Victory California Bond Fund

Fund Shares

Ticker: USCBX

Semi-Annual Shareholder Report — August 31, 2026

This semi-annual shareholder report contains important information about Victory California Bond Fund (the "Fund") for the period of March 1, 2026 to August 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 800-235-8396 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*}
Fund Shares	$24	0.49%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$379,404
Number of Holdings	157
Portfolio Turnover	3%

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 August 31, 2026)

Table Summary
Value	Value
Water	3.0%
Special Tax	3.2%
Nursing Homes	6.0%
Higher Education	6.8%
Transportation	9.0%
Airport	11.3%
School District	11.5%
Education	12.2%
General Obligation	12.3%
Medical	16.4%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

USCBX — SAR (8/26)

Victory California Bond Fund

Institutional Shares

Ticker: UCBIX

Semi-Annual Shareholder Report — August 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*}
Institutional Shares	$23	0.47%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$379,404
Number of Holdings	157
Portfolio Turnover	3%

Top Industries* (% of Net Assets)

(as of August 31, 2026)

Table Summary
Value	Value
Water	3.0%
Special Tax	3.2%
Nursing Homes	6.0%
Higher Education	6.8%
Transportation	9.0%
Airport	11.3%
School District	11.5%
Education	12.2%
General Obligation	12.3%
Medical	16.4%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

UCBIX — SAR (8/26)

Victory California Bond Fund

Class A

Ticker: UXABX

Semi-Annual Shareholder Report — August 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 A	$38	0.76%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$379,404
Number of Holdings	157
Portfolio Turnover	3%

Top Industries* (% of Net Assets)

(as of August 31, 2026)

Table Summary
Value	Value
Water	3.0%
Special Tax	3.2%
Nursing Homes	6.0%
Higher Education	6.8%
Transportation	9.0%
Airport	11.3%
School District	11.5%
Education	12.2%
General Obligation	12.3%
Medical	16.4%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

UXABX — SAR (8/26)

Victory Cornerstone Aggressive Fund

Fund Shares

Ticker: UCAGX

Semi-Annual Shareholder Report — August 31, 2026

This semi-annual shareholder report contains important information about Victory Cornerstone Aggressive Fund (the "Fund") for the period of March 1, 2026 to August 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 800-235-8396 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*}
Fund Shares	$47	0.90%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$484,146
Number of Holdings	437
Portfolio Turnover	25%

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

(as of August 31, 2026)

Table Summary
Vanguard FTSE Developed Markets ETF	5.7%
Schwab Fundamental International Equity ETF	5.5%
VictoryShares Free Cash Flow Growth ETF	5.4%
VictoryShares Core Intermediate Bond ETF	5.2%
VictoryShares Core Plus Bond ETF	4.5%
iShares Core S&P 500 ETF	4.2%
VictoryShares International Free Cash Flow ETF	3.5%
iShares Russell 1000 Value ETF	3.3%
VictoryShares International Free Cash Flow Growth ETF	3.2%
NVIDIA Corp.	2.9%

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

(as of August 31, 2026)

Table Summary
Value	Value
Exchange-Traded Funds	40.8%
Common Stocks	34.0%
Affiliated Equity Exchange-Traded Funds	13.5%
Affiliated Fixed-Income Exchange-Traded Funds	10.7%
Affiliated Mutual Funds	0.5%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

UCAGX — SAR (8/26)

Victory Cornerstone Conservative Fund

Fund Shares

Ticker: USCCX

Semi-Annual Shareholder Report — August 31, 2026

This semi-annual shareholder report contains important information about Victory Cornerstone Conservative Fund (the "Fund") for the period of March 1, 2026 to August 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 800-235-8396 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*}
Fund Shares	$4	0.08%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$262,335
Number of Holdings	22
Portfolio Turnover	1%

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

(as of August 31, 2026)

Table Summary
Victory Core Plus Bond Fund, Institutional Shares	22.9%
VictoryShares Short-Term Bond ETF	13.9%
Victory Government Securities Fund, Institutional Shares	11.2%
VictoryShares Core Intermediate Bond ETF	9.9%
Victory Income Fund, Institutional Shares	6.9%
Victory Market Neutral Income Fund, Class I	6.1%
Victory 500 Index Fund, Reward Shares	4.2%
Victory High Income Fund, Institutional Shares	4.1%
Victory International Fund, Institutional Shares	3.1%
VictoryShares International Value Momentum ETF	2.8%

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

(as of August 31, 2026)

Table Summary
Value	Value
Affiliated Fixed-Income Mutual Funds	45.1%
Affiliated Fixed-Income Exchange-Traded Funds	23.8%
Affiliated Equity Mutual Funds	16.9%
Affiliated Equity Exchange-Traded Funds	13.0%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

USCCX — SAR (8/26)

Victory Cornerstone Equity Fund

Fund Shares

Ticker: UCEQX

Semi-Annual Shareholder Report — August 31, 2026

This semi-annual shareholder report contains important information about Victory Cornerstone Equity Fund (the "Fund") for the period of March 1, 2026 to August 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 800-235-8396 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*}
Fund Shares	$3	0.06%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$382,192
Number of Holdings	19
Portfolio Turnover	0%

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

(as of August 31, 2026)

Table Summary
Victory 500 Index Fund, Reward Shares	18.0%
Victory International Fund, Institutional Shares	10.1%
VictoryShares WestEnd U.S. Sector ETF	8.5%
Victory Nasdaq-100 Index Fund, Class R6	8.3%
VictoryShares International Value Momentum ETF	7.8%
Victory Pioneer International Equity Fund, Class Y	7.7%
VictoryShares Free Cash Flow ETF	7.6%
VictoryShares Free Cash Flow Growth ETF	6.7%
VictoryShares Emerging Markets Value Momentum ETF	5.1%
Victory Income Stock Fund, Institutional Shares	4.7%

