Victory AMT-Free Municipal Fund

Class A

Ticker: PBMFX

Semi-Annual Shareholder Report — June 30, 2026

The semi-annual shareholder report contains important information about Victory AMT-Free Municipal Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$40	0.79%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$408,278
Number of Holdings	118
Portfolio Turnover	21%

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 Industries* (% of Net Assets)

(as of June 30, 2026)

Table Summary
Value	Value
Development	3.9%
Education	4.1%
Power	4.3%
Water	5.9%
Tobacco Settlement	6.7%
Transportation	6.9%
Nursing Homes	7.4%
Higher Education	9.7%
Medical	18.6%
General Obligation	19.7%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

PBMFX — SAR (6/26)

Victory AMT-Free Municipal Fund

Class C

Ticker: MNBCX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$77	1.54%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$408,278
Number of Holdings	118
Portfolio Turnover	21%

Top Industries* (% of Net Assets)

(as of June 30, 2026)

Table Summary
Value	Value
Development	3.9%
Education	4.1%
Power	4.3%
Water	5.9%
Tobacco Settlement	6.7%
Transportation	6.9%
Nursing Homes	7.4%
Higher Education	9.7%
Medical	18.6%
General Obligation	19.7%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

MNBCX — SAR (6/26)

Victory AMT-Free Municipal Fund

Class Y

Ticker: PBYMX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$25	0.49%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$408,278
Number of Holdings	118
Portfolio Turnover	21%

Top Industries* (% of Net Assets)

(as of June 30, 2026)

Table Summary
Value	Value
Development	3.9%
Education	4.1%
Power	4.3%
Water	5.9%
Tobacco Settlement	6.7%
Transportation	6.9%
Nursing Homes	7.4%
Higher Education	9.7%
Medical	18.6%
General Obligation	19.7%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

PBYMX — SAR (6/26)

Victory Pioneer Core Equity Fund

Class A

Ticker: PIOTX

Semi-Annual Shareholder Report — June 30, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Core Equity Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$44	0.84%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$2,085,755
Number of Holdings	70
Portfolio Turnover	22%

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

(as of June 30, 2026)

Table Summary
Value	Value
Materials	2.1%
Utilities	2.7%
Consumer Discretionary	4.2%
Consumer Staples	6.8%
Communication Services	7.3%
Energy	7.3%
Health Care	11.1%
Industrials	13.8%
Financials	19.8%
Information Technology	23.4%

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

(as of June 30, 2026)

Table Summary
Bank of America Corp.	4.0%
Microsoft Corp.	3.7%
International Business Machines Corp.	3.6%
Wells Fargo & Co.	3.4%
Cisco Systems, Inc.	3.4%
United Parcel Service, Inc., Class B	3.3%
State Street Corp.	3.2%
Johnson & Johnson	2.7%
Exxon Mobil Corp.	2.3%
CMS Energy Corp.	2.3%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

PIOTX — SAR (6/26)

Victory Pioneer Core Equity Fund

Class C

Ticker: PCOTX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$83	1.61%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$2,085,755
Number of Holdings	70
Portfolio Turnover	22%

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

(as of June 30, 2026)

Table Summary
Value	Value
Materials	2.1%
Utilities	2.7%
Consumer Discretionary	4.2%
Consumer Staples	6.8%
Communication Services	7.3%
Energy	7.3%
Health Care	11.1%
Industrials	13.8%
Financials	19.8%
Information Technology	23.4%

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

(as of June 30, 2026)

Table Summary
Bank of America Corp.	4.0%
Microsoft Corp.	3.7%
International Business Machines Corp.	3.6%
Wells Fargo & Co.	3.4%
Cisco Systems, Inc.	3.4%
United Parcel Service, Inc., Class B	3.3%
State Street Corp.	3.2%
Johnson & Johnson	2.7%
Exxon Mobil Corp.	2.3%
CMS Energy Corp.	2.3%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

PCOTX — SAR (6/26)

Victory Pioneer Core Equity Fund

Class R6

Ticker: PCEKX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R6	$30	0.57%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$2,085,755
Number of Holdings	70
Portfolio Turnover	22%

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

(as of June 30, 2026)

Table Summary
Value	Value
Materials	2.1%
Utilities	2.7%
Consumer Discretionary	4.2%
Consumer Staples	6.8%
Communication Services	7.3%
Energy	7.3%
Health Care	11.1%
Industrials	13.8%
Financials	19.8%
Information Technology	23.4%

