................................

1,204

1,232

Series

2021-K131,

Class

X2A,

0.10%,

9/25/54,

Callable

6/25/31

100(a)

..........

81,066

336

Series

2021-K131,

Class

X2B,

0.10%,

9/25/54,

Callable

6/25/31

100(a)

..........

18,375

Series

2021-KG05,

Class

X2A,

0.10%,

1/25/31,

Callable

10/25/30

100(a)(e)

......

123,058

447

Series

2021-KG05,

Class

X2B,

0.10%,

1/25/31,

Callable

10/25/30

100(a)(e)

......

10,000

Mortgage

Securities

Corp.

Trust,

Series

2020-DUNE,

Class

6.44%

(TSFR1M+276bps),

12/15/36(a)(b)(e)

...................................................

4,893

4,671

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

..........................

Series

2019-MFP,

Class

5.88%

(TSFR1M+221bps),

7/15/36(a)(b)(e)

............

556

384

Victory

Portfolios

Victory

Pioneer

Strategic

Income

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

March

31,

2026

See

notes

financial

statements.

Security

Description

Principal

Amount

(000)

Value

(000)

Series

2020-LOOP,

Class

3.86%,

12/5/38(a)(d)(e)

..........................

11,650

1,732

Series

2024-OMNI,

Class

5.80%,

10/5/39(a)(d)(e)

.........................

550

546

Key

Commercial

Mortgage

Securities

Trust,

Series

2019-S2,

Class

A3,

3.47%,

6/15/52,

Callable

6/15/29

100(a)

............................................

4,817

4,617

Morgan

Stanley

Bank

America

Merrill

Lynch

Trust,

Series

2017-C33,

Class

3.36%,

5/15/50,

Callable

5/15/27

100(a)

......................................

2,000

1,803

Morgan

Stanley

Capital

Trust

.............................................

Series

2014-150E,

Class

AS,

4.01%,

9/9/32,

Callable

9/9/27

100(a)(e)

...........

3,350

3,000

Series

2016-UBS9,

Class

3.00%,

3/15/49,

Callable

4/15/26

100(a)

...........

1,550

1,201

Natixis

Commercial

Mortgage

Securities

Trust,

Series

2019-FAME,

Class

4.40%,

8/15/36(a)

(d)(e)

...........................................................

1,030

660

Ready

Capital

Mortgage

Trust

..............................................

Series

2019-5,

Class

5.05%,

2/25/52,

Callable

8/25/28

100(a)(d)

.............

688

683

Series

2019-5,

Class

5.16%,

2/25/52,

Callable

8/25/28

100(a)(d)

.............

5,400

4,926

ReadyCap

Commercial

Mortgage

Trust,

Series

2019-6,

Class

4.13%,

10/25/52,

Callable

2/25/34

100(a)(d)

.................................................

2,443

2,233

SLG

Office

Trust

.......................................................

Series

2021-OVA,

Class

2.85%,

7/15/41(a)(e)

............................

8,350

7,168

Series

2021-OVA,

Class

2.85%,

7/15/41(a)(e)

.............................

8,000

6,612

Soho

Trust,

Series

2021-SOHO,

Class

2.70%,

8/10/38(a)(d)(e)

....................

1,500

1,239

UBS

Commercial

Mortgage

Trust,

Series

2018-C9,

Class

XB,

0.34%,

3/15/51,

Callable

3/15/28

100(d)(e)

.......................................................

67,584

462

Velocity

Commercial

Capital

Loan

Trust

......................................

Series

2024-6,

Class

5.81%,

12/25/54,

Callable

9/25/33

100(a)(d)

............

4,674

4,681

Series

2025-1,

Class

6.03%,

2/25/55,

Callable

7/25/36

100(a)(d)

.............

2,870

2,890

VRTX

Trust,

Series

2025-HQ,

Class

6.60%,

8/5/42(a)(d)(e)

......................

4,680

4,698

Wells

Fargo

Commercial

Mortgage

Trust

......................................

Series

2026-1250B,

Class

5.59%,

3/10/41(a)(d)(e)

.........................

790

780

Series

2026-1250B,

Class

6.59%,

3/10/41(a)(d)(e)

.........................

390

386

XCALI

Mortgage

Trust,

Series

2020-5,

Class

7.05%

(TSFR1M+337bps),

5/15/26(a)(b)(e)

453

451

112,242

Private

CMO

(0.1%):

Brean

Asset

Backed

Securities

Trust,

Series

2021-RM2,

Class

M1,

1.75%,

10/25/61,

Callable

9/25/26

100(a)

...................................................

2,696

2,633

Private

CMO

Floating

(2.7%):

Bellemeade

Ltd.,

Series

2024-1,

Class

M1B,

6.86%

(SOFR30A+320bps),

8/25/34,

Callable

7/25/27

100(a)(b)

.................................................

4,168

4,188

Connecticut

Avenue

Securities

Trust

.........................................

Series

2020-SBT1,

Class

1M2,

7.43%

(SOFR30A+376bps),

2/25/40,

Callable

2/25/27

100(a)(b)

.........................................................

2,670

2,730

Series

2022-R02,

Class

2B1,

8.16%

(SOFR30A+450bps),

1/25/42,

Callable

1/25/27

100(a)(b)

.........................................................

7,980

8,186

Series

2024-R03,

Class

2M2,

5.61%

(SOFR30A+195bps),

3/25/44,

Callable

3/25/29

100(a)(b)

.........................................................

3,280

3,285

Series

2024-R05,

Class

2M2,

5.36%

(SOFR30A+170bps),

7/25/44,

Callable

7/25/29

100(a)(b)

.........................................................

3,579

3,585

Eagle

Ltd.,

Series

2023-1,

Class

M1B,

7.61%

(SOFR30A+395bps),

9/26/33,

Callable

9/25/28

100(a)(b)

.................................................

8,240

8,429

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

2019-FTR3,

Class

B2,

8.58%

(SOFR30A+491bps),

9/25/47,

Callable

12/25/29

100(a)(b)

.........................................................

2,431

2,633

Series

2020-DNA6,

Class

B2,

9.31%

(SOFR30A+565bps),

12/25/50,

Callable

12/25/30

100(a)(b)

.......................................................

2,630

3,058

Series

2020-HQA3,

Class

B2,

13.78%

(SOFR30A+1011bps),

7/25/50,

Callable

7/25/30

100(a)(b)

.......................................................

2,670

3,505

Series

2020-HQA5,

Class

B2,

11.06%

(SOFR30A+740bps),

11/25/50,

Callable

11/25/30

100(a)(b)

.......................................................

6,250

7,623

Series

2021-HQA4,

Class

B1,

7.41%

(SOFR30A+375bps),

12/25/41,

Callable

12/25/26

100(a)(b)

.......................................................

2,340

2,377

Series

2021-MN1,

Class

B1,

11.41%

(SOFR30A+775bps),

1/25/51,

Callable

1/25/29

100(a)(b)

.........................................................

1,455

1,598

Victory

Portfolios

Victory

Pioneer

Strategic

Income

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

March

31,

2026

See

notes

financial

statements.

Security

Description

Principal

Amount

(000)

Value

(000)

Series

2021-MN1,

Class

M2,

7.41%

(SOFR30A+375bps),

1/25/51,

Callable

1/25/29

100(a)(b)

.........................................................

2,750

2,852

Series

2021-MN3,

Class

M2,

7.66%

(SOFR30A+400bps),

11/25/51,

Callable

8/25/36

100(a)(b)

.........................................................

6,000

6,205

Home

Ltd.

.........................................................

Series

2023-1,

Class

M1B,

8.26%

(SOFR30A+460bps),

10/25/33,

Callable

10/25/28

100(a)(b)

.........................................................

1,281

1,309

Series

2026-1,

Class

M1A,

4.86%

(SOFR30A+120bps),

1/25/36,

Callable

8/25/29

100(a)(b)

.........................................................

2,540

2,539

JPMorgan

Chase

Bank

................................................

Series

2020-CL1,

Class

M3,

7.14%

(TSFR1M+346bps),

10/25/57,

Callable

6/25/34

100(a)(b)

.........................................................

3,887

4,057

Series

2021-CL1,

Class

M3,

5.46%

(SOFR30A+180bps),

3/25/51,

Callable

11/25/36

100(a)(b)

.........................................................

1,803

1,786

Series

2021-CL1,

Class

M4,

6.41%

(SOFR30A+275bps),

3/25/51,

Callable

11/25/36

100(a)(b)

.........................................................

1,600

1,584

Multifamily

Connecticut

Avenue

Securities

Trust,

Series

2019-01,

Class

M10,

7.03%

(SOFR30A+336bps),

10/25/49(a)(b)

.....................................

8,496

8,620

New

Residential

Mortgage

Loan

Trust,

Series

2020-2A,

Class

B4A,

6.29%

(TSFR1M+261bps),

10/25/46,

Callable

11/25/32

100(a)(b)

...................

6,334

6,358

Radnor

Ltd.,

Series

2021-2,

Class

M2,

8.66%

(SOFR30A+500bps),

11/25/31,

Callable

9/25/27

100(a)(b)

.................................................

1,460

1,513

STACR

Trust,

Series

2018-HRP2,

Class

B2,

14.28%

(SOFR30A+1061bps),

2/25/47,

Callable

11/25/28

100(a)(b)

................................................

4,750

5,739

Towd

Point

Mortgage

Trust,

Series

2019-HY1,

Class

B2,

5.94%

(TSFR1M+226bps),

10/25/48,

Callable

10/25/28

100(a)(b)

.........................................

5,639

5,819

Triangle

Ltd.,

Series

2023-1,

Class

M1A,

7.06%

(SOFR30A+340bps),

11/25/33,

Callable

10/25/28

100(a)(b)

................................................

2,714

2,731

102,309

Private

CMO

(0.1%):

Flagstar

Mortgage

Trust,

Series

2021-4,

Class

AX1,

0.20%,

6/1/51,

Callable

4/25/46

100(a)

(d)(e)

...........................................................

190,165

2,397

Hundred

Acre

Wood

Trust,

Series

2021-INV1,

Class

AX1,

0.23%,

7/25/51,

Callable

7/25/46

100(a)(d)(e)

.......................................................

62,737

843

Morgan

Mortgage

Trust

................................................

Series

2021-10,

Class

AX1,

0.11%,

12/25/51,

Callable

8/25/38

100(a)(d)(e)

.......

120,763

734

Series

2021-8,

Class

AX1,

0.11%,

12/25/51,

Callable

5/25/41

100(a)(d)(e)

........

105,749

637

4,611

Private

CMO

Other

(2.3%):

Bayview

MSR

Opportunity

Master

Fund

Trust,

Series

2021-2,

Class

A8,

2.50%,

6/25/51,

Callable

4/25/42

100(a)(d)

..........................................

5,970

4,102

BINOM

Securitization

Trust,

Series

2022-RPL1,

Class

M3,

3.00%,

2/25/61,

Callable

4/25/26

100(a)(d)

.......................................................

8,062

5,908

Brean

Asset

Backed

Securities

Trust,

Series

2021-RM1,

Class

1.40%,

10/25/63,

Callable

9/25/27

100(a)(d)

.................................................

2,614

2,493

CFMT

LLC

...........................................................

Series

2024-HB14,

Class

M4,

3.00%,

6/25/34,

Callable

6/25/27

100(a)(d)

........

3,450

3,292

Series

2024-HB15,

Class

M4,

4.00%,

8/25/34(a)(d)

..........................

6,710

6,412

Citigroup

Mortgage

Loan

Trust,

Series

2018-RP3,

Class

B2,

3.25%,

3/25/61,

Callable

3/25/46

100(a)(d)

.......................................................

5,265

4,348

CSFB

Mortgage-Backed

Pass-Through

Certificates,

Series

2003-17,

Class

B1,

5.50%,

6/25/33,

Callable

4/25/26

100(d)

............................................

223

—(h)

CSMC

Trust,

Series

2021-RPL2,

Class

M3,

3.51%,

1/25/60,

Callable

2/25/50

100(a)(d)

2,639

1,750

Global

Mortgage

Securitization

Ltd.,

Series

2004-A,

Class

B2,

5.25%,

11/25/32,

Callable

4/25/26

100(a)

...................................................

172

—(h)

Mortgage-Backed

Securities

Corp.

Trust

....................................

Series

2019-PJ3,

Class

B4,

3.97%,

3/25/50,

Callable

4/25/26

100(a)(d)

..........

2,174

1,908

Series

2019-PJ3,

Class

B5,

3.97%,

3/25/50,

Callable

4/25/26

100(a)(d)

..........

1,490

1,090

Imperial

Fund

Mortgage

Trust,

Series

2021-NQM2,

Class

B2,

4.27%,

9/25/56,

Callable

4/25/26

100(a)(d)

.......................................................

4,350

3,485

Morgan

Mortgage

Trust

................................................

Series

2018-7FRB,

Class

B5,

5.11%,

4/25/46,

Callable

12/25/29

100(a)(d)

........

981

840

Victory

Portfolios

Victory

Pioneer

Strategic

Income

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

March

31,

2026

See

notes

financial

statements.

Security

Description

Principal

Amount

(000)

Value

(000)

Series

2021-3,

Class

A5,

2.50%,

7/25/51,

Callable

11/25/44

100(a)(d)

...........

2,000

1,405

JPMorgan

Mortgage

Trust,

Series

2021-INV1,

Class

B3,

2.96%,

10/25/51,

Callable

9/25/47

100(a)(d)

.........................................................

1,839

1,512

Hipotecaria

Salvadorian

Mortgage

Trust,

Series

2021-1,

Class

GA,

4.35%,

7/13/52(a)

5,341

4,813

New

Residential

Mortgage

Loan

Trust,

Series

2020-RPL1,

Class

B1,

3.83%,

11/25/59,

Callable

4/25/42

100(a)(d)

.................................................

13,904

11,897

Onity

Loan

Investment

Trust,

Series

2024-HB2,

Class

M3,

5.00%,

8/25/37,

Callable

8/25/27

100(a)(d)

.........................................................

1,950

1,898

PRMI

Securitization

Trust

.................................................

Series

2021-1,

Class

B2,

2.48%,

4/25/51,

Callable

6/25/46

100(a)(d)

............

1,736

1,407

Series

2021-1,

Class

B3,

2.48%,

4/25/51,

Callable

6/25/46

100(a)(d)

............

3,310

2,643

Provident

Funding

Mortgage

Trust

..........................................

Series

2021-1,

Class

B1,

2.38%,

4/25/51,

Callable

12/25/46

100(a)(d)

...........

2,583

2,152

Series

2021-2,

Class

B2,

2.35%,

4/25/51,

Callable

12/25/47

100(a)(d)

...........

2,505

2,029

Rate

Mortgage

Trust

.....................................................

Series

2021-HB1,

Class

B3,

2.70%,

12/25/51,

Callable

1/25/47

100(a)(d)

.........

1,706

1,375

Series

2022-J1,

Class

B3,

2.75%,

1/25/52,

Callable

1/25/48

100(a)(d)

...........

3,662

3,024

Sequoia

Mortgage

Trust

..................................................

Series

2021-9,

Class

B4,

2.85%,

1/25/52,

Callable

5/25/42

100(a)(d)

............

1,783

878

Series

2022-1,

Class

B4,

2.94%,

2/25/52,

Callable

10/25/46

100(a)(d)

...........

2,744

1,369

Towd

Point

Mortgage

Trust

................................................

Series

2017-1,

Class

B3,

3.72%,

10/25/56,

Callable

7/25/30

100(a)(d)

...........

5,000

4,301

Series

2021-R1,

Class

A1,

2.92%,

11/30/60(a)(d)

............................

8,220

7,395

Visio

Trust,

Series

2019-2,

Class

B1,

3.91%,

11/25/54,

Callable

4/25/26

100(a)(d)

......

800

761

84,487

Total

Collateralized

Mortgage

Obligations

(Cost

$393,535)

346,137

Common

Stocks

(0.1%)

Communication

Services

(0.0%):(i)

Altice

France

SA(j)

.....................................................

55,163

939

Consumer

Discretionary

(0.0%):(i)

Desarrolladora

Homex

SAB

CV(f)(j)

.......................................

1,018,282

—(h)

Energy

(0.0%):(i)

Frontera

Energy

Corp.

...................................................

275

Industrials

(0.1%):

Grupo

Aeromexico

SAB

CV(j)

...........................................

1,281,710

1,810

Materials

(0.0%):

Emerald

Plantation

Holdings

Ltd.(f)

.........................................

162,828

—

Total

Common

Stocks

(Cost

$2,090)

2,752

Preferred

Stocks

(0.7%)

Financials

(0.7%):

Bank

America

Corp.,

Series

LL,

5.00%(k)

...................................

229,351

4,626

Capital

One

Financial

Corp.,

Series

4.38%(k)

.................................

34,711

558

JPMorgan

Chase

Co.,

Series

MM,

4.20%(k)

..................................

309,879

5,423

KeyCorp,

Series

5.63%(k)

..............................................

92,714

1,943

Morgan

Stanley,

Series

4.25%(k)

.........................................

383,166

6,579

State

Street

Corp.,

Series

5.35%(k)

........................................

59,110

1,278

U.S.

Bancorp,

Series

3.75%(k)

...........................................

56,272

831

Wells

Fargo

Co.,

Series

DD,

4.25%(k)

......................................

233,315

4,025

25,263

Total

Preferred

Stocks

(Cost

$26,059)

25,263

Victory

Portfolios

Victory

Pioneer

Strategic

Income

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

March

31,

2026

See

notes

financial

statements.

Security

Description

Principal

Amount

(000)

Value

(000)

Convertible

Corporate

Bonds

(0.2%)

Communication

Services

(0.2%):

Live

Nation

Entertainment,

Inc.

2.88%,

1/15/30

....................................................

290

313

2.88%,

10/15/31(a)

..................................................

5,800

5,886

6,199

Real

Estate

(0.0%):(i)

Boston

Properties

LP,

2.00%,

10/1/30(a)

......................................

1,220

1,107

Total

Convertible

Corporate

Bonds

(Cost

$7,310)

7,306

Convertible

Preferred

Stocks

(0.1%)

Information

Technology

(0.1%):

Oracle

Corp.,

Series

6.50%,

1/15/29

.......................................

129,200

5,815

Total

Convertible

Preferred

Stocks

(Cost

$6,460)

5,815

Principal

Amount

(000)

Senior

Secured

Loans

(0.6%)

Consumer

Discretionary

(0.2%):

Fitness

International

LLC,

Term

Loan,

First

Lien,

8.17%

(SOFR01M+450bps),

2/12/29(b)

2,658

2,672

River

Rock

Entertainment

Authority,

Term

Loan,

First

Lien,

12.67%

(SOFR01M+900bps),

11/24/31(b)

.......................................................

6,950

6,811

9,483

Financials

(0.2%):

1261229

Ltd.,

Initial

Term

Loan,

First

Lien,

9.92%

(SOFR01M+625bps),

10/8/30(b)

....

4,824

4,664

Ahab

Bidco

LLC,

Second

Amendment

Incremental

Term

Loan,

First

Lien,

6.17%

(SOFR01M+250bps),

5/1/31(b)

.........................................

1,940

1,925

6,589

Health

Care

(0.0%):(i)

Endo

Finance

Holdings

LP,

2024

Refinancing

Term

Loan,

7.42%

(SOFR01M+375bps),

4/23/31(b)

........................................................

1,251

1,246

Industrials

(0.2%):

Hertz

Corporation,

The,

Initial

Term

Loan,

7.29%

(SOFR01M+350bps),

6/30/28(b)

......

7,258

5,298

Hertz

Corporation,

The,

Initial

Term

Loan,

7.29%

(SOFR01M+350bps),

6/30/28(b)

......

1,423

1,039

6,337

Materials

(0.0%):(i)

WireCo

WorldGroup

Inc.,

2023

Refinancing

Term

Loan,

7.42%

(SOFR03M+375bps),

11/13/28(b)

.......................................................

970

968

Total

Senior

Secured

Loans

(Cost

$26,432)

24,623

Corporate

Bonds

(23.4%)

Communication

Services

(0.6%):

CSC

Holdings

LLC,

4.63%,

12/1/30,

Callable

5/2/26

102.31(a)

....................

6,200

2,188

Meta

Platforms,

Inc.

5.63%,

11/15/55,

Callable

5/15/55

100

..................................

4,455

4,176

5.75%,

11/15/65,

Callable

5/15/65

100

..................................

7,590

7,050

Oak-Eagle

Acquireco,

Inc.

7.25%,

7/1/33,

Callable

7/1/29

103.63(a)

................................

780

808

8.75%,

7/1/34,

Callable

7/1/29

104.38(a)

................................

2,220

2,324

Uniti

Group

LP/Uniti

Group

Finance,

Inc./CSL

Capital

LLC

6.50%,

2/15/29,

Callable

4/27/26

100(a)

................................

5,975

5,803

8.63%,

6/15/32,

Callable

6/15/28

104.31(a)

..............................

1,925

1,960

24,309

Consumer

Discretionary

(1.4%):

Avis

Budget

Car

Rental

LLC/Avis

Budget

Finance,

Inc.,

8.38%,

6/15/32,

Callable

6/15/28

104.19(a)

.........................................................

2,435

2,422

Champions

Financing,

Inc.,

8.75%,

2/15/29,

Callable

5/2/26

104.38(a)

...............

7,474

6,703

Victory

Portfolios

Victory

Pioneer

Strategic

Income

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

March

31,

2026

See

notes

financial

statements.

Security

Description

Principal

Amount

(000)

Value

(000)

Ford

Motor

Co.,

6.10%,

8/19/32,

Callable

5/19/32

100

..........................

4,430

4,466

HOA

RoyaltyCo

LLC,

4.72%,

11/22/55,

Callable

5/2/26

100(a)(c)(f)

................

9,941

2,091

Melco

Resorts

Finance

Ltd.,

6.50%,

9/24/33,

Callable

9/24/28

103.25(a)

.............

1,360

1,305

Petco

Health

Wellness

Co.,

Inc.,

8.25%,

2/1/31,

Callable

2/1/28

104.13(a)

..........

805

804

Resorts

World

Las

Vegas

LLC/RWLV

Capital,

Inc.

4.63%,

4/16/29,

Callable

1/16/29

100(a)

................................

17,100

14,696

4.63%,

4/6/31,

Callable

1/6/31

100(a)

..................................

5,300

4,179

The

Michaels

Cos.,

Inc.,

8.50%,

3/15/33,

Callable

3/15/29

104.25(a)

................

