Victory Pioneer CAT Bond Fund

Class A

Ticker: ACBAX

Semi-Annual Shareholder Report — April 30, 2026

The semi-annual shareholder report contains important information about Victory Pioneer CAT Bond Fund (the "Fund") for the period of November 1, 2025 to April 30, 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	$85	1.70%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of April 30, 2026)

Table Summary
Net Assets	$2,037,805
Number of Holdings	302
Portfolio Turnover	7%

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

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

(as of April 30, 2026)

Table Summary
Value	Value
Multiperil	53.0%
Wind Storm	23.8%
Earthquake	12.7%
Wild Fire	2.0%
Flood	0.6%
Health	0.3%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

ACBAX — SAR (4/26)

Victory Pioneer CAT Bond Fund

Class R6

Ticker: ACBKX

Semi-Annual Shareholder Report — April 30, 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	$63	1.26%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of April 30, 2026)

Table Summary
Net Assets	$2,037,805
Number of Holdings	302
Portfolio Turnover	7%

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

(as of April 30, 2026)

Table Summary
Value	Value
Multiperil	53.0%
Wind Storm	23.8%
Earthquake	12.7%
Wild Fire	2.0%
Flood	0.6%
Health	0.3%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

ACBKX — SAR (4/26)

Victory Pioneer CAT Bond Fund

Class Y

Ticker: CBYYX

Semi-Annual Shareholder Report — April 30, 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	$69	1.38%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of April 30, 2026)

Table Summary
Net Assets	$2,037,805
Number of Holdings	302
Portfolio Turnover	7%

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

(as of April 30, 2026)

Table Summary
Value	Value
Multiperil	53.0%
Wind Storm	23.8%
Earthquake	12.7%
Wild Fire	2.0%
Flood	0.6%
Health	0.3%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

CBYYX — SAR (4/26)

Victory Pioneer Equity Income Fund

Class A

Ticker: PEQIX

Semi-Annual Shareholder Report — April 30, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Equity Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 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	$51	0.98%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of April 30, 2026)

Table Summary
Net Assets	$800,908
Number of Holdings	55
Portfolio Turnover	16%

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

(as of April 30, 2026)

Table Summary
Value	Value
Materials	1.1%
Utilities	4.2%
Communication Services	6.7%
Consumer Discretionary	7.1%
Consumer Staples	8.3%
Energy	11.1%
Information Technology	11.3%
Health Care	12.6%
Industrials	13.7%
Financials	23.3%

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

(as of April 30, 2026)

Table Summary
Exxon Mobil Corp.	4.7%
Bank of America Corp.	3.8%
JPMorgan Chase & Co.	3.7%
Cisco Systems, Inc.	3.6%
United Parcel Service, Inc., Class B	3.4%
State Street Corp.	3.3%
ConocoPhillips Co.	3.3%
Northern Trust Corp.	3.2%
Morgan Stanley	2.9%
Johnson & Johnson	2.8%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

PEQIX — SAR (4/26)

Victory Pioneer Equity Income Fund

Class C

Ticker: PCEQX

Semi-Annual Shareholder Report — April 30, 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	$92	1.76%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of April 30, 2026)

Table Summary
Net Assets	$800,908
Number of Holdings	55
Portfolio Turnover	16%

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

(as of April 30, 2026)

Table Summary
Value	Value
Materials	1.1%
Utilities	4.2%
Communication Services	6.7%
Consumer Discretionary	7.1%
Consumer Staples	8.3%
Energy	11.1%
Information Technology	11.3%
Health Care	12.6%
Industrials	13.7%
Financials	23.3%

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

(as of April 30, 2026)

Table Summary
Exxon Mobil Corp.	4.7%
Bank of America Corp.	3.8%
JPMorgan Chase & Co.	3.7%
Cisco Systems, Inc.	3.6%
United Parcel Service, Inc., Class B	3.4%
State Street Corp.	3.3%
ConocoPhillips Co.	3.3%
Northern Trust Corp.	3.2%
Morgan Stanley	2.9%
Johnson & Johnson	2.8%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

PCEQX — SAR (4/26)

Victory Pioneer Equity Income Fund

Class R

Ticker: PQIRX

Semi-Annual Shareholder Report — April 30, 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	$74	1.41%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of April 30, 2026)

