UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-24019

Victory Portfolios IV

(Exact name of registrant as specified in charter)

15935 La Cantera Parkway Building Two, San Antonio, Texas 78256

(Address of principal executive offices) (Zip code)

Christopher J. Kelley, Victory Capital Management Inc. 60 State Street, Boston, MA 02109

(Name and address of agent for service)

Registrant’s telephone number, including area code: 800-539-3863

Date of fiscal year end: November 30

Date of reporting period: May 31, 2026

Item 1. Reports to Stockholders.

(a)

Victory Pioneer International Equity Fund

Class A

Ticker: PIIFX

Semi-Annual Shareholder Report — May 31, 2026

The semi-annual shareholder report contains important information about Victory Pioneer International Equity Fund (the "Fund") for the period of December 1, 2025 to May 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	$58	1.08%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of May 31, 2026)

Table Summary
Net Assets	$1,915,385
Number of Holdings	58
Portfolio Turnover	24%

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

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

(as of May 31, 2026)

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

(as of May 31, 2026)

Table Summary
Value	Value
Communication Services	1.2%
Utilities	3.0%
Energy	3.0%
Consumer Staples	6.4%
Consumer Discretionary	6.7%
Health Care	7.5%
Materials	11.1%
Information Technology	14.9%
Financials	20.6%
Industrials	21.9%

Table Summary
Value	Value
Japan	22.1%
Germany	12.4%
United Kingdom	10.0%
Italy	7.9%
Ireland	7.7%
United States	6.2%
France	6.2%
South Korea	5.9%
Other^{Footnote Reference**}	17.9%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities.
**	Includes countries comprising less than 5.0% of portfolio.
^	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

PIIFX — SAR (5/26)

Victory Pioneer International Equity Fund

Class C

Ticker: PCITX

Semi-Annual Shareholder Report — May 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	$96	1.79%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of May 31, 2026)

Table Summary
Net Assets	$1,915,385
Number of Holdings	58
Portfolio Turnover	24%

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

(as of May 31, 2026)

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

(as of May 31, 2026)

Table Summary
Value	Value
Communication Services	1.2%
Utilities	3.0%
Energy	3.0%
Consumer Staples	6.4%
Consumer Discretionary	6.7%
Health Care	7.5%
Materials	11.1%
Information Technology	14.9%
Financials	20.6%
Industrials	21.9%

Table Summary
Value	Value
Japan	22.1%
Germany	12.4%
United Kingdom	10.0%
Italy	7.9%
Ireland	7.7%
United States	6.2%
France	6.2%
South Korea	5.9%
Other^{Footnote Reference**}	17.9%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities.
**	Includes countries comprising less than 5.0% of portfolio.
^	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

PCITX — SAR (5/26)

Victory Pioneer International Equity Fund

Class R6

Ticker: PIEKX

Semi-Annual Shareholder Report — May 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	$37	0.69%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of May 31, 2026)

Table Summary
Net Assets	$1,915,385
Number of Holdings	58
Portfolio Turnover	24%

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

(as of May 31, 2026)

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

(as of May 31, 2026)

Table Summary
Value	Value
Communication Services	1.2%
Utilities	3.0%
Energy	3.0%
Consumer Staples	6.4%
Consumer Discretionary	6.7%
Health Care	7.5%
Materials	11.1%
Information Technology	14.9%
Financials	20.6%
Industrials	21.9%

Table Summary
Value	Value
Japan	22.1%
Germany	12.4%
United Kingdom	10.0%
Italy	7.9%
Ireland	7.7%
United States	6.2%
France	6.2%
South Korea	5.9%
Other^{Footnote Reference**}	17.9%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities.
**	Includes countries comprising less than 5.0% of portfolio.
^	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

PIEKX — SAR (5/26)

Victory Pioneer International Equity Fund

Class Y

Ticker: INVYX

Semi-Annual Shareholder Report — May 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	$40	0.74%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of May 31, 2026)

Table Summary
Net Assets	$1,915,385
Number of Holdings	58
Portfolio Turnover	24%

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

(as of May 31, 2026)

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

(as of May 31, 2026)

Table Summary
Value	Value
Communication Services	1.2%
Utilities	3.0%
Energy	3.0%
Consumer Staples	6.4%
Consumer Discretionary	6.7%
Health Care	7.5%
Materials	11.1%
Information Technology	14.9%
Financials	20.6%
Industrials	21.9%

Table Summary
Value	Value
Japan	22.1%
Germany	12.4%
United Kingdom	10.0%
Italy	7.9%
Ireland	7.7%
United States	6.2%
France	6.2%
South Korea	5.9%
Other^{Footnote Reference**}	17.9%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, or other assets in excess of liabilities.
**	Includes countries comprising less than 5.0% of portfolio.
^	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

INVYX — SAR (5/26)

Victory Pioneer Select Mid Cap Growth Fund

Class A

Ticker: PGOFX

Semi-Annual Shareholder Report — May 31, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Select Mid Cap Growth Fund (the "Fund") for the period of December 1, 2025 to May 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	$53	0.97%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of May 31, 2026)

Table Summary
Net Assets	$1,899,191
Number of Holdings	80
Portfolio Turnover	33%

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

(as of May 31, 2026)

Table Summary
Value	Value
Real Estate	1.2%
Communication Services	1.5%
Consumer Staples	2.1%
Utilities	2.4%
Energy	3.0%
Financials	6.8%
Consumer Discretionary	12.1%
Health Care	13.5%
Industrials	23.6%
Information Technology^{Footnote Reference**}	33.7%

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

(as of May 31, 2026)

Table Summary
Vertiv Holdings Co., Class A	4.5%
Siemens Energy AG	3.7%
Cloudflare, Inc., Class A	3.5%
Advanced Micro Devices, Inc.	3.4%
Sandisk Corp.	3.3%
Western Digital Corp.	3.1%
Flex Ltd.	2.8%
W.W. Grainger, Inc.	2.5%
Datadog, Inc., Class A	2.5%
Royal Caribbean Cruises Ltd.	2.4%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

PGOFX — SAR (5/26)

Victory Pioneer Select Mid Cap Growth Fund

Class C

Ticker: GOFCX

Semi-Annual Shareholder Report — May 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	$96	1.77%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of May 31, 2026)

Table Summary
Net Assets	$1,899,191
Number of Holdings	80
Portfolio Turnover	33%

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

(as of May 31, 2026)

Table Summary
Value	Value
Real Estate	1.2%
Communication Services	1.5%
Consumer Staples	2.1%
Utilities	2.4%
Energy	3.0%
Financials	6.8%
Consumer Discretionary	12.1%
Health Care	13.5%
Industrials	23.6%
Information Technology^{Footnote Reference**}	33.7%

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

(as of May 31, 2026)

Table Summary
Vertiv Holdings Co., Class A	4.5%
Siemens Energy AG	3.7%
Cloudflare, Inc., Class A	3.5%
Advanced Micro Devices, Inc.	3.4%
Sandisk Corp.	3.3%
Western Digital Corp.	3.1%
Flex Ltd.	2.8%
W.W. Grainger, Inc.	2.5%
Datadog, Inc., Class A	2.5%
Royal Caribbean Cruises Ltd.	2.4%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

GOFCX — SAR (5/26)

Victory Pioneer Select Mid Cap Growth Fund

Class R6

Ticker: PSMKX

Semi-Annual Shareholder Report — May 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	$36	0.66%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of May 31, 2026)

Table Summary
Net Assets	$1,899,191
Number of Holdings	80
Portfolio Turnover	33%

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

(as of May 31, 2026)

Table Summary
Value	Value
Real Estate	1.2%
Communication Services	1.5%
Consumer Staples	2.1%
Utilities	2.4%
Energy	3.0%
Financials	6.8%
Consumer Discretionary	12.1%
Health Care	13.5%
Industrials	23.6%
Information Technology^{Footnote Reference**}	33.7%

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

(as of May 31, 2026)

Table Summary
Vertiv Holdings Co., Class A	4.5%
Siemens Energy AG	3.7%
Cloudflare, Inc., Class A	3.5%
Advanced Micro Devices, Inc.	3.4%
Sandisk Corp.	3.3%
Western Digital Corp.	3.1%
Flex Ltd.	2.8%
W.W. Grainger, Inc.	2.5%
Datadog, Inc., Class A	2.5%
Royal Caribbean Cruises Ltd.	2.4%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

PSMKX — SAR (5/26)

Victory Pioneer Select Mid Cap Growth Fund

Class Y

Ticker: GROYX

Semi-Annual Shareholder Report — May 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	$42	0.78%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of May 31, 2026)

Table Summary
Net Assets	$1,899,191
Number of Holdings	80
Portfolio Turnover	33%

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

(as of May 31, 2026)

Table Summary
Value	Value
Real Estate	1.2%
Communication Services	1.5%
Consumer Staples	2.1%
Utilities	2.4%
Energy	3.0%
Financials	6.8%
Consumer Discretionary	12.1%
Health Care	13.5%
Industrials	23.6%
Information Technology^{Footnote Reference**}	33.7%

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

(as of May 31, 2026)

Table Summary
Vertiv Holdings Co., Class A	4.5%
Siemens Energy AG	3.7%
Cloudflare, Inc., Class A	3.5%
Advanced Micro Devices, Inc.	3.4%
Sandisk Corp.	3.3%
Western Digital Corp.	3.1%
Flex Ltd.	2.8%
W.W. Grainger, Inc.	2.5%
Datadog, Inc., Class A	2.5%
Royal Caribbean Cruises Ltd.	2.4%

Table Summary
*	Does not include short-term investments, derivative contracts except for options purchased, 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

GROYX — SAR (5/26)

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable – only for annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable – only for annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable – only for annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable.

(b) Not applicable.

Item 7. Financial Statements and Other Information.

(a)

May

31,

2026

Semi-Annual:

Full

Financials

Victory

Pioneer

International

Equity

Fund

TABLE

CONTENTS

Victory

Portfolios

This

report

for

the

information

the

shareholders

and

others

who

have

received

copy

the

currently

effective

prospectus

the

Fund,

managed

Victory

Capital

Management

Inc.

may

used

sales

literature

only

when

preceded

accompanied

current

prospectus,

which

provides

further

details

about

the

Fund.

IRA

DISTRIBUTION

WITHHOLDING

DISCLOSURE

generally

must

withhold

federal

income

tax

rate

10%

the

taxable

portion

your

distribution

and,

you

live

state

that

requires

state

income

tax

withholding,

your

state’s

tax

rate.

However,

you

may

elect

not

have

withholding

apply

have

income

tax

withheld

higher

rate.

Any

withholding

election

that

you

make

will

apply

any

subsequent

distribution

unless

and

until

you

change

revoke

the

election.

you

wish

make

withholding

election,

change

revoke

prior

withholding

election,

call

(800)

539-3863,

and

Form

W-4P

(OMB

No.

1545-0074

withholding

certificate

for

pension

annuity

payments)

will

electronically

sent.

you

not

have

withholding

election

place

the

date

distribution,

federal

income

tax

will

withheld

from

the

taxable

portion

your

distribution

rate

10%.

you

must

pay

estimated

taxes,

you

may

subject

estimated

tax

penalties

your

estimated

tax

payments

are

not

sufficient

and

sufficient

tax

not

withheld

from

your

distribution.

