# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0000802716-26-000007
**Filing Date:** 2026-3
**Character Count:** 1206759
**Document Hash:** 3154097dcd869b01a71918268ee538c5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000802716-26-000007.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0000802716-26-000007

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 97

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VICTORY PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000802716

**ORGANIZATION NAME:**
- **EIN:** 316364605
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04852
- **FILM NUMBER:** 26730629

**BUSINESS ADDRESS:**
- **STREET 1:** 4900 TIEDEMAN ROAD
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144
- **BUSINESS PHONE:** 6144708000

**MAIL ADDRESS:**
- **STREET 1:** 4900 TIEDEMAN ROAD
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOCIETY FUNDS
- **DATE OF NAME CHANGE:** 19940906

## Series and Classes Contracts Data

### Victory RS Large Cap Alpha Fund (Series ID: S000053560)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168329 | Class A      | GPAFX           |
| C000168330 | Class C      | RCOCX           |
| C000168332 | Class Y      | RCEYX           |

### Victory RS Partners Fund (Series ID: S000053561)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168333 | Class A      | RSPFX           |
| C000168334 | Class R      | RSPKX           |
| C000168335 | Class Y      | RSPYX           |
| C000219866 | Member Class | RSPMX           |
| C000244343 | Class R6     | RPPRX           |

### Victory RS Value Fund (Series ID: S000053562)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168336 | Class A      | RSVAX           |
| C000168337 | Class C      | RVACX           |
| C000168339 | Class Y      | RSVYX           |

### Victory RS Global Fund (Series ID: S000053563)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168340 | Class A      | RSGGX           |
| C000168341 | Class C      | RGGCX           |
| C000168342 | Class R      | RGGKX           |
| C000168343 | Class Y      | RGGYX           |
| C000213170 | Class R6     | RGGRX           |

### Victory RS International Fund (Series ID: S000053564)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168344 | Class A      | GUBGX           |
| C000168345 | Class C      | RIGCX           |
| C000168346 | Class R      | RIGKX           |
| C000168347 | Class Y      | RSIGX           |
| C000213174 | Class R6     | RSIRX           |

### Victory Global Energy Transition Fund (Series ID: S000053568)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168359 | Class A      | RSNRX           |
| C000168360 | Class C      | RGNCX           |
| C000168362 | Class Y      | RSNYX           |

### Victory Low Duration Bond Fund, formerly Victory INCORE Low Duration Bond Fund (Series ID: S000053571)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168370 | Class A      | RLDAX           |
| C000168371 | Class C      | RLDCX           |
| C000168373 | Class Y      | RSDYX           |

### Victory High Yield Fund (Series ID: S000053572)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168374 | Class A      | GUHYX           |
| C000168375 | Class C      | RHYCX           |
| C000168376 | Class R      | RHYKX           |
| C000168377 | Class Y      | RSYYX           |

### Victory Floating Rate Fund (Series ID: S000053575)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168384 | Class A      | RSFLX           |
| C000168385 | Class C      | RSFCX           |
| C000168387 | Class Y      | RSFYX           |
| C000219868 | Member Class | RSFMX           |

### Victory RS Growth Fund (Series ID: S000053577)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168392 | Class Y      | RGRYX           |
| C000168393 | Class A      | RSGRX           |
| C000168394 | Class C      | RGWCX           |

### Victory RS Mid Cap Growth Fund (Series ID: S000053578)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168396 | Class A      | RSMOX           |
| C000168397 | Class C      | RMOCX           |
| C000168399 | Class Y      | RMOYX           |
| C000172969 | Class R6     | RMORX           |
| C000219869 | Member Class | RMOMX           |

### Victory RS Select Growth Fund (Series ID: S000053579)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168400 | Class A      | RSDGX           |
| C000168401 | Class C      | RSGFX           |
| C000168403 | Class Y      | RSSYX           |
| C000172970 | Class R6     | RSSRX           |

### Victory RS Small Cap Growth Fund (Series ID: S000053581)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168408 | Class A      | RSEGX           |
| C000168409 | Class C      | REGWX           |
| C000168411 | Class Y      | RSYEX           |
| C000193682 | Class R6     | RSEJX           |

### Victory RS Science and Technology Fund (Series ID: S000053582)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168412 | Class A      | RSIFX           |
| C000168413 | Class C      | RINCX           |
| C000168415 | Class Y      | RIFYX           |

### Victory RS Investors Fund (Series ID: S000053583)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168416 | Class A      | RSINX           |
| C000168417 | Class C      | RIVCX           |
| C000168419 | Class Y      | RSIYX           |

?xml version='1.0' encoding='ASCII'?

### UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

# FORM N-CSR
**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811-04852

Victory Portfolios

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Jay G. Baris & Matt Kutner, Sidley Austin LLP, 787 Seventh Avenue, New York, New York 10019

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(800) 539-3863</u>

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>December 31, 2025</u>

**Item 1. Reports to Stockholders.**

(a) #### Victory RS Partners Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class A

Ticker: RSPFX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Partners Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$135 | &nbsp;&nbsp;&nbsp;1.33% |

---

# What affected the Fund's performance during the last year?
The Fund underperformed, as investors factor low-quality, high-beta equities, with unprofitable companies notably outperforming the Fund's benchmark, the Russell 2000<sup>®</sup> Value Index (the "Index"). The Fund's disciplined focus on high-quality businesses-characterized by strong balance sheets, durable cash flows, and improving return on invested capital – was not rewarded in this environment, resulting in the Fund's relative underperformance to the Index for the year.

Top contributors to performance:

* The Fund's performance relative to the Index was bolstered by strong stock selection within the industrials and consumer discretionary sectors. 

* In the industrials sector, the Fund benefited from its holding in Atmus Filtration Technologies, Inc., a global leader in filtration solutions and the owner of the well-known Fleetguard brand. 

* Despite a challenging environment for consumer spending, we believe we identified compelling opportunities in the consumer discretionary sector. Garret Motion, Inc., a designer and manufacturer of turbochargers, had a positive return during the period as the company continued to execute on its operational and strategic initiatives.

Top detractors from performance:

* The Fund's performance was hindered by holdings within the financials sector, most notably due to the underperformance of Euronet Worldwide, Inc ("Euronet"), a global financial technology company. Euronet experienced weakness in its money transfer business, driven primarily by headwinds from increased immigration enforcement, which impacted transaction volumes.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](ie38507c0a334542c6c238ecb.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory RS Partners Fund Class A @ NAV - $27,580** | **Victory RS Partners Fund Class A @ MOP - $25,994** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $38,012** | **Russell 2000<sup>®</sup> Value Index - $24,256** |
| **12/15** | $10000 | $9425 | $10000 | $10000 |
| **12/16** | $12404 | $11691 | $11274 | $13174 |
| **12/17** | $14166 | $13352 | $13656 | $14207 |
| **12/18** | $12461 | $11745 | $12940 | $12379 |
| **12/19** | $16285 | $15349 | $16954 | $15151 |
| **12/20** | $16360 | $15420 | $20495 | $15853 |
| **12/21** | $21200 | $19981 | $25754 | $20335 |
| **12/22** | $20239 | $19075 | $20808 | $17390 |
| **12/23** | $23407 | $22062 | $26209 | $19937 |
| **12/24** | $26901 | $25355 | $32448 | $21543 |
| **12/25** | $27580 | $25994 | $38012 | $24256 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 2.52% | 11.01% | 10.68% |
| Class A @ MOP | -3.37% | 9.70% | 10.02% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Value Index | 12.59% | 8.88% | 9.27% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $573633 |
| Number of Holdings | 70 |
| Investment Advisory Fees | $4547 |
| Portfolio Turnover | 65% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](i1439305d645e5c72b685c371.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.2% |
| Materials | 3.7% |
| Health Care | 4.7% |
| Utilities | 4.9% |
| Energy | 6.2% |
| Information Technology | 7.0% |
| Real Estate | 7.9% |
| Consumer Discretionary | 12.1% |
| Industrials | 16.6% |
| Financials<sup>Footnote Reference\*\*</sup> | 29.8% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Globe Life, Inc. | 3.0% |
| Ameris Bancorp | 2.7% |
| FNB Corp. | 2.7% |
| The St. Joe Co. | 2.6% |
| UMB Financial Corp. | 2.6% |
| Garrett Motion, Inc. | 2.6% |
| The Bank of NT Butterfield & Son Ltd. | 2.5% |
| Old National Bancorp | 2.5% |
| Black Hills Corp. | 2.4% |
| V2X, Inc. | 2.1% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RSPFX — AR (12/25)

#### Victory RS Partners Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class R

Ticker: RSPKX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Partners Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;$171 | &nbsp;&nbsp;&nbsp;1.69% |

---

# What affected the Fund's performance during the last year?
The Fund underperformed, as investors factor low-quality, high-beta equities, with unprofitable companies notably outperforming the Fund's benchmark, the Russell 2000<sup>®</sup> Value Index (the "Index"). The Fund's disciplined focus on high-quality businesses-characterized by strong balance sheets, durable cash flows, and improving return on invested capital – was not rewarded in this environment, resulting in the Fund's relative underperformance to the Index for the year.

Top contributors to performance:

* The Fund's performance relative to the Index was bolstered by strong stock selection within the industrials and consumer discretionary sectors. 

* In the industrials sector, the Fund benefited from its holding in Atmus Filtration Technologies, Inc., a global leader in filtration solutions and the owner of the well-known Fleetguard brand. 

* Despite a challenging environment for consumer spending, we believe we identified compelling opportunities in the consumer discretionary sector. Garret Motion, Inc., a designer and manufacturer of turbochargers, had a positive return during the period as the company continued to execute on its operational and strategic initiatives.

Top detractors from performance:

* The Fund's performance was hindered by holdings within the financials sector, most notably due to the underperformance of Euronet Worldwide, Inc ("Euronet"), a global financial technology company. Euronet experienced weakness in its money transfer business, driven primarily by headwinds from increased immigration enforcement, which impacted transaction volumes.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i3e0d11017bb161d73fc8c341.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory RS Partners Fund Class R - $26,612** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $38,012** | **Russell 2000<sup>®</sup> Value Index - $24,256** |
| **12/15** | $10000 | $10000 | $10000 |
| **12/16** | $12364 | $11274 | $13174 |
| **12/17** | $14071 | $13656 | $14207 |
| **12/18** | $12328 | $12940 | $12379 |
| **12/19** | $16058 | $16954 | $15151 |
| **12/20** | $16067 | $20495 | $15853 |
| **12/21** | $20751 | $25754 | $20335 |
| **12/22** | $19743 | $20808 | $17390 |
| **12/23** | $22743 | $26209 | $19937 |
| **12/24** | $26045 | $32448 | $21543 |
| **12/25** | $26612 | $38012 | $24256 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class R | 2.17% | 10.62% | 10.28% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Value Index | 12.59% | 8.88% | 9.27% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $573633 |
| Number of Holdings | 70 |
| Investment Advisory Fees | $4547 |
| Portfolio Turnover | 65% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](i1439305d645e5c72b685c371.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.2% |
| Materials | 3.7% |
| Health Care | 4.7% |
| Utilities | 4.9% |
| Energy | 6.2% |
| Information Technology | 7.0% |
| Real Estate | 7.9% |
| Consumer Discretionary | 12.1% |
| Industrials | 16.6% |
| Financials<sup>Footnote Reference\*\*</sup> | 29.8% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Globe Life, Inc. | 3.0% |
| Ameris Bancorp | 2.7% |
| FNB Corp. | 2.7% |
| The St. Joe Co. | 2.6% |
| UMB Financial Corp. | 2.6% |
| Garrett Motion, Inc. | 2.6% |
| The Bank of NT Butterfield & Son Ltd. | 2.5% |
| Old National Bancorp | 2.5% |
| Black Hills Corp. | 2.4% |
| V2X, Inc. | 2.1% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RSPKX — AR (12/25)

#### Victory RS Partners Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class R6

Ticker: RPPRX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Partners Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$90 | &nbsp;&nbsp;&nbsp;0.89% |

---

# What affected the Fund's performance during the last year?
The Fund underperformed, as investors factor low-quality, high-beta equities, with unprofitable companies notably outperforming the Fund's benchmark, the Russell 2000<sup>®</sup> Value Index (the "Index"). The Fund's disciplined focus on high-quality businesses-characterized by strong balance sheets, durable cash flows, and improving return on invested capital – was not rewarded in this environment, resulting in the Fund's relative underperformance to the Index for the year.

Top contributors to performance:

* The Fund's performance relative to the Index was bolstered by strong stock selection within the industrials and consumer discretionary sectors. 

* In the industrials sector, the Fund benefited from its holding in Atmus Filtration Technologies, Inc., a global leader in filtration solutions and the owner of the well-known Fleetguard brand. 

* Despite a challenging environment for consumer spending, we believe we identified compelling opportunities in the consumer discretionary sector. Garret Motion, Inc., a designer and manufacturer of turbochargers, had a positive return during the period as the company continued to execute on its operational and strategic initiatives.

Top detractors from performance:

* The Fund's performance was hindered by holdings within the financials sector, most notably due to the underperformance of Euronet Worldwide, Inc ("Euronet"), a global financial technology company. Euronet experienced weakness in its money transfer business, driven primarily by headwinds from increased immigration enforcement, which impacted transaction volumes.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i35a553031ede8ac63192dc38.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory RS Partners Fund Class R6 - $13,797** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $16,631** | **Russell 2000<sup>®</sup> Value Index - $14,550** |
| **6/23<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 |
| **12/23** | $11600 | $11467 | $11959 |
| **12/24** | $13392 | $14197 | $12922 |
| **12/25** | $13797 | $16631 | $14550 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Inception date for the Victory RS Partners Fund, Class R6 is 6/2/2023. |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception |
| Class R6 | 3.03% | 13.27% |
| Russell 3000<sup>®</sup> Index | 17.15% | 21.76% |
| Russell 2000<sup>®</sup> Value Index | 12.59% | 15.62% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $573633 |
| Number of Holdings | 70 |
| Investment Advisory Fees | $4547 |
| Portfolio Turnover | 65% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](i1439305d645e5c72b685c371.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.2% |
| Materials | 3.7% |
| Health Care | 4.7% |
| Utilities | 4.9% |
| Energy | 6.2% |
| Information Technology | 7.0% |
| Real Estate | 7.9% |
| Consumer Discretionary | 12.1% |
| Industrials | 16.6% |
| Financials<sup>Footnote Reference\*\*</sup> | 29.8% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Globe Life, Inc. | 3.0% |
| Ameris Bancorp | 2.7% |
| FNB Corp. | 2.7% |
| The St. Joe Co. | 2.6% |
| UMB Financial Corp. | 2.6% |
| Garrett Motion, Inc. | 2.6% |
| The Bank of NT Butterfield & Son Ltd. | 2.5% |
| Old National Bancorp | 2.5% |
| Black Hills Corp. | 2.4% |
| V2X, Inc. | 2.1% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RPPRX — AR (12/25)

#### Victory RS Partners Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class Y

Ticker: RSPYX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Partners Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$95 | &nbsp;&nbsp;&nbsp;0.94% |

---

# What affected the Fund's performance during the last year?
The Fund underperformed, as investors factor low-quality, high-beta equities, with unprofitable companies notably outperforming the Fund's benchmark, the Russell 2000<sup>®</sup> Value Index (the "Index"). The Fund's disciplined focus on high-quality businesses-characterized by strong balance sheets, durable cash flows, and improving return on invested capital – was not rewarded in this environment, resulting in the Fund's relative underperformance to the Index for the year.

Top contributors to performance:

* The Fund's performance relative to the Index was bolstered by strong stock selection within the industrials and consumer discretionary sectors. 

* In the industrials sector, the Fund benefited from its holding in Atmus Filtration Technologies, Inc., a global leader in filtration solutions and the owner of the well-known Fleetguard brand. 

* Despite a challenging environment for consumer spending, we believe we identified compelling opportunities in the consumer discretionary sector. Garret Motion, Inc., a designer and manufacturer of turbochargers, had a positive return during the period as the company continued to execute on its operational and strategic initiatives.

Top detractors from performance:

* The Fund's performance was hindered by holdings within the financials sector, most notably due to the underperformance of Euronet Worldwide, Inc ("Euronet"), a global financial technology company. Euronet experienced weakness in its money transfer business, driven primarily by headwinds from increased immigration enforcement, which impacted transaction volumes.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i757da1b38de0f3cbc797fb80.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory RS Partners Fund Class Y - $2,854,684** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $3,801,169** | **Russell 2000<sup>®</sup> Value Index - $2,425,618** |
| **12/15** | $1000000 | $1000000 | $1000000 |
| **12/16** | $1244101 | $1127352 | $1317409 |
| **12/17** | $1425658 | $1365568 | $1420666 |
| **12/18** | $1257900 | $1293989 | $1237911 |
| **12/19** | $1650079 | $1695371 | $1515129 |
| **12/20** | $1662833 | $2049497 | $1585345 |
| **12/21** | $2162259 | $2575419 | $2033528 |
| **12/22** | $2070699 | $2080761 | $1739005 |
| **12/23** | $2403427 | $2620860 | $1993709 |
| **12/24** | $2773506 | $3244829 | $2154294 |
| **12/25** | $2854684 | $3801169 | $2425618 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class Y | 2.93% | 11.41% | 11.06% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Value Index | 12.59% | 8.88% | 9.27% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $573633 |
| Number of Holdings | 70 |
| Investment Advisory Fees | $4547 |
| Portfolio Turnover | 65% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](i1439305d645e5c72b685c371.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.2% |
| Materials | 3.7% |
| Health Care | 4.7% |
| Utilities | 4.9% |
| Energy | 6.2% |
| Information Technology | 7.0% |
| Real Estate | 7.9% |
| Consumer Discretionary | 12.1% |
| Industrials | 16.6% |
| Financials<sup>Footnote Reference\*\*</sup> | 29.8% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Globe Life, Inc. | 3.0% |
| Ameris Bancorp | 2.7% |
| FNB Corp. | 2.7% |
| The St. Joe Co. | 2.6% |
| UMB Financial Corp. | 2.6% |
| Garrett Motion, Inc. | 2.6% |
| The Bank of NT Butterfield & Son Ltd. | 2.5% |
| Old National Bancorp | 2.5% |
| Black Hills Corp. | 2.4% |
| V2X, Inc. | 2.1% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RSPYX — AR (12/25)

#### Victory RS Partners Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Member Class

Ticker: RSPMX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Partners Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Member Class | &nbsp;&nbsp;&nbsp;$115 | &nbsp;&nbsp;&nbsp;1.13% |

---

# What affected the Fund's performance during the last year?
The Fund underperformed, as investors factor low-quality, high-beta equities, with unprofitable companies notably outperforming the Fund's benchmark, the Russell 2000<sup>®</sup> Value Index (the "Index"). The Fund's disciplined focus on high-quality businesses-characterized by strong balance sheets, durable cash flows, and improving return on invested capital – was not rewarded in this environment, resulting in the Fund's relative underperformance to the Index for the year.

Top contributors to performance:

* The Fund's performance relative to the Index was bolstered by strong stock selection within the industrials and consumer discretionary sectors. 

* In the industrials sector, the Fund benefited from its holding in Atmus Filtration Technologies, Inc., a global leader in filtration solutions and the owner of the well-known Fleetguard brand. 

* Despite a challenging environment for consumer spending, we believe we identified compelling opportunities in the consumer discretionary sector. Garret Motion, Inc., a designer and manufacturer of turbochargers, had a positive return during the period as the company continued to execute on its operational and strategic initiatives.

Top detractors from performance:

* The Fund's performance was hindered by holdings within the financials sector, most notably due to the underperformance of Euronet Worldwide, Inc ("Euronet"), a global financial technology company. Euronet experienced weakness in its money transfer business, driven primarily by headwinds from increased immigration enforcement, which impacted transaction volumes.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i99cd1884c985f6a323cb8d44.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory RS Partners Fund Member Class - $21,331** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $21,472** | **Russell 2000<sup>®</sup> Value Index - $19,223** |
| **11/20<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 |
| **12/20** | $12522 | $11577 | $12564 |
| **12/21** | $16265 | $14548 | $16116 |
| **12/22** | $15556 | $11754 | $13782 |
| **12/23** | $18031 | $14804 | $15800 |
| **12/24** | $20768 | $18329 | $17073 |
| **12/25** | $21331 | $21472 | $19223 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Inception date for the Victory RS Partners Fund, Member Class is 11/3/2020. |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Member Class | 2.71% | 11.24% | 15.81%<sup>Footnote Reference</sup> |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 15.96% |
| Russell 2000<sup>®</sup> Value Index | 12.59% | 8.88% | 13.50% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $573633 |
| Number of Holdings | 70 |
| Investment Advisory Fees | $4547 |
| Portfolio Turnover | 65% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-fundsor call 800-235-8396.**

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](i1439305d645e5c72b685c371.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.2% |
| Materials | 3.7% |
| Health Care | 4.7% |
| Utilities | 4.9% |
| Energy | 6.2% |
| Information Technology | 7.0% |
| Real Estate | 7.9% |
| Consumer Discretionary | 12.1% |
| Industrials | 16.6% |
| Financials<sup>Footnote Reference\*\*</sup> | 29.8% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Globe Life, Inc. | 3.0% |
| Ameris Bancorp | 2.7% |
| FNB Corp. | 2.7% |
| The St. Joe Co. | 2.6% |
| UMB Financial Corp. | 2.6% |
| Garrett Motion, Inc. | 2.6% |
| The Bank of NT Butterfield & Son Ltd. | 2.5% |
| Old National Bancorp | 2.5% |
| Black Hills Corp. | 2.4% |
| V2X, Inc. | 2.1% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RSPMX — AR (12/25)

#### Victory RS Value Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class A

Ticker: RSVAX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Value Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$133 | &nbsp;&nbsp;&nbsp;1.30% |

---

# What affected the Fund's performance during the last year?
The Fund underperformed as investors factor low-quality, high-beta equities, with unprofitable companies notably outperforming the Fund's benchmark, the Russell Midcap<sup>®</sup> Value Index (the "Index"). The Fund's disciplined focus on high-quality businesses-characterized by strong balance sheets, durable cash flows, and improving return on invested capital – was not rewarded in this environment, resulting in the Fund's relative underperformance to the Index for the year.

Top contributors to performance:

* The Fund's performance relative to the Index was bolstered by strong stock selection within the industrials and health care sectors. 

* In the industrials sector the Fund benefited from its holding in Api Group Corp., a global business services provider, which specializes in life safety, security, and specialty services. 

* Despite a challenging year for the health care sector, we believe we identified compelling value opportunities. Teva Pharmaceutical Industries Ltd., ADR, a provider of generic pharmaceuticals, innovative medicines, and active pharmaceutical ingredients, had a positive return during the period as the company continued its strategic pivot toward higher return segments.

Top detractors from performance:

* The Fund's performance was hindered by holdings within the financials sector, most notably due to the underperformance of Euronet Worldwide, Inc ("Euronet"), a global financial technology company. Euronet experienced weakness in its money transfer business driven primarily by headwinds from increased immigration enforcement, which impacted transaction volumes.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i0dbe5b3197ccf5bf44356374.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory RS Value Fund Class A @ NAV - $23,282** | **Victory RS Value Fund Class A @ MOP - $21,942** | **Russell 1000<sup>®</sup> Index (regulatory broad based index) - $39,030** | **Russell Midcap<sup>®</sup> Value Index - $25,421** |
| **12/15** | $10000 | $9424 | $10000 | $10000 |
| **12/16** | $11092 | $10454 | $11205 | $12000 |
| **12/17** | $13023 | $12274 | $13636 | $13601 |
| **12/18** | $11623 | $10954 | $12983 | $11930 |
| **12/19** | $15267 | $14388 | $17063 | $15158 |
| **12/20** | $14871 | $14015 | $20640 | $15910 |
| **12/21** | $18933 | $17843 | $26101 | $20419 |
| **12/22** | $18370 | $17313 | $21108 | $17962 |
| **12/23** | $19752 | $18615 | $26708 | $20246 |
| **12/24** | $22247 | $20967 | $33255 | $22892 |
| **12/25** | $23282 | $21942 | $39030 | $25421 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 4.65% | 9.38% | 8.82% |
| Class A @ MOP | -1.37% | 8.09% | 8.17% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell Midcap<sup>®</sup> Value Index | 11.05% | 9.83% | 9.78% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $249025 |
| Number of Holdings | 61 |
| Investment Advisory Fees | $2205 |
| Portfolio Turnover | 50% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](i76532c6c9ca73f5a10b4b956.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 2.0% |
| Consumer Staples | 4.3% |
| Real Estate | 5.8% |
| Consumer Discretionary | 7.1% |
| Energy | 7.1% |
| Utilities | 7.4% |
| Health Care | 8.4% |
| Information Technology | 10.1% |
| Industrials | 21.1% |
| Financials | 23.5% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Globe Life, Inc. | 3.7% |
| MarketAxess Holdings, Inc. | 3.6% |
| Teva Pharmaceutical Industries Ltd., ADR | 3.0% |
| Mattel, Inc. | 2.9% |
| SS&C Technologies Holdings, Inc. | 2.8% |
| FirstEnergy Corp. | 2.8% |
| CenterPoint Energy, Inc. | 2.4% |
| AMETEK, Inc. | 2.4% |
| NNN REIT, Inc. | 2.4% |
| The Timken Co. | 2.3% |

---

---

| | |
|:---|:---|
| \* | 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RSVAX — AR (12/25)

#### Victory RS Value Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class C

Ticker: RVACX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Value Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$211 | &nbsp;&nbsp;&nbsp;2.07% |

---

# What affected the Fund's performance during the last year?
The Fund underperformed as investors factor low-quality, high-beta equities, with unprofitable companies notably outperforming the Fund's benchmark, the Russell Midcap<sup>®</sup> Value Index (the "Index"). The Fund's disciplined focus on high-quality businesses-characterized by strong balance sheets, durable cash flows, and improving return on invested capital – was not rewarded in this environment, resulting in the Fund's relative underperformance to the Index for the year.

Top contributors to performance:

* The Fund's performance relative to the Index was bolstered by strong stock selection within the industrials and health care sectors. 

* In the industrials sector the Fund benefited from its holding in Api Group Corp., a global business services provider, which specializes in life safety, security, and specialty services. 

* Despite a challenging year for the health care sector, we believe we identified compelling value opportunities. Teva Pharmaceutical Industries Ltd., ADR, a provider of generic pharmaceuticals, innovative medicines, and active pharmaceutical ingredients, had a positive return during the period as the company continued its strategic pivot toward higher return segments.

Top detractors from performance:

* The Fund's performance was hindered by holdings within the financials sector, most notably due to the underperformance of Euronet Worldwide, Inc ("Euronet"), a global financial technology company. Euronet experienced weakness in its money transfer business driven primarily by headwinds from increased immigration enforcement, which impacted transaction volumes.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](ia0b90625157e1e64d56ed52a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory RS Value Fund Class C @ NAV - $21,888** | **Russell 1000<sup>®</sup> Index (regulatory broad based index) - $39,030** | **Russell Midcap<sup>®</sup> Value Index - $25,421** |
| **12/15** | $10000 | $10000 | $10000 |
| **12/16** | $11001 | $11205 | $12000 |
| **12/17** | $12820 | $13636 | $13601 |
| **12/18** | $11358 | $12983 | $11930 |
| **12/19** | $14802 | $17063 | $15158 |
| **12/20** | $14306 | $20640 | $15910 |
| **12/21** | $18066 | $26101 | $20419 |
| **12/22** | $17395 | $21108 | $17962 |
| **12/23** | $18570 | $26708 | $20246 |
| **12/24** | $20916 | $33255 | $22892 |
| **12/25** | $21888 | $39030 | $25421 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class C @ NAV | 3.83% | 8.54% | 8.15% |
| Class C @ CDSC | 2.89% | 8.54% | 8.15% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell Midcap<sup>®</sup> Value Index | 11.05% | 9.83% | 9.78% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $249025 |
| Number of Holdings | 61 |
| Investment Advisory Fees | $2205 |
| Portfolio Turnover | 50% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](i76532c6c9ca73f5a10b4b956.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 2.0% |
| Consumer Staples | 4.3% |
| Real Estate | 5.8% |
| Consumer Discretionary | 7.1% |
| Energy | 7.1% |
| Utilities | 7.4% |
| Health Care | 8.4% |
| Information Technology | 10.1% |
| Industrials | 21.1% |
| Financials | 23.5% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Globe Life, Inc. | 3.7% |
| MarketAxess Holdings, Inc. | 3.6% |
| Teva Pharmaceutical Industries Ltd., ADR | 3.0% |
| Mattel, Inc. | 2.9% |
| SS&C Technologies Holdings, Inc. | 2.8% |
| FirstEnergy Corp. | 2.8% |
| CenterPoint Energy, Inc. | 2.4% |
| AMETEK, Inc. | 2.4% |
| NNN REIT, Inc. | 2.4% |
| The Timken Co. | 2.3% |

---

---

| | |
|:---|:---|
| \* | 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RVACX — AR (12/25)

#### Victory RS Value Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class Y

Ticker: RSVYX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Value Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$109 | &nbsp;&nbsp;&nbsp;1.06% |

---

# What affected the Fund's performance during the last year?
The Fund underperformed as investors factor low-quality, high-beta equities, with unprofitable companies notably outperforming the Fund's benchmark, the Russell Midcap<sup>®</sup> Value Index (the "Index"). The Fund's disciplined focus on high-quality businesses-characterized by strong balance sheets, durable cash flows, and improving return on invested capital – was not rewarded in this environment, resulting in the Fund's relative underperformance to the Index for the year.

Top contributors to performance:

* The Fund's performance relative to the Index was bolstered by strong stock selection within the industrials and health care sectors. 

* In the industrials sector the Fund benefited from its holding in Api Group Corp., a global business services provider, which specializes in life safety, security, and specialty services. 

* Despite a challenging year for the health care sector, we believe we identified compelling value opportunities. Teva Pharmaceutical Industries Ltd., ADR, a provider of generic pharmaceuticals, innovative medicines, and active pharmaceutical ingredients, had a positive return during the period as the company continued its strategic pivot toward higher return segments.

Top detractors from performance:

* The Fund's performance was hindered by holdings within the financials sector, most notably due to the underperformance of Euronet Worldwide, Inc ("Euronet"), a global financial technology company. Euronet experienced weakness in its money transfer business driven primarily by headwinds from increased immigration enforcement, which impacted transaction volumes.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i4776a6dff96b227c0acecd6d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory RS Value Fund Class Y - $2,383,960** | **Russell 1000<sup>®</sup> Index (regulatory broad based index) - $3,902,976** | **Russell Midcap<sup>®</sup> Value Index - $2,542,149** |
| **12/15** | $1000000 | $1000000 | $1000000 |
| **12/16** | $1111399 | $1120537 | $1199977 |
| **12/17** | $1308172 | $1363550 | $1360104 |
| **12/18** | $1170257 | $1298316 | $1192952 |
| **12/19** | $1541157 | $1706327 | $1515790 |
| **12/20** | $1504688 | $2064029 | $1591044 |
| **12/21** | $1919509 | $2610068 | $2041908 |
| **12/22** | $1867468 | $2110842 | $1796223 |
| **12/23** | $2012289 | $2670832 | $2024597 |
| **12/24** | $2272626 | $3325480 | $2289214 |
| **12/25** | $2383960 | $3902976 | $2542149 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class Y | 4.90% | 9.64% | 9.08% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell Midcap<sup>®</sup> Value Index | 11.05% | 9.83% | 9.78% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $249025 |
| Number of Holdings | 61 |
| Investment Advisory Fees | $2205 |
| Portfolio Turnover | 50% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](i76532c6c9ca73f5a10b4b956.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 2.0% |
| Consumer Staples | 4.3% |
| Real Estate | 5.8% |
| Consumer Discretionary | 7.1% |
| Energy | 7.1% |
| Utilities | 7.4% |
| Health Care | 8.4% |
| Information Technology | 10.1% |
| Industrials | 21.1% |
| Financials | 23.5% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Globe Life, Inc. | 3.7% |
| MarketAxess Holdings, Inc. | 3.6% |
| Teva Pharmaceutical Industries Ltd., ADR | 3.0% |
| Mattel, Inc. | 2.9% |
| SS&C Technologies Holdings, Inc. | 2.8% |
| FirstEnergy Corp. | 2.8% |
| CenterPoint Energy, Inc. | 2.4% |
| AMETEK, Inc. | 2.4% |
| NNN REIT, Inc. | 2.4% |
| The Timken Co. | 2.3% |

---

---

| | |
|:---|:---|
| \* | 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RSVYX — AR (12/25)

#### Victory RS Large Cap Alpha Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class A

Ticker: GPAFX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Large Cap Alpha Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$96 | &nbsp;&nbsp;&nbsp;0.89% |

---

# What affected the Fund's performance during the last year?
In 2025, the Fund's focus on investing in businesses with improving return on invested capital continued to generate strong results relative to the Fund's benchmark, the Russell 1000<sup>®</sup> Value Index (the "Index").

