Victory Pioneer Fundamental Growth Fund

Class A

Ticker: PIGFX

Annual Shareholder Report — March 31, 2026

The annual shareholder report contains important information about Victory Pioneer Fundamental Growth Fund (the "Fund") for the period of April 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 year?

(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
Class A	$104	0.99%

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

Top contributors to performance:

Consumer staples was the largest sector contributor to relative performance as compared to the Russell 1000^® Growth Index (the “Index”), and the portfolio benefited from its lack of exposure to the declining real estate sector.
At the individual security level, overweight positions in Amphenol Corp., Class A and ASML Holding NV, Class NY were the top contributors to relative performance, as both positions significantly outperformed the Index on the strength of robust revenue growth and expanding AI-driven demand.

Top detractors from performance:

Stock selection in industrials and communication services were the largest detractors to performance relative to the Index.
At the individual security level, NVIDIA Corp. and Broadcom, Inc., were the largest detractors, as the portfolio's underweight positions in both names proved costly given their substantial outperformance during the period.

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

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

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

Growth of $10,000 Investment

Table Summary
	Victory Pioneer Fundamental Growth Fund Class A @ NAV - $33,772	Victory Pioneer Fundamental Growth Fund Class A @ MOP - $31,829	S&P 500^® Index (regulatory broad based index) - $37,594	Russell 1000^® Growth Index - $47,382
3/16	$10,000	$9,425	$10,000	$10,000
3/17	$11,178	$10,535	$11,717	$11,576
3/18	$12,760	$12,026	$13,357	$14,036
3/19	$14,406	$13,578	$14,625	$15,825
3/20	$14,094	$13,283	$13,605	$15,969
3/21	$21,924	$20,663	$21,271	$25,989
3/22	$24,270	$22,873	$24,599	$29,882
3/23	$22,706	$21,400	$22,698	$26,624
3/24	$30,946	$29,165	$29,480	$37,007
3/25	$30,921	$29,142	$31,913	$39,879
3/26	$33,772	$31,829	$37,594	$47,382

AVERAGE ANNUAL TOTAL RETURNS

(as of March 31, 2026)

Table Summary
	1 Year	5 Year	10 Year
Class A @ NAV	9.22%	9.03%	12.94%
Class A @ MOP	2.96%	7.74%	12.27%
S&P 500^® Index	17.80%	12.06%	14.16%
Russell 1000^® Growth Index	18.81%	12.76%	16.83%

FUND STATISTICS

($ amounts in 000s)

(as of March 31, 2026)

Table Summary
Net Assets	$5,786,549
Number of Holdings	37
Investment Advisory Fees	$42,644
Portfolio Turnover	24%

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

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

(as of March 31, 2026)

Table Summary
Value	Value
Materials	0.6%
Industrials	8.5%
Financials	8.9%
Communication Services	10.4%
Health Care	11.1%
Consumer Discretionary	19.0%
Information Technology^{Footnote Reference**}	41.4%

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

(as of March 31, 2026)

Table Summary
Apple, Inc.	7.9%
Amazon.com, Inc.	7.3%
Microsoft Corp.	4.4%
Eli Lilly & Co.	4.4%
Amphenol Corp., Class A	4.3%
ASML Holding NV, Class NY	4.2%
Visa, Inc., Class A	3.8%
Synopsys, Inc.	3.5%
Uber Technologies, Inc.	3.5%
Advanced Micro Devices, Inc.	3.2%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

PIGFX — AR (3/26)

Victory Pioneer Fundamental Growth Fund

Class C

Ticker: FUNCX

Annual Shareholder Report — March 31, 2026

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

(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
Class C	$179	1.72%

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

Top contributors to performance:

Consumer staples was the largest sector contributor to relative performance as compared to the Russell 1000^® Growth Index (the “Index”), and the portfolio benefited from its lack of exposure to the declining real estate sector.
At the individual security level, overweight positions in Amphenol Corp., Class A and ASML Holding NV, Class NY were the top contributors to relative performance, as both positions significantly outperformed the Index on the strength of robust revenue growth and expanding AI-driven demand.

Top detractors from performance:

Stock selection in industrials and communication services were the largest detractors to performance relative to the Index.
At the individual security level, NVIDIA Corp. and Broadcom, Inc., were the largest detractors, as the portfolio's underweight positions in both names proved costly given their substantial outperformance during the period.