For

specific

information,

please

consult

your

tax

adviser.

•

NOT

FDIC

INSURED

•

BANK

GUARANTEE

•

MAY

LOSE

VALUE

Schedule

Portfolio

Investments

(Form

N-CSR

Item

Financial

Statements

(Form

N-CSR

Item

Statement

Assets

and

Liabilities

Statement

Operations

Statements

Changes

Net

Assets

Financial

Highlights

Notes

Financial

Statements

(Form

N-CSR

Item

Schedule

Portfolio

Investments

May

31,

2026

Victory

Portfolios

Victory

Pioneer

International

Equity

Fund

(Unaudited)

See

notes

financial

statements.

Security

Description

Value

(000)

Common

Stocks

(96.3%)

Canada

(3.9%):

Materials

(3.9%):

Barrick

Mining

Corp.

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

1,283,600

54,839

Teck

Resources

Ltd.,

Class

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

285,568

18,893

73,732

Denmark

(1.7%):

Financials

(1.7%):

Danske

Bank

A/S

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

624,255

32,885

France

(6.2%):

Consumer

Discretionary

(0.5%):

LVMH

Moet

Hennessy

Louis

Vuitton

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

15,423

8,547

Health

Care

(2.2%):

Sanofi

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

487,555

42,672

Industrials

(1.0%):

Schneider

Electric

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

61,691

19,386

Information

Technology

(2.5%):

Capgemini

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

409,646

48,693

119,298

Germany

(12.4%):

Communication

Services

(1.2%):

Deutsche

Telekom

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

688,945

23,182

Health

Care

(0.6%):

BioNTech

SE,

ADR(a)

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

128,655

12,344

Industrials

(6.3%):

Hensoldt

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

347,756

35,871

Jungheinrich

AG,

Preference

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

873,121

25,350

Siemens

AG,

Registered

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

162,684

51,200

Tkms

Co.

KGaA

(a)

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

74,725

7,345

119,766

Information

Technology

(0.8%):

SAP

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

80,994

14,653

Materials

(0.5%):

thyssenkrupp

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

762,874

10,452

Utilities

(3.0%):

RWE

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

899,887

57,262

237,659

Ireland

(7.7%):

Consumer

Staples

(1.8%):

Kerry

Group

PLC,

Class

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

407,059

34,738

Financials

(3.2%):

Bank

Ireland

Group

PLC

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

2,954,185

60,044

Materials

(2.7%):

CRH

PLC

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

481,286

52,359

147,141

Italy

(7.9%):

Financials

(5.2%):

FinecoBank

Banca

Fineco

SpA

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

2,241,160

54,577

Nexi

SpA

(b)

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

8,814,594

36,001

UniCredit

SpA

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

112,337

9,669

100,247

Materials

(2.7%):

Buzzi

SpA

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

951,429

51,374

151,621

Victory

Portfolios

Victory

Pioneer

International

Equity

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

May

31,

2026

See

notes

financial

statements.

Security

Description

Value

(000)

Japan

(22.1%):

Consumer

Discretionary

(3.1%):

Nitori

Holdings

Co.

Ltd.

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

1,538,500

25,365

Shimamura

Co.

Ltd.

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

1,615,200

33,408

58,773

Energy

(1.2%):

Inpex

Corp.

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

1,048,900

23,769

Financials

(2.8%):

Sumitomo

Mitsui

Financial

Group,

Inc.

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

1,489,700

54,421

Health

Care

(2.3%):

Hoya

Corp.

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

264,500

44,914

Industrials

(10.2%):

BayCurrent

Inc.

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

1,090,300

38,488

Fuji

Electric

Co.

Ltd.

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

722,600

69,904

Mitsubishi

Electric

Corp.

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

1,759,600

72,336

Taisei

Corp.

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

160,500

14,125

194,853

Information

Technology

(2.5%):

FUJIFILM

Holdings

Corp.

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

2,269,400

47,346

424,076

Mexico

(1.3%):

Consumer

Staples

(0.5%):

Fomento

Economico

Mexicano

SAB

CV,

ADR

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

80,127

9,537

Financials

(0.8%):

Grupo

Financiero

Banorte

SAB

CV,

Class

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

1,443,500

15,053

24,590

Netherlands

(1.9%):

Financials

(1.9%):

ABN

AMRO

Bank

NV,

Class

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

890,136

35,399

Russian

Federation

(0.0%):

Consumer

Staples

(0.0%):

Magnit

PJSC(a)(c)(d)

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

21,796

—

Energy

(0.0%):

Rosneft

Oil

Co.

PJSC(a)(c)(d)

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

396,947

—

South

Korea

(5.9%):

Financials

(1.3%):

Financial

Group,

Inc.

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

257,808

25,793

Industrials

(1.4%):

Hyundai

Rotem

Co.

Ltd.

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

204,540

27,216

Information

Technology

(3.2%):

Samsung

Electronics

Co.

Ltd.

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

287,046

60,478

113,487

Spain

(2.1%):

Financials

(2.1%):

Banco

Sabadell

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

11,817,932

39,786

Switzerland

(4.3%):

Financials

(0.6%):

UBS

Group

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

227,658

10,795

Health

Care

(2.4%):

Lonza

Group

AG,

Registered

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

72,709

46,441

Materials

(1.3%):

Holcim

AG(a)

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

260,593

25,822

83,058

Victory

Portfolios

Victory

Pioneer

International

Equity

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

May

31,

2026

See

notes

financial

statements.

Security

Name

Acquisition

Date

Cost

Value

Magnit

PJSC

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

7/23/2020

1,483

—

Rosneft

Oil

Co.

PJSC

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

6/23/2021

3,131

—

Total

(–%

net

assets)

$4,614

$—

Security

Description

Value

(000)

Taiwan

(2.7%):

Information

Technology

(2.7%):

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

698,000

52,552

United

Kingdom

(10.0%):

Consumer

Discretionary

(3.1%):

Compass

Group

PLC

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

1,354,078

43,559

Persimmon

PLC

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

1,017,253

15,239

58,798

Consumer

Staples

(4.1%):

Associated

British

Foods

PLC

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

651,728

15,991

Tesco

PLC

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

7,492,045

43,273

Unilever

PLC,

ADR

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

324,640

18,326

77,590

Energy

(1.8%):

Shell

PLC,

ADR

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

419,496

35,288

Financials

(1.0%):

Standard

Chartered

PLC

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

710,039

19,048

190,724

United

States

(6.2%):

Industrials

(3.0%):

Sunbelt

Rentals

Holdings,

Inc.

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

720,984

56,647

Information

Technology

(3.2%):

Advanced

Micro

Devices,

Inc.(a)

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

119,977

61,920

118,567

Total

Common

Stocks

(Cost

$1,401,833)

1,844,575

U.S.

Treasury

Obligations

(2.7%)

U.S.

Treasury

Bills

3.23%,

6/9/26(e)

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

18,000

17,985

3.41%,

6/16/26(e)

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

27,000

26,959

3.48%,

6/23/26(e)

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

6,000

5,987

Total

U.S.

Treasury

Obligations

(Cost

$50,932)

50,931

Total

Investments

(Cost

$1,452,765)

—

99.0%

1,895,506

Other

assets

excess

liabilities

—

1.0%

19,879

NET

ASSETS

100.00%

1,915,385

(a)

Non-income

producing

security.

(b)

Rule

144A

security

other

security

that

restricted

resale

institutional

investors.

May

31,

2026,

the

fair

value

these

securities

was

$36,001

(thousands)

and

amounted

1.9%

net

assets.

(c)

Security

was

fair

valued

based

upon

procedures

approved

the

Board

Trustees

and

represents

0.0%

net

assets

May

31,

2026.

This

security

classified

Level

within

the

fair

value

hierarchy

based

significant

unobservable

inputs.

(See

Note

the

Notes

Financial

Statements)

(d)

The

following

table

details

the

earliest

acquisition

date,

cost,

and

market

value

the

Fund's

restricted

securities

due

trading

restrictions

May

31,

2026

(amounts

thousands):

(e)

Rate

represents

the

effective

yield

May

31,

2026.

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

Statement

Assets

and

Liabilities

May

31,

2026

See

notes

financial

statements.

Victory

Portfolios

(Amounts

Thousands,

Except

Per

Amounts)

(Unaudited)

Victory

Pioneer

International

Equity

Fund

Assets:

Investments,

value

(Cost

$1,452,765)

1,895,506‌

Foreign

currency,

value

(Cost

$997)

1,001‌

Cash

20,061‌

Receivables:

Dividends

and

interest

6,777‌

Capital

issued

2,618‌

From

Adviser

54‌

Reclaims

3,227‌

Prepaid

expenses

184‌

Total

Assets

1,929,428‌

Liabilities:

Payables:

Investments

purchased

11,529‌

Capital

redeemed

1,231‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

996‌

Administration

fees

69‌

Custodian

fees

20‌

Transfer

agent

fees

29‌

Sub-Transfer

agent

fees

83‌

Trustees'

fees

3‌

12b-1

fees

17‌

Other

accrued

expenses

66‌

Total

Liabilities

14,043‌

Commitments

and

contingencies

(Note

)

Net

Assets:

Capital

1,411,453‌

Total

accumulated

earnings

(loss)

503,932‌

Net

Assets

1,915,385‌

Net

Assets:

Class

129,452‌

Class

7,659‌

Class

146,634‌

Class

1,631,640‌

Total

1,915,385‌

(unlimited

number

authorized

with

par

value

$0.001

per

share):

Class

3,389‌

Class

245‌

Class

3,831‌

Class

42,622‌

Total

50,087‌

Net

asset

value,

offering

and

redemption

price

per

share:(a)

Class

38.20‌

Class

C(b)

31.25‌

Class

38.27‌

Class

38.28‌

Maximum

Sales

Charge

—

Class

.75‌

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

net

asset

value

adjusted

the

nearest

cent)

per

—

Class

40.53‌

(a)

Per

amount

may

not

recalculate

due

rounding

net

assets

and/or

outstanding.

(b)

Redemption

price

per

varies

length

time

are

held.

Statement

Operations

For

the

Six

Months

Ended

May

31,

2026

See

notes

financial

statements.