Table Summary
Net Assets	$800,908
Number of Holdings	55
Portfolio Turnover	16%

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

(as of April 30, 2026)

Table Summary
Value	Value
Materials	1.1%
Utilities	4.2%
Communication Services	6.7%
Consumer Discretionary	7.1%
Consumer Staples	8.3%
Energy	11.1%
Information Technology	11.3%
Health Care	12.6%
Industrials	13.7%
Financials	23.3%

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

(as of April 30, 2026)

Table Summary
Exxon Mobil Corp.	4.7%
Bank of America Corp.	3.8%
JPMorgan Chase & Co.	3.7%
Cisco Systems, Inc.	3.6%
United Parcel Service, Inc., Class B	3.4%
State Street Corp.	3.3%
ConocoPhillips Co.	3.3%
Northern Trust Corp.	3.2%
Morgan Stanley	2.9%
Johnson & Johnson	2.8%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

PQIRX — SAR (4/26)

Victory Pioneer Equity Income Fund

Class R6

Ticker: PEQKX

Semi-Annual Shareholder Report — April 30, 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	$36	0.68%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of April 30, 2026)

Table Summary
Net Assets	$800,908
Number of Holdings	55
Portfolio Turnover	16%

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

(as of April 30, 2026)

Table Summary
Value	Value
Materials	1.1%
Utilities	4.2%
Communication Services	6.7%
Consumer Discretionary	7.1%
Consumer Staples	8.3%
Energy	11.1%
Information Technology	11.3%
Health Care	12.6%
Industrials	13.7%
Financials	23.3%

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

(as of April 30, 2026)

Table Summary
Exxon Mobil Corp.	4.7%
Bank of America Corp.	3.8%
JPMorgan Chase & Co.	3.7%
Cisco Systems, Inc.	3.6%
United Parcel Service, Inc., Class B	3.4%
State Street Corp.	3.3%
ConocoPhillips Co.	3.3%
Northern Trust Corp.	3.2%
Morgan Stanley	2.9%
Johnson & Johnson	2.8%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

PEQKX — SAR (4/26)

Victory Pioneer Equity Income Fund

Class Y

Ticker: PYEQX

Semi-Annual Shareholder Report — April 30, 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	$42	0.80%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of April 30, 2026)

Table Summary
Net Assets	$800,908
Number of Holdings	55
Portfolio Turnover	16%

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

(as of April 30, 2026)

Table Summary
Value	Value
Materials	1.1%
Utilities	4.2%
Communication Services	6.7%
Consumer Discretionary	7.1%
Consumer Staples	8.3%
Energy	11.1%
Information Technology	11.3%
Health Care	12.6%
Industrials	13.7%
Financials	23.3%

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

(as of April 30, 2026)

Table Summary
Exxon Mobil Corp.	4.7%
Bank of America Corp.	3.8%
JPMorgan Chase & Co.	3.7%
Cisco Systems, Inc.	3.6%
United Parcel Service, Inc., Class B	3.4%
State Street Corp.	3.3%
ConocoPhillips Co.	3.3%
Northern Trust Corp.	3.2%
Morgan Stanley	2.9%
Johnson & Johnson	2.8%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

PYEQX — SAR (4/26)

Victory Pioneer Equity Premium Income Fund

Class A

Ticker: PMARX

Semi-Annual Shareholder Report — April 30, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Equity Premium Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 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	$62	1.20%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of April 30, 2026)

Table Summary
Net Assets	$160,459
Number of Holdings	146
Portfolio Turnover	23%

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

(as of April 30, 2026)

Table Summary
Value	Value
Communication Services	3.5%
Real Estate	4.1%
Utilities	5.7%
Energy	6.8%
Materials	7.3%
Consumer Discretionary	7.6%
Consumer Staples	7.8%
Industrials	11.1%
Financials	18.9%
Information Technology	20.2%

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

(as of April 30, 2026)

Table Summary
DBS Group Holdings Ltd.	1.9%
ASR Nederland NV	1.8%
Citizens Financial Group, Inc.	1.8%
BP PLC, ADR	1.7%
Dominion Energy, Inc.	1.7%
Sino Land Co. Ltd.	1.7%
Aviva PLC	1.6%
FirstEnergy Corp.	1.6%
Eversource Energy	1.6%
Altria Group, Inc.	1.4%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