Top contributors to performance:

* Stock selection in the health care and financial services sectors contributed positively to the Fund's performance relative to the Index.

* Despite a challenging year for the health care sector, we believe we identified compelling value opportunities. Teva Pharmaceutical Industries Ltd., ADR, a provider of generic pharmaceuticals, innovative medicines, and active pharmaceutical ingredients, had a positive return as the company continued its strategic pivot toward higher-return segments. 

* Within the financials sector, the Fund benefited significantly from its holding in Citigroup Inc., a leading multinational investment bank and financial services corporation.

Top detractors from performance:

* The Fund was negatively impacted by holdings in the information technology sector, primarily driven by the negative performance from Zebra Technologies Corp ("Zebra"), a leader in inventory tracking hardware. Zebra faced headwinds in 2025 due to an uncertain spending environment. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i83473c1a949624e769453e77.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory RS Large Cap Alpha Fund Class A @ NAV - $28,109** | **Victory RS Large Cap Alpha Fund Class A @ MOP - $26,493** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $39,827** | **Russell 1000<sup>®</sup> Value Index - $27,213** |
| **12/15** | $10000 | $9425 | $10000 | $10000 |
| **12/16** | $10867 | $10242 | $11196 | $11734 |
| **12/17** | $12858 | $12118 | $13640 | $13337 |
| **12/18** | $11660 | $10990 | $13042 | $12235 |
| **12/19** | $15243 | $14367 | $17149 | $15482 |
| **12/20** | $15086 | $14218 | $20304 | $15915 |
| **12/21** | $18556 | $17489 | $26132 | $19919 |
| **12/22** | $17699 | $16681 | $21399 | $18418 |
| **12/23** | $20045 | $18892 | $27025 | $20529 |
| **12/24** | $24259 | $22864 | $33786 | $23478 |
| **12/25** | $28109 | $26493 | $39827 | $27213 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 15.87%<sup>Footnote Reference</sup> | 13.25% | 10.89% |
| Class A @ MOP | 9.21% | 11.92% | 10.23% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $543393 |
| Number of Holdings | 51 |
| Investment Advisory Fees | $2626 |
| Portfolio Turnover | 44% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](icd5ff39b67d2f95f17f37780.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.7% |
| Communication Services | 3.8% |
| Consumer Discretionary | 3.9% |
| Utilities | 4.1% |
| Consumer Staples | 5.6% |
| Energy | 6.3% |
| Information Technology | 9.4% |
| Health Care | 17.6% |
| Industrials | 19.1% |
| Financials<sup>Footnote Reference\*\*</sup> | 25.0% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Citigroup, Inc. | 4.4% |
| KeyCorp | 4.1% |
| Teva Pharmaceutical Industries Ltd., ADR | 3.4% |
| SS&C Technologies Holdings, Inc. | 2.8% |
| JPMorgan Chase & Co. | 2.7% |
| U.S. Bancorp | 2.7% |
| The Cigna Group | 2.7% |
| Alphabet, Inc., Class A | 2.7% |
| Exxon Mobil Corp. | 2.6% |
| Everest Group Ltd. | 2.4% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

GPAFX — AR (12/25)

#### Victory RS Large Cap Alpha Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class C

Ticker: RCOCX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Large Cap Alpha Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$182 | &nbsp;&nbsp;&nbsp;1.69% |

---

# What affected the Fund's performance during the last year?
In 2025, the Fund's focus on investing in businesses with improving return on invested capital continued to generate strong results relative to the Fund's benchmark, the Russell 1000<sup>®</sup> Value Index (the "Index").

Top contributors to performance:

* Stock selection in the health care and financial services sectors contributed positively to the Fund's performance relative to the Index.

* Despite a challenging year for the health care sector, we believe we identified compelling value opportunities. Teva Pharmaceutical Industries Ltd., ADR, a provider of generic pharmaceuticals, innovative medicines, and active pharmaceutical ingredients, had a positive return as the company continued its strategic pivot toward higher-return segments. 

* Within the financials sector, the Fund benefited significantly from its holding in Citigroup Inc., a leading multinational investment bank and financial services corporation.

Top detractors from performance:

* The Fund was negatively impacted by holdings in the information technology sector, primarily driven by the negative performance from Zebra Technologies Corp ("Zebra"), a leader in inventory tracking hardware. Zebra faced headwinds in 2025 due to an uncertain spending environment. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](id7ee294530c4f150a2a3ced6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory RS Large Cap Alpha Fund Class C @ NAV - $26,366** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $39,827** | **Russell 1000<sup>®</sup> Value Index - $27,213** |
| **12/15** | $10000 | $10000 | $10000 |
| **12/16** | $10780 | $11196 | $11734 |
| **12/17** | $12651 | $13640 | $13337 |
| **12/18** | $11383 | $13042 | $12235 |
| **12/19** | $14763 | $17149 | $15482 |
| **12/20** | $14490 | $20304 | $15915 |
| **12/21** | $17686 | $26132 | $19919 |
| **12/22** | $16732 | $21399 | $18418 |
| **12/23** | $18802 | $27025 | $20529 |
| **12/24** | $22755 | $33786 | $23478 |
| **12/25** | $26366 | $39827 | $27213 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class C @ NAV | 14.94% | 12.35% | 10.18% |
| Class C @ CDSC | 13.94% | 12.35% | 10.18% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $543393 |
| Number of Holdings | 51 |
| Investment Advisory Fees | $2626 |
| Portfolio Turnover | 44% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](icd5ff39b67d2f95f17f37780.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.7% |
| Communication Services | 3.8% |
| Consumer Discretionary | 3.9% |
| Utilities | 4.1% |
| Consumer Staples | 5.6% |
| Energy | 6.3% |
| Information Technology | 9.4% |
| Health Care | 17.6% |
| Industrials | 19.1% |
| Financials<sup>Footnote Reference\*\*</sup> | 25.0% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Citigroup, Inc. | 4.4% |
| KeyCorp | 4.1% |
| Teva Pharmaceutical Industries Ltd., ADR | 3.4% |
| SS&C Technologies Holdings, Inc. | 2.8% |
| JPMorgan Chase & Co. | 2.7% |
| U.S. Bancorp | 2.7% |
| The Cigna Group | 2.7% |
| Alphabet, Inc., Class A | 2.7% |
| Exxon Mobil Corp. | 2.6% |
| Everest Group Ltd. | 2.4% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RCOCX — AR (12/25)

#### Victory RS Large Cap Alpha Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class Y

Ticker: RCEYX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Large Cap Alpha Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$73 | &nbsp;&nbsp;&nbsp;0.68% |

---

# What affected the Fund's performance during the last year?
In 2025, the Fund's focus on investing in businesses with improving return on invested capital continued to generate strong results relative to the Fund's benchmark, the Russell 1000<sup>®</sup> Value Index (the "Index").

Top contributors to performance:

* Stock selection in the health care and financial services sectors contributed positively to the Fund's performance relative to the Index.

* Despite a challenging year for the health care sector, we believe we identified compelling value opportunities. Teva Pharmaceutical Industries Ltd., ADR, a provider of generic pharmaceuticals, innovative medicines, and active pharmaceutical ingredients, had a positive return as the company continued its strategic pivot toward higher-return segments. 

* Within the financials sector, the Fund benefited significantly from its holding in Citigroup Inc., a leading multinational investment bank and financial services corporation.

Top detractors from performance:

* The Fund was negatively impacted by holdings in the information technology sector, primarily driven by the negative performance from Zebra Technologies Corp ("Zebra"), a leader in inventory tracking hardware. Zebra faced headwinds in 2025 due to an uncertain spending environment. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i46ce3e7abd737eb106bef439.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory RS Large Cap Alpha Fund Class Y - $2,869,882** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $3,982,743** | **Russell 1000<sup>®</sup> Value Index - $2,721,298** |
| **12/15** | $1000000 | $1000000 | $1000000 |
| **12/16** | $1088892 | $1119599 | $1173403 |
| **12/17** | $1291020 | $1364026 | $1333737 |
| **12/18** | $1173368 | $1304223 | $1223478 |
| **12/19** | $1536937 | $1714876 | $1548204 |
| **12/20** | $1524149 | $2030393 | $1591486 |
| **12/21** | $1878984 | $2613225 | $1991909 |
| **12/22** | $1795789 | $2139947 | $1841764 |
| **12/23** | $2038361 | $2702488 | $2052877 |
| **12/24** | $2471560 | $3378642 | $2347838 |
| **12/25** | $2869882 | $3982743 | $2721298 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class Y | 16.12%<sup>Footnote Reference</sup> | 13.49% | 11.12% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $543393 |
| Number of Holdings | 51 |
| Investment Advisory Fees | $2626 |
| Portfolio Turnover | 44% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](icd5ff39b67d2f95f17f37780.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.7% |
| Communication Services | 3.8% |
| Consumer Discretionary | 3.9% |
| Utilities | 4.1% |
| Consumer Staples | 5.6% |
| Energy | 6.3% |
| Information Technology | 9.4% |
| Health Care | 17.6% |
| Industrials | 19.1% |
| Financials<sup>Footnote Reference\*\*</sup> | 25.0% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Citigroup, Inc. | 4.4% |
| KeyCorp | 4.1% |
| Teva Pharmaceutical Industries Ltd., ADR | 3.4% |
| SS&C Technologies Holdings, Inc. | 2.8% |
| JPMorgan Chase & Co. | 2.7% |
| U.S. Bancorp | 2.7% |
| The Cigna Group | 2.7% |
| Alphabet, Inc., Class A | 2.7% |
| Exxon Mobil Corp. | 2.6% |
| Everest Group Ltd. | 2.4% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RCEYX — AR (12/25)

#### Victory RS Investors Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class A

Ticker: RSINX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Investors Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$137 | &nbsp;&nbsp;&nbsp;1.33% |

---

# What affected the Fund's performance during the last year?
In 2025, the Fund trailed its benchmark, the Russell 3000<sup>®</sup> Value Index (the "Index"), as market sentiment rotated toward lower-quality, higher-beta assets that diverged from the Fund's core positioning, compounded by performance headwinds from stock selection in specific sectors.

Top contributors to performance:

* Stock selection within the health care and communication services sectors contributed positively to the Fund's performance relative to the Index. 

* Despite a challenging year for the health care sector, we believe we identified compelling opportunities. Teva Pharmaceutical Industries Ltd., ADR, a provider of generic pharmaceuticals, innovative medicines, and active pharmaceutical ingredients, had a positive return during the period as the company continued to pivot toward higher-return segments. 

* In the communication services sector, the Fund benefited from its holding in Alphabet Inc., Class A, the leading internet search and advertising enterprise, with a diverse portfolio of technology businesses.

Top detractors from performance:

* Performance was hindered by holdings in the information technology sector, as Nice Ltd ("Nice") acted as a primary detractor. As a global leader specializing in AI-powered customer experience and financial crime prevention, Nice shares declined as market apprehension regarding potential AI-driven disruption weighed on investor sentiment.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](ic439c849eb2816c0c4199eb2.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory RS Investors Fund Class A @ NAV - $26,151** | **Victory RS Investors Fund Class A @ MOP - $24,643** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $38,012** | **Russell 3000<sup>®</sup> Value Index - $27,036** |
| **12/15** | $10000 | $9423 | $10000 | $10000 |
| **12/16** | $10990 | $10357 | $11274 | $11840 |
| **12/17** | $12780 | $12043 | $13656 | $13402 |
| **12/18** | $11583 | $10915 | $12940 | $12253 |
| **12/19** | $14827 | $13972 | $16954 | $15470 |
| **12/20** | $14578 | $13738 | $20495 | $15914 |
| **12/21** | $18331 | $17274 | $25754 | $19952 |
| **12/22** | $17962 | $16926 | $20808 | $18360 |
| **12/23** | $20328 | $19156 | $26209 | $20500 |
| **12/24** | $24571 | $23154 | $32448 | $23365 |
| **12/25** | $26151 | $24643 | $38012 | $27036 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 6.43% | 12.40% | 10.09% |
| Class A @ MOP | 0.29% | 11.08% | 9.44% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 3000<sup>®</sup> Value Index | 15.71% | 11.18% | 10.46% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $82139 |
| Number of Holdings | 30 |
| Investment Advisory Fees | $821 |
| Portfolio Turnover | 93% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](ib377acb01b7aa8c19ceaf353.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.5% |
| Consumer Staples | 2.1% |
| Communication Services | 2.7% |
| Real Estate | 3.9% |
| Consumer Discretionary | 4.2% |
| Energy | 6.1% |
| Information Technology | 8.5% |
| Health Care | 14.0% |
| Industrials | 19.4% |
| Financials<sup>Footnote Reference\*\*</sup> | 33.3% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| MarketAxess Holdings, Inc. | 4.8% |
| Globe Life, Inc. | 4.5% |
| Prosperity Bancshares, Inc. | 4.3% |
| CVS Health Corp. | 4.3% |
| Mattel, Inc. | 4.2% |
| V2X, Inc. | 4.0% |
| The St. Joe Co. | 3.9% |
| Everest Group Ltd. | 3.9% |
| Teva Pharmaceutical Industries Ltd., ADR | 3.8% |
| Gates Industrial Corp. PLC | 3.8% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RSINX — AR (12/25)

#### Victory RS Investors Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class C

Ticker: RIVCX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Investors Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$213 | &nbsp;&nbsp;&nbsp;2.07% |

---

# What affected the Fund's performance during the last year?
In 2025, the Fund trailed its benchmark, the Russell 3000<sup>®</sup> Value Index (the "Index"), as market sentiment rotated toward lower-quality, higher-beta assets that diverged from the Fund's core positioning, compounded by performance headwinds from stock selection in specific sectors.

Top contributors to performance:

* Stock selection within the health care and communication services sectors contributed positively to the Fund's performance relative to the Index. 

* Despite a challenging year for the health care sector, we believe we identified compelling opportunities. Teva Pharmaceutical Industries Ltd., ADR, a provider of generic pharmaceuticals, innovative medicines, and active pharmaceutical ingredients, had a positive return during the period as the company continued to pivot toward higher-return segments. 

* In the communication services sector, the Fund benefited from its holding in Alphabet Inc., Class A, the leading internet search and advertising enterprise, with a diverse portfolio of technology businesses.

Top detractors from performance:

* Performance was hindered by holdings in the information technology sector, as Nice Ltd ("Nice") acted as a primary detractor. As a global leader specializing in AI-powered customer experience and financial crime prevention, Nice shares declined as market apprehension regarding potential AI-driven disruption weighed on investor sentiment.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i9c61a4e08fcadf52c979a4fb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory RS Investors Fund Class C @ NAV - $24,659** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $38,012** | **Russell 3000<sup>®</sup> Value Index - $27,036** |
| **12/15** | $10000 | $10000 | $10000 |
| **12/16** | $10908 | $11274 | $11840 |
| **12/17** | $12597 | $13656 | $13402 |
| **12/18** | $11327 | $12940 | $12253 |
| **12/19** | $14395 | $16954 | $15470 |
| **12/20** | $14046 | $20495 | $15914 |
| **12/21** | $17527 | $25754 | $19952 |
| **12/22** | $17056 | $20808 | $18360 |
| **12/23** | $19168 | $26209 | $20500 |
| **12/24** | $23169 | $32448 | $23365 |
| **12/25** | $24659 | $38012 | $27036 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class C @ NAV | 5.68% | 11.58% | 9.45% |
| Class C @ CDSC | 4.68% | 11.58% | 9.45% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 3000<sup>®</sup> Value Index | 15.71% | 11.18% | 10.46% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $82139 |
| Number of Holdings | 30 |
| Investment Advisory Fees | $821 |
| Portfolio Turnover | 93% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](ib377acb01b7aa8c19ceaf353.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.5% |
| Consumer Staples | 2.1% |
| Communication Services | 2.7% |
| Real Estate | 3.9% |
| Consumer Discretionary | 4.2% |
| Energy | 6.1% |
| Information Technology | 8.5% |
| Health Care | 14.0% |
| Industrials | 19.4% |
| Financials<sup>Footnote Reference\*\*</sup> | 33.3% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| MarketAxess Holdings, Inc. | 4.8% |
| Globe Life, Inc. | 4.5% |
| Prosperity Bancshares, Inc. | 4.3% |
| CVS Health Corp. | 4.3% |
| Mattel, Inc. | 4.2% |
| V2X, Inc. | 4.0% |
| The St. Joe Co. | 3.9% |
| Everest Group Ltd. | 3.9% |
| Teva Pharmaceutical Industries Ltd., ADR | 3.8% |
| Gates Industrial Corp. PLC | 3.8% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RIVCX — AR (12/25)

#### Victory RS Investors Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class Y

Ticker: RSIYX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Investors Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$109 | &nbsp;&nbsp;&nbsp;1.05% |

---

# What affected the Fund's performance during the last year?
In 2025, the Fund trailed its benchmark, the Russell 3000<sup>®</sup> Value Index (the "Index"), as market sentiment rotated toward lower-quality, higher-beta assets that diverged from the Fund's core positioning, compounded by performance headwinds from stock selection in specific sectors.

Top contributors to performance:

* Stock selection within the health care and communication services sectors contributed positively to the Fund's performance relative to the Index. 

* Despite a challenging year for the health care sector, we believe we identified compelling opportunities. Teva Pharmaceutical Industries Ltd., ADR, a provider of generic pharmaceuticals, innovative medicines, and active pharmaceutical ingredients, had a positive return during the period as the company continued to pivot toward higher-return segments. 

* In the communication services sector, the Fund benefited from its holding in Alphabet Inc., Class A, the leading internet search and advertising enterprise, with a diverse portfolio of technology businesses.

Top detractors from performance:

* Performance was hindered by holdings in the information technology sector, as Nice Ltd ("Nice") acted as a primary detractor. As a global leader specializing in AI-powered customer experience and financial crime prevention, Nice shares declined as market apprehension regarding potential AI-driven disruption weighed on investor sentiment.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i837e490ac489e2c1cc3f6b03.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory RS Investors Fund Class Y - $2,689,711** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $3,801,169** | **Russell 3000<sup>®</sup> Value Index - $2,703,598** |
| **12/15** | $1000000 | $1000000 | $1000000 |
| **12/16** | $1101733 | $1127352 | $1183997 |
| **12/17** | $1284517 | $1365568 | $1340200 |
| **12/18** | $1168162 | $1293989 | $1225254 |
| **12/19** | $1499307 | $1695371 | $1546970 |
| **12/20** | $1478148 | $2049497 | $1591438 |
| **12/21** | $1863531 | $2575419 | $1995175 |
| **12/22** | $1831212 | $2080761 | $1835964 |
| **12/23** | $2078700 | $2620860 | $2049952 |
| **12/24** | $2520490 | $3244829 | $2336505 |
| **12/25** | $2689711 | $3801169 | $2703598 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class Y | 6.71% | 12.72% | 10.40% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 3000<sup>®</sup> Value Index | 15.71% | 11.18% | 10.46% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $82139 |
| Number of Holdings | 30 |
| Investment Advisory Fees | $821 |
| Portfolio Turnover | 93% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](ib377acb01b7aa8c19ceaf353.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.5% |
| Consumer Staples | 2.1% |
| Communication Services | 2.7% |
| Real Estate | 3.9% |
| Consumer Discretionary | 4.2% |
| Energy | 6.1% |
| Information Technology | 8.5% |
| Health Care | 14.0% |
| Industrials | 19.4% |
| Financials<sup>Footnote Reference\*\*</sup> | 33.3% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| MarketAxess Holdings, Inc. | 4.8% |
| Globe Life, Inc. | 4.5% |
| Prosperity Bancshares, Inc. | 4.3% |
| CVS Health Corp. | 4.3% |
| Mattel, Inc. | 4.2% |
| V2X, Inc. | 4.0% |
| The St. Joe Co. | 3.9% |
| Everest Group Ltd. | 3.9% |
| Teva Pharmaceutical Industries Ltd., ADR | 3.8% |
| Gates Industrial Corp. PLC | 3.8% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RSIYX — AR (12/25)

#### Victory Global Energy Transition Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class A

Ticker: RSNRX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory Global Energy Transition Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$200 | &nbsp;&nbsp;&nbsp;1.48% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Targeting producers across a breadth of different industries – most of which are not represented in the various natural resource indices – drove both absolute returns and performance relative to the Fund's benchmark, the S&P North American Natural Resources Sector Index (the "Index").

* In particular, investments in specific critical mineral, industrial mineral, and copper projects generated significant returns.

* Notably, all industry segments generated positive absolute returns during the year.

Top detractors from performance:

* The Fund's lack of exposure to gold exposure detracted from performance relative to the Index, as gold generated more than 50% of the returns for the Index. 

* The Fund's exposure to the chemicals industry not represented in the Index detracted from performance relative to the Index. 

* The Fund's overweight to North American natural gas detracted from performance relative to the Index. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i9aeb08401ddfc3d61f56c8b5.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Victory Global Energy Transition Fund Class A @ NAV - $35,795** | **Victory Global Energy Transition Fund Class A @ MOP - $33,728** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $39,827** | **MSCI World Commodity Producers Index - $25,834** | **S&P North American Natural Resources Sector Index - $25,368** |
| **12/15** | $10000 | $9423 | $10000 | $10000 | $10000 |
| **12/16** | $15313 | $14429 | $11196 | $13053 | $13087 |
| **12/17** | $15469 | $14576 | $13640 | $14684 | $13248 |
| **12/18** | $8383 | $7899 | $13042 | $12643 | $10457 |
| **12/19** | $6330 | $5964 | $17149 | $14115 | $12300 |
| **12/20** | $8061 | $7596 | $20304 | $11984 | $9962 |
| **12/21** | $14753 | $13901 | $26132 | $15792 | $13942 |
| **12/22** | $19917 | $18767 | $21399 | $20866 | $18691 |
| **12/23** | $18189 | $17138 | $27025 | $21201 | $19375 |
| **12/24** | $21105 | $19887 | $33786 | $20083 | $20946 |
| **12/25** | $35795 | $33728 | $39827 | $25834 | $25368 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 69.60%<sup>Footnote Reference</sup> | 34.74%<sup>Footnote Reference</sup> | 13.60% |
| Class A @ MOP | 59.85% | 33.16% | 12.93% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| MSCI World Commodity Producers Index | 28.64% | 16.61% | 9.96% |
| S&P North American Natural Resources Sector Index | 21.11% | 20.56% | 9.76% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $468572 |
| Number of Holdings | 31 |
| Investment Advisory Fees | $3702 |
| Portfolio Turnover | 50% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](ic0c649784ad8727385efe96e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.0% |
| Industrials | 3.9% |
| Energy | 35.6% |
| Materials | 55.3% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Compass Minerals International, Inc. | 12.9% |
| Sunrise Energy Metals Ltd. | 9.2% |
| Iluka Resources Ltd. | 6.3% |
| Linde PLC | 5.4% |
| Tamarack Valley Energy Ltd. | 5.3% |
| Enterprise Products Partners LP | 4.6% |
| Keyera Corp. | 4.4% |
| ARC Resources Ltd. | 4.0% |
| Ivanhoe Electric, Inc. | 4.0% |
| Range Resources Corp. | 3.9% |

---

---

| | |
|:---|:---|
| \* | 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RSNRX — AR (12/25)

#### Victory Global Energy Transition Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class C

Ticker: RGNCX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory Global Energy Transition Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$306 | &nbsp;&nbsp;&nbsp;2.28% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Targeting producers across a breadth of different industries – most of which are not represented in the various natural resource indices – drove both absolute returns and performance relative to the Fund's benchmark, the S&P North American Natural Resources Sector Index (the "Index").

* In particular, investments in specific critical mineral, industrial mineral, and copper projects generated significant returns.

* Notably, all industry segments generated positive absolute returns during the year.

Top detractors from performance:

* The Fund's lack of exposure to gold exposure detracted from performance relative to the Index, as gold generated more than 50% of the returns for the Index. 

* The Fund's exposure to the chemicals industry not represented in the Index detracted from performance relative to the Index. 

* The Fund's overweight to North American natural gas detracted from performance relative to the Index. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i7916e5075e503e30a03cf165.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Global Energy Transition Fund Class C @ NAV - $33,570** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $39,827** | **MSCI World Commodity Producers Index - $25,834** | **S&P North American Natural Resources Sector Index - $25,368** |
| **12/15** | $10000 | $10000 | $10000 | $10000 |
| **12/16** | $15194 | $11196 | $13053 | $13087 |
| **12/17** | $15229 | $13640 | $14684 | $13248 |
| **12/18** | $8184 | $13042 | $12643 | $10457 |
| **12/19** | $6129 | $17149 | $14115 | $12300 |
| **12/20** | $7741 | $20304 | $11984 | $9962 |
| **12/21** | $14061 | $26132 | $15792 | $13942 |
| **12/22** | $18833 | $21399 | $20866 | $18691 |
| **12/23** | $17058 | $27025 | $21201 | $19375 |
| **12/24** | $19794 | $33786 | $20083 | $20946 |
| **12/25** | $33570 | $39827 | $25834 | $25368 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class C @ NAV | 68.27%<sup>Footnote Reference</sup> | 33.67%<sup>Footnote Reference</sup> | 12.87% |
| Class C @ CDSC | 67.27% | 33.67% | 12.87% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| MSCI World Commodity Producers Index | 28.64% | 16.61% | 9.96% |
| S&P North American Natural Resources Sector Index | 21.11% | 20.56% | 9.76% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $468572 |
| Number of Holdings | 31 |
| Investment Advisory Fees | $3702 |
| Portfolio Turnover | 50% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](ic0c649784ad8727385efe96e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.0% |
| Industrials | 3.9% |
| Energy | 35.6% |
| Materials | 55.3% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Compass Minerals International, Inc. | 12.9% |
| Sunrise Energy Metals Ltd. | 9.2% |
| Iluka Resources Ltd. | 6.3% |
| Linde PLC | 5.4% |
| Tamarack Valley Energy Ltd. | 5.3% |
| Enterprise Products Partners LP | 4.6% |
| Keyera Corp. | 4.4% |
| ARC Resources Ltd. | 4.0% |
| Ivanhoe Electric, Inc. | 4.0% |
| Range Resources Corp. | 3.9% |

---

---

| | |
|:---|:---|
| \* | 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RGNCX — AR (12/25)

#### Victory Global Energy Transition Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class Y

Ticker: RSNYX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory Global Energy Transition Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$155 | &nbsp;&nbsp;&nbsp;1.15% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Targeting producers across a breadth of different industries – most of which are not represented in the various natural resource indices – drove both absolute returns and performance relative to the Fund's benchmark, the S&P North American Natural Resources Sector Index (the "Index").

* In particular, investments in specific critical mineral, industrial mineral, and copper projects generated significant returns.

* Notably, all industry segments generated positive absolute returns during the year.

Top detractors from performance:

* The Fund's lack of exposure to gold exposure detracted from performance relative to the Index, as gold generated more than 50% of the returns for the Index. 

* The Fund's exposure to the chemicals industry not represented in the Index detracted from performance relative to the Index. 

* The Fund's overweight to North American natural gas detracted from performance relative to the Index. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i994cf16946d5ba931d5cf40d.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Global Energy Transition Fund Class Y - $3,698,041** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $3,982,743** | **MSCI World Commodity Producers Index - $2,583,362** | **S&P North American Natural Resources Sector Index - $2,536,828** |
| **12/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **12/16** | $1536709 | $1119599 | $1305316 | $1308724 |
| **12/17** | $1557595 | $1364026 | $1468351 | $1324805 |
| **12/18** | $846835 | $1304223 | $1264329 | $1045664 |
| **12/19** | $640885 | $1714876 | $1411503 | $1229995 |
| **12/20** | $819444 | $2030393 | $1198357 | $996216 |
| **12/21** | $1504634 | $2613225 | $1579230 | $1394161 |
| **12/22** | $2038113 | $2139947 | $2086603 | $1869115 |
| **12/23** | $1867565 | $2702488 | $2120137 | $1937524 |
| **12/24** | $2173502 | $3378642 | $2008284 | $2094638 |
| **12/25** | $3698041 | $3982743 | $2583362 | $2536828 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class Y | 70.14%<sup>Footnote Reference</sup> | 35.17%<sup>Footnote Reference</sup> | 13.97% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| MSCI World Commodity Producers Index | 28.64% | 16.61% | 9.96% |
| S&P North American Natural Resources Sector Index | 21.11% | 20.56% | 9.76% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $468572 |
| Number of Holdings | 31 |
| Investment Advisory Fees | $3702 |
| Portfolio Turnover | 50% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](ic0c649784ad8727385efe96e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.0% |
| Industrials | 3.9% |
| Energy | 35.6% |
| Materials | 55.3% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Compass Minerals International, Inc. | 12.9% |
| Sunrise Energy Metals Ltd. | 9.2% |
| Iluka Resources Ltd. | 6.3% |
| Linde PLC | 5.4% |
| Tamarack Valley Energy Ltd. | 5.3% |
| Enterprise Products Partners LP | 4.6% |
| Keyera Corp. | 4.4% |
| ARC Resources Ltd. | 4.0% |
| Ivanhoe Electric, Inc. | 4.0% |
| Range Resources Corp. | 3.9% |

---

---

| | |
|:---|:---|
| \* | 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RSNYX — AR (12/25)

#### Victory RS Small Cap Growth Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class A

Ticker: RSEGX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Small Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$141 | &nbsp;&nbsp;&nbsp;1.40% |

---

# What affected the Fund's performance during the last year?
The Fund's absolute performance was hindered by the Fund's exposure to fast growth secular small-cap growth stocks. Small-cap growth stocks, as measured by the Fund's benchmark, the Russell 2000 Growth Index (the "Index"), significantly underperformed large-cap growth stocks, as measured by the Russell 1000 Growth Index. A "secular small-cap growth stock" refers to a small-cap company that is positioned to benefit from long-term, sustained industry trends that are not closely tied to short-term economic cycles.

We believe the multi-year underperformance of innovative smaller-cap growth stocks has created an outsized opportunity for smaller-cap growth stocks, as current valuations (defined as the forward price-to-earnings ratio, excluding non-earners) of the Index are the cheapest since the 1979 inception of the Index relative to the Russell 1000 Growth Index (per FactSet).

Top contributors to performance:

* Stock selection in producer durables sector contributed positively to the Fund's performance relative to the Index. 

Top detractors from performance:

* The largest detractor from performance relative to the Index was the Fund's holdings of securities in the health care, materials, and processing sectors.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i07600f1d0ded6fc2e7c923a0.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory RS Small Cap Growth Fund Class A @ NAV - $17,952** | **Victory RS Small Cap Growth Fund Class A @ MOP - $16,919** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $38,012** | **Russell 2000<sup>®</sup> Growth Index - $24,949** |
| **12/15** | $10000 | $9425 | $10000 | $10000 |
| **12/16** | $10090 | $9509 | $11274 | $11132 |
| **12/17** | $13808 | $13014 | $13656 | $13599 |
| **12/18** | $12569 | $11846 | $12940 | $12334 |
| **12/19** | $17335 | $16338 | $16954 | $15847 |
| **12/20** | $23894 | $22520 | $20495 | $21335 |
| **12/21** | $21251 | $20029 | $25754 | $21939 |
| **12/22** | $13373 | $12604 | $20808 | $16157 |
| **12/23** | $16021 | $15100 | $26209 | $19171 |
| **12/24** | $17796 | $16773 | $32448 | $22077 |
| **12/25** | $17952 | $16919 | $38012 | $24949 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 0.88% | -5.56% | 6.03% |
| Class A @ MOP | -4.92% | -6.67% | 5.40% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.57% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $379739 |
| Number of Holdings | 111 |
| Investment Advisory Fees | $3834 |
| Portfolio Turnover | 95% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](ic9a38caac6d9adc9e3699274.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.3% |
| Consumer Staples | 1.2% |
| Energy | 2.3% |
| Materials | 2.3% |
| Financials | 9.9% |
| Consumer Discretionary | 10.5% |
| Industrials | 20.8% |
| Health Care<sup>Footnote Reference\*\*</sup> | 26.2% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 26.2% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Fabrinet | 2.5% |
| Mercury Systems, Inc. | 2.3% |
| Guardant Health, Inc. | 2.1% |
| Nextpower, Inc., Class A | 2.0% |
| Bridgebio Pharma, Inc. | 1.8% |
| ESCO Technologies, Inc. | 1.7% |
| Casella Waste Systems, Inc., Class A | 1.7% |
| Credo Technology Group Holding Ltd. | 1.7% |
| Wintrust Financial Corp. | 1.7% |
| Applied Industrial Technologies, Inc. | 1.6% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RSEGX — AR (12/25)

#### Victory RS Small Cap Growth Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class C

Ticker: REGWX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Small Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$216 | &nbsp;&nbsp;&nbsp;2.16% |

---

# What affected the Fund's performance during the last year?
The Fund's absolute performance was hindered by the Fund's exposure to fast growth secular small-cap growth stocks. Small-cap growth stocks, as measured by the Fund's benchmark, the Russell 2000 Growth Index (the "Index"), significantly underperformed large-cap growth stocks, as measured by the Russell 1000 Growth Index. A "secular small-cap growth stock" refers to a small-cap company that is positioned to benefit from long-term, sustained industry trends that are not closely tied to short-term economic cycles.