Victory

Portfolios

(Amounts

Thousands)

(Unaudited)

Victory

Pioneer

International

Equity

Fund

Investment

Income:

Dividends

38,278‌

Interest

599‌

Foreign

tax

withholding

(

5,111‌

)

Total

Income

33,766‌

Expenses:

Investment

advisory

fees

5,308‌

Administration

fees

368‌

Sub-Administration

fees

4‌

12b-1

fees

—

Class

152‌

12b-1

fees

—

Class

35‌

Custodian

fees

41‌

Transfer

agent

fees

—

Class

36‌

Transfer

agent

fees

—

Class

2‌

Transfer

agent

fees

—

Class

1‌

Transfer

agent

fees

—

Class

30‌

Sub-Transfer

agent

fees

—

Class

45‌

Sub-Transfer

agent

fees

—

Class

2‌

Sub-Transfer

agent

fees

—

Class

505‌

Trustees'

fees

23‌

Legal

and

audit

fees

37‌

State

registration

and

filing

fees

36‌

Other

expenses

26‌

Recoupment

prior

expenses

waived/reimbursed

Adviser

7‌

Total

Expenses

6,658‌

Expenses

waived/reimbursed

Adviser

(

180‌

)

Net

Expenses

6,478‌

Net

Investment

Income

(Loss)

27,288‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

43,444‌

Net

realized

gains

(losses)

from

forward

foreign

currency

exchange

contracts

(

18‌

)

Net

change

unrealized

appreciation/depreciation

investment

securities

and

foreign

currency

translations

161,354‌

Net

realized/unrealized

gains

(losses)

investments

204,780‌

Change

net

assets

resulting

from

operations

232,068‌

(Amounts

Thousands)

Victory

Portfolios

Statements

Changes

Net

Assets

See

notes

financial

statements.

Victory

Pioneer

International

Equity

Fund

Six

Months

Ended

May

31,

2026

(Unaudited)

Year

Ended

November

30,

2025*

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

27,288‌

21,125‌

Net

realized

gains

(losses)

43,426‌

41,286‌

Net

change

unrealized

appreciation/depreciation

161,354‌

211,625‌

Change

net

assets

resulting

from

operations

232,068‌

274,036‌

Distributions

Shareholders:

Class

(

1,690‌

)

(

4,116‌

)

Class

(

80‌

)

(

254‌

)

Class

(

1,365‌

)

(

2,961‌

)

Class

(

23,205‌

)

(

43,619‌

)

Change

net

assets

resulting

from

distributions

shareholders

(

26,340‌

)

(

50,950‌

)

Change

net

assets

resulting

from

capital

transactions

293,096‌

438,269‌

Change

net

assets

498,824‌

661,355‌

Net

Assets:

Beginning

period

1,416,561‌

755,206‌

End

period

1,915,385‌

1,416,561‌

Pioneer

International

Equity

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

May

2025

(the

“Reorganization”).

The

Predecessor

Fund

the

accounting

survivor

the

Reorganization

and

shareholders

holding

Class

and

Class

the

Predecessor

Fund

received

Class

R6,

and

Class

the

Fund,

respectively.

(Amounts

Thousands)

Victory

Portfolios

Statements

Changes

Net

Assets

(continued)

See

notes

financial

statements.

Victory

Pioneer

International

Equity

Fund

Six

Months

Ended

May

31,

2026

(Unaudited)

Year

Ended

November

30,

2025*

Capital

Transactions:

Class

Proceeds

from

issued

10,105‌

13,547‌

Distributions

reinvested

1,642‌

4,005‌

Cost

redeemed

(

10,505‌

)

(

16,646‌

)

Total

Class

1,242‌

906‌

Class

Proceeds

from

issued

793‌

880‌

Distributions

reinvested

80‌

254‌

Cost

redeemed

(

525‌

)

(

1,408‌

)

Total

Class

348‌

(

274‌

)

Class

Proceeds

from

issued

86,694‌

11,837‌

Distributions

reinvested

1,365‌

2,961‌

Cost

redeemed

(

30,726‌

)

(

16,564‌

)

Total

Class

57,333‌

(

1,766‌

)

Class

Proceeds

from

issued

446,123‌

680,927‌

Distributions

reinvested

23,169‌

43,532‌

Cost

redeemed

(

235,119‌

)

(

285,057‌

)

Total

Class

234,173‌

439,402‌

Change

net

assets

resulting

from

capital

transactions

293,096‌

438,269‌

Transactions:

Class

Issued

285‌

459‌

Reinvested

48‌

128‌

Redeemed

(

295‌

)

(

569‌

)

Total

Class

38‌

18‌

Class

Issued

27‌

37‌

Reinvested

3‌

10‌

Redeemed

(

18‌

)

(

59‌

)

Total

Class

12‌

(

12‌

)

Class

Issued

2,459‌

379‌

Reinvested

40‌

96‌

Redeemed

(

879‌

)

(

548‌

)

Total

Class

1,620‌

(

73‌

)

Class

Issued

12,546‌

21,759‌

Reinvested

672‌

1,385‌

Redeemed

(

6,663‌

)

(

9,721‌

)

Total

Class

6,555‌

13,423‌

Change

8,225‌

13,356‌

Pioneer

International

Equity

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

May

2025

(the

“Reorganization”).

The

Predecessor

Fund

the

accounting

survivor

the

Reorganization

and

shareholders

holding

Class

and

Class

the

Predecessor

Fund

received

Class

R6,

and

Class

the

Fund,

respectively.

Victory

Portfolios

Financial

Highlights

For

Outstanding

Throughout

Each

Period

See

notes

financial

statements.

Victory

Pioneer

International

Equity

Fund

Class

Six

Months

Ended

May

31,

2026

(Unaudited)

Year

Ended

November

30,

2025

Year

Ended

November

30,

2024

Year

Ended

November

30,

2023

Year

Ended

November

30,

2022

Year

Ended

November

30,

2021

Net

Asset

Value,

Beginning

Period

$33.76

$26.45

$23.66

$21.83

$24.49

$24.00

Investment

Activities:

Net

investment

income

(loss)(a)

0.49

0.60

0.41

0.40

0.54

Net

realized

and

unrealized

gains

(losses)

4.45

7.97

2.84

2.01

(2.11)

2.77

Total

from

Investment

Activities

4.94

8.57

3.25

2.42

(1.71)

3.31

Distributions

Shareholders

from:

Net

investment

income

(0.50)

(0.25)

(0.43)

(0.57)

(0.05)

Net

realized

gains

—

(1.01)

(0.21)

(0.16)

(0.38)

(2.77)

Total

Distributions

(0.50)

(1.26)

(0.46)

(0.59)

(0.95)

(2.82)

Net

Asset

Value,

End

Period

$38.20

$33.76

$26.45

$23.66

$21.83

$24.49

Total

Return(b)(c)

14.81%

32.82%

13.87%

11.40%

(7.20)%(d)

13.66%

Ratios

Average

Net

Assets:

Net

Expenses(e)(f)

1.08%

1.13%

1.12%

1.10%

1.13%

1.15%

Net

Investment

Income

(Loss)(e)

2.77%

2.03%

1.56%

1.79%

1.81%

1.96%

Gross

Expenses(e)(f)

1.08%

1.14%

1.16%

1.30%

1.34%

1.40%

Supplemental

Data:

Net

Assets

end

period

(000's)

$129,452

$113,125

$88,167

$74,711

$67,134

$76,634

Portfolio

Turnover(b)(g)

24%

58%

37%

38%

51%

62%

Pioneer

International

Equity

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

May

2025

(the

“Reorganization”).

The

Predecessor

Fund

the

accounting

survivor

the

Reorganization

and

shareholders

holding

Class

and

Class

the

Predecessor

Fund

received

Class

R6,

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)

The

class

action

lawsuit

did

not

have

impact

the

total

return.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Does

not

include

acquired

fund

fees

and

expenses,

any.

(g)

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

International

Equity

Fund

Class

Six

Months

Ended

May

31,

2026

(Unaudited)

Year

Ended

November

30,

2025

Year

Ended

November

30,

2024

Year

Ended

November

30,

2023

Year

Ended

November

30,

2022

Year

Ended

November

30,

2021

Net

Asset

Value,

Beginning

Period

$27.65

$21.86

$19.65

$18.24

$20.61

$20.70

Investment

Activities:

Net

investment

income

(loss)(a)

0.31

0.19

0.20

0.28

Net

realized

and

unrealized

gains

(losses)

3.63

6.60

2.36

1.69

(1.79)

2.40

Total

from

Investment

Activities

3.94

6.91

2.55

1.88

(1.59)

2.68

Distributions

Shareholders

from:

Net

investment

income

(0.34)

(0.11)

(0.13)

(0.31)

(0.40)

—

Net

realized

gains

—

(1.01)

(0.21)

(0.16)

(0.38)

(2.77)

Total

Distributions

(0.34)

(1.12)

(0.34)

(0.47)

(0.78)

(2.77)

Net

Asset

Value,

End

Period

$31.25

$27.65

$21.86

$19.65

$18.24

$20.61

Total

Return(b)(c)

14.39%

31.87%

13.05%

10.53%

(7.87)%(d)

12.79%

Ratios

Average

Net

Assets:

Net

Expenses(e)(f)

1.79%

1.85%

1.83%

1.90%

1.85%

1.94%

Net

Investment

Income

(Loss)(e)

2.12%

1.29%

0.88%

1.00%

1.09%

1.18%

Gross

Expenses(e)(f)

1.79%

1.85%

1.87%

2.10%

2.07%

2.15%

Supplemental

Data:

Net

Assets

end

period

(000's)

$7,659

$6,440

$5,359

$4,330

$3,892

$4,578

Portfolio

Turnover(b)(g)

24%

58%

37%

38%

51%

62%

Pioneer

International

Equity

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

May

2025

(the

“Reorganization”).

The

Predecessor

Fund

the

accounting

survivor

the

Reorganization

and

shareholders

holding

Class

and

Class

the

Predecessor

Fund

received

Class

R6,

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)

The

class

action

lawsuit

did

not

have

impact

the

total

return.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Does

not

include

acquired

fund

fees

and

expenses,

any.

(g)

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

International

Equity

Fund

Class

R6*

Six

Months

Ended

May

31,

2026

(Unaudited)

Year

Ended

November

30,

2025

Year

Ended

November

30,

2024

Year

Ended

November

30,

2023

June

2022(a)

through

November

30,

2022

Net

Asset

Value,

Beginning

Period

$33.87

$26.53

$23.74

$21.90

$22.62

Investment

Activities:

Net

investment

income

(loss)(b)

0.67

0.71

0.52

0.50

0.15

Net

realized

and

unrealized

gains

(losses)

4.35

7.99

2.83

2.02

(0.49)

Total

from

Investment

Activities

5.02

8.70

3.35

2.52

(0.34)

Distributions

Shareholders

from:

Net

investment

income

(0.62)

(0.35)

(0.52)

—

Net

realized

gains

—

(1.01)

(0.21)

(0.16)

(0.38)

Total

Distributions

(0.62)

(1.36)

(0.56)

(0.68)

(0.38)

Net

Asset

Value,

End

Period

$38.27

$33.87

$26.53

$23.74

$21.90

Total

Return(c)(d)

15.02%

33.35%

14.27%

11.89%

(1.44)%(e)

Ratios

Average

Net

Assets:

Net

Expenses(f)(g)

0.69%

0.74%

0.73%

0.69%

0.70%

Net

Investment

Income

(Loss)(f)

3.75%

2.39%

1.96%

2.14%

1.51%

Gross

Expenses(f)(g)

0.69%

0.74%

0.77%

0.90%

0.99%

Supplemental

Data:

Net

Assets

end

period

(000's)

$146,634

$74,885

$60,593

$49,446

$31,305

Portfolio

Turnover(c)(h)

24%

58%

37%

38%

51%

Pioneer

International

Equity

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

May

2025

(the

“Reorganization”).