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

(as of August 31, 2026)

Table Summary
Value	Value
Affiliated Equity Mutual Funds	53.6%
Affiliated Equity Exchange-Traded Funds	45.8%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

UCEQX — SAR (8/26)

Victory Cornerstone Moderate Fund

Fund Shares

Ticker: USBSX

Semi-Annual Shareholder Report — August 31, 2026

This semi-annual shareholder report contains important information about Victory Cornerstone Moderate Fund (the "Fund") for the period of March 1, 2026 to August 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 800-235-8396 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*}
Fund Shares	$39	0.76%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$1,260,168
Number of Holdings	165
Portfolio Turnover	15%

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

(as of August 31, 2026)

Table Summary
VictoryShares Core Intermediate Bond ETF	16.6%
VictoryShares Core Plus Bond ETF	10.8%
iShares Core U.S. Aggregate Bond ETF	3.9%
VictoryShares Free Cash Flow Growth ETF	3.8%
iShares Core S&P Small-Cap ETF	3.3%
VictoryShares International Free Cash Flow Growth ETF	3.0%
VictoryShares International Free Cash Flow ETF	2.9%
Vanguard FTSE Developed Markets ETF	2.9%
iShares Core Universal USD Bond ETF	2.7%
Schwab Fundamental International Equity ETF	2.7%

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

(as of August 31, 2026)

Table Summary
Value	Value
Exchange-Traded Funds	39.2%
Common Stocks	20.6%
Affiliated Fixed-Income Exchange-Traded Funds	29.0%
Affiliated Equity Exchange-Traded Funds	10.6%
Affiliated Mutual Funds	0.2%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

USBSX — SAR (8/26)

Victory Cornerstone Moderately Aggressive Fund

Fund Shares

Ticker: USCRX

Semi-Annual Shareholder Report — August 31, 2026

This semi-annual shareholder report contains important information about Victory Cornerstone Moderately Aggressive Fund (the "Fund") for the period of March 1, 2026 to August 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 800-235-8396 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*}
Fund Shares	$39	0.76%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$3,077,716
Number of Holdings	408
Portfolio Turnover	23%

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

(as of August 31, 2026)

Table Summary
VictoryShares Core Intermediate Bond ETF	12.6%
VictoryShares Core Plus Bond ETF	11.0%
Vanguard FTSE Developed Markets ETF	4.2%
VictoryShares Free Cash Flow Growth ETF	4.1%
VictoryShares International Free Cash Flow Growth ETF	3.8%
VictoryShares International Free Cash Flow ETF	3.4%
Schwab Fundamental International Equity ETF	3.2%
iShares Russell 1000 Value ETF	2.8%
Vanguard Total Stock Market ETF	2.5%
iShares Core U.S. Aggregate Bond ETF	2.5%

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

(as of August 31, 2026)

Table Summary
Value	Value
Exchange-Traded Funds	34.5%
Common Stocks	27.5%
Affiliated Fixed-Income Exchange-Traded Funds	25.2%
Affiliated Equity Exchange-Traded Funds	12.3%
Affiliated Mutual Funds	0.3%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

USCRX — SAR (8/26)

Victory Cornerstone Moderately Conservative Fund

Fund Shares

Ticker: UCMCX

Semi-Annual Shareholder Report — August 31, 2026

This semi-annual shareholder report contains important information about Victory Cornerstone Moderately Conservative Fund (the "Fund") for the period of March 1, 2026 to August 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 800-235-8396 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*}
Fund Shares	$40	0.78%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$212,366
Number of Holdings	113
Portfolio Turnover	17%

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

(as of August 31, 2026)

Table Summary
VictoryShares Core Intermediate Bond ETF	17.5%
VictoryShares Core Plus Bond ETF	16.3%
iShares Core Universal USD Bond ETF	5.9%
iShares Core U.S. Aggregate Bond ETF	4.8%
VictoryShares Free Cash Flow Growth ETF	3.4%
Vanguard Total Bond Market ETF	3.2%
VictoryShares Short-Term Bond ETF	2.9%
VictoryShares International Free Cash Flow Growth ETF	2.2%
iShares Russell 1000 Value ETF	2.1%
Schwab Fundamental International Equity ETF	1.9%

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

(as of August 31, 2026)

Table Summary
Value	Value
Exchange-Traded Funds	38.6%
Common Stocks	16.3%
Affiliated Fixed-Income Exchange-Traded Funds	36.7%
Affiliated Equity Exchange-Traded Funds	7.8%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

UCMCX — SAR (8/26)

Victory Emerging Markets Fund

Fund Shares

Ticker: USEMX

Semi-Annual Shareholder Report — August 31, 2026

This semi-annual shareholder report contains important information about Victory Emerging Markets Fund (the "Fund") for the period of March 1, 2026 to August 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 800-235-8396 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*}
Fund Shares	$81	1.51%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$789,885
Number of Holdings	269
Portfolio Turnover	25%

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

(as of August 31, 2026)

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

(as of August 31, 2026)

Table Summary
Value	Value
Utilities	2.0%
Health Care	3.1%
Energy	3.3%
Consumer Staples	3.8%
Materials	5.3%
Industrials	6.6%
Communication Services	6.6%
Consumer Discretionary	8.4%
Financials	18.2%
Information Technology	40.0%