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

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

Growth of $10,000 Investment

Table Summary
	Victory Pioneer Fundamental Growth Fund Class C @ NAV - $31,965	Victory Pioneer Fundamental Growth Fund Class C @ CDSC - $31,965	S&P 500^® Index (regulatory broad based index) - $37,594	Russell 1000^® Growth Index - $47,382
3/16	$10,000	$10,000	$10,000	$10,000
3/17	$11,098	$11,098	$11,717	$11,576
3/18	$12,592	$12,592	$13,357	$14,036
3/19	$14,118	$14,118	$14,625	$15,825
3/20	$13,729	$13,729	$13,605	$15,969
3/21	$21,204	$21,204	$21,271	$25,989
3/22	$23,305	$23,305	$24,599	$29,882
3/23	$21,652	$21,652	$22,698	$26,624
3/24	$29,290	$29,290	$29,480	$37,007
3/25	$29,266	$29,266	$31,913	$39,879
3/26	$31,965	$31,965	$37,594	$47,382

AVERAGE ANNUAL TOTAL RETURNS

(as of March 31, 2026)

Table Summary
	1 Year	5 Year	10 Year
Class C @ NAV	8.43%	8.24%	12.32%
Class C @ CDSC	7.56%	8.24%	12.32%
S&P 500^® Index	17.80%	12.06%	14.16%
Russell 1000^® Growth Index	18.81%	12.76%	16.83%

FUND STATISTICS

($ amounts in 000s)

(as of March 31, 2026)

Table Summary
Net Assets	$5,786,549
Number of Holdings	37
Investment Advisory Fees	$42,644
Portfolio Turnover	24%

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

(as of March 31, 2026)

Table Summary
Value	Value
Materials	0.6%
Industrials	8.5%
Financials	8.9%
Communication Services	10.4%
Health Care	11.1%
Consumer Discretionary	19.0%
Information Technology^{Footnote Reference**}	41.4%

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

(as of March 31, 2026)

Table Summary
Apple, Inc.	7.9%
Amazon.com, Inc.	7.3%
Microsoft Corp.	4.4%
Eli Lilly & Co.	4.4%
Amphenol Corp., Class A	4.3%
ASML Holding NV, Class NY	4.2%
Visa, Inc., Class A	3.8%
Synopsys, Inc.	3.5%
Uber Technologies, Inc.	3.5%
Advanced Micro Devices, Inc.	3.2%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

FUNCX — AR (3/26)

Victory Pioneer Fundamental Growth Fund

Class R

Ticker: PFGRX

Annual Shareholder Report — March 31, 2026

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

(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
Class R	$142	1.36%

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

Top contributors to performance:

Consumer staples was the largest sector contributor to relative performance as compared to the Russell 1000^® Growth Index (the “Index”), and the portfolio benefited from its lack of exposure to the declining real estate sector.
At the individual security level, overweight positions in Amphenol Corp., Class A and ASML Holding NV, Class NY were the top contributors to relative performance, as both positions significantly outperformed the Index on the strength of robust revenue growth and expanding AI-driven demand.

Top detractors from performance:

Stock selection in industrials and communication services were the largest detractors to performance relative to the Index.
At the individual security level, NVIDIA Corp. and Broadcom, Inc., were the largest detractors, as the portfolio's underweight positions in both names proved costly given their substantial outperformance during the period.

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

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

Growth of $10,000 Investment

Table Summary
	Victory Pioneer Fundamental Growth Fund Class R - $32,579	S&P 500^® Index (regulatory broad based index) - $37,594	Russell 1000^® Growth Index - $47,382
3/16	$10,000	$10,000	$10,000
3/17	$11,141	$11,717	$11,576
3/18	$12,680	$13,357	$14,036
3/19	$14,274	$14,625	$15,825
3/20	$13,924	$13,605	$15,969
3/21	$21,582	$21,271	$25,989
3/22	$23,788	$24,599	$29,882
3/23	$22,170	$22,698	$26,624
3/24	$30,101	$29,480	$37,007
3/25	$29,954	$31,913	$39,879
3/26	$32,579	$37,594	$47,382