The

Predecessor

Fund

the

accounting

survivor

the

Reorganization

and

shareholders

holding

Class

and

Class

the

Predecessor

Fund

received

Class

R6,

and

Class

the

Fund,

respectively.

(a)

Commencement

operations.

(b)

Per

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

method.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

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.

(e)

The

class

action

lawsuit

did

not

have

impact

the

total

return.

(f)

Annualized

for

periods

less

than

one

year.

(g)

Does

not

include

acquired

fund

fees

and

expenses,

any.

(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

International

Equity

Fund

Class

Six

Months

Ended

May

31,

2026

(Unaudited)

Year

Ended

November

30,

2025

Year

Ended

November

30,

2024

Year

Ended

November

30,

2023

Year

Ended

November

30,

2022

Year

Ended

November

30,

2021

Net

Asset

Value,

Beginning

Period

$33.88

$26.55

$23.75

$21.91

$24.58

$24.06

Investment

Activities:

Net

investment

income

(loss)(a)

0.58

0.69

0.51

0.42

0.60

0.66

Net

realized

and

unrealized

gains

(losses)

4.44

8.00

2.85

2.10

(2.20)

2.77

Total

from

Investment

Activities

5.02

8.69

3.36

2.52

(1.60)

3.43

Distributions

Shareholders

from:

Net

investment

income

(0.62)

(0.35)

(0.52)

(0.69)

(0.14)

Net

realized

gains

—

(1.01)

(0.21)

(0.16)

(0.38)

(2.77)

Total

Distributions

(0.62)

(1.36)

(0.56)

(0.68)

(1.07)

(2.91)

Net

Asset

Value,

End

Period

$38.28

$33.88

$26.55

$23.75

$21.91

$24.58

Total

Return(b)(c)

14.97%

33.29%

14.31%

11.89%

(6.78)%(d)

14.19%

Ratios

Average

Net

Assets:

Net

Expenses(e)(f)

0.74%

0.70%

Net

Investment

Income

(Loss)(e)

3.24%

2.34%

1.92%

1.79%

2.59%

2.40%

Gross

Expenses(e)(f)

0.77%

0.86%

0.90%

0.99%

0.95%

0.92%

Supplemental

Data:

Net

Assets

end

period

(000's)

$1,631,640

$1,222,110

$601,088

$245,007

$23,087

$66,646

Portfolio

Turnover(b)(g)

24%

58%

37%

38%

51%

62%

Pioneer

International

Equity

Fund

(the

“Predecessor

Fund”)

reorganized

with

the

Fund

effective

May

2025

(the

“Reorganization”).

The

Predecessor

Fund

the

accounting

survivor

the

Reorganization

and

shareholders

holding

Class

and

Class

the

Predecessor

Fund

received

Class

R6,

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)

the

Fund

had

not

recognized

gains

the

settlement

class

action

lawsuits

during

the

year

ended

November

30,

2022,

the

total

return

would

have

been

(6.83)%.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Does

not

include

acquired

fund

fees

and

expenses,

any.

(g)

Portfolio

turnover

calculated

the

basis

the

Fund

whole

without

distinguishing

between

the

classes

shares.

Notes

Financial

Statements

May

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

May

2025,

the

successor

the

Pioneer International

Equity

Fund

(the

“Predecessor

Fund”).

The

Predecessor

Fund

transferred

all

the

net

assets

Class

and

Class

exchange

for

the

Fund’s

Class

R6,

and

Class

shares,

respectively,

on May

2025,

pursuant

agreement

and

plan

reorganization

(the

“Reorganization”)

which

was

approved

the

shareholders

the

Predecessor

Fund

April

28,

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,

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

seek

long-term

capital

growth.

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

4).

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.

Fund

(Legal

Name)

Fund

(Short

Name)

Investment

Classes

Offered

Victory

Pioneer

International

Equity

Fund

International

Equity

Fund

Class

R6,

and

Class

Notes

Financial

Statements

—

continued

May

31,

2026

Victory

Portfolios

(Unaudited)

The Adviser,

appointed

the

valuation

designee

by the

Trust's

Board

Trustees

(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.

Portfolio

securities

listed

traded

securities

exchanges,

including

Exchange-Traded

Funds

(“ETFs”)

and

American

Depositary

Receipts,

are

valued

the

last

sale

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

closing mean

available,

otherwise

the

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.

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

May

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):

of May

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.

Securities

Lending:

Effective

May

2026,

the

Fund,

through

Securities

Lending

Agreement

with

Citibank,

N.A.

(“Citibank”),

may

lend

its

securities

qualified

financial

institutions,

such

certain

broker-dealers

and

banks,

earn

additional

income,

net

income

retained

Citibank.

Borrowers

are

required

initially

secure

their

loans

for

collateral

the

amount

least

102%

the

value

U.S.

securities

loaned

least

105%

the

value

non-U.S.

securities

loaned,

marked-to-market

daily.

Any

collateral

shortfalls

associated

with

increases

the

valuation

the

securities

loaned

are

generally

cured

the

business

day.

The

collateral

can

received

the

form

cash

collateral

and/or

non-cash

collateral.

Non-

cash

collateral

can

include

U.S.

Government

Securities

and

other

securities

permitted

Securities

and

Exchange

Commission

(“SEC”)

guidelines.

The

cash

collateral

invested

short-term

instruments

cash

equivalents,

primarily

open-end

investment

companies,

noted

the

Fund’s

Schedule

Portfolio

Investments.

The

Fund

effectively

does

not

have

control

the

non-cash

collateral

and

therefore

not

disclosed

the

Fund’s

Schedule

Portfolio

Investments.

Collateral

requirements

are

determined

daily

based

the

value

the

Fund’s

securities

loan

the

end

the

prior

business

day.

During

the

time

portfolio

securities

are

loan,

the

borrower

will

pay

the

Fund

any

dividends

interest

paid

such

securities

plus

any

fee

negotiated

between

the

parties

the

lending

agreement.

The

Fund

also

earns

return

from

the

collateral.

The

Fund

pays

Citibank

various

fees

connection

with

the

investment

cash

collateral

and

fees

based

the

investment

income

received

from

securities

lending

activities.

Securities

lending

income

(net

these

fees)

disclosed

the

Statement

Operations.

Loans

are

terminable

upon

demand

and

the

borrower

must

return

the

loaned

securities

within

the

lesser

one

standard

settlement

period

five

business

days.

Although

risk

mitigated

the

collateral,

the

Fund

could

experience

delay

recovering

its

securities

and

possible

loss

Level

Total

International

Equity

Fund

Common

Stocks

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

278,560

1,566,015

—(a)

1,844,575

U.S.

Treasury

Obligations

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

—

50,931

—

50,931

Total

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

278,560

1,616,946

—(a)

1,895,506

(a)

Zero

market

value

securities.

Notes

Financial

Statements

—

continued

May

31,

2026

Victory

Portfolios

(Unaudited)

income

value

the

borrower

fails

return

them.

addition,

there

risk

that

the

value

the

short-term

investments

will

less

than

the

amount

cash

collateral

required

returned

the

borrower.

The

Fund's

agreement

with

Citibank

does

not

include

master

netting

provisions.

Non-cash

collateral

received

the

Fund

may

not

sold

repledged,

except

satisfy

borrower

default.

May

31,

2026,

the

Fund

did

not

have

any

securities

loan.

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 May

31,

2026,

the

Fund

had

open

forward

foreign

exchange

currency

contracts.

Summary

Derivative

Instruments:

The

following

table

presents

the

effect

derivative

instruments

the

Statement

Operations,

categorized

risk

exposure,

for

the period

ended

May

31,

2026 (amounts

thousands):

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:

Investment

transactions

are

recorded

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

trade

date

the

last

business

day

the

reporting

period.

Dividend

income

recorded

the

ex-dividend

date.

Non-cash

dividends

included

income,

any,

are

recorded

the

fair

value

the

securities

received.

Gains

losses

realized

sales

securities

are

recorded

the

identified

cost

basis. Interest

income

accrued

daily

and

recorded

using

the

effective

interest

method,

which

includes

the

amortization

premiums

and

accretion

discounts

debt

securities.

Withholding

taxes

foreign

dividends,

interest,

and

capital

gains

have

been

provided

for

accordance

with

the

applicable

tax

rules

and

rates

each

respective

country.

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.

Net

Realized

Gains

(Losses)

from

Forward

Currency

Exchange

Contracts

Net

Realized

Gains

(Losses)

from

Purchased

Options

Net

Change

Unrealized

Appreciation/

Depreciation

from

Purchased

Options

Forward

Exchange

Rate

Risk

Exposure:

(18,000)

International

Equity

Fund

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

(18)

–

Notes

Financial

Statements

—

continued

May

31,

2026

Victory

Portfolios

(Unaudited)

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 November

30.

For

the

six

months

ended

May

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.

Purchases

and

Sales:

Purchases

and sales

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

six

months

ended

May

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

their

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.

May

31,

2026,

certain

affiliated

fund-of-funds

owned

total

outstanding

the

Fund

follows:

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

of the

Fund. The

rates

which

the

Adviser

paid

by the

Fund

are

included

the

table

below.

Excluding

U.S.

Government

Securities

Purchases

Sales

International

Equity

Fund

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

656,476

398,186

International

Equity

Fund

Ownership

Victory

Cornerstone

Equity

Fund

1.4%

Victory

Pioneer

Solutions

–

Balanced

Fund

2.1%

Notes

Financial

Statements

—

continued

May

31,

2026

Victory

Portfolios

(Unaudited)

Amounts

incurred

and

paid

VCM

for

the

six

months ended

May

31,

2026,

are

reflected

the

Statement

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 allocated

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

May

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.

Prior

February

2026,

BNY

Mellon

served

sub-administrator

and

sub-fund

accountant

for

the

Fund.

The

total

amounts

incurred

and

paid

for the six

months

ended May

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

of its

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

May

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

May

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%

and

1.00%,

respectively,

the

average

daily

net

assets. Amounts

incurred

and

paid

the

Distributor

for

the six

months

ended

May

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

May

31,

2026,

the

Distributor

received

thousand

from

commissions

earned

connection

with

sales

Class

Adviser

Fee

Tier

Rates

billion

Over

billion

International

Equity

Fund

0.65%,

plus

0.60%

Annual

Charge

$15

billion

Over

$15

billion

$30

billion

Over

$30

billion

$85

billion

Over

$85

billion

International

Equity

Fund

0.08%,

plus

0.05%,

plus

0.04%,

plus

0.03%

Notes

Financial

Statements

—

continued

May

31,

2026

Victory

Portfolios

(Unaudited)

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

May

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.

May

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

May

31,

2026.

For

the

six

months

ended

May

31,

2026,

the

following

recoupment

amount was

paid

the

Adviser

(amounts

thousands):

The

dates

the

table

below

represent

the

fiscal

year-end

which

the

24-month

recoupment

period

expires.

May

31,

2026,

these

amounts

are

available

repaid

the

Adviser

(amounts

thousands):

The

Adviser

may

voluntarily

waive

reimburse

additional

fees

and

expenses

make

other

payments to

assist

the

Fund

maintaining

competitive

expense

ratios.