Table Summary
Value	Value
Taiwan	26.2%
South Korea	19.6%
China	16.9%
India	10.7%
Brazil	5.1%
Other^{Footnote Reference**}	20.6%

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

USEMX — SAR (8/26)

Victory Emerging Markets Fund

Institutional Shares

Ticker: UIEMX

Semi-Annual Shareholder Report — August 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*}
Institutional Shares	$71	1.32%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$789,885
Number of Holdings	269
Portfolio Turnover	25%

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

(as of August 31, 2026)

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

(as of August 31, 2026)

Table Summary
Value	Value
Utilities	2.0%
Health Care	3.1%
Energy	3.3%
Consumer Staples	3.8%
Materials	5.3%
Industrials	6.6%
Communication Services	6.6%
Consumer Discretionary	8.4%
Financials	18.2%
Information Technology	40.0%

Table Summary
Value	Value
Taiwan	26.2%
South Korea	19.6%
China	16.9%
India	10.7%
Brazil	5.1%
Other^{Footnote Reference**}	20.6%

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

UIEMX — SAR (8/26)

Victory Global Equity Income Fund

Fund Shares

Ticker: UGEIX

Semi-Annual Shareholder Report — August 31, 2026

This semi-annual shareholder report contains important information about Victory Global Equity Income Fund (the "Fund") for the period of March 1, 2026 to August 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 800-235-8396 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*}
Fund Shares	$55	1.04%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$83,494
Number of Holdings	123
Portfolio Turnover	21%

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

(as of August 31, 2026)

Table Summary
Value	Value
Consumer Discretionary	3.7%
Communication Services	5.5%
Utilities	5.9%
Materials	7.7%
Consumer Staples	8.1%
Information Technology	8.7%
Energy	10.1%
Industrials	10.1%
Health Care	14.2%
Financials^{Footnote Reference**}	25.5%

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

(as of August 31, 2026)

Table Summary
Cisco Systems, Inc.	2.3%
Banco Bilbao Vizcaya Argentaria SA	2.2%
JPMorgan Chase & Co.	2.0%
Canadian Imperial Bank of Commerce	1.7%
Apple, Inc.	1.7%
AbbVie, Inc.	1.5%
Johnson & Johnson	1.5%
Yangzijiang Shipbuilding Holdings Ltd.	1.5%
Suncor Energy, Inc.	1.5%
Banco Santander SA	1.5%

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

UGEIX — SAR (8/26)

Victory Government Securities Fund

Fund Shares

Ticker: USGNX

Semi-Annual Shareholder Report — August 31, 2026

This semi-annual shareholder report contains important information about Victory Government Securities Fund (the "Fund") for the period of March 1, 2026 to August 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 800-235-8396 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*}
Fund Shares	$24	0.48%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$1,244,803
Number of Holdings	510
Portfolio Turnover	9%

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

(as of August 31, 2026)

Table Summary
Value	Value
U.S. Government Agency Mortgages	49.1%
U.S. Treasury Obligations	29.2%
Collateralized Mortgage Obligations	16.6%
Other^{Footnote Reference**}	3.7%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

USGNX — SAR (8/26)

Victory Government Securities Fund

Institutional Shares

Ticker: UIGSX

Semi-Annual Shareholder Report — August 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*}
Institutional Shares	$19	0.39%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$1,244,803
Number of Holdings	510
Portfolio Turnover	9%

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

(as of August 31, 2026)

Table Summary
Value	Value
U.S. Government Agency Mortgages	49.1%
U.S. Treasury Obligations	29.2%
Collateralized Mortgage Obligations	16.6%
Other^{Footnote Reference**}	3.7%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

UIGSX — SAR (8/26)

Victory Government Securities Fund

Class R6

Ticker: URGSX

Semi-Annual Shareholder Report — August 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	$13	0.25%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$1,244,803
Number of Holdings	510
Portfolio Turnover	9%

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

(as of August 31, 2026)

Table Summary
Value	Value
U.S. Government Agency Mortgages	49.1%
U.S. Treasury Obligations	29.2%
Collateralized Mortgage Obligations	16.6%
Other^{Footnote Reference**}	3.7%

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

Additional Shareholder Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

URGSX — SAR (8/26)

Victory Growth and Tax Strategy Fund

Fund Shares

Ticker: USBLX

Semi-Annual Shareholder Report — August 31, 2026

This semi-annual shareholder report contains important information about Victory Growth and Tax Strategy Fund (the "Fund") for the period of March 1, 2026 to August 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 800-235-8396 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*}
Fund Shares	$28	0.54%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$930,701
Number of Holdings	820
Portfolio Turnover	6%

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

(as of August 31, 2026)

Table Summary
Value	Value
Higher Education	4.2%
Health Care	4.3%
Consumer Discretionary	4.3%
Single Family Housing	4.4%
Communication Services	4.4%
Education	5.7%
Financials	5.7%
Medical	9.9%
General Obligation	13.2%
Information Technology	17.6%

Top 5 Blue Chip Stocks (% of Net Assets)

(as of August 31, 2026)

Table Summary
NVIDIA Corp.	4.2%
Apple, Inc.	3.3%
Microsoft Corp.	2.9%
Amazon.com, Inc.	1.8%
Alphabet, Inc. Class A	1.7%

Top 5 Tax-Exempt Bonds (% of Net Assets)

(as of August 31, 2026)

Table Summary
City of New York, GO, Series B-3, 1.45%, 10/1/46	2.0%
Regents of the University of California Medical Center Pooled Revenue, Series O-1, 1.05%, 5/15/45, Callable 10/1/26 @ 100	1.1%
The Development Authority of Burke County Revenue, Series GA, 1.50%, 11/1/52	0.8%
Port of Port Arthur Navigation District Revenue, Series A, 1.50%, 4/1/40	0.8%
Black Belt Energy Gas District Revenue, Series B, 5.00%, 10/1/35	0.8%

* Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.