AVERAGE ANNUAL TOTAL RETURNS

(as of March 31, 2026)

Table Summary
	1 Year	5 Year	10 Year
Class R	8.76%	8.58%	12.54%
S&P 500^® Index	17.80%	12.06%	14.16%
Russell 1000^® Growth Index	18.81%	12.76%	16.83%

FUND STATISTICS

($ amounts in 000s)

(as of March 31, 2026)

Table Summary
Net Assets	$5,786,549
Number of Holdings	37
Investment Advisory Fees	$42,644
Portfolio Turnover	24%

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

(as of March 31, 2026)

Table Summary
Value	Value
Materials	0.6%
Industrials	8.5%
Financials	8.9%
Communication Services	10.4%
Health Care	11.1%
Consumer Discretionary	19.0%
Information Technology^{Footnote Reference**}	41.4%

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

(as of March 31, 2026)

Table Summary
Apple, Inc.	7.9%
Amazon.com, Inc.	7.3%
Microsoft Corp.	4.4%
Eli Lilly & Co.	4.4%
Amphenol Corp., Class A	4.3%
ASML Holding NV, Class NY	4.2%
Visa, Inc., Class A	3.8%
Synopsys, Inc.	3.5%
Uber Technologies, Inc.	3.5%
Advanced Micro Devices, Inc.	3.2%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

PFGRX — AR (3/26)

Victory Pioneer Fundamental Growth Fund

Class R6

Ticker: PFGKX

Annual Shareholder Report — March 31, 2026

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

(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
Class R6	$68	0.65%

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

Top contributors to performance:

Consumer staples was the largest sector contributor to relative performance as compared to the Russell 1000^® Growth Index (the “Index”), and the portfolio benefited from its lack of exposure to the declining real estate sector.
At the individual security level, overweight positions in Amphenol Corp., Class A and ASML Holding NV, Class NY were the top contributors to relative performance, as both positions significantly outperformed the Index on the strength of robust revenue growth and expanding AI-driven demand.

Top detractors from performance:

Stock selection in industrials and communication services were the largest detractors to performance relative to the Index.
At the individual security level, NVIDIA Corp. and Broadcom, Inc., were the largest detractors, as the portfolio's underweight positions in both names proved costly given their substantial outperformance during the period.

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

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

Growth of $10,000 Investment

Table Summary
	Victory Pioneer Fundamental Growth Fund Class R6 - $35,087	S&P 500^® Index (regulatory broad based index) - $37,594	Russell 1000^® Growth Index - $47,382
3/16	$10,000	$10,000	$10,000
3/17	$11,224	$11,717	$11,576
3/18	$12,872	$13,357	$14,036
3/19	$14,594	$14,625	$15,825
3/20	$14,341	$13,605	$15,969
3/21	$22,393	$21,271	$25,989
3/22	$24,874	$24,599	$29,882
3/23	$23,348	$22,698	$26,624
3/24	$31,932	$29,480	$37,007
3/25	$32,019	$31,913	$39,879
3/26	$35,087	$37,594	$47,382

AVERAGE ANNUAL TOTAL RETURNS

(as of March 31, 2026)

Table Summary
	1 Year	5 Year	10 Year
Class R6	9.58%	9.40%	13.37%
S&P 500^® Index	17.80%	12.06%	14.16%
Russell 1000^® Growth Index	18.81%	12.76%	16.83%

FUND STATISTICS

($ amounts in 000s)

(as of March 31, 2026)

Table Summary
Net Assets	$5,786,549
Number of Holdings	37
Investment Advisory Fees	$42,644
Portfolio Turnover	24%

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

(as of March 31, 2026)

Table Summary
Value	Value
Materials	0.6%
Industrials	8.5%
Financials	8.9%
Communication Services	10.4%
Health Care	11.1%
Consumer Discretionary	19.0%
Information Technology^{Footnote Reference**}	41.4%

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

(as of March 31, 2026)

Table Summary
Apple, Inc.	7.9%
Amazon.com, Inc.	7.3%
Microsoft Corp.	4.4%
Eli Lilly & Co.	4.4%
Amphenol Corp., Class A	4.3%
ASML Holding NV, Class NY	4.2%
Visa, Inc., Class A	3.8%
Synopsys, Inc.	3.5%
Uber Technologies, Inc.	3.5%
Advanced Micro Devices, Inc.	3.2%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