Except

noted

above,

voluntary

waivers

and

reimbursements

applicable

the

Fund

are

not

available

recouped

future

time.

There

were

voluntary

waivers

reimbursements

for

the six

months

ended

May

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.

Risks

Non-U.S.

Investments

—

Investing

non-U.S.

issuers,

U.S.

issuers

that

have

significant

exposure

foreign

markets,

may

involve

unique

risks

compared

investing

securities

U.S.

issuers.

These

risks

are

pronounced

for

issuers

emerging

markets

the

extent

that

the

Fund

invests

significantly

one

region

country.

These

risks

may

include

different

financial

reporting

practices

and

regulatory

standards,

less

liquid

trading

markets,

extreme

price

volatility,

currency

risks,

changes

economic,

political,

regulatory

and

social

conditions,

military

conflicts

and

sanctions,

terrorism,

sustained

economic

downturns,

financial

instability,

reduction

government

central

bank

support,

inadequate

accounting

standards,

auditing

and

financial

recordkeeping

requirements,

tariffs,

tax

disputes

other

tax

burdens,

nationalization

expropriation

assets,

arbitrary

application

laws

and

regulations

lack

rule

law,

and

investment

and

repatriation

restrictions.

Investors

foreign

countries

often

have

limited

rights

and

few

practical

remedies

pursue

shareholder

claims.

Lack

effect

until

April

2028

Class

International

Equity

Fund

1.12%

1.83%

0.73%

0.74%

Amount

International

Equity

Fund

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

November

30,

2027

November

30,

2028

Total

International

Equity

Fund

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

686

183

869

Notes

Financial

Statements

—

continued

May

31,

2026

Victory

Portfolios

(Unaudited)

information

and

less

market

regulation

also

may

affect

the

value

these

securities.

Dividends

and

interest

received

the

Fund

and

capital

gains

recognized

the

Fund

may

give

rise

withholding

and

other

taxes

imposed

foreign

countries

and

may

decrease

the

Fund’s

return.

Non-U.S.

issuers

may

located

parts

the

world

that

have

historically

been

prone

natural

disasters.

Emerging

market

economies

tend

less

diversified

than

those

developed

countries.

They

typically

have

fewer

medical

and

economic

resources

than

developed

countries

and

thus

they

may

less

able

control

mitigate

the

effects

pandemic.

Investing

depositary

receipts

subject

many

the

same

risks

investing

directly

non-U.S.

issuers.

Depositary

receipts

may

involve

higher

expenses

and

may

trade

discount

(or

premium)

the

underlying

security.

Geographic

Focus Risk

—

the

extent

the

Fund

focuses

its

investments

issuers

located

particular

country

region,

the

Fund

subject

greater

risks

volatile

economic

cycles

and/or

conditions

and

developments

that

may

particular

that

country

region.

For

example,

the

Fund

may

subject

greater

risk

adverse

securities

markets,

exchange

rates,

social,

political,

regulatory,

economic,

business,

environmental

other

developments,

natural

disasters.

Currency

Risk

—

Because

the Fund

may

invest

non-U.S.

currencies,

securities

denominated

non-U.S.

currencies,

and

other

currency-

investments,

the

Fund

subject

currency

risk,

meaning

that

the

Fund

could experience

losses

based

changes

the

exchange

rate

between

non-U.S.

currencies

and

the

U.S.

dollar

result

currency

conversion

costs.

Currency

exchange

rates

can

volatile,

and

are

affected

factors

such

general

economic

conditions,

the

actions

the

U.S.

and

foreign

governments

central

banks,

the

imposition

currency

controls

and

speculation.

Value

Style Risk

—

The

prices

securities

the

Adviser

believes

are

undervalued

may

not

appreciate

expected

may

down.

Value

stocks

may

fall

out

favor

with

investors

and

underperform

the

overall

equity

market.

value

stock

may

not

increase

price

anticipated

the

Adviser

other

investors

fail

recognize

the

company’s

value

and

bid

the

price

the

factors

that

the

Adviser

believes

will

increase

the

price

the

security

not

occur

not

have

the

anticipated

effect.

Borrowing

and

Interfund

Lending:

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%.

Additionally,

the

agreement

was

renewed

again

effective

June

23,

2026,

with

termination

date

of June

21,

2027,

and

the

annual

commitment

fee

remained

unchanged

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

May

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

May

31,

2026.

Federal

Income

Tax

Information:

The

Fund

intends

distribute

any

net

investment

income

annually.

Distributable

net

realized

gains,

any,

are

declared

and

paid

least

annually.

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.

Notes

Financial

Statements

—

continued

May

31,

2026

Victory

Portfolios

(Unaudited)

the

tax year

ended November

30,

2025,

the

Fund

had

capital

loss

carryforwards

for

federal

income

tax

purposes.

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.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800)

539-3863

19390-0726

May

31,

2026

Semi-Annual:

Full

Financials

Victory

Pioneer

Select

Mid

Cap

Growth

Fund

TABLE

CONTENTS

Victory

Portfolios

This

report

for

the

information

the

shareholders

and

others

who

have

received

copy

the

currently

effective

prospectus

the

Fund,

managed

Victory

Capital

Management

Inc.

may

used

sales

literature

only

when

preceded

accompanied

current

prospectus,

which

provides

further

details

about

the

Fund.

IRA

DISTRIBUTION

WITHHOLDING

DISCLOSURE

generally

must

withhold

federal

income

tax

rate

10%

the

taxable

portion

your

distribution

and,

you

live

state

that

requires

state

income

tax

withholding,

your

state’s

tax

rate.

However,

you

may

elect

not

have

withholding

apply

have

income

tax

withheld

higher

rate.

Any

withholding

election

that

you

make

will

apply

any

subsequent

distribution

unless

and

until

you

change

revoke

the

election.

you

wish

make

withholding

election,

change

revoke

prior

withholding

election,

call

(800)

539-3863,

and

Form

W-4P

(OMB

No.

1545-0074

withholding

certificate

for

pension

annuity

payments)

will

electronically

sent.

you

not

have

withholding

election

place

the

date

distribution,

federal

income

tax

will

withheld

from

the

taxable

portion

your

distribution

rate

10%.

you

must

pay

estimated

taxes,

you

may

subject

estimated

tax

penalties

your

estimated

tax

payments

are

not

sufficient

and

sufficient

tax

not

withheld

from

your

distribution.

For

specific

information,

please

consult

your

tax

adviser.

•

NOT

FDIC

INSURED

•

BANK

GUARANTEE

•

MAY

LOSE

VALUE

Schedule

Portfolio

Investments

(Form

N-CSR

Item

Financial

Statements

(Form

N-CSR

Item

Statement

Assets

and

Liabilities

Statement

Operations

Statements

Changes

Net

Assets

Financial

Highlights

Notes

Financial

Statements

(Form

N-CSR

Item

Schedule

Portfolio

Investments

May

31,

2026

Victory

Portfolios

Victory

Pioneer

Select

Mid

Cap

Growth

Fund

(Unaudited)

See

notes

financial

statements.

Security

Description

Value

(000)

Common

Stocks

(99.9%)

Communication

Services

(1.5%):

ROBLOX

Corp.,

Class

A(a)

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

127,459

6,010

Spotify

Technology

SA(a)

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

44,832

22,312

28,322

Communications

Equipment

(3.2%):

Applied

Optoelectronics,

Inc.(a)

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

209,256

33,148

Nokia

Oyj

ADR

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

1,776,736

28,235

61,383

Consumer

Discretionary

(12.1%):

AutoZone,

Inc.(a)

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

5,666

16,631

Chipotle

Mexican

Grill,

Inc.,

Class

A(a)

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

542,316

17,278

DoorDash

Inc.,

Class

A(a)

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

83,296

13,268

DraftKings,

Inc.(a)

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

266,164

6,518

Marriott

International,

Inc.,

Class

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

97,082

36,464

Ollie's

Bargain

Outlet

Holdings,

Inc.(a)

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

139,212

11,364

Planet

Fitness,

Inc.,

Class

A(a)

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

86,588

4,633

Ross

Stores,

Inc.

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

118,084

27,364

Royal

Caribbean

Cruises

Ltd.

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

158,510

45,117

TopBuild

Corp.(a)

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

52,609

21,963

Viking

Holdings

Ltd.(a)

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

313,985

28,921

229,521

Consumer

Staples

(2.1%):

BJ's

Wholesale

Club

Holdings,

Inc.(a)

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

160,920

13,723

Celsius

Holdings,

Inc.(a)

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

238,530

7,936

Darling

Ingredients,

Inc.(a)

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

302,166

17,858

39,517

Electronic

Equipment,

Instruments

Components

(5.1%):

Amphenol

Corp.,

Class

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

179,245

26,665

Flex

Ltd.(a)

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

349,270

52,663

Novanta,

Inc.(a)

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

113,232

18,041

97,369

Energy

(3.0%):

Sinclair

Corp.

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

293,758

20,531

PBF

Energy,

Inc.,

Class

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

352,663

14,353

The

Williams

Cos.,

Inc.

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

299,891

21,409

56,293

Financials

(6.8%):

Evercore,

Inc.,

Class

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

86,098

29,347

Figure

Technology

Solutions,

Inc.,

Class

A(a)

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

223,495

7,901

Marex

Group

PLC

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

518,381

27,443

Miami

International

Holdings,

Inc.(a)

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

394,143

18,623

MSCI,

Inc.,

Class

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

29,721

17,784

Robinhood

Markets,

Inc.,

Class

A(a)

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

107,050

13,204

Tradeweb

Markets,

Inc.,

Class

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

174,061

15,581

129,883

Health

Care

(13.5%):

Agilent

Technologies,

Inc.

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

69,137

9,370

Alnylam

Pharmaceuticals,

Inc.(a)

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

24,615

7,433

Edgewise

Therapeutics,

Inc.(a)

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

795,789

27,184

Erasca

Inc.(a)

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

1,332,535

17,110

Guardant

Health,

Inc.(a)

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

122,421

15,877

Insmed

Inc.(a)

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

183,627

19,632

Labcorp

Holdings,

Inc.

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

96,835

25,183

McKesson

Corp.

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

41,154

30,554

Natera

Inc.(a)

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

142,095

31,740

Penumbra,

Inc.(a)

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

7,435

2,367

Repligen

Corp.(a)

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

84,060

10,419

ResMed,

Inc.

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

58,144

11,080

Revolution

Medicines,

Inc.(a)

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

42,099

6,630

Victory

Portfolios

Victory

Pioneer

Select

Mid

Cap

Growth

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

May

31,

2026

See

notes

financial

statements.

Security

Description

Value

(000)

Spyre

Therapeutics,

Inc.(a)

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

249,308

18,324

Vaxcyte

Inc.(a)

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

440,429

22,638

255,541

Industrials

(23.6%):

Axon

Enterprise,

Inc.(a)

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

44,554

19,992

BWX

Technologies,

Inc.

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

71,912

14,086

Firefly

Aerospace,

Inc.(a)

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

296,898

15,675

Forgent

Power

Solutions,

Inc.,

Class

A(a)

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

267,957

14,647

Generac

Holdings,

Inc.(a)

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

83,729

23,269

Hyundai

Rotem

Co.