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

USBLX — SAR (8/26)

Victory Growth and Tax Strategy Fund

Institutional Shares

Ticker: UGTIX

Semi-Annual Shareholder Report — August 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*}
Institutional Shares	$31	0.59%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$930,701
Number of Holdings	820
Portfolio Turnover	6%

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

(as of August 31, 2026)

Table Summary
Value	Value
Higher Education	4.2%
Health Care	4.3%
Consumer Discretionary	4.3%
Single Family Housing	4.4%
Communication Services	4.4%
Education	5.7%
Financials	5.7%
Medical	9.9%
General Obligation	13.2%
Information Technology	17.6%

Top 5 Blue Chip Stocks (% of Net Assets)

(as of August 31, 2026)

Table Summary
NVIDIA Corp.	4.2%
Apple, Inc.	3.3%
Microsoft Corp.	2.9%
Amazon.com, Inc.	1.8%
Alphabet, Inc. Class A	1.7%

Top 5 Tax-Exempt Bonds (% of Net Assets)

(as of August 31, 2026)

Table Summary
City of New York, GO, Series B-3, 1.45%, 10/1/46	2.0%
Regents of the University of California Medical Center Pooled Revenue, Series O-1, 1.05%, 5/15/45, Callable 10/1/26 @ 100	1.1%
The Development Authority of Burke County Revenue, Series GA, 1.50%, 11/1/52	0.8%
Port of Port Arthur Navigation District Revenue, Series A, 1.50%, 4/1/40	0.8%
Black Belt Energy Gas District Revenue, Series B, 5.00%, 10/1/35	0.8%

* Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.

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

UGTIX — SAR (8/26)

Victory Growth and Tax Strategy Fund

Class A

Ticker: UGTAX

Semi-Annual Shareholder Report — August 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 A	$44	0.85%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$930,701
Number of Holdings	820
Portfolio Turnover	6%

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

(as of August 31, 2026)

Table Summary
Value	Value
Higher Education	4.2%
Health Care	4.3%
Consumer Discretionary	4.3%
Single Family Housing	4.4%
Communication Services	4.4%
Education	5.7%
Financials	5.7%
Medical	9.9%
General Obligation	13.2%
Information Technology	17.6%

Top 5 Blue Chip Stocks (% of Net Assets)

(as of August 31, 2026)

Table Summary
NVIDIA Corp.	4.2%
Apple, Inc.	3.3%
Microsoft Corp.	2.9%
Amazon.com, Inc.	1.8%
Alphabet, Inc. Class A	1.7%

Top 5 Tax-Exempt Bonds (% of Net Assets)

(as of August 31, 2026)

Table Summary
City of New York, GO, Series B-3, 1.45%, 10/1/46	2.0%
Regents of the University of California Medical Center Pooled Revenue, Series O-1, 1.05%, 5/15/45, Callable 10/1/26 @ 100	1.1%
The Development Authority of Burke County Revenue, Series GA, 1.50%, 11/1/52	0.8%
Port of Port Arthur Navigation District Revenue, Series A, 1.50%, 4/1/40	0.8%
Black Belt Energy Gas District Revenue, Series B, 5.00%, 10/1/35	0.8%

* Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.

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

UGTAX — SAR (8/26)

Victory Growth and Tax Strategy Fund

Class C

Ticker: UGTCX

Semi-Annual Shareholder Report — August 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	$81	1.57%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$930,701
Number of Holdings	820
Portfolio Turnover	6%

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

(as of August 31, 2026)

Table Summary
Value	Value
Higher Education	4.2%
Health Care	4.3%
Consumer Discretionary	4.3%
Single Family Housing	4.4%
Communication Services	4.4%
Education	5.7%
Financials	5.7%
Medical	9.9%
General Obligation	13.2%
Information Technology	17.6%

Top 5 Blue Chip Stocks (% of Net Assets)

(as of August 31, 2026)

Table Summary
NVIDIA Corp.	4.2%
Apple, Inc.	3.3%
Microsoft Corp.	2.9%
Amazon.com, Inc.	1.8%
Alphabet, Inc. Class A	1.7%

Top 5 Tax-Exempt Bonds (% of Net Assets)

(as of August 31, 2026)

Table Summary
City of New York, GO, Series B-3, 1.45%, 10/1/46	2.0%
Regents of the University of California Medical Center Pooled Revenue, Series O-1, 1.05%, 5/15/45, Callable 10/1/26 @ 100	1.1%
The Development Authority of Burke County Revenue, Series GA, 1.50%, 11/1/52	0.8%
Port of Port Arthur Navigation District Revenue, Series A, 1.50%, 4/1/40	0.8%
Black Belt Energy Gas District Revenue, Series B, 5.00%, 10/1/35	0.8%

* Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.