PFGKX — AR (3/26)

Victory Pioneer Fundamental Growth Fund

Class Y

Ticker: FUNYX

Annual Shareholder Report — March 31, 2026

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

(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
Class Y	$80	0.76%

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

Top contributors to performance:

Consumer staples was the largest sector contributor to relative performance as compared to the Russell 1000^® Growth Index (the “Index”), and the portfolio benefited from its lack of exposure to the declining real estate sector.
At the individual security level, overweight positions in Amphenol Corp., Class A and ASML Holding NV, Class NY were the top contributors to relative performance, as both positions significantly outperformed the Index on the strength of robust revenue growth and expanding AI-driven demand.

Top detractors from performance:

Stock selection in industrials and communication services were the largest detractors to performance relative to the Index.
At the individual security level, NVIDIA Corp. and Broadcom, Inc., were the largest detractors, as the portfolio's underweight positions in both names proved costly given their substantial outperformance during the period.

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

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

Growth of $1,000,000 Investment

Table Summary
	Victory Pioneer Fundamental Growth Fund Class Y - $3,471,787	S&P 500^® Index (regulatory broad based index) - $3,759,447	Russell 1000^® Growth Index - $4,738,165
3/16	$1,000,000	$1,000,000	$1,000,000
3/17	$1,121,131	$1,171,722	$1,157,562
3/18	$1,284,137	$1,335,668	$1,403,589
3/19	$1,454,655	$1,462,509	$1,582,515
3/20	$1,427,850	$1,360,457	$1,596,942
3/21	$2,227,279	$2,127,097	$2,598,918
3/22	$2,471,504	$2,459,899	$2,988,165
3/23	$2,318,294	$2,269,786	$2,662,407
3/24	$3,166,512	$2,948,026	$3,700,652
3/25	$3,171,347	$3,191,288	$3,987,942
3/26	$3,471,787	$3,759,447	$4,738,165

AVERAGE ANNUAL TOTAL RETURNS

(as of March 31, 2026)

Table Summary
	1 Year	5 Year	10 Year
Class Y	9.47%	9.28%	13.25%
S&P 500^® Index	17.80%	12.06%	14.16%
Russell 1000^® Growth Index	18.81%	12.76%	16.83%

FUND STATISTICS

($ amounts in 000s)

(as of March 31, 2026)

Table Summary
Net Assets	$5,786,549
Number of Holdings	37
Investment Advisory Fees	$42,644
Portfolio Turnover	24%

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

(as of March 31, 2026)

Table Summary
Value	Value
Materials	0.6%
Industrials	8.5%
Financials	8.9%
Communication Services	10.4%
Health Care	11.1%
Consumer Discretionary	19.0%
Information Technology^{Footnote Reference**}	41.4%

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

(as of March 31, 2026)

Table Summary
Apple, Inc.	7.9%
Amazon.com, Inc.	7.3%
Microsoft Corp.	4.4%
Eli Lilly & Co.	4.4%
Amphenol Corp., Class A	4.3%
ASML Holding NV, Class NY	4.2%
Visa, Inc., Class A	3.8%
Synopsys, Inc.	3.5%
Uber Technologies, Inc.	3.5%
Advanced Micro Devices, Inc.	3.2%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

FUNYX — AR (3/26)

Victory Pioneer Multi-Asset Ultrashort Income Fund

Class A

Ticker: MAFRX

Annual Shareholder Report — March 31, 2026

The annual shareholder report contains important information about Victory Pioneer Multi-Asset Ultrashort Income Fund (the "Fund") for the period of April 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 year?

(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
Class A	$59	0.58%

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

Top contributors to performance:

The Fund’s exposures to collateralized loan obligations, industrials and agency mortgage-backed securities contributed to performance relative to the ICE BofA 3-Month US Treasury Bill Index (the “Index”).
The Fund’s long average U.S. duration position relative to the Index of 0.1 years contributed to performance as yields moved lower in the middle part of the period.
The Fund benefited from out of Index allocations to non-agency mortgage-backed securities, commercial mortgage-backed securities, and the financial sector.

Top detractors from performance:

Yield curve positioning modestly detracted from performance relative to the Index.
Security selection in the asset-backed securities sector detracted from performance relative to the Index.