Ltd.

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

103,907

13,824

Karman

Holdings,

Inc.(a)

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

158,045

9,088

L3Harris

Technologies,

Inc.

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

48,113

15,164

Regal

Rexnord

Corp.

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

128,684

25,963

Rollins,

Inc.

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

664,639

31,637

Saia,

Inc.(a)

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

56,162

26,529

Siemens

Energy

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

372,016

70,833

Tkms

Co.

KGaA

(a)

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

173,092

17,020

Verisk

Analytics,

Inc.,

Class

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

100,024

17,503

Vertiv

Holdings

Co.,

Class

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

269,651

85,132

W.W.

Grainger,

Inc.

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

39,188

48,367

448,729

Services

(6.2%):

Akamai

Technologies,

Inc.(a)

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

71,532

10,697

Cloudflare,

Inc.,

Class

A(a)

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

277,162

67,023

MongoDB,

Inc.,

Class

A(a)

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

47,021

15,778

Snowflake,

Inc.,

Class

A(a)

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

93,344

23,854

117,352

Real

Estate

(1.2%):

Iron

Mountain,

Inc.

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

178,076

22,838

Semiconductors

Semiconductor

Equipment

(9.3%):

Advanced

Micro

Devices,

Inc.(a)

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

123,676

63,829

Astera

Labs,

Inc.(a)

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

43,120

14,784

Credo

Technology

Group

Holding

Ltd.(a)

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

135,687

32,026

Kioxia

Holdings

Corp.(a)

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

77,500

32,044

Rambus,

Inc.(a)

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

99,375

14,455

Siltronic

AG(a)

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

97,642

11,924

SOITEC(a)

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

37,108

7,685

176,747

Software

(3.5%):

Datadog,

Inc.,

Class

A(a)

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

193,148

47,775

Samsara,

Inc.,

Class

A(a)

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

503,136

17,605

65,380

Technology

Hardware,

Storage

Peripherals

(6.4%):

Sandisk

Corp.(a)

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

37,228

63,100

Western

Digital

Corp.

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

111,383

59,168

122,268

Utilities

(2.4%):

NRG

Energy,

Inc.

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

237,492

31,843

Talen

Energy

Corp.(a)

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

35,725

13,818

45,661

Total

Common

Stocks

(Cost

$1,030,386)

1,896,804

Total

Investments

(Cost

$1,030,386)

—

99.9%

1,896,804

Other

assets

excess

liabilities

— 0.1%

2,387

NET

ASSETS

100.00%

1,899,191

May

31,

2026,

the

Fund's

investments

foreign

securities

were

13.7%

net

assets.

(a)

Non-income

producing

security.

Victory

Portfolios

Victory

Pioneer

Select

Mid

Cap

Growth

Fund

(Unaudited)

Schedule

Portfolio

Investments

—

continued

May

31,

2026

See

notes

financial

statements.

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

Statement

Assets

and

Liabilities

May

31,

2026

See

notes

financial

statements.

Victory

Portfolios

(Amounts

Thousands,

Except

Per

Amounts)

(Unaudited)

Victory

Pioneer

Select

Mid

Cap

Growth

Fund

Assets:

Investments,

value

(Cost

$1,030,386)

1,896,804‌

Foreign

currency,

value

(Cost

$2)

2‌

Cash

6,863‌

Receivables:

Dividends

and

interest

737‌

Capital

issued

1,768‌

Investments

sold

4,042‌

Reclaims

140‌

Prepaid

expenses

102‌

Total

Assets

1,910,458‌

Liabilities:

Payables:

Investments

purchased

8,178‌

Capital

redeemed

1,554‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

937‌

Administration

fees

67‌

Custodian

fees

10‌

Transfer

agent

fees

93‌

Sub-Transfer

agent

fees

122‌

Trustees'

fees

9‌

12b-1

fees

165‌

Other

accrued

expenses

132‌

Total

Liabilities

11,267‌

Commitments

and

contingencies

(Note

)

Net

Assets:

Capital

934,577‌

Total

accumulated

earnings

(loss)

964,614‌

Net

Assets

1,899,191‌

Net

Assets:

Class

1,497,305‌

Class

15,529‌

Class

122,209‌

Class

264,148‌

Total

1,899,191‌

(unlimited

number

authorized

with

par

value

$0.001

per

share):

Class

25,597‌

Class

629‌

Class

1,954‌

Class

3,803‌

Total

31,983‌

Net

asset

value,

offering

and

redemption

price

per

share:(a)

Class

58.50‌

Class

C(b)

24.69‌

Class

62.53‌

Class

69.45‌

Maximum

Sales

Charge

—

Class

.75‌

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

net

asset

value

adjusted

the

nearest

cent)

per

—

Class

62.07‌

(a)

Per

amount

may

not

recalculate

due

rounding

net

assets

and/or

outstanding.

(b)

Redemption

price

per

varies

length

time

are

held.

Statement

Operations

For

the

Six

Months

Ended

May

31,

2026

See

notes

financial

statements.

Victory

Portfolios

(Amounts

Thousands)

(Unaudited)

Victory

Pioneer

Select

Mid

Cap

Growth

Fund

Investment

Income:

Dividends

4,234‌

Interest

143‌

Foreign

tax

withholding

(

88‌

)

Total

Income

4,289‌

Expenses:

Investment

advisory

fees

5,025‌

Administration

fees

366‌

Sub-Administration

fees

4‌

12b-1

fees

—

Class

1,671‌

12b-1

fees

—

Class

71‌

Custodian

fees

14‌

Transfer

agent

fees

—

Class

125‌

Transfer

agent

fees

—

Class

4‌

Transfer

agent

fees

—

Class

1‌

Transfer

agent

fees

—

Class

3‌

Sub-Transfer

agent

fees

—

Class

312‌

Sub-Transfer

agent

fees

—

Class

4‌

Sub-Transfer

agent

fees

—

Class

133‌

Trustees'

fees

29‌

Legal

and

audit

fees

37‌

State

registration

and

filing

fees

28‌

Other

expenses

33‌

Recoupment

prior

expenses

waived/reimbursed

Adviser

18‌

Total

Expenses

7,878‌

Expenses

waived/reimbursed

Adviser

—‌

(a)

Net

Expenses

7,878‌

Net

Investment

Income

(Loss)

(

3,589‌

)

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

100,600‌

Net

change

unrealized

appreciation/depreciation

investment

securities

and

foreign

currency

translations

193,950‌

Net

realized/unrealized

gains

(losses)

investments

294,550‌

Change

net

assets

resulting

from

operations

290,961‌

(a)

Rounds

less

than

thousand.

(Amounts

Thousands)

Victory

Portfolios

Statements

Changes

Net

Assets

See

notes

financial

statements.

Victory

Pioneer

Select

Mid

Cap

Growth

Fund

Six

Months

Ended

May

31,

2026

(Unaudited)

Year

Ended

November

30,

2025*

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

(

3,589‌

)

(

3,535‌

)

Net

realized

gains

(losses)

100,600‌

237,727‌

Net

change

unrealized

appreciation/depreciation

193,950‌

(

15,124‌

)

Change

net

assets

resulting

from

operations

290,961‌

219,068‌

Distributions

Shareholders:

Class

—‌

(

187,272‌

)

Class

—‌

(

3,989‌

)

Class

—‌

(

13,346‌

)

Class

—‌

(

26,053‌

)

Change

net

assets

resulting

from

distributions

shareholders

—‌

(

230,660‌

)

Change

net

assets

resulting

from

capital

transactions

(

48,872‌

)

49,748‌

Change

net

assets

242,089‌

38,156‌

Net

Assets:

Beginning

period

1,657,102‌

1,618,946‌

End

period

1,899,191‌

1,657,102‌

Pioneer

Select

Mid

Cap

Growth

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.

(Amounts

Thousands)

Victory

Portfolios

Statements

Changes

Net

Assets

(continued)

See

notes

financial

statements.

Victory

Pioneer

Select

Mid

Cap

Growth

Fund

Six

Months

Ended

May

31,

2026

(Unaudited)

Year

Ended

November

30,

2025*

Capital

Transactions:

Class

Proceeds

from

issued

44,183‌

42,108‌

Distributions

reinvested

—‌

181,141‌

Cost

redeemed

(

106,857‌

)

(

154,684‌

)

Total

Class

(

62,674‌

)

68,565‌

Class

Proceeds

from

issued

659‌

1,344‌

Distributions

reinvested

—‌

3,976‌

Cost

redeemed

(

1,842‌

)

(

4,918‌

)

Total

Class

(

1,183‌

)

402‌

Class

Proceeds

from

issued

—‌

2,528‌

Distributions

reinvested

—‌

Cost

redeemed

—‌

(

11,439‌

)

Total

Class

—‌

(

8,911‌

)

Class

Proceeds

from

issued

16,922‌

16,913‌

Distributions

reinvested

—‌

12,071‌

Cost

redeemed

(

14,669‌

)

(

33,024‌

)

Total

Class

2,253‌

(

4,040‌

)

Class

Proceeds

from

issued

40,823‌

44,493‌

Distributions

reinvested

—‌

24,070‌

Cost

redeemed

(

28,091‌

)

(

74,831‌

)

Total

Class

12,732‌

(

6,268‌

)

Change

net

assets

resulting

from

capital

transactions

(

48,872‌

)

49,748‌

Transactions:

Class

Issued

867‌

873‌

Reinvested

—‌

3,740‌

Redeemed

(

2,096‌

)

(

3,083‌

)

Total

Class

(

1,229‌

)

1,530‌

Class

Issued

30‌

53‌

Reinvested

—‌

194‌

Redeemed

(

84‌

)

(

197‌

)

Total

Class

(

54‌

)

50‌

Class

Issued

—‌

60‌

Reinvested

—‌

Redeemed

—‌

(

288‌

)

Total

Class

—‌

(

228‌

)

Class

Issued

308‌

319‌

Reinvested

—‌

234‌

Redeemed

(

267‌

)

(

614‌

)

Total

Class

41‌

(

61‌

)

Class

Issued

677‌

752‌

Reinvested

—‌

419‌

Redeemed

(

462‌

)

(

1,345‌

)

Total

Class

215‌

(

174‌

)

Change

(

1,027‌

)

1,117‌

Pioneer

Select

Mid

Cap

Growth

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.

Victory

Portfolios

Financial

Highlights

For

Outstanding

Throughout

Each

Period

See

notes

financial

statements.