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

UGTCX — SAR (8/26)

Victory International Fund

Fund Shares

Ticker: USIFX

Semi-Annual Shareholder Report — August 31, 2026

This semi-annual shareholder report contains important information about Victory International Fund (the "Fund") for the period of March 1, 2026 to August 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 800-235-8396 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*}
Fund Shares	$54	1.06%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$2,523,643
Number of Holdings	427
Portfolio Turnover	24%

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

(as of August 31, 2026)

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

(as of August 31, 2026)

Table Summary
Value	Value
Utilities	3.1%
Communication Services	3.3%
Energy	4.8%
Consumer Staples	6.3%
Materials	7.2%
Health Care	8.7%
Consumer Discretionary	9.3%
Information Technology	11.4%
Industrials	16.7%
Financials	24.7%

Table Summary
Value	Value
Japan	20.0%
United Kingdom	12.6%
France	7.8%
Switzerland	7.7%
Netherlands	6.6%
Germany	6.3%
Other^{Footnote Reference**}	37.5%

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

USIFX — SAR (8/26)

Victory International Fund

Institutional Shares

Ticker: UIIFX

Semi-Annual Shareholder Report — August 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*}
Institutional Shares	$53	1.04%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$2,523,643
Number of Holdings	427
Portfolio Turnover	24%

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

(as of August 31, 2026)

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

(as of August 31, 2026)

Table Summary
Value	Value
Utilities	3.1%
Communication Services	3.3%
Energy	4.8%
Consumer Staples	6.3%
Materials	7.2%
Health Care	8.7%
Consumer Discretionary	9.3%
Information Technology	11.4%
Industrials	16.7%
Financials	24.7%

Table Summary
Value	Value
Japan	20.0%
United Kingdom	12.6%
France	7.8%
Switzerland	7.7%
Netherlands	6.6%
Germany	6.3%
Other^{Footnote Reference**}	37.5%

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

UIIFX — SAR (8/26)

Victory International Fund

Class R6

Ticker: URITX

Semi-Annual Shareholder Report — August 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	$44	0.86%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$2,523,643
Number of Holdings	427
Portfolio Turnover	24%

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

(as of August 31, 2026)

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

(as of August 31, 2026)

Table Summary
Value	Value
Utilities	3.1%
Communication Services	3.3%
Energy	4.8%
Consumer Staples	6.3%
Materials	7.2%
Health Care	8.7%
Consumer Discretionary	9.3%
Information Technology	11.4%
Industrials	16.7%
Financials	24.7%

Table Summary
Value	Value
Japan	20.0%
United Kingdom	12.6%
France	7.8%
Switzerland	7.7%
Netherlands	6.6%
Germany	6.3%
Other^{Footnote Reference**}	37.5%

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

URITX — SAR (8/26)

Victory New York Bond Fund

Fund Shares

Ticker: USNYX

Semi-Annual Shareholder Report — August 31, 2026

This semi-annual shareholder report contains important information about Victory New York Bond Fund (the "Fund") for the period of March 1, 2026 to August 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 800-235-8396 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*}
Fund Shares	$32	0.64%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$96,484
Number of Holdings	99
Portfolio Turnover	0%

Top Industries* (% of Net Assets)

(as of August 31, 2026)

Table Summary
Value	Value
Development	3.4%
Housing	4.4%
Airport	5.1%
Multifamily Housing	6.9%
Nursing Homes	7.1%
Transportation	7.4%
Education	13.1%
Medical	13.9%
Higher Education	16.3%
General Obligation	16.6%

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

USNYX — SAR (8/26)

Victory New York Bond Fund

Institutional Shares

Ticker: UNYIX

Semi-Annual Shareholder Report — August 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*}
Institutional Shares	$30	0.61%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$96,484
Number of Holdings	99
Portfolio Turnover	0%

Top Industries* (% of Net Assets)

(as of August 31, 2026)

Table Summary
Value	Value
Development	3.4%
Housing	4.4%
Airport	5.1%
Multifamily Housing	6.9%
Nursing Homes	7.1%
Transportation	7.4%
Education	13.1%
Medical	13.9%
Higher Education	16.3%
General Obligation	16.6%

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

UNYIX — SAR (8/26)

Victory Precious Metals and Minerals Fund

Fund Shares

Ticker: USAGX

Semi-Annual Shareholder Report — August 31, 2026

This semi-annual shareholder report contains important information about Victory Precious Metals and Minerals Fund (the "Fund") for the period of March 1, 2026 to August 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 800-235-8396 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*}
Fund Shares	$47	1.00%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$1,264,435
Number of Holdings	41
Portfolio Turnover	4%

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

(as of August 31, 2026)

Table Summary
Agnico Eagle Mines Ltd.	10.1%
Newmont Corp.	10.0%
AngloGold Ashanti PLC (Johannesburg Stock Exchange)	7.6%
Kinross Gold Corp.	7.5%
Gold Fields Ltd., ADR	7.3%
Barrick Mining Corp.	5.7%
DPM Metals, Inc.	4.5%
Wheaton Precious Metals Corp.	4.1%
Torex Gold Resources, Inc.	3.6%
IAMGOLD Corp.	3.4%

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

(as of August 31, 2026)

Table Summary
Value	Value
Canada	50.1%
United States	23.3%
South Africa	10.8%
Australia	10.0%
Other^{Footnote Reference**}	5.7%

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

USAGX — SAR (8/26)

Victory Precious Metals and Minerals Fund

Institutional Shares

Ticker: UIPMX

Semi-Annual Shareholder Report — August 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*}
Institutional Shares	$46	0.98%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$1,264,435
Number of Holdings	41
Portfolio Turnover	4%

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

(as of August 31, 2026)

Table Summary
Agnico Eagle Mines Ltd.	10.1%
Newmont Corp.	10.0%
AngloGold Ashanti PLC (Johannesburg Stock Exchange)	7.6%
Kinross Gold Corp.	7.5%
Gold Fields Ltd., ADR	7.3%
Barrick Mining Corp.	5.7%
DPM Metals, Inc.	4.5%
Wheaton Precious Metals Corp.	4.1%
Torex Gold Resources, Inc.	3.6%
IAMGOLD Corp.	3.4%