8,625

8,397

Volkswagen

Group

America

Finance

LLC,

5.80%,

3/27/35,

Callable

12/27/34

100(a)

4,538

4,535

North

America

Capital,

Inc.,

7.13%,

4/14/30,

Callable

2/14/30

100(a)

.............

2,335

2,302

51,900

Consumer

Staples

(0.3%):

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC

5.50%,

3/31/31,

Callable

11/15/27

102.75(a)

.............................

2,600

2,571

5.75%,

3/31/34,

Callable

11/15/28

102.88(a)

.............................

6,965

6,814

Fiesta

Purchaser,

Inc.,

9.63%,

9/15/32,

Callable

9/15/27

104.81(a)

..................

1,038

1,057

10,442

Energy

(2.6%):

Archrock

Services

LP/Archrock

Partners

Finance

Corp.,

6.00%,

2/1/34,

Callable

2/1/29

103(a)

...........................................................

1,535

1,520

Columbia

Pipelines

Holding

Co.

LLC

5.10%,

10/1/31,

Callable

8/1/31

100(a)

.................................

4,115

4,137

5.00%,

11/17/32,

Callable

9/17/32

100(a)

................................

6,760

6,715

Enerflex,

Inc.,

6.88%,

1/15/31,

Callable

1/15/28

103.44(a)

........................

2,055

2,098

Energy

Transfer

LP,

5.35%,

1/15/36,

Callable

10/15/35

100

.......................

3,960

3,933

Hess

Midstream

Operations

LP,

5.88%,

3/1/28,

Callable

4/12/26

102.94(a)

............

1,545

1,555

Hilcorp

Energy

LP/Hilcorp

Finance

Co.

6.88%,

5/15/34,

Callable

5/15/29

103.44(a)

..............................

7,930

7,748

7.25%,

2/15/35,

Callable

2/15/30

103.63(a)

..............................

23,191

23,119

Kodiak

Gas

Services

LLC,

5.88%,

4/1/31,

Callable

4/1/28

102.94(a)

................

1,415

1,422

SierraCol

Energy

Andina

LLC,

6.00%,

6/15/28,

Callable

5/2/26

101.5(a)

.............

3,645

3,477

SierraCol

Energy

Andina

LLC/SierraCol

Energy

Arauca/Colombia

Energy

Development,

9.00%,

11/14/30,

Callable

11/14/27

104.5(a)

.............................

8,226

8,185

Summit

Midstream

Holdings

LLC,

8.63%,

10/31/29,

Callable

7/31/26

104.31(a)

........

5,730

5,893

Venture

Global

LNG,

Inc.

9.50%,

2/1/29,

Callable

11/1/28

100(a)

.................................

1,540

1,665

8.38%,

6/1/31,

Callable

6/1/26

104.19(a)

................................

3,278

3,409

Venture

Global

Plaquemines

LNG

LLC

6.13%,

12/15/30,

Callable

9/15/30

100(a)

...............................

4,185

4,304

6.50%,

1/15/34,

Callable

7/15/33

100(a)

................................

4,840

5,045

Wildfire

Intermediate

Holdings

LLC,

7.50%,

10/15/29,

Callable

10/15/26

103.75(a)

.....

12,109

12,270

96,495

Financials

(9.6%):

Ally

Financial,

Inc.

6.18%

(SOFR+229bps),

7/26/35,

Callable

7/26/34

100(b)

....................

7,750

7,773

6.65%

(H15T5Y+245bps),

1/17/40,

Callable

10/19/34

100(b)

.................

5,823

5,621

Banco

Bradesco

SA,

6.50%,

1/22/30(a)

.......................................

8,900

9,196

Capital

One

Financial

Corp.

2.36%

(SOFR+134bps),

7/29/32,

Callable

7/29/31

100(b)

....................

6,950

5,992

6.18%

(SOFR+204bps),

1/30/36,

Callable

1/30/35

100(b)

....................

4,660

4,740

Citadel

Securities

Global

Holdings

LLC

5.50%,

6/18/30,

Callable

5/18/30

100(a)

................................

13,000

13,207

6.20%,

6/18/35,

Callable

3/18/35

100(a)

................................

5,517

5,644

Citigroup,

Inc.,

6.75%

(H15T5Y+257bps),

Callable

2/15/30

100(b)(k)

...............

15,889

15,882

Citizens

Financial

Group,

Inc.

5.72%

(SOFR+191bps),

7/23/32,

Callable

7/23/31

100(b)

....................

4,129

4,244

5.30%

(H15T5Y+145bps),

1/29/36,

Callable

1/29/31

100(b)

..................

710

704

CNO

Financial

Group,

Inc.,

6.45%,

6/15/34,

Callable

3/15/34

100

..................

10,720

11,062

Farmers

Exchange

Capital

III,

5.45%

(TSFR3M+372bps),

10/15/54,

Callable

10/15/34

100(a)(b)

.........................................................

9,880

8,924

Victory

Portfolios

Victory

Pioneer

Strategic

Income

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

March

31,

2026

See

notes

financial

statements.

Security

Description

Principal

Amount

(000)

Value

(000)

Farmers

Insurance

Exchange

4.75%

(US0003M+323bps),

11/1/57,

Callable

11/1/37

100(a)(b)

...............

13,080

10,989

7.00%

(H15T10Y+386bps),

10/15/64,

Callable

7/15/54

100(a)(b)

..............

6,810

6,806

Fidelity

National

Information

Services,

Inc.,

4.80%,

3/10/31,

Callable

2/10/31

100

......

2,590

2,570

Ford

Motor

Credit

Co.

LLC

5.88%,

11/7/29,

Callable

10/7/29

100

..................................

13,710

13,881

7.35%,

3/6/30,

Callable

1/6/30

100

....................................

3,700

3,903

3.63%,

6/17/31,

Callable

3/17/31

100

..................................

7,600

6,848

6.05%,

11/5/31,

Callable

9/5/31

100

...................................

10,520

10,566

6.53%,

3/19/32,

Callable

1/19/32

100

..................................

3,490

3,581

6.13%,

3/8/34,

Callable

12/8/33

100

...................................

2,052

2,032

6.50%,

2/7/35,

Callable

11/7/34

100

...................................

18,130

18,293

5.87%,

10/31/35,

Callable

7/31/35

100

.................................

11,710

11,243

Freedom

Mortgage

Holdings

LLC

9.13%,

5/15/31,

Callable

5/15/27

104.56(a)

..............................

4,780

4,859

8.38%,

4/1/32,

Callable

4/1/28

104.19(a)

................................

745

733

International

Bank

for

Reconstruction

Development

15.87%

(SOFR+1222bps),

4/24/28(a)(b)

..................................

250

270

17.37%

(SOFR+1372bps),

4/24/28(a)(b)

..................................

250

262

ION

Platform

Finance

US,

Inc./ION

Platform

Finance

SARL,

9.00%,

8/1/29,

Callable

8/1/26

104.5(a)

.......................................................

5,540

5,136

Jane

Street

Group/JSG

Finance,

Inc.,

6.75%,

5/1/33,

Callable

5/1/28

103.38(a)

.........

12,765

12,951

JPMorgan

Chase

Co.

4.26%

(SOFR+93bps),

10/22/31,

Callable

10/22/30

100(b)

...................

50,000

49,219

5.19%

(SOFR+130bps),

2/5/37,

Callable

2/5/36

100(b)

......................

9,800

9,630

Liberty

Mutual

Insurance

Co.,

7.70%,

10/15/97(a)

...............................

16,165

17,708

Lincoln

Financial

Global

Funding,

4.20%,

1/12/29(a)

.............................

2,240

2,215

Lincoln

National

Corp.,

5.35%,

11/15/35,

Callable

8/15/35

100

....................

2,315

2,256

LSEG

Fin

Corp.,

5.25%,

3/23/36,

Callable

12/23/35

100(a)

....................

2,315

2,292

MetLife,

Inc.,

5.85%

(H15T5Y+182bps),

3/15/56,

Callable

3/15/36

100(b)

............

4,465

4,382

Morgan

Stanley

5.95%

(H15T5Y+243bps),

1/19/38,

Callable

1/19/33

100(b)

..................

1,930

1,977

5.94%

(H15T5Y+180bps),

2/7/39,

Callable

2/7/34

100(b)

....................

7,605

7,774

Northern

Trust

Corp.,

5.12%

(H15T5Y+105bps),

11/19/40,

Callable

11/19/35

100(b)

....

3,560

3,466

Old

National

Bancorp,

5.77%

(TSFR3M+220bps),

2/15/36,

Callable

2/15/31

100(b)

.....

1,070

1,065

OneMain

Finance

Corp.

6.13%,

5/15/30,

Callable

11/15/29

100

..................................

2,885

2,821

4.00%,

9/15/30,

Callable

5/2/26

102

...................................

5,775

5,215

PennyMac

Financial

Services,

Inc.,

6.75%,

2/15/34,

Callable

8/15/28

103.38(a)

........

4,460

4,174

Provident

Funding

Associates

LP/PFG

Finance

Corp.,

9.75%,

9/15/29,

Callable

9/15/26

104.88(a)

.........................................................

8,110

8,326

Starwood

Property

Trust,

Inc.

5.25%,

10/15/28,

Callable

7/15/28

100(a)

...............................

3,785

3,742

5.75%,

1/15/31,

Callable

7/15/30

100(a)

................................

9,575

9,455

Stonebriar

ABF

Issuer

LLC,

8.13%,

12/15/30,

Callable

12/15/27

104.06(a)

............

5,425

5,607

The

PNC

Financial

Services

Group,

Inc.,

5.42%

(H15T5Y+117bps),

1/25/41,

Callable

1/25/36

100(b)

.........................................................

2,785

2,728

UWM

Holdings

LLC,

6.25%,

3/15/31,

Callable

3/15/28

103.13(a)

..................

2,915

2,655

Velocity

Vehicle

Group

LLC,

8.00%,

6/1/29,

Callable

6/1/26

104(a)

.................

4,107

3,837

358,456

Health

Care

(1.2%):

Abbott

Laboratories,

4.30%,

3/15/33,

Callable

1/15/33

100

.......................

8,480

8,299

Baxter

International,

Inc.,

4.90%,

12/15/30,

Callable

11/15/30

100

..................

1,550

1,530

DENTSPLY

SIRONA,

Inc.,

8.38%

(H15T5Y+438bps),

9/12/55,

Callable

6/12/30

100(b)

12,042

11,759

Novartis

Capital

Corp.

4.60%,

3/18/33,

Callable

1/18/33

100

..................................

4,110

4,093

5.70%,

3/18/56,

Callable

9/18/55

100

..................................

2,760

2,780

Prime

Healthcare

Services,

Inc.,

9.38%,

9/1/29,

Callable

9/1/26

104.69(a)

............

11,575

12,003

Tricida,

Inc.

5/15/27(f)(g)

......................................................

7,025

—(h)

5/15/27(c)(f)

......................................................

7,025

—(h)

Victory

Portfolios

Victory

Pioneer

Strategic

Income

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

March

31,

2026

See

notes

financial

statements.

Security

Description

Principal

Amount

(000)

Value

(000)

U.S.

Acute

Care

Solutions

LLC,

9.75%,

5/15/29,

Callable

5/15/26

104.88(a)

..........

6,325

6,110

46,574

Industrials

(1.0%):

AECOM,

6.00%,

8/1/33,

Callable

8/1/28

103(a)

...............................

11,780

11,767

American

Airlines

Pass

Through

Trust,

3.95%,

7/11/30

............................

1,117

1,065

Herc

Holdings,

Inc.

5.75%,

3/15/31,

Callable

3/15/28

102.88(a)

..............................

1,435

1,413

7.25%,

6/15/33,

Callable

6/15/28

103.63(a)

..............................

2,480

2,541

6.00%,

3/15/34,

Callable

3/15/29

103(a)

................................

1,450

1,402

Honeywell

Aerospace,

Inc.

4.60%,

3/16/33,

Callable

1/16/33

100(a)

................................

2,630

2,600

4.95%,

3/16/36,

Callable

12/16/35

100(a)

...............................

5,210

5,169

The

ADT

Security

Corp.,

5.88%,

10/15/33,

Callable

10/15/32

100(a)

................

7,195

6,969

United

Airlines

Holdings,

Inc.,

5.38%,

3/1/31,

Callable

9/1/30

100

..................

2,520

2,468

Verisk

Analytics,

Inc.,

4.45%,

3/15/31,

Callable

2/15/31

100

......................

2,205

2,168

37,562

Information

Technology

(1.4%):

CoreWeave,

Inc.,

9.00%,

2/1/31,

Callable

2/1/28

104.5(a)

........................

12,390

11,789

ESC

Gab,

8/20/51(f)(g)

..................................................

10,200

—

Foundry

Holdco

LLC

5.90%,

1/25/30,

Callable

12/25/29

100(a)

...............................

8,134

8,418

6.15%,

1/25/32,

Callable

11/25/31

100(a)

................................

10,114

10,559

Oracle

Corp.

5.95%,

9/26/55,

Callable

3/26/55

100

..................................

7,246

6,096

6.70%,

2/4/56,

Callable

8/4/55

100

....................................

8,115

7,532

6.85%,

2/4/66,

Callable

8/4/65

100

....................................

4,740

4,358

Qnity

Electronics,

Inc.

5.75%,

8/15/32,

Callable

8/15/28

102.88(a)

..............................

2,605

2,608

6.25%,

8/15/33,

Callable

8/15/28

103.13(a)

..............................

2,635

2,664

54,024

Materials

(2.0%):

ARC

Falcon

Inc./Arclin

USA

LLC/New

Arclin

Holding

Corp.,

9.75%,

3/1/33,

Callable

3/1/29

104.88(a)

.................................................

20,130

19,380

Celanese

Holdings

LLC,

7.20%,

11/15/33,

Callable

8/15/33

100

.................

14,605

15,580

Cleveland

Cliffs,

Inc.

7.50%,

9/15/31,

Callable

3/15/28

103.75(a)

..............................

920

918

7.00%,

3/15/32,

Callable

3/15/27

103.5(a)

...............................

3,185

3,081

7.38%,

5/1/33,

Callable

5/1/28

103.69(a)

................................

6,905

6,755

7.63%,

1/15/34,

Callable

1/15/29

103.81(a)

..............................

2,400

2,345

Commercial

Metals

Co.,

6.00%,

12/15/35,

Callable

12/15/30

103(a)

................

5,425

5,348

Methanex

Operations,

Inc.,

6.25%,

3/15/32,

Callable

9/15/31

100(a)

..............

12,507

12,795

Novelis

Corp.,

6.38%,

8/15/33,

Callable

8/15/28

103.19(a)

.......................

7,050

6,915

73,117

Real

Estate

(0.3%):

CBRE

Services,

Inc.,

4.90%,

1/15/33,

Callable

11/15/32

100

......................

1,770

1,745

Highwoods

Realty

3.05%,

2/15/30,

Callable

11/15/29

100

..................................

610

562

2.60%,

2/1/31,

Callable

11/1/30

100

...................................

640

566

5.35%,

1/15/33,

Callable

11/15/32

100

..................................

1,535

1,499

Kennedy

Wilson,

Inc.,

4.75%,

2/1/30,

Callable

5/2/26

101.19

.....................

4,050

4,024

Vornado

Realty

LP,

5.75%,

2/1/33,

Callable

12/1/32

100

.........................

1,310

1,285

9,681

Utilities

(3.0%):

Alta

Wind

Holdings

LLC,

7.00%,

6/30/35(a)

...................................

556

527

American

Electric

Power

Co.,

Inc.

5.80%

(H15T5Y+213bps),

3/15/56,

Callable

12/15/30

100(b)

.................

37,263

36,809

6.05%

(H15T5Y+194bps),

3/15/56,

Callable

12/15/35

100(b)

.................

11,265

11,165

Basin

Electric

Power

Cooperative,

5.85%,

10/15/55,

Callable

4/15/55

100(a)

..........

4,205

4,090

Essential

Utilities,

Inc.,

5.13%,

3/15/36,

Callable

12/15/35

100

....................

2,860

2,820

Victory

Portfolios

Victory

Pioneer

Strategic

Income

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

March

31,

2026

See

notes

financial

statements.

Security

Description

Principal

Amount

(000)

Value

(000)

Eversource

Energy

6.10%

(H15T5Y+252bps),

8/15/56,

Callable

5/15/31

100(b)

..................

2,290

2,262

6.35%

(H15T5Y+233bps),

8/15/56,

Callable

5/15/36

100(b)

..................

1,225

1,208

Long

Ridge

Energy

LLC,

8.75%,

2/15/32,

Callable

2/15/28

104.38(a)

...............

7,100

7,449

San

Diego

Gas

Electric

Co.,

5.20%,

3/15/36,

Callable

12/15/35

100

...............

2,135

2,129

Sempra

6.55%

(H15T5Y+214bps),

4/1/55,

Callable

1/1/35

100(b)

....................

10,760

10,712

6.38%

(H15T5Y+263bps),

4/1/56,

Callable

1/1/31

100(b)

....................

2,705

2,717

Spire,

Inc.,

6.45%

(H15T5Y+233bps),

6/1/56,

Callable

3/1/36

100(b)

...............

2,220

2,214

Talen

Energy

Supply

LLC

6.25%,

2/1/34,

Callable

10/15/28

103.13(a)

..............................

4,400

4,351

6.50%,

2/1/36,

Callable

10/15/30

103.25(a)

..............................

7,500

7,552

Vistra

Operations

Co.

LLC

4.60%,

10/15/30,

Callable

9/15/30

100(a)

...............................

10,970

10,753

4.70%,

1/31/31,

Callable

12/31/30

100(a)

...............................

1,225

1,205

5.35%,

1/31/36,

Callable

10/31/35

100(a)

...............................

1,735

1,697

WEC

Energy

Group,

Inc.,

5.63%

(H15T5Y+191bps),

5/15/56,

Callable

2/15/31

100(b)

...

1,565

1,533

111,193

Total

Corporate

Bonds

(Cost

$876,277)

873,753

Insurance-Linked

Securities

(3.6%)

Collateralized

Reinsurance

(0.4%):

Multiperil

Massachusetts

(0.0%):(i)

Portsalon

Re,

5/31/28(f)(j)(l)(m)

............................................

400

286

Multiperil

U.S.

(0.3%):

Pi0047

Re,

6/30/31(f)(j)(l)(m)

..............................................

10,000

11,050

Multiperil

U.S.

CAN

(0.0%):(i)

Macclesfield

Re,

2/28/28(f)(j)(l)(m)

..........................................

502

498

Multiperil

Worldwide

(0.1%):

Gamboge

Re,

3/31/30(f)(j)(l)(m)

............................................

5,000

2,326

Merion

12/31/30(f)(j)(l)(m)

.................................................

750

12/31/31(f)(j)(l)(m)

.................................................

750

692

Old

Head

Re,

12/31/31(f)(j)(l)(m)

...........................................

500

427

Pi0051

Cheltenham

Re,

5/31/29(f)(j)(l)(m)

.....................................

1,000

1,028

Pine

Valley

Re,

12/31/31(f)(j)(l)(m)

..........................................

750

663

Sector

12/1/29(a)(f)(l)(m)

.............................................

276

Tomtit

Re,

12/31/31(f)(j)(l)(m)

.............................................

500

525

Walton

Heath

Re,

12/15/27(f)(j)(l)(m)

........................................

2,000

115

17,898

Event

Linked

Bonds

(2.3%):

Earthquake

California

(0.0%):(i)

Ursa

II,

8.66%

(MSMMUSTF+500bps),

12/7/29,

Callable

12/7/27

102.75(a)(b)(m)

...

500

496

Earthquake

U.S.

(0.0%):(i)

Acorn

Re,

6.64%

(GSMMUSTF+310bps),

11/5/27,

Callable

5/2/26

102.5(a)(b)(m)

......

500

506

Herbie

Re,

7.78%

(MSMMUSTF+425bps),

1/7/30,

Callable

1/7/27

103(a)(b)(m)

.......

500

Veraison

4.03%,

(GSMMUSTI+415bps),

3/8/29,

Callable

3/8/27

102.25(a)(b)(m)

.........

400

6.44%,

(GSMMUSTI+290bps),

3/8/29,

Callable

3/8/27

102.25(a)(b)(m)

.........

400

Flood

U.S.

(0.1%):

FloodSmart

Re,

17.87%

(FHMMUSTF+1436bps),

3/12/27(a)(b)(m)

..................

1,000

1,047

Health

U.S.

(0.2%):

Vitality

XIV

7.01%,

(FHMMUSTF+350bps),

1/5/27(a)(b)(m)

............................

4,000

4,044

8.01%,

(FHMMUSTF+450bps),

1/5/27(a)(b)(m)

............................

400

406

Vitality

XVII,

5.54%

(GSMMUSTI+200bps),

1/8/30(a)(b)(m)

....................

2,500

2,497

Multiperil

Florida

(0.1%):

Victory

Portfolios

Victory

Pioneer

Strategic

Income

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

March

31,

2026

See

notes

financial

statements.

Security

Description

Principal

Amount

(000)

Value

(000)

Sanders

III,

11.28%

(BRMMUSDF+772bps),

6/5/26(a)(b)(m)

.....................

1,250

1,263

Multiperil

Massachusetts

(0.0%):(i)

Mayflower

Re,

7.01%

(FHMMUSTF+350bps),

7/7/28,

Callable

7/7/26

102.75(a)(b)(m)

500

509

Multiperil

U.S.

(0.7%):

Aquila

8.95%

(BRMMUSDF+539bps),

6/7/27,

Callable

5/2/26

106(a)(b)(m)

......

500

511

Bonanza

7.28%,

(MSMMUSTF+375bps),

12/19/27(a)(b)(m)

..........................

250

253

9.03%,

(MSMMUSTF+550bps),

12/19/27(a)(b)(m)

..........................

1,000

1,009

Commonwealth

Re,

7.31%

(JMMMUSTF+375bps),

7/10/28,

Callable

6/10/26

103(a)(b)(m)

750

765

Foundation

IV,

7.16%

(JMMMUSTF+350bps),

1/7/30,

Callable

1/1/27

102.5(a)(b)(m)

700

703

Four

Lakes

9.36%,

(BRMMUSDF+580bps),

1/7/27,

Callable

5/2/26

102.5(a)(b)(m)

.........

250

253

9.06%,

(BRMMUSDF+550bps),

1/7/28,

Callable

12/31/26

102(a)(b)(m)

.........

750

766

11.81%,

(BRMMUSDF+825bps),

1/7/28,

Callable

12/31/26

102.75(a)(b)(m)

......

250

253

6.81%,

(BRMMUSDF+325bps),

1/8/29,

Callable

12/31/27

101.25(a)(b)(m)

......