PMARX — SAR (4/26)

Victory Pioneer Equity Premium Income Fund

Class C

Ticker: PRRCX

Semi-Annual Shareholder Report — April 30, 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	$101	1.97%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of April 30, 2026)

Table Summary
Net Assets	$160,459
Number of Holdings	146
Portfolio Turnover	23%

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

(as of April 30, 2026)

Table Summary
Value	Value
Communication Services	3.5%
Real Estate	4.1%
Utilities	5.7%
Energy	6.8%
Materials	7.3%
Consumer Discretionary	7.6%
Consumer Staples	7.8%
Industrials	11.1%
Financials	18.9%
Information Technology	20.2%

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

(as of April 30, 2026)

Table Summary
DBS Group Holdings Ltd.	1.9%
ASR Nederland NV	1.8%
Citizens Financial Group, Inc.	1.8%
BP PLC, ADR	1.7%
Dominion Energy, Inc.	1.7%
Sino Land Co. Ltd.	1.7%
Aviva PLC	1.6%
FirstEnergy Corp.	1.6%
Eversource Energy	1.6%
Altria Group, Inc.	1.4%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

PRRCX — SAR (4/26)

Victory Pioneer Equity Premium Income Fund

Class R6

Ticker: FLEKX

Semi-Annual Shareholder Report — April 30, 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	$46	0.89%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of April 30, 2026)

Table Summary
Net Assets	$160,459
Number of Holdings	146
Portfolio Turnover	23%

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

(as of April 30, 2026)

Table Summary
Value	Value
Communication Services	3.5%
Real Estate	4.1%
Utilities	5.7%
Energy	6.8%
Materials	7.3%
Consumer Discretionary	7.6%
Consumer Staples	7.8%
Industrials	11.1%
Financials	18.9%
Information Technology	20.2%

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

(as of April 30, 2026)

Table Summary
DBS Group Holdings Ltd.	1.9%
ASR Nederland NV	1.8%
Citizens Financial Group, Inc.	1.8%
BP PLC, ADR	1.7%
Dominion Energy, Inc.	1.7%
Sino Land Co. Ltd.	1.7%
Aviva PLC	1.6%
FirstEnergy Corp.	1.6%
Eversource Energy	1.6%
Altria Group, Inc.	1.4%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

FLEKX — SAR (4/26)

Victory Pioneer Equity Premium Income Fund

Class Y

Ticker: PMYRX

Semi-Annual Shareholder Report — April 30, 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	$46	0.90%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of April 30, 2026)

Table Summary
Net Assets	$160,459
Number of Holdings	146
Portfolio Turnover	23%

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

(as of April 30, 2026)

Table Summary
Value	Value
Communication Services	3.5%
Real Estate	4.1%
Utilities	5.7%
Energy	6.8%
Materials	7.3%
Consumer Discretionary	7.6%
Consumer Staples	7.8%
Industrials	11.1%
Financials	18.9%
Information Technology	20.2%

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

(as of April 30, 2026)

Table Summary
DBS Group Holdings Ltd.	1.9%
ASR Nederland NV	1.8%
Citizens Financial Group, Inc.	1.8%
BP PLC, ADR	1.7%
Dominion Energy, Inc.	1.7%
Sino Land Co. Ltd.	1.7%
Aviva PLC	1.6%
FirstEnergy Corp.	1.6%
Eversource Energy	1.6%
Altria Group, Inc.	1.4%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

PMYRX — SAR (4/26)

Victory Pioneer Floating Rate Fund

Class A

Ticker: FLARX

Semi-Annual Shareholder Report — April 30, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Floating Rate Fund (the "Fund") for the period of November 1, 2025 to April 30, 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	$53	1.05%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of April 30, 2026)

Table Summary
Net Assets	$201,244
Number of Holdings	225
Portfolio Turnover	9%

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

(as of April 30, 2026)

Table Summary
Value	Value
Senior Secured Loans	80.0%
Corporate Bonds	7.7%
Collateralized Loan Obligations	3.4%
Other^{Footnote Reference**}	2.7%

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

FLARX — SAR (4/26)