We believe the multi-year underperformance of innovative smaller-cap growth stocks has created an outsized opportunity for smaller-cap growth stocks, as current valuations (defined as the forward price-to-earnings ratio, excluding non-earners) of the Index are the cheapest since the 1979 inception of the Index relative to the Russell 1000 Growth Index (per FactSet).

Top contributors to performance:

* Stock selection in producer durables sector contributed positively to the Fund's performance relative to the Index. 

Top detractors from performance:

* The largest detractor from performance relative to the Index was the Fund's holdings of securities in the health care, materials, and processing sectors.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](ib7d6eec65ebd6ee3843fb9b9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory RS Small Cap Growth Fund Class C @ NAV - $16,894** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $38,012** | **Russell 2000<sup>®</sup> Growth Index - $24,949** |
| **12/15** | $10000 | $10000 | $10000 |
| **12/16** | $10012 | $11274 | $11132 |
| **12/17** | $13600 | $13656 | $13599 |
| **12/18** | $12287 | $12940 | $12334 |
| **12/19** | $16818 | $16954 | $15847 |
| **12/20** | $23003 | $20495 | $21335 |
| **12/21** | $20305 | $25754 | $21939 |
| **12/22** | $12679 | $20808 | $16157 |
| **12/23** | $15077 | $26209 | $19171 |
| **12/24** | $16748 | $32448 | $22077 |
| **12/25** | $16894 | $38012 | $24949 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class C @ NAV | 0.14% | -6.27% | 5.38% |
| Class C @ CDSC | -0.86% | -6.27% | 5.38% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.57% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $379739 |
| Number of Holdings | 111 |
| Investment Advisory Fees | $3834 |
| Portfolio Turnover | 95% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](ic9a38caac6d9adc9e3699274.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.3% |
| Consumer Staples | 1.2% |
| Energy | 2.3% |
| Materials | 2.3% |
| Financials | 9.9% |
| Consumer Discretionary | 10.5% |
| Industrials | 20.8% |
| Health Care<sup>Footnote Reference\*\*</sup> | 26.2% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 26.2% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Fabrinet | 2.5% |
| Mercury Systems, Inc. | 2.3% |
| Guardant Health, Inc. | 2.1% |
| Nextpower, Inc., Class A | 2.0% |
| Bridgebio Pharma, Inc. | 1.8% |
| ESCO Technologies, Inc. | 1.7% |
| Casella Waste Systems, Inc., Class A | 1.7% |
| Credo Technology Group Holding Ltd. | 1.7% |
| Wintrust Financial Corp. | 1.7% |
| Applied Industrial Technologies, Inc. | 1.6% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

REGWX — AR (12/25)

#### Victory RS Small Cap Growth Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class R6

Ticker: RSEJX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Small Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$107 | &nbsp;&nbsp;&nbsp;1.06% |

---

# What affected the Fund's performance during the last year?
The Fund's absolute performance was hindered by the Fund's exposure to fast growth secular small-cap growth stocks. Small-cap growth stocks, as measured by the Fund's benchmark, the Russell 2000 Growth Index (the "Index"), significantly underperformed large-cap growth stocks, as measured by the Russell 1000 Growth Index. A "secular small-cap growth stock" refers to a small-cap company that is positioned to benefit from long-term, sustained industry trends that are not closely tied to short-term economic cycles.

We believe the multi-year underperformance of innovative smaller-cap growth stocks has created an outsized opportunity for smaller-cap growth stocks, as current valuations (defined as the forward price-to-earnings ratio, excluding non-earners) of the Index are the cheapest since the 1979 inception of the Index relative to the Russell 1000 Growth Index (per FactSet).

Top contributors to performance:

* Stock selection in producer durables sector contributed positively to the Fund's performance relative to the Index. 

Top detractors from performance:

* The largest detractor from performance relative to the Index was the Fund's holdings of securities in the health care, materials, and processing sectors.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i5569522b77d4375a9854c1eb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory RS Small Cap Growth Fund Class R6 - $15,535** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $30,926** | **Russell 2000<sup>®</sup> Growth Index - $20,319** |
| **7/17<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 |
| **12/17** | $11623 | $11110 | $11075 |
| **12/18** | $10617 | $10528 | $10044 |
| **12/19** | $14692 | $13793 | $12905 |
| **12/20** | $20321 | $16674 | $17375 |
| **12/21** | $18138 | $20953 | $17867 |
| **12/22** | $11453 | $16929 | $13158 |
| **12/23** | $13770 | $21323 | $15613 |
| **12/24** | $15345 | $26399 | $17979 |
| **12/25** | $15535 | $30926 | $20319 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Inception date for the Victory RS Small Cap Growth Fund, Class R6 is 7/12/2017. |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Class R6 | 1.24% | -5.23% | 5.34% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.25% |
| Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 8.73% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $379739 |
| Number of Holdings | 111 |
| Investment Advisory Fees | $3834 |
| Portfolio Turnover | 95% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](ic9a38caac6d9adc9e3699274.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.3% |
| Consumer Staples | 1.2% |
| Energy | 2.3% |
| Materials | 2.3% |
| Financials | 9.9% |
| Consumer Discretionary | 10.5% |
| Industrials | 20.8% |
| Health Care<sup>Footnote Reference\*\*</sup> | 26.2% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 26.2% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Fabrinet | 2.5% |
| Mercury Systems, Inc. | 2.3% |
| Guardant Health, Inc. | 2.1% |
| Nextpower, Inc., Class A | 2.0% |
| Bridgebio Pharma, Inc. | 1.8% |
| ESCO Technologies, Inc. | 1.7% |
| Casella Waste Systems, Inc., Class A | 1.7% |
| Credo Technology Group Holding Ltd. | 1.7% |
| Wintrust Financial Corp. | 1.7% |
| Applied Industrial Technologies, Inc. | 1.6% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RSEJX — AR (12/25)

#### Victory RS Small Cap Growth Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class Y

Ticker: RSYEX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Small Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$114 | &nbsp;&nbsp;&nbsp;1.13% |

---

# What affected the Fund's performance during the last year?
The Fund's absolute performance was hindered by the Fund's exposure to fast growth secular small-cap growth stocks. Small-cap growth stocks, as measured by the Fund's benchmark, the Russell 2000 Growth Index (the "Index"), significantly underperformed large-cap growth stocks, as measured by the Russell 1000 Growth Index. A "secular small-cap growth stock" refers to a small-cap company that is positioned to benefit from long-term, sustained industry trends that are not closely tied to short-term economic cycles.

We believe the multi-year underperformance of innovative smaller-cap growth stocks has created an outsized opportunity for smaller-cap growth stocks, as current valuations (defined as the forward price-to-earnings ratio, excluding non-earners) of the Index are the cheapest since the 1979 inception of the Index relative to the Russell 1000 Growth Index (per FactSet).

Top contributors to performance:

* Stock selection in producer durables sector contributed positively to the Fund's performance relative to the Index. 

Top detractors from performance:

* The largest detractor from performance relative to the Index was the Fund's holdings of securities in the health care, materials, and processing sectors.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i8e9dd141df32366e2b13c168.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory RS Small Cap Growth Fund Class Y - $1,844,442** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $3,801,169** | **Russell 2000<sup>®</sup> Growth Index - $2,494,932** |
| **12/15** | $1000000 | $1000000 | $1000000 |
| **12/16** | $1011576 | $1127352 | $1113180 |
| **12/17** | $1388227 | $1365568 | $1359935 |
| **12/18** | $1267171 | $1293989 | $1233354 |
| **12/19** | $1752360 | $1695371 | $1584656 |
| **12/20** | $2422008 | $2049497 | $2133458 |
| **12/21** | $2159882 | $2575419 | $2193937 |
| **12/22** | $1362844 | $2080761 | $1615671 |
| **12/23** | $1637259 | $2620860 | $1917129 |
| **12/24** | $1823377 | $3244829 | $2207656 |
| **12/25** | $1844442 | $3801169 | $2494932 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class Y | 1.16% | -5.30% | 6.31% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.57% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $379739 |
| Number of Holdings | 111 |
| Investment Advisory Fees | $3834 |
| Portfolio Turnover | 95% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](ic9a38caac6d9adc9e3699274.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.3% |
| Consumer Staples | 1.2% |
| Energy | 2.3% |
| Materials | 2.3% |
| Financials | 9.9% |
| Consumer Discretionary | 10.5% |
| Industrials | 20.8% |
| Health Care<sup>Footnote Reference\*\*</sup> | 26.2% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 26.2% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Fabrinet | 2.5% |
| Mercury Systems, Inc. | 2.3% |
| Guardant Health, Inc. | 2.1% |
| Nextpower, Inc., Class A | 2.0% |
| Bridgebio Pharma, Inc. | 1.8% |
| ESCO Technologies, Inc. | 1.7% |
| Casella Waste Systems, Inc., Class A | 1.7% |
| Credo Technology Group Holding Ltd. | 1.7% |
| Wintrust Financial Corp. | 1.7% |
| Applied Industrial Technologies, Inc. | 1.6% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RSYEX — AR (12/25)

#### Victory RS Select Growth Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class A

Ticker: RSDGX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Select Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$145 | &nbsp;&nbsp;&nbsp;1.40% |

---

# What affected the Fund's performance during the last year?
The Fund's absolute performance during the period was hindered by the Fund's exposure to secular growth stocks in the mid-cap segment of the Small-Mid universe. Mid-cap growth stocks, as measured by the Russell Midcap Growth Index, underperformed mid-cap value stocks, as measured by the Russell Midcap Value Index. A "secular growth stock" refers to a growth company that is positioned to benefit from long-term, sustained industry trends that are not closely tied to short-term economic cycles.

We believe the multi-year underperformance of innovative smaller-cap growth stocks has created an outsized opportunity for smaller-cap growth stocks, as current valuations (defined as the forward price-to-earnings ratio, excluding non-earners) of the Russell 2000 Growth Index are the cheapest since the 1979 inception of the index relative to the Russell 1000 Growth Index (per FactSet).

Top contributors to performance:

* Stock selection in the information technology, producer durables, and consumer staples sectors contributed positively to the Fund's performance relative to the Fund's benchmark, the Russell 2500™ Growth Index (the "Index").

Top detractors from performance:

* The largest detractors from performance relative to the Index were the financials, materials, and processing sectors.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i36331653f4c12aaada9f900c.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Victory RS Select Growth Fund Class A @ NAV - $23,212** | **Victory RS Select Growth Fund Class A @ MOP - $21,875** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $38,012** | **Russell 2500™ Growth Index - $27,272** | **Russell 2000<sup>®</sup> Growth Index - $24,949** |
| **12/15** | $10000 | $9424 | $10000 | $10000 | $10000 |
| **12/16** | $10685 | $10070 | $11274 | $10973 | $11132 |
| **12/17** | $12512 | $11791 | $13656 | $13656 | $13599 |
| **12/18** | $11607 | $10938 | $12940 | $12637 | $12334 |
| **12/19** | $15355 | $14470 | $16954 | $16763 | $15847 |
| **12/20** | $20455 | $19277 | $20495 | $23547 | $21335 |
| **12/21** | $21865 | $20606 | $25754 | $24735 | $21939 |
| **12/22** | $14774 | $13923 | $20808 | $18251 | $16157 |
| **12/23** | $17526 | $16517 | $26209 | $21706 | $19171 |
| **12/24** | $21632 | $20386 | $32448 | $24723 | $22077 |
| **12/25** | $23212 | $21875 | $38012 | $27272 | $24949 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 7.30% | 2.56% | 8.79% |
| Class A @ MOP | 1.11% | 1.35% | 8.14% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2500™ Growth Index | 10.31% | 2.98% | 10.55% |
| Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.57% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $81892 |
| Number of Holdings | 68 |
| Investment Advisory Fees | $854 |
| Portfolio Turnover | 88% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](id306d6b621af02fb1cdac6e4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 1.1% |
| Energy | 1.3% |
| Communication Services | 1.5% |
| Materials | 2.1% |
| Financials | 10.1% |
| Consumer Discretionary | 12.8% |
| Industrials | 21.3% |
| Health Care | 24.2% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 25.5% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Insmed, Inc. | 3.8% |
| Fabrinet | 3.0% |
| Guardant Health, Inc. | 2.9% |
| Check Point Software Technologies Ltd. | 2.6% |
| Wintrust Financial Corp. | 2.3% |
| FirstCash Holdings, Inc. | 2.3% |
| Woodward, Inc. | 2.1% |
| Mercury Systems, Inc. | 2.1% |
| FTAI Aviation Ltd. | 2.1% |
| Planet Fitness, Inc., Class A | 2.1% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RSDGX — AR (12/25)

#### Victory RS Select Growth Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class C

Ticker: RSGFX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Select Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$225 | &nbsp;&nbsp;&nbsp;2.18% |

---

# What affected the Fund's performance during the last year?
The Fund's absolute performance during the period was hindered by the Fund's exposure to secular growth stocks in the mid-cap segment of the Small-Mid universe. Mid-cap growth stocks, as measured by the Russell Midcap Growth Index, underperformed mid-cap value stocks, as measured by the Russell Midcap Value Index. A "secular growth stock" refers to a growth company that is positioned to benefit from long-term, sustained industry trends that are not closely tied to short-term economic cycles.

We believe the multi-year underperformance of innovative smaller-cap growth stocks has created an outsized opportunity for smaller-cap growth stocks, as current valuations (defined as the forward price-to-earnings ratio, excluding non-earners) of the Russell 2000 Growth Index are the cheapest since the 1979 inception of the index relative to the Russell 1000 Growth Index (per FactSet).

Top contributors to performance:

* Stock selection in the information technology, producer durables, and consumer staples sectors contributed positively to the Fund's performance relative to the Fund's benchmark, the Russell 2500™ Growth Index (the "Index").

Top detractors from performance:

* The largest detractors from performance relative to the Index were the financials, materials, and processing sectors.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](ia9c0da39b41d18d303da9a36.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory RS Select Growth Fund Class C @ NAV - $21,820** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $38,012** | **Russell 2500™ Growth Index - $27,272** | **Russell 2000<sup>®</sup> Growth Index - $24,949** |
| **12/15** | $10000 | $10000 | $10000 | $10000 |
| **12/16** | $10604 | $11274 | $10973 | $11132 |
| **12/17** | $12320 | $13656 | $13656 | $13599 |
| **12/18** | $11337 | $12940 | $12637 | $12334 |
| **12/19** | $14883 | $16954 | $16763 | $15847 |
| **12/20** | $19675 | $20495 | $23547 | $21335 |
| **12/21** | $20860 | $25754 | $24735 | $21939 |
| **12/22** | $13989 | $20808 | $18251 | $16157 |
| **12/23** | $16476 | $26209 | $21706 | $19171 |
| **12/24** | $20335 | $32448 | $24723 | $22077 |
| **12/25** | $21820 | $38012 | $27272 | $24949 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class C @ NAV | 6.53% | 1.77% | 8.11% |
| Class C @ CDSC | 5.70% | 1.77% | 8.11% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2500™ Growth Index | 10.31% | 2.98% | 10.55% |
| Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.57% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $81892 |
| Number of Holdings | 68 |
| Investment Advisory Fees | $854 |
| Portfolio Turnover | 88% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](id306d6b621af02fb1cdac6e4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 1.1% |
| Energy | 1.3% |
| Communication Services | 1.5% |
| Materials | 2.1% |
| Financials | 10.1% |
| Consumer Discretionary | 12.8% |
| Industrials | 21.3% |
| Health Care | 24.2% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 25.5% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Insmed, Inc. | 3.8% |
| Fabrinet | 3.0% |
| Guardant Health, Inc. | 2.9% |
| Check Point Software Technologies Ltd. | 2.6% |
| Wintrust Financial Corp. | 2.3% |
| FirstCash Holdings, Inc. | 2.3% |
| Woodward, Inc. | 2.1% |
| Mercury Systems, Inc. | 2.1% |
| FTAI Aviation Ltd. | 2.1% |
| Planet Fitness, Inc., Class A | 2.1% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RSGFX — AR (12/25)

#### Victory RS Select Growth Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class R6

Ticker: RSSRX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Select Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$110 | &nbsp;&nbsp;&nbsp;1.06% |

---

# What affected the Fund's performance during the last year?
The Fund's absolute performance during the period was hindered by the Fund's exposure to secular growth stocks in the mid-cap segment of the Small-Mid universe. Mid-cap growth stocks, as measured by the Russell Midcap Growth Index, underperformed mid-cap value stocks, as measured by the Russell Midcap Value Index. A "secular growth stock" refers to a growth company that is positioned to benefit from long-term, sustained industry trends that are not closely tied to short-term economic cycles.

We believe the multi-year underperformance of innovative smaller-cap growth stocks has created an outsized opportunity for smaller-cap growth stocks, as current valuations (defined as the forward price-to-earnings ratio, excluding non-earners) of the Russell 2000 Growth Index are the cheapest since the 1979 inception of the index relative to the Russell 1000 Growth Index (per FactSet).

Top contributors to performance:

* Stock selection in the information technology, producer durables, and consumer staples sectors contributed positively to the Fund's performance relative to the Fund's benchmark, the Russell 2500™ Growth Index (the "Index").

Top detractors from performance:

* The largest detractors from performance relative to the Index were the financials, materials, and processing sectors.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i117e3cc1e9cd93ce45dd45a5.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory RS Select Growth Fund Class R6 - $22,880** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $34,998** | **Russell 2500™ Growth Index - $25,342** | **Russell 2000<sup>®</sup> Growth Index - $22,887** |
| **11/16<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 | $10000 |
| **12/16** | $10215 | $10380 | $10196 | $10212 |
| **12/17** | $12001 | $12573 | $12690 | $12475 |
| **12/18** | $11171 | $11914 | $11742 | $11314 |
| **12/19** | $14831 | $15610 | $15577 | $14537 |
| **12/20** | $19822 | $18870 | $21881 | $19571 |
| **12/21** | $21255 | $23713 | $22984 | $20126 |
| **12/22** | $14408 | $19158 | $16960 | $14821 |
| **12/23** | $17163 | $24131 | $20171 | $17586 |
| **12/24** | $21254 | $29876 | $22974 | $20252 |
| **12/25** | $22880 | $34998 | $25342 | $22887 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Inception date for the Victory RS Select Growth Fund, Class R6 is 11/15/2016. |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Class R6 | 7.65% | 2.91% | 9.49% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.71% |
| Russell 2500™ Growth Index | 10.31% | 2.98% | 10.72% |
| Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.49% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $81892 |
| Number of Holdings | 68 |
| Investment Advisory Fees | $854 |
| Portfolio Turnover | 88% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](id306d6b621af02fb1cdac6e4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 1.1% |
| Energy | 1.3% |
| Communication Services | 1.5% |
| Materials | 2.1% |
| Financials | 10.1% |
| Consumer Discretionary | 12.8% |
| Industrials | 21.3% |
| Health Care | 24.2% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 25.5% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Insmed, Inc. | 3.8% |
| Fabrinet | 3.0% |
| Guardant Health, Inc. | 2.9% |
| Check Point Software Technologies Ltd. | 2.6% |
| Wintrust Financial Corp. | 2.3% |
| FirstCash Holdings, Inc. | 2.3% |
| Woodward, Inc. | 2.1% |
| Mercury Systems, Inc. | 2.1% |
| FTAI Aviation Ltd. | 2.1% |
| Planet Fitness, Inc., Class A | 2.1% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RSSRX — AR (12/25)

#### Victory RS Select Growth Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class Y

Ticker: RSSYX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Select Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$118 | &nbsp;&nbsp;&nbsp;1.14% |

---

# What affected the Fund's performance during the last year?
The Fund's absolute performance during the period was hindered by the Fund's exposure to secular growth stocks in the mid-cap segment of the Small-Mid universe. Mid-cap growth stocks, as measured by the Russell Midcap Growth Index, underperformed mid-cap value stocks, as measured by the Russell Midcap Value Index. A "secular growth stock" refers to a growth company that is positioned to benefit from long-term, sustained industry trends that are not closely tied to short-term economic cycles.

We believe the multi-year underperformance of innovative smaller-cap growth stocks has created an outsized opportunity for smaller-cap growth stocks, as current valuations (defined as the forward price-to-earnings ratio, excluding non-earners) of the Russell 2000 Growth Index are the cheapest since the 1979 inception of the index relative to the Russell 1000 Growth Index (per FactSet).

Top contributors to performance:

* Stock selection in the information technology, producer durables, and consumer staples sectors contributed positively to the Fund's performance relative to the Fund's benchmark, the Russell 2500™ Growth Index (the "Index").

Top detractors from performance:

* The largest detractors from performance relative to the Index were the financials, materials, and processing sectors.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i402d994873edba338553f6d5.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory RS Select Growth Fund Class Y - $2,382,673** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $3,801,169** | **Russell 2500™ Growth Index - $2,727,206** | **Russell 2000<sup>®</sup> Growth Index - $2,494,932** |
| **12/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **12/16** | $1071344 | $1127352 | $1097279 | $1113180 |
| **12/17** | $1257754 | $1365568 | $1365625 | $1359935 |
| **12/18** | $1169503 | $1293989 | $1263658 | $1233354 |
| **12/19** | $1551512 | $1695371 | $1676297 | $1584656 |
| **12/20** | $2072367 | $2049497 | $2354678 | $2133458 |
| **12/21** | $2220562 | $2575419 | $2473458 | $2193937 |
| **12/22** | $1503991 | $2080761 | $1825145 | $1615671 |
| **12/23** | $1789817 | $2620860 | $2170648 | $1917129 |
| **12/24** | $2214303 | $3244829 | $2472341 | $2207656 |
| **12/25** | $2382673 | $3801169 | $2727206 | $2494932 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class Y | 7.60% | 2.83% | 9.07% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2500™ Growth Index | 10.31% | 2.98% | 10.55% |
| Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.57% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $81892 |
| Number of Holdings | 68 |
| Investment Advisory Fees | $854 |
| Portfolio Turnover | 88% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](id306d6b621af02fb1cdac6e4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 1.1% |
| Energy | 1.3% |
| Communication Services | 1.5% |
| Materials | 2.1% |
| Financials | 10.1% |
| Consumer Discretionary | 12.8% |
| Industrials | 21.3% |
| Health Care | 24.2% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 25.5% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Insmed, Inc. | 3.8% |
| Fabrinet | 3.0% |
| Guardant Health, Inc. | 2.9% |
| Check Point Software Technologies Ltd. | 2.6% |
| Wintrust Financial Corp. | 2.3% |
| FirstCash Holdings, Inc. | 2.3% |
| Woodward, Inc. | 2.1% |
| Mercury Systems, Inc. | 2.1% |
| FTAI Aviation Ltd. | 2.1% |
| Planet Fitness, Inc., Class A | 2.1% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RSSYX — AR (12/25)

#### Victory RS Mid Cap Growth Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class A

Ticker: RSMOX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$124 | &nbsp;&nbsp;&nbsp;1.20% |

---

# What affected the Fund's performance during the last year?
The absolute performance of the Fund benefited from the Fund's exposure to secular mid-cap growth stocks. Mid-cap growth stocks, as measured by the Fund's benchmark, the Russell Midcap Growth Index (the "Index"), have outperformed mid-cap value stocks over 3, 10 and 15 year periods as of December 31, 2025, as measured by Russell. A "secular mid-cap growth stock" refers to a mid-cap company that is positioned to benefit from long-term, sustained industry trends that are not closely tied to short-term economic cycles.

We continue to believe technology-oriented companies are better positioned for the longer term, as innovation has permanently sped up the adoption of these new technologies at the expense of legacy products and services.

Top contributors to performance:

* Stock selection in the producer durables and information technology sectors contributed positively to the Fund's performance relative to the Index.

Top detractors from performance:

* The largest detractors from performance relative to the Index were from stock selection in the consumer discretionary and health care sectors.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i9a214c8b7dabc2c9259c5bac.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory RS Mid Cap Growth Fund Class A @ NAV - $21,522** | **Victory RS Mid Cap Growth Fund Class A @ MOP - $20,282** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $39,827** | **Russell Midcap<sup>®</sup> Growth Index - $32,448** |
| **12/15** | $10000 | $9424 | $10000 | $10000 |
| **12/16** | $10508 | $9902 | $11196 | $10733 |
| **12/17** | $12701 | $11969 | $13640 | $13445 |
| **12/18** | $11765 | $11087 | $13042 | $12806 |
| **12/19** | $15066 | $14198 | $17149 | $17348 |
| **12/20** | $20260 | $19093 | $20304 | $23522 |
| **12/21** | $21209 | $19987 | $26132 | $26516 |
| **12/22** | $13854 | $13056 | $21399 | $19431 |
| **12/23** | $16335 | $15395 | $27025 | $24457 |
| **12/24** | $20254 | $19088 | $33786 | $29862 |
| **12/25** | $21522 | $20282 | $39827 | $32448 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 6.26% | 1.22% | 7.97% |
| Class A @ MOP | 0.17% | 0.03% | 7.33% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Russell Midcap<sup>®</sup> Growth Index | 8.66% | 6.65% | 12.49% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $67874 |
| Number of Holdings | 90 |
| Investment Advisory Fees | $603 |
| Portfolio Turnover | 88% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](iefb48403bdaaf562e7e2481a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.7% |
| Energy | 2.3% |
| Consumer Staples | 2.5% |
| Communication Services | 5.4% |
| Financials | 12.1% |
| Health Care | 15.7% |
| Information Technology | 17.3% |
| Consumer Discretionary | 19.5% |
| Industrials | 22.2% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Carvana Co., Class A | 2.6% |
| Cloudflare, Inc., Class A | 2.5% |
| Howmet Aerospace, Inc. | 2.4% |
| Hilton Worldwide Holdings, Inc. | 2.4% |
| Monolithic Power Systems, Inc. | 2.4% |
| Royal Caribbean Cruises Ltd. | 2.3% |
| Vertiv Holdings Co., Class A | 2.3% |
| Burlington Stores, Inc. | 2.2% |
| Insmed, Inc. | 2.0% |
| Cencora, Inc. | 2.0% |

---

---

| | |
|:---|:---|
| \* | 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RSMOX — AR (12/25)

#### Victory RS Mid Cap Growth Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class C

Ticker: RMOCX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$217 | &nbsp;&nbsp;&nbsp;2.11% |

---

# What affected the Fund's performance during the last year?
The absolute performance of the Fund benefited from the Fund's exposure to secular mid-cap growth stocks. Mid-cap growth stocks, as measured by the Fund's benchmark, the Russell Midcap Growth Index (the "Index"), have outperformed mid-cap value stocks over 3, 10 and 15 year periods as of December 31, 2025, as measured by Russell. A "secular mid-cap growth stock" refers to a mid-cap company that is positioned to benefit from long-term, sustained industry trends that are not closely tied to short-term economic cycles.

We continue to believe technology-oriented companies are better positioned for the longer term, as innovation has permanently sped up the adoption of these new technologies at the expense of legacy products and services.

Top contributors to performance:

* Stock selection in the producer durables and information technology sectors contributed positively to the Fund's performance relative to the Index.

Top detractors from performance:

* The largest detractors from performance relative to the Index were from stock selection in the consumer discretionary and health care sectors.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i30acd0fbe2c131d845644981.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory RS Mid Cap Growth Fund Class C @ NAV - $20,018** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $39,827** | **Russell Midcap<sup>®</sup> Growth Index - $32,448** |
| **12/15** | $10000 | $10000 | $10000 |
| **12/16** | $10414 | $11196 | $10733 |
| **12/17** | $12477 | $13640 | $13445 |
| **12/18** | $11451 | $13042 | $12806 |
| **12/19** | $14531 | $17149 | $17348 |
| **12/20** | $19369 | $20304 | $23522 |
| **12/21** | $20095 | $26132 | $26516 |
| **12/22** | $13013 | $21399 | $19431 |
| **12/23** | $15194 | $27025 | $24457 |
| **12/24** | $18839 | $33786 | $29862 |
| **12/25** | $20018 | $39827 | $32448 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class C @ NAV | 5.28% | 0.30% | 7.19% |
| Class C @ CDSC | 4.28% | 0.30% | 7.19% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Russell Midcap<sup>®</sup> Growth Index | 8.66% | 6.65% | 12.49% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $67874 |
| Number of Holdings | 90 |
| Investment Advisory Fees | $603 |
| Portfolio Turnover | 88% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](iefb48403bdaaf562e7e2481a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.7% |
| Energy | 2.3% |
| Consumer Staples | 2.5% |
| Communication Services | 5.4% |
| Financials | 12.1% |
| Health Care | 15.7% |
| Information Technology | 17.3% |
| Consumer Discretionary | 19.5% |
| Industrials | 22.2% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Carvana Co., Class A | 2.6% |
| Cloudflare, Inc., Class A | 2.5% |
| Howmet Aerospace, Inc. | 2.4% |
| Hilton Worldwide Holdings, Inc. | 2.4% |
| Monolithic Power Systems, Inc. | 2.4% |
| Royal Caribbean Cruises Ltd. | 2.3% |
| Vertiv Holdings Co., Class A | 2.3% |
| Burlington Stores, Inc. | 2.2% |
| Insmed, Inc. | 2.0% |
| Cencora, Inc. | 2.0% |

---

---

| | |
|:---|:---|
| \* | 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RMOCX — AR (12/25)

#### Victory RS Mid Cap Growth Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class R6

Ticker: RMORX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$97 | &nbsp;&nbsp;&nbsp;0.94% |

---

# What affected the Fund's performance during the last year?
The absolute performance of the Fund benefited from the Fund's exposure to secular mid-cap growth stocks. Mid-cap growth stocks, as measured by the Fund's benchmark, the Russell Midcap Growth Index (the "Index"), have outperformed mid-cap value stocks over 3, 10 and 15 year periods as of December 31, 2025, as measured by Russell. A "secular mid-cap growth stock" refers to a mid-cap company that is positioned to benefit from long-term, sustained industry trends that are not closely tied to short-term economic cycles.

We continue to believe technology-oriented companies are better positioned for the longer term, as innovation has permanently sped up the adoption of these new technologies at the expense of legacy products and services.

Top contributors to performance:

* Stock selection in the producer durables and information technology sectors contributed positively to the Fund's performance relative to the Index.

Top detractors from performance:

* The largest detractors from performance relative to the Index were from stock selection in the consumer discretionary and health care sectors.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i87978c9982d7263467fba24a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory RS Mid Cap Growth Fund Class R6 - $21,568** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $36,909** | **Russell Midcap<sup>®</sup> Growth Index - $30,824** |
| **11/16<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 |
| **12/16** | $10282 | $10376 | $10196 |
| **12/17** | $12465 | $12641 | $12772 |
| **12/18** | $11574 | $12086 | $12165 |
| **12/19** | $14860 | $15892 | $16481 |
| **12/20** | $20040 | $18816 | $22345 |
| **12/21** | $21033 | $24217 | $25190 |
| **12/22** | $13778 | $19831 | $18459 |
| **12/23** | $16281 | $25044 | $23233 |
| **12/24** | $20246 | $31310 | $28369 |
| **12/25** | $21568 | $36909 | $30824 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Inception date for the Victory RS Mid Cap Growth Fund, Class R6 is 11/15/2016. |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Class R6 | 6.53% | 1.48% | 8.78% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 15.38% |
| Russell Midcap<sup>®</sup> Growth Index | 8.66% | 6.65% | 13.12% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $67874 |
| Number of Holdings | 90 |
| Investment Advisory Fees | $603 |
| Portfolio Turnover | 88% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](iefb48403bdaaf562e7e2481a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.7% |
| Energy | 2.3% |
| Consumer Staples | 2.5% |
| Communication Services | 5.4% |
| Financials | 12.1% |
| Health Care | 15.7% |
| Information Technology | 17.3% |
| Consumer Discretionary | 19.5% |
| Industrials | 22.2% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Carvana Co., Class A | 2.6% |
| Cloudflare, Inc., Class A | 2.5% |
| Howmet Aerospace, Inc. | 2.4% |
| Hilton Worldwide Holdings, Inc. | 2.4% |
| Monolithic Power Systems, Inc. | 2.4% |
| Royal Caribbean Cruises Ltd. | 2.3% |
| Vertiv Holdings Co., Class A | 2.3% |
| Burlington Stores, Inc. | 2.2% |
| Insmed, Inc. | 2.0% |
| Cencora, Inc. | 2.0% |

---

---

| | |
|:---|:---|
| \* | 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RMORX — AR (12/25)

#### Victory RS Mid Cap Growth Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class Y

Ticker: RMOYX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$98 | &nbsp;&nbsp;&nbsp;0.95% |

---

# What affected the Fund's performance during the last year?
The absolute performance of the Fund benefited from the Fund's exposure to secular mid-cap growth stocks. Mid-cap growth stocks, as measured by the Fund's benchmark, the Russell Midcap Growth Index (the "Index"), have outperformed mid-cap value stocks over 3, 10 and 15 year periods as of December 31, 2025, as measured by Russell. A "secular mid-cap growth stock" refers to a mid-cap company that is positioned to benefit from long-term, sustained industry trends that are not closely tied to short-term economic cycles.