400

398

9.56%,

(BRMMUSDF+600bps),

1/8/29,

Callable

12/31/27

101.5(a)(b)(m)

.......

1,250

1,239

Fuchsia

London

Bridge

PCC,

2024-1,

8.68%

(FRMMUSTI+514bps),

4/6/28,

Callable

5/2/26

104(a)(b)(m)

....................................................

750

770

Herbie

Re,

10.81%

(JMMMUSTF+725bps),

1/8/29,

Callable

12/31/27

102(a)(b)(m)

.....

500

505

High

Point

Re,

9.20%

(BRMMUSDF+564bps),

1/6/27,

Callable

5/2/26

102.25(a)(b)(m)

2,500

2,509

Matterhorn

Re,

11.31%

(BRMMUSDF+775bps),

2/16/29,

Callable

2/10/27

103.9(a)(b)(m)

300

299

Merna

Companywide,

10.56%

(JMMMUSTF+700bps),

7/7/28(a)(b)(m)

.............

500

521

Merna

Enterprise,

11.31%

(JMMMUSTF+775bps),

7/7/28(a)(b)(m)

................

500

514

Merna

Reinsurance

11.01%,

(GSMMUSTI+747bps),

7/7/27(a)(b)(m)

............................

500

517

12.03%,

(GSMMUSTI+849bps),

7/7/27,

Callable

6/30/26

103.25(a)(b)(m)

.......

1,000

1,033

Mystic

IV,

15.54%

(GSMMUSTI+1200bps),

1/8/27(a)(b)(m)

.....................

850

868

Residential

11.15%,

(JMMMUSTF+759bps),

12/6/26(a)(b)(m)

..........................

1,500

1,527

9.53%,

(JMMMUSTF+597bps),

12/6/27(a)(b)(m)

...........................

750

780

12.26%,

(JMMMUSTF+870bps),

12/6/27(a)(b)(m)

..........................

1,500

1,551

8.94%,

(JMMMUSTF+538bps),

12/6/28(a)(b)(m)

...........................

750

768

10.50%,

(JMMMUSTF+694bps),

12/6/28(a)(b)(m)

..........................

750

761

Sanders

7.54%,

(GSMMUSTI+400bps),

4/7/28(a)(b)(m)

............................

600

615

8.04%,

(GSMMUSTI+450bps),

4/7/28(a)(b)(m)

............................

600

614

7.55%,

(BRMMUSDF+399bps),

4/7/29(a)(b)(m)

............................

1,500

1,523

8.92%,

(BRMMUSDF+536bps),

4/7/29(a)(b)(m)

............................

2,000

2,031

7.79%,

(GSMMUSTI+425bps),

4/8/30(a)(b)(m)

............................

600

633

8.29%,

(GSMMUSTI+475bps),

4/8/30(a)(b)(m)

............................

600

629

Sanders

III

9.03%,

(BRMMUSDF+547bps),

4/7/27(a)(b)(m)

............................

250

255

9.55%,

(BRMMUSDF+599bps),

4/7/27(a)(b)(m)

............................

750

771

9.12%,

(BRMMUSDF+556bps),

4/7/28(a)(b)(m)

............................

750

780

8.66%,

Month

U.S.

Treasury

Bill+500bps),

4/8/30(a)(b)(m)

..................

350

351

8.66%,

Month

U.S.

Treasury

Bill+500bps),

4/7/31(a)(b)(m)

..................

400

399

Sanders

7.04%,

(HSMMUSTF+350bps),

4/8/30(a)(b)(m)

............................

350

349

7.04%,

(HSMMUSTF+350bps),

4/7/31(a)(b)(m)

............................

400

399

Skyline

II,

2025-1,

7.16%

Month

U.S.

Treasury

Bill+350bps),

1/7/30,

Callable

1/7/27

103.25(a)(b)(m)

....................................................

500

499

Multiperil

U.S.

CAN

(0.1%):

Atlas

Capital

DAC,

2024,

15.87%

(SOFR+1222bps),

6/8/27(a)(b)(m)

.................

750

813

Easton

Re,

11.06%

(BRMMUSDF+750bps),

1/8/27(a)(b)(m)

........................

250

252

Galileo

10.54%,

(GSMMUSTI+700bps),

1/7/28,

Callable

5/2/26

104.5(a)(b)(m)

.........

1,000

1,034

6.81%,

(JMMMUSTF+325bps),

1/8/30,

Callable

1/8/27

103(a)(b)(m)

...........

500

496

Montoya

Re,

8.91%

(JMMMUSTF+525bps),

4/9/30,

Callable

4/15/27

104.5(a)(b)(m)

....

400

398

Multiperil

U.S.

Northeast

(0.0%):(i)

Locke

Tavern

Re,

4.06%

(JMMMUSTF+50bps),

4/9/29,

Callable

4/9/27

102(a)(b)(m)

...

400

Multiperil

U.S.

Regional

(0.1%):

Victory

Portfolios

Victory

Pioneer

Strategic

Income

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

March

31,

2026

See

notes

financial

statements.

Security

Description

Principal

Amount

(000)

Value

(000)

Aquila

10.80%

(BNMMDTSC+726bps),

6/8/26(a)(b)(m)

......................

750

757

Locke

Tavern

Re,

8.50%

(GSMMUSTI+496bps),

4/9/26(a)(b)(m)

....................

1,000

Long

Point

IV,

7.81%

(BRMMUSDF+425bps),

6/1/26,

Callable

5/2/26

101.5(a)(b)(m)

2,500

2,503

Multiperil

Worldwide

(0.1%):

Atlas

Capital

DAC,

11.22%

(SOFR+757bps),

6/5/26(a)(b)(m)

.......................

1,250

1,282

Bridge

Street

Re,

11.41%

(JMMMUSTF+775bps),

1/8/29,

Callable

1/7/27

104.5(a)(b)(m)

800

804

Cat

Re,

15.80%

(JMMMUSTF+1224bps),

1/8/27(a)(b)(m)

.........................

500

509

Kendall

Re,

9.79%

(GSMMUSTI+625bps),

4/30/27(a)(b)(m)

.......................

1,000

1,025

Silk

Road

Re,

9.54%

(BNMMDTSC+600bps),

1/10/28,

Callable

5/2/26

104.75(a)(b)(m)

250

252

Wind

Storm

Florida

(0.0%):(i)

Integrity

16.83%,

(FHMMUSTF+1332bps),

6/6/26(a)(b)(m)

..........................

1,000

1,020

4.01%,

(FHMMUSTF+50bps),

6/6/30(a)(b)(m)

.............................

309

155

Integrity

III

11.51%,

(FHMMUSTF+800bps),

6/6/28(a)(b)(m)

...........................

750

766

13.26%,

(FHMMUSTF+975bps),

6/6/28(a)(b)(m)

...........................

750

770

Marlon,

10.87%

(JMMMUSTF+731bps),

6/7/27,

Callable

7/1/26

104.25(a)(b)(m)

......

250

261

Merna

Reinsurance

II,

12.29%

(GSMMUSTI+875bps),

7/7/27(a)(b)(m)

................

500

518

Palm

Re,

11.29%

(BNMMDTSC+775bps),

6/7/28,

Callable

6/1/26

106.5(a)(b)(m)

......

750

772

Purple

Ltd.,

12.69%

(JMMMUSTF+913bps),

6/7/27(a)(b)(m)

.....................

500

515

Wind

Storm

Louisiana

(0.0%):(i)

Bayou

Re,

22.60%

(JMMMUSTF+1904bps),

5/26/26(a)(b)(m)

......................

500

513

Wind

Storm

Massachusetts

(0.0%):(i)

Mayflower

Re,

8.44%

(FHMMUSTF+493bps),

7/8/27,

Callable

7/8/26

101.25(a)(b)(m)

750

769

Wind

Storm

North

Carolina

(0.2%):

Blue

Ridge

8.76%,

(FHMMUSTF+525bps),

1/8/27(a)(b)(m)

............................

500

504

11.50%,

(FHMMUSTF+799bps),

1/8/27(a)(b)(m)

...........................

1,250

1,270

7.01%,

(FHMMUSTF+350bps),

1/8/29,

Callable

1/8/27

103(a)(b)(m)

...........

250

251

9.51%,

(FHMMUSTF+600bps),

1/8/29,

Callable

1/8/27

104.5(a)(b)(m)

.........

250

247

Cape

Lookout

Re,

10.41%

(FHMMUSTF+690bps),

3/13/28,

Callable

3/14/27

102.25(a)(b)

(m)

.............................................................

1,750

1,824

Wind

Storm

Texas

(0.0%):(i)

Alamo

12.59%,

(FHMMUSTF+908bps),

6/7/26(a)(b)(m)

...........................

1,000

1,012

10.05%,

(FHMMUSTF+654bps),

6/7/27(a)(b)(m)

...........................

500

515

11.94%,

(FHMMUSTF+843bps),

6/7/27(a)(b)(m)

...........................

250

259

Wind

Storm

U.S.

(0.5%):

Cape

Lookout

Re,

10.71%

(FHMMUSTF+720bps),

4/28/26(a)(b)(m)

..................

3,150

3,159

Gateway

II,

13.13%

(BRMMUSDF+957bps),

4/27/26(a)(b)(m)

...................

250

251

Mayflower

8.56%,

(FHMMUSTF+505bps),

7/8/26(a)(b)(m)

............................

2,500

2,521

10.02%,

(FHMMUSTF+651bps),

7/8/26(a)(b)(m)

...........................

2,750

2,782

Merna

Reinsurance

II,

14.01%

(GSMMUSTI+1047bps),

7/7/26(a)(b)(m)

...............

6,000

6,138

Purple

Re,

16.69%

(TSFR1M+1301bps),

4/24/26(a)(b)(m)

.........................

1,000

1,006

Wind

Storm

U.S.

Gulf

(0.0%):(i)

Windrose

Re,

11.66%

Month

U.S.

Treasury

Bill+800bps),

2/13/29,

Callable

2/15/27

104(a)(b)(m)

......................................................

750

752

Wind

Storm

U.S.

Multistate

(0.1%):

Chartwell

9.56%,

(JMMMUSTF+600bps),

6/7/28,

Callable

6/7/26

103.75(a)(b)(m)

.........

625

645

10.56%,

(JMMMUSTF+700bps),

6/7/28,

Callable

6/7/26

104.5(a)(b)(m)

.........

250

257

Commonwealth

Re,

7.42%

(JMMMUSTF+386bps),

7/8/26(a)(b)(m)

..................

1,750

1,759

Gateway

Re,

9.46%

(BRMMUSDF+590bps),

7/8/27,

Callable

6/16/26

103.25(a)(b)(m)

...

250

254

Wind

Storm

U.S.

Northeast

(0.1%):

Citrus

Re,

8.91%

Month

U.S.

Treasury

Bill+525bps),

6/7/29,

Callable

6/1/27

102.75(a)(b)

(m)

.............................................................

400

Victory

Portfolios

Victory

Pioneer

Strategic

Income

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

March

31,

2026

See

notes

financial

statements.

Security

Description

Principal

Amount

(000)

Value

(000)

Windrose

Re,

8.79%

(HSMMUSTF+525bps),

2/13/29,

Callable

2/15/27

102.5(a)(b)(m)

2,000

1,991

86,370

Reinsurance

Sidecars

(0.9%):

Multiperil

U.S.

(0.1%):

Carnoustie

Re,

12/31/31(f)(j)(l)(m)

..........................................

2,000

2,092

Multiperil

Worldwide

(0.8%):

Alturas

7/31/26(f)(j)(m)(n)

..................................................

237

12/31/27(f)(j)(m)(n)

.................................................

2,318

Bantry

6/30/31(f)(j)(l)(m)

..................................................

3,250

3,720

12/31/31(f)(j)(l)(m)

.................................................

4,442

4,704

Berwick

Re,

12/31/31(f)(j)(l)(m)

............................................

2,220

2,137

Eden

3/19/27(a)(f)(l)(m)

..................................................

121

3/17/28(a)(f)(l)(m)

..................................................

102

3/19/30(a)(f)(l)(m)

..................................................

2,800

401

Gleneagles

Re,

2022,

12/31/27(f)(j)(l)(m)

......................................

1,250

Gullane

Re,

12/31/31(f)(j)(l)(m)

............................................

3,856

3,037

Pangaea

7/1/31(f)(j)(l)(m)

...................................................

2,500

3,090

12/31/31(f)(l)(m)

...................................................

1,500

1,566

Sector

12/1/30(a)(f)(l)(m)

.............................................

4,400

4,723

Thopas

12/31/26(f)(j)(m)(n)

.................................................

5,000

12/31/26(f)(j)(m)(n)

.................................................

4,000

12/31/27(f)(j)(m)(n)

.................................................

3,000

12/31/28(f)(j)(m)(n)

.................................................

3,192

—

12/31/29(f)(j)(m)(n)

.................................................

3,192

12/31/30(f)(j)(m)(n)

.................................................

3,000

152

12/31/31(f)(j)(m)(n)

.................................................

3,488

3,600

Viribus

12/31/26(f)(j)(m)(n)

.................................................

3,650

—

12/31/26(f)(j)(m)(n)

.................................................

1,250

—

12/31/28(f)(j)(m)(n)

.................................................

1,500

—

29,647

Total

Insurance-Linked

Securities

(Cost

$131,976)

133,915

Yankee

Dollars

(21.9%)

Communication

Services

(1.3%):

Altice

France

6.88%,

10/15/30,

Callable

10/1/26

101(a)

...............................

7,526

7,199

6.50%,

10/15/31,

Callable

10/1/26

101(a)

...............................

362

343

6.50%,

4/15/32,

Callable

10/1/26

101(a)

................................

1,399

1,325

HTA

Group

Ltd.,

6.75%,

4/1/31,

Callable

4/1/28

103.38(a)

.......................

625

618

OAK-Eagle

Acquireco,

Inc.,

6.25%,

7/1/33,

Callable

7/1/29

103.13(a)

...............

2,260

2,668

Orange

4.75%,

1/13/33,

Callable

11/13/32

100(a)

................................

3,820

3,777

5.00%,

1/13/36,

Callable

10/13/35

100(a)

...............................

4,645

4,563

Total

Play

Telecomunicaciones

CV,

11.13%,

12/31/32,

Callable

7/1/28

105(a)

.....

18,125

16,391

Turkcell

Iletisim

Hizmetleri

A/S,

7.65%,

1/24/32,

Callable

10/24/31

100(a)

...........

9,149

9,317

Secured

Financing

BV,

5.00%,

1/15/32,

Callable

1/15/27

102.5(a)

...............

4,205

3,605

49,806

Consumer

Discretionary

(0.1%):

Cruise

Yacht

Upper

HoldCo

Ltd.,

11.88%,

7/5/28,

Callable

7/5/26

105.94

.............

2,000

1,777

Consumer

Staples

(0.2%):

Aragvi

Finance

International

DAC,

11.13%,

11/20/29,

Callable

11/20/26

105.56(a)

......

5,010

4,846

Darling

Global

Finance

BV,

4.50%,

7/15/32,

Callable

7/15/28

102.25(a)

..............

2,875

3,307

8,153

Victory

Portfolios

Victory

Pioneer

Strategic

Income

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

March

31,

2026

See

notes

financial

statements.

Security

Description

Principal

Amount

(000)

Value

(000)

Energy

(1.6%):

Lux

SARL,

9.75%,

2/5/31,

Callable

2/5/27

104.88(a)

.........................

3,585

3,674

Aker

ASA,

5.25%,

10/30/35,

Callable

7/30/35

100(a)

........................

8,710

8,470

Azule

Energy

Finance

PLC,

8.13%,

1/23/30,

Callable

1/23/27

104.06(a)

.............

1,300

1,313

Credito

Real

SAB

Sofom

Er,

1/21/28(c)

..................................

6,660

Enbridge,

Inc.

7.20%

(H15T5Y+297bps),

6/27/54,

Callable

3/27/34

100(b)

..................

5,520

5,806

7.38%

(H15T5Y+312bps),

3/15/55,

Callable

12/15/29

100(b)

.................

5,520

5,799

8.50%

(H15T5Y+443bps),

1/15/84,

Callable

10/15/33

100(b)

.................

6,338

7,131

Energean

Israel

Finance

Ltd.,

5.88%,

3/30/31,

Callable

9/30/30

100(a)

...............

5,613

5,214

South

Bow

Canadian

Infrastructure

Holdings

Ltd.

7.50%

(H15T5Y+367bps),

3/1/55,

Callable

12/1/34

100(b)

...................

3,845

4,003

7.63%

(H15T5Y+395bps),

3/1/55,

Callable

12/1/29

100(b)

...................

9,271

9,545

Vista

Energy

Argentina

SAU,

7.63%,

12/10/35,

Callable

12/10/29

103.81(a)

...........

5,060

5,121

YPF

SA,

6.95%,

7/21/27(a)

................................................

4,404

4,420

60,497

Financials

(9.9%):

ABN

AMRO

Bank

NV,

3.32%

(H15T5Y+190bps),

3/13/37,

Callable

12/13/31

100(a)(b)

18,100

16,155

ABRA

Global

Finance,

14.00%,

10/22/29,

Callable

10/22/26

106.5(a)(o)

.............

5,607

5,303

Access

Bank

PLC,

6.13%,

9/21/26(a)

........................................

5,180

5,154

African

Development

Bank,

5.88%

(H15T5Y+165bps),

Callable

5/7/35

100(b)(k)

......

12,945

12,608

Akbank

TAS,

7.95%

(H15T5Y+422bps),

Callable

2/19/31

100(a)(b)(k)

..............

7,440

7,076

Allianz

6.55%

(H15T5Y+232bps),

Callable

10/30/33

100(a)(b)(k)

...................

10,600

10,620

5.60%

(H15T5Y+277bps),

9/3/54,

Callable

3/3/34

100(a)(b)

..................

3,800

3,769

ASG

Finance

DAC,

9.75%,

5/15/29,

Callable

5/15/26

104.88(a)

...................

5,565

4,490

Australia

New

Zealand

Banking

Group

Ltd.,

5.73%

(H15T5Y+162bps),

9/18/34,

Callable

9/18/29

100(a)(b)

.................................................

9,295

9,524

Avolon

Holdings

Funding

Ltd.,

4.70%,

1/30/31,

Callable

12/30/30

100(a)

............

5,160

5,056

Banco

Mercantil

del

Norte

SA,

8.38%

(H15T10Y+776bps),

Callable

10/14/30

100(a)(b)(k)

3,460

3,581

Banco

Santander

3.23%

(H15T1Y+160bps),

11/22/32,

Callable

8/22/31

100(b)

.................

8,400

7,540

6.92%,

8/8/33

.....................................................

5,000

5,397

Banque

Federative

Credit

Mutuel

SA,

4.54%,

1/15/31(a)

........................

5,065

4,995

Banque

Ouest

Africaine

Developpement,

4.70%,

10/22/31,

Callable

7/22/31

100(a)

...

8,430

7,726

BNP

Paribas

6.88%

(H15T5Y+285bps),

Callable

12/15/33

100(a)(b)(k)

...................

7,330

7,083

7.38%

(H15T5Y+354bps),

Callable

9/10/34

100(a)(b)(k)

....................

2,101

2,107

7.45%

(H15T5Y+313bps),

Callable

6/27/35

100(a)(b)(k)

....................

17,270

17,335

BPCE

SA,

3.12%

(SOFR+173bps),

10/19/32,

Callable

10/19/31

100(a)(b)

............

6,150

5,433

Cidron

Aida

Finco

SARL,

7.00%,

10/27/31,

Callable

10/27/27

103.5(a)

..............

6,130

6,686

Credit

Agricole

SA,

5.26%

(SOFR+143bps),

1/12/37,

Callable

1/12/36

100(a)(b)

.......

12,710

12,434

Development

Bank

Kazakhstan

JSC,

10.95%,

5/6/26

............................

1,210,000

2,522

Egypt

Treasury

Bills,

12/22/26(g)(p)

.........................................

455,450

7,055

European

Bank

for

Reconstruction

Development

6.25%,

4/11/28,

MTN

................................................

512,000

5,242

2/2/32,

MTN(g)(p)

..................................................

212,795

20,974

7/11/36,

Callable

7/11/26

12.12(g)

.....................................

944,110

1,265

Global

Aircraft

Leasing

Co.

Ltd.,

8.75%,

9/1/27,

Callable

5/2/26

104.38(a)

............

17,225

17,476

Hanwha

Life

Insurance

Co.

Ltd.,

6.30%

(H15T5Y+229bps),

6/24/55,

Callable

6/24/30

100(a)(b)

.........................................................

4,763

4,870

HSBC

Holdings

PLC,

7.00%

(H15T5Y+280bps),

Callable

9/24/35

100(b)(k)

..........

4,335

4,292

ING

Groep

NV,

4.25%

(H15T5Y+286bps),

Callable

5/16/31

100(b)(k)

..............

13,819

11,969

International

Bank

for

Reconstruction

Development

10.00%,

9/16/26

....................................................

1,339,000

2,699

6.85%,

4/24/28

....................................................

581,000

5,988

6.50%,

4/17/30,

MTN

................................................

435,400

4,356

Lloyds

Banking

Group

PLC,

4.43%

(H15T1Y+82bps),

11/4/31,

Callable

11/4/30

100(b)

4,030

3,973

Manulife

Financial

Corp.,

4.99%,

12/11/35,

Callable

9/11/35

100

..................

5,065

4,948

Brazil

Downstream

Trading

SARL,

7.25%,

6/30/31(a)

.........................

7,304

6,583

Meiji

Yasuda

Life

Insurance

Co.,

6.10%

(H15T5Y+291bps),

6/11/55,

Callable

6/11/35

100(a)(b)

.........................................................

17,015

17,031

NatWest

Group

PLC,

6.48%

(H15T5Y+220bps),

6/1/34,

Callable

3/1/29

100(b)

........

6,765

7,021

Victory

Portfolios

Victory

Pioneer

Strategic

Income

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

March

31,

2026

See

notes

financial

statements.

Security

Description

Principal

Amount

(000)

Value

(000)

Nippon

Life

Insurance

Co.,

6.50%

(H15T5Y+319bps),

4/30/55,

Callable

4/30/35

100(a)(b)

3,590

3,702

Nordea

Bank

Abp,

3.75%

(H15T5Y+260bps),

Callable

3/1/29

100(a)(b)(k)

...........

8,302

7,698

Phoenix

Pte

Ltd.,

1/4/39,

Callable

5/2/26

100(g)

...........................