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

(as of June 30, 2026)

Table Summary
Bank of America Corp.	4.0%
Microsoft Corp.	3.7%
International Business Machines Corp.	3.6%
Wells Fargo & Co.	3.4%
Cisco Systems, Inc.	3.4%
United Parcel Service, Inc., Class B	3.3%
State Street Corp.	3.2%
Johnson & Johnson	2.7%
Exxon Mobil Corp.	2.3%
CMS Energy Corp.	2.3%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

PCEKX — SAR (6/26)

Victory Pioneer Core Equity Fund

Class Y

Ticker: PVFYX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$33	0.64%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$2,085,755
Number of Holdings	70
Portfolio Turnover	22%

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

(as of June 30, 2026)

Table Summary
Value	Value
Materials	2.1%
Utilities	2.7%
Consumer Discretionary	4.2%
Consumer Staples	6.8%
Communication Services	7.3%
Energy	7.3%
Health Care	11.1%
Industrials	13.8%
Financials	19.8%
Information Technology	23.4%

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

(as of June 30, 2026)

Table Summary
Bank of America Corp.	4.0%
Microsoft Corp.	3.7%
International Business Machines Corp.	3.6%
Wells Fargo & Co.	3.4%
Cisco Systems, Inc.	3.4%
United Parcel Service, Inc., Class B	3.3%
State Street Corp.	3.2%
Johnson & Johnson	2.7%
Exxon Mobil Corp.	2.3%
CMS Energy Corp.	2.3%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

PVFYX — SAR (6/26)

Victory Pioneer Fund

Class A

Ticker: PIODX

Semi-Annual Shareholder Report — June 30, 2026

The semi-annual shareholder report contains important information about Victory Pioneer Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$48	0.92%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$11,182,892
Number of Holdings	45
Portfolio Turnover	32%

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

(as of June 30, 2026)

Table Summary
Value	Value
Consumer Staples	2.4%
Energy	4.0%
Consumer Discretionary	6.5%
Financials	6.8%
Materials	7.2%
Utilities	7.3%
Health Care	7.9%
Communication Services	9.0%
Industrials	13.1%
Information Technology^{Footnote Reference**}	35.0%

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

(as of June 30, 2026)

Table Summary
NVIDIA Corp.	8.9%
Alphabet, Inc., Class A	7.0%
Amazon.com, Inc.	4.6%
United Parcel Service, Inc., Class B	4.5%
NRG Energy, Inc.	4.4%
Apple, Inc.	4.2%
Microsoft Corp.	4.0%
Martin Marietta Materials, Inc.	3.7%
Freeport-McMoRan, Inc.	3.5%
Eli Lilly & Co.	3.3%

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

PIODX — SAR (6/26)

Victory Pioneer Fund

Class C

Ticker: PCODX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class C	$89	1.71%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$11,182,892
Number of Holdings	45
Portfolio Turnover	32%

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

(as of June 30, 2026)

Table Summary
Value	Value
Consumer Staples	2.4%
Energy	4.0%
Consumer Discretionary	6.5%
Financials	6.8%
Materials	7.2%
Utilities	7.3%
Health Care	7.9%
Communication Services	9.0%
Industrials	13.1%
Information Technology^{Footnote Reference**}	35.0%

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

(as of June 30, 2026)

Table Summary
NVIDIA Corp.	8.9%
Alphabet, Inc., Class A	7.0%
Amazon.com, Inc.	4.6%
United Parcel Service, Inc., Class B	4.5%
NRG Energy, Inc.	4.4%
Apple, Inc.	4.2%
Microsoft Corp.	4.0%
Martin Marietta Materials, Inc.	3.7%
Freeport-McMoRan, Inc.	3.5%
Eli Lilly & Co.	3.3%

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

PCODX — SAR (6/26)

Victory Pioneer Fund

Class R

Ticker: PIORX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R	$66	1.26%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$11,182,892
Number of Holdings	45
Portfolio Turnover	32%

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

(as of June 30, 2026)

Table Summary
Value	Value
Consumer Staples	2.4%
Energy	4.0%
Consumer Discretionary	6.5%
Financials	6.8%
Materials	7.2%
Utilities	7.3%
Health Care	7.9%
Communication Services	9.0%
Industrials	13.1%
Information Technology^{Footnote Reference**}	35.0%

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

(as of June 30, 2026)