Victory

Pioneer

Select

Mid

Cap

Growth

Fund

Class

Six

Months

Ended

May

31,

2026

(Unaudited)

Year

Ended

November

30,

2025

Year

Ended

November

30,

2024

Year

Ended

November

30,

2023

Year

Ended

November

30,

2022

Year

Ended

November

30,

2021

Net

Asset

Value,

Beginning

Period

$49.60

$50.19

$39.35

$38.27

$52.58

$51.44

Investment

Activities:

Net

investment

income

(loss)(a)

(0.12)

(0.13)

(0.27)

(0.13)

(0.17)

(0.43)

Net

realized

and

unrealized

gains

(losses)

9.02

7.60

16.82

1.21

(13.48)

7.62

Total

from

Investment

Activities

8.90

7.47

16.55

1.08

(13.65)

7.19

Distributions

Shareholders

from:

Net

realized

gains

—

(8.06)

(5.71)

—

(0.66)

(6.05)

Total

Distributions

—

(8.06)

(5.71)

—

(0.66)

(6.05)

Net

Asset

Value,

End

Period

$58.50

$49.60

$50.19

$39.35

$38.27

$52.58

Total

Return(b)(c)

17.92%

15.27%

42.10%(d)

2.82%(e)

(25.94)%(f)

13.73%(g)

Ratios

Average

Net

Assets:

Net

Expenses(h)(i)

0.97%

0.98%

0.99%

1.03%

1.00%

0.99%

Net

Investment

Income

(Loss)(h)

(0.47)%

(0.27)%

(0.59)%

(0.34)%

(0.41)%

(0.74)%

Gross

Expenses(h)(i)

0.97%

0.99%

1.03%

1.00%

0.99%

Supplemental

Data:

Net

Assets

end

period

(000's)

$1,497,305

$1,330,469

$1,269,491

$997,162

$1,099,316

$1,624,675

Portfolio

Turnover(b)(j)

33%

62%

53%

72%

67%

43%

Pioneer

Select

Mid

Cap

Growth

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)

the

Fund

had

not

recognized

gains

the

settlement

class

action

lawsuits

during

the

year

ended

November

30,

2024,

the

total

return

would

have

been

42.07%.

(e)

For

the

year

ended

November

30,

2023,

the

Fund’s

total

return

includes

gains

settlement

class

action

lawsuits.

The

impact

Class

A’s

total

return

was

less

than

0.005%.

(f)

The

class

action

lawsuit

did

not

have

impact

the

total

return.

(g)

the

Fund

had

not

recognized

gains

the

settlement

class

action

lawsuits

during

the

year

ended

November

30,

2021,

the

total

return

would

have

been

13.70%.

(h)

Annualized

for

periods

less

than

one

year.

(i)

Does

not

include

acquired

fund

fees

and

expenses,

any.

(j)

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

Select

Mid

Cap

Growth

Fund

Class

Six

Months

Ended

May

31,

2026

(Unaudited)

Year

Ended

November

30,

2025

Year

Ended

November

30,

2024

Year

Ended

November

30,

2023

Year

Ended

November

30,

2022

Year

Ended

November

30,

2021

Net

Asset

Value,

Beginning

Period

$21.01

$25.59

$22.22

$21.79

$30.56

$32.33

Investment

Activities:

Net

investment

income

(loss)(a)

(0.14)

(0.28)

(0.36)

(0.25)

(0.29)

(0.55)

Net

realized

and

unrealized

gains

(losses)

3.82

3.76

9.44

0.68

(7.82)

4.83

Total

from

Investment

Activities

3.68

3.48

9.08

0.43

(8.11)

4.28

Distributions

Shareholders

from:

Net

realized

gains

—

(8.06)

(5.71)

—

(0.66)

(6.05)

Total

Distributions

—

(8.06)

(5.71)

—

(0.66)

(6.05)

Net

Asset

Value,

End

Period

$24.69

$21.01

$25.59

$22.22

$21.79

$30.56

Total

Return(b)(c)

17.46%

14.35%

40.93%(d)

1.97%(e)

(26.49)%(f)

12.83%

Ratios

Average

Net

Assets:

Net

Expenses(g)(h)

1.77%

1.78%

1.80%

1.85%

1.77%

Net

Investment

Income

(Loss)(g)

(1.26)%

(1.08)%

(1.39)%

(1.16)%

(1.19)%

(1.51)%

Gross

Expenses(g)(h)

1.77%

1.78%

1.80%

1.85%

1.77%

Supplemental

Data:

Net

Assets

end

period

(000's)

$15,529

$14,348

$16,205

$15,427

$19,737

$34,094

Portfolio

Turnover(b)(i)

33%

62%

53%

72%

67%

43%

Pioneer

Select

Mid

Cap

Growth

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

November

30,

2024,

the

Fund’s

total

return

includes

gains

settlement

class

action

lawsuits.

The

impact

Class

C’s

total

return

was

less

than

0.005%.

(e)

For

the

year

ended

November

30,

2023,

the

Fund’s

total

return

includes

gains

settlement

class

action

lawsuits.

The

impact

Class

C’s

total

return

was

less

than

0.005%.

(f)

The

class

action

lawsuit

did

not

have

impact

the

total

return.

(g)

Annualized

for

periods

less

than

one

year.

(h)

Does

not

include

acquired

fund

fees

and

expenses,

any.

(i)

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

Select

Mid

Cap

Growth

Fund

Class

R6*

Six

Months

Ended

May

31,

2026

(Unaudited)

Year

Ended

November

30,

2025

Year

Ended

November

30,

2024

Year

Ended

November

30,

2023

Year

Ended

November

30,

2022

Year

Ended

November

30,

2021

Net

Asset

Value,

Beginning

Period

$52.93

$52.91

$41.14

$39.87

$54.55

$53.00

Investment

Activities:

Net

investment

income

(loss)(a)

(0.04)

0.02

(0.13)

—(b)

(0.03)

(0.23)

Net

realized

and

unrealized

gains

(losses)

9.64

8.06

17.61

1.27

(13.99)

7.83

Total

from

Investment

Activities

9.60

8.08

17.48

1.27

(14.02)

7.60

Distributions

Shareholders

from:

Net

realized

gains

—

(8.06)

(5.71)

—

(0.66)

(6.05)

Total

Distributions

—

(8.06)

(5.71)

—

(0.66)

(6.05)

Net

Asset

Value,

End

Period

$62.53

$52.93

$52.91

$41.14

$39.87

$54.55

Total

Return(c)(d)

18.14%

15.64%

42.52%(e)

3.19%(f)

(25.67)%(g)

14.09%

Ratios

Average

Net

Assets:

Net

Expenses(h)(i)

0.66%

0.67%

0.69%

0.66%

0.65%

Net

Investment

Income

(Loss)(h)

(0.15)%

0.04%

(0.27)%

0.00%(j)

(0.07)%

(0.39)%

Gross

Expenses(h)(i)

0.66%

0.67%

0.69%

0.66%

0.65%

Supplemental

Data:

Net

Assets

end

period

(000's)

$122,209

$101,234

$104,451

$120,424

$232,005

$363,412

Portfolio

Turnover(c)(k)

33%

62%

53%

72%

67%

43%

Pioneer

Select

Mid

Cap

Growth

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)

Amount

less

than

$0.005

per

share.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

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.

(e)

For

the

year

ended

November

30,

2024,

the

Fund's

total

return

includes

gains

settlement

class

action

lawsuits.

The

impact

Class

R6's

total

return

was

less

than

0.005%.

(f)

For

the

year

ended

November

30,

2023,

the

Fund’s

total

return

includes

gains

settlement

class

action

lawsuits.

The

impact

Class

R6’s

total

return

was

less

than

0.005%.

(g)

The

class

action

lawsuit

did

not

have

impact

the

total

return.

(h)

Annualized

for

periods

less

than

one

year.

(i)

Does

not

include

acquired

fund

fees

and

expenses,

any.

(j)

Amount

less

than

0.005%.

(k)

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

Select

Mid

Cap

Growth

Fund

Class

Six

Months

Ended

May

31,

2026

(Unaudited)

Year

Ended

November

30,

2025

Year

Ended

November

30,

2024

Year

Ended

November

30,

2023

Year

Ended

November

30,

2022

Year

Ended

November

30,

2021

Net

Asset

Value,

Beginning

Period

$58.82

$58.07

$44.81

$43.49

$59.49

$57.39

Investment

Activities:

Net

investment

income

(loss)(a)

(0.08)

(0.03)

(0.19)

(0.06)

(0.10)

(0.33)

Net

realized

and

unrealized

gains

(losses)

10.71

8.84

19.16

1.38

(15.24)

8.48

Total

from

Investment

Activities

10.63

8.81

18.97

1.32

(15.34)

8.15

Distributions

Shareholders

from:

Net

realized

gains

—

(8.06)

(5.71)

—

(0.66)

(6.05)

Total

Distributions

—

(8.06)

(5.71)

—

(0.66)

(6.05)

Net

Asset

Value,

End

Period

$69.45

$58.82

$58.07

$44.81

$43.49

$59.49

Total

Return(b)(c)

18.05%

15.51%

42.36%(d)

3.04%(e)

(25.76)%(f)

13.98%

Ratios

Average

Net

Assets:

Net

Expenses(g)(h)

0.78%

0.77%

0.78%

0.82%

0.78%

0.77%

Net

Investment

Income

(Loss)(g)

(0.27)%

(0.06)%

(0.36)%

(0.14)%

(0.21)%

(0.51)%

Gross

Expenses(g)(h)

0.78%

0.79%

0.78%

0.82%

0.78%

0.77%

Supplemental

Data:

Net

Assets

end

period

(000's)

$264,148

$211,052

$218,473

$239,947

$393,702

$734,517

Portfolio

Turnover(b)(i)

33%

62%

53%

72%

67%

43%

Pioneer

Select

Mid

Cap

Growth

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

November

30,

2024,

the

Fund's

total

return

includes

gains

settlement

class

action

lawsuits.

The

impact

Class

Y's

total

return

was

less

than

0.005%.

(e)

the

Fund

had

not

recognized

gains

settlement

class

action

lawsuits

during

the

year

ended

November

30,

2023,

the

total

return

would

have

been

3.01%.

(f)

the

Fund

had

not

recognized

gains

settlement

class

action

lawsuits

during

the

year

ended

November

30,

2022,

the

total

return

would

have

been

(25.78)%.

(g)

Annualized

for

periods

less

than

one

year.

(h)

Does

not

include

acquired

fund

fees

and

expenses,

any.

(i)

Portfolio

turnover

calculated

the

basis

the

Fund

whole

without

distinguishing

between

the

classes

shares.

Notes

Financial

Statements

May

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 Select

Mid

Cap Growth

Fund

(the

“Predecessor

Fund”).

The

Predecessor

Fund

transferred

all

the

net

assets

Class

and

Class

exchange

for

the

Fund’s

Class

R6,

Class

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

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

seek

long-term capital

growth.

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

4).

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.

Fund

(Legal

Name)

Fund

(Short

Name)

Investment

Classes

Offered

Victory

Pioneer

Select

Mid

Cap

Growth

Fund

Select

Mid

Cap

Growth

Fund

Class

R6,

and

Class

Notes

Financial

Statements

—

continued

May

31,

2026

Victory

Portfolios

(Unaudited)

The Adviser,

appointed

the

valuation

designee

by the

Trust's

Board

Trustees

(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.

Portfolio

securities

listed

traded

securities

exchanges,

including

Exchange-Traded

Funds

(“ETFs”)

and

American

Depository

Receipts,

are

valued

the

last

sale

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

closing mean

available,

otherwise

the

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 are

valued

at their

net

asset

value

(“NAV”).