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

(as of August 31, 2026)

Table Summary
Value	Value
Canada	50.1%
United States	23.3%
South Africa	10.8%
Australia	10.0%
Other^{Footnote Reference**}	5.7%

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

UIPMX — SAR (8/26)

Victory Precious Metals and Minerals Fund

Class A

Ticker: UPMMX

Semi-Annual Shareholder Report — August 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 A	$62	1.33%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$1,264,435
Number of Holdings	41
Portfolio Turnover	4%

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

(as of August 31, 2026)

Table Summary
Agnico Eagle Mines Ltd.	10.1%
Newmont Corp.	10.0%
AngloGold Ashanti PLC (Johannesburg Stock Exchange)	7.6%
Kinross Gold Corp.	7.5%
Gold Fields Ltd., ADR	7.3%
Barrick Mining Corp.	5.7%
DPM Metals, Inc.	4.5%
Wheaton Precious Metals Corp.	4.1%
Torex Gold Resources, Inc.	3.6%
IAMGOLD Corp.	3.4%

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

(as of August 31, 2026)

Table Summary
Value	Value
Canada	50.1%
United States	23.3%
South Africa	10.8%
Australia	10.0%
Other^{Footnote Reference**}	5.7%

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

UPMMX — SAR (8/26)

Victory World Equity Fund

Fund Shares

Ticker: USAWX

Semi-Annual Shareholder Report — August 31, 2026

This semi-annual shareholder report contains important information about Victory World Equity Fund (the "Fund") for the period of March 1, 2026 to August 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 800-235-8396 or visiting vcm.com/contact-us. This report describes changes to the Fund that occurred during the period.

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*}
Fund Shares	$55	1.04%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$1,663,031
Number of Holdings	327
Portfolio Turnover	18%

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

(as of August 31, 2026)

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

(as of August 31, 2026)

Table Summary
Value	Value
Utilities	2.3%
Materials	3.8%
Energy	4.1%
Consumer Staples	4.3%
Communication Services	5.2%
Health Care	9.3%
Industrials	10.1%
Consumer Discretionary	10.2%
Financials	18.6%
Information Technology	29.3%

Table Summary
Value	Value
United States	59.7%
Japan	6.6%
Other^{Footnote Reference**}	32.1%

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.

Material Fund Changes

Effective July 1, 2026, Victory Sustainable World Fund was renamed to Victory World Equity Fund. The Fund’s investment objective, principal investment strategies, principal risks and management did not change.

For more complete information, you may review the Fund's prospectus, issued July 1, 2026.

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

USAWX — SAR (8/26)

Victory World Equity Fund

Institutional Shares

Ticker: UIWGX

Semi-Annual Shareholder Report — August 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*}
Institutional Shares	$54	1.03%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$1,663,031
Number of Holdings	327
Portfolio Turnover	18%

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

(as of August 31, 2026)

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

(as of August 31, 2026)

Table Summary
Value	Value
Utilities	2.3%
Materials	3.8%
Energy	4.1%
Consumer Staples	4.3%
Communication Services	5.2%
Health Care	9.3%
Industrials	10.1%
Consumer Discretionary	10.2%
Financials	18.6%
Information Technology	29.3%

Table Summary
Value	Value
United States	59.7%
Japan	6.6%
Other^{Footnote Reference**}	32.1%

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.

Material Fund Changes

For more complete information, you may review the Fund's prospectus, issued July 1, 2026.

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

UIWGX — SAR (8/26)

Victory World Equity Fund

Class A

Ticker: USWGX

Semi-Annual Shareholder Report — August 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 A	$73	1.38%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$1,663,031
Number of Holdings	327
Portfolio Turnover	18%

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

(as of August 31, 2026)

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

(as of August 31, 2026)

Table Summary
Value	Value
Utilities	2.3%
Materials	3.8%
Energy	4.1%
Consumer Staples	4.3%
Communication Services	5.2%
Health Care	9.3%
Industrials	10.1%
Consumer Discretionary	10.2%
Financials	18.6%
Information Technology	29.3%

Table Summary
Value	Value
United States	59.7%
Japan	6.6%
Other^{Footnote Reference**}	32.1%

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.

Material Fund Changes

For more complete information, you may review the Fund's prospectus, issued July 1, 2026.

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

USWGX — SAR (8/26)

Victory Target Managed Allocation Fund

Fund Shares

Ticker: UTMAX

Semi-Annual Shareholder Report — August 31, 2026

This semi-annual shareholder report contains important information about Victory Target Managed Allocation Fund (the "Fund") for the period of March 1, 2026 to August 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 800-235-8396 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*}
Fund Shares	$34	0.65%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$67,449
Number of Holdings	277
Portfolio Turnover	27%

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

(as of August 31, 2026)

Table Summary
Value	Value
Real Estate	1.9%
Materials	2.6%
Consumer Staples	3.8%
Communication Services	4.7%
Energy	5.7%
Health Care	8.0%
Consumer Discretionary	8.5%
Industrials	10.1%
Financials	17.7%
Information Technology	20.2%

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

(as of August 31, 2026)

Table Summary
iShares Core MSCI Emerging Markets ETF	4.3%
Apple, Inc.	3.6%
Amazon.com, Inc.	2.7%
NVIDIA Corp.	2.7%
Microsoft Corp.	2.7%
Alphabet, Inc., Class A	1.6%
VanEck Gold Miners ETF	0.9%
ExxonMobil Holdings Corp.	0.9%
Broadcom, Inc.	0.9%
Meta Platforms, Inc., Class A	0.9%