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

Growth of $10,000 Investment

Table Summary
	Victory Pioneer Multi-Asset Ultrashort Income Fund Class A @ NAV - $13,243	Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,835	ICE BofA 3-Month US Treasury Bill Index - $12,502
3/16	$10,000	$10,000	$10,000
3/17	$10,233	$10,044	$10,036
3/18	$10,410	$10,165	$10,146
3/19	$10,641	$10,620	$10,362
3/20	$10,212	$11,569	$10,596
3/21	$10,867	$11,651	$10,609
3/22	$10,884	$11,168	$10,615
3/23	$11,158	$10,633	$10,881
3/24	$12,002	$10,814	$11,451
3/25	$12,703	$11,342	$12,021
3/26	$13,243	$11,835	$12,502

AVERAGE ANNUAL TOTAL RETURNS

(as of March 31, 2026)

Table Summary
	1 Year	5 Year	10 Year
Class A @ NAV	4.25%	4.03%	2.85%
Bloomberg U.S. Aggregate Bond Index	4.35%	0.31%	1.70%
ICE BofA 3-Month US Treasury Bill Index	4.00%	3.34%	2.26%

FUND STATISTICS

($ amounts in 000s)

(as of March 31, 2026)

Table Summary
Net Assets	$8,082,066
Number of Holdings	1,175
Investment Advisory Fees	$22,643
Portfolio Turnover	54%

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

(as of March 31, 2026)

Table Summary
Value	Value
Corporate Bonds	22.1%
Asset-Backed Securities	17.0%
Collateralized Loan Obligations	16.1%
Collateralized Mortgage Obligations	14.3%
Yankee Dollars	11.5%
Commercial Paper	8.7%
Repurchase Agreements	6.8%
U.S. Government Agency Mortgages	3.1%
Other^{Footnote Reference**}	2.0%

Table Summary
^	Percentages are of the net assets of the Fund and may not equal 100%.
*	Does not include 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.
	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

MAFRX — AR (3/26)

Victory Pioneer Multi-Asset Ultrashort Income Fund

Class C

Ticker: MAUCX

Annual Shareholder Report — March 31, 2026

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

(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
Class C	$90	0.88%

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

Top contributors to performance:

The Fund’s exposures to collateralized loan obligations, industrials and agency mortgage-backed securities contributed to performance relative to the ICE BofA 3-Month US Treasury Bill Index (the “Index”).
The Fund’s long average U.S. duration position relative to the Index of 0.1 years contributed to performance as yields moved lower in the middle part of the period.
The Fund benefited from out of Index allocations to non-agency mortgage-backed securities, commercial mortgage-backed securities, and the financial sector.

Top detractors from performance:

Yield curve positioning modestly detracted from performance relative to the Index.
Security selection in the asset-backed securities sector detracted from performance relative to the Index.

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

Growth of $10,000 Investment

Table Summary
	Victory Pioneer Multi-Asset Ultrashort Income Fund Class C @ NAV - $12,943	Victory Pioneer Multi-Asset Ultrashort Income Fund Class C @ CDSC - $12,943	Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,835	ICE BofA 3-Month US Treasury Bill Index - $12,502
3/16	$10,000	$10,000	$10,000	$10,000
3/17	$10,200	$10,200	$10,044	$10,036
3/18	$10,332	$10,332	$10,165	$10,146
3/19	$10,538	$10,538	$10,620	$10,362
3/20	$10,101	$10,101	$11,569	$10,596
3/21	$10,717	$10,717	$11,651	$10,609
3/22	$10,702	$10,702	$11,168	$10,615
3/23	$10,938	$10,938	$10,633	$10,881
3/24	$11,730	$11,730	$10,814	$11,451
3/25	$12,416	$12,416	$11,342	$12,021
3/26	$12,943	$12,943	$11,835	$12,502

AVERAGE ANNUAL TOTAL RETURNS

(as of March 31, 2026)

Table Summary
	1 Year	5 Year	10 Year
Class C @ NAV	3.93%	3.72%	2.61%
Class C @ CDSC	2.94%	3.72%	2.61%
Bloomberg U.S. Aggregate Bond Index	4.35%	0.31%	1.70%
ICE BofA 3-Month US Treasury Bill Index	4.00%	3.34%	2.26%