We continue to believe technology-oriented companies are better positioned for the longer term, as innovation has permanently sped up the adoption of these new technologies at the expense of legacy products and services.

Top contributors to performance:

* Stock selection in the producer durables and information technology sectors contributed positively to the Fund's performance relative to the Index.

Top detractors from performance:

* The largest detractors from performance relative to the Index were from stock selection in the consumer discretionary and health care sectors.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i38516df8af2bd9519a526b8b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory RS Mid Cap Growth Fund Class Y - $2,206,519** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $3,982,743** | **Russell Midcap<sup>®</sup> Growth Index - $3,244,767** |
| **12/15** | $1000000 | $1000000 | $1000000 |
| **12/16** | $1053391 | $1119599 | $1073286 |
| **12/17** | $1276575 | $1364026 | $1344480 |
| **12/18** | $1185277 | $1304223 | $1280608 |
| **12/19** | $1521477 | $1714876 | $1734838 |
| **12/20** | $2051627 | $2030393 | $2352210 |
| **12/21** | $2153355 | $2613225 | $2651600 |
| **12/22** | $1409768 | $2139947 | $1943071 |
| **12/23** | $1666320 | $2702488 | $2445678 |
| **12/24** | $2071046 | $3378642 | $2986248 |
| **12/25** | $2206519 | $3982743 | $3244767 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class Y | 6.54% | 1.47% | 8.24% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Russell Midcap<sup>®</sup> Growth Index | 8.66% | 6.65% | 12.49% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $67874 |
| Number of Holdings | 90 |
| Investment Advisory Fees | $603 |
| Portfolio Turnover | 88% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](iefb48403bdaaf562e7e2481a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.7% |
| Energy | 2.3% |
| Consumer Staples | 2.5% |
| Communication Services | 5.4% |
| Financials | 12.1% |
| Health Care | 15.7% |
| Information Technology | 17.3% |
| Consumer Discretionary | 19.5% |
| Industrials | 22.2% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Carvana Co., Class A | 2.6% |
| Cloudflare, Inc., Class A | 2.5% |
| Howmet Aerospace, Inc. | 2.4% |
| Hilton Worldwide Holdings, Inc. | 2.4% |
| Monolithic Power Systems, Inc. | 2.4% |
| Royal Caribbean Cruises Ltd. | 2.3% |
| Vertiv Holdings Co., Class A | 2.3% |
| Burlington Stores, Inc. | 2.2% |
| Insmed, Inc. | 2.0% |
| Cencora, Inc. | 2.0% |

---

---

| | |
|:---|:---|
| \* | 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RMOYX — AR (12/25)

#### Victory RS Mid Cap Growth Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Member Class

Ticker: RMOMX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Member Class | &nbsp;&nbsp;&nbsp;$108 | &nbsp;&nbsp;&nbsp;1.05% |

---

# What affected the Fund's performance during the last year?
The absolute performance of the Fund benefited from the Fund's exposure to secular mid-cap growth stocks. Mid-cap growth stocks, as measured by the Fund's benchmark, the Russell Midcap Growth Index (the "Index"), have outperformed mid-cap value stocks over 3, 10 and 15 year periods as of December 31, 2025, as measured by Russell. A "secular mid-cap growth stock" refers to a mid-cap company that is positioned to benefit from long-term, sustained industry trends that are not closely tied to short-term economic cycles.

We continue to believe technology-oriented companies are better positioned for the longer term, as innovation has permanently sped up the adoption of these new technologies at the expense of legacy products and services.

Top contributors to performance:

* Stock selection in the producer durables and information technology sectors contributed positively to the Fund's performance relative to the Index.

Top detractors from performance:

* The largest detractors from performance relative to the Index were from stock selection in the consumer discretionary and health care sectors.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](if8d15dead9f4193f8c611778.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory RS Mid Cap Growth Fund Member Class - $12,623** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $22,324** | **Russell Midcap<sup>®</sup> Growth Index - $16,273** |
| **11/20<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 |
| **12/20** | $11794 | $11381 | $11797 |
| **12/21** | $12369 | $14648 | $13299 |
| **12/22** | $8089 | $11995 | $9745 |
| **12/23** | $9552 | $15148 | $12266 |
| **12/24** | $11861 | $18938 | $14977 |
| **12/25** | $12623 | $22324 | $16273 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Inception date for the Victory RS Mid Cap Growth Fund, Member Class is 11/3/2020. |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Member Class | 6.43% | 1.37% | 4.62% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 16.83% |
| Russell Midcap<sup>®</sup> Growth Index | 8.66% | 6.65% | 9.89% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $67874 |
| Number of Holdings | 90 |
| Investment Advisory Fees | $603 |
| Portfolio Turnover | 88% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-fundsor call 800-235-8396.**

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](iefb48403bdaaf562e7e2481a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.7% |
| Energy | 2.3% |
| Consumer Staples | 2.5% |
| Communication Services | 5.4% |
| Financials | 12.1% |
| Health Care | 15.7% |
| Information Technology | 17.3% |
| Consumer Discretionary | 19.5% |
| Industrials | 22.2% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Carvana Co., Class A | 2.6% |
| Cloudflare, Inc., Class A | 2.5% |
| Howmet Aerospace, Inc. | 2.4% |
| Hilton Worldwide Holdings, Inc. | 2.4% |
| Monolithic Power Systems, Inc. | 2.4% |
| Royal Caribbean Cruises Ltd. | 2.3% |
| Vertiv Holdings Co., Class A | 2.3% |
| Burlington Stores, Inc. | 2.2% |
| Insmed, Inc. | 2.0% |
| Cencora, Inc. | 2.0% |

---

---

| | |
|:---|:---|
| \* | 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

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RMOMX — AR (12/25)

#### Victory RS Growth Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class A

Ticker: RSGRX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$120 | &nbsp;&nbsp;&nbsp;1.10% |

---

# What affected the Fund's performance during the last year?
The Fund benefited from a large exposure to the technology sector, which comprises the majority of the Fund's benchmark, the Russell 1000 Growth Index (the "Index"), this overweight and stock selection drove strong returns relative to the Index. In particular, many of the largest mega-cap technology stocks in the Fund were strong all year. Despite challenging performance for growth stocks over the past few years, large-cap growth stocks have outperformed their large-cap value counterparts over 3, 10, and 15 year periods as of December 31, 2025, as measured by Russell. The Fund's approach includes exposure to smaller, mid-cap companies, which we believe offer more compelling valuations and greater growth potential than large-cap peers.

Top contributors to performance:

* Stock selection in the health care, producer durables, and information technology sectors contributed positively to the Fund's performance relative to the Index.

Top detractors from performance:

* The largest detractors from the Fund's performance relative to the Index were from stock selection in the consumer staples and financial services sectors.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](iabac0a00e95cd25abce33b3a.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory RS Growth Fund Class A @ NAV - $40,441** | **Victory RS Growth Fund Class A @ MOP - $38,109** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $39,827** | **Russell 1000<sup>®</sup> Growth Index - $52,905** |
| **12/15** | $10000 | $9423 | $10000 | $10000 |
| **12/16** | $10186 | $9599 | $11196 | $10708 |
| **12/17** | $13420 | $12646 | $13640 | $13943 |
| **12/18** | $12506 | $11785 | $13042 | $13732 |
| **12/19** | $16237 | $15301 | $17149 | $18728 |
| **12/20** | $22024 | $20754 | $20304 | $25938 |
| **12/21** | $26409 | $24887 | $26132 | $33096 |
| **12/22** | $17613 | $16597 | $21399 | $23452 |
| **12/23** | $25476 | $24007 | $27025 | $33462 |
| **12/24** | $34229 | $32256 | $33786 | $44623 |
| **12/25** | $40441 | $38109 | $39827 | $52905 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 18.15%<sup>Footnote Reference</sup> | 12.92% | 15.00% |
| Class A @ MOP | 11.36% | 11.60% | 14.31% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $377650 |
| Number of Holdings | 50 |
| Investment Advisory Fees | $2632 |
| Portfolio Turnover | 24% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](i9edbf49653d6aa2be1e67c06.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 0.3% |
| Consumer Staples | 0.7% |
| Industrials | 5.9% |
| Financials | 6.6% |
| Health Care | 9.1% |
| Communication Services | 11.9% |
| Consumer Discretionary | 13.0% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 52.0% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.9% |
| Microsoft Corp. | 10.7% |
| Apple, Inc. | 10.3% |
| Alphabet, Inc., Class C | 6.0% |
| Amazon.com, Inc. | 5.0% |
| Meta Platforms, Inc., Class A | 4.5% |
| Eli Lilly & Co. | 4.2% |
| Broadcom, Inc. | 3.6% |
| Tesla, Inc. | 3.5% |
| Visa, Inc., Class A | 3.4% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RSGRX — AR (12/25)

#### Victory RS Growth Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class C

Ticker: RGWCX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$210 | &nbsp;&nbsp;&nbsp;1.93% |

---

# What affected the Fund's performance during the last year?
The Fund benefited from a large exposure to the technology sector, which comprises the majority of the Fund's benchmark, the Russell 1000 Growth Index (the "Index"), this overweight and stock selection drove strong returns relative to the Index. In particular, many of the largest mega-cap technology stocks in the Fund were strong all year. Despite challenging performance for growth stocks over the past few years, large-cap growth stocks have outperformed their large-cap value counterparts over 3, 10, and 15 year periods as of December 31, 2025, as measured by Russell. The Fund's approach includes exposure to smaller, mid-cap companies, which we believe offer more compelling valuations and greater growth potential than large-cap peers.

Top contributors to performance:

* Stock selection in the health care, producer durables, and information technology sectors contributed positively to the Fund's performance relative to the Index.

Top detractors from performance:

* The largest detractors from the Fund's performance relative to the Index were from stock selection in the consumer staples and financial services sectors.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i58fa1df0c7c3ddfd20ec9431.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory RS Growth Fund Class C @ NAV - $37,833** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $39,827** | **Russell 1000<sup>®</sup> Growth Index - $52,905** |
| **12/15** | $10000 | $10000 | $10000 |
| **12/16** | $10105 | $11196 | $10708 |
| **12/17** | $13194 | $13640 | $13943 |
| **12/18** | $12196 | $13042 | $13732 |
| **12/19** | $15701 | $17149 | $18728 |
| **12/20** | $21126 | $20304 | $25938 |
| **12/21** | $25129 | $26132 | $33096 |
| **12/22** | $16614 | $21399 | $23452 |
| **12/23** | $23833 | $27025 | $33462 |
| **12/24** | $32022 | $33786 | $44623 |
| **12/25** | $37833 | $39827 | $52905 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class C @ NAV | 17.16%<sup>Footnote Reference</sup> | 11.98% | 14.23% |
| Class C @ CDSC | 16.16% | 11.98% | 14.23% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $377650 |
| Number of Holdings | 50 |
| Investment Advisory Fees | $2632 |
| Portfolio Turnover | 24% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](i9edbf49653d6aa2be1e67c06.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 0.3% |
| Consumer Staples | 0.7% |
| Industrials | 5.9% |
| Financials | 6.6% |
| Health Care | 9.1% |
| Communication Services | 11.9% |
| Consumer Discretionary | 13.0% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 52.0% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.9% |
| Microsoft Corp. | 10.7% |
| Apple, Inc. | 10.3% |
| Alphabet, Inc., Class C | 6.0% |
| Amazon.com, Inc. | 5.0% |
| Meta Platforms, Inc., Class A | 4.5% |
| Eli Lilly & Co. | 4.2% |
| Broadcom, Inc. | 3.6% |
| Tesla, Inc. | 3.5% |
| Visa, Inc., Class A | 3.4% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RGWCX — AR (12/25)

#### Victory RS Growth Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class Y

Ticker: RGRYX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$91 | &nbsp;&nbsp;&nbsp;0.83% |

---

# What affected the Fund's performance during the last year?
The Fund benefited from a large exposure to the technology sector, which comprises the majority of the Fund's benchmark, the Russell 1000 Growth Index (the "Index"), this overweight and stock selection drove strong returns relative to the Index. In particular, many of the largest mega-cap technology stocks in the Fund were strong all year. Despite challenging performance for growth stocks over the past few years, large-cap growth stocks have outperformed their large-cap value counterparts over 3, 10, and 15 year periods as of December 31, 2025, as measured by Russell. The Fund's approach includes exposure to smaller, mid-cap companies, which we believe offer more compelling valuations and greater growth potential than large-cap peers.

Top contributors to performance:

* Stock selection in the health care, producer durables, and information technology sectors contributed positively to the Fund's performance relative to the Index.

Top detractors from performance:

* The largest detractors from the Fund's performance relative to the Index were from stock selection in the consumer staples and financial services sectors.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i7fb049d1d1299396d864b988.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory RS Growth Fund Class Y - $4,153,077** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $3,982,743** | **Russell 1000<sup>®</sup> Growth Index - $5,290,534** |
| **12/15** | $1000000 | $1000000 | $1000000 |
| **12/16** | $1021557 | $1119599 | $1070755 |
| **12/17** | $1348934 | $1364026 | $1394263 |
| **12/18** | $1260436 | $1304223 | $1373158 |
| **12/19** | $1640871 | $1714876 | $1872842 |
| **12/20** | $2232505 | $2030393 | $2593760 |
| **12/21** | $2683892 | $2613225 | $3309552 |
| **12/22** | $1794726 | $2139947 | $2345245 |
| **12/23** | $2603304 | $2702488 | $3346155 |
| **12/24** | $3506023 | $3378642 | $4462311 |
| **12/25** | $4153077 | $3982743 | $5290534 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class Y | 18.46%<sup>Footnote Reference</sup> | 13.22% | 15.30%<sup>Footnote Reference</sup> |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $377650 |
| Number of Holdings | 50 |
| Investment Advisory Fees | $2632 |
| Portfolio Turnover | 24% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](i9edbf49653d6aa2be1e67c06.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 0.3% |
| Consumer Staples | 0.7% |
| Industrials | 5.9% |
| Financials | 6.6% |
| Health Care | 9.1% |
| Communication Services | 11.9% |
| Consumer Discretionary | 13.0% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 52.0% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.9% |
| Microsoft Corp. | 10.7% |
| Apple, Inc. | 10.3% |
| Alphabet, Inc., Class C | 6.0% |
| Amazon.com, Inc. | 5.0% |
| Meta Platforms, Inc., Class A | 4.5% |
| Eli Lilly & Co. | 4.2% |
| Broadcom, Inc. | 3.6% |
| Tesla, Inc. | 3.5% |
| Visa, Inc., Class A | 3.4% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RGRYX — AR (12/25)

#### Victory RS Science and Technology Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class A

Ticker: RSIFX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Science and Technology Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$160 | &nbsp;&nbsp;&nbsp;1.46% |

---

# What affected the Fund's performance during the last year?
The Fund's underperformance relative to its benchmark, the S&P North American Technology Sector Index (the "Index"), during the period was largely during the first half of the year, as the Index's allocation to the narrow breadth of leadership in megacap technology outperformed the Fund's stylistic allocation to lower market cap names and the health care sector. Performance in the second half of the year was significantly improved due to style and stock selection, along with a recovery in health care stocks.

We believe the underperformance of innovative smaller-cap information technology and health care stocks over the past two years has created an outsized opportunity for these segments relative to larger-cap information technology stocks because current valuations (defined as the forward price-to-earnings, excluding non-earners) of the Russell 2000 Growth Index are near the cheapest since the 1979 inception of the index relative to the Russell 1000 Growth Index (per FactSet).

We continue to believe that innovative companies will grow at a much higher rate than the Index across market caps, so that the Fund's holdings will include a much more diversified set of companies relative to the Index.

Top contributors to performance:

* Stock selection in the health care sector contributed positively to the Fund's performance relative to the Index during the year. 

Top detractors from performance:

* The largest detractors from the Fund's performance relative to the Index was the Fund's allocation to non-large cap software and services.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](if2b2d57d9f785ba2622eca98.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory RS Science and Technology Fund Class A @ NAV - $40,320** | **Victory RS Science and Technology Fund Class A @ MOP - $37,998** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $39,827** | **S&P North American Technology Sector Index - $76,336** |
| **12/15** | $10000 | $9424 | $10000 | $10000 |
| **12/16** | $11380 | $10724 | $11196 | $11355 |
| **12/17** | $16471 | $15522 | $13640 | $15646 |
| **12/18** | $16351 | $15409 | $13042 | $16096 |
| **12/19** | $22780 | $21468 | $17149 | $22967 |
| **12/20** | $37592 | $35428 | $20304 | $33337 |
| **12/21** | $34116 | $32151 | $26132 | $42138 |
| **12/22** | $19272 | $18163 | $21399 | $27238 |
| **12/23** | $25549 | $24078 | $27025 | $43888 |
| **12/24** | $33960 | $32005 | $33786 | $59721 |
| **12/25** | $40320 | $37998 | $39827 | $76336 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 18.73%<sup>Footnote Reference</sup> | 1.41% | 14.96% |
| Class A @ MOP | 11.90% | 0.22% | 14.28% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| S&P North American Technology Sector Index | 27.82% | 18.02% | 22.54% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $217118 |
| Number of Holdings | 75 |
| Investment Advisory Fees | $2017 |
| Portfolio Turnover | 29% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](i48da4c802c0a66d0b6481110.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 0.7% |
| Financials | 2.6% |
| Consumer Discretionary | 4.2% |
| Communication Services | 11.9% |
| Health Care | 20.3% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 60.3% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.2% |
| Microsoft Corp. | 7.7% |
| Meta Platforms, Inc., Class A | 6.0% |
| AppLovin Corp., Class A | 5.4% |
| Amazon.com, Inc. | 4.2% |
| MACOM Technology Solutions Holdings, Inc. | 2.9% |
| Netflix, Inc. | 2.8% |
| Guardant Health, Inc. | 2.7% |
| Coherent Corp. | 2.5% |
| Monolithic Power Systems, Inc. | 2.5% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RSIFX — AR (12/25)

#### Victory RS Science and Technology Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class C

Ticker: RINCX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Science and Technology Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$248 | &nbsp;&nbsp;&nbsp;2.28% |

---

# What affected the Fund's performance during the last year?
The Fund's underperformance relative to its benchmark, the S&P North American Technology Sector Index (the "Index"), during the period was largely during the first half of the year, as the Index's allocation to the narrow breadth of leadership in megacap technology outperformed the Fund's stylistic allocation to lower market cap names and the health care sector. Performance in the second half of the year was significantly improved due to style and stock selection, along with a recovery in health care stocks.

We believe the underperformance of innovative smaller-cap information technology and health care stocks over the past two years has created an outsized opportunity for these segments relative to larger-cap information technology stocks because current valuations (defined as the forward price-to-earnings, excluding non-earners) of the Russell 2000 Growth Index are near the cheapest since the 1979 inception of the index relative to the Russell 1000 Growth Index (per FactSet).

We continue to believe that innovative companies will grow at a much higher rate than the Index across market caps, so that the Fund's holdings will include a much more diversified set of companies relative to the Index.

Top contributors to performance:

* Stock selection in the health care sector contributed positively to the Fund's performance relative to the Index during the year. 

Top detractors from performance:

* The largest detractors from the Fund's performance relative to the Index was the Fund's allocation to non-large cap software and services.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i7c1c241f30f81be68b1a36dc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory RS Science and Technology Fund Class C @ NAV - $37,839** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $39,827** | **S&P North American Technology Sector Index - $76,336** |
| **12/15** | $10000 | $10000 | $10000 |
| **12/16** | $11287 | $11196 | $11355 |
| **12/17** | $16220 | $13640 | $15646 |
| **12/18** | $15964 | $13042 | $16096 |
| **12/19** | $22073 | $17149 | $22967 |
| **12/20** | $36136 | $20304 | $33337 |
| **12/21** | $32513 | $26132 | $42138 |
| **12/22** | $18225 | $21399 | $27238 |
| **12/23** | $23977 | $27025 | $43888 |
| **12/24** | $31870 | $33786 | $59721 |
| **12/25** | $37839 | $39827 | $76336 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class C @ NAV | 17.78%<sup>Footnote Reference</sup> | 0.59% | 14.23% |
| Class C @ CDSC | 16.78% | 0.59% | 14.23% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| S&P North American Technology Sector Index | 27.82% | 18.02% | 22.54% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $217118 |
| Number of Holdings | 75 |
| Investment Advisory Fees | $2017 |
| Portfolio Turnover | 29% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](i48da4c802c0a66d0b6481110.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 0.7% |
| Financials | 2.6% |
| Consumer Discretionary | 4.2% |
| Communication Services | 11.9% |
| Health Care | 20.3% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 60.3% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.2% |
| Microsoft Corp. | 7.7% |
| Meta Platforms, Inc., Class A | 6.0% |
| AppLovin Corp., Class A | 5.4% |
| Amazon.com, Inc. | 4.2% |
| MACOM Technology Solutions Holdings, Inc. | 2.9% |
| Netflix, Inc. | 2.8% |
| Guardant Health, Inc. | 2.7% |
| Coherent Corp. | 2.5% |
| Monolithic Power Systems, Inc. | 2.5% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RINCX — AR (12/25)

#### Victory RS Science and Technology Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class Y

Ticker: RIFYX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Science and Technology Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$136 | &nbsp;&nbsp;&nbsp;1.24% |

---

# What affected the Fund's performance during the last year?
The Fund's underperformance relative to its benchmark, the S&P North American Technology Sector Index (the "Index"), during the period was largely during the first half of the year, as the Index's allocation to the narrow breadth of leadership in megacap technology outperformed the Fund's stylistic allocation to lower market cap names and the health care sector. Performance in the second half of the year was significantly improved due to style and stock selection, along with a recovery in health care stocks.

We believe the underperformance of innovative smaller-cap information technology and health care stocks over the past two years has created an outsized opportunity for these segments relative to larger-cap information technology stocks because current valuations (defined as the forward price-to-earnings, excluding non-earners) of the Russell 2000 Growth Index are near the cheapest since the 1979 inception of the index relative to the Russell 1000 Growth Index (per FactSet).

We continue to believe that innovative companies will grow at a much higher rate than the Index across market caps, so that the Fund's holdings will include a much more diversified set of companies relative to the Index.

Top contributors to performance:

* Stock selection in the health care sector contributed positively to the Fund's performance relative to the Index during the year. 

Top detractors from performance:

* The largest detractors from the Fund's performance relative to the Index was the Fund's allocation to non-large cap software and services.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](ie1920f679521b2de7534c0fd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory RS Science and Technology Fund Class Y - $4,127,619** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $3,982,743** | **S&P North American Technology Sector Index - $7,633,648** |
| **12/15** | $1000000 | $1000000 | $1000000 |
| **12/16** | $1140674 | $1119599 | $1135537 |
| **12/17** | $1655202 | $1364026 | $1564573 |
| **12/18** | $1646730 | $1304223 | $1609634 |
| **12/19** | $2299881 | $1714876 | $2296677 |
| **12/20** | $3804098 | $2030393 | $3333686 |
| **12/21** | $3460114 | $2613225 | $4213794 |
| **12/22** | $1959101 | $2139947 | $2723805 |
| **12/23** | $2603724 | $2702488 | $4388812 |
| **12/24** | $3468573 | $3378642 | $5972137 |
| **12/25** | $4127619 | $3982743 | $7633648 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class Y | 19.00%<sup>Footnote Reference</sup> | 1.65% | 15.23%<sup>Footnote Reference</sup> |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| S&P North American Technology Sector Index | 27.82% | 18.02% | 22.54% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $217118 |
| Number of Holdings | 75 |
| Investment Advisory Fees | $2017 |
| Portfolio Turnover | 29% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](i48da4c802c0a66d0b6481110.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 0.7% |
| Financials | 2.6% |
| Consumer Discretionary | 4.2% |
| Communication Services | 11.9% |
| Health Care | 20.3% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 60.3% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.2% |
| Microsoft Corp. | 7.7% |
| Meta Platforms, Inc., Class A | 6.0% |
| AppLovin Corp., Class A | 5.4% |
| Amazon.com, Inc. | 4.2% |
| MACOM Technology Solutions Holdings, Inc. | 2.9% |
| Netflix, Inc. | 2.8% |
| Guardant Health, Inc. | 2.7% |
| Coherent Corp. | 2.5% |
| Monolithic Power Systems, Inc. | 2.5% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RIFYX — AR (12/25)

#### Victory RS International Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class A

Ticker: GUBGX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS International Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$128 | &nbsp;&nbsp;&nbsp;1.13% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Stock selection in the financials, real estate, consumer staples, and utilities sectors contributed positively to the Fund's performance relative to the Fund's benchmark, the MSCI EAFE Index (the "Index").

* From a regional perspective, stock selection in the United Kingdom contributed positively to the Fund's performance relative to the Index.

* Country-level contributors included Spain, Austria, and Switzerland.

Top detractors from performance:

* Stock selection in the consumer discretionary, industrials, communication services, and materials sectors detracted from the Fund's performance relative to the Index.

* By region, stock selection in Europe, Japan, and the Asia/Pacific markets (excluding Japan) detracted from the Fund's performance relative to the Index.

* Country-level detractors included Denmark, Ireland, and Australia.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i98d3c69f65e9d4a792dd671c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory RS International Fund Class A @ NAV - $22,664** | **Victory RS International Fund Class A @ MOP - $21,354** | **MSCI EAFE Index (regulatory broad based index) - $21,959** |
| **12/15** | $10000 | $9422 | $10000 |
| **12/16** | $10241 | $9649 | $10100 |
| **12/17** | $12827 | $12086 | $12628 |
| **12/18** | $11462 | $10799 | $10887 |
| **12/19** | $13951 | $13144 | $13284 |
| **12/20** | $14725 | $13874 | $14322 |
| **12/21** | $16794 | $15823 | $15935 |
| **12/22** | $14126 | $13309 | $13632 |
| **12/23** | $16925 | $15947 | $16118 |
| **12/24** | $17838 | $16807 | $16735 |
| **12/25** | $22664 | $21354 | $21959 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 27.06%<sup>Footnote Reference</sup> | 9.01% | 8.53% |
| Class A @ MOP | 19.78% | 7.73% | 7.88% |
| MSCI EAFE Index | 31.22% | 8.92% | 8.18% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $588080 |
| Number of Holdings | 80 |
| Investment Advisory Fees | $3953 |
| Portfolio Turnover | 29% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

# Top Countries<sup>**Footnote Reference \***,</sup><sup>**Footnote Reference ^**</sup> (% of Net Assets)

# (as of December 31, 2025)
![Group By Sector Chart](i8eccbe5dd5b51c328b6e4849.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 3.0% |
| Utilities | 3.2% |
| Real Estate | 3.2% |
| Materials | 5.3% |
| Consumer Staples | 7.0% |
| Information Technology | 9.2% |
| Consumer Discretionary | 10.1% |
| Health Care | 12.0% |
| Industrials | 17.0% |
| Financials | 25.0% |

---

![Group By Industry Chart](i2e8159bee2fd8d708929d78b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 20.7% |
| United Kingdom | 14.8% |
| Switzerland | 11.5% |
| Germany | 9.7% |
| France | 9.3% |
| Netherlands | 6.9% |
| Australia | 5.8% |
| Other<sup>Footnote Reference\*\*</sup> | 18.8% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

GUBGX — AR (12/25)

#### Victory RS International Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class C

Ticker: RIGCX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS International Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$213 | &nbsp;&nbsp;&nbsp;1.88% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Stock selection in the financials, real estate, consumer staples, and utilities sectors contributed positively to the Fund's performance relative to the Fund's benchmark, the MSCI EAFE Index (the "Index").

* From a regional perspective, stock selection in the United Kingdom contributed positively to the Fund's performance relative to the Index.

* Country-level contributors included Spain, Austria, and Switzerland.

Top detractors from performance:

* Stock selection in the consumer discretionary, industrials, communication services, and materials sectors detracted from the Fund's performance relative to the Index.

* By region, stock selection in Europe, Japan, and the Asia/Pacific markets (excluding Japan) detracted from the Fund's performance relative to the Index.

* Country-level detractors included Denmark, Ireland, and Australia.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i4b074e4b8061676b62ed8bc1.jpg)

---

| | | |
|:---|:---|:---|
| | **Victory RS International Fund Class C @ NAV - $21,358** | **MSCI EAFE Index (regulatory broad based index) - $21,959** |
| **12/15** | $10000 | $10000 |
| **12/16** | $10177 | $10100 |
| **12/17** | $12645 | $12628 |
| **12/18** | $11224 | $10887 |
| **12/19** | $13547 | $13284 |
| **12/20** | $14191 | $14322 |
| **12/21** | $16069 | $15935 |
| **12/22** | $13417 | $13632 |
| **12/23** | $15950 | $16118 |
| **12/24** | $16810 | $16735 |
| **12/25** | $21358 | $21959 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class C @ NAV | 26.08%<sup>Footnote Reference</sup> | 8.19% | 7.88% |
| Class C @ CDSC | 25.08% | 8.19% | 7.88% |
| MSCI EAFE Index | 31.22% | 8.92% | 8.18% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $588080 |
| Number of Holdings | 80 |
| Investment Advisory Fees | $3953 |
| Portfolio Turnover | 29% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

# Top Countries<sup>**Footnote Reference \***,</sup><sup>**Footnote Reference ^**</sup> (% of Net Assets)

# (as of December 31, 2025)
![Group By Sector Chart](i8eccbe5dd5b51c328b6e4849.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 3.0% |
| Utilities | 3.2% |
| Real Estate | 3.2% |
| Materials | 5.3% |
| Consumer Staples | 7.0% |
| Information Technology | 9.2% |
| Consumer Discretionary | 10.1% |
| Health Care | 12.0% |
| Industrials | 17.0% |
| Financials | 25.0% |

---

![Group By Industry Chart](i2e8159bee2fd8d708929d78b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 20.7% |
| United Kingdom | 14.8% |
| Switzerland | 11.5% |
| Germany | 9.7% |
| France | 9.3% |
| Netherlands | 6.9% |
| Australia | 5.8% |
| Other<sup>Footnote Reference\*\*</sup> | 18.8% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RIGCX — AR (12/25)

#### Victory RS International Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class R

Ticker: RIGKX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS International Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;$156 | &nbsp;&nbsp;&nbsp;1.38% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Stock selection in the financials, real estate, consumer staples, and utilities sectors contributed positively to the Fund's performance relative to the Fund's benchmark, the MSCI EAFE Index (the "Index").

* From a regional perspective, stock selection in the United Kingdom contributed positively to the Fund's performance relative to the Index.

* Country-level contributors included Spain, Austria, and Switzerland.

Top detractors from performance:

* Stock selection in the consumer discretionary, industrials, communication services, and materials sectors detracted from the Fund's performance relative to the Index.

* By region, stock selection in Europe, Japan, and the Asia/Pacific markets (excluding Japan) detracted from the Fund's performance relative to the Index.

* Country-level detractors included Denmark, Ireland, and Australia.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](ic3bfb1168a4d8c6a4164feb9.jpg)

---

| | | |
|:---|:---|:---|
| | **Victory RS International Fund Class R - $22,062** | **MSCI EAFE Index (regulatory broad based index) - $21,959** |
| **12/15** | $10000 | $10000 |
| **12/16** | $10206 | $10100 |
| **12/17** | $12742 | $12628 |
| **12/18** | $11360 | $10887 |
| **12/19** | $13788 | $13284 |
| **12/20** | $14506 | $14322 |
| **12/21** | $16515 | $15935 |
| **12/22** | $13858 | $13632 |
| **12/23** | $16559 | $16118 |
| **12/24** | $17402 | $16735 |
| **12/25** | $22062 | $21959 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class R | 26.78%<sup>Footnote Reference</sup> | 8.75% | 8.23% |
| MSCI EAFE Index | 31.22% | 8.92% | 8.18% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $588080 |
| Number of Holdings | 80 |
| Investment Advisory Fees | $3953 |
| Portfolio Turnover | 29% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

# Top Countries<sup>**Footnote Reference \***,</sup><sup>**Footnote Reference ^**</sup> (% of Net Assets)

# (as of December 31, 2025)
![Group By Sector Chart](i8eccbe5dd5b51c328b6e4849.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 3.0% |
| Utilities | 3.2% |
| Real Estate | 3.2% |
| Materials | 5.3% |
| Consumer Staples | 7.0% |
| Information Technology | 9.2% |
| Consumer Discretionary | 10.1% |
| Health Care | 12.0% |
| Industrials | 17.0% |
| Financials | 25.0% |

---

![Group By Industry Chart](i2e8159bee2fd8d708929d78b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 20.7% |
| United Kingdom | 14.8% |
| Switzerland | 11.5% |
| Germany | 9.7% |
| France | 9.3% |
| Netherlands | 6.9% |
| Australia | 5.8% |
| Other<sup>Footnote Reference\*\*</sup> | 18.8% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RIGKX — AR (12/25)

#### Victory RS International Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class R6

Ticker: RSIRX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS International Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$94 | &nbsp;&nbsp;&nbsp;0.83% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Stock selection in the financials, real estate, consumer staples, and utilities sectors contributed positively to the Fund's performance relative to the Fund's benchmark, the MSCI EAFE Index (the "Index").