1,000

1,219

Sovcombank

Via

SovCom

Capital

DAC,

7.60%

(H15T5Y+636bps)(c)(f)(m)

............

5,010

—

Sumitomo

Life

Insurance

Co.,

5.88%

(H15T5Y+265bps),

9/10/55,

Callable

9/10/35

100(a)

(b)

.............................................................

18,800

18,395

The

Dai-ichi

Life

Insurance

Co.

Ltd.,

6.20%

(H15T5Y+252bps),

Callable

1/16/35

100(a)(b)

(k)

.............................................................

11,134

11,200

UniCredit

SpA

7.30%

(USISOA05+491bps),

4/2/34,

Callable

4/2/29

100(a)(b)

................

9,395

9,887

5.46%

(H15T5Y+475bps),

6/30/35,

Callable

6/30/30

100(a)(b)

................

23,889

23,846

Yapi

Kredi

Bankasi

A/S,

9.74%

(H15T5Y+550bps),

Callable

4/4/29

100(a)(b)(k)

.....

3,595

3,624

367,907

Health

Care

(1.2%):

1261229

Ltd.,

10.00%,

4/15/32,

Callable

4/15/28

105(a)

......................

5,375

5,503

Mehilainen

Yhtiot

Oy,

5.13%,

6/30/32,

Callable

6/30/28

102.56(a)

..................

1,285

1,480

Ray

Financing

LLC,

6.50%,

7/15/31,

Callable

7/15/27

103.25(a)

...................

2,440

2,815

Rede

D'or

Finance

SARL,

6.45%,

9/9/35,

Callable

6/9/35

100(a)

...................

8,770

8,779

Teva

Pharmaceutical

Finance

Netherlands

BV,

4.38%,

5/9/30,

Callable

2/9/30

100

.....

22,674

26,194

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

5.13%,

5/9/29,

Callable

2/9/29

100

....

1,328

1,324

46,095

Industrials

(1.1%):

Avianca

Midco

PLC,

9.63%,

2/14/30,

Callable

2/14/27

104.81(a)

.................

11,240

10,509

Danaos

Corp.,

6.88%,

10/15/32,

Callable

10/15/28

103.44(a)

......................

8,035

8,165

Element

Fleet

Management

Corp.,

4.64%,

11/24/30,

Callable

10/24/30

100(a)

.........

6,400

6,310

Grupo

Aeromexico

SAB

8.25%,

11/15/29,

Callable

11/15/26

104.13(a)

............................

1,810

1,744

8.63%,

11/15/31,

Callable

11/15/27

104.31(a)

............................

3,915

3,758

Bakrie

Brothers

Tbk,

6/30/26(f)(g)

........................................

15,039,758

—(h)

Simpar

Europe

SA,

5.20%,

1/26/31,

Callable

5/2/26

102.6(a)

.....................

2,785

2,349

Transportes

Aereos

Portugueses

SA,

5.13%,

11/15/29,

Callable

5/15/29

100(a)

.........

7,700

8,744

41,579

Information

Technology

(0.1%):

Almaviva-The

Italian

Innovation

Co.

SpA,

5.00%,

10/30/30,

Callable

10/30/26

102.5(a)

1,425

1,561

Flex

Ltd.,

5.38%,

11/13/35,

Callable

8/13/35

100

..............................

3,695

3,631

5,192

Materials

(1.1%):

Celanese

Holdings

LLC,

5.00%,

4/15/31,

Callable

10/15/27

102.5

...............

3,235

3,664

Corp

Nacional

del

Cobre

Chile,

6.78%,

1/13/55,

Callable

7/13/54

100(a)

...........

7,500

7,943

Fedrigoni

SpA,

6.13%,

6/15/31,

Callable

5/20/27

103.06(a)

.......................

4,000

4,260

First

Quantum

Minerals

Ltd.

8.63%,

6/1/31,

Callable

6/1/26

104.31(a)

................................

10,725

11,120

8.00%,

3/1/33,

Callable

3/1/28

104(a)

..................................

1,840

1,918

7.25%,

2/15/34,

Callable

2/15/29

103.63(a)

..............................

2,440

2,484

6.38%,

2/15/36,

Callable

2/15/31

103.19(a)

..............................

2,000

1,924

Minerva

Luxembourg

SA,

4.38%,

3/18/31,

Callable

4/12/26

102.19(a)

...............

6,972

6,312

39,625

Real

Estate

(0.2%):

Essendi

SA,

5.63%,

5/15/32,

Callable

5/15/28

102.81(a)

.........................

5,055

5,652

Sovereign

Bond

(4.8%):

Argentine

Republic

Government

International

Bond

1.00%,

7/9/29,

Callable

5/2/26

100

....................................

246

216

4.13%,

7/9/35,

Callable

5/2/26

100(q)

..................................

5,956

4,288

Brazilian

Government

International

Bond,

6.25%,

5/22/36

..........................

15,870

15,545

Ciudad

Autonoma

Buenos

Aires/Government

Bonds

7.50%,

6/1/27(a)

...................................................

2,271

2,284

7.80%,

11/26/33(a)

..................................................

3,265

3,306

Colombia

Government

International

Bond,

6.13%,

1/21/31,

Callable

12/21/30

100

......

1,795

1,764

Dominican

Republic

International

Bond,

5.88%,

10/28/35,

Callable

7/28/35

100(a)

......

15,260

14,490

Victory

Portfolios

Victory

Pioneer

Strategic

Income

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

March

31,

2026

See

notes

financial

statements.

Security

Description

Principal

Amount

(000)

Value

(000)

Egypt

Government

International

Bond

5.88%,

2/16/31(a)

..................................................

2,520

2,317

7.05%,

1/15/32(a)

..................................................

5,560

5,250

7.30%,

9/30/33(a)

..................................................

6,100

5,675

Indonesia

Government

International

Bond,

4.10%,

3/4/34,

Callable

12/4/33

100

........

18,340

20,364

Ivory

Coast

Government

International

Bond

5.88%,

10/17/31(a)

..................................................

6,670

7,528

4.88%,

1/30/32(a)

..................................................

10,517

11,301

6.13%,

6/15/33(a)

..................................................

2,500

2,352

Mexico

Government

International

Bond

5.63%,

2/9/34,

Callable

12/9/33

100

...................................

6,755

6,606

4.50%,

3/19/34,

Callable

12/19/33

100

.................................

14,650

16,478

Romanian

Government

International

Bond

5.25%,

5/30/32(a)

..................................................

6,320

7,217

5.63%,

5/30/37(a)

..................................................

6,065

6,599

Serbia

International

Bond,

2.05%,

9/23/36(a)

...................................

6,600

5,764

Turkiye

Government

Bond,

30.00%,

9/12/29

...................................

842,603

16,536

Turkiye

Government

International

Bond

6.30%,

3/14/33

....................................................

5,890

5,571

6.88%,

1/14/38

....................................................

5,820

5,443

Ukraine

Government

International

Bond

2/1/30(a)(g)(q)

.....................................................

370

216

2/1/34(a)(g)(q)

.....................................................

1,383

592

4.50%,

2/1/34(a)(q)

.................................................

1,466

782

2/1/35(a)(g)(q)

.....................................................

1,169

541

4.50%,

2/1/35(a)(q)

.................................................

2,371

1,242

2/1/36(a)(g)(q)

.....................................................

974

452

4.50%,

2/1/36(a)(q)

.................................................

2,937

1,507

Uruguay

Government

International

Bond,

9.75%,

7/20/33,

Callable

4/20/33

100

........

190,614

5,201

177,427

Utilities

(0.3%):

GDZ

Elektrik

Dagitim

A/S,

9.00%,

10/15/29,

Callable

10/15/26

104.5(a)

.............

4,640

4,386

Limak

Cimento

Sanayi

Ticaret

A/S,

9.75%,

7/25/29,

Callable

7/25/26

104.88(a)

......

6,520

6,416

10,802

Total

Yankee

Dollars

(Cost

$839,748)

814,512

U.S.

Government

Agency

Mortgages

(17.8%)

Single

Family

Pass-throughs

(0.0%):

Government

National

Mortgage

Association

6.00%,

5/20/32

10/20/33

.............................................

Federal

Home

Loan

Mortgage

Corporation

6.50%,

9/1/32

4/1/56

...............................................

7,819

8,169

6.00%,

1/1/33

4/1/56

...............................................

29,587

30,291

5.00%,

11/1/39

3/1/56

..............................................

3,416

3,420

5.50%,

6/1/41

10/1/54

..............................................

45,863

46,241

2.00%,

2/1/42

.....................................................

138

121

1.50%,

3/1/42

.....................................................

16,142

13,478

4.00%,

10/1/42

6/1/52

..............................................

2,230

2,144

4.50%,

3/1/47

.....................................................

404

400

3.00%,

11/1/47

.....................................................

2.50%,

5/1/51

.....................................................

16,959

14,463

3.50%,

1/1/52

4/1/52

...............................................

184

170

7.00%,

12/1/55

....................................................

199

212

119,191

Federal

National

Mortgage

Association

7.00%,

5/1/28

2/1/56

...............................................

200

212

4.00%,

12/1/30

6/1/52

..............................................

13,476

12,973

6.50%,

5/1/31

12/1/55

..............................................

4,096

4,262

6.00%,

3/1/32

8/1/54

...............................................

23,661

24,343

5.50%,

5/1/33

4/1/56

...............................................

26,082

26,380

Victory

Portfolios

Victory

Pioneer

Strategic

Income

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

March

31,

2026

See

notes

financial

statements.

Security

Description

Principal

Amount

(000)

Value

(000)

5.00%,

6/1/35

4/1/56

...............................................

15,688

15,746

2.00%,

12/1/41

11/1/51

..............................................

14,200

12,114

4.50%,

9/1/43

8/1/54

...............................................

5,535

5,458

3.00%,

10/1/46

2/1/57

..............................................

18,372

16,409

3.50%,

1/1/48

8/1/58

...............................................

14,865

13,694

2.50%,

9/1/50

4/1/52

...............................................

41,870

36,043

167,634

Federal

National

Mortgage

Association,

TBA

1.50%,

4/25/41

....................................................

2,000

1,798

2.00%,

4/25/41

....................................................

2,000

1,839

2.50%,

4/25/41

....................................................

2,000

1,889

5.00%,

4/25/41

....................................................

19,000

19,139

5.50%,

4/25/41

4/25/56

.............................................

41,300

41,965

3.50%,

4/25/49

....................................................

69,400

63,615

3.00%,

4/25/52

....................................................

32,600

28,629

2.00%,

4/25/56

....................................................

8,600

6,925

2.50%,

4/25/56

....................................................

21,400

17,989

4.00%,

4/25/56

....................................................

14,000

13,209

4.50%,

4/25/56

....................................................

29,300

28,275

5.00%,

4/25/56

....................................................

32,000

31,556

6.50%,

4/25/56

....................................................

1,800

1,862

258,690

Government

National

Mortgage

Association

6.50%,

1/20/28

7/15/35

.............................................

7.00%,

1/20/29

5/15/31

.............................................

–(h)

6.00%,

8/15/32

4/20/55

.............................................

12,792

13,021

5.50%,

7/15/33

10/20/37

.............................................

360

368

4.50%,

9/15/33

3/20/49

.............................................

5,707

5,640

5.00%,

9/15/33

....................................................

5.13%,

10/15/38

....................................................

5.75%,

10/15/38

....................................................

125

129

4.00%,

3/15/39

4/20/48

.............................................

13,857

13,227

3.50%,

10/15/42

7/20/47

.............................................

2,517

2,330

2.00%,

2/20/52

7/20/52

.............................................

1,728

1,429

36,346

Government

National

Mortgage

Association,

TBA

4.50%,

4/20/46

....................................................

2,000

1,932

2.00%,

4/20/56

....................................................

9,000

7,433

2.50%,

4/20/56

....................................................

17,000

14,623

3.00%,

4/20/56

....................................................

12,000

10,711

3.50%,

4/20/56

....................................................

4,000

3,668

5.00%,

4/20/56

....................................................

14,000

13,864

5.50%,

4/20/56

....................................................

14,000

14,089

6.50%,

4/20/56

....................................................

13,000

13,510

79,830

Total

U.S.

Government

Agency

Mortgages

(Cost

$671,110)

661,731

U.S.

Treasury

Obligations

(18.2%)

U.S.

Treasury

Bills

3.10%,

4/7/26(p)

...................................................

63,500

63,462

3.46%,

4/21/26(p)

..................................................

85,000

84,829

3.48%,

4/23/26(p)

..................................................

80,000

79,823

3.51%,

4/28/26(p)

..................................................

38,000

37,896

U.S.

Treasury

Bonds

4.63%,

11/15/45

....................................................

112,826

108,824

4.63%,

2/15/46

....................................................

33,000

31,814

4.63%,

11/15/55

....................................................

2,493

2,382

U.S.

Treasury

Inflation

Indexed

Bonds,

1.88%,

7/15/35

............................

33,929

33,767

U.S.

Treasury

Notes

3.50%,

1/31/28

....................................................

19,863

19,750

4.25%,

1/31/30

....................................................

75,000

75,949

4.00%,

2/28/30

....................................................

45,000

45,170

Victory

Portfolios

Victory

Pioneer

Strategic

Income

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

March

31,

2026

See

notes

financial

statements.

(a)

Rule

144A

security

other

security

that

restricted

resale

institutional

investors.

March

31,

2026,

the

fair

value

these

securities

was

$1,747,502

(thousands)

and

amounted

46.9%

net

assets.

(b)

Variable

Floating-Rate

Security.

Rate

disclosed

March

31,

2026.

(c)

Currently

the

issuer

default

with

respect

interest

and/or

principal

payments.

(d)

The

rate

for

certain

asset-backed

and

mortgage-backed

securities

may

vary

based

factors

relating

the

pool

assets

underlying

the

security.

The

rate

disclosed

the

rate

effect

March

31,

2026.

(e)

Security

interest

only.

(f)

Security

was

fair

valued

based

upon

procedures

approved

the

Board

Trustees

and

represents

1.6%

net

assets

March

31,

2026.

This

security

classified

Level

within

the

fair

value

hierarchy

based

significant

unobservable

inputs.

(See

Note

the

Notes

Financial

Statements)

(g)

Zero-coupon

bond.

(h)

Rounds

less

than

thousand.

(i)

Amount

represents

less

than

0.05%

net

assets.

(j)

Non-income

producing

security.

(k)

Security

perpetual

and

has

final

maturity

date

but

may

subject

calls

various

dates

the

future.

(l)

Issued

participation

notes.

(m)

The

following

table

details

the

earliest

acquisition

date,

cost,

and

market

value

the

Fund's

restricted

securities

due

trading

restrictions

March

31,

2026

(amounts

thousands):

Security

Description

Principal

Amount

(000)

Value

(000)

3.88%,

4/30/30

....................................................

15,000

14,984

4.00%,

1/31/31

....................................................

8,391

8,407

3.50%,

2/28/31

....................................................

25,000

24,516

3.88%,

12/31/32

....................................................

6,388

6,295

4.00%,

11/15/35

....................................................

4,842

4,724

4.13%,

2/15/36

....................................................

37,979

37,385

Total

U.S.

Treasury

Obligations

(Cost

$683,018)

679,977

Repurchase

Agreements

(2.3%)

Bank

America

Corp.,

3.66%,

purchased

3/31/26,

with

maturity

date

4/1/26,

with

repurchase

value

$36,004

(collateralized

U.S.

Treasury

Bonds,

0.00%,

due

2/15/44,

with

value

$36,720)

......................................................

36,000

Bank

America

Corp.,

3.67%,

purchased

3/31/26,

with

maturity

date

4/1/26,

with

repurchase

value

$48,285

(collateralized

Agency

Mortgage-Backed

Securities,

2.50%-

7.00%,

due

5/20/37

4/1/56,

with

aggregate

value

$49,246)

....................

48,280

Total

Repurchase

Agreements

(Cost

$84,280)

84,280

Total

Investments

(Cost

$4,082,844)

—

106.9%

3,982,203

Liabilities

excess

other

assets

— (6.9)%

(256,519)

NET

ASSETS

100.00%

3,725,684

March

31,

2026,

the

Fund's

investments

foreign

securities

were

26.5%

net

assets.

Security

Name

Acquisition

Date

Cost

Value

Acorn

.........................................................

10/25/2024

500

506

Alamo

........................................................

4/4/2024

250

259

Alamo

........................................................

4/4/2024

500

515

Alamo

........................................................

4/12/2023

1,000

1,012

Alturas

Re,

2021-3

..................................................

8/16/2021

Alturas

Re,

2022-2

..................................................

1/18/2022

—

Aquila

.......................................................

5/10/2023

750

757

Aquila

.......................................................

4/26/2024

500

511

Atlas

Capital

DAC

..................................................

5/17/2023

1,250

1,282

Atlas

Capital

DAC,

2024

.............................................

5/24/2024

750

813

Bantry

........................................................

1/26/2026

4,442

4,704

Bantry

........................................................

7/23/2025

3,074

3,720

Bayou

........................................................

12/4/2025

547

513

Berwick

.......................................................

2/4/2026

2,220

2,136

Blue

Ridge

.....................................................

11/26/2025

250

247

Blue

Ridge

.....................................................

11/14/2023

500

504

Blue

Ridge

.....................................................

11/26/2025

1,250

1,270

Blue

Ridge

.....................................................

11/26/2025

250

251

Bonanza

.......................................................

12/16/2024

250

253

Victory

Portfolios

Victory

Pioneer

Strategic

Income

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

March

31,

2026

See

notes

financial

statements.

Security

Name

Acquisition

Date

Cost

Value

Bonanza

.......................................................

12/16/2024

1,000

1,009

Bridge

Street

....................................................

12/22/2025

800

804

Cape

Lookout

...................................................

2/27/2025

1,750

1,824

Cape

Lookout

...................................................

2/27/2025

3,210

3,159

Carnoustie

.....................................................

1/30/2026

2,000

2,092

Cat

...........................................................

11/14/2023

500

509

Chartwell

......................................................

5/2/2025

250

257

Chartwell

......................................................

5/2/2025

625

645

Citrus

.........................................................

3/13/2026

400

Commonwealth

..................................................

3/4/2026

1,760

1,759

Commonwealth

..................................................

5/30/2025

750

765

Easton

........................................................

5/16/2024

249

252

Eden

........................................................

1/17/2023

—

121

Eden

........................................................

1/10/2024

—

102

Eden

........................................................

12/27/2024

2,800

401

FloodSmart

.....................................................

2/29/2024

1,000

1,047

Foundation

...................................................

12/4/2025

700

703

Four

Lakes

.....................................................

12/11/2024

250

253

Four

Lakes

.....................................................

12/11/2025

1,250

1,239

Four

Lakes

.....................................................

12/8/2023

250

253

Four

Lakes

.....................................................

12/11/2025

400

397

Four

Lakes

.....................................................

12/11/2024

764

766

Fuchsia

London

Bridge

PCC,

2024-1

...................................

12/18/2024

750

770

Galileo

........................................................

12/8/2025

500

496

Galileo

........................................................

12/4/2023

1,000

1,034

Gamboge

......................................................

5/9/2024

1,618

2,326

Gateway

.......................................................

3/11/2024

250

254

Gateway

.....................................................

4/13/2023

250

251

Gleneagles

Re,

2022

.................................................

1/18/2022

482

Gullane

.......................................................

1/22/2026

3,856

3,037

Herbie

........................................................

12/17/2024

500

505

Herbie

........................................................

1/16/2026

500

High

Point

.....................................................

12/1/2023

2,500

2,509

Integrity

.......................................................

10/22/2025

1,020

Integrity

.......................................................

5/9/2022

309

155

Integrity

III

.....................................................

2/21/2025

750

766

Integrity

III

.....................................................

2/21/2025

750

770

Kendall

.......................................................

4/22/2024

1,000

1,025

Locke

Tavern

...................................................

3/5/2026

400

Locke

Tavern

...................................................

3/23/2023

1,000

Long

Point

...................................................

5/13/2022

2,500

2,503

Macclesfield

....................................................

2/24/2026

502

498

Marlon

..........................................................

5/24/2024

250

261

Matterhorn

.....................................................

2/4/2026

300

299

Mayflower

.....................................................

2/18/2026

2,792

2,782

Mayflower

.....................................................

11/24/2025

2,536

2,521

Mayflower

.....................................................

5/22/2025

500

509

Mayflower

.....................................................

6/21/2024

750

769

Merion

........................................................

1/30/2026

662

692

Merion

........................................................

1/16/2025

—

Merna

Companywide

.............................................

5/14/2025

500

521

Merna

Enterprise

.................................................

5/14/2025

500

514

Merna

Reinsurance

................................................

2/12/2026

6,182

6,138

Merna

Reinsurance

................................................

5/8/2024

500

518

Merna

Reinsurance

................................................

5/8/2024

500

517

Merna

Reinsurance

................................................

5/8/2024

1,000

1,033

Montoya

.......................................................

12/12/2025

400

398

Mystic

......................................................

12/12/2023

850

868

Old

Head

......................................................

12/22/2025

405

427

Palm

.........................................................

4/1/2025

750

772

Pangaea

.......................................................

3/23/2026

1,500

1,566

Pangaea

.......................................................

9/18/2025

2,500

3,090

Pi0047

........................................................

2/4/2026

10,000

11,050

Pi0051

Cheltenham

...............................................

6/13/2025

802

1,028

Victory

Portfolios

Victory

Pioneer

Strategic

Income

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

March

31,

2026

See

notes

financial

statements.

(n)

Issued

preference

shares.

(o)

All

the

coupon

PIK.

(p)

Rate

represents

the

effective

yield

March

31,

2026.

(q)

Stepped

coupon

security

for

which

the

coupon

rate

interest

adjusts

specified

date(s);

rate

shown

effective

rate

period-end.

Security

Name

Acquisition

Date

Cost

Value

Pine

Valley

.....................................................

2/24/2026

664

663

Portsalon

......................................................

7/15/2022

242

286

Purple

........................................................

12/12/2025

1,051

1,006

Purple

Ltd.

.....................................................

4/2/2024

500

515

Residential

.....................................................

11/4/2024

750

761

Residential

.....................................................

11/4/2024

750

768

Residential

.....................................................

11/22/2022

1,500

1,527

Residential

.....................................................

11/7/2023

1,500

1,551

Residential

.....................................................

11/7/2023

750

780

Sanders

......................................................

3/13/2025

600

614

Sanders

......................................................

12/10/2024

2,000

2,031

Sanders

......................................................

3/13/2025

600

629

Sanders

......................................................

3/13/2025

600

615

Sanders

......................................................