FUND STATISTICS

($ amounts in 000s)

(as of March 31, 2026)

Table Summary
Net Assets	$8,082,066
Number of Holdings	1,175
Investment Advisory Fees	$22,643
Portfolio Turnover	54%

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

(as of March 31, 2026)

Table Summary
Value	Value
Corporate Bonds	22.1%
Asset-Backed Securities	17.0%
Collateralized Loan Obligations	16.1%
Collateralized Mortgage Obligations	14.3%
Yankee Dollars	11.5%
Commercial Paper	8.7%
Repurchase Agreements	6.8%
U.S. Government Agency Mortgages	3.1%
Other^{Footnote Reference**}	2.0%

Table Summary
^	Percentages are of the net assets of the Fund and may not equal 100%.
*	Does not include 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.
	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

MAUCX — AR (3/26)

Victory Pioneer Multi-Asset Ultrashort Income Fund

Class R6

Ticker: MAUKX

Annual Shareholder Report — March 31, 2026

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

(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
Class R6	$36	0.35%

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

Top contributors to performance:

The Fund’s exposures to collateralized loan obligations, industrials and agency mortgage-backed securities contributed to performance relative to the ICE BofA 3-Month US Treasury Bill Index (the “Index”).
The Fund’s long average U.S. duration position relative to the Index of 0.1 years contributed to performance as yields moved lower in the middle part of the period.
The Fund benefited from out of Index allocations to non-agency mortgage-backed securities, commercial mortgage-backed securities, and the financial sector.

Top detractors from performance:

Yield curve positioning modestly detracted from performance relative to the Index.
Security selection in the asset-backed securities sector detracted from performance relative to the Index.

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

Growth of $10,000 Investment

Table Summary
	Victory Pioneer Multi-Asset Ultrashort Income Fund Class R6 - $13,555	Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,835	ICE BofA 3-Month US Treasury Bill Index - $12,502
3/16	$10,000	$10,000	$10,000
3/17	$10,255	$10,044	$10,036
3/18	$10,444	$10,165	$10,146
3/19	$10,710	$10,620	$10,362
3/20	$10,322	$11,569	$10,596
3/21	$11,008	$11,651	$10,609
3/22	$11,051	$11,168	$10,615
3/23	$11,355	$10,633	$10,881
3/24	$12,242	$10,814	$11,451
3/25	$12,987	$11,342	$12,021
3/26	$13,555	$11,835	$12,502

AVERAGE ANNUAL TOTAL RETURNS

(as of March 31, 2026)

Table Summary
	1 Year	5 Year	10 Year
Class R6	4.38%	4.25%	3.09%
Bloomberg U.S. Aggregate Bond Index	4.35%	0.31%	1.70%
ICE BofA 3-Month US Treasury Bill Index	4.00%	3.34%	2.26%

FUND STATISTICS

($ amounts in 000s)

(as of March 31, 2026)

Table Summary
Net Assets	$8,082,066
Number of Holdings	1,175
Investment Advisory Fees	$22,643
Portfolio Turnover	54%

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

(as of March 31, 2026)

Table Summary
Value	Value
Corporate Bonds	22.1%
Asset-Backed Securities	17.0%
Collateralized Loan Obligations	16.1%
Collateralized Mortgage Obligations	14.3%
Yankee Dollars	11.5%
Commercial Paper	8.7%
Repurchase Agreements	6.8%
U.S. Government Agency Mortgages	3.1%
Other^{Footnote Reference**}	2.0%

Table Summary
^	Percentages are of the net assets of the Fund and may not equal 100%.
*	Does not include 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.
	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

MAUKX — AR (3/26)

Victory Pioneer Multi-Asset Ultrashort Income Fund

Class Y

Ticker: MYFRX

Annual Shareholder Report — March 31, 2026

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

(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
Class Y	$45	0.44%

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

Top contributors to performance:

The Fund’s exposures to collateralized loan obligations, industrials and agency mortgage-backed securities contributed to performance relative to the ICE BofA 3-Month US Treasury Bill Index (the “Index”).
The Fund’s long average U.S. duration position relative to the Index of 0.1 years contributed to performance as yields moved lower in the middle part of the period.
The Fund benefited from out of Index allocations to non-agency mortgage-backed securities, commercial mortgage-backed securities, and the financial sector.