* From a regional perspective, stock selection in the United Kingdom contributed positively to the Fund's performance relative to the Index.

* Country-level contributors included Spain, Austria, and Switzerland.

Top detractors from performance:

* Stock selection in the consumer discretionary, industrials, communication services, and materials sectors detracted from the Fund's performance relative to the Index.

* By region, stock selection in Europe, Japan, and the Asia/Pacific markets (excluding Japan) detracted from the Fund's performance relative to the Index.

* Country-level detractors included Denmark, Ireland, and Australia.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i84649f2d34648d0a93dcfe36.jpg)

---

| | | |
|:---|:---|:---|
| | **Victory RS International Fund Class R6 - $17,742** | **MSCI EAFE Index (regulatory broad based index) - $17,799** |
| **5/19<sup>Footnote Reference\*</sup>** | $10000 | $10000 |
| **12/19** | $10724 | $10767 |
| **12/20** | $11357 | $11608 |
| **12/21** | $12983 | $12916 |
| **12/22** | $10962 | $11049 |
| **12/23** | $13173 | $13064 |
| **12/24** | $13924 | $13564 |
| **12/25** | $17742 | $17799 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Inception date for the Victory RS International Fund, Class R6 is 5/2/2019. |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Class R6 | 27.42%<sup>Footnote Reference</sup> | 9.33% | 8.98% |
| MSCI EAFE Index | 31.22% | 8.92% | 9.03% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $588080 |
| Number of Holdings | 80 |
| Investment Advisory Fees | $3953 |
| Portfolio Turnover | 29% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

# Top Countries<sup>**Footnote Reference \***,</sup><sup>**Footnote Reference ^**</sup> (% of Net Assets)

# (as of December 31, 2025)
![Group By Sector Chart](i8eccbe5dd5b51c328b6e4849.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 3.0% |
| Utilities | 3.2% |
| Real Estate | 3.2% |
| Materials | 5.3% |
| Consumer Staples | 7.0% |
| Information Technology | 9.2% |
| Consumer Discretionary | 10.1% |
| Health Care | 12.0% |
| Industrials | 17.0% |
| Financials | 25.0% |

---

![Group By Industry Chart](i2e8159bee2fd8d708929d78b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 20.7% |
| United Kingdom | 14.8% |
| Switzerland | 11.5% |
| Germany | 9.7% |
| France | 9.3% |
| Netherlands | 6.9% |
| Australia | 5.8% |
| Other<sup>Footnote Reference\*\*</sup> | 18.8% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RSIRX — AR (12/25)

#### Victory RS International Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class Y

Ticker: RSIGX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS International Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$100 | &nbsp;&nbsp;&nbsp;0.88% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Stock selection in the financials, real estate, consumer staples, and utilities sectors contributed positively to the Fund's performance relative to the Fund's benchmark, the MSCI EAFE Index (the "Index").

* From a regional perspective, stock selection in the United Kingdom contributed positively to the Fund's performance relative to the Index.

* Country-level contributors included Spain, Austria, and Switzerland.

Top detractors from performance:

* Stock selection in the consumer discretionary, industrials, communication services, and materials sectors detracted from the Fund's performance relative to the Index.

* By region, stock selection in Europe, Japan, and the Asia/Pacific markets (excluding Japan) detracted from the Fund's performance relative to the Index.

* Country-level detractors included Denmark, Ireland, and Australia.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i2335eb487b41cad139d6e0ee.jpg)

---

| | | |
|:---|:---|:---|
| | **Victory RS International Fund Class Y - $23,239** | **MSCI EAFE Index (regulatory broad based index) - $21,959** |
| **12/15** | $10000 | $10000 |
| **12/16** | $10269 | $10100 |
| **12/17** | $12894 | $12628 |
| **12/18** | $11555 | $10887 |
| **12/19** | $14090 | $13284 |
| **12/20** | $14907 | $14322 |
| **12/21** | $17051 | $15935 |
| **12/22** | $14373 | $13632 |
| **12/23** | $17269 | $16118 |
| **12/24** | $18245 | $16735 |
| **12/25** | $23239 | $21959 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class Y | 27.38%<sup>Footnote Reference</sup> | 9.29% | 8.80% |
| MSCI EAFE Index | 31.22% | 8.92% | 8.18% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $588080 |
| Number of Holdings | 80 |
| Investment Advisory Fees | $3953 |
| Portfolio Turnover | 29% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

# Top Countries<sup>**Footnote Reference \***,</sup><sup>**Footnote Reference ^**</sup> (% of Net Assets)

# (as of December 31, 2025)
![Group By Sector Chart](i8eccbe5dd5b51c328b6e4849.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 3.0% |
| Utilities | 3.2% |
| Real Estate | 3.2% |
| Materials | 5.3% |
| Consumer Staples | 7.0% |
| Information Technology | 9.2% |
| Consumer Discretionary | 10.1% |
| Health Care | 12.0% |
| Industrials | 17.0% |
| Financials | 25.0% |

---

![Group By Industry Chart](i2e8159bee2fd8d708929d78b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 20.7% |
| United Kingdom | 14.8% |
| Switzerland | 11.5% |
| Germany | 9.7% |
| France | 9.3% |
| Netherlands | 6.9% |
| Australia | 5.8% |
| Other<sup>Footnote Reference\*\*</sup> | 18.8% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RSIGX — AR (12/25)

#### Victory RS Global Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class A

Ticker: RSGGX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Global Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$92 | &nbsp;&nbsp;&nbsp;0.85% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Stock selection in the materials, utilities, real estate, and financials sectors contributed positively to the Fund's performance relative to the Fund's benchmark, the MSCI All Country World Index (the "Index").

* From a regional perspective, stock selection in the United Kingdom contributed positively to the Fund's performance relative to the Index.

* Country-level contributors included Spain, Austria, and Taiwan.

Top detractors from performance:

* Stock selection in the information technology, consumer discretionary, and communication services sectors detracted from the Fund's performance relative to the Index.

* Stock selection in most regions, particularly in North America, detracted from the Fund's performance relative to the Index.

* Country-level detractors included the United States, South Africa, and Australia. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i6bee500ff48e0068b0a9fa5e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory RS Global Fund Class A @ NAV - $33,610** | **Victory RS Global Fund Class A @ MOP - $31,665** | **MSCI All Country World Index (regulatory broad based index) - $30,301** |
| **12/15** | $10000 | $9421 | $10000 |
| **12/16** | $10667 | $10050 | $10787 |
| **12/17** | $13279 | $12510 | $13372 |
| **12/18** | $12555 | $11828 | $12113 |
| **12/19** | $16366 | $15419 | $15335 |
| **12/20** | $19149 | $18041 | $17827 |
| **12/21** | $23437 | $22081 | $21132 |
| **12/22** | $18986 | $17888 | $17251 |
| **12/23** | $24041 | $22650 | $21081 |
| **12/24** | $28767 | $27103 | $24769 |
| **12/25** | $33610 | $31665 | $30301 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 16.83%<sup>Footnote Reference</sup> | 11.91% | 12.89% |
| Class A @ MOP | 10.11% | 10.60% | 12.22% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $1740752 |
| Number of Holdings | 101 |
| Investment Advisory Fees | $8970 |
| Portfolio Turnover | 34% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](i672e1decadd3bdc3e5b8db8c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.7% |
| Energy | 3.1% |
| Materials | 3.4% |
| Consumer Staples | 5.3% |
| Health Care | 9.4% |
| Industrials | 9.5% |
| Consumer Discretionary | 9.7% |
| Communication Services | 9.7% |
| Financials | 16.9% |
| Information Technology | 25.9% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.2% |
| Apple, Inc. | 5.0% |
| Microsoft Corp. | 4.3% |
| Alphabet, Inc., Class C | 4.1% |
| Amazon.com, Inc. | 2.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.4% |
| Meta Platforms, Inc., Class A | 2.1% |
| Eli Lilly & Co. | 1.9% |
| Mastercard, Inc., Class A | 1.8% |
| JPMorgan Chase & Co. | 1.8% |

---

---

| | |
|:---|:---|
| \* | 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RSGGX — AR (12/25)

#### Victory RS Global Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class C

Ticker: RGGCX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Global Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$173 | &nbsp;&nbsp;&nbsp;1.60% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Stock selection in the materials, utilities, real estate, and financials sectors contributed positively to the Fund's performance relative to the Fund's benchmark, the MSCI All Country World Index (the "Index").

* From a regional perspective, stock selection in the United Kingdom contributed positively to the Fund's performance relative to the Index.

* Country-level contributors included Spain, Austria, and Taiwan.

Top detractors from performance:

* Stock selection in the information technology, consumer discretionary, and communication services sectors detracted from the Fund's performance relative to the Index.

* Stock selection in most regions, particularly in North America, detracted from the Fund's performance relative to the Index.

* Country-level detractors included the United States, South Africa, and Australia. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i3a46911ef75129e9ba1eb328.jpg)

---

| | | |
|:---|:---|:---|
| | **Victory RS Global Fund Class C @ NAV - $31,661** | **MSCI All Country World Index (regulatory broad based index) - $30,301** |
| **12/15** | $10000 | $10000 |
| **12/16** | $10592 | $10787 |
| **12/17** | $13078 | $13372 |
| **12/18** | $12267 | $12113 |
| **12/19** | $15889 | $15335 |
| **12/20** | $18442 | $17827 |
| **12/21** | $22411 | $21132 |
| **12/22** | $18017 | $17251 |
| **12/23** | $22647 | $21081 |
| **12/24** | $27099 | $24769 |
| **12/25** | $31661 | $30301 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class C @ NAV | 15.95%<sup>Footnote Reference</sup> | 11.08% | 12.22% |
| Class C @ CDSC | 14.95% | 11.08% | 12.22% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $1740752 |
| Number of Holdings | 101 |
| Investment Advisory Fees | $8970 |
| Portfolio Turnover | 34% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](i672e1decadd3bdc3e5b8db8c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.7% |
| Energy | 3.1% |
| Materials | 3.4% |
| Consumer Staples | 5.3% |
| Health Care | 9.4% |
| Industrials | 9.5% |
| Consumer Discretionary | 9.7% |
| Communication Services | 9.7% |
| Financials | 16.9% |
| Information Technology | 25.9% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.2% |
| Apple, Inc. | 5.0% |
| Microsoft Corp. | 4.3% |
| Alphabet, Inc., Class C | 4.1% |
| Amazon.com, Inc. | 2.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.4% |
| Meta Platforms, Inc., Class A | 2.1% |
| Eli Lilly & Co. | 1.9% |
| Mastercard, Inc., Class A | 1.8% |
| JPMorgan Chase & Co. | 1.8% |

---

---

| | |
|:---|:---|
| \* | 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RGGCX — AR (12/25)

#### Victory RS Global Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class R

Ticker: RGGKX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Global Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;$119 | &nbsp;&nbsp;&nbsp;1.10% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Stock selection in the materials, utilities, real estate, and financials sectors contributed positively to the Fund's performance relative to the Fund's benchmark, the MSCI All Country World Index (the "Index").

* From a regional perspective, stock selection in the United Kingdom contributed positively to the Fund's performance relative to the Index.

* Country-level contributors included Spain, Austria, and Taiwan.

Top detractors from performance:

* Stock selection in the information technology, consumer discretionary, and communication services sectors detracted from the Fund's performance relative to the Index.

* Stock selection in most regions, particularly in North America, detracted from the Fund's performance relative to the Index.

* Country-level detractors included the United States, South Africa, and Australia. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i03776949fe449d723b4ee21f.jpg)

---

| | | |
|:---|:---|:---|
| | **Victory RS Global Fund Class R - $40,231** | **MSCI All Country World Index (regulatory broad based index) - $30,301** |
| **12/15** | $10000 | $10000 |
| **12/16** | $13057 | $10787 |
| **12/17** | $16202 | $13372 |
| **12/18** | $15282 | $12113 |
| **12/19** | $19882 | $15335 |
| **12/20** | $23201 | $17827 |
| **12/21** | $28332 | $21132 |
| **12/22** | $22895 | $17251 |
| **12/23** | $28914 | $21081 |
| **12/24** | $34522 | $24769 |
| **12/25** | $40231 | $30301 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class R | 16.54%<sup>Footnote Reference</sup> | 11.64% | 14.94% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $1740752 |
| Number of Holdings | 101 |
| Investment Advisory Fees | $8970 |
| Portfolio Turnover | 34% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](i672e1decadd3bdc3e5b8db8c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.7% |
| Energy | 3.1% |
| Materials | 3.4% |
| Consumer Staples | 5.3% |
| Health Care | 9.4% |
| Industrials | 9.5% |
| Consumer Discretionary | 9.7% |
| Communication Services | 9.7% |
| Financials | 16.9% |
| Information Technology | 25.9% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.2% |
| Apple, Inc. | 5.0% |
| Microsoft Corp. | 4.3% |
| Alphabet, Inc., Class C | 4.1% |
| Amazon.com, Inc. | 2.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.4% |
| Meta Platforms, Inc., Class A | 2.1% |
| Eli Lilly & Co. | 1.9% |
| Mastercard, Inc., Class A | 1.8% |
| JPMorgan Chase & Co. | 1.8% |

---

---

| | |
|:---|:---|
| \* | 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RGGKX — AR (12/25)

#### Victory RS Global Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class R6

Ticker: RGGRX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Global Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$60 | &nbsp;&nbsp;&nbsp;0.55% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Stock selection in the materials, utilities, real estate, and financials sectors contributed positively to the Fund's performance relative to the Fund's benchmark, the MSCI All Country World Index (the "Index").

* From a regional perspective, stock selection in the United Kingdom contributed positively to the Fund's performance relative to the Index.

* Country-level contributors included Spain, Austria, and Taiwan.

Top detractors from performance:

* Stock selection in the information technology, consumer discretionary, and communication services sectors detracted from the Fund's performance relative to the Index.

* Stock selection in most regions, particularly in North America, detracted from the Fund's performance relative to the Index.

* Country-level detractors included the United States, South Africa, and Australia. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](ib2e304f437def69e349b5a31.jpg)

---

| | | |
|:---|:---|:---|
| | **Victory RS Global Fund Class R6 - $23,512** | **MSCI All Country World Index (regulatory broad based index) - $21,645** |
| **5/19<sup>Footnote Reference\*</sup>** | $10000 | $10000 |
| **12/19** | $11247 | $10954 |
| **12/20** | $13188 | $12734 |
| **12/21** | $16201 | $15095 |
| **12/22** | $13154 | $12323 |
| **12/23** | $16708 | $15059 |
| **12/24** | $20056 | $17693 |
| **12/25** | $23512 | $21645 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Inception date for the Victory RS Global Fund, Class R6 is 5/2/2019. |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Class R6 | 17.23%<sup>Footnote Reference</sup> | 12.26% | 13.68% |
| MSCI All Country World Index | 22.34% | 11.19% | 12.28% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $1740752 |
| Number of Holdings | 101 |
| Investment Advisory Fees | $8970 |
| Portfolio Turnover | 34% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](i672e1decadd3bdc3e5b8db8c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.7% |
| Energy | 3.1% |
| Materials | 3.4% |
| Consumer Staples | 5.3% |
| Health Care | 9.4% |
| Industrials | 9.5% |
| Consumer Discretionary | 9.7% |
| Communication Services | 9.7% |
| Financials | 16.9% |
| Information Technology | 25.9% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.2% |
| Apple, Inc. | 5.0% |
| Microsoft Corp. | 4.3% |
| Alphabet, Inc., Class C | 4.1% |
| Amazon.com, Inc. | 2.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.4% |
| Meta Platforms, Inc., Class A | 2.1% |
| Eli Lilly & Co. | 1.9% |
| Mastercard, Inc., Class A | 1.8% |
| JPMorgan Chase & Co. | 1.8% |

---

---

| | |
|:---|:---|
| \* | 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RGGRX — AR (12/25)

#### Victory RS Global Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class Y

Ticker: RGGYX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory RS Global Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$65 | &nbsp;&nbsp;&nbsp;0.60% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* Stock selection in the materials, utilities, real estate, and financials sectors contributed positively to the Fund's performance relative to the Fund's benchmark, the MSCI All Country World Index (the "Index").

* From a regional perspective, stock selection in the United Kingdom contributed positively to the Fund's performance relative to the Index.

* Country-level contributors included Spain, Austria, and Taiwan.

Top detractors from performance:

* Stock selection in the information technology, consumer discretionary, and communication services sectors detracted from the Fund's performance relative to the Index.

* Stock selection in most regions, particularly in North America, detracted from the Fund's performance relative to the Index.

* Country-level detractors included the United States, South Africa, and Australia. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](ia956e24116738635967b6f15.jpg)

---

| | | |
|:---|:---|:---|
| | **Victory RS Global Fund Class Y - $3,449,834** | **MSCI All Country World Index (regulatory broad based index) - $3,030,147** |
| **12/15** | $1000000 | $1000000 |
| **12/16** | $1070112 | $1078653 |
| **12/17** | $1334994 | $1337208 |
| **12/18** | $1266035 | $1211298 |
| **12/19** | $1654601 | $1533460 |
| **12/20** | $1940428 | $1782727 |
| **12/21** | $2382383 | $2113199 |
| **12/22** | $1934087 | $1725149 |
| **12/23** | $2454972 | $2108148 |
| **12/24** | $2945325 | $2476860 |
| **12/25** | $3449834 | $3030147 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class Y | 17.13%<sup>Footnote Reference</sup> | 12.20% | 13.18% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $1740752 |
| Number of Holdings | 101 |
| Investment Advisory Fees | $8970 |
| Portfolio Turnover | 34% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](i672e1decadd3bdc3e5b8db8c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.7% |
| Energy | 3.1% |
| Materials | 3.4% |
| Consumer Staples | 5.3% |
| Health Care | 9.4% |
| Industrials | 9.5% |
| Consumer Discretionary | 9.7% |
| Communication Services | 9.7% |
| Financials | 16.9% |
| Information Technology | 25.9% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.2% |
| Apple, Inc. | 5.0% |
| Microsoft Corp. | 4.3% |
| Alphabet, Inc., Class C | 4.1% |
| Amazon.com, Inc. | 2.4% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.4% |
| Meta Platforms, Inc., Class A | 2.1% |
| Eli Lilly & Co. | 1.9% |
| Mastercard, Inc., Class A | 1.8% |
| JPMorgan Chase & Co. | 1.8% |

---

---

| | |
|:---|:---|
| \* | 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RGGYX — AR (12/25)

#### Victory Low Duration Bond Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class A

Ticker: RLDAX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory Low Duration Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$87 | &nbsp;&nbsp;&nbsp;0.85% |

---

# What affected the Fund's performance during the last year?
The Fund benefited from an overweight allocation to credit relative to its benchmark, the Bloomberg U.S. Government/Credit 1-3 Year Bond Index (the "Index") over the reporting period. Although credit spreads were volatile in the first half of the year, they ended the reporting period roughly unchanged. The Fund's cash holdings detracted from performance relative to the Index as the yield curve shifted lower over the reporting period. Based on relative value, the Fund increased its allocation to corporates while reducing its allocation to commercial mortgage-backed securities.

Top contributors to performance:

* The majority of the Fund's outperformance relative to the Index was driven by an overweight allocation to both commercial mortgage-backed securities and asset-backed securities combined with a large underweight allocation to treasury securities.

* Security selection in the banking, life insurance, and property and casualty sectors, also contributed positively to the Fund's performance relative to the Index during the year.

Top detractors from performance:

* The yield curve effect was a slight detractor from performance relative to the Index driven by an overweight to the 5-year part of the yield curve.

* The largest detractors from the Fund's performance relative to the Index were cash holdings, mortgage-backed securities, and security selection in the aerospace and defense sector. 

* Security selection in the chemicals sector detracted slightly from the Fund's performance relative to the Index. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price ("MOP") figures reflect a maximum sales charge of 2.25% for Class A. The Net Asset Value ("NAV") figures do not reflect sales charges.

# Growth of $10,000 Investment
![Growth of 10K Chart](i7bf15730db92dd4d27894caf.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Low Duration Bond Fund Class A @ NAV - $12,608** | **Victory Low Duration Bond Fund Class A @ MOP - $12,323** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $12,199** | **Bloomberg U.S. Government/Credit 1-3 Year Bond Index - $11,992** |
| **12/15** | $10000 | $9774 | $10000 | $10000 |
| **12/16** | $10180 | $9950 | $10265 | $10086 |
| **12/17** | $10329 | $10096 | $10628 | $10129 |
| **12/18** | $10405 | $10170 | $10629 | $10287 |
| **12/19** | $10770 | $10527 | $11556 | $10657 |
| **12/20** | $11185 | $10932 | $12423 | $10993 |
| **12/21** | $11264 | $11009 | $12232 | $10927 |
| **12/22** | $10856 | $10611 | $10641 | $10510 |
| **12/23** | $11361 | $11104 | $11229 | $10961 |
| **12/24** | $11942 | $11672 | $11369 | $11403 |
| **12/25** | $12608 | $12323 | $12199 | $11992 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 5.58% | 2.42% | 2.34% |
| Class A @ MOP | 3.18% | 1.97% | 2.11% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. Government/Credit 1-3 Year Bond Index | 5.17% | 1.76% | 1.83% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $90051 |
| Number of Holdings | 254 |
| Investment Advisory Fees | $430 |
| Portfolio Turnover | 26% |

---

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

# Asset Allocation<sup>**Footnote Reference \***</sup>^ (% of Net Assets)

# (as of December 31, 2025)
![Group By Asset Type Chart](iaffb00ea077d6c520b462322.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 31.6% |
| Asset-Backed Securities | 23.8% |
| Yankee Dollars | 13.0% |
| Collateralized Mortgage Obligations | 12.4% |
| U.S. Treasury Obligations | 11.4% |
| U.S. Government Agency Mortgages | 3.1% |
| Other<sup>Footnote Reference\*\*</sup> | 0.7% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RLDAX — AR (12/25)

#### Victory Low Duration Bond Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class C

Ticker: RLDCX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory Low Duration Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$166 | &nbsp;&nbsp;&nbsp;1.62% |

---

# What affected the Fund's performance during the last year?
The Fund benefited from an overweight allocation to credit relative to its benchmark, the Bloomberg U.S. Government/Credit 1-3 Year Bond Index (the "Index") over the reporting period. Although credit spreads were volatile in the first half of the year, they ended the reporting period roughly unchanged. The Fund's cash holdings detracted from performance relative to the Index as the yield curve shifted lower over the reporting period. Based on relative value, the Fund increased its allocation to corporates while reducing its allocation to commercial mortgage-backed securities.

Top contributors to performance:

* The majority of the Fund's outperformance relative to the Index was driven by an overweight allocation to both commercial mortgage-backed securities and asset-backed securities combined with a large underweight allocation to treasury securities.

* Security selection in the banking, life insurance, and property and casualty sectors, also contributed positively to the Fund's performance relative to the Index during the year.

Top detractors from performance:

* The yield curve effect was a slight detractor from performance relative to the Index driven by an overweight to the 5-year part of the yield curve.

* The largest detractors from the Fund's performance relative to the Index were cash holdings, mortgage-backed securities, and security selection in the aerospace and defense sector. 

* Security selection in the chemicals sector detracted slightly from the Fund's performance relative to the Index. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](ia0ca00474f36f8524011abe9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Low Duration Bond Fund Class C @ NAV - $11,868** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $12,199** | **Bloomberg U.S. Government/Credit 1-3 Year Bond Index - $11,992** |
| **12/15** | $10000 | $10000 | $10000 |
| **12/16** | $10094 | $10265 | $10086 |
| **12/17** | $10164 | $10628 | $10129 |
| **12/18** | $10160 | $10629 | $10287 |
| **12/19** | $10445 | $11556 | $10657 |
| **12/20** | $10764 | $12423 | $10993 |
| **12/21** | $10756 | $12232 | $10927 |
| **12/22** | $10297 | $10641 | $10510 |
| **12/23** | $10694 | $11229 | $10961 |
| **12/24** | $11241 | $11369 | $11403 |
| **12/25** | $11868 | $12199 | $11992 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class C @ NAV | 4.69% | 1.64% | 1.73% |
| Class C @ CDSC | 3.69% | 1.64% | 1.73% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. Government/Credit 1-3 Year Bond Index | 5.17% | 1.76% | 1.83% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $90051 |
| Number of Holdings | 254 |
| Investment Advisory Fees | $430 |
| Portfolio Turnover | 26% |

---

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

# Asset Allocation<sup>**Footnote Reference \***</sup>^ (% of Net Assets)

# (as of December 31, 2025)
![Group By Asset Type Chart](iaffb00ea077d6c520b462322.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 31.6% |
| Asset-Backed Securities | 23.8% |
| Yankee Dollars | 13.0% |
| Collateralized Mortgage Obligations | 12.4% |
| U.S. Treasury Obligations | 11.4% |
| U.S. Government Agency Mortgages | 3.1% |
| Other<sup>Footnote Reference\*\*</sup> | 0.7% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RLDCX — AR (12/25)

#### Victory Low Duration Bond Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class Y

Ticker: RSDYX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory Low Duration Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$64 | &nbsp;&nbsp;&nbsp;0.62% |

---

# What affected the Fund's performance during the last year?
The Fund benefited from an overweight allocation to credit relative to its benchmark, the Bloomberg U.S. Government/Credit 1-3 Year Bond Index (the "Index") over the reporting period. Although credit spreads were volatile in the first half of the year, they ended the reporting period roughly unchanged. The Fund's cash holdings detracted from performance relative to the Index as the yield curve shifted lower over the reporting period. Based on relative value, the Fund increased its allocation to corporates while reducing its allocation to commercial mortgage-backed securities.

Top contributors to performance:

* The majority of the Fund's outperformance relative to the Index was driven by an overweight allocation to both commercial mortgage-backed securities and asset-backed securities combined with a large underweight allocation to treasury securities.

* Security selection in the banking, life insurance, and property and casualty sectors, also contributed positively to the Fund's performance relative to the Index during the year.

Top detractors from performance:

* The yield curve effect was a slight detractor from performance relative to the Index driven by an overweight to the 5-year part of the yield curve.

* The largest detractors from the Fund's performance relative to the Index were cash holdings, mortgage-backed securities, and security selection in the aerospace and defense sector. 

* Security selection in the chemicals sector detracted slightly from the Fund's performance relative to the Index. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i6a8a7ace5517cfec09c52b04.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Low Duration Bond Fund Class Y - $1,290,619** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $1,219,928** | **Bloomberg U.S. Government/Credit 1-3 Year Bond Index - $1,199,244** |
| **12/15** | $1000000 | $1000000 | $1000000 |
| **12/16** | $1020383 | $1026472 | $1008629 |
| **12/17** | $1037857 | $1062829 | $1012923 |
| **12/18** | $1047848 | $1062948 | $1028722 |
| **12/19** | $1087199 | $1155604 | $1065679 |
| **12/20** | $1131596 | $1242350 | $1099326 |
| **12/21** | $1142271 | $1223195 | $1092707 |
| **12/22** | $1104571 | $1064054 | $1051022 |
| **12/23** | $1157414 | $1122884 | $1096135 |
| **12/24** | $1220668 | $1136922 | $1140302 |
| **12/25** | $1290619 | $1219928 | $1199244 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class Y | 5.73% | 2.66% | 2.58% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. Government/Credit 1-3 Year Bond Index | 5.17% | 1.76% | 1.83% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $90051 |
| Number of Holdings | 254 |
| Investment Advisory Fees | $430 |
| Portfolio Turnover | 26% |

---

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

# Asset Allocation<sup>**Footnote Reference \***</sup>^ (% of Net Assets)

# (as of December 31, 2025)
![Group By Asset Type Chart](iaffb00ea077d6c520b462322.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 31.6% |
| Asset-Backed Securities | 23.8% |
| Yankee Dollars | 13.0% |
| Collateralized Mortgage Obligations | 12.4% |
| U.S. Treasury Obligations | 11.4% |
| U.S. Government Agency Mortgages | 3.1% |
| Other<sup>Footnote Reference\*\*</sup> | 0.7% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RSDYX — AR (12/25)

#### Victory High Yield Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class A

Ticker: GUHYX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory High Yield Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$105 | &nbsp;&nbsp;&nbsp;1.00% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* The Fund's allocations to securities in the midstream, packaging, and chemicals industries contributed positively to performance relative to the Fund's benchmark, the Bloomberg U.S. Corporate High Yield Index (the "Index").

* Security selection in the pharmaceuticals, media, and retailers industries also contributed positively to the Fund's performance relative to the Index.

* The Fund's allocation to debt securities rated BB contributed positively to performance relative to the Index.

Top detractors from performance:

* The Fund's allocations to securities in the railroads, wirelines, and health care REIT industries detracted from performance relative to the Index.

* Security selection in certain debt securities of issuers in the cable, utilities, and chemicals industries also detracted from performance relative to the Index.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price ("MOP") figures reflect a maximum sales charge of 2.25% for Class A. The Net Asset Value ("NAV") figures do not reflect sales charges.

# Growth of $10,000 Investment
![Growth of 10K Chart](i7008e9aeac2560a3d891316f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory High Yield Fund Class A @ NAV - $18,156** | **Victory High Yield Fund Class A @ MOP - $17,762** | **Bloomberg U.S. Universal Index (regulatory broad based index) - $12,721** | **Bloomberg U.S. Corporate High Yield Index - $18,820** |
| **12/15** | $10000 | $9783 | $10000 | $10000 |
| **12/16** | $11540 | $11289 | $10391 | $11713 |
| **12/17** | $12685 | $12410 | $10816 | $12592 |
| **12/18** | $12720 | $12444 | $10789 | $12330 |
| **12/19** | $14616 | $14299 | $11791 | $14095 |
| **12/20** | $15729 | $15387 | $12684 | $15098 |
| **12/21** | $16494 | $16135 | $12544 | $15895 |
| **12/22** | $13711 | $13413 | $10914 | $14116 |
| **12/23** | $15286 | $14953 | $11588 | $16014 |
| **12/24** | $16550 | $16190 | $11824 | $17326 |
| **12/25** | $18156 | $17762 | $12721 | $18820 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 9.71% | 2.91% | 6.15% |
| Class A @ MOP | 7.33% | 2.44% | 5.91% |
| Bloomberg U.S. Universal Index | 7.58% | 0.06% | 2.44% |
| Bloomberg U.S. Corporate High Yield Index | 8.62% | 4.51% | 6.53% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $122333 |
| Number of Holdings | 373 |
| Investment Advisory Fees | $743 |
| Portfolio Turnover | 78% |

---

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

# Asset Allocation<sup>**Footnote Reference \***</sup>^ (% of Net Assets)

# (as of December 31, 2025)
![Group By Asset Type Chart](iec0a9b3f0987d23aa00e8110.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 61.8% |
| Yankee Dollars | 15.6% |
| Senior Secured Loans | 5.7% |
| Exchange-Traded Funds | 3.7% |
| Other<sup>Footnote Reference\*\*</sup> | 2.1% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

GUHYX — AR (12/25)

#### Victory High Yield Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class C

Ticker: RHYCX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory High Yield Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$178 | &nbsp;&nbsp;&nbsp;1.70% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* The Fund's allocations to securities in the midstream, packaging, and chemicals industries contributed positively to performance relative to the Fund's benchmark, the Bloomberg U.S. Corporate High Yield Index (the "Index").

* Security selection in the pharmaceuticals, media, and retailers industries also contributed positively to the Fund's performance relative to the Index.

* The Fund's allocation to debt securities rated BB contributed positively to performance relative to the Index.

Top detractors from performance:

* The Fund's allocations to securities in the railroads, wirelines, and health care REIT industries detracted from performance relative to the Index.