These

valuations

are

typically

categorized

Level

1 in

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

May

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):

of May

31,

2026,

there

were

significant

transfers

into/out

Level

Real

Estate

Investment

Trusts

(“REITs”):

The

Fund

may

invest

REITs,

which

report

information

the

source

their

distributions

annually.

REITs

are

pooled

investment

vehicles

that

invest

primarily

income-producing

real

estate

real

estate

loans

interests

(such

mortgages).

Certain

distributions

received

from

REITs

will

reclassified

realized

gains

return

capital

estimated

the

Fund

based

calendar

year-end

information

becomes

known

available.

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.

Securities

Lending:

Effective

May

2026,

the

Fund,

through

Securities

Lending

Agreement

with

Citibank,

N.A.

(“Citibank”),

may

lend

its

securities

qualified

financial

institutions,

such

certain

broker-dealers

and

banks,

earn

additional

income,

net

income

retained

Citibank.

Borrowers

are

required

initially

secure

their

loans

for

collateral

the

amount

least

102%

the

value

U.S.

securities

loaned

least

105%

the

value

non-U.S.

securities

loaned,

marked-to-market

daily.

Any

collateral

shortfalls

associated

with

increases

the

valuation

the

securities

loaned

are

generally

cured

the

business

day.

The

collateral

can

received

the

form

cash

collateral

and/or

non-cash

collateral.

Non-

cash

collateral

can

include

U.S.

Government

Securities

and

other

securities

permitted

Securities

and

Exchange

Commission

(“SEC”)

guidelines.

The

cash

collateral

invested

short-term

instruments

cash

equivalents,

primarily

open-end

investment

companies,

noted

the

Fund’s

Schedule

Portfolio

Investments.

The

Fund

effectively

does

not

have

control

the

non-cash

collateral

and

therefore

not

disclosed

the

Fund’s

Schedule

Portfolio

Investments.

Collateral

requirements

are

determined

daily

based

the

value

the

Fund’s

securities

loan

the

end

the

prior

business

day.

During

the

time

portfolio

securities

are

loan,

the

borrower

will

pay

the

Fund

any

dividends

interest

paid

such

securities

plus

any

fee

negotiated

between

the

parties

the

lending

agreement.

The

Fund

also

earns

return

from

the

collateral.

The

Fund

pays

Citibank

various

fees

connection

with

the

investment

cash

collateral

and

fees

based

the

investment

income

received

from

securities

lending

activities.

Securities

lending

income

(net

these

fees)

disclosed

the

Statement

Operations.

Level

Total

Select

Mid

Cap

Growth

Fund

Common

Stocks

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

1,896,804

—

1,896,804

Total

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

1,896,804

—

1,896,804

Notes

Financial

Statements

—

continued

May

31,

2026

Victory

Portfolios

(Unaudited)

Loans

are

terminable

upon

demand

and

the

borrower

must

return

the

loaned

securities

within

the

lesser

one

standard

settlement

period

five

business

days.

Although

risk

mitigated

the

collateral,

the

Fund

could

experience

delay

recovering

its

securities

and

possible

loss

income

value

the

borrower

fails

return

them.

addition,

there

risk

that

the

value

the

short-term

investments

will

less

than

the

amount

cash

collateral

required

returned

the

borrower.

The

Fund's

agreement

with

Citibank

does

not

include

master

netting

provisions.

Non-cash

collateral

received

the

Fund

may

not

sold

repledged,

except

satisfy

borrower

default.

May

31,

2026,

the

Fund

did

not

have

any

securities

loan.

Investment

Transactions

and

Income:

Investment

transactions

are

recorded

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

trade

date

the

last

business

day

the

reporting

period.

Interest

income

accrued

daily

and

recorded

using

the

effective

interest

method,

which

includes

the

amortization

premiums

and

accretion

discounts

debt

securities.

Withholding

taxes

foreign

dividends,

interest,

and

capital

gains

have

been

provided

for

accordance

with

the

applicable

tax

rules

and

rates

each

respective

country.

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 November

30.

For

the

six

months

ended

May

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.

Purchases

and

Sales:

Purchases

and sales

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

six

months

ended

May

31,

2026,

were

follows

(amounts

thousands):

Notes

Financial

Statements

—

continued

May

31,

2026

Victory

Portfolios

(Unaudited)

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

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

of the

Fund. The

rates

which

the

Adviser

paid

by the

Fund

are

included

the

table

below.

Amounts

incurred

and

paid

VCM

for

the

six

months ended

May

31,

2026,

are

reflected

the

Statement

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 allocated

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

May

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.

Prior

February

2026,

BNY

Mellon

served

sub-administrator

and

sub-fund

accountant

for

the

Fund.

The

total

amounts

incurred

and

paid

for the six

months

ended May

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

of its

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

May

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

May

31,

2026,

are

reflected

the

Statement

Operations

Sub-Transfer

agent

fees.

Excluding

U.S.

Government

Securities

Purchases

Sales

Select

Mid

Cap

Growth

Fund

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

552,913

603,294

Adviser

Fee

Tier

Rates

Over

$500

million

Over

billion

$500

million

billion

Over

billion

Select

Mid

Cap

Growth

Fund

0.625%,

plus

0.60%,

plus

0.575%,

plus

0.55%

Annual

Charge

$15

billion

Over

$15

billion

$30

billion

Over

$30

billion

$85

billion

Over

$85

billion

Select

Mid

Cap

Growth

Fund

0.08%,

plus

0.05%,

plus

0.04%,

plus

0.03%

Notes

Financial

Statements

—

continued

May

31,

2026

Victory

Portfolios

(Unaudited)

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%

and

1.00%,

respectively,

the

average

daily

net

assets. Amounts

incurred

and

paid

the

Distributor

for

the six

months

ended

May

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

May

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

May

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.

May

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

May

31,

2026.

For

the

six

months

ended

May

31,

2026,

the

following

recoupment

amount was

paid

the

Adviser

(amounts

thousands):

The

dates

the

table

below

represent

the

fiscal

year-end

which

the

24-month

recoupment

period

expires.

May

31,

2026,

these

amounts

are

available

repaid

the

Adviser

(amounts

thousands):

The

Adviser

may

voluntarily

waive

reimburse

additional

fees

and

expenses

make

other

payments to

assist

the

Fund

maintaining

competitive

expense

ratios.

Except

noted

above,

voluntary

waivers

and

reimbursements

applicable

the

Fund

are

not

available

recouped

future

time.

There

were

voluntary

waivers

reimbursements

for

the six

months

ended

May

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,

effect

until

April

2028

Class

Select

Mid

Cap

Growth

Fund

0.99%

1.80%

0.67%

0.78%

Amount

Select

Mid

Cap

Growth

Fund

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

November

30,

2028

Total

Select

Mid

Cap

Growth

Fund

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

Notes

Financial

Statements

—

continued

May

31,

2026

Victory

Portfolios

(Unaudited)

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.

Mid-Size

Companies

Risk

—

Compared

large

companies,

mid-size

companies,

and

the

market

for

their

equity

securities

may

sensitive

changes

earnings

results

and

investor

expectations,

poor

economic

market

conditions,

including

those

experienced

during

recession,

have

limited

product

lines,

operating

histories,

markets

capital

resources,

may

dependent

upon

limited

management

group,

experience

sharper

swings

market

values,

have

limited

liquidity,

harder

value

sell

the

times

and

prices

the

Adviser

thinks

appropriate,

and

offer

greater

potential

for

gain

and

loss.

Growth Style Risk

— The

Fund’s

investments

may

not

have

the

growth

potential

originally

expected.

Growth

stocks

may

fall

out

favor

with

investors

and

underperform

the

overall

equity

market.

Growth

securities

may

also

volatile

than

other

investments

because

they

often

not

pay

dividends.

The

values

growth

securities

tend

down

when

interest

rates

rise

because

the

rise

interest

rates

reduces

the

current

value

future

cash

flows.

Portfolio

Selection

Risks

—

The

Adviser’s

judgment

about

particular

security

issuer,

about

the

economy

particular

sector,

region,

market

segment

industry,

about

investment

strategy,

may

prove

incorrect

may

not

produce

the

desired

results,

there

may

imperfections,

errors

limitations

the

models,

tools

and

information

used

the

Adviser.

Sector

Risk

—

the

extent

the

Fund

focuses

one

sectors,

such

the

information

technology

sector,

market

economic

factors

impacting

those

sectors

could

have

significant

effect

the

value

the

Fund’s

investments

and

could

make

the

Fund’s

performance

volatile.

Information

Technology

Sector

Risk

—

Companies

the

information

technology

sector

face

intense

competition,

both

domestically

and

internationally.

These

companies

may

smaller

newer

and

may

have

limited

product

lines,

markets,

financial

resources,

personnel.

The

products

companies

the

information

technology

sector

may

face

product

obsolescence

due

rapid

technological

developments

and

frequent

new

product

introduction,

unpredictable

changes

growth

rates,

and

competition

for

the

services

qualified

personnel.

These

com-

panies

may

developing

marketing

new

products

services

for

which

markets

are

not

yet

established

and

may

never

become

established.

Industrials

Sector

Risk

—

Companies

the

industrials

sector

are

affected

supply

and

demand

both

for

their

specific

product

service

and

for

industrials

sector

products

general.

Government

regulation,

world

events,

and

economic

conditions

also

affect

the

performance

investments

such

issuers.

Aerospace

and

defense

companies,

component

the

industrials

sector,

can

significantly

affected

govern-

ment

spending

policies.

Transportation

companies

may

experience

occasional

sharp

price

movements,

which

may

result

from

changes

the

economy,

fuel

prices,

labor

agreements,

and

insurance

costs.

Borrowing

and

Interfund

Lending:

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%.

Additionally,

the

agreement

was

renewed

again

effective

June

23,

2026,

with

termination

date

of June

21,

2027,

and

the

annual

commitment

fee

remained

unchanged

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

May

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

May

31,

2026.

Notes

Financial

Statements

—

continued

May

31,

2026

Victory

Portfolios

(Unaudited)

Federal

Income

Tax

Information:

The

Fund

intends

distribute

any

net

investment

income

annually.

Distributable

net

realized

gains,

any,

are

declared

and

paid

least

annually.

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 November

30,

2025,

the

Fund

had

capital

loss

carryforwards

for

federal

income

tax

purposes.

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.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800)

539-3863

23253-0726

(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 August 3, 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 August 3, 2026

By (Signature and Title) /s/ Carol D. Trevino

Carol D. Trevino, Treasurer and Principal Financial Officer

Date August 3, 2026

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

IDEA: FilingSummary.xml

IDEA: MetaLinks.json

IDEA: primary-document_htm.xml

UNITED STATES

FORM N-CSR

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

FUND STATISTICS

($ amounts in 000s)

(as of May 31, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of May 31, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of May 31, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of May 31, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of May 31, 2026)

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

(as of May 31, 2026)

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

(as of May 31, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of May 31, 2026)

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

(as of May 31, 2026)

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

(as of May 31, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of May 31, 2026)

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

(as of May 31, 2026)

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

(as of May 31, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of May 31, 2026)

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

(as of May 31, 2026)

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

(as of May 31, 2026)

Additional Shareholder Information

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

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

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

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

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

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

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

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