3/13/2025

600

633

Sanders

......................................................

12/10/2024

1,500

1,523

Sanders

III

.....................................................

11/30/2022

750

771

Sanders

III

.....................................................

2/24/2026

400

399

Sanders

III

.....................................................

2/24/2026

350

351

Sanders

III

.....................................................

1/16/2024

750

780

Sanders

III

.....................................................

3/24/2023

250

255

Sanders

III

.....................................................

12/3/2025

1,288

1,263

Sanders

.....................................................

2/24/2026

400

399

Sanders

.....................................................

2/24/2026

350

349

Sector

.......................................................

12/31/2024

276

Sector

.......................................................

12/31/2025

4,400

4,723

Silk

Road

......................................................

12/23/2024

250

252

Skyline

II,

2025-1

................................................

12/23/2025

500

499

Sovcombank

Via

SovCom

Capital

DAC

...................................

11/10/2021

5,010

—

Thopas

........................................................

2/15/2023

—

Thopas

........................................................

1/10/2025

—

152

Thopas

........................................................

2/2/2024

—

Thopas

........................................................

1/30/2026

3,488

3,600

Thopas

Re,

2020

...................................................

12/30/2019

—

Thopas

Re,

2021

...................................................

12/30/2020

—

Thopas

Re,

2022

...................................................

2/15/2002

—

Tomtit

........................................................

12/31/2025

588

525

Ursa

........................................................

11/18/2025

500

496

Veraison

.......................................................

1/30/2026

400

Veraison

.......................................................

1/30/2026

400

Viribus

........................................................

2/2/2023

—

Viribus

Re,

2018

...................................................

12/22/2017

—

Viribus

Re,

2019

...................................................

12/27/2018

—

Vitality

XIV

....................................................

1/25/2023

4,006

4,044

Vitality

XIV

....................................................

1/25/2023

400

406

Vitality

XVII

...................................................

1/22/2026

2,500

2,497

Walton

Heath

...................................................

7/13/2022

—

115

Windrose

......................................................

1/30/2026

750

752

Windrose

......................................................

1/29/2026

2,000

1,991

Total

(3.6%

net

assets)

$136,986

$133,915

ABS

—

Asset-Backed

Securities

BNMMDTSC

—

Dreyfus

Treasury

Securities

Cash

Management

Fund

Yield

bps

—

Basis

points

BRMMUSDF

—

BlackRock

Liquidity

Fund

Treasury

Trust

Fund

Portfolio

Fund

Yield

CLO

—

Collateralized

Loan

Obligations

CMO

—

Collateralized

Mortgage

Obligations

FREMF

—

Freddie

Mac

Multifamily

Fixed-Rate

Mortgage

Loans

FRMMUSTI

—

Western

Asset

Institutional

U.S.

Treasury

Reserves

Fund

Yield

Victory

Portfolios

Victory

Pioneer

Strategic

Income

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

March

31,

2026

See

notes

financial

statements.

FHMMUSTF

—

Federated

Hermes

Treasury

Cash

Reserves

Fund

Yield

GSMMUSTF

—

Goldman

Sachs

Money

Market

U.S.

Treasury

Fund

Index

GSMMUSTI

—

Goldman

Sachs

Money

Market

U.S.

Treasury

Instrument

Index

H15T1Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

March

31,

2026.

H15T5Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

March

31,

2026.

H15T10Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

March

31,

2026.

HSMMUSTF

—

HSBC

U.S.

Treasury

Money

Market

Fund

Index

ICE

—

Intercontinental

Exchange,

Inc.

IBA

—

ICE

Benchmark

Administration

Limited

JMMMUSTF

—

JPMorgan

100%

Treasury

Securities

Money

Market

Fund

Yield

LLC

—

Limited

Liability

Company

—

Limited

Partnership

MBS

—

Mortgage-Backed

Securities

MSMMUSTF

—

Morgan

Stanley

Institutional

Liquidity

Funds

Treasury

Securities

Portfolio

Fund

Yield

MTN

—

Medium

Term

Note

PIK

—

Payment-in-Kind

PLC

—

Public

Limited

Company

REMIC

—

Real

Estate

Mortgage

Investment

Conduit

SOFR

—

Secured

Overnight

Financing

Rate

SOFR01M

—

Month

SOFR,

rate

disclosed

March

31,

2026.

SOFR03M

—

Month

SOFR,

rate

disclosed

March

31,

2026.

SOFR30A

—

day

average

SOFR,

rate

disclosed

March

31,

2026.

TBA

—

Announced

Securities

TSFR1M

—

Month

Term

SOFR,

rate

disclosed

March

31,

2026.

TSFR3M

—

Month

Term

SOFR,

rate

disclosed

March

31,

2026.

US0003M

—

Month

Dollar

London

Interbank

Offered

Rate,

rate

disclosed

March

31,

2026,

based

the

last

reset

date

the

security.

USISOA05

—

ICE

IBA

USD

SOFR

Spread-Adjusted

ICE

Year

Swap

Rate,

rate

disclosed

March

31,

2026.

Credit

Enhancements

—Adds

the

financial

strength

the

provider

the

enhancement

support

the

issuer’s

ability

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

provided

high-quality

bank,

insurance

company

other

corporation,

collateral

trust.

The

enhancements

not

guarantee

the

market

values

the

securities.

TBA

Sales

Commitments

Security

Description

Principal

Amount

(000)

Value

(000)

TBA

Sales

Commitments

(1.20%)

Collateralized

Mortgage

Obligations

— (1.20%)

Federal

National

Mortgage

Association,

TBA

6.00%

4/25/56

....................................................

$(41,100)

(41,895)

7.00%

4/25/56

....................................................

(100)

(105)

Government

National

Mortgage

Association,

TBA

4.00%

4/20/56

....................................................

(2,000)

(1,873)

Total

TBA

Sales

Commitments

(Proceeds $44,028)

$(43,873)

Forward

Currency

Contracts

March

31,

2026,

the

Fund's

open

forward

currency

contracts

were

follows:

Currency

Purchased

Exchange

for

(000)

Currency

Sold

Deliver

(000)

Counterparty

Settlement

Date

Net

Unrealized

Appreciation/

(Depreciation)

(000)

Turkish

Lira

337,500

U.S.

Dollar

7,375

Citibank

4/9/26

149

U.S.

Dollar

5,412

Canadian

Dollar

7,465

Citibank

4/9/26

Brazilian

Real

43,330

U.S.

Dollar

8,047

Citibank

4/29/26

274

U.S.

Dollar

25,900

Australian

Dollar

36,500

Citibank

4/30/26

725

U.S.

Dollar

69,830

European

Euro

59,171

Citibank

5/29/26

1,254

U.S.

Dollar

19,429

European

Euro

16,400

Citibank

5/29/26

422

U.S.

Dollar

15,532

European

Euro

13,200

Citibank

5/29/26

233

Chilean

Peso

18,580,000

U.S.

Dollar

20,063

Citibank

6/25/26

U.S.

Dollar

16,499

Indian

Rupee

1,555,000

Citibank

6/25/26

133

Victory

Portfolios

Victory

Pioneer

Strategic

Income

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

March

31,

2026

See

notes

financial

statements.

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Net

Unrealized

Appreciation/

(Depreciation)

(000)

Canadian

Dollar

52,860

U.S.

Dollar

38,088

Citibank

6/26/26

U.S.

Dollar

2,306

Mexican

Peso

41,300

Citibank

6/26/26

U.S.

Dollar

10,664

Turkish

Lira

611,040

Citibank

1/7/27

245

U.S.

Dollar

8,521

Turkish

Lira

476,000

Citibank

1/7/27

405

U.S.

Dollar

855

Turkish

Lira

48,810

Citibank

1/7/27

3,989

U.S.

Dollar

7,441

Turkish

Lira

337,500

Citibank

4/9/26

(83)

European

Euro

11,982

U.S.

Dollar

14,384

Citibank

4/29/26

(517)

U.S.

Dollar

8,203

Brazilian

Real

43,300

Citibank

4/29/26

(113)

Australian

Dollar

72,680

U.S.

Dollar

50,852

Citibank

4/30/26

(724)

Japanese

Yen

6,085,000

European

Euro

33,370

Citibank

6/18/26

(115)

Korean

Won

27,555,000

U.S.

Dollar

18,394

Citibank

6/25/26

(31)

Japanese

Yen

5,050,000

U.S.

Dollar

32,062

Citibank

6/26/26

(13)

European

Euro

28,985

U.S.

Dollar

33,689

Citibank

6/26/26

(56)

Turkish

Lira

1,135,850

U.S.

Dollar

20,287

StateStreet

1/7/27

(920)

(2,572)

Total

Net

Forward

Currency

Contracts

1,417

Futures

Contracts

Purchased

Number

Contracts

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

2-Year

U.S.

Treasury

Note

Futures

.......

1,234

6/30/26

257,764

255,988

(1,777)

U.S.

10-Year

Ultra

Futures

............

2,199

6/18/26

254,567

249,621

(4,946)

Ultra

Long

Term

U.S.

Treasury

Bond

Futures

2,092

6/18/26

251,714

243,849

(7,865)

(14,588)

Futures

Contracts

Sold

Number

Contracts

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

10-Year

U.S.

Treasury

Note

Futures

......

1,360

6/18/26

153,717

151,024

2,693

30-Year

U.S.

Treasury

Bond

Futures

.....

6/18/26

9,001

9,110

(109)

5-Year

U.S.

Treasury

Note

Futures

.......

532

6/30/26

57,468

57,552

(83)

Euro

Bund

Futures

..................

650

6/08/26

96,686

94,206

2,480

4,981

Total

unrealized

appreciation

5,173

Total

unrealized

depreciation

(14,780)

Total

net

unrealized

appreciation

(depreciation)

(9,607)

Centrally

Cleared

Credit

Default

Swap

Agreements

Sell

Protection

Underlying

Instruments

Fixed

Deal

Receive

Rate

Maturity

Date

Payment

Frequency

Notional

Amount

(000)

Value

(000)

Premiums

Paid

(Received)

(000)

Unrealized

Appreciation

(Depreciation)

(000)

Markit

CDX

North

America

High

Yield

Index

Series

...........................

5.00%

12/20/30

Quarterly

27,700

(11,614)

(15,015)

3,401

(11,614)

(15,015)

3,401

Centrally

Cleared

Credit

Default

Swap

Agreements

Buy

Protection(a)

Underlying

Instruments

Fixed

Deal

Pay

Rate

Maturity

Date

Payment

Frequency

Notional

Amount

(000)(b)

Value

(000)

Premiums

Paid

(Received)

(000)

Unrealized

Appreciation

(Depreciation)

(000)

American

Airlines

Group,

Inc.

..............

5.00%

6/20/30

Quarterly

8,215

(40)

(540)

500

CDS

Oracle

Corp.

......................

1.00%

12/20/30

Quarterly

27,700

(870)

(544)

(326)

(910)

(1,084)

174

Victory

Portfolios

Financial

Highlights

For

Outstanding

Throughout

Each

Period

See

notes

financial

statements.

Victory

Pioneer

Strategic

Income

Fund

Class

Six

Months

Ended

March

31,

2026

(Unaudited)

Year

Ended

September

30,

2025

Year

Ended

September

30,

2024

Year

Ended

September

30,

2023

Year

Ended

September

30,

2022

Year

Ended

September

30,

2021

Net

Asset

Value,

Beginning

Period

$9.86

$9.85

$8.91

$9.05

$11.38

$10.91

Investment

Activities:

Net

investment

income

(loss)(a)

0.25

0.53

0.51

0.45

0.35

Net

realized

and

unrealized

gains

(losses)

(0.14)

0.01

0.82

(0.27)

(1.86)

0.52

Total

from

Investment

Activities

0.11

0.54

1.33

0.18

(1.51)

0.87

Distributions

Shareholders

from:

Net

investment

income

(0.24)

(0.53)

(0.39)

(0.32)

(0.12)

(0.40)

Net

realized

gains

—

(0.53)

—

Return

capital

—

(0.17)

—

Total

Distributions

(0.24)

(0.53)

(0.39)

(0.32)

(0.82)

(0.40)

Net

Asset

Value,

End

Period

$9.73

$9.86

$9.85

$8.91

$9.05

$11.38

Total

Return(b)(c)

1.11%

5.80%

15.18%

1.91%(d)

(14.12)%

8.04%

Ratios

Average

Net

Assets:

Net

Expenses(e)(f)

1.00%(g)

1.02%

1.07%

1.06%

1.01%

1.06%

Net

Investment

Income

(Loss)(e)

5.11%

5.49%

5.45%

4.91%

3.44%

3.12%

Gross

Expenses(e)(f)

1.04%(g)

1.06%

1.11%

1.10%

1.03%

1.06%

Supplemental

Data:

Net

Assets

end

period

(000's)

$467,193

$489,709

$555,425

$569,497

$637,356

$855,856

Portfolio

Turnover(b)(h)

43%

52%

63%

51%

56%

67%

Pioneer

Strategic

Income

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

April

2025

(the

“Reorganization”).

The

Predecessor

Fund

the

accounting

survivor

the

Reorganization

and

shareholders

holding

Class

and

Class

the

Predecessor

Fund

received

Class

R6,

Class

and

Class

the

Fund,

respectively.

(a)

Per

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

Assumes

reinvestment

all

net

investment

income

and

realized

capital

gain

distributions,

any,

during

the

period.

Includes

adjustments

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d)

For

the

year

ended

September

30,

2023,

the

Fund’s

total

return

includes

reimbursement

the

Adviser.

The

impact

Class

A’s

total

return

was

0.11%.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Does

not

include

acquired

fund

fees

and

expenses,

any.

(g)

Reflects

total

annual

operating

expenses

before

reductions

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

less

than

0.01%.

(h)

Portfolio

turnover

calculated

the

basis

the

Fund

whole

without

distinguishing

between

the

classes

shares.

Victory

Portfolios

For

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

See

notes

financial

statements.

Victory

Pioneer

Strategic

Income

Fund

Class

Six

Months

Ended

March

31,

2026

(Unaudited)

Year

Ended

September

30,

2025

Year

Ended

September

30,

2024

Year

Ended

September

30,

2023

Year

Ended

September

30,

2022

Year

Ended

September

30,

2021

Net

Asset

Value,

Beginning

Period

$9.64

$9.63

$8.71

$8.85

$11.14

$10.67

Investment

Activities:

Net

investment

income

(loss)(a)

0.21

0.45

0.44

0.38

0.28

0.27

Net

realized

and

unrealized

gains

(losses)

(0.14)

0.02

0.80

(0.27)

(1.82)

0.51

Total

from

Investment

Activities

0.07

0.47

1.24

0.11

(1.54)

0.78

Distributions

Shareholders

from:

Net

investment

income

(0.20)

(0.46)

(0.32)

(0.25)

(0.05)

(0.31)

Net

realized

gains

—

(0.53)

—

Return

capital

—

(0.17)

—

Total

Distributions

(0.20)

(0.46)

(0.32)

(0.25)

(0.75)

(0.31)

Net

Asset

Value,

End

Period

$9.51

$9.64

$9.63

$8.71

$8.85

$11.14

Total

Return(b)(c)

0.75%

5.14%

14.46%

1.21%(d)

(14.69)%

7.37%

Ratios

Average

Net

Assets:

Net

Expenses(e)(f)

1.68%(g)

1.69%

1.70%

1.66%

1.73%

Net

Investment

Income

(Loss)(e)

4.45%

4.84%

4.82%

4.28%

2.77%

2.49%

Gross

Expenses(e)(f)

1.72%(g)

1.72%

1.73%

1.74%

1.68%

1.73%

Supplemental

Data:

Net

Assets

end

period

(000's)

$31,395

$33,336

$42,253

$50,394

$73,112

$112,804

Portfolio

Turnover(b)(h)

43%

52%

63%

51%

56%

67%

Pioneer

Strategic

Income

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

April

2025

(the

“Reorganization”).

The

Predecessor

Fund

the

accounting

survivor

the

Reorganization

and

shareholders

holding

Class

and

Class

the

Predecessor

Fund

received

Class

R6,

Class

and

Class

the

Fund,

respectively.

(a)

Per

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

Assumes

reinvestment

all

net

investment

income

and

realized

capital

gain

distributions,

any,

during

the

period.

Includes

adjustments

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

reduced

sales

charges

were

taken

into

account.

(d)

For

the

year

ended

September

30,

2023,

the

Fund’s

total

return

includes

reimbursement

the

Adviser.

The

impact

Class

C’s

total

return

was

0.11%.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Does

not

include

acquired

fund

fees

and

expenses,

any.

(g)

Reflects

total

annual

operating

expenses

before

reductions

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

less

than

0.01%.

(h)

Portfolio

turnover

calculated

the

basis

the

Fund

whole

without

distinguishing

between

the

classes

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

Outstanding

Throughout

Each

Period

See

notes

financial

statements.

Victory

Pioneer

Strategic

Income

Fund

Class

Six

Months

Ended

March

31,

2026

(Unaudited)

Year

Ended

September

30,

2025

Year

Ended

September

30,

2024

Year

Ended

September

30,

2023

Year

Ended

September

30,

2022

Year

Ended

September

30,

2021

Net

Asset

Value,

Beginning

Period

$10.05

$10.03

$9.07

$9.21

$11.58

$11.09

Investment

Activities:

Net

investment

income

(loss)(a)

0.24

0.51

0.49

0.43

0.32

0.33

Net

realized

and

unrealized

gains

(losses)

(0.14)

0.02

0.84

(0.28)

(1.90)

0.52

Total

from

Investment

Activities

0.10

0.53

1.33

0.15

(1.58)

0.85

Distributions

Shareholders

from:

Net

investment

income

(0.23)

(0.51)

(0.37)

(0.29)

(0.09)

(0.36)

Net

realized

gains

—

(0.53)

—

Return

capital

—

(0.17)

—

Total

Distributions

(0.23)

(0.51)

(0.37)

(0.29)

(0.79)

(0.36)

Net

Asset

Value,

End

Period

$9.92

$10.05

$10.03

$9.07

$9.21

$11.58

Total

Return(b)(c)

0.98%

5.58%

14.90%

1.60%(d)

(14.46)%

7.77%

Ratios

Average

Net

Assets:

Net

Expenses(e)(f)

1.34%(g)

1.33%

1.34%

1.35%

1.34%

1.37%

Net

Investment

Income

(Loss)(e)

4.75%

5.19%

5.18%

4.62%

3.09%

2.83%

Gross

Expenses(e)(f)

1.38%(g)

1.36%

1.37%

1.39%

1.36%

1.37%

Supplemental

Data:

Net

Assets

end

period

(000's)

$47,536

$52,311

$55,365

$54,791

$62,624

$94,136

Portfolio

Turnover(b)(h)

43%

52%

63%

51%

56%

67%

Pioneer

Strategic

Income

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

April

2025

(the

“Reorganization”).

The

Predecessor

Fund

the

accounting

survivor

the

Reorganization

and

shareholders

holding

Class

and

Class

the

Predecessor

Fund

received

Class

R6,

Class

and

Class

the

Fund,

respectively.

(a)

Per

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

Assumes

reinvestment

all

net

investment

income

and

realized

capital

gain

distributions,

any,

during

the

period.

Includes

adjustments

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d)

For

the

year

ended

September

30,

2023,

the

Fund’s

total

return

includes

reimbursement

the

Adviser.

The

impact

Class

R’s

total

return

was

less

than

0.005%.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Does

not

include

acquired

fund

fees

and

expenses,

any.

(g)

Reflects

total

annual

operating

expenses

before

reductions

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

less

than

0.01%.

(h)

Portfolio

turnover

calculated

the

basis

the

Fund

whole

without

distinguishing

between

the

classes

shares.

Victory

Portfolios

For

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

See

notes

financial

statements.

Victory

Pioneer

Strategic

Income

Fund

Class

R6*

Six

Months

Ended

March

31,

2026

(Unaudited)

Year

Ended

September

30,

2025

Year

Ended

September

30,

2024

Year

Ended

September

30,

2023

Year

Ended

September

30,

2022

Year

Ended

September

30,

2021

Net

Asset

Value,

Beginning

Period

$9.87

$8.92

$9.07

$11.40

$10.92

Investment

Activities:

Net

investment

income

(loss)(a)

0.27

0.57

0.56

0.49

0.40

Net

realized

and

unrealized

gains

(losses)

(0.14)

0.01

0.82

(0.28)

(1.87)

0.53

Total

from

Investment

Activities

0.13

0.58

1.38

0.21

(1.47)

0.93

Distributions

Shareholders

from:

Net

investment

income

(0.26)

(0.58)

(0.43)

(0.36)

(0.16)

(0.45)

Net

realized

gains

—

(0.53)

—

Return

capital

—

(0.17)

—

Total

Distributions

(0.26)

(0.58)

(0.43)

(0.36)

(0.86)

(0.45)

Net

Asset

Value,

End

Period

$9.74

$9.87

$8.92

$9.07

$11.40

Total

Return(b)(c)

1.33%

6.17%

15.82%

2.28%(d)

(13.73)%

8.58%

Ratios

Average

Net

Assets:

Net

Expenses(e)(f)

0.59%(g)

0.59%

0.63%

Net

Investment

Income

(Loss)(e)

5.51%

5.92%

5.93%

5.38%

3.88%

3.55%

Gross

Expenses(e)(f)

0.63%(g)

0.63%

0.64%

0.61%

0.63%

Supplemental

Data:

Net

Assets

end

period

(000's)

$579,342

$597,432

$558,073

$426,933

$403,112

$465,149

Portfolio

Turnover(b)(h)

43%

52%

63%

51%

56%

67%

Pioneer

Strategic

Income

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

April

2025

(the

“Reorganization”).

The

Predecessor

Fund

the

accounting

survivor

the

Reorganization

and

shareholders

holding

Class

and

Class

the

Predecessor

Fund

received

Class

R6,

Class

and

Class

the

Fund,

respectively.

(a)

Per

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

Assumes

reinvestment

all

net

investment

income

and

realized

capital

gain

distributions,

any,

during

the

period.

Includes

adjustments

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d)

For

the

year

ended

September

30,

2023,

the

Fund’s

total

return

includes

reimbursement

the

Adviser.

The

impact

Class

R6’s

total

return

was

less

than

0.005%.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Does

not

include

acquired

fund

fees

and

expenses,

any.

(g)

Reflects

total

annual

operating

expenses

before

reductions

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

less

than

0.01%.

(h)

Portfolio

turnover

calculated

the

basis

the

Fund

whole

without

distinguishing

between

the

classes

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

Outstanding

Throughout

Each

Period

See

notes

financial

statements.