* Security selection in certain debt securities of issuers in the cable, utilities, and chemicals industries also detracted from performance relative to the Index.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i640fc6e756024e16ee531eca.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory High Yield Fund Class C @ NAV - $17,186** | **Bloomberg U.S. Universal Index (regulatory broad based index) - $12,721** | **Bloomberg U.S. Corporate High Yield Index - $18,820** |
| **12/15** | $10000 | $10000 | $10000 |
| **12/16** | $11458 | $10391 | $11713 |
| **12/17** | $12511 | $10816 | $12592 |
| **12/18** | $12458 | $10789 | $12330 |
| **12/19** | $14232 | $11791 | $14095 |
| **12/20** | $15183 | $12684 | $15098 |
| **12/21** | $15830 | $12544 | $15895 |
| **12/22** | $13074 | $10914 | $14116 |
| **12/23** | $14468 | $11588 | $16014 |
| **12/24** | $15665 | $11824 | $17326 |
| **12/25** | $17186 | $12721 | $18820 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class C @ NAV | 8.90% | 2.17% | 5.56% |
| Class C @ CDSC | 7.90% | 2.17% | 5.56% |
| Bloomberg U.S. Universal Index | 7.58% | 0.06% | 2.44% |
| Bloomberg U.S. Corporate High Yield Index | 8.62% | 4.51% | 6.53% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $122333 |
| Number of Holdings | 373 |
| Investment Advisory Fees | $743 |
| Portfolio Turnover | 78% |

---

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

# Asset Allocation<sup>**Footnote Reference \***</sup>^ (% of Net Assets)

# (as of December 31, 2025)
![Group By Asset Type Chart](iec0a9b3f0987d23aa00e8110.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 61.8% |
| Yankee Dollars | 15.6% |
| Senior Secured Loans | 5.7% |
| Exchange-Traded Funds | 3.7% |
| Other<sup>Footnote Reference\*\*</sup> | 2.1% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RHYCX — AR (12/25)

#### Victory High Yield Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class R

Ticker: RHYKX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory High Yield Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;$141 | &nbsp;&nbsp;&nbsp;1.35% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* The Fund's allocations to securities in the midstream, packaging, and chemicals industries contributed positively to performance relative to the Fund's benchmark, the Bloomberg U.S. Corporate High Yield Index (the "Index").

* Security selection in the pharmaceuticals, media, and retailers industries also contributed positively to the Fund's performance relative to the Index.

* The Fund's allocation to debt securities rated BB contributed positively to performance relative to the Index.

Top detractors from performance:

* The Fund's allocations to securities in the railroads, wirelines, and health care REIT industries detracted from performance relative to the Index.

* Security selection in certain debt securities of issuers in the cable, utilities, and chemicals industries also detracted from performance relative to the Index.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](iead0f1d551cbe70f550b6fd0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory High Yield Fund Class R - $17,634** | **Bloomberg U.S. Universal Index (regulatory broad based index) - $12,721** | **Bloomberg U.S. Corporate High Yield Index - $18,820** |
| **12/15** | $10000 | $10000 | $10000 |
| **12/16** | $11478 | $10391 | $11713 |
| **12/17** | $12585 | $10816 | $12592 |
| **12/18** | $12576 | $10789 | $12330 |
| **12/19** | $14397 | $11791 | $14095 |
| **12/20** | $15439 | $12684 | $15098 |
| **12/21** | $16142 | $12544 | $15895 |
| **12/22** | $13387 | $10914 | $14116 |
| **12/23** | $14871 | $11588 | $16014 |
| **12/24** | $16122 | $11824 | $17326 |
| **12/25** | $17634 | $12721 | $18820 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class R | 9.18% | 2.69% | 5.84% |
| Bloomberg U.S. Universal Index | 7.58% | 0.06% | 2.44% |
| Bloomberg U.S. Corporate High Yield Index | 8.62% | 4.51% | 6.53% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $122333 |
| Number of Holdings | 373 |
| Investment Advisory Fees | $743 |
| Portfolio Turnover | 78% |

---

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

# Asset Allocation<sup>**Footnote Reference \***</sup>^ (% of Net Assets)

# (as of December 31, 2025)
![Group By Asset Type Chart](iec0a9b3f0987d23aa00e8110.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 61.8% |
| Yankee Dollars | 15.6% |
| Senior Secured Loans | 5.7% |
| Exchange-Traded Funds | 3.7% |
| Other<sup>Footnote Reference\*\*</sup> | 2.1% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RHYKX — AR (12/25)

#### Victory High Yield Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class Y

Ticker: RSYYX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory High Yield Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$80 | &nbsp;&nbsp;&nbsp;0.76% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* The Fund's allocations to securities in the midstream, packaging, and chemicals industries contributed positively to performance relative to the Fund's benchmark, the Bloomberg U.S. Corporate High Yield Index (the "Index").

* Security selection in the pharmaceuticals, media, and retailers industries also contributed positively to the Fund's performance relative to the Index.

* The Fund's allocation to debt securities rated BB contributed positively to performance relative to the Index.

Top detractors from performance:

* The Fund's allocations to securities in the railroads, wirelines, and health care REIT industries detracted from performance relative to the Index.

* Security selection in certain debt securities of issuers in the cable, utilities, and chemicals industries also detracted from performance relative to the Index.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i6a2fe5e14f2d85bdf7a4c308.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory High Yield Fund Class Y - $1,868,101** | **Bloomberg U.S. Universal Index (regulatory broad based index) - $1,272,101** | **Bloomberg U.S. Corporate High Yield Index - $1,882,040** |
| **12/15** | $1000000 | $1000000 | $1000000 |
| **12/16** | $1157239 | $1039098 | $1171299 |
| **12/17** | $1275697 | $1081612 | $1259199 |
| **12/18** | $1282343 | $1078852 | $1232975 |
| **12/19** | $1477878 | $1179091 | $1409530 |
| **12/20** | $1592058 | $1268427 | $1509803 |
| **12/21** | $1676590 | $1254428 | $1589476 |
| **12/22** | $1398569 | $1091442 | $1411635 |
| **12/23** | $1563815 | $1158817 | $1601435 |
| **12/24** | $1694726 | $1182446 | $1732645 |
| **12/25** | $1868101 | $1272101 | $1882040 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class Y | 10.03% | 3.25% | 6.45% |
| Bloomberg U.S. Universal Index | 7.58% | 0.06% | 2.44% |
| Bloomberg U.S. Corporate High Yield Index | 8.62% | 4.51% | 6.53% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $122333 |
| Number of Holdings | 373 |
| Investment Advisory Fees | $743 |
| Portfolio Turnover | 78% |

---

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

# Asset Allocation<sup>**Footnote Reference \***</sup>^ (% of Net Assets)

# (as of December 31, 2025)
![Group By Asset Type Chart](iec0a9b3f0987d23aa00e8110.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 61.8% |
| Yankee Dollars | 15.6% |
| Senior Secured Loans | 5.7% |
| Exchange-Traded Funds | 3.7% |
| Other<sup>Footnote Reference\*\*</sup> | 2.1% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RSYYX — AR (12/25)

#### Victory Floating Rate Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class A

Ticker: RSFLX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory Floating Rate Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. 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. **This report describes changes to the Fund that occurred during the period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$103 | &nbsp;&nbsp;&nbsp;1.00% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* The Fund's overweight allocations to holdings and issue selection in the health care sector contributed positively to performance relative to the Fund's benchmark, the Morningstar LSTA US Leveraged Loan Index (the "Index").

* Security selection in the automotive, consumer products, and pharmaceuticals sectors contributed positively to the Fund's performance relative to the Index.

* The Fund's exposures to corporate bonds not represented in the Index contributed positively to the performance relative to the Index.

* The Fund's allocation to Exchange-Traded Funds that invest in senior secured loans contributed positively to performance relative to the Index. 

Top detractors from performance:

* The Fund's underweight allocation to the financial institution sector detracted from performance relative to the Index.

* Security selection in the building materials, media & entertainment, and retailing sectors detracted from the Fund's performance relative to the Index.

* The Fund's investments in lower-quality, higher-yielding loans modestly detracted from performance relative to the Index.

* The Fund's cash holdings maintained for liquidity purposes detracted from performance relative to the Index because the Index does not reflect any cash holdings.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price ("MOP") figures reflect a maximum sales charge of 2.25% for Class A. The Net Asset Value ("NAV") figures do not reflect sales charges.

# Growth of $10,000 Investment
![Growth of 10K Chart](i2be49ebc8c0b1d1727276308.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Floating Rate Fund Class A @ NAV - $16,360** | **Victory Floating Rate Fund Class A @ MOP - $15,990** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $12,199** | **Morningstar LSTA US Leveraged Loan Index - $17,617** |
| **12/15** | $10000 | $9774 | $10000 | $10000 |
| **12/16** | $11235 | $10981 | $10265 | $11014 |
| **12/17** | $11657 | $11394 | $10628 | $11466 |
| **12/18** | $11707 | $11442 | $10629 | $11520 |
| **12/19** | $12811 | $12521 | $11556 | $12516 |
| **12/20** | $13426 | $13123 | $12423 | $12907 |
| **12/21** | $13949 | $13633 | $12232 | $13578 |
| **12/22** | $12970 | $12677 | $10641 | $13470 |
| **12/23** | $14143 | $13823 | $11229 | $15260 |
| **12/24** | $15323 | $14976 | $11369 | $16636 |
| **12/25** | $16360 | $15990 | $12199 | $17617 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 6.77% | 4.03% | 5.05% |
| Class A @ MOP | 4.31% | 3.57% | 4.81% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Morningstar LSTA US Leveraged Loan Index | 5.90% | 6.42% | 5.83% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $372410 |
| Number of Holdings | 195 |
| Investment Advisory Fees | $2650 |
| Portfolio Turnover | 33% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](i988f89dada44ed1d966b87ab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.9% |
| Cash Flow CLO | 1.0% |
| Energy | 3.0% |
| Materials | 3.3% |
| Information Technology | 5.3% |
| Communication Services | 5.9% |
| Health Care | 11.8% |
| Consumer Discretionary | 12.9% |
| Industrials | 16.8% |
| Financials<sup>Footnote Reference\*\*</sup> | 29.7% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Air Methods Corp. | 2.8% |
| Invesco Senior Loan ETF | 2.3% |
| State Street Blackstone Senior Loan ETF | 2.2% |
| Knight Health Holdings LLC, Term B Loan, First Lien, 9.08% (SOFR01M+525bps), 12/26/28 | 1.9% |
| Gates Global LLC, Initial B-5 Dollar Term Loan, First Lien, 5.47% (SOFR01M+175bps), 6/4/31 | 1.6% |
| WestJet Loyalty LP, Initial Term Loan, First Lien, 6.92% (SOFR03M+325bps), 2/14/31 | 1.3% |
| Marriott Ownership Resorts, Inc., 2024 Incremental Term Loan, First Lien, 5.97% (SOFR01M+225bps), 4/1/31 | 1.3% |
| LifePoint Health, Inc., 2024-1 Refinancing Term Loan, First Lien, 7.65% (SOFR03M+375bps), 5/19/31 | 1.3% |
| Flutter Entertainment PLC, 2024 Refinancing Term B Loan, First Lien, 5.75% (SOFR03M+175bps), 11/29/30 | 1.3% |
| Light & Wonder International, Inc., Term B-2 Loan, First Lien, 5.99% (SOFR01M+225bps), 4/16/29 | 1.3% |

---

---

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

---

# Material Fund Changes
The Fund was subadvised by Amundi Asset Management US, Inc. through February 28, 2025, pursuant to an Interim Investment Sub-Advisory Agreement with Amundi US. Effective February 28, 2025, Victory Capital Management Inc. serves as the Fund's investment adviser. The portfolio managers jointly and primarily responsible for day-to-day management of the Fund are members of Pioneer Investments, a Victory Capital investment franchise.

# 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RSFLX — AR (12/25)

#### Victory Floating Rate Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class C

Ticker: RSFCX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory Floating Rate Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. 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. **This report describes changes to the Fund that occurred during the period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$185 | &nbsp;&nbsp;&nbsp;1.80% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* The Fund's overweight allocations to holdings and issue selection in the health care sector contributed positively to performance relative to the Fund's benchmark, the Morningstar LSTA US Leveraged Loan Index (the "Index").

* Security selection in the automotive, consumer products, and pharmaceuticals sectors contributed positively to the Fund's performance relative to the Index.

* The Fund's exposures to corporate bonds not represented in the Index contributed positively to the performance relative to the Index.

* The Fund's allocation to Exchange-Traded Funds that invest in senior secured loans contributed positively to performance relative to the Index. 

Top detractors from performance:

* The Fund's underweight allocation to the financial institution sector detracted from performance relative to the Index.

* Security selection in the building materials, media & entertainment, and retailing sectors detracted from the Fund's performance relative to the Index.

* The Fund's investments in lower-quality, higher-yielding loans modestly detracted from performance relative to the Index.

* The Fund's cash holdings maintained for liquidity purposes detracted from performance relative to the Index because the Index does not reflect any cash holdings.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](ie6dae881324183238387f298.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Floating Rate Fund Class C @ NAV - $15,365** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $12,199** | **Morningstar LSTA US Leveraged Loan Index - $17,617** |
| **12/15** | $10000 | $10000 | $10000 |
| **12/16** | $11157 | $10265 | $11014 |
| **12/17** | $11484 | $10628 | $11466 |
| **12/18** | $11441 | $10629 | $11520 |
| **12/19** | $12413 | $11556 | $12516 |
| **12/20** | $12905 | $12423 | $12907 |
| **12/21** | $13298 | $12232 | $13578 |
| **12/22** | $12265 | $10641 | $13470 |
| **12/23** | $13282 | $11229 | $15260 |
| **12/24** | $14390 | $11369 | $16636 |
| **12/25** | $15365 | $12199 | $17617 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class C @ NAV | 5.90% | 3.21% | 4.39% |
| Class C @ CDSC | 4.92% | 3.21% | 4.39% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Morningstar LSTA US Leveraged Loan Index | 5.90% | 6.42% | 5.83% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $372410 |
| Number of Holdings | 195 |
| Investment Advisory Fees | $2650 |
| Portfolio Turnover | 33% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](i988f89dada44ed1d966b87ab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.9% |
| Cash Flow CLO | 1.0% |
| Energy | 3.0% |
| Materials | 3.3% |
| Information Technology | 5.3% |
| Communication Services | 5.9% |
| Health Care | 11.8% |
| Consumer Discretionary | 12.9% |
| Industrials | 16.8% |
| Financials<sup>Footnote Reference\*\*</sup> | 29.7% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Air Methods Corp. | 2.8% |
| Invesco Senior Loan ETF | 2.3% |
| State Street Blackstone Senior Loan ETF | 2.2% |
| Knight Health Holdings LLC, Term B Loan, First Lien, 9.08% (SOFR01M+525bps), 12/26/28 | 1.9% |
| Gates Global LLC, Initial B-5 Dollar Term Loan, First Lien, 5.47% (SOFR01M+175bps), 6/4/31 | 1.6% |
| WestJet Loyalty LP, Initial Term Loan, First Lien, 6.92% (SOFR03M+325bps), 2/14/31 | 1.3% |
| Marriott Ownership Resorts, Inc., 2024 Incremental Term Loan, First Lien, 5.97% (SOFR01M+225bps), 4/1/31 | 1.3% |
| LifePoint Health, Inc., 2024-1 Refinancing Term Loan, First Lien, 7.65% (SOFR03M+375bps), 5/19/31 | 1.3% |
| Flutter Entertainment PLC, 2024 Refinancing Term B Loan, First Lien, 5.75% (SOFR03M+175bps), 11/29/30 | 1.3% |
| Light & Wonder International, Inc., Term B-2 Loan, First Lien, 5.99% (SOFR01M+225bps), 4/16/29 | 1.3% |

---

---

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

---

# Material Fund Changes
The Fund was subadvised by Amundi Asset Management US, Inc. through February 28, 2025, pursuant to an Interim Investment Sub-Advisory Agreement with Amundi US. Effective February 28, 2025, Victory Capital Management Inc. serves as the Fund's investment adviser. The portfolio managers jointly and primarily responsible for day-to-day management of the Fund are members of Pioneer Investments, a Victory Capital investment franchise.

# 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RSFCX — AR (12/25)

#### Victory Floating Rate Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Class Y

Ticker: RSFYX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory Floating Rate Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. 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. **This report describes changes to the Fund that occurred during the period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$81 | &nbsp;&nbsp;&nbsp;0.78% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* The Fund's overweight allocations to holdings and issue selection in the health care sector contributed positively to performance relative to the Fund's benchmark, the Morningstar LSTA US Leveraged Loan Index (the "Index").

* Security selection in the automotive, consumer products, and pharmaceuticals sectors contributed positively to the Fund's performance relative to the Index.

* The Fund's exposures to corporate bonds not represented in the Index contributed positively to the performance relative to the Index.

* The Fund's allocation to Exchange-Traded Funds that invest in senior secured loans contributed positively to performance relative to the Index. 

Top detractors from performance:

* The Fund's underweight allocation to the financial institution sector detracted from performance relative to the Index.

* Security selection in the building materials, media & entertainment, and retailing sectors detracted from the Fund's performance relative to the Index.

* The Fund's investments in lower-quality, higher-yielding loans modestly detracted from performance relative to the Index.

* The Fund's cash holdings maintained for liquidity purposes detracted from performance relative to the Index because the Index does not reflect any cash holdings.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](if95027e4a9da3b7fca00a956.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Floating Rate Fund Class Y - $1,674,163** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $1,219,928** | **Morningstar LSTA US Leveraged Loan Index - $1,761,747** |
| **12/15** | $1000000 | $1000000 | $1000000 |
| **12/16** | $1127112 | $1026472 | $1101396 |
| **12/17** | $1171943 | $1062829 | $1146641 |
| **12/18** | $1179489 | $1062948 | $1152010 |
| **12/19** | $1293328 | $1155604 | $1251566 |
| **12/20** | $1356956 | $1242350 | $1290668 |
| **12/21** | $1412913 | $1223195 | $1357815 |
| **12/22** | $1316779 | $1064054 | $1347032 |
| **12/23** | $1439007 | $1122884 | $1526046 |
| **12/24** | $1564437 | $1136922 | $1663554 |
| **12/25** | $1674163 | $1219928 | $1761747 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class Y | 7.01% | 4.29% | 5.29% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Morningstar LSTA US Leveraged Loan Index | 5.90% | 6.42% | 5.83% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $372410 |
| Number of Holdings | 195 |
| Investment Advisory Fees | $2650 |
| Portfolio Turnover | 33% |

---

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

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](i988f89dada44ed1d966b87ab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.9% |
| Cash Flow CLO | 1.0% |
| Energy | 3.0% |
| Materials | 3.3% |
| Information Technology | 5.3% |
| Communication Services | 5.9% |
| Health Care | 11.8% |
| Consumer Discretionary | 12.9% |
| Industrials | 16.8% |
| Financials<sup>Footnote Reference\*\*</sup> | 29.7% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Air Methods Corp. | 2.8% |
| Invesco Senior Loan ETF | 2.3% |
| State Street Blackstone Senior Loan ETF | 2.2% |
| Knight Health Holdings LLC, Term B Loan, First Lien, 9.08% (SOFR01M+525bps), 12/26/28 | 1.9% |
| Gates Global LLC, Initial B-5 Dollar Term Loan, First Lien, 5.47% (SOFR01M+175bps), 6/4/31 | 1.6% |
| WestJet Loyalty LP, Initial Term Loan, First Lien, 6.92% (SOFR03M+325bps), 2/14/31 | 1.3% |
| Marriott Ownership Resorts, Inc., 2024 Incremental Term Loan, First Lien, 5.97% (SOFR01M+225bps), 4/1/31 | 1.3% |
| LifePoint Health, Inc., 2024-1 Refinancing Term Loan, First Lien, 7.65% (SOFR03M+375bps), 5/19/31 | 1.3% |
| Flutter Entertainment PLC, 2024 Refinancing Term B Loan, First Lien, 5.75% (SOFR03M+175bps), 11/29/30 | 1.3% |
| Light & Wonder International, Inc., Term B-2 Loan, First Lien, 5.99% (SOFR01M+225bps), 4/16/29 | 1.3% |

---

---

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

---

# Material Fund Changes
The Fund was subadvised by Amundi Asset Management US, Inc. through February 28, 2025, pursuant to an Interim Investment Sub-Advisory Agreement with Amundi US. Effective February 28, 2025, Victory Capital Management Inc. serves as the Fund's investment adviser. The portfolio managers jointly and primarily responsible for day-to-day management of the Fund are members of Pioneer Investments, a Victory Capital investment franchise.

# 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

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RSFYX — AR (12/25)

#### Victory Floating Rate Fund
![Image](i7815e5e352196ae280cc07c9.jpg)

Member Class

Ticker: RSFMX

Annual Shareholder Report — December 31, 2025

The annual shareholder report contains important information about Victory Floating Rate Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Member Class | &nbsp;&nbsp;&nbsp;$88 | &nbsp;&nbsp;&nbsp;0.85% |

---

# What affected the Fund's performance during the last year?
Top contributors to performance:

* The Fund's overweight allocations to holdings and issue selection in the health care sector contributed positively to performance relative to the Fund's benchmark, the Morningstar LSTA US Leveraged Loan Index (the "Index").

* Security selection in the automotive, consumer products, and pharmaceuticals sectors contributed positively to the Fund's performance relative to the Index.

* The Fund's exposures to corporate bonds not represented in the Index contributed positively to the performance relative to the Index.

* The Fund's allocation to Exchange-Traded Funds that invest in senior secured loans contributed positively to performance relative to the Index. 

Top detractors from performance:

* The Fund's underweight allocation to the financial institution sector detracted from performance relative to the Index.

* Security selection in the building materials, media & entertainment, and retailing sectors detracted from the Fund's performance relative to the Index.

* The Fund's investments in lower-quality, higher-yielding loans modestly detracted from performance relative to the Index.

* The Fund's cash holdings maintained for liquidity purposes detracted from performance relative to the Index because the Index does not reflect any cash holdings.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i774c1f289ee2ce10089dfbd7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Floating Rate Fund Member Class - $12,820** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $9,922** | **Morningstar LSTA US Leveraged Loan Index - $14,133** |
| **11/20<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 |
| **12/20** | $10430 | $10104 | $10354 |
| **12/21** | $10862 | $9948 | $10892 |
| **12/22** | $10116 | $8654 | $10806 |
| **12/23** | $11047 | $9133 | $12242 |
| **12/24** | $11988 | $9247 | $13345 |
| **12/25** | $12820 | $9922 | $14133 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Inception date for the Victory Floating Rate Fund, Member Class is 11/3/2020. |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Member Class | 6.95% | 4.21% | 4.93% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | -0.15% |
| Morningstar LSTA US Leveraged Loan Index | 5.90% | 6.42% | 6.93% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $372410 |
| Number of Holdings | 195 |
| Investment Advisory Fees | $2650 |
| Portfolio Turnover | 33% |

---

**The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://advisor.vcm.com/products-fa/mutual-fundsor call 800-235-8396.**

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](i988f89dada44ed1d966b87ab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.9% |
| Cash Flow CLO | 1.0% |
| Energy | 3.0% |
| Materials | 3.3% |
| Information Technology | 5.3% |
| Communication Services | 5.9% |
| Health Care | 11.8% |
| Consumer Discretionary | 12.9% |
| Industrials | 16.8% |
| Financials<sup>Footnote Reference\*\*</sup> | 29.7% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Air Methods Corp. | 2.8% |
| Invesco Senior Loan ETF | 2.3% |
| State Street Blackstone Senior Loan ETF | 2.2% |
| Knight Health Holdings LLC, Term B Loan, First Lien, 9.08% (SOFR01M+525bps), 12/26/28 | 1.9% |
| Gates Global LLC, Initial B-5 Dollar Term Loan, First Lien, 5.47% (SOFR01M+175bps), 6/4/31 | 1.6% |
| WestJet Loyalty LP, Initial Term Loan, First Lien, 6.92% (SOFR03M+325bps), 2/14/31 | 1.3% |
| Marriott Ownership Resorts, Inc., 2024 Incremental Term Loan, First Lien, 5.97% (SOFR01M+225bps), 4/1/31 | 1.3% |
| LifePoint Health, Inc., 2024-1 Refinancing Term Loan, First Lien, 7.65% (SOFR03M+375bps), 5/19/31 | 1.3% |
| Flutter Entertainment PLC, 2024 Refinancing Term B Loan, First Lien, 5.75% (SOFR03M+175bps), 11/29/30 | 1.3% |
| Light & Wonder International, Inc., Term B-2 Loan, First Lien, 5.99% (SOFR01M+225bps), 4/16/29 | 1.3% |

---

---

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

---

# Material Fund Changes
The Fund was subadvised by Amundi Asset Management US, Inc. through February 28, 2025, pursuant to an Interim Investment Sub-Advisory Agreement with Amundi US. Effective February 28, 2025, Victory Capital Management Inc. serves as the Fund's investment adviser. The portfolio managers jointly and primarily responsible for day-to-day management of the Fund are members of Pioneer Investments, a Victory Capital investment franchise.

# 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

Contact us at 800-235-8396 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ib91db4aac5bd2c34bc6e160f.jpg)

RSFMX — AR (12/25)

(b) Not applicable.

**Item 2. Code of Ethics.**

As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the "Code of Ethics"). During the period covered by this report, there were no amendments, nor did the Registrant grant any waivers, including any implicit waivers, from any provision of the Code of Ethics. The Code of Ethics is attached hereto as Exhibit 19(a)(1) of this Form.

**Item 3. Audit Committee Financial Expert.**

The Registrant's Board of Trustees has determined that the Registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its audit committee. David. L Meyer and E. Lee Beard are "audit committee financial experts" and are "independent" (as each term is defined in Item 3 of Form N-CSR).

**Item 4. Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) <u>Audit Fees.</u> Fees for audit services provided to the Registrant were $221,900 and $263,550 for the fiscal years ended December 31, 2025 and 2024, respectively.

(b) <u>Audit-Related Fees.</u> The aggregate fees billed in each of the last two fiscal years for audit-related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this item were $0 and $0 for the fiscal years ended December 31, 2025 and 2024, respectively. The fees, paid by the Registrant, were payment for the principal accountant performing work relating to assurance and related services.

(c) <u>Tax Fees.</u> Fees for tax services, which consisted of income and excise tax compliance services, were $67,100 and $77,525 for the fiscal years ended December 31, 2025 and 2024, respectively.

(d) <u>All Other Fees.</u> Fees for other services totaled $0 and $0 for the fiscal years ended December 31, 2025 and 2024, respectively.

(e) (1) The Registrant's Audit Committee has adopted Pre-Approval Policies and Procedures. The Audit Committee must pre-approve all audit services and non-audit services that the principal accountant provides to the Registrant. The Audit Committee must also pre-approve any engagement of the principal accountant to provide non-audit services to the Registrant's investment adviser, or any affiliate of the adviser that provides ongoing services to the Registrant, if such non-audit services directly impact the Registrant's operations and financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp; (2) No services described in items (b) were pre-approved by the Audit Committee pursuant to Rule 2 01(c)(7)(i)(c) of Regulation S-X.

(f) All of the work in connection with the audit of the Registrant during the years ended December 31, 2025 and 2024 was performed by full-time employees of the Registrant's principal accountant.

(g) The aggregate fees billed by the principal accountant for non-audit services to the Registrant, the Registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant were $67,100 and $77,525 for the years ended December 31, 2025 and 2024, respectively.

(h) The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal auditor's independence.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

(a) Not applicable.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) December

31,

2025

Annual:

Full

Financials

Victory

RS

Partners

Fund

Victory

RS

Value

Fund

Victory

RS

Large

Cap

Alpha

Fund

Victory

RS

Investors

Fund

Victory

Global

Energy

Transition

Fund

vcm.com

News,

Information

And

Education

Hours

A

Day,

Days

A

Week

The

Victory

Capital

website

gives

fund

shareholders,

prospective

shareholders,

and

investment

professionals

a

convenient

way

to

access

fund

information,

get

guidance,

and

track

fund

performance

anywhere

they

can

access

the

Internet.

The

site

includes:

Detailed

performance

records

Daily

share

prices

The

latest

fund

news

Investment

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you

become

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in

planning

tools,

or

an

investment

professional,

vcm.com

has

what

you

seek.

Visit

us

anytime.

We're

always

open.

*TABLE* 

*OF* 

*CONTENTS*

*Victory* 

*Portfolios*

#### Schedules

#### of

#### Portfolio

#### Investments

#### (Form

#### N-CSR

#### Item

#### 6)
Victory

RS

Partners

Fund

#### 3
Victory

RS

Value

Fund

#### 6
Victory

RS

Large

Cap

Alpha

Fund

#### 8
Victory

RS

Investors

Fund

#### 10
Victory

Global

Energy

Transition

Fund

#### 12

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statements

of

Assets

and

Liabilities

#### 14
Statements

of

Operations

#### 16
Statements

of

Changes

in

Net

Assets

#### 18
Financial

Highlights

#### 23

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 40

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### (Form

#### N-CSR

#### Item

#### 7)

#### 51

#### Supplemental

#### Information
(Unaudited)

Additional

Federal

Income

Tax

Information

#### 52
Advisory

Contract

Approval

(Form

N-CSR

Item

11)

#### 53

*Call* 

*Victory* 

*at:*

*800-539-FUND* 

*(800-539-3863)*

*800-235-8396* 

*for* 

*Member* 

*Class*

*Visit* 

*our* 

*website* 

*at:*

*vcm.com*

#### IRA

#### DISTRIBUTION

#### WITHHOLDING

#### DISCLOSURE
*We* 

*generally* 

*must* 

*withhold* 

*federal* 

*income* 

*tax* 

*at* 

*a* 

*rate* 

*of* 

*10%* 

*of* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*and,* 

*if* 

*you* 

*live* 

*in* 

*a* 

*state* 

*that* 

*requires* 

*state* 

*income* 

*tax* 

*withholding,* 

*at* 

*your* 

*state's* 

*tax* 

*rate.* 

*However,* 

*you* 

*may* 

*elect* 

*not* 

*to* 

*have* 

*withholding* 

*apply* 

*or* 

*to* 

*have* 

*income* 

*tax* 

*withheld* 

*at* 

*a* 

*higher* 

*rate.* 

*Any* 

*withholding* 

*election* 

*that* 

*you* 

*make* 

*will* 

*apply* 

*to* 

*any* 

*subsequent* 

*distribution* 

*unless* 

*and* 

*until* 

*you* 

*change* 

*or* 

*revoke* 

*the* 

*election.* 

*If* 

*you* 

*wish* 

*to* 

*make* 

*a* 

*withholding* 

*election,* 

*or* 

*change* 

*or* 

*revoke* 

*a* 

*prior* 

*withholding* 

*election,* 

*call* 

*800-539-3863* 

*(800-235-8396* 

*for* 

*Member* 

*Class)* 

*and* 

*form* 

*W-4P* 

*(OMB* 

*No.* 

*1545-0074* 

*withholding* 

*certificate* 

*for* 

*pension* 

*or* 

*annuity* 

*payments)* 

*will* 

*be* 

*electronically* 

*sent.*

*If* 

*you* 

*do* 

*not* 

*have* 

*a* 

*withholding* 

*election* 

*in* 

*place* 

*by* 

*the* 

*date* 

*of* 

*a* 

*distribution,* 

*federal* 

*income* 

*tax* 

*will* 

*be* 

*withheld* 

*from* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*at* 

*a* 

*rate* 

*of* 

*10%.* 

*If* 

*you* 

*must* 

*pay* 

*estimated* 

*taxes,* 

*you* 

*may* 

*be* 

*subject* 

*to* 

*estimated* 

*tax* 

*penalties* 

*if* 

*your* 

*estimated* 

*tax* 

*payments* 

*are* 

*not* 

*sufficient* 

*and* 

*sufficient* 

*tax* 

*is* 

*not* 

*withheld* 

*from* 

*your* 

*distribution.*

*For* 

*more* 

*specific* 

*information,* 

*please* 

*consult* 

*your* 

*tax* 

*adviser.*

*The* 

*Funds* 

*are* 

*distributed* 

*by* 

*Victory* 

*Capital* 

*Services,* 

*Inc.* 

*Victory* 

*Capital* 

*Management* 

*Inc.* 

*is* 

*the* 

*investment* 

*adviser* 

*to* 

*the* 

*Funds* 

*and* 

*receives* 

*fees* 

*from* 

*the* 

*Funds* 

*for* 

*performing* 

*services* 

*for* 

*the* 

*Funds.*

*This* 

*report* 

*is* 

*not* 

*authorized* 

*for* 

*distribution* 

*to* 

*prospective* 

*investors* 

*unless* 

*preceded* 

*or* 

*accompanied* 

*by* 

*a* 

*current* 

*prospectus* 

*of* 

*the* 

*Victory* 

*Funds.*

*For* 

*additional* 

*information* 

*about* 

*any* 

*Victory* 

*Fund,* 

*including* 

*fees,* 

*expenses,* 

*and* 

*risks,* 

*view* 

*our* 

*prospectus* 

*online* 

*at* 

*vcm.com* 

*or* 

*call* 

*800-539-3863* 

*(800-235-8396* 

*for* 

*Member* 

*Class).* 

*Read* 

*it* 

*carefully* 

*before* 

*you* 

*invest* 

*or* 

*send* 

*money.*

*The* 

*information* 

*in* 

*this* 

*report* 

*is* 

*based* 

*on* 

*data* 

*obtained* 

*from* 

*recognized* 

*services* 

*and* 

*sources* 

*and* 

*is* 

*believed* 

*to* 

*be* 

*reliable.* 

*Any* 

*opinions,* 

*projections,* 

*or* 

*recommendations* 

*in* 

*this* 

*report* 

*are* 

*subject* 

*to* 

*change* 

*without* 

*notice* 

*and* 

*are* 

*not* 

*intended* 

*as* 

*individual* 

*investment* 

*advice.* 

*Past* 

*investment* 

*performance* 

*of* 

*the* 

*Funds,* 

*markets* 

*or* 

*securities* 

*mentioned* 

*herein* 

*should* 

*not* 

*be* 

*considered* 

*to* 

*be* 

*indicative* 

*of* 

*future* 

*results.*

#### NOT

#### FDIC

#### INSURED

#### NO

#### BANK

#### GUARANTEE

#### MAY

#### LOSE

#### VALUE
Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

#### Victory

#### RS

#### Partners

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(97.1%)

Banks

(20.1%):

Ameris

Bancorp

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

209,940

$

15,592

FNB

Corp.