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

UTMAX — SAR (8/26)

Victory Tax Exempt Intermediate-Term Fund

Fund Shares

Ticker: USATX

Semi-Annual Shareholder Report — August 31, 2026

This semi-annual shareholder report contains important information about Victory Tax Exempt Intermediate-Term Fund (the "Fund") for the period of March 1, 2026 to August 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 800-235-8396 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*}
Fund Shares	$25	0.49%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$2,712,511
Number of Holdings	1,093
Portfolio Turnover	6%

Top Industries* (% of Net Assets)

(as of August 31, 2026)

Table Summary
Value	Value
Development	3.2%
School District	3.7%
Single Family Housing	4.9%
Airport	5.4%
Transportation	6.6%
Higher Education	7.5%
Education	7.6%
Nursing Homes	7.7%
Medical	21.4%
General Obligation	21.7%

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

USATX — SAR (8/26)

Victory Tax Exempt Intermediate-Term Fund

Institutional Shares

Ticker: UITIX

Semi-Annual Shareholder Report — August 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*}
Institutional Shares	$23	0.45%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$2,712,511
Number of Holdings	1,093
Portfolio Turnover	6%

Top Industries* (% of Net Assets)

(as of August 31, 2026)

Table Summary
Value	Value
Development	3.2%
School District	3.7%
Single Family Housing	4.9%
Airport	5.4%
Transportation	6.6%
Higher Education	7.5%
Education	7.6%
Nursing Homes	7.7%
Medical	21.4%
General Obligation	21.7%

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

UITIX — SAR (8/26)

Victory Tax Exempt Intermediate-Term Fund

Class A

Ticker: UTEIX

Semi-Annual Shareholder Report — August 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 A	$38	0.75%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$2,712,511
Number of Holdings	1,093
Portfolio Turnover	6%

Top Industries* (% of Net Assets)

(as of August 31, 2026)

Table Summary
Value	Value
Development	3.2%
School District	3.7%
Single Family Housing	4.9%
Airport	5.4%
Transportation	6.6%
Higher Education	7.5%
Education	7.6%
Nursing Homes	7.7%
Medical	21.4%
General Obligation	21.7%

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

UTEIX — SAR (8/26)

Victory Tax Exempt Long-Term Fund

Fund Shares

Ticker: USTEX

Semi-Annual Shareholder Report — August 31, 2026

This semi-annual shareholder report contains important information about Victory Tax Exempt Long-Term Fund (the "Fund") for the period of March 1, 2026 to August 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 800-235-8396 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*}
Fund Shares	$26	0.52%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$1,544,410
Number of Holdings	565
Portfolio Turnover	4%

Top Industries* (% of Net Assets)

(as of August 31, 2026)

Table Summary
Value	Value
Housing	1.7%
Water	2.6%
Airport	3.2%
Transportation	6.4%
School District	6.5%
Education	7.9%
Higher Education	9.6%
Nursing Homes	10.2%
Medical	19.5%
General Obligation	24.2%

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

USTEX — SAR (8/26)

Victory Tax Exempt Long-Term Fund

Institutional Shares

Ticker: ULTIX

Semi-Annual Shareholder Report — August 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*}
Institutional Shares	$23	0.47%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$1,544,410
Number of Holdings	565
Portfolio Turnover	4%

Top Industries* (% of Net Assets)

(as of August 31, 2026)

Table Summary
Value	Value
Housing	1.7%
Water	2.6%
Airport	3.2%
Transportation	6.4%
School District	6.5%
Education	7.9%
Higher Education	9.6%
Nursing Homes	10.2%
Medical	19.5%
General Obligation	24.2%

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

ULTIX — SAR (8/26)

Victory Tax Exempt Long-Term Fund

Class A

Ticker: UTELX

Semi-Annual Shareholder Report — August 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 A	$36	0.72%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$1,544,410
Number of Holdings	565
Portfolio Turnover	4%

Top Industries* (% of Net Assets)

(as of August 31, 2026)

Table Summary
Value	Value
Housing	1.7%
Water	2.6%
Airport	3.2%
Transportation	6.4%
School District	6.5%
Education	7.9%
Higher Education	9.6%
Nursing Homes	10.2%
Medical	19.5%
General Obligation	24.2%

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

UTELX — SAR (8/26)

Victory Tax Exempt Short-Term Fund

Fund Shares

Ticker: USSTX

Semi-Annual Shareholder Report — August 31, 2026

This semi-annual shareholder report contains important information about Victory Tax Exempt Short-Term Fund (the "Fund") for the period of March 1, 2026 to August 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 800-235-8396 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*}
Fund Shares	$28	0.56%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$610,810
Number of Holdings	355
Portfolio Turnover	15%

Top Industries* (% of Net Assets)

(as of August 31, 2026)

Table Summary
Value	Value
Higher Education	2.4%
Power	3.0%
Water	3.4%
Multifamily Housing	4.4%
Education	5.1%
Pollution	5.9%
Nursing Homes	6.2%
Development	12.7%
Medical	14.0%
General Obligation	34.2%

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

USSTX — SAR (8/26)

Victory Tax Exempt Short-Term Fund

Institutional Shares

Ticker: USTIX

Semi-Annual Shareholder Report — August 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*}
Institutional Shares	$26	0.51%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$610,810
Number of Holdings	355
Portfolio Turnover	15%

Top Industries* (% of Net Assets)

(as of August 31, 2026)