Top detractors from performance:

Yield curve positioning modestly detracted from performance relative to the Index.
Security selection in the asset-backed securities sector detracted from performance relative to the Index.

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

Growth of $1,000,000 Investment

Table Summary
	Victory Pioneer Multi-Asset Ultrashort Income Fund Class Y - $1,343,450	Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $1,183,479	ICE BofA 3-Month US Treasury Bill Index - $1,250,159
3/16	$1,000,000	$1,000,000	$1,000,000
3/17	$1,024,544	$1,004,406	$1,003,570
3/18	$1,042,665	$1,016,489	$1,014,649
3/19	$1,068,461	$1,062,033	$1,036,166
3/20	$1,028,009	$1,156,913	$1,059,616
3/21	$1,095,410	$1,165,130	$1,060,857
3/22	$1,098,751	$1,116,752	$1,061,528
3/23	$1,128,148	$1,063,334	$1,088,113
3/24	$1,215,293	$1,081,390	$1,145,147
3/25	$1,288,250	$1,134,159	$1,202,095
3/26	$1,343,450	$1,183,479	$1,250,159

AVERAGE ANNUAL TOTAL RETURNS

(as of March 31, 2026)

Table Summary
	1 Year	5 Year	10 Year
Class Y	4.28%	4.17%	3.00%
Bloomberg U.S. Aggregate Bond Index	4.35%	0.31%	1.70%
ICE BofA 3-Month US Treasury Bill Index	4.00%	3.34%	2.26%

FUND STATISTICS

($ amounts in 000s)

(as of March 31, 2026)

Table Summary
Net Assets	$8,082,066
Number of Holdings	1,175
Investment Advisory Fees	$22,643
Portfolio Turnover	54%

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

(as of March 31, 2026)

Table Summary
Value	Value
Corporate Bonds	22.1%
Asset-Backed Securities	17.0%
Collateralized Loan Obligations	16.1%
Collateralized Mortgage Obligations	14.3%
Yankee Dollars	11.5%
Commercial Paper	8.7%
Repurchase Agreements	6.8%
U.S. Government Agency Mortgages	3.1%
Other^{Footnote Reference**}	2.0%

Table Summary
^	Percentages are of the net assets of the Fund and may not equal 100%.
*	Does not include 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.
	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

MYFRX — AR (3/26)

UNITED STATES

FORM N-CSR

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

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

Growth of $10,000 Investment

AVERAGE ANNUAL TOTAL RETURNS

(as of March 31, 2026)

FUND STATISTICS

($ amounts in 000s)

(as of March 31, 2026)

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

(as of March 31, 2026)

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

(as of March 31, 2026)

Additional Shareholder Information

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

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

Growth of $10,000 Investment

AVERAGE ANNUAL TOTAL RETURNS

(as of March 31, 2026)

FUND STATISTICS

($ amounts in 000s)

(as of March 31, 2026)

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

(as of March 31, 2026)

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

(as of March 31, 2026)

Additional Shareholder Information

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

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

Growth of $10,000 Investment

AVERAGE ANNUAL TOTAL RETURNS

(as of March 31, 2026)

FUND STATISTICS

($ amounts in 000s)

(as of March 31, 2026)

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

(as of March 31, 2026)

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

(as of March 31, 2026)

Additional Shareholder Information

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

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

Growth of $10,000 Investment

AVERAGE ANNUAL TOTAL RETURNS

(as of March 31, 2026)

FUND STATISTICS

($ amounts in 000s)

(as of March 31, 2026)

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

(as of March 31, 2026)

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

(as of March 31, 2026)

Additional Shareholder Information

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

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

Growth of $1,000,000 Investment

AVERAGE ANNUAL TOTAL RETURNS

(as of March 31, 2026)

FUND STATISTICS

($ amounts in 000s)

(as of March 31, 2026)

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

(as of March 31, 2026)

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

(as of March 31, 2026)

Additional Shareholder Information

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

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

Growth of $10,000 Investment

AVERAGE ANNUAL TOTAL RETURNS

(as of March 31, 2026)

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 year?

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

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

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

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

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

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

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

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

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

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

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

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)