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

901,180

15,410

Old

National

Bancorp

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

636,560

14,202

QCR

Holdings,

Inc.

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

68,270

5,687

Renasant

Corp.

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

292,920

10,317

SouthState

Bank

Corp.

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

100,450

9,453

The

Bank

of

NT

Butterfield

&

Son

Ltd.

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

289,680

14,432

UMB

Financial

Corp.

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

130,664

15,032

United

Bankshares,

Inc.

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

178,140

6,840

Valley

National

Bancorp

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

721,790

8,430

115,395

Communication

Services

(2.2%):

Madison

Square

Garden

Sports

Corp.(a)

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

23,810

6,158

MediaAlpha,

Inc.,

Class

A(a)

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

482,370

6,247

12,405

Consumer

Discretionary

(12.1%):

Atmus

Filtration

Technologies,

Inc.

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

201,070

10,438

Bath

&

Body

Works,

Inc.

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

468,060

9,399

Garrett

Motion,

Inc.

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

841,930

14,675

Group

Automotive,

Inc.

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

10,530

4,141

PVH

Corp.

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

85,350

5,720

Taylor

Morrison

Home

Corp.,

Class

A(a)

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

93,120

5,482

The

Cheesecake

Factory,

Inc.(b)

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

118,080

5,961

Valvoline,

Inc.(a)

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

236,780

6,881

YETI

Holdings,

Inc.(a)

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

149,910

6,621

69,318

Consumer

Staples

(2.1%):

Herbalife

Ltd.(a)

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

388,790

5,011

Nomad

Foods

Ltd.

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

583,600

7,301

12,312

Energy

(6.2%):

Gulfport

Energy

Corp.(a)

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

36,600

7,612

Northern

Oil

&

Gas,

Inc.(b)

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

276,970

5,947

Plains

GP

Holdings

LP,

Class

A(a)

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

482,250

9,230

Scorpio

Tankers,

Inc.

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

139,180

7,075

Tidewater,

Inc.(a)

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

115,190

5,818

35,682

Financial

Services

(1.5%):

Euronet

Worldwide,

Inc.(a)

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

112,530

8,565

Health

Care

(4.6%):

Amphastar

Pharmaceuticals,

Inc.(a)

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

171,680

4,598

Encompass

Health

Corp.

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

67,670

7,182

The

Ensign

Group,

Inc.

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

52,740

9,187

The

Pennant

Group,

Inc.(a)

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

195,550

5,505

26,472

Industrials

(16.6%):

Alamo

Group,

Inc.

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

21,180

3,556

ArcBest

Corp.

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

84,170

6,245

Gates

Industrial

Corp.

PLC(a)

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

485,460

10,423

Granite

Construction,

Inc.

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

76,750

8,853

Hayward

Holdings,

Inc.(a)

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

414,480

6,404

Helios

Technologies,

Inc.

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

133,280

7,129

ICF

International,

Inc.

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

118,420

10,101

Matson,

Inc.

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

83,260

10,287

Terex

Corp.

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

99,200

5,295

The

Timken

Co.

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

140,520

11,822

Titan

Machinery,

Inc.(a)

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

219,830

3,306

Victory

Portfolios

#### Victory

#### RS

#### Partners

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) V2X,

Inc.(a)

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

222,060

$

12,113

95,534

Information

Technology

(7.0%):

ACI

Worldwide,

Inc.(a)

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

175,470

8,389

Belden,

Inc.

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

72,410

8,439

Commvault

Systems,

Inc.(a)

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

46,770

5,863

Crane

NXT

Co.

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

164,980

7,766

Onto

Innovation,

Inc.(a)

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

60,140

9,494

39,951

Insurance

(8.2%):

First

American

Financial

Corp.

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

139,030

8,542

Globe

Life,

Inc.

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

122,160

17,085

Hamilton

Insurance

Group

Ltd.,

Class

B(a)

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

241,090

6,727

Primerica,

Inc.

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

24,513

6,333

White

Mountains

Insurance

Group

Ltd.

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

4,010

8,333

47,020

Materials

(3.7%):

Coeur

Mining,

Inc.(a)

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

460,800

8,216

Knife

River

Corp.(a)

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

92,480

6,506

Ryerson

Holding

Corp.

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

255,040

6,417

21,139

Real

Estate

(7.9%):

COPT

Defense

Properties

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

256,200

7,122

Four

Corners

Property

Trust,

Inc.

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

427,040

9,848

Howard

Hughes

Holdings,

Inc.(a)(b)

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

89,780

7,162

Independence

Realty

Trust,

Inc.

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

336,690

5,885

The

St.

Joe

Co.

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

253,310

15,039

45,056

Utilities

(4.9%):

Black

Hills

Corp.

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

200,125

13,892

H2O

America

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

171,160

8,385

New

Jersey

Resources

Corp.

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

131,780

6,078

28,355

Total

Common

Stocks

(Cost

$456,530)

a

a

a

557,204

Preferred

Stocks

(0.1%)

Health

Care

(0.1%):

WellDoc,

Inc.(a)(c)

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

$

1,587,483

587

Total

Preferred

Stocks

(Cost

$1,943)

a

a

a

587

Collateral

for

Securities

Loaned

(0.8%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

3.69%(d)

........

658,864

659

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

3.69%(d)

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

1,110,449

1,110

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

3.67%(d)

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

2,672,483

2,673

Total

Collateral

for

Securities

Loaned

(Cost

$4,442)

a

a

a

4,442

Total

Investments

(Cost

$462,915)

—

98.0%

562,233

Other

assets

in

excess

of

liabilities

— 2.0%

11,400

NET

ASSETS

-

100.00%

$

573,633

At

December

31,

2025,

the

Fund's

investments

in

foreign

securities

were

8.8%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) All

or

a

portion

of

this

security

is

on

loan.

Victory

Portfolios

#### Victory

#### RS

#### Partners

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

(c) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

0.1%

of

net

assets

as

of

December

31,

2025. This

security

is

classified

as

Level

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

in

the

Notes

to

Financial

Statements)

(d) Rate

disclosed

is

the

daily

yield

on

December

31,

2025. LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

#### Victory

#### RS

#### Value

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(97.4%)

Communication

Services

(0.6%):

Take-Two

Interactive

Software,

Inc.

(a) ........................................

5,590

$

1,431

Consumer

Discretionary

(7.1%):

Bath

&

Body

Works,

Inc.

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

223,230

4,482

Mattel,

Inc.

(a) .........................................................

368,890

7,319

PVH

Corp.

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

42,790

2,868

Toll

Brothers,

Inc.

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

22,100

2,988

17,657

Consumer

Staples

(4.3%):

Keurig

Dr.

Pepper,

Inc.

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

84,885

2,378

Nomad

Foods

Ltd.

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

268,530

3,359

U.S.

Foods

Holding

Corp.

(a) ...............................................

66,590

5,016

10,753

Energy

(7.1%):

Baker

Hughes

Co.

,

Class

A

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

98,690

4,494

Expand

Energy

Corp.

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

34,230

3,778

Noble

Corp.

PLC

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

93,030

2,627

Suncor

Energy,

Inc.

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

60,730

2,694

Valero

Energy

Corp.

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

25,670

4,179

17,772

Financials

(23.5%):

Cboe

Global

Markets,

Inc.

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

11,210

2,814

Citizens

Financial

Group,

Inc.

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

89,880

5,250

Euronet

Worldwide,

Inc.

(a) ................................................

53,950

4,106

Everest

Group

Ltd.

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

11,300

3,835

F&G

Annuities

&

Life,

Inc.

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

4,057

Fairfax

Financial

Holdings

Ltd.

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

2,280

4,346

Fidelity

National

Financial,

Inc.

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

62,130

3,392

Globe

Life,

Inc.

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

66,200

9,259

KeyCorp

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

260,980

5,386

MarketAxess

Holdings,

Inc.

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

50,080

9,077

Prosperity

Bancshares,

Inc.

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

66,170

4,573

UMB

Financial

Corp.

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

32,220

3,706

Unum

Group

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

33,430

2,591

58,460

Health

Care

(8.4%):

CVS

Health

Corp.

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

61,520

4,883

Encompass

Health

Corp.

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

44,640

4,738

Option

Care

Health,

Inc.

(a) ................................................

116,200

3,702

Teva

Pharmaceutical

Industries

Ltd.

,

ADR

(a) ...................................

240,340

7,501

20,824

Industrials

(21.1%):

AGCO

Corp.

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

38,680

4,035

AMETEK,

Inc.

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

28,920

5,937

API

Group

Corp.

(a) .....................................................

96,435

3,690

CACI

International,

Inc.

,

Class

A

(a) .........................................

10,110

5,387

L3Harris

Technologies,

Inc.

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

11,500

3,376

Leidos

Holdings,

Inc.

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

23,670

4,270

Maximus,

Inc.

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

45,240

3,905

SS&C

Technologies

Holdings,

Inc.

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

80,260

7,016

TFI

International,

Inc.

(b) .................................................

38,710

4,001

The

Timken

Co.

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

67,320

5,664

WESCO

International,

Inc.

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

21,110

5,164

52,445

Information

Technology

(10.1%):

Check

Point

Software

Technologies

Ltd.

(a) ....................................

26,880

4,988

Commvault

Systems,

Inc.

(a) ...............................................

30,560

3,831

Lam

Research

Corp.

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

19,490

3,336

Littelfuse,

Inc.

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

17,320

4,381

Victory

Portfolios

#### Victory

#### RS

#### Value

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Nice

Ltd.

,

ADR

(a) (b) ....................................................

23,100

$

2,611

Trimble,

Inc.

(a) ........................................................

45,190

3,541

Zebra

Technologies

Corp.

(a) ...............................................

10,090

2,450

25,138

Materials

(2.0%):

Axalta

Coating

Systems

Ltd.

(a) .............................................

84,370

2,726

Knife

River

Corp.

(a) ....................................................

33,480

2,355

5,081

Real

Estate

(5.8%):

Camden

Property

Trust

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

19,010

2,093

CubeSmart

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

62,440

2,251

Equity

LifeStyle

Properties,

Inc.

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

68,330

4,141

NNN

REIT,

Inc.

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

149,120

5,910

14,395

Utilities

(7.4%):

CenterPoint

Energy,

Inc.

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

156,160

5,987

FirstEnergy

Corp.

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

153,430

6,869

PPL

Corp.

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

160,450

5,619

18,475

Total

Common

Stocks

(Cost

$199,741)

a

a

a

242,431

Collateral

for

Securities

Loaned

(1.2%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.69

%

(c) ........

748,617

748

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.69

%

(c) ............

748,617

748

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.67

%

(c) ...............

1,346,724

1,347

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.69

%

(c) .

150,511

Total

Collateral

for

Securities

Loaned

(Cost

$2,994)

a

a

a

2,994

Total

Investments

(Cost

$202,735)

—

98.6%

245,425

Other

assets

in

excess

of

liabilities

— 1.4%

3,600

NET

ASSETS

-

100.00%

$

249,025

At

December

31,

2025,

the

Fund's

investments

in

foreign

securities

were

13.4%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) All

or

a

portion

of

this

security

is

on

loan.

(c) Rate

disclosed

is

the

daily

yield

on

December

31,

2025. ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

#### Victory

#### RS

#### Large

#### Cap

#### Alpha

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(97.9%)

Banks

(14.0%):

Citigroup,

Inc.

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

206,480

$

24,094

JPMorgan

Chase

&

Co.

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

46,310

14,922

KeyCorp

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

1,073,300

22,153

U.S.

Bancorp

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

273,380

14,588

75,757

Capital

Markets

(2.0%):

Cboe

Global

Markets,

Inc.

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

44,280

11,114

Communication

Services

(3.8%):

Alphabet,

Inc.,

Class

A

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

46,240

14,473

Take-Two

Interactive

Software,

Inc.(a)

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

25,030

6,408

20,881

Consumer

Discretionary

(3.9%):

Darden

Restaurants,

Inc.

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

22,790

4,194

Mattel,

Inc.(a)

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

501,180

9,943

Toll

Brothers,

Inc.

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

51,610

6,979

21,116

Consumer

Staples

(5.6%):

Keurig

Dr.

Pepper,

Inc.

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

172,890

4,843

Mondelez

International,

Inc.,

Class

A

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

135,590

7,299

The

Procter

&

Gamble

Co.

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

50,020

7,168

U.S.

Foods

Holding

Corp.(a)

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

147,640

11,120

30,430

Energy

(6.3%):

Enterprise

Products

Partners

LP

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

372,150

11,931

Exxon

Mobil

Corp.

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

119,660

14,400

Valero

Energy

Corp.

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

49,380

8,039

34,370

Financial

Services

(2.9%):

Corpay,

Inc.(a)

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

35,280

10,617

Rocket

Cos.,

Inc.,

Class

A

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

269,770

5,222

15,839

Health

Care

(17.6%):

AbbVie,

Inc.

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

38,980

8,906

CVS

Health

Corp.

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

120,870

9,592

GE

HealthCare

Technologies,

Inc.

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

70,690

5,798

Johnson

&

Johnson

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

51,380

10,633

McKesson

Corp.

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

10,280

8,433

Medtronic

PLC

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

123,940

11,906

Regeneron

Pharmaceuticals,

Inc.

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

10,880

8,398

Teva

Pharmaceutical

Industries

Ltd.,

ADR(a)

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

584,330

18,237

The

Cigna

Group

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

52,820

14,538

96,441

Industrials

(19.1%):

AMETEK,

Inc.

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

54,960

11,284

CACI

International,

Inc.,

Class

A(a)

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

16,590

8,839

Eaton

Corp.

PLC

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

30,930

9,851

FedEx

Corp.

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

39,950

11,540

Honeywell

International,

Inc.

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

53,840

10,504

Johnson

Controls

International

PLC

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

67,930

8,135

Leidos

Holdings,

Inc.

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

48,430

8,737

RTX

Corp.

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

51,582

9,460

SS&C

Technologies

Holdings,

Inc.

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

176,910

15,465

Union

Pacific

Corp.

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

41,920

9,697

103,512

Information

Technology

(9.4%):

Amphenol

Corp.,

Class

A

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

36,940

4,992

Analog

Devices,

Inc.

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

33,990

9,218

Victory

Portfolios

#### Victory

#### RS

#### Large

#### Cap

#### Alpha

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Applied

Materials,

Inc.

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

37,310

$

9,588

Check

Point

Software

Technologies

Ltd.(a)

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

60,160

11,163

Salesforce,

Inc.

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

34,400

9,113

Zebra

Technologies

Corp.(a)

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

29,060

7,057

51,131

Insurance

(6.1%):

Everest

Group

Ltd.

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

38,470

13,055

Fairfax

Financial

Holdings

Ltd.

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

6,220

11,856

Unum

Group

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

106,340

8,241

33,152

Materials

(1.4%):

PPG

Industries,

Inc.

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

71,780

7,355

Real

Estate

(1.7%):

Equity

LifeStyle

Properties,

Inc.

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

148,730

9,014

Utilities

(4.1%):

American

Electric

Power

Co.,

Inc.

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

82,450

9,507

Exelon

Corp.

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

287,780

12,545

22,052

Total

Common

Stocks

(Cost

$386,576)

a

a

a

532,164

Total

Investments

(Cost

$386,576)

—

97.9%

532,164

Other

assets

in

excess

of

liabilities

— 2.1%

11,229

NET

ASSETS

-

100.00%

$

543,393

At

December

31,

2025,

the

Fund's

investments

in

foreign

securities

were

14.0%

of

net

assets.

(a) Non-income

producing

security.

ADR

—

American

Depositary

Receipt

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

#### Victory

#### RS

#### Investors

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(95.7%)

Banks

(11.0%):

Citigroup,

Inc.

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

24,300

$

2,835

Prosperity

Bancshares,

Inc.

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

51,260

3,543

UMB

Financial

Corp.

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

22,950

2,640

9,018

Capital

Markets

(4.8%):

MarketAxess

Holdings,

Inc.

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

21,780

3,948

Communication

Services

(2.7%):

Alphabet,

Inc.

,

Class

A

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

6,990

2,188

Consumer

Discretionary

(4.2%):

Mattel,

Inc.

(a) .........................................................

173,290

3,438

Consumer

Staples

(2.1%):

Nomad

Foods

Ltd.

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

137,120

1,715

Energy

(6.1%):

Exxon

Mobil

Corp.

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

21,110

2,541

Plains

GP

Holdings

LP

,

Class

A

(a) ...........................................

128,950

2,468

5,009

Financial

Services

(4.0%):

Corpay,

Inc.

(a) .........................................................

7,940

2,389

Euronet

Worldwide,

Inc.

(a) ................................................

11,690

890

3,279

Health

Care

(14.0%):

CVS

Health

Corp.

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

44,250

3,512

Encompass

Health

Corp.

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

18,420

1,955

Teva

Pharmaceutical

Industries

Ltd.

,

ADR

(a) ...................................

100,560

3,138

The

Cigna

Group

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

10,390

2,860

11,465

Industrials

(19.4%):

CACI

International,

Inc.

,

Class

A

(a) .........................................

4,110

2,190

Gates

Industrial

Corp.

PLC

(a) ..............................................

146,010

3,135

Matson,

Inc.

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

24,450

3,021

SS&C

Technologies

Holdings,

Inc.

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

31,380

2,743

The

Timken

Co.

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

19,240

1,619

V2X,

Inc.

(a) ..........................................................

59,820

3,263

15,971

Information

Technology

(8.5%):

Check

Point

Software

Technologies

Ltd.

(a) ....................................

15,130

2,808

Crane

NXT

Co.

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

32,110

1,511

Trimble,

Inc.

(a) ........................................................

34,030

2,666

6,985

Insurance

(13.5%):

Everest

Group

Ltd.

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

9,410

3,193

Fairfax

Financial

Holdings

Ltd.

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

960

1,830

Globe

Life,

Inc.

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

26,560

3,715

Unum

Group

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

30,730

2,381

11,119

Real

Estate

(3.9%):

The

St.

Joe

Co.

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

54,480

3,234

Utilities

(1.5%):

FirstEnergy

Corp.

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

27,000

1,209

Total

Common

Stocks

(Cost

$65,873)

a

a

a

78,578

Total

Investments

(Cost

$65,873)

—

95.7%

78,578

Other

assets

in

excess

of

liabilities

— 4.3%

3,561

NET

ASSETS

-

100.00%

$

82,139

Victory

Portfolios

#### Victory

#### RS

#### Investors

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

At

December

31,

2025,

the

Fund's

investments

in

foreign

securities

were

15.4%

of

net

assets.

(a) Non-income

producing

security.

ADR

—

American

Depositary

Receipt

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

#### Victory

#### Global

#### Energy

#### Transition

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Common

Stocks

(92.3%)

Australia

(15.5%):

Materials

(15.5%):

Iluka

Resources

Ltd.

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

7,645,126

$

29,384

Sunrise

Energy

Metals

Ltd.

(a) (b) ............................................

8,192,205

43,100

72,484

Canada

(27.0%):

Energy

(22.0%):

ARC

Resources

Ltd.

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

1,009,161

18,935

Cameco

Corp.

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

61,331

5,617

Keyera

Corp.

(b) ........................................................

636,977

20,422

Peyto

Exploration

&

Development

Corp.

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

1,012,288

16,751

Tamarack

Valley

Energy

Ltd.

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

4,301,808

25,013

Tourmaline

Oil

Corp.

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

358,117

16,066

102,804

Materials

(5.0%):

First

Quantum

Minerals

Ltd.

(a) .............................................

534,029

14,320

Nutrien

Ltd.

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

148,757

9,181

23,501

126,305

Chile

(1.0%):

Materials

(1.0%):

Sociedad

Quimica

y

Minera

de

Chile

SA

,

ADR

(a) ...............................

69,715

4,796

Norway

(2.9%):

Materials

(2.9%):

Norsk

Hydro

ASA

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

1,781,205

13,756

United

States

(45.9%):

Energy

(13.6%):

Antero

Resources

Corp.

(a) ................................................

431,873

14,882

Enterprise

Products

Partners

LP

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

672,757

21,569

Range

Resources

Corp.

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

519,525

18,318

The

Williams

Cos.,

Inc.

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

151,236

9,091

63,860

Industrials

(3.9%):

Energy

Vault

Holdings,

Inc.

(a) (b) ...........................................

2,926,132

13,490

Hubbell,

Inc.

,

Class

B

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

10,630

4,721

18,211

Materials

(27.4%):

Compass

Minerals

International,

Inc.

(a) (c) .....................................

3,087,169

60,632

Ivanhoe

Electric,

Inc.

(a) ..................................................

2,132,528

34,078

Linde

PLC

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

59,097

25,198

Martin

Marietta

Materials,

Inc.

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

6,610

4,116

Materion

Corp.

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

36,731

4,566

128,590

Utilities

(1.0%):

Constellation

Energy

Corp.

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

12,970

4,582

215,243

Total

Common

Stocks

(Cost

$258,781)

432,584

Warrants

(3.5%)

Australia

(2.8%):

Materials

(2.8%):

Sunrise

Energy

Metals

Ltd.

,

expiring

12/31/26

(a) (d) ..............................

3,069,985

13,042

Canada

(0.7%):

Materials

(0.7%):

Ivanhoe

Electric,

Inc.

,

expiring

2/15/26

(a) (d) ...................................

441,014

3,373

Total

Warrants

(Cost

$4)

16,415

Victory

Portfolios

#### Victory

#### Global

#### Energy

#### Transition

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Collateral

for

Securities

Loaned

(1.2%)^

United

States

(1.2%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.69

%

(e) ........

1,404,866

$

1,404

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.69

%

(e) ............

1,404,866

1,405

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.67

%

(e) ...............

1,404,866

1,405

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.69

%

(e) .

1,404,866

1,405

Total

Collateral

for

Securities

Loaned

(Cost

$5,619)

5,619

Total

Investments

(Cost

$264,404)

—

97.0%

454,618

Other

assets

in

excess

of

liabilities

—

3.0%

13,954

NET

ASSETS

-

100.00%

$

468,572

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) All

or

a

portion

of

this

security

is

on

loan.

(c) Affiliated

security.

(See

Note

in

the

Notes

to

Financial

Statements)

(d) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

3.5%

of

net

assets

as

of

December

31,

2025. This

security

is

classified

as

Level

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

in

the

Notes

to

Financial

Statements)

(e) Rate

disclosed

is

the

daily

yield

on

December

31,

2025. ADR

—

American

Depositary

Receipt

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

Statements

of

Assets

and

Liabilities

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

Victory

RS

Partners

Fund

Victory

RS

Value

Fund

Victory

RS

Large

Cap

Alpha

Fund

Assets:

Investments,

at

value

(Cost

$462,915,

$202,735

and

$386,576)

$

562,233

(a) $

245,425

(b) $

532,164

Cash

16,072

7,095

11,369

Receivables:

Dividends,

interest,

and

securities

lending

income

875

537

Capital

shares

issued

From

Adviser

Prepaid

expenses

Total

Assets

579,545

252,891

544,144

Liabilities:

Payables:

Collateral

received

on

loaned

securities

4,442

2,994

—

Capital

shares

redeemed

838

573

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

Transfer

agent

fees

Sub-Transfer

agent

fees

Compliance

fees

—

(c) —

(c) —

(c) Trustees'

fees

—

(c) —

(c) —

(c) 12b-1

fees

Other

accrued

expenses

Total

Liabilities

5,912

3,866

751

Commitments

and

contingencies

(Note

4)

Net

Assets:

Capital

472,356

202,426

374,873

Total

accumulated

earnings

(loss)

101,277

46,599

168,520

Net

Assets

$

573,633

$

249,025

$

543,393

Net

Assets:

Class

A

$

191,075

$

144,622

$

505,631

Class

C

—

1,036

965

Class

R

1,415

—

—

Class

R6

39,920

—

—

Class

Y

334,919

103,367

36,797

Member

Class

6,304

—

—

Total

$

573,633

$

249,025

$

543,393

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

7,007

6,031

8,555

Class

C

—

Class

R

—

—

Class

R6

1,323

—

—

Class

Y

10,990

4,112

626

Member

Class

—

—

Total

19,612

10,198

9,203

Net

asset

value,

offering

and

redemption

price

per

share:

(d) Class

A

$

.27

$

.98

$

.11

Class

C(e)

—

.95

.25

Class

R

.75

—

—

Class

R6

.18

—

—

Class

Y

.48

.14

.76

Member

Class

.36

—

—

Maximum

Sales

Charge

—

Class

A

.75

%

.75

%

.75

%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

.93

$

.44

$

.72

(a) Includes

$4,359

thousand

of

securities

on

loan.

(b) Includes

$2,926

thousand

of

securities

on

loan.

(c) Rounds

to

less

than

$1

thousand.

(d) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

(e) Redemption

price

per

share

varies

by

the

length

of

time

shares

are

held.

Statements

of

Assets

and

Liabilities

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

Victory

RS

Investors

Fund

Victory

Global

Energy

Transition

Fund

Assets:

Affiliated

investments,

at

value

(Cost

$—

and

$33,990)

$

—

$

60,632

Unaffiliated

investments,

at

value

(Cost

$65,873

and

$230,414)

78,578

393,986

(a) Foreign

currency,

at

value

(Cost

$—

and

$324)

—

Cash

3,408

18,951

Receivables:

Dividends,

interest,

and

securities

lending

income

Capital

shares

issued

Investments

sold

—

From

Adviser

Reclaims

—

Prepaid

expenses

Total

Assets

82,407

474,865

Liabilities:

Payables:

Collateral

received

on

loaned

securities

—

5,619

Capital

shares

redeemed

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

Transfer

agent

fees

Sub-Transfer

agent

fees

Compliance

fees

—

(b) —

(b) Trustees'

fees

—

(b) —

(b) 12b-1

fees

Other

accrued

expenses

Total

Liabilities

6,293

Commitments

and

contingencies

(Note

4)

Net

Assets:

Capital

68,351

1,980,558

Total

accumulated

earnings

(loss)

13,788

(1,511,986)

Net

Assets

$

82,139

$

468,572

Net

Assets:

Class

A

$

18,077

$

92,596

Class

C

4,223

2,560

Class

Y

59,839

373,416

Total

$

82,139

$

468,572

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

1,096

1,853

Class

C

Class

Y

3,467

7,117

Total

4,884

9,029

Net

asset

value,

offering

and

redemption

price

per

share:

(c) Class

A

$

.49

$

.98

Class

C(d)

.17

.54

Class

Y

.26

.46

Maximum

Sales

Charge

—

Class

A

.75

%

.75

%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

.50

$

.03

(a) Includes

$5,126

thousand

of

securities

on

loan.

(b) Rounds

to

less

than

$1

thousand.

(c) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

(d) Redemption

price

per

share

varies

by

the

length

of

time

shares

are

held.

Statements

of

Operations

For

the

Year

Ended

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands)

Victory

RS

Partners

Fund

Victory

RS

Value

Fund

Victory

RS

Large

Cap

Alpha

Fund

Investment

Income:

Dividends

$

8,523

$

4,683

$

10,593

Interest

796

838

Securities

lending

(net

of

fees)

—(a)

Foreign

tax

withholding

(8) (27) (18) Total

Income

9,319

5,008

11,413

Expenses:

Investment

advisory

fees

4,547

2,205

2,626

Administration

fees

Sub-Administration

fees

12b-1

fees

—

Class

A

1,226

12b-1

fees

—

Class

C

—

12b-1

fees

—

Class

R

—

—

Custodian

fees

Transfer

agent

fees

—

Class

A

Transfer

agent

fees

—

Class

C

—

—(a)

—(a)

Transfer

agent

fees

—

Class

R

—

—

Transfer

agent

fees

—

Class

R6

—

—

Transfer

agent

fees

—

Class

Y

—(a)

Transfer

agent

fees

—

Member

Class

—

—

Sub-Transfer

agent

fees

—

Class

A

Sub-Transfer

agent

fees

—

Class

C

—

Sub-Transfer

agent

fees

—

Class

R

—

—

Sub-Transfer

agent

fees

—

Class

Y

Trustees'

fees

Compliance

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Other

expenses

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

Total

Expenses

6,246

3,190

4,699

Expenses

waived/reimbursed

by

Adviser

(362) (67) (88) Net

Expenses

5,884

3,123

4,611

Net

Investment

Income

(Loss)

3,435

1,885

6,802

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

22,853

14,351

50,142

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

(11,049)

(4,818)

19,713

Net

realized/unrealized

gains

(losses)

on

investments

11,804

9,533

69,855

Change

in

net

assets

resulting

from

operations

$

15,239

$

11,418

$

76,657

(a) Rounds

to

less

than

$1

thousand.

Statements

of

Operations

For

the

Year

Ended

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands)

Victory

RS

Investors

Fund

Victory

Global

Energy

Transition

Fund

Investment

Income:

Dividends

$

1,138

$

6,588

Interest

654

Securities

lending

(net

of

fees)

Foreign

tax

withholding

(3) (732) Total

Income

1,293

6,992

Expenses:

Investment

advisory

fees

821

3,702

Administration

fees

Sub-Administration

fees

12b-1

fees

—

Class

A

12b-1

fees

—

Class

C

Custodian

fees

Transfer

agent

fees

—

Class

A

Transfer

agent

fees

—

Class

C

—(a)

—(a)

Transfer

agent

fees

—

Class

Y

Sub-Transfer

agent

fees

—

Class

A

Sub-Transfer

agent

fees

—

Class

C

Sub-Transfer

agent

fees

—

Class

Y

Trustees'

fees

Compliance

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Other

expenses

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

—

—(a)

Total

Expenses

1,193

4,670

Expenses

waived/reimbursed

by

Adviser

(242) (162) Net

Expenses

951

4,508

Net

Investment

Income

(Loss)

2,484

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

affiliated

investment

securities

—

Net

realized

gains

(losses)

from

unaffiliated

investment

securities

and

foreign

currency

transactions

2,342

54,560

Net

change

in

unrealized

appreciation/depreciation

on

affiliated

investment

securities

—

30,368

Net

change

in

unrealized

appreciation/depreciation

on

unaffiliated

investment

securities

and

foreign

currency

translations

3,629

116,957

Net

realized/unrealized

gains

(losses)

on

investments

5,971

202,098

Change

in

net

assets

resulting

from

operations

$

6,313

$

204,582

(a) Rounds

to

less

than

$1

thousand.