Table Summary
Value	Value
Higher Education	2.4%
Power	3.0%
Water	3.4%
Multifamily Housing	4.4%
Education	5.1%
Pollution	5.9%
Nursing Homes	6.2%
Development	12.7%
Medical	14.0%
General Obligation	34.2%

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

USTIX — SAR (8/26)

Victory Tax Exempt Short-Term Fund

Class A

Ticker: UTESX

Semi-Annual Shareholder Report — August 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 A	$39	0.77%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$610,810
Number of Holdings	355
Portfolio Turnover	15%

Top Industries* (% of Net Assets)

(as of August 31, 2026)

Table Summary
Value	Value
Higher Education	2.4%
Power	3.0%
Water	3.4%
Multifamily Housing	4.4%
Education	5.1%
Pollution	5.9%
Nursing Homes	6.2%
Development	12.7%
Medical	14.0%
General Obligation	34.2%

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

UTESX — SAR (8/26)

Victory Tax Exempt Money Market Fund

Fund Shares

Ticker: USEXX

Semi-Annual Shareholder Report — August 31, 2026

This semi-annual shareholder report contains important information about Victory Tax Exempt Money Market Fund (the "Fund") for the period of March 1, 2026 to August 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 800-235-8396 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*}
Fund Shares	$28	0.56%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$399,112
Number of Holdings	44
7 Day Net Yield	1.79%

Top Industries (% of Net Assets)

(as of August 31, 2026)

Table Summary
Value	Value
General Obligation	0.4%
Nursing Homes	1.6%
Higher Education	2.2%
Education	3.8%
Power	6.6%
Multifamily Housing	7.8%
Transportation	8.8%
Pollution	9.0%
Medical	26.2%
Development	32.1%

Table Summary
	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

USEXX — SAR (8/26)

Victory Treasury Money Market Trust

Fund Shares

Ticker: UATXX

Semi-Annual Shareholder Report — August 31, 2026

This semi-annual shareholder report contains important information about Victory Treasury Money Market Trust (the "Fund") for the period of March 1, 2026 to August 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 800-235-8396 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*}
Fund Shares	$18	0.35%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$1,070,592
Number of Holdings	17
7 Day Net Yield	1.79%

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

(as of August 31, 2026)

Table Summary
Value	Value
U.S. Treasury Obligations	74.3%
Repurchase Agreements	25.3%

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

UATXX — SAR (8/26)

Victory Virginia Bond Fund

Fund Shares

Ticker: USVAX

Semi-Annual Shareholder Report — August 31, 2026

This semi-annual shareholder report contains important information about Victory Virginia Bond Fund (the "Fund") for the period of March 1, 2026 to August 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 800-235-8396 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*}
Fund Shares	$28	0.56%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$475,898
Number of Holdings	169
Portfolio Turnover	4%

Top Industries* (% of Net Assets)

(as of August 31, 2026)

Table Summary
Value	Value
Education	1.7%
Facilities	3.1%
Development	3.8%
Airport	5.6%
Multifamily Housing	6.3%
Higher Education	8.1%
Transportation	12.4%
Nursing Homes	14.8%
General Obligation	16.1%
Medical	19.9%

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

USVAX — SAR (8/26)

Victory Virginia Bond Fund

Institutional Shares

Ticker: UVAIX

Semi-Annual Shareholder Report — August 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*}
Institutional Shares	$26	0.52%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$475,898
Number of Holdings	169
Portfolio Turnover	4%

Top Industries* (% of Net Assets)

(as of August 31, 2026)

Table Summary
Value	Value
Education	1.7%
Facilities	3.1%
Development	3.8%
Airport	5.6%
Multifamily Housing	6.3%
Higher Education	8.1%
Transportation	12.4%
Nursing Homes	14.8%
General Obligation	16.1%
Medical	19.9%

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

UVAIX — SAR (8/26)

Victory Virginia Bond Fund

Class A

Ticker: UVABX

Semi-Annual Shareholder Report — August 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 A	$40	0.79%

Footnote	Description
Footnote^*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Table Summary
Net Assets	$475,898
Number of Holdings	169
Portfolio Turnover	4%

Top Industries* (% of Net Assets)

(as of August 31, 2026)

Table Summary
Value	Value
Education	1.7%
Facilities	3.1%
Development	3.8%
Airport	5.6%
Multifamily Housing	6.3%
Higher Education	8.1%
Transportation	12.4%
Nursing Homes	14.8%
General Obligation	16.1%
Medical	19.9%

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

UVABX — SAR (8/26)

UNITED STATES

FORM N-CSR

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

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Top Industries* (% of Net Assets)

(as of August 31, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Top Industries* (% of Net Assets)

(as of August 31, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

Top Industries* (% of Net Assets)

(as of August 31, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

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

(as of August 31, 2026)

Asset AllocationFootnote Reference* ^ (% of Net Assets)

(as of August 31, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

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

(as of August 31, 2026)

Asset AllocationFootnote Reference* ^ (% of Net Assets)

(as of August 31, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

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

(as of August 31, 2026)

Asset AllocationFootnote Reference* ^ (% of Net Assets)

(as of August 31, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

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

(as of August 31, 2026)

Asset AllocationFootnote Reference* ^ (% of Net Assets)

(as of August 31, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

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

(as of August 31, 2026)

Asset AllocationFootnote Reference* ^ (% of Net Assets)

(as of August 31, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

(as of August 31, 2026)

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

(as of August 31, 2026)

Asset AllocationFootnote Reference* ^ (% of Net Assets)

(as of August 31, 2026)

Additional Shareholder Information

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

FUND STATISTICS

($ amounts in 000s)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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