Victory

Pioneer

Strategic

Income

Fund

Class

Six

Months

Ended

March

31,

2026

(Unaudited)

Year

Ended

September

30,

2025

Year

Ended

September

30,

2024

Year

Ended

September

30,

2023

Year

Ended

September

30,

2022

Year

Ended

September

30,

2021

Net

Asset

Value,

Beginning

Period

$9.87

$9.86

$8.91

$9.05

$11.38

$10.91

Investment

Activities:

Net

investment

income

(loss)(a)

0.27

0.56

0.55

0.48

0.39

Net

realized

and

unrealized

gains

(losses)

(0.14)

0.02

0.82

(0.27)

(1.87)

0.51

Total

from

Investment

Activities

0.13

0.58

1.37

0.21

(1.48)

0.90

Distributions

Shareholders

from:

Net

investment

income

(0.26)

(0.57)

(0.42)

(0.35)

(0.15)

(0.43)

Net

realized

gains

—

(0.53)

—

Return

capital

—

(0.17)

—

Total

Distributions

(0.26)

(0.57)

(0.42)

(0.35)

(0.85)

(0.43)

Net

Asset

Value,

End

Period

$9.74

$9.87

$9.86

$8.91

$9.05

$11.38

Total

Return(b)(c)

1.28%

6.18%

15.72%

2.28%(d)

(13.85)%

8.37%

Ratios

Average

Net

Assets:

Net

Expenses(e)(f)

0.68%(g)

0.69%

0.74%

Net

Investment

Income

(Loss)(e)

5.40%

5.83%

5.28%

3.77%

3.44%

Gross

Expenses(e)(f)

0.71%(g)

0.74%

0.73%

0.74%

0.71%

0.74%

Supplemental

Data:

Net

Assets

end

period

(000's)

$2,600,218

$2,225,456

$2,260,498

$2,099,995

$2,579,954

$3,204,878

Portfolio

Turnover(b)(h)

43%

52%

63%

51%

56%

67%

Pioneer

Strategic

Income

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

April

2025

(the

“Reorganization”).

The

Predecessor

Fund

the

accounting

survivor

the

Reorganization

and

shareholders

holding

Class

and

Class

the

Predecessor

Fund

received

Class

R6,

Class

and

Class

the

Fund,

respectively.

(a)

Per

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

Assumes

reinvestment

all

net

investment

income

and

realized

capital

gain

distributions,

any,

during

the

period.

Includes

adjustments

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d)

For

the

year

ended

September

30,

2023,

the

Fund’s

total

return

includes

reimbursement

the

Adviser.

The

impact

Class

Y’s

total

return

was

less

than

0.005%.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Does

not

include

acquired

fund

fees

and

expenses,

any.

(g)

Reflects

total

annual

operating

expenses

before

reductions

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

less

than

0.01%.

(h)

Portfolio

turnover

calculated

the

basis

the

Fund

whole

without

distinguishing

between

the

classes

shares.

Notes

Financial

Statements

March

31,

2026

Victory

Portfolios

(Unaudited)

Organization:

Victory

Portfolios

(the

“Trust”)

organized as

Delaware

statutory

trust and is

registered

under

the

Investment

Company

Act

1940,

amended

(the

“1940

Act”),

open-end

investment

company.

The

Trust

comprised

funds, and

authorized

issue

unlimited

number

shares,

which

are

units

beneficial

interest

with

par

value.

The

accompanying

financial

statements

are

those

the

following

fund

(the

“Fund”). The

Fund

classified

diversified

under

the

1940

Act.

Each

class

of the

Fund

has

substantially

identical

rights

and

privileges

except

with

respect

sales

charges,

fees

paid

under

distribution

plans,

expenses

allocable

exclusively

each

class

shares,

voting

rights

matters

solely

affecting

single

class

shares,

and

the

exchange

privilege

each

class

shares.

Victory

Capital

Management

Inc.

(“VCM”

the

“Adviser”)

indirect

wholly

owned

subsidiary

Victory

Capital

Holdings,

Inc.,

publicly

traded

Delaware

corporation,

and

wholly

owned

direct

subsidiary

Victory

Capital

Operating,

LLC.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

the

performance

their

duties

the

Fund.

addition,

the

normal

course

business,

the

Fund

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund’s

maximum

exposure

under

these

arrangements

unknown,

this

would

involve

future

claims

that

may

made

against

the

Fund.

However,

based

experience,

the

Fund

expects

that

risk

loss

remote.

The Fund,

which

commenced

operations

April

2025,

the

successor

the

Pioneer

Strategic

Income

Fund

(the

“Predecessor

Fund”).

The

Predecessor

Fund

transferred

all

the

net

assets

Class

and

Class

exchange

for

the

Fund’s

Class

R6,

Class R,

and

Class

shares,

respectively,

April

2025,

pursuant

agreement

and

plan

reorganization

(the

“Reorganization”)

which

was

approved

the

shareholders

the

Predecessor

Fund

March

27,

2025.

The

Reorganization

was

structured

that

the

transfer

assets

and

liabilities

did

not

result

any

federal

tax

liability

the

Predecessor

Fund

its

shareholders.

Shareholders

holding

Class

and

Class

the

Predecessor

Fund

received

Class

R6,

Class R,

and

Class

the

Fund,

respectively,

the

Reorganization.

The

Predecessor

Fund

was

the

accounting

survivor

the

Reorganization.

Accordingly,

the

Predecessor

Fund’s

performance

and

financial

history

have

become

the

performance

and

financial

history

the

Fund.

The

Fund’s

investment

objective

produce

high

level

current

income.

Effective

April

2025, VCM

serves

the

Fund’s

investment

adviser,

succeeding

Amundi

Asset

Management

US,

Inc.

(“Amundi

US”).

the

same

date,

Victory

Capital

Services,

Inc.

(the

“Distributor”),

affiliate

the

Adviser,

became

the

Distributor

for

the

Fund's

shares,

succeeding

Amundi

Distributor

US,

Inc.

The

Distributor

receives

fee

other

compensation

for

these

services

(See

Note

5).

September

30,

2025,

the

Trust’s

Board

Trustees

(the

“Board”),

upon

the

recommendation

the

Adviser,

approved

change

the

Fund's

custodian,

sub-administrator,

sub-fund

accountant,

and

transfer

agent.

Effective

February

2026, Citibank,

N.A.

serves

the

custodian

the

Fund,

Citi

Fund

Services

Ohio,

Inc.

serves

sub-administrator

and

sub-fund

accountant

the

Fund

and

FIS

Investor

Services

LLC

serves

transfer

agent

the

Fund.

Significant

Accounting

Policies:

The

following

summary

significant

accounting

policies

followed

the Fund

the

preparation

its

financial

statements.

The

policies

are

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

(“GAAP”).

The

preparation

financial

statements

accordance

with

GAAP

requires

the

Adviser

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

and

disclosure

contingent

assets

and

liabilities

the

date

the

financial

statements

and

the

reported

amounts

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

follows

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

investment

companies

under

Accounting

Standards

Codification

("ASC") Topic 946.

Investment

Valuation:

The

Fund

records

investments

fair

value.

Fair

value

defined

the

price

that

would

received

to sell

an asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

observable

inputs

and

minimize

the

use

unobservable

inputs

determining

fair

value.

The

inputs

used

for

valuing

the

Fund’s

investments

are

summarized

the

three

broad

levels

listed

below:

Level

—

quoted

prices

(unadjusted)

active

markets

for

identical

securities

Level

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

applicable

those

securities,

etc.)

Level

—

significant

unobservable

inputs

(including

the

Adviser’s

assumptions

determining

the

fair

value

investments)

Changes

valuation

techniques

may

result

transfers

out

assigned

level

within

the

disclosure

hierarchy.

The

inputs

methodologies

used

for

valuation

techniques

are

not

necessarily

indication

the

risks

associated

with

entering

into

those

investments.

The Adviser,

appointed

the

valuation

designee

by the

Board, has

established

the

Pricing

Committee

(the

“Committee”),

and

subject

Board

oversight,

the

Committee

administers

and

oversees

the

Fund’s

valuation

policies

and

procedures,

which

are

approved

the

Board.

Fund

(Legal

Name)

Fund

(Short

Name)

Investment

Classes

Offered

Victory

Pioneer

Strategic

Income

Fund

Strategic

Income

Fund

Class

R6,

and

Class

Notes

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

(Unaudited)

Portfolio

securities

listed

traded

securities

exchanges,

including

Exchange-Traded

Funds

(“ETFs”),

and

American

Depositary

Receipts,

are

valued

the

closing

price

the

exchange

system

where

the

security

principally

traded,

available,

the

Nasdaq

Official

Closing

Price.

there

have

been

sales

for

that

day

the

exchange

system,

then

security

valued

the

last

available

bid

quotation

the

exchange

system

where

the

security

principally

traded.

each

these

situations,

valuations

are

typically

categorized

Level

the

fair

value

hierarchy.

Investments

open-end

investment

companies,

other

than

ETFs, are

valued

at their

net

asset

value

(“NAV”).

These

valuations

are

typically

categorized

Level

1 in

the

fair

value

hierarchy.

Debt

securities

are

valued

each

business

day

pricing

service

approved

the

valuation

designee

and

subject

the

oversight

the

Board.

The

pricing

service

uses

the

evaluated

bid

or market

quotes to

value

securities.

Debt

obligations

maturing

within

days

may

valued

amortized

cost,

provided

that

the

amortized

cost

represents

the

fair

value

such

securities.

These

valuations

are

typically

categorized

Level

the

fair

value

hierarchy.

Event-linked

bonds

are

valued

the

bid

price

obtained

from

independent

third-party

pricing

service.

Other

insurance-linked

securities

(including

reinsurance

sidecars,

collateralized

reinsurance

and

industry

loss

warranties)

may

valued

the

bid

price

obtained

from

independent

pricing

service,

through

third

party

using

pricing

matrix,

insurance

valuation

models,

other

fair

value

methods

techniques

provide

estimated

value

the

instrument.

Event-linked

bond

valuations

are

typically

categorized

Level

the

fair

value

hierarchy.

Other

insurance-linked

valuations

are

typically

categorized

Level

the

fair

value

hierarchy.

Repurchase

agreements

are

valued

cost,

which

approximates

market

value.

Futures

contracts

are

valued

the

settlement

price

established

each

day

the

board

trade

exchange

which

they

are

traded.

These

valuations

are

typically

categorized

Level

the

fair

value

hierarchy.

Loan

interests

are

valued

the

mean

between

the

last

available

bid

and

asked

prices

from

one

brokers

dealers

obtained

from

independent

third

party

pricing

service.

price

information

not

available,

the

price

information

deemed

unreliable,

price

information

will

obtained

from

alternative

loan

interest

pricing

service.

reliable

price

quotes

are

available

from

either

the

primary

alternative

pricing

service,

broker

quotes

will

solicited.

These

valuations

are

typically

categorized

Level

the

fair

value

hierarchy.

Swap

agreements,

including

interest

rate

swaps,

caps

and

floors

(other

than

centrally

cleared

swap

contracts)

are

valued

the

mean

between

the

current

bid

and

ask

prices.

Centrally

cleared

swaps

are

valued

the

daily

settlement

price

provided

the

central

clearing

counterparty. To

the

extent

this

model

utilized,

these

valuations

are

considered

Level

the

fair

value

hierarchy.

the

event

that

price

quotations

valuations

are

not

readily

available,

investments

are

valued

fair

value

accordance

with

procedures

established

and

under

the

general

supervision

and

responsibility

the

Board.

These

valuations

are

typically

categorized

Level

the

fair

value

hierarchy,

based

the

observability

inputs

used

determine

the

fair

value.

The

effect

fair

value

pricing

that

securities

may

not

priced

the

basis

quotations

from

the

primary

market

which

they

are

traded

and

the

actual

price

realized

from

the

sale

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

fair

value

intended

cause

the

Fund’s

net

asset

value to

reliable

than

otherwise

would

be.

The

principal

exchanges

and

markets

for

non-U.S.

equity

securities

have

closing

times

prior

the

New

York

Stock

Exchange.

However,

the

value

these

securities

may

influenced

changes

global

markets

occurring

after

the

closing

times

the

local

exchanges

and

markets

the

time

the

Fund

determines

its

net

asset

value.

Consequently,

the

Fund

uses

fair

value

model

developed

independent

pricing

service

value

non-U.S.

equity

securities.

daily

basis,

the

pricing

service

recommends

changes,

based

proprietary

model,

the

closing

market

prices

each

non-U.S.

security

held

the

Fund

reflect

the

security’s

fair

value

the

time

the

Fund

determines

its

net

asset

value.

These

recommendations

are

applied

accordance

with

the

Adviser’s

(the

valuation

designee’s)

valuation

procedures.

These

valuations

are

typically

categorized

Level

the

fair

value

hierarchy.

summary

the

valuations

March

31,

2026, based

upon

the

three

levels

defined

above,

included

the

table

below

while

the

breakdown,

category,

investments

disclosed

the

Schedule

Portfolio

Investments

(amounts

thousands):

Level

Total

Strategic

Income

Fund

Asset-Backed

Securities

.........................................

—

282,544

7,211

289,755

Collateralized

Loan

Obligations

...................................

—

32,384

—

32,384

Collateralized

Mortgage

Obligations

................................

—

344,728

1,409

346,137

Common

Stocks

...............................................

2,752

—

—(a)

2,752

Preferred

Stocks

...............................................

25,263

—

25,263

Convertible

Corporate

Bonds

.....................................

—

7,306

—

7,306

Convertible

Preferred

Stocks

......................................

5,815

—

5,815

Senior

Secured

Loans

...........................................

—

24,623

—

24,623

Corporate

Bonds

..............................................

—

871,662

2,091

873,753

Insurance-Linked

Securities

......................................

—

86,369

47,546

133,915

Yankee

Dollars

...............................................

—

814,512

—(a)

814,512

U.S.

Government

Agency

Mortgages

................................

—

661,731

—

661,731

U.S.

Treasury

Obligations

........................................

—

679,977

—

679,977

Notes

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

(Unaudited)

of March

31,

2026,

there

were

significant

transfers

into/out

Level

Investment

Companies:

Open-End

Funds:

The

Fund

may

invest

portfolios

open-end

investment

companies.

These

investment

companies

value

securities

their

portfolios

for

which

market

quotations

are

readily

available

their

market

values

(generally

the

last

reported

sale

price)

and

all

other

securities

and

assets

their

fair

value

the

methods

established

the

board

directors

the

underlying

funds.

Below-Investment-Grade

Securities:

The

Fund

may

invest in

below-investment-grade

securities

(i.e.,

lower-quality,

“junk”

debt),

which

are

subject

various

risks.

Lower-quality

debt

considered

speculative

because

less

certain

that

the

issuer

will

able

pay

interest

repay

the

principal

than

the

case

investment-grade

debt.

These

securities

can

involve

substantially

greater

risk

default

than

higher-rated

securities,

and

their

values

can

decline

significantly

over

short

periods

time.

Lower-quality

debt

securities

tend

sensitive

adverse

news

about

their

issuers,

the

market

and

the

economy

general,

than

higher-quality

debt

securities.

The

market

for

these

securities

can

less

liquid,

especially

during

periods

recession

general

market

decline.

Repurchase

Agreements:

The

Fund

may

enter

into

repurchase

agreements

with

commercial

banks

recognized

security

dealers

pursuant

the

terms

Master

Repurchase

Agreement.

repurchase

agreement

arrangement

wherein

the

Fund

purchases

securities

and

the

seller

agrees

repurchase

the

securities

agreed

upon

time

and

agreed

upon

price.

The

purchased

securities

are

marked-to-market

daily

ensure

their

value

equal

least

102%

principal

including

accrued

interest

and

are

held

the

Fund,

either

through

its

regular

custodian

through

special

“tri-party”

custodian

that

maintains

separate

accounts

for

both

the

Fund

and

its

counterparty,

until

maturity

the

repurchase

agreement.

Master

Repurchase

Agreements

typically

contain

netting

provisions,

which

provide

for

the

net

settlement

all

transactions

and

collateral

with

the

Fund

through

single

payment

the

event

default

termination.

Repurchase

agreements

are

subject

credit

risk,

and

the

Fund’s Adviser

monitors

the

creditworthiness

sellers

with

which

the

Fund

may

enter

into

repurchase

agreements.

Investments

repurchase

agreements

presented

the

Schedule

Portfolio

Investments

are

not

net

settlement

amounts

but

gross.

March

31,

2026,

the

value

the

collateral

exceeded

the

value

the

repurchase

agreements,

reducing

the

net

settlement

amount

zero.

Details

the

collateral

are

included

the

Schedule

Portfolio

Investments.

Securities

Purchased

Delayed-Delivery

When-Issued

Basis:

The

Fund

may

purchase

securities

delayed-delivery

when-issued

basis.

Delivery

and

payment

for

securities

that

have

been

purchased

the

Fund

delayed-delivery

when-issued

basis,

for

delayed

draws

loans

can

generally

take

place

within

days after

the

trade

date.

Securities

that

require

than

days

settle

are

considered

senior

security

and

subject

Rule

18f-4.

the

time

the

Fund

makes

the

commitment

purchase

security

delayed-delivery

when-issued

basis,

the

Fund

records

the

transaction

and

reflects

the

value

the

security

determining

NAV.

interest

accrues

the

Fund

until

the

transaction

settles

and

payment

takes

place.

the

Fund

owns

delayed-

delivery

when-issued

securities,

these

values

are

included

Payables

for

Investments

purchased

the

accompanying

Statement

Assets

and

Liabilities.

Repurchase

Agreements

.........................................

—

84,280

—

84,280

Total

.......................................................

33,830

3,890,116

58,257

3,982,203

Liabilities:

TBA

Sales

Commitments

........................................

—

(43,873)

—

(43,873)

Total

.......................................................

—

(43,873)

—

(43,873)

Other

Financial

Investments:*

Assets:

Credit

Default

Swap

Agreement

...................................

—

3,901

—

3,901

Forward

Currency

Contracts

......................................

—

3,989

—

3,989

Futures

Contracts

..............................................

5,173

—

5,173

Liabilities:

Credit

Default

Swap

Agreement

...................................

—

(326)

—

(326)

Forward

Currency

Contracts

......................................

—

(2,572)

—

(2,572)

Futures

Contracts

..............................................

(14,780)

—

(14,780)

Total

.......................................................

(9,607)

4,992

—

(4,615)

Futures

Contracts

are

valued

the

unrealized

appreciation

(depreciation)

the

investment.

(a)

Rounds

less

than

thousand.

Swap

Agreements,

Futures

Contracts

and

Forward

Foreign

Currency

Exchange

Contracts

are

presented

the

unrealized

appreciation

(depreciation)

the

investment.

Notes

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

(Unaudited)

Insurance-Linked

Securities

("ILS"):

The Fund

invests

ILS.

The Fund

could

lose

portion

all

the

principal

has

invested

ILS,

and

the

right

additional

interest

dividend

payments

with

respect

the

security,

upon

the

occurrence

one

trigger

events,

defined

within

the

terms

insurance-

linked

security.

Trigger

events,

generally,

are

hurricanes,

earthquakes,

other

natural

events

specific

size

magnitude

that

occur

designated

geographic

region

during

specified

time

period,

and/or

that

involve

losses

other

metrics

that

exceed

specific

amount.

There

way

accurately

predict

whether

trigger

event

will

occur,

and

accordingly,

ILS

carry

significant

risk.

The Fund

entitled

receive

principal,

and

interest

and/or

dividend

payments

long

trigger

event

occurs

the

description

and

magnitude

specified

the

instrument.

addition

the

specified

trigger

events,

ILS

may

expose

the Fund

other

risks,

including

but

not

limited

issuer

(credit)

default,

adverse

regulatory

jurisdictional

interpretations

and

adverse

tax

consequences.

The

Fund’s

investments

ILS

may

include

event-linked

bonds.

ILS

also

may

include

special

purpose

vehicles

(“SPVs”)

similar

instruments

structured

comprise

portion

reinsurer’s

catastrophe-oriented

business,

known

quota

instruments

(sometimes

referred

reinsurance

sidecars),

provide

reinsurance

relating

specific

risks

insurance

reinsurance

companies

through

collateralized

instrument,

known

collateralized

reinsurance.

Structured

reinsurance

investments

also

may

include

industry

loss

warranties

(“ILWs”).

traditional

ILW

takes

the

form

bilateral

reinsurance

contract,

but

there

are

also

products

that

take

the

form

derivatives,

collateralized

structures,

exchange-traded

instruments.

Where

the

ILS

are

based

the

performance

underlying

reinsurance

contracts,

the Fund

has

limited

transparency

into

the

individual

underlying

contracts,

and

therefore

must

rely

upon

the

risk

assessment

and

sound

underwriting

practices

the

issuer.

Accordingly,

may

difficult

for

the

Adviser

fully

evaluate

the

underlying

risk

profile

the

Fund’s

structured

reinsurance

investments,

and

therefore

the

Fund’s

assets

are

placed

greater

risk

loss

than

the

Adviser

had

complete

information.

Structured

reinsurance

instruments

generally

will

considered

illiquid

securities

the

Fund.

These

securities

may

difficult

purchase,

sell

unwind.

Illiquid

securities

also

may

difficult

value.

the Fund

forced

sell

illiquid

asset,

the Fund

may

forced

sell

loss.

TBAs

The

Fund

may

enter

into

to-be-announced

(TBA)

purchases

sales

commitments

(collectively,

TBA

transactions),

pursuant

which

agrees

purchase

sell,

respectively,

mortgage-backed

securities

for

fixed

unit

price,

with

payment

and

delivery

scheduled

future

date

beyond

the

customary

settlement

period

for

such

securities.

With

TBA

transactions,

the

particular

securities

received

delivered

the

Fund

are

not

identified

the

trade

date;

however,

the

securities

must

meet

specified

terms,

including

issuer,

rate,

and

mortgage

term,

and

within

industry-accepted

“good

delivery”

standards.

The

Fund

may

enter

into

TBA

transactions

with

the

intention

taking

possession

relinquishing

the

underlying

securities,

may

elect

extend

the

settlement

“rolling”

the

transaction,

and/or

may

use

TBA

transactions

gain

reduce

interim

exposure

underlying

securities.

Until

settlement,

the

Fund

maintains

liquid

assets

sufficient

settle

its

commitment

purchase

TBA

or,

the

case

sale

commitment,

the

Fund

maintains

entitlement

the

security

sold.

mitigate

counterparty

risk,

the

Fund

has

entered

into

agreements

with

TBA

counterparties

that

provide

for

collateral

and

the

right

offset

amounts

due

from

those

counterparties

under

specified

conditions.