Victory Pioneer Floating Rate Fund

Class C

Ticker: FLRCX

Semi-Annual Shareholder Report — April 30, 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	$91	1.82%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of April 30, 2026)

Table Summary
Net Assets	$201,244
Number of Holdings	225
Portfolio Turnover	9%

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

(as of April 30, 2026)

Table Summary
Value	Value
Senior Secured Loans	80.0%
Corporate Bonds	7.7%
Collateralized Loan Obligations	3.4%
Other^{Footnote Reference**}	2.7%

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

FLRCX — SAR (4/26)

Victory Pioneer Floating Rate Fund

Class Y

Ticker: FLYRX

Semi-Annual Shareholder Report — April 30, 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	$38	0.75%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of April 30, 2026)

Table Summary
Net Assets	$201,244
Number of Holdings	225
Portfolio Turnover	9%

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

(as of April 30, 2026)

Table Summary
Value	Value
Senior Secured Loans	80.0%
Corporate Bonds	7.7%
Collateralized Loan Obligations	3.4%
Other^{Footnote Reference**}	2.7%

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

FLYRX — SAR (4/26)

Victory Pioneer High Yield Fund

Class A

Ticker: TAHYX

Semi-Annual Shareholder Report — April 30, 2026

The semi-annual shareholder report contains important information about Victory Pioneer High Yield Fund (the "Fund") for the period of November 1, 2025 to April 30, 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	$55	1.10%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of April 30, 2026)

Table Summary
Net Assets	$498,087
Number of Holdings	201
Portfolio Turnover	34%

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

(as of April 30, 2026)

Table Summary
Value	Value
Corporate Bonds	75.0%
Yankee Dollars	17.7%
Senior Secured Loans	2.0%
Other^{Footnote Reference**}	0.9%

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

TAHYX — SAR (4/26)

Victory Pioneer High Yield Fund

Class C

Ticker: PYICX

Semi-Annual Shareholder Report — April 30, 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	$95	1.89%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of April 30, 2026)

Table Summary
Net Assets	$498,087
Number of Holdings	201
Portfolio Turnover	34%

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

(as of April 30, 2026)

Table Summary
Value	Value
Corporate Bonds	75.0%
Yankee Dollars	17.7%
Senior Secured Loans	2.0%
Other^{Footnote Reference**}	0.9%

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

PYICX — SAR (4/26)

Victory Pioneer High Yield Fund

Class Y

Ticker: TYHYX

Semi-Annual Shareholder Report — April 30, 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	$43	0.85%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of April 30, 2026)

Table Summary
Net Assets	$498,087
Number of Holdings	201
Portfolio Turnover	34%

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

(as of April 30, 2026)

Table Summary
Value	Value
Corporate Bonds	75.0%
Yankee Dollars	17.7%
Senior Secured Loans	2.0%
Other^{Footnote Reference**}	0.9%

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

TYHYX — SAR (4/26)

Victory Pioneer Mid Cap Value Fund

Class A

Ticker: PCGRX

Semi-Annual Shareholder Report — April 30, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Mid Cap Value Fund (the "Fund") for the period of November 1, 2025 to April 30, 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	$55	1.02%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of April 30, 2026)

Table Summary
Net Assets	$746,704
Number of Holdings	64
Portfolio Turnover	8%

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

(as of April 30, 2026)

Table Summary
Value	Value
Materials	3.3%
Health Care	5.5%
Consumer Staples	5.7%
Real Estate	6.9%
Utilities	7.6%
Consumer Discretionary	8.2%
Information Technology	10.3%
Energy	11.2%
Industrials	16.7%
Financials	21.9%

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

(as of April 30, 2026)

Table Summary
State Street Corp.	4.0%
Coterra Energy, Inc.	3.9%
Western Digital Corp.	3.5%
Northern Trust Corp.	3.0%
M&T Bank Corp.	2.8%
Chord Energy Corp.	2.7%
Raymond James Financial, Inc.	2.7%
Dover Corp.	2.5%
CenterPoint Energy, Inc.	2.4%
Truist Financial Corp.	2.3%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

PCGRX — SAR (4/26)

Victory Pioneer Mid Cap Value Fund

Class C

Ticker: PCCGX

Semi-Annual Shareholder Report — April 30, 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	$99	1.85%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of April 30, 2026)