Table Summary
NVIDIA Corp.	8.9%
Alphabet, Inc., Class A	7.0%
Amazon.com, Inc.	4.6%
United Parcel Service, Inc., Class B	4.5%
NRG Energy, Inc.	4.4%
Apple, Inc.	4.2%
Microsoft Corp.	4.0%
Martin Marietta Materials, Inc.	3.7%
Freeport-McMoRan, Inc.	3.5%
Eli Lilly & Co.	3.3%

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

PIORX — SAR (6/26)

Victory Pioneer Fund

Class R6

Ticker: PIOKX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class R6	$34	0.64%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$11,182,892
Number of Holdings	45
Portfolio Turnover	32%

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

(as of June 30, 2026)

Table Summary
Value	Value
Consumer Staples	2.4%
Energy	4.0%
Consumer Discretionary	6.5%
Financials	6.8%
Materials	7.2%
Utilities	7.3%
Health Care	7.9%
Communication Services	9.0%
Industrials	13.1%
Information Technology^{Footnote Reference**}	35.0%

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

(as of June 30, 2026)

Table Summary
NVIDIA Corp.	8.9%
Alphabet, Inc., Class A	7.0%
Amazon.com, Inc.	4.6%
United Parcel Service, Inc., Class B	4.5%
NRG Energy, Inc.	4.4%
Apple, Inc.	4.2%
Microsoft Corp.	4.0%
Martin Marietta Materials, Inc.	3.7%
Freeport-McMoRan, Inc.	3.5%
Eli Lilly & Co.	3.3%

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

PIOKX — SAR (6/26)

Victory Pioneer Fund

Class Y

Ticker: PYODX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$34	0.64%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$11,182,892
Number of Holdings	45
Portfolio Turnover	32%

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

(as of June 30, 2026)

Table Summary
Value	Value
Consumer Staples	2.4%
Energy	4.0%
Consumer Discretionary	6.5%
Financials	6.8%
Materials	7.2%
Utilities	7.3%
Health Care	7.9%
Communication Services	9.0%
Industrials	13.1%
Information Technology^{Footnote Reference**}	35.0%

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

(as of June 30, 2026)

Table Summary
NVIDIA Corp.	8.9%
Alphabet, Inc., Class A	7.0%
Amazon.com, Inc.	4.6%
United Parcel Service, Inc., Class B	4.5%
NRG Energy, Inc.	4.4%
Apple, Inc.	4.2%
Microsoft Corp.	4.0%
Martin Marietta Materials, Inc.	3.7%
Freeport-McMoRan, Inc.	3.5%
Eli Lilly & Co.	3.3%

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

PYODX — SAR (6/26)

Victory Pioneer U.S. Government Money Market Fund

Class A

Ticker: PMTXX

Semi-Annual Shareholder Report — June 30, 2026

The semi-annual shareholder report contains important information about Victory Pioneer U.S. Government Money Market Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at advisor.vcm.com/ literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class A	$24	0.49%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$236,493
Number of Holdings	14
7 Day Net Yield	3.17%

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

(as of June 30, 2026)

Table Summary
Value	Value
U.S. Treasury Obligations	59.8%
Repurchase Agreements	40.1%

Table Summary
^	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

PMTXX — SAR (6/26)

Victory Pioneer U.S. Government Money Market Fund

Class Y

Ticker: PRYXX

Semi-Annual Shareholder Report — June 30, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 Investment^{Footnote Reference*}
Class Y	$22	0.44%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Table Summary
Net Assets	$236,493
Number of Holdings	14
7 Day Net Yield	3.22%

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

(as of June 30, 2026)

Table Summary
Value	Value
U.S. Treasury Obligations	59.8%
Repurchase Agreements	40.1%

Table Summary
^	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

PRYXX — SAR (6/26)

UNITED STATES

FORM N-CSR

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

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Top Industries* (% of Net Assets)

(as of June 30, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Top Industries* (% of Net Assets)

(as of June 30, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

Top Industries* (% of Net Assets)

(as of June 30, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

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

(as of June 30, 2026)

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

(as of June 30, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

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

(as of June 30, 2026)

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

(as of June 30, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

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

(as of June 30, 2026)

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

(as of June 30, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

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

(as of June 30, 2026)

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

(as of June 30, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

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

(as of June 30, 2026)

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

(as of June 30, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2026)

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

(as of June 30, 2026)

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

(as of June 30, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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