Subject

minimum

transfer

amounts,

collateral

requirements

are

determined

and

transfers

made

based

the

net

aggregate

unrealized

gain

loss

all

TBA

commitments

with

particular

counterparty.

any

time,

the

Fund’s

risk

loss

from

particular

counterparty

its

TBA

commitments

the

aggregate

unrealized

gain

appreciated

TBAs

excess

unrealized

loss

depreciated

TBAs

and

collateral

received,

any,

from

such

counterparty.

The

cash

collateral

held

the

Fund

reflected

the

Statement

Assets

and

Liabilities

under

TBA

sales

commitments

collateral.

Mortgage-

and

Asset-Backed

Securities:

The

values

some

mortgage-related

asset-backed

securities

may

particularly

sensitive

changes

prevailing

interest

rates.

Early

repayment

principal

some

mortgage-related

securities

may

expose

the

Fund

lower

rate

return

upon

reinvestment

principal.

The

values

mortgage-

and

asset-backed

securities

depend

part

the

credit

quality

and

adequacy

the

underlying

assets

collateral

and

may

fluctuate

response

the

market’s

perception

these

factors

well

current

and

future

repayment

rates.

Some

mortgage-backed

securities

are

backed

the

full

faith

and

credit

the

U.S.

government

(e.g.,

mortgage-backed

securities

issued

the

Government

National

Mortgage

Association,

commonly

known

“Ginnie

Mae”),

while

other

mortgage-backed

securities

(e.g.,

mortgage-backed

securities

issued

the

Federal

National

Mortgage

Association

and

the

Federal

Home

Loan

Mortgage

Corporation,

commonly

known

“Fannie

Mae”

and

“Freddie

Mac,”

respectively),

are

backed

only

the

credit

the

government

entity

issuing

them.

addition,

some

mortgage-backed

securities

are

issued

private

entities

and,

such,

are

not

guaranteed

the

U.S.

government

any

agency

instrumentality

the

U.S.

government.

Loans:

Floating

rate

loans

which

the

Fund

invests

are

primarily

“senior”

loans.

Senior

floating

rate

loans

typically

hold

senior

position

the

capital

structure

the

borrower,

are

typically

secured

specific

collateral,

and

have

claim

the

assets

and/or

stock

the

borrower

that

senior

that

held

subordinated

debtholders

and

stockholders

the

borrower.

While

these

protections

may

reduce

risk,

these

investments

still

present

significant

credit

risk.

significant

portion

the

Fund’s

floating

rate

investments

may

issued

connection

with

highly

leveraged

transactions

such

leveraged

buyouts,

leveraged

recapitalization

loans,

and

other

types

acquisition

financing.

Obligations

these

types

transactions

are

subject

greater

credit

risk

(including

default

and

bankruptcy)

than

many

other

investments

and

may

be,

become,

illiquid.

See

note

regarding

below-investment-grade

securities.

The

Fund

may

purchase

second

lien

loans

(secured

loans

with

claim

collateral

subordinate

senior

lender’s

claim

such

collateral),

fixed

rate

loans,

unsecured

loans,

and

other

debt

obligations.

Transactions

loans

Notes

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

(Unaudited)

often

settle

delayed

basis,

and

the

Fund

may

not

receive

the

proceeds

from

the

sale

loan

pay

for

loan

purchase

for

substantial

period

time

after

entering

into

the

transactions.

Derivative

Instruments:

Foreign

Exchange

Currency

Contracts:

The

Fund

may

enter

into

foreign

exchange

currency

contracts

convert

U.S.

dollars

and

from

various

foreign

currencies.

foreign

exchange

currency

contract

obligation

by the

Fund

purchase

sell

specific

currency

future

date

price

(in

U.S.

dollars)

set

the

time

the

contract.

The

Fund

does

not

engage

“cross-currency”

foreign

exchange

contracts

(i.e.,

contracts

purchase

sell

one

foreign

currency

exchange

for

another

foreign

currency).

The

Fund’s

foreign

exchange

currency

contracts

might

considered

spot

contracts

(typically

contract

one

week

less)

forward

contracts

(typically

contract

term

over

one

week).

spot

contract

entered

into

for

purposes

hedging

against

foreign

currency

fluctuations

relating

specific

portfolio

transaction,

such

the

delay

between

security

transaction

trade

date

and

settlement

date.

Forward

contracts

are

entered

into

for

purposes

hedging

portfolio

holdings

concentrations

such

holdings. Each

foreign

exchange

currency

contract

adjusted

daily

the

prevailing

spot

forward

rate

the

underlying

currency,

and

any

appreciation

depreciation

recorded

for

financial

statement

purposes

unrealized

until

the

contract

settlement

date,

which

time

the

Fund

records

realized

gains

losses

equal

the

difference

between

the

value

contract

the

time

was

opened

and

the

value

the

time

was

closed.

The Fund

could

exposed

risk

counterparty

unable

meet

the

terms

foreign

exchange

currency

contract

the

value

the

foreign

currency

changes

unfavorably.

addition,

the

use

foreign

exchange

currency

contracts

does

not

eliminate

fluctuations

the

underlying

prices

the

securities.

The

Fund

enters

into

foreign

exchange

currency

contracts

solely

for

spot

forward

hedging

purposes,

and

not

for

speculative

purposes

(i.e.,

the

Fund

does

not

enter

into

such

contracts

solely

for

the

purpose

earning

foreign

currency

gains). As

of March

31,

2026,

the

Fund

had

open

forward

foreign

exchange

currency

contracts.

Futures

Contracts:

The

Fund

may

enter

into

contracts

for

the

future

delivery

securities

foreign

currencies

and

futures

contracts

based

specific

security,

class

securities,

foreign

currency

index,

and

purchase

sell

options

any

such

futures

contracts.

futures

contract

securities

index

agreement

obligating

either

party

pay,

and

entitling

the

other

party

receive,

while

the

contract

outstanding,

cash

payments

based

the

level

specified

securities

index.

physical

delivery

the

underlying

asset

made.

The

Fund

may

enter

into

futures

contracts

effort

hedge

against

market

risks.

The

acquisition

put

and

call

options

futures

contracts

will

give

the

Fund

the

right

(but

not

the

obligation),

for

specified

price,

sell

purchase

the

underlying

futures

contract,

upon

exercise

the

option,

any

time

during

the

option

period.

Futures

transactions

involve

brokerage

costs

and a

good

faith

margin

deposit,

known

initial

margin,

cash

government

securities

with

broker

custodian

required

initiate

and

maintain

open

positions

futures

contracts.

Subsequent

payments,

known

variation

margin,

are

made

received

the

Fund

based

the

change

the

market

value

the

position

and

are

recorded

unrealized

appreciation

depreciation

until

the

contract

closed

out,

which

time

the

gain

loss

realized.

The

Fund

may

lose

the

expected

benefit

futures

transactions

interest

rates,

exchange

rates

securities

prices

change

unanticipated

manner.

Such

unanticipated

changes

may

also

result

lower

overall

performance

than

the

Fund

had

not

entered

into

any

futures

transactions.

addition,

the

value

the

Fund’s

futures

positions

may

not

prove

perfectly

even

highly

correlated

with

the

value

its

portfolio

securities

foreign

currencies,

limiting

the

Fund’s

ability

hedge

effectively

against

interest

rate,

exchange

rate

and/or

market

risk

and

giving

rise

additional

risks.

There

assurance

liquidity

the

secondary

market

for

purposes

closing

out

futures

positions.

The

collateral

held

the

Fund

reflected

the

Statement

Assets

and

Liabilities

under

Deposit

with

broker

for

futures

contracts.

Management

has

determined

that

offsetting

requirements

exist

result

their

conclusion

that

the

Fund

not

subject

master

netting

agreements

for

futures

contracts. During

the six

months ended

March

31,

2026,

the

Fund

entered

into

futures

contracts

primarily

for

the

strategy

gaining

exposure

particular

asset

class

securities

market.

Credit

Derivatives:

The Fund

may

enter

into

credit

derivatives,

including

centrally

cleared

credit

default

swaps

individual

obligations

credit

indices.

The

Fund

may

use

these

investments

(i)

alternatives

direct

long

short

investment

particular

security

securities,

(ii)

adjust

the

Fund’s

asset

allocation

risk

exposure,

(iii)

for

hedging

purposes.

The

use

the

Fund

centrally

cleared

credit

default

swaps

may

have

the

effect

creating

short

position

security.

Credit

derivatives

can

create

investment

leverage

and

may

create

additional

investment

risks

that

may

subject

the

Fund

greater

volatility

than

investments

traditional

securities,

described

the

Fund’s

Statement

Additional

Information.

Centrally

cleared

credit

default

swap

(“CDS”)

agreements

credit

indices

involve

one

party

making

stream

payments

(referred

the

buyer

protection)

another

party

(the

seller

protection)

exchange

for

the

right

receive

specified

return

the

event

write-down,

principal

shortfall,

interest

shortfall

default

all

part

the

referenced

entities

comprising

the

credit

index.

credit

index

basket

credit

instruments

exposures

designed

representative

specific

sector

the

credit

market

whole.

These

indices

are

made

reference

credits

that

are

judged

poll

dealers

the

most

liquid

entities

the

CDS.

The

counterparty

risk

for

cleared

swap

agreements

generally

lower

than

uncleared

over-the-counter

swap

agreements

because

generally

clearing

organization

becomes

substituted

for

each

counterparty

centrally

cleared

swap

agreement

and,

effect,

guarantees

each

party’s

performance

under

the

contract

each

party

trade

looks

only

the

clearing

organization

for

performance

financial

obligations.

However,

there

can

assurance

that

the

clearing

organization,

its

members,

will

satisfy

its

obligations

the

Fund.

Notes

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

(Unaudited)

The

Fund

may

enter

into

CDS

agreements

either

buyer

seller.

The

Fund

may

buy

protection

under

CDS

attempt

mitigate

the

risk

default

credit

quality

deterioration

one

individual

holdings

segment

the

fixed

income

securities

market.

The

Fund

may

sell

protection

under

CDS

attempt

gain

exposure

underlying

issuer’s

credit

quality

characteristics

without

investing

directly

that

issuer.

For

swaps

entered

with

individual

counterparty,

the

Fund

bears

the

risk

loss

the

uncollateralized

amount

expected

received

under

CDS

agreement

the

event

the

default

bankruptcy

the

counterparty.

CDS

agreements

are

generally

valued

price

which

the

counterparty

such

agreement

would

terminate

the

agreement.

The

Fund

may

also

enter

into

centrally

cleared

swaps.

Upon

entering

into

cleared

CDS,

the

Fund

may

required

deposit

with

the

broker

amount

cash

equivalents

the

range

approximately

the

notional

amount

for

CDS

high

yield

debt

issuers

(this

amount

subject

change

the

clearing

organization

that

clears

the

trade).

This

amount,

known

“initial

margin,”

the

nature

performance

bond

good

faith

deposit

the

CDS

and

returned

Fund

upon

termination

the

CDS,

assuming

all

contractual

obligations

have

been

satisfied.

Subsequent

payments,

known

“variation

margin,”

and

from

the

broker

will

made

daily

the

price

the

CDS

fluctuates,

making

the

long

and

short

positions

the

CDS

contract

less

valuable,

process

known

"marking-to-market."

The

premium

(discount)

payments

are

built

into

the

daily

price

the

CDS

and

thus

are

amortized

through

the

variation

margin.

The

variation

margin

payment

also

includes

the

daily

portion

the

periodic

payment

stream.

The

maximum

potential

amount

future

payments

(undiscounted)

that

the

Fund

seller

protection

could

required

make

under

CDS

agreement

equals

the

notional

amount

the

agreement.

Notional

amounts

each

individual

CDS

agreement

outstanding

period end

for

which

the

Fund

the

seller

protection

are

disclosed

the

Schedule

Portfolio

Investments.

These

potential

amounts

would

partially

offset

any

recovery

values

the

respective

referenced

obligations,

upfront

payments

received

upon

entering

into

the

agreement,

periodic

interest

payments,

net

amounts

received

from

the

settlement

buy

protection

CDS

agreements

entered

into

the

Fund

for

the

same

referenced

entity

entities.

The

collateral

held

the

Fund

reflected

the

Statements

Assets

and

Liabilities

under

Deposit

with

broker

for

swap

agreements.

Management

has

determined

that

offsetting

requirements

exist

result

their

conclusion

that

the

Fund is

not

subject

master

netting

agreements

for

swaps

contracts.

The Fund

entered

into

centrally

cleared

CDS

agreements

primarily

for

the

strategy

asset

allocation

and

risk

exposure

management

during

the

period.

Summary

Derivative

Instruments:

The

following

table

summarizes

the

fair

values

derivative

instruments

the

Statement

Assets

and

Liabilities,

categorized

risk

exposure,

March

31,

2026 (amounts

thousands):

Includes

cumulative

unrealized appreciation

(depreciation)

futures

contracts as

reported

the

Schedule

Portfolio

Investments.

Only

current

day’s

variation

margin

for

futures

contracts

reported

within

the

Statement

Assets

and

Liabilities.

The

following

table

presents the

effect

derivative

instruments

the

Statement

Operations,

categorized

risk

exposure,

for

the period

ended

March

31,

2026 (amounts

thousands):

Assets

Liabilities

Futures

contracts*

Swap

Agreements*

Forward

Currency

Contracts

Futures

contracts*

Swap

agreements*

Forward

Currency

Contracts

Credit

Risk

Exposure:

–

3,901,000

–

(326,000)

–

Strategic

Income

Fund

...........

–

3,901

–

326

–

Interest

Rate

Risk

Exposure:

5,173,000

–

(14,780,000)

–

Strategic

Income

Fund

...........

5,173

–

14,780

–

Foreign

Exchange

Rate

Risk

Exposure:

3,989,000

(2,572,000)

Strategic

Income

Fund

...........

–

3,989

–

(2,572)

Net

realized

gains

(losses)

from

futures

contracts

Net

Realized

Gains

(Losses)

from

Swap

Agreements

Net

change

unrealized

appreciation/

depreciation

futures

contracts

Net

Change

Unrealized

Appreciation/

Depreciation

Swap

Agreements

Net

Change

Unrealized

Appreciation/

Depreciation

from

Forward

Currency

Contracts

Credit

Risk

Exposure:

–

(1,602,000)

–

3,975,000

–

Strategic

Income

Fund

.............

–

(1,602)

–

3,975

–

Interest

Rate

Risk

Exposure:

577,000

–

(10,691,000)

–

Strategic

Income

Fund

.............

577

–

(10,691)

–

Forward

Exchange

Rate

Risk

Exposure:

–

1,417,000

Strategic

Income

Fund

.............

–

1,417

Notes

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

(Unaudited)

All

open

derivative

positions

period end

are

reflected

the

Fund’s

Schedule

Portfolio

Investments.

The

underlying

face

value

open

derivative

positions

relative

to the

Fund’s

net

assets

at period

end

representative

the

notional

amount

open

positions

net

assets

throughout

the

period.

Investment

Transactions

and

Income:

Changes

holdings

investments

are

accounted

for

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

trade

date

the

last

business

day

the

reporting

period.

Interest

income

determined

the

basis

coupon

interest

accrued

and recorded

daily

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

premiums

accretion

discounts. Dividend

income

recorded

the

ex-dividend

date.

Non-cash

dividends

included

income,

any,

are

recorded

the

fair

value

the

securities

received. Interest

income

recorded

daily

the

accrual

basis. Gains

losses

realized

sales

securities

are

recorded

the

identified

cost

basis. Paydown

gains

losses

applicable

securities,

any,

are

recorded

components

Interest

income

the

Statement

Operations.

The Fund

may

receive

other

income

from

investments

loan

assignments

and/or

unfunded

commitments,

including

amendment

fees,

consent

fees,

and

commitment

fees.

These

fees

are

recorded

income

when

received.

These

amounts,

received,

are

included

Interest

income

the

Statement

Operations.

Withholding

taxes

interest,

dividends,

and

gains

result

certain

investments

the

Fund

have

been

provided

for

accordance

with

each

investment’s

applicable

country’s

tax

rules

and

rates.

Foreign

Currency

Translations:

The

accounting

records

the

Fund

are

maintained

U.S.

dollars.

Investment

securities

and

other

assets

and

liabilities

of the

Fund

denominated

foreign

currency

are

translated

into

U.S.

dollars

current

exchange

rates.

Purchases

and

sales

securities,

income

receipts,

and

expense

payments

are

translated

into

U.S.

dollars

the

exchange

rates

the

date

the

transactions.

The

Fund

does

not

isolate

the

portion

the

results

operations

resulting

from

changes

foreign

exchange

rates

investments

from

fluctuations

arising

from

changes

market

prices

securities

held.

Such

fluctuations,

any,

are

disclosed

Net

change

unrealized

appreciation/depreciation

on investment

securities

and

foreign

currency

translations

the

Statement

Operations.

Realized

gains

losses

from

these

fluctuations,

any,

are

disclosed

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

the

Statement

Operations.

Federal

Income

Taxes:

The

Fund

intends

continue

qualify

regulated

investment

company

complying

with

the

provisions

available

certain

investment

companies,

defined

applicable

sections

the

Internal

Revenue

Code,

and

make

distributions

net

investment

income

and

net

realized

gains

sufficient

relieve

from

all,

substantially

all,

federal

income

taxes.

Accordingly,

provision

for

federal

income

taxes

required

the

financial

statements.

The

Fund

has

tax

year

end

of September

30.

For

the

six

months

ended

March

31,

2026,

the

Fund

did

not

incur

any

income

tax,

interest,

penalties,

and

has

recorded

liability

for

net

unrecognized

tax

benefits

relating

uncertain

tax

positions.

Management

the

Fund

has

reviewed

tax

positions

taken

tax

years

that

remain

subject

examination

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

tax

liability

resulting

from

unrecognized

tax

benefits

uncertain

tax

positions

taken.

Foreign

Taxes:

The

Fund

may

subject

foreign

taxes

foreign

income

received

portion

which

may

reclaimable),

capital

gains

the

sale

securities,

and

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

accordance

with

the

applicable

regulations

and

rates

that

exist

the

foreign

jurisdictions

which

the

Fund

invests.

Allocations:

Expenses

directly

attributable

to the

Fund

are

charged

to the

Fund,

while

expenses

that

are

attributable

than

one

fund

the

Trust,

jointly

with

affiliated

trust,

are

allocated

among

the

respective

funds

the

Trust

and/or

affiliated

trust

based

upon

net

assets

another

appropriate

basis.

Income,

expenses

(other

than

class-specific

expenses

such

transfer

agent

fees,

state

registration

fees,

printing

fees,

and

12b-1

fees),

and

realized

and

unrealized

gains

losses

investments

are

allocated

each

class

based

its

relative

net

assets

the

date

income

earned

expenses

and

realized

and

unrealized

gains

and

losses

are

incurred.

Fees

Paid

Indirectly:

Expense

offsets

custody

fees

that

arise

from

credits

cash

balances

maintained

deposit

are

reflected

the

Statement

Operations,

applicable,

Fees

paid

indirectly.

Notes

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

(Unaudited)

Purchases

and

Sales:

Purchases

and sales

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

six

months

ended

March

31,

2026,

were

follows

(amounts

thousands):

Affiliated

Fund

Ownership:

The

Fund

offers

for

investment

other

funds

including

VCM

affiliated

fund-of-funds.

The

affiliated fund-of-funds

not

invest

the

underlying

funds

for

the

purpose

exercising

management

control;

however,

investments

affiliated fund-of-funds

within

its

principal

investment

strategies

may

represent

significant

portion

underlying

fund’s

assets,

and

together

with

the

investments

the

other

affiliated

funds-of-funds,

may

represent

substantial

portion

even

all

underlying

fund’s

net

assets.

The

affiliated

fund-of-funds’

annual

and

semi-

annual

reports

may

viewed

vcm.com.

March

31,

2026,

certain

affiliated

fund-of-funds

owned

total

outstanding

the

Fund

follows:

Rounds

less

than

0.05%

Fees

and

Transactions

with

Affiliates

and

Parties:

Investment

Advisory

Fees:

Investment

advisory

services

are

provided

the

Fund

the

Adviser,

which

New

York

corporation

registered

investment

adviser

with

the

Securities

and

Exchange

Commission

(“SEC”).

Under

the

terms

the

Investment

Advisory

Agreement,

the

Adviser

entitled

receive

fees accrued

daily

and

paid

monthly

annualized

rate

based

percentage

the

average

daily

net

assets

the

Fund.

The

rates

which

the

Adviser

paid

the

Fund

are

included

the

table

below.

Amounts

incurred

and

paid

VCM

for

the

six

months ended

March

31,

2026,

are

reflected

the

Statements

Operations

Investment

advisory

fees.

Administration

and

Servicing

Fees:

VCM

also

serves

the

Fund’s

administrator

and

fund

accountant.

Under

the Administration

and

Fund

Accounting

Agreement,

VCM

paid

administration

fee

based

percentage

the

average

daily

net

assets

all

Companies

and

Funds

(as

defined

the

Administration

and

Fund

Accounting

Agreement)

together

with

all

other

registered

investment

companies

for

which

VCM

acts

administrator,

and

allocating

to the

Fund

pro

rata

basis

calculated

based

the

Fund’s

average

daily

net

assets.

The

tiered

rates

which

VCM

paid

the

Fund

are

shown

the

table

below:

Amounts

incurred

for

the

six

months

ended

March

31,

2026,

are

reflected

the

Statement

Operations

Administration

fees.

Effective

February

2026,

Citi

Fund

Services

Ohio,

Inc.

(“Citi”),

affiliate

Citibank,

acts

sub-administrator

and

sub-fund

accountant

the

Fund

pursuant

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

fee

for

providing

these

services.

The

Fund

reimburses

VCM

and

Citi

for

out-of-pocket

expenses

incurred

providing

these

services,

including

costs

associated

with

the

Chief

Compliance

Officer,

and

implementing

new

reports

required

new

rules

adopted

the

SEC

under

the

1940

Act.

Excluding

U.S.

Government

Securities

U.S.

Government

Securities

Purchases

Sales

Purchases

Sales

Strategic

Income

Fund

............................................

858,891

755,544

935,952

671,693

Strategic

Income

Fund

Ownership

Victory

Pioneer

Solutions-Balanced

Fund

–%*

Adviser

Fee

Tier

Rates

billion

Over

billion

$10

billion

Over

$10

billion

Strategic

Income

Fund

0.60%,

plus

0.55%,

plus

0.50%

Annual

Charge

$15

billion

Over

$15

billion

$30

billion

Over

$30

billion

$85

billion

Over

$85

billion

Strategic

Income

Fund

0.08%,

plus

0.05%,

plus

0.04%,

plus

0.03%

Notes

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

(Unaudited)

Prior

February

2026,

BNY

Mellon

served

sub-administrator

and

sub-fund

accountant

for

the

Fund.