Table Summary
Net Assets	$746,704
Number of Holdings	64
Portfolio Turnover	8%

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

(as of April 30, 2026)

Table Summary
Value	Value
Materials	3.3%
Health Care	5.5%
Consumer Staples	5.7%
Real Estate	6.9%
Utilities	7.6%
Consumer Discretionary	8.2%
Information Technology	10.3%
Energy	11.2%
Industrials	16.7%
Financials	21.9%

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

(as of April 30, 2026)

Table Summary
State Street Corp.	4.0%
Coterra Energy, Inc.	3.9%
Western Digital Corp.	3.5%
Northern Trust Corp.	3.0%
M&T Bank Corp.	2.8%
Chord Energy Corp.	2.7%
Raymond James Financial, Inc.	2.7%
Dover Corp.	2.5%
CenterPoint Energy, Inc.	2.4%
Truist Financial Corp.	2.3%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

PCCGX — SAR (4/26)

Victory Pioneer Mid Cap Value Fund

Class R6

Ticker: PMCKX

Semi-Annual Shareholder Report — April 30, 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	$39	0.73%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of April 30, 2026)

Table Summary
Net Assets	$746,704
Number of Holdings	64
Portfolio Turnover	8%

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

(as of April 30, 2026)

Table Summary
Value	Value
Materials	3.3%
Health Care	5.5%
Consumer Staples	5.7%
Real Estate	6.9%
Utilities	7.6%
Consumer Discretionary	8.2%
Information Technology	10.3%
Energy	11.2%
Industrials	16.7%
Financials	21.9%

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

(as of April 30, 2026)

Table Summary
State Street Corp.	4.0%
Coterra Energy, Inc.	3.9%
Western Digital Corp.	3.5%
Northern Trust Corp.	3.0%
M&T Bank Corp.	2.8%
Chord Energy Corp.	2.7%
Raymond James Financial, Inc.	2.7%
Dover Corp.	2.5%
CenterPoint Energy, Inc.	2.4%
Truist Financial Corp.	2.3%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

PMCKX — SAR (4/26)

Victory Pioneer Mid Cap Value Fund

Class Y

Ticker: PYCGX

Semi-Annual Shareholder Report — April 30, 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	$44	0.82%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of April 30, 2026)

Table Summary
Net Assets	$746,704
Number of Holdings	64
Portfolio Turnover	8%

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

(as of April 30, 2026)

Table Summary
Value	Value
Materials	3.3%
Health Care	5.5%
Consumer Staples	5.7%
Real Estate	6.9%
Utilities	7.6%
Consumer Discretionary	8.2%
Information Technology	10.3%
Energy	11.2%
Industrials	16.7%
Financials	21.9%

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

(as of April 30, 2026)

Table Summary
State Street Corp.	4.0%
Coterra Energy, Inc.	3.9%
Western Digital Corp.	3.5%
Northern Trust Corp.	3.0%
M&T Bank Corp.	2.8%
Chord Energy Corp.	2.7%
Raymond James Financial, Inc.	2.7%
Dover Corp.	2.5%
CenterPoint Energy, Inc.	2.4%
Truist Financial Corp.	2.3%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

PYCGX — SAR (4/26)

UNITED STATES

FORM N-CSR

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

FUND STATISTICS

($ amounts in 000s)

(as of April 30, 2026)

Asset AllocationFootnote Reference* ^ (% of Net Assets)

(as of April 30, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of April 30, 2026)

Asset AllocationFootnote Reference* ^ (% of Net Assets)

(as of April 30, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of April 30, 2026)

Asset AllocationFootnote Reference* ^ (% of Net Assets)

(as of April 30, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of April 30, 2026)

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

(as of April 30, 2026)

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

(as of April 30, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of April 30, 2026)

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

(as of April 30, 2026)

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

(as of April 30, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of April 30, 2026)

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

(as of April 30, 2026)

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

(as of April 30, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of April 30, 2026)

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

(as of April 30, 2026)

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

(as of April 30, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of April 30, 2026)

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

(as of April 30, 2026)

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

(as of April 30, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of April 30, 2026)

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

(as of April 30, 2026)

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

(as of April 30, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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)

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