The

total

amounts

incurred

and

paid

for

through

the six

months

ended March

31,

2026

are

reflected

within

the

Sub-Administration

fees

the

Statement

Operations.

Transfer

Agency

Fees:

Effective February

2026,

FIS

Investor

Services

LLC,

serves

the

Fund’s

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the

Trust

pays

FIS

fee

for

its

services

and

reimburses

FIS

for

all

their

reasonable

out-of-pocket

expenses

incurred

providing

these

services.

Prior

to February

2026,

BNY

Mellon

Investment

Servicing

(US)

Inc.

served

the

transfer

agent

the

Fund at

negotiated

rates

where

transfer

agent

fees

included

sub-transfer

agent

expenses

incurred

through

the

Fund's

omnibus

relationship

contracts.

addition,

the

Fund

would

reimburse

out-of-pocket

expenses

incurred

the

former

transfer

agent

shareholder

communications

activities

such

proxy

and

statement

mailings,

and

outgoing

phone

calls.

Total

transfer

agent

fees

incurred

for

the

six

months

ended

March

31,

2026,

are

reflected

the

Statement

Operations

Transfer

agent

fees.

Sub-Transfer

Agency

Fees:

Effective

February

2026,

the

Fund

has

entered

into

Sub-Transfer

Agency

Agreements

with

financial

intermediaries

that

provide

recordkeeping,

processing,

shareholder

communications

and

other

services

customers

the

intermediaries

that

hold

positions

the

Fund

and

have

agreed

compensate

the

intermediaries

for

providing

those

services.

Intermediaries

transact

with

the

Fund

primarily

through

the

use

omnibus

accounts

behalf

their

customers

who

hold

positions

the

Fund.

These

services

would

have

been

provided

the

Fund’s

transfer

agent

and

other

service

providers

the

shareholders'

accounts

were

maintained

directly

the

Fund's

transfer

agent.

Prior

February

2026,

BNY

Mellon

served

sub-transfer

agent.

Total

sub-transfer

agent

fees

incurred

for

the six

months

ended

March

31,

2026,

are

reflected

the

Statement

Operations

Sub-Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services,

Inc.

(the

“Distributor”),

affiliate

the

Adviser,

serves

Distributor

for

the

continuous

offering

the

Fund

pursuant

Distribution

Agreement

between

the

Distributor

and

the

Trust.

Pursuant

the

Distribution

and

Services

Plan

adopted

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Distributor

may

receive

monthly

distribution

and

service

fee

for

Class

and

Class

annual

rate

0.25%,

1.00%,

and

0.50%,

respectively,

the

average

daily

net

assets. Amounts

incurred

and

paid

the

Distributor

for

the six

months

ended

March

31,

2026, are

reflected

the

Statement

Operations

12b-1

fees.

addition,

the

Distributor

entitled

receive

commissions

connection

with

sales

Class

For

the

six

months

ended

March

31,

2026,

the

Distributor

received

thousand

from

commissions

earned

connection

with

sales

Class

Other

Fees:

Effective

February

2026,

Citibank

serves

the

Fund's

custodian.

The

Fund

pays

Citibank

fee

for

providing

these

services.

Prior

February

2026,

BNY

Mellon

served

the

Fund's

custodian. Total

custodian

fees

incurred

for

the

period ended

March

31,

2026, are

reflected

the

Statement

Operations

Custodian

fees.

Sidley

Austin

LLP

provides

legal

services

the

Trust.

The

Adviser

has

entered

into

expense

limitation

agreement

with the Fund.

Under

the

terms

the

agreement,

the

Adviser

has

agreed

waive

fees

reimburse

certain

expenses

the

extent

that

ordinary

operating

expenses

incurred

certain

classes

the

Fund

any

fiscal

year

exceed

the

expense limits

for

such

classes

of the

Fund.

Such

excess

amounts

will

the

liability

the

Adviser. Acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

the

ordinary

course

of the

Fund’s

business

are

excluded

from

the

expense

limits.

March

31,

2026,

the

expense

limits

(excluding

voluntary

waivers) were

follows:

Under

the

terms

the

expense

limitation

agreement,

the

Fund

has

agreed

repay

fees

and

expenses

that

were

waived

reimbursed

the

Adviser

for

period

to two

years

(twenty-four

(24)

months)

after

the

waiver

reimbursement

took

place,

subject

the

lesser

any

operating

expense limits

effect

the

time

of:

(a)

the

original

waiver

expense

reimbursement;

(b)

the

recoupment,

after

giving

effect

the

recoupment

amount.

The

Fund

has

not

recorded

any

amounts

available

repaid

the

Adviser

commitment

and

contingency

liability

due

assessment

that

such

repayments

are

not

probable

March

31,

2026.

effect

until

April

2028

Class

Strategic

Income

Fund

1.07%

1.69%

1.34%

0.59%

0.69%

Notes

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

(Unaudited)

of March

31,

2026,

the

following amounts

the

table

below

represent

the

fiscal

year-end

which

the 24-month recoupment

period

expires.

These

amounts

are

available

repaid

the

Adviser

(amounts

thousands):

The

Adviser

may

voluntarily

waive

reimburse

additional

fees

assist

the

Fund

maintaining

competitive

expense

ratios.

Voluntary

waivers

and

reimbursements

applicable

the

Fund

are

not

available

recouped

future

time.

There

were

voluntary

waivers

reimbursements

for

the six

months

ended

March

31,

2026.

Certain

officers

and/or

interested

trustees

the

Fund

are

also

officers

and/or

employees

the

Adviser,

administrator,

fund

accountant,

legal

counsel,

and

Distributor.

Risks:

The

following

describes

principal

risks

that

you

may

assume

investor

the

Fund.

The

Fund’s

prospectus

contains

unaudited

information

regarding

the

Fund’s

principal

risks.

Please

refer

that

document

when

considering

the

Fund’s

principal

risks.

The

Fund

may

subject

other

risks

addition

these

identified

risks.

Market

Risk

—

The

market

prices

securities

other

assets

held

the

Fund

may

down,

sometimes

rapidly

unpredictably,

due

general

market

conditions,

such

real

perceived

adverse

economic,

political,

regulatory

conditions,

political

instability,

recessions,

inflation,

changes

interest

currency

rates,

lack

liquidity

the

markets,

the

spread

infectious

illness

other

public

health

issues,

weather

climate

events,

armed

conflict,

market

disruptions

caused

tariffs,

trade

disputes,

sanctions

other

government

actions,

other

factors

adverse

investor

sentiment.

the

market

prices

the

Fund’s

securities

and

assets

fall,

the

value

your

investment

will

down.

change

financial

condition

other

event

affecting

single

issuer

market

may

adversely

impact

securities

markets

whole.

High-Yield/Junk

Bond

Risk

—

Debt

securities

that

are

below

investment

grade,

called

“junk

bonds,”

are

speculative,

have

higher

risk

default

are

already

default,

tend

less

liquid

and

are

difficult

value

than

higher

grade

securities.

Junk

bonds

tend

volatile

and

susceptible

adverse

events

and

negative

sentiments,

and

may

become

illiquid.

These

risks

are

pronounced

for

securities

that

are

already

default.

Interest

Rate

Risk

—

The

market

prices

the

Fund’s

fixed

income

securities

may

fluctuate

significantly

when

interest

rates

change.

The

value

your

investment

will

generally

down

when

interest

rates

rise.

rise

rates

tends

have

greater

impact

the

prices

longer

term

duration

securities.

Duration

measure

fixed

income

security’s

sensitivity

changes

interest

rates.

For

example,

interest

rates

increase

1%,

the

value

fund’s

portfolio

with

portfolio

duration

ten

years

would

expected

decrease

10%,

all

other

things

being

equal.

general

rise

interest

rates

could

adversely

affect

the

price

and

liquidity

fixed

income

securities

and

could

also

result

increased

redemptions

from

the

Fund.

The

maturity

security

may

significantly

longer

than

its

effective

duration.

security’s

maturity

and

other

features

may

relevant

than

its

effective

duration

determining

the

security’s

sensitivity

other

factors

affecting

the

issuer

markets

generally,

such

changes

credit

quality

the

yield

premium

that

the

market

may

establish

for

certain

types

securities

(sometimes

called

“credit

spread”).

general,

the

longer

its

maturity

the

security

may

susceptible

these

factors.

When

the

credit

spread

for

fixed

income

security

goes

“widens,”

the

value

the

security

generally

will

down.

Insurance-Linked

Securities

("ILS")

Risk:

The

Fund

could

lose

portion

all

the

principal

has

invested

insurance-linked

security,

and

the

right

additional

interest

and/or

dividend

payments

with

respect

the

security,

upon

the

occurrence

one

trigger

events,

defined

within

the

terms

insurance-

linked

security.

Trigger

events

may

include

natural

other

perils

specific

size

magnitude

that

occur

designated

geographic

region

during

specified

time

period,

and/or

that

involve

losses

other

metrics

that

exceed

specific

amount.

The

Fund

may

also

invest

insurance-

linked

securities

that

are

subject

“indemnity

triggers.”

indemnity

trigger

based

the

actual

losses

the

ceding

sponsor

(i.e.,

the

party

seeking

reinsurance).

Insurance-linked

securities

subject

indemnity

triggers

are

often

regarded

being

subject

potential

moral

hazard,

since

such

insurance-

linked

securities

are

triggered

actual

losses

the

ceding

sponsor

and

the

ceding

sponsor

may

have

incentive

take

actions

and/or

risks

that

would

have

adverse

effect

the

Fund.

There

way

accurately

predict

whether

trigger

event

will

occur

and,

accordingly,

insurance-linked

securities

carry

significant

risk.

addition

the

specified

trigger

events,

insurance-linked

securities

may

expose

the

Fund

other

risks,

including

but

not

limited

issuer

(credit)

default,

adverse

regulatory

jurisdictional

interpretations

and

adverse

tax

consequences.

Certain

insurance-linked

securities

may

have

limited

liquidity,

may

illiquid.

The

Fund

has

limited

transparency

into

the

individual

contracts

underlying

certain

insurance-linked

securities,

which

may

make

the

risk

assessment

such

securities

difficult.

Certain

insurance-linked

securities

may

difficult

value.

Credit Risk

—

issuer

guarantor

security

held

the

Fund

counterparty

financial

contract

with

the

Fund

defaults

its

obligation

pay

principal

and/or

interest,

has

its

credit

rating

downgraded

perceived

less

creditworthy,

the

credit

quality

value

any

underlying

assets

declines,

the

value

your

investment

will

typically

decline.

The

values

lower-quality

debt

securities

tend

particularly

sensitive

these

changes.

Changes

actual

perceived

creditworthiness

may

occur

quickly.

The

values

securities

also

may

September

30,

2026

September

30,

2027

Total

Strategic

Income

Fund

.............................................................

766

632

1,398

Notes

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

(Unaudited)

decline

for

number

other

reasons

that

relate

directly

the

issuer,

such

management

performance,

financial

leverage

and

reduced

demand

for

the

issuer’s

goods

and

services,

well

the

historical

and

prospective

earnings

the

issuer

and

the

value

its

assets.

The

Fund

also

could

delayed

hindered

its

enforcement

rights

against

issuer,

guarantor

counterparty.

Borrowing:

Line

Credit:

The Trust

participates

short-term

demand

note

“Line

Credit”

agreement

with

Citibank.

Under

the

agreement

with

Citibank

the

Trust

may

borrow

$250

million.

The

purpose

the

Line

Credit

meet

temporary

emergency

cash

needs.

For

the

period

from

September

2025,

through

January

27,

2026,

Citibank

received

annual

commitment

fee

0.20%

for

providing

the

Line

Credit.

Effective

January

28,

2026,

the

agreement

was

renewed

with

termination

date

June

22,

2026,

and

the

annual

commitment

fee

changed

0.275%.

Each

fund

the

Trust

paid

pro-rata

portion

the

commitment

fees

plus

interest

amounts

borrowed.

Interest

based

the

one-month

Secured

Overnight

Financing

Rate

plus

1.00

percent.

Interest

charged

the

Fund

during

the

period,

applicable,

reflected

the

Statement

Operations

under

Line

credit

fees.

The

Fund

had

borrowings

under the

Line

Credit

agreement

during

the

six

months

ended

March

31,

2026.

Interfund

Lending:

The

Trust

and

the

Adviser

rely

exemptive

order

granted

the

SEC

March

2017

(the

“Order”),

permitting

the

establishment

and

operation

Interfund

Lending

Facility

(the

“Facility”).

The

Facility

allows

the

Fund

directly

lend

and

borrow

money

from

any

other

fund

the

Victory

Funds

Complex

that

permitted

participate

the

Facility,

relying

upon

the

Order

rates

beneficial

both

the

borrowing

and

lending

funds.

Advances

under

the

Facility

are

allowed

for

temporary

emergency

purposes,

including

the

meeting

redemption

requests

that

otherwise

might

require

the

untimely

disposition

securities,

and

are

subject

each

Fund’s

borrowing

restrictions.

The

interfund

loan

rate

determined,

specified

the

Order,

averaging

the

current

repurchase

agreement

rate

and

the

current

bank

loan

rate.

Borrower

(as

defined

the

Order),

interest

charged

the

Fund,

any,

during

the

period,

reflected

the

Statement

Operations

under

Interfund

lending

fees.

Lender

(as

defined

the

Order),

interest

earned

the

Fund,

any,

during

the

period,

reflected

the

Statement

Operations

under

Interfund

lending.

The

Fund

did

not

utilize

participate

the

Facility

during

the

six

months

ended

March

31,

2026.

Federal

Income

Tax

Information:

Distributions

from

the

Fund's

net

investment

income

are declared

daily

and

distributed

the

last

business

day

each

month.

Distributable

net

realized

gains,

any,

are

generally

declared

and

paid

least

annually.

The

Fund

may

also

distribute

additional net

investment

income

and

net

realized

gains

necessary

for

the

fund

avoid

U.S.

federal

income

excise

tax.

The

amounts

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

shareholders)

are

determined

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

the

extent

these

“book/tax”

differences

are

permanent

nature

(e.g.,

net

operating

loss

and

distribution

reclassification),

such

amounts

are

reclassified

within

the

components

net

assets

based

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

not

require

reclassification.

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

distributions

capital.

Net

investment

losses

incurred

the

Fund

may

reclassified

offset

capital

the

accompanying

Statement

Assets

and

Liabilities.

The

tax

character

current

year

distributions

paid

and

the

tax

basis

the

current

components

accumulated

earnings

(losses)

will

determined

the

end

the

current

tax

year.

the

tax

year

ended September

30,

2025,

the

Fund

had

net

capital

loss

carryforwards as

shown

in the

table

below.

unlikely

that

the

Board

will

authorize

distribution

capital

gains

realized

the

future

until

the

capital

loss

carryforwards

have

been

used

(amounts

thousands):

Master

Netting

Agreements:

The

Fund

has

entered

into

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

similar

agreement

with

substantially

all

its

derivative

counterparties.

ISDA

Master

Agreement

bilateral

agreement

between

the

Fund

and

counterparty

that

governs

the

trading

certain

Over

the

Counter

(“OTC”)

derivatives

and

typically

contains,

among

other

things,

close-out

and

setoff

provisions

which

apply

upon

the

occurrence

event

default

and/or

termination

event

defined

under

the

relevant

ISDA

Master

Agreement.

The

ISDA

Master

Agreement

may

also

give

party

the

right

terminate

all

transactions

traded

under

such

agreement

if,

among

other

things,

there

deterioration

the

credit

quality

the

other

party.

Upon

event

default

termination

the

ISDA

Master

Agreement,

the

non-defaulting

party

has

the

right

close-out

all

transactions

under

such

agreement

and

net

amounts

owed

under

each

transaction

determine

one

net

amount

payable

one

party

the

other.

The

right

out

and

net

payments

across

all

transactions

under

the

ISDA

Master

Agreement

could

result

reduction

the

Fund’s

credit

risk

its

counterparty

equal

any

amounts

payable

the

Fund

Short-Term

Amount

Long-Term

Amount

Total

Strategic

Income

Fund

..................................................

(119,626)

(261,036)

(380,662)

Notes

Financial

Statements

—

continued

March

31,

2026

Victory

Portfolios

(Unaudited)

under

the

applicable

transactions,

any.

However,

the

Fund’s

right

set-off

may

restricted

prohibited

the

bankruptcy

insolvency

laws

the

particular

jurisdiction

which

each

specific

ISDA

Master

Agreement

each

counterparty

subject.

The

collateral

requirements

for

derivatives

transactions

under

ISDA

Master

Agreement

are

governed

credit

support

annex

the

ISDA

Master

Agreement.

Collateral

requirements

are

generally

determined

the

business

each

day

and

are

typically

based

changes

market

values

for

each

transaction

under

ISDA

Master

Agreement

and

netted

into

one

amount

for

such

agreement.

Generally,

the

amount

collateral

due

from

counterparty

subject

threshold

“minimum

transfer

amount”)

before

transfer

required,

which

may

vary

counterparty.

Collateral

pledged

for

the

benefit

the

Fund

and/or

counterparty

held

segregated

accounts

the

Fund’s

custodian

and

cannot

sold,

repledged,

assigned

otherwise

used

while

pledged.

Cash

that

has

been

segregated

cover

the

Fund’s

collateral

obligations,

any,

will

reported

separately

the

Statement

Assets

and

Liabilities

“Swaps

collateral”.

Securities

pledged

the

Fund

collateral,

any,

are

identified

such

the

Schedule

Investments.

Financial

instruments

subject

enforceable

master

netting

agreement,

such

ISDA

Master

Agreement,

have

been

offset

the

Statement

Assets

and

Liabilities.

The

following

chart

shows

gross

assets

the

Fund

March

31,

2026 (amounts

thousands):

(a)

The

amount

presented

here

may

less

than

the

total

amount

collateral

received/pledged

the

net

amount

derivative

assets

and

liabilities

cannot

less

than

$0.

(b)

Represents

the

net

amount

due

from

the

counterparty

the

event

default.

10.

Segment

Reporting:

The

Adviser’s

Management

Committee

acts

the

Fund’s

Chief

Operating

Decision

Maker

(“CODM”).

The

Fund

represents

single

operating

segment,

the

CODM

monitors

the

operating

results

the

Fund

whole

and

the

Fund’s

long-term

strategic

asset

allocation

predetermined

accordance

with

the

Fund's

single

investment

objective.

The

financial

information

the

form

the

Fund’s

portfolio

composition,

total

returns,

expense

ratios,

and

changes

net

assets,

which

are

used

the

CODM

assess

the

segment’s

performance

versus

the

Fund’s

comparative

benchmarks

and

make

resource

allocation

decisions

for

the

Fund’s

single

segment,

consistent

with

that

presented

within

the

Fund’s

financial

statements.

Segment

assets

are

reflected

the

accompanying

Statement

Assets

and

Liabilities

“total

assets”

and

significant

segment

expenses

are

listed

the

accompanying

Statement

Operations.

11.

New

Accounting

Pronouncement:

December

14,

2023,

the

Financial

Accounting

Standards

Board

issued

Accounting

Standards

Update

(“ASU”)

2023-09,

which

establishes

new

income

tax

disclosure

requirements

and

modifies

eliminates

certain

existing

disclosure

provisions.

The

amendments

this

ASU

are

intended

address

investor

requests

for

transparency

about

income

tax

information

and

improve

the

effectiveness

income

tax

disclosures. ASU

2023-09

applies

all

entities

that

are

subject

ASC

740,

Income

Taxes. The

ASU

effective

for

annual

periods

beginning

after

December

15,

2024. Management

currently

evaluating

the

impact

ASU

2023-09

and

does

not

believe

will

have

material

impact

the

Fund's

financial

statements.

Counterparty

Derivative

Assets

Subject

Master

Netting

Agreement

Derivatives

Available

for

Offset

Non-Cash

Collateral

Pledged

(a)

Cash

Collateral

Pledged

(a)

Net

Amount

Derivative

Assets

(b)

CitiBank

$3,989

$(1,652)

$—

$2,337

Total

$3,989

$(1,652)

$—

$2,337

Counterparty

Derivative

Liabilities

Subject

Master

Netting

Agreement

Derivatives

Available

for

Offset

Non-Cash

Collateral

Pledged

(a)

Cash

Collateral

Pledged

(a)

Net

Amount

Derivative

Liabilities

(b)

CitiBank

$1,652

$(1,652)

$—

StateStreet

920

—

920

Total

$2,572

$(1,652)

$—

$920

(b) The Financial Highlights are included as a part of the Financial Statements filed under Item 7(a) of this Form.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Proxy disclosures, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 16. Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached hereto.

(a)(4) Not applicable

(a)(5) Not applicable

(b) The certifications required by Rule 30a-2(b) of the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Victory Portfolios IV

By (Signature and Title) /s/ Carol D. Trevino

Carol D. Trevino, Treasurer and Principal Financial Officer

Date June 8, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/ Thomas Dusenberry

Thomas Dusenberry, President and Principal Executive Officer

Date June 8, 2026

By (Signature and Title) /s/ Carol D. Trevino

Carol D. Trevino, Treasurer and Principal Financial Officer

Date June 8, 2026

UNITED STATES

FORM N-CSR

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

FUND STATISTICS

($ amounts in 000s)

(as of March 31, 2026)

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

(as of March 31, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of March 31, 2026)

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

(as of March 31, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of March 31, 2026)

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

(as of March 31, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of March 31, 2026)

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

(as of March 31, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of March 31, 2026)

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

(as of March 31, 2026)

Additional Shareholder Information

UNITED STATES

FORM N-CSR

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

FUND STATISTICS

($ amounts in 000s)

(as of March 31, 2026)

Asset AllocationFootnote Reference* ^ (% of Net Assets)

(as of March 31, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of March 31, 2026)

Asset AllocationFootnote Reference* ^ (% of Net Assets)

(as of March 31, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of March 31, 2026)

Asset AllocationFootnote Reference* ^ (% of Net Assets)

(as of March 31, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of March 31, 2026)

Asset AllocationFootnote Reference* ^ (% of Net Assets)

(as of March 31, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of March 31, 2026)

Asset AllocationFootnote Reference* ^ (% of Net Assets)

(as of March 31, 2026)

Additional Shareholder Information

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

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

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

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

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