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Partners

Fund

Victory

RS

Value

Fund

Victory

RS

Large

Cap

Alpha

Fund

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

3,435

$

2,221

$

1,885

$

1,181

$

6,802

$

6,169

Net

realized

gains

(losses)

22,853

41,762

14,351

31,019

50,142

67,925

Net

change

in

unrealized

appreciation/depreciation

(11,049)

25,109

(4,818)

1,889

19,713

24,178

Change

in

net

assets

resulting

from

operations

15,239

69,092

11,418

34,089

76,657

98,272

Distributions

to

Shareholders:

Class

A

(10,049)

(10,645)

(11,977)

(14,895)

(51,856)

(66,063)

Class

C

—

—

(100)

(125)

(125)

(156)

Class

R

(85)

(87)

—

—

—

—

Class

R6

(1,506)

(286)

—

—

—

—

Class

Y

(16,964)

(18,440)

(8,544)

(10,075)

(3,970)

(3,975)

Member

Class

(346)

(357)

—

—

—

—

Change

in

net

assets

resulting

from

distributions

to

shareholders

(28,950)

(29,815)

(20,621)

(25,095)

(55,951)

(70,194)

Change

in

net

assets

resulting

from

capital

transactions

42,657

64,174

(17,204)

(8,491)

(9,284)

23,651

Change

in

net

assets

28,946

103,451

(26,407)

503

11,422

51,729

Net

Assets:

Beginning

of

period

544,687

441,236

275,432

274,929

531,971

480,242

End

of

period

$

573,633

$

544,687

$

249,025

$

275,432

$

543,393

$

531,971

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Partners

Fund

Victory

RS

Value

Fund

Victory

RS

Large

Cap

Alpha

Fund

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

25,318

$

14,207

$

4,537

$

4,732

$

17,773

$

14,985

Distributions

reinvested

9,865

10,448

11,737

14,615

50,397

64,360

Cost

of

shares

redeemed

(30,806)

(30,966)

(28,310)

(26,663)

(83,549)

(59,127)

Converted

from

Class

R

—

—

—

767

—

5,739

Total

Class

A

$

4,377

$

(6,311)

$

(12,036)

$

(6,549)

$

(15,379)

$

25,957

Class

C

Proceeds

from

shares

issued

$

—

$

—

$

$

$

$

Distributions

reinvested

—

—

Cost

of

shares

redeemed

—

—

(267)

(429)

(246)

(1,002)

Total

Class

C

$

—

$

—

$

(70)

$

(83)

$

(37)

$

(708)

Class

R

Proceeds

from

shares

issued

$

$

$

—

$

(a) $

—

$

(a) Distributions

reinvested

—

—

(a) —

—

(a) Cost

of

shares

redeemed

(234)

(1,221)

—

(7)

(a) —

(337)

(a) Converted

into

Class

A

—

—

—

(766)

—

(5,739)

Total

Class

R

$

$

(964)

$

—

$

(763)

$

—

$

(5,909)

Class

R6

Proceeds

from

shares

issued

$

40,194

$

3,427

$

—

$

—

$

—

$

—

Distributions

reinvested

1,504

—

—

—

—

Cost

of

shares

redeemed

(6,833)

(327)

—

—

—

—

Total

Class

R6

$

34,865

$

3,386

$

—

$

—

$

—

$

—

Class

Y

Proceeds

from

shares

issued

$

124,006

$

129,327

$

7,069

$

7,818

$

13,966

$

7,072

Distributions

reinvested

16,952

18,416

8,482

9,970

3,925

3,922

Cost

of

shares

redeemed

(137,625)

(80,142)

(20,649)

(18,884)

(11,759)

(6,683)

Total

Class

Y

$

3,333

$

67,601

$

(5,098)

$

(1,096)

$

6,132

$

4,311

Member

Class

Proceeds

from

shares

issued

$

1,754

$

1,250

$

—

$

—

$

—

$

—

Distributions

reinvested

—

—

—

—

Cost

of

shares

redeemed

(2,052)

(1,145)

—

—

—

—

Total

Member

Class

$

$

$

—

$

—

$

—

$

—

Change

in

net

assets

resulting

from

capital

transactions

$

42,657

$

64,174

$

(17,204)

$

(8,491)

$

(9,284)

$

23,651

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Partners

Fund

Victory

RS

Value

Fund

Victory

RS

Large

Cap

Alpha

Fund

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Share

Transactions:

Class

A

Issued

903

505

Reinvested

567

846

1,103

Redeemed

(1,120)

(1,109)

(1,143)

(1,020)

(1,435)

(977)

Converted

from

Class

R

—

—

—

—

Total

Class

A

(249)

(480)

(243)

(287)

Class

C

Issued

—

—

Reinvested

—

—

Redeemed

—

—

(13)

(20)

(6)

(21)

Total

Class

C

—

—

(3)

(3)

(1)

(14)

Class

R

Issued

—

—

(a) (b) —

(a) Reinvested

—

—

(a) —

—

(a) Redeemed

(10)

(51)

—

—

(a) (b) —

(6)

(a) Converted

into

Class

A

—

—

—

(31)

—

(96)

Total

Class

R

(40)

—

(31)

—

(99)

Class

R6

Issued

1,325

—

—

—

—

Reinvested

—

—

—

—

Redeemed

(235)

(10)

—

—

—

—

Total

Class

R6

1,139

—

—

—

—

Class

Y

Issued

4,061

4,164

Reinvested

542

564

Redeemed

(4,497)

(2,581)

(797)

(691)

(197)

(112)

Total

Class

Y

2,147

(193)

(27)

Member

Class

Issued

—

—

—

—

Reinvested

—

—

—

—

Redeemed

(74)

(41)

—

—

—

—

Total

Member

Class

—

—

—

—

Change

in

Shares

1,385

1,978

(676)

(304)

(183)

(a) Class

R

activity

is

for

the

period

January

1,

2024,

to

March

28,

2024

(date

of

conversion

to

Class

A).

(b) Rounds

to

less

than

thousand

shares.

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Investors

Fund

Victory

Global

Energy

Transition

Fund

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

$

$

2,484

$

3,561

Net

realized

gains

(losses)

2,342

6,552

54,773

18,501

Net

change

in

unrealized

appreciation/depreciation

3,629

2,206

147,325

25,928

Change

in

net

assets

resulting

from

operations

6,313

8,989

204,582

47,990

Distributions

to

Shareholders:

Class

A

(783)

(1,725)

(3,873)

(946)

Class

C

(206)

(296)

(109)

(20)

Class

Y

(2,596)

(3,710)

(15,958)

(4,974)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(3,585)

(5,731)

(19,940)

(5,940)

Change

in

net

assets

resulting

from

capital

transactions

17,743

21,239

(37,731)

(19,898)

Change

in

net

assets

20,471

24,497

146,911

22,152

Net

Assets:

Beginning

of

period

61,668

37,171

321,661

299,509

End

of

period

$

82,139

$

61,668

$

468,572

$

321,661

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Investors

Fund

Victory

Global

Energy

Transition

Fund

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

2,554

$

1,812

$

14,203

$

4,142

Distributions

reinvested

739

1,656

3,758

916

Cost

of

shares

redeemed

(3,900)

(3,133)

(17,056)

(18,098)

Converted

from

Class

R

—

1,073

—

978

Total

Class

A

$

(607)

$

1,408

$

905

$

(12,062)

Class

C

Proceeds

from

shares

issued

$

1,646

$

1,108

$

$

Distributions

reinvested

Cost

of

shares

redeemed

(385)

(210)

(376)

(366)

Total

Class

C

$

1,467

$

1,194

$

$

Class

R

Proceeds

from

shares

issued

$

—

$

(a) $

—

$

(a) Distributions

reinvested

—

—

(a) (b) —

—

(a) Cost

of

shares

redeemed

—

(17)

(a) —

(471)

(a) Converted

into

Class

A

—

(1,073)

—

(978)

Total

Class

R

$

—

$

(1,051)

$

—

$

(1,416)

Class

Y

Proceeds

from

shares

issued

$

51,053

$

29,689

$

53,509

$

66,828

Distributions

reinvested

2,595

3,706

14,759

4,429

Cost

of

shares

redeemed

(36,765)

(13,707)

(106,994)

(77,700)

Total

Class

Y

$

16,883

$

19,688

$

(38,726)

$

(6,443)

Change

in

net

assets

resulting

from

capital

transactions

$

17,743

$

21,239

$

(37,731)

$

(19,898)

Share

Transactions:

Class

A

Issued

Reinvested

Redeemed

(245)

(191)

(446)

(617)

Converted

from

Class

R

—

—

Total

Class

A

(41)

(26)

(416)

Class

C

Issued

Reinvested

Redeemed

(29)

(15)

(11)

(14)

Total

Class

C

—

(c) Class

R

Issued

—

(a) —

(a) Reinvested

—

—

(a) (c) —

—

(a) Redeemed

—

(1)

(a) —

(19)

(a) Converted

into

Class

A

—

(75)

—

(36)

Total

Class

R

—

(74)

—

(54)

Class

Y

Issued

3,057

1,705

1,324

2,143

Reinvested

Redeemed

(2,137)

(779)

(2,632)

(2,465)

Total

Class

Y

1,069

1,138

(1,011)

(178)

Change

in

Shares

1,139

1,236

(1,034)

(648)

(a) Class

R

activity

is

for

the

period

January

1,

2024,

to

March

28,

2024

(date

of

conversion

to

Class

A).

(b) Rounds

to

less

than

$1

thousand.

(c) Rounds

to

less

than

thousand

shares.

Victory

Portfolios

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Partners

Fund

Class

A

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$28.02

$25.73

$23.54

$26.82

$24.21

Investment

Activities:

Net

investment

income

(loss)(a)

0.10 0.06 0.07 0.08 (0.09)

Net

realized

and

unrealized

gains

(losses)

0.64 3.85 3.58 (1.26)

7.14 Total

from

Investment

Activities

0.74 3.91 3.65 (1.18)

7.05 Distributions

to

Shareholders

from:

Net

investment

income

(0.17)

(0.13)

(0.22)

(0.12)

—

Net

realized

gains

(1.32)

(1.49)

(1.24)

(1.98)

(4.44)

Total

Distributions

(1.49)

(1.62)

(1.46)

(2.10)

(4.44)

Net

Asset

Value,

End

of

Period

$27.27

$28.02

$25.73

$23.54

$26.82

Total

Return(b)

2.52%

14.93%

15.66%

(4.54)%

29.58%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.33%

1.33%

1.37%

1.45%

1.45%

Net

Investment

Income

(Loss)

0.37%

0.20%

0.29%

0.33%

(0.29)%

Gross

Expenses(c)

1.33%

1.33%

1.40%

1.49%

1.49%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$191,075

$192,536

$183,203

$169,628

$195,053

Portfolio

Turnover(d)

65%

48%

72%

98%

64%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Partners

Fund

Class

R

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$23.64

$21.89

$20.25

$23.41

$21.65

Investment

Activities:

Net

investment

income

(loss)(a)

—(b)

(0.04)

(0.03)

(0.01)

(0.17)

Net

realized

and

unrealized

gains

(losses)

0.54 3.29 3.08 (1.10)

6.37 Total

from

Investment

Activities

0.54 3.25 3.05 (1.11)

6.20 Distributions

to

Shareholders

from:

Net

investment

income

(0.11)

(0.01)

(0.17)

(0.07)

—

Net

realized

gains

(1.32)

(1.49)

(1.24)

(1.98)

(4.44)

Total

Distributions

(1.43)

(1.50)

(1.41)

(2.05)

(4.44)

Net

Asset

Value,

End

of

Period

$22.75

$23.64

$21.89

$20.25

$23.41

Total

Return(c)

2.17%

14.52%

15.19%

(4.86)%

29.15%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

1.69%

1.69%

1.73%

1.81%

1.81%

Net

Investment

Income

(Loss)

0.00%(e)

(0.19)%

(0.12)%

(0.03)%

(0.65)%

Gross

Expenses(d)

2.57%

2.42%

2.29%

2.54%

2.48%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,415

$1,426

$2,198

$1,519

$1,652

Portfolio

Turnover(f)

65%

48%

72%

98%

64%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Amount

is

less

than

$0.005

per

share.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e) Amount

is

less

than

0.005%.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Partners

Fund

Class

R6

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

June

2,

2023(a)

through

December

31,

2023

Net

Asset

Value,

Beginning

of

Period

$30.81

$28.13

$25.62

Investment

Activities:

Net

investment

income

(loss)(b)

0.28 0.21 0.04 Net

realized

and

unrealized

gains

(losses)

0.68 4.20 4.02 Total

from

Investment

Activities

0.96 4.41 4.06 Distributions

to

Shareholders

from:

Net

investment

income

(0.27)

(0.24)

(0.31)

Net

realized

gains

(1.32)

(1.49)

(1.24)

Total

Distributions

(1.59)

(1.73)

(1.55)

Net

Asset

Value,

End

of

Period

$30.18

$30.81

$28.13

Total

Return(c)(d)

3.03%

15.44%

16.00%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.89%

0.89%

0.89%

Net

Investment

Income

(Loss)(e)

0.92%

0.69%

0.26%

Gross

Expenses(e)(f)

0.99%

1.28%

2.10%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$39,920

$5,684

$2,244

Portfolio

Turnover(c)(g)

65%

48%

72%

(a) Commencement

of

operations.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Partners

Fund

Class

Y

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$31.12

$28.40

$25.83

$29.21

$25.99

Investment

Activities:

Net

investment

income

(loss)(a)

0.23 0.19 0.17 0.19 0.02 Net

realized

and

unrealized

gains

(losses)

0.71 4.25 3.94 (1.39)

7.69 Total

from

Investment

Activities

0.94 4.44 4.11 (1.20)

7.71 Distributions

to

Shareholders

from:

Net

investment

income

(0.26)

(0.23)

(0.30)

(0.20)

(0.05)

Net

realized

gains

(1.32)

(1.49)

(1.24)

(1.98)

(4.44)

Total

Distributions

(1.58)

(1.72)

(1.54)

(2.18)

(4.49)

Net

Asset

Value,

End

of

Period

$30.48

$31.12

$28.40

$25.83

$29.21

Total

Return(b)

2.93%

15.40%

16.07%

(4.23)%

30.03%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.94%

0.94%

1.01%

1.12%

1.12%

Net

Investment

Income

(Loss)

0.76%

0.60%

0.62%

0.67%

0.05%

Gross

Expenses(c)

1.03%

1.05%

1.13%

1.21%

1.19%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$334,919

$338,632

$248,103

$172,847

$177,278

Portfolio

Turnover(d)

65%

48%

72%

98%

64%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Partners

Fund

Member

Class

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$28.10

$25.79

$23.58

$26.87

$24.22

Investment

Activities:

Net

investment

income

(loss)(a)

0.16 0.11 0.12 0.15 (0.04)

Net

realized

and

unrealized

gains

(losses)

0.63 3.87 3.59 (1.29)

7.17 Total

from

Investment

Activities

0.79 3.98 3.71 (1.14)

7.13 Distributions

to

Shareholders

from:

Net

investment

income

(0.21)

(0.18)

(0.26)

(0.17)

(0.04)

Net

realized

gains

(1.32)

(1.49)

(1.24)

(1.98)

(4.44)

Total

Distributions

(1.53)

(1.67)

(1.50)

(2.15)

(4.48)

Net

Asset

Value,

End

of

Period

$27.36

$28.10

$25.79

$23.58

$26.87

Total

Return(b)

2.71%

15.18%

15.90%

(4.36)%

29.90%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.13%

1.13%

1.18%

1.25%

1.25%

Net

Investment

Income

(Loss)

0.57%

0.41%

0.48%

0.59%

(0.14)%

Gross

Expenses(c)

1.39%

1.38%

1.57%

1.78%

3.05%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$6,304

$6,410

$5,488

$4,719

$2,994

Portfolio

Turnover(d)

65%

48%

72%

98%

64%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Value

Fund

Class

A

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$24.92

$24.25

$24.04

$26.33

$23.68

Investment

Activities:

Net

investment

income

(loss)(a)

0.16 0.08 0.07 0.03 0.03 Net

realized

and

unrealized

gains

(losses)

1.02 3.05 1.71 (0.80)

6.34 Total

from

Investment

Activities

1.18 3.13 1.78 (0.77)

6.37 Distributions

to

Shareholders

from:

Net

investment

income

(0.16)

(0.10)

(0.15)

(0.12)

(0.11)

Net

realized

gains

(1.96)

(2.36)

(1.42)

(1.40)

(3.61)

Total

Distributions

(2.12)

(2.46)

(1.57)

(1.52)

(3.72)

Net

Asset

Value,

End

of

Period

$23.98

$24.92

$24.25

$24.04

$26.33

Total

Return(b)

4.65%

12.63%

7.52%

(2.97)%

27.31%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.30%

1.30%

1.30%

1.30%

1.30%

Net

Investment

Income

(Loss)

0.63%

0.32%

0.30%

0.13%

0.12%

Gross

Expenses(c)

1.33%

1.33%

1.34%

1.32%

1.34%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$144,622

$162,251

$163,769

$172,406

$188,881

Portfolio

Turnover(d)

50%

39%

55%

71%

69%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Value

Fund

Class

C

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$20.15

$20.07

$20.16

$22.38

$20.65

Investment

Activities:

Net

investment

income

(loss)(a)

(0.03)(b)

(0.10)

(0.09)

(0.14)

(0.16)

Net

realized

and

unrealized

gains

(losses)

0.82 2.54 1.42 (0.68)

5.50 Total

from

Investment

Activities

0.79 2.44 1.33 (0.82)

5.34 Distributions

to

Shareholders

from:

Net

investment

income

(0.03)

—

—

—

—

Net

realized

gains

(1.96)

(2.36)

(1.42)

(1.40)

(3.61)

Total

Distributions

(1.99)

(2.36)

(1.42)

(1.40)

(3.61)

Net

Asset

Value,

End

of

Period

$18.95

$20.15

$20.07

$20.16

$22.38

Total

Return(c)

3.83%

11.75%

6.76%

(3.71)%

26.28%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

2.07%

2.07%

2.07%

2.07%

2.07%

Net

Investment

Income

(Loss)

(0.14)%

(0.44)%

(0.45)%

(0.65)%

(0.67)%

Gross

Expenses(d)

3.21%

3.23%

2.94%

3.00%

2.33%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,036

$1,173

$1,228

$1,282

$1,398

Portfolio

Turnover(e)

50%

39%

55%

71%

69%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statements

of

Operations

for

the

period

due

to

the

class

level

expenses

recognized.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(d) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Value

Fund

Class

Y

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$26.02

$25.21

$24.92

$27.23

$24.38

Investment

Activities:

Net

investment

income

(loss)(a)

0.23 0.15 0.14 0.09 0.10 Net

realized

and

unrealized

gains

(losses)

1.06 3.18 1.78 (0.82)

6.53 Total

from

Investment

Activities

1.29 3.33 1.92 (0.73)

6.63 Distributions

to

Shareholders

from:

Net

investment

income

(0.21)

(0.16)

(0.21)

(0.18)

(0.17)

Net

realized

gains

(1.96)

(2.36)

(1.42)

(1.40)

(3.61)

Total

Distributions

(2.17)

(2.52)

(1.63)

(1.58)

(3.78)

Net

Asset

Value,

End

of

Period

$25.14

$26.02

$25.21

$24.92

$27.23

Total

Return(b)

4.90%

12.94%

7.75%

(2.71)%

27.57%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.06%

1.06%

1.06%

1.06%

1.06%

Net

Investment

Income

(Loss)

0.87%

0.56%

0.54%

0.36%

0.36%

Gross

Expenses(c)

1.07%

1.07%

1.07%

1.06%

1.06%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$103,367

$112,008

$109,234

$120,583

$143,783

Portfolio

Turnover(d)

50%

39%

55%

71%

69%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Large

Cap

Alpha

Fund

Class

A

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$56.73

$53.66

$47.92

$55.16

$50.59

Investment

Activities:

Net

investment

income

(loss)(a)

0.76 0.71 0.44 0.40 0.65 Net

realized

and

unrealized

gains

(losses)

8.24 10.73 5.90 (2.88)

10.81 Total

from

Investment

Activities

9.00 11.44 6.34 (2.48)

11.46 Distributions

to

Shareholders

from:

Net

investment

income

(0.55)

(0.60)

(0.33)

(0.43)

(0.57)

Net

realized

gains

(6.07)

(7.77)

(0.27)

(4.33)

(6.32)

Total

Distributions

(6.62)

(8.37)

(0.60)

(4.76)

(6.89)

Net

Asset

Value,

End

of

Period

$59.11

$56.73

$53.66

$47.92

$55.16

Total

Return(b)

15.87%

21.02%

13.25%

(4.62)%

23.00%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.89%

0.89%

0.89%

0.89%

0.89%

Net

Investment

Income

(Loss)

1.28%

1.16%

0.88%

0.76%

1.13%

Gross

Expenses(c)

0.90%

0.91%

0.93%

0.92%

0.93%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$505,631

$501,597

$449,497

$437,855

$495,890

Portfolio

Turnover(d)

44%

27%

39%

61%

52%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Large

Cap

Alpha

Fund

Class

C

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$43.13

$42.38

$37.97

$44.72

$42.07

Investment

Activities:

Net

investment

income

(loss)(a)

0.22 0.17 0.03 (0.03)

0.13 Net

realized

and

unrealized

gains

(losses)

6.23 8.49 4.65 (2.32)

8.97 Total

from

Investment

Activities

6.45 8.66 4.68 (2.35)

9.10 Distributions

to

Shareholders

from:

Net

investment

income

(0.26)

(0.14)

—

(0.07)

(0.13)

Net

realized

gains

(6.07)

(7.77)

(0.27)

(4.33)

(6.32)

Total

Distributions

(6.33)

(7.91)

(0.27)

(4.40)

(6.45)

Net

Asset

Value,

End

of

Period

$43.25

$43.13

$42.38

$37.97

$44.72

Total

Return(b)

14.94%

20.02%

12.37%

(5.39)%

22.05%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.69%

1.69%

1.69%

1.69%

1.69%

Net

Investment

Income

(Loss)

0.49%

0.35%

0.07%

(0.07)%

0.27%

Gross

Expenses(c)

3.06%

2.85%

2.15%

1.92%

1.80%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$965

$993

$1,587

$3,595

$6,230

Portfolio

Turnover(d)

44%

27%

39%

61%

52%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Large

Cap

Alpha

Fund

Class

Y

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$56.41

$53.39

$47.67

$54.90

$50.37

Investment

Activities:

Net

investment

income

(loss)(a)

0.88 0.84 0.54 0.52 0.78 Net

realized

and

unrealized

gains

(losses)

8.20 10.66 5.89 (2.89)

10.76 Total

from

Investment

Activities

9.08 11.50 6.43 (2.37)

11.54 Distributions

to

Shareholders

from:

Net

investment

income

(0.66)

(0.71)

(0.44)

(0.53)

(0.69)

Net

realized

gains

(6.07)

(7.77)

(0.27)

(4.33)

(6.32)

Total

Distributions

(6.73)

(8.48)

(0.71)

(4.86)

(7.01)

Net

Asset

Value,

End

of

Period

$58.76

$56.41

$53.39

$47.67

$54.90

Total

Return(b)

16.12%

21.25%

13.51%

(4.43)%

23.28%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.68%

0.68%

0.68%

0.68%

0.68%

Net

Investment

Income

(Loss)

1.48%

1.37%

1.09%

0.98%

1.35%

Gross

Expenses(c)

0.72%

0.73%

0.72%

0.71%

0.68%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$36,797

$29,381

$23,905

$21,070

$20,169

Portfolio

Turnover(d)

44%

27%

39%

61%

52%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Investors

Fund

Class

A

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$16.18

$14.71

$13.10

$13.90

$12.84

Investment

Activities:

Net

investment

income

(loss)(a)

0.04 0.05 —(b)

(0.01)

0.02 Net

realized

and

unrealized

gains

(losses)

1.00 3.07 1.72 (0.26)

3.25 Total

from

Investment

Activities

1.04 3.12 1.72 (0.27)

3.27 Distributions

to

Shareholders

from:

Net

investment

income

(0.07)

(0.06)

(0.03)

(0.01)

—(b)

Net

realized

gains

(0.66)

(1.59)

(0.08)

(0.52)

(2.21)

Total

Distributions

(0.73)

(1.65)

(0.11)

(0.53)

(2.21)

Net

Asset

Value,

End

of

Period

$16.49

$16.18

$14.71

$13.10

$13.90

Total

Return(c)

6.43%

20.87%

13.17%

(2.01)%

25.74%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

1.33%

1.33%

1.33%

1.33%

1.33%

Net

Investment

Income

(Loss)

0.27%

0.32%

0.01%

(0.05)%

0.13%

Gross

Expenses(d)

1.57%

1.62%

1.63%

1.64%

1.66%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$18,077

$18,409

$15,515

$15,250

$15,039

Portfolio

Turnover(e)

93%

74%

36%

69%

68%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Amount

is

less

than

$0.005

per

share.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(d) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Investors

Fund

Class

C

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$13.09

$12.19

$10.93

$11.76

$11.22

Investment

Activities:

Net

investment

income

(loss)(a)

(0.06)(b)

(0.06)

(0.08)

(0.10)

(0.08)

Net

realized

and

unrealized

gains

(losses)

0.81 2.55 1.42 (0.21)

2.83 Total

from

Investment

Activities

0.75 2.49 1.34 (0.31)

2.75 Distributions

to

Shareholders

from:

Net

investment

income

(0.01)

—

—

—

—

Net

realized

gains

(0.66)

(1.59)

(0.08)

(0.52)

(2.21)

Total

Distributions

(0.67)

(1.59)

(0.08)

(0.52)

(2.21)

Net

Asset

Value,

End

of

Period

$13.17

$13.09

$12.19

$10.93

$11.76

Total

Return(c)

5.68%

19.92%

12.38%

(2.69)%

24.78%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

2.07%

2.07%

2.07%

2.07%

2.07%

Net

Investment

Income

(Loss)

(0.49)%

(0.43)%

(0.72)%

(0.90)%

(0.64)%

Gross

Expenses(d)

2.69%

3.00%

3.41%

2.95%

2.42%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$4,223

$2,744

$1,474

$909

$2,702

Portfolio

Turnover(e)

93%

74%

36%

69%

68%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statements

of

Operations

for

the

period

due

to

the

class

level

expenses

recognized.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(d) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Investors

Fund

Class

Y

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$16.90

$15.29

$13.61

$14.41

$13.24

Investment

Activities:

Net

investment

income

(loss)(a)

0.09 0.11 0.04 0.04 0.06 Net

realized

and

unrealized

gains

(losses)

1.05 3.19 1.79 (0.28)

3.36 Total

from

Investment

Activities

1.14 3.30 1.83 (0.24)

3.42 Distributions

to

Shareholders

from:

Net

investment

income

(0.12)

(0.10)

(0.07)

(0.04)

(0.04)

Net

realized

gains

(0.66)

(1.59)

(0.08)

(0.52)

(2.21)

Total

Distributions

(0.78)

(1.69)

(0.15)

(0.56)

(2.25)

Net

Asset

Value,

End

of

Period

$17.26

$16.90

$15.29

$13.61

$14.41

Total

Return(b)

6.71%

21.25%

13.52%

(1.73)%

26.07%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.05%

1.05%

1.05%

1.05%

1.05%

Net

Investment

Income

(Loss)

0.52%

0.60%

0.30%

0.30%

0.40%

Gross

Expenses(c)

1.34%

1.40%

1.38%

1.36%

1.32%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$59,839

$40,515

$19,261

$28,143

$12,577

Portfolio

Turnover(d)

93%

74%

36%

69%

68%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Global

Energy

Transition

Fund

Class

A

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$30.83

$27.03

$30.30

$22.62

$12.36

Investment

Activities:

Net

investment

income

(loss)(a)

0.15 0.25 0.42 0.25 (0.04)

Net

realized

and

unrealized

gains

(losses)

21.19 4.06 (3.05)

7.67 10.30 Total

from

Investment

Activities

21.34 4.31 (2.63)

7.92 10.26 Distributions

to

Shareholders

from:

Net

investment

income

(2.19)

(0.51)

(0.64)

(0.24)

—

Total

Distributions

(2.19)

(0.51)

(0.64)

(0.24)

—

Net

Asset

Value,

End

of

Period

$49.98

$30.83

$27.03

$30.30

$22.62

Total

Return(b)

69.60%

16.03%

(8.68)%

35.01%

83.01%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.48%

1.48%

1.48%

1.48%

1.48%

Net

Investment

Income

(Loss)

0.41%

0.84%

1.34%

0.88%

(0.21)%

Gross

Expenses(c)

1.51%

1.54%

1.55%

1.53%

1.58%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$92,596

$57,922

$62,033

$91,521

$78,317

Portfolio

Turnover(d)

50%

57%

47%

64%

79%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Global

Energy

Transition

Fund

Class

C

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$27.10

$23.87

$26.76

$19.98

$11.00

Investment

Activities:

Net

investment

income

(loss)(a)

(0.13)(b)

0.01 0.15 0.01 (0.17)

Net

realized

and

unrealized

gains

(losses)

18.53 3.57 (2.67)

6.77 9.15 Total

from

Investment

Activities

18.40 3.58 (2.52)

6.78 8.98 Distributions

to

Shareholders

from:

Net

investment

income

(1.96)

(0.35)

(0.37)

—(c)

—

Total

Distributions

(1.96)

(0.35)

(0.37)

—(c)

—

Net

Asset

Value,

End

of

Period

$43.54

$27.10

$23.87

$26.76

$19.98

Total

Return(d)

68.27%

15.08%

(9.42)%

33.94%

81.64%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)

2.28%

2.28%

2.28%

2.28%

2.28%

Net

Investment

Income

(Loss)

(0.39)%

0.05%

0.54%

0.03%

(1.02)%

Gross

Expenses(e)

2.99%

3.36%

2.77%

2.64%

2.41%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,560

$1,536

$1,355

$2,396

$3,240

Portfolio

Turnover(f)

50%

57%

47%

64%

79%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statements

of

Operations

for

the

period

due

to

the

class

level

expenses

recognized.

(c) Amount

is

less

than

$0.005

per

share.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Global

Energy

Transition

Fund

Class

Y

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$32.26

$28.26

$31.68

$23.64

$12.88

Investment

Activities:

Net

investment

income

(loss)(a)

0.29 0.36 0.54 0.38 0.02 Net

realized

and

unrealized

gains

(losses)

22.21 4.25 (3.20)

8.00 10.75 Total

from

Investment

Activities

22.50 4.61 (2.66)

8.38 10.77 Distributions

to

Shareholders

from:

Net

investment

income

(2.30)

(0.61)

(0.76)

(0.34)

(0.01)

Total

Distributions

(2.30)

(0.61)

(0.76)

(0.34)

(0.01)

Net

Asset

Value,

End

of

Period

$52.46

$32.26

$28.26

$31.68

$23.64

Total

Return(b)

70.14%

16.38%

(8.37)%

35.46%

83.62%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.15%

1.15%

1.15%

1.15%

1.15%

Net

Investment

Income

(Loss)

0.74%

1.17%

1.66%

1.24%

0.10%

Gross

Expenses(c)

1.19%

1.21%

1.21%

1.19%

1.21%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$373,416

$262,203

$234,761

$314,108

$210,586

Portfolio

Turnover(d)

50%

57%

47%

64%

79%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Notes

to

Financial

Statements

December

31,

2025

Victory

Portfolios

1. #### Organization:
Victory

Portfolios

(the

"Trust")

is

organized

as

a

Delaware

statutory

trust and

the Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of 29

funds

and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with a

par

value

of

$0.001

per

share.

The

accompanying

financial

statements

are

those

of

the

following five

funds

(collectively,

the

"Funds"

and

individually,

a

"Fund").

Each

Fund,

with

the

exception

of

Victory

RS

Investors

Fund

and

Victory

Global

Energy

Transition

Fund, is

classified

as

diversified

under

the

1940

Act.

\*

Effective

March

28,

2024,

the

Fund's

Class

R

shares

were

converted

to

Class

A

shares.

Each

class

of

shares

of

a

Fund

has

substantially

identical

rights

and

privileges

except

with

respect

to

sales

charges,

fees

paid

under

distribution

plans,

expenses

allocable

exclusively

to

each

class

of

shares,

voting

rights

on

matters

solely

affecting

a

single

class

of

shares,

and

the

exchange

privilege

of

each

class

of

shares. Victory

Capital

Management

Inc.

("VCM"

or

the

"Adviser")

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC. Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the

Funds

enter

into

contracts

with

their

vendors

and

others

that

provide

for

general

indemnifications.

The Funds'

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds.

However,

based

on

experience,

the

Funds

expect

that

risk

of

loss

to

be

remote.

2. #### Significant

#### Accounting

#### Policies:
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Funds

in

the

preparation

of their

financial

statements. The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP").

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Funds

follow

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification

Topic

946. Investment

Valuation:

The

Funds

record

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Funds'

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

—

quoted

prices

(unadjusted)

in

active

markets

for

identical

securities

Level

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

or

credit

spreads,

applicable

to

those

securities,

etc.)

Level

—

significant

unobservable

inputs

(including

the

Adviser's

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodologies

used

for

valuation

techniques

are

not

necessarily

an

indication

of

the

risks

associated

with

entering

into

those

investments.

The

Adviser,

appointed

as the

valuation

designee

by the

Trust's

Board

of

Trustees

(the

"Board"),

has

established

the

Pricing

Committee

(the

"Committee"),

and

subject

to Board

oversight,

the

Committee

administers

and

oversees

the

Funds'

valuation

policies

and

procedures,

which are

approved

by

the

Board.

Portfolio

securities

listed

or

traded

on

securities

exchanges,

including

Exchange-Traded

Funds

("ETFs")

and

American

Depositary

Receipts,

are

valued

at

the

last

sale

price

on

the

exchange

or

system

where

the

security

is

principally

traded,

if

available,

or

at

the

Nasdaq

Official

Closing

Price.

If

there

have

been

no

sales

for

that

day

on

the

exchange

or

system,

then

a

security

is

valued

at

the

closing bid

quotation

on

the

exchange

or

system

where

the

security

is

principally

traded.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Investments

in

open-end

investment

companies,

other

than

ETFs, are

valued

at their

net

asset

value

("NAV").

These

valuations

are

typically

categorized

as

Level

1 in

the

fair

value

hierarchy.

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

or

Level

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

Funds

(Legal

Name)

Funds

(Short

Name)

Investment

Share

Classes

Offered

Victory

RS

Partners

Fund

RS

Partners

Fund

A,

R,

R6,

Y,

and

Member

Class

Victory

RS

Value

Fund\*

RS

Value

Fund

A,

C,

and

Y

Victory

RS

Large

Cap

Alpha

Fund\*

RS

Large

Cap

Alpha

Fund

A,

C,

and

Y

Victory

RS

Investors

Fund\*

RS

Investors

Fund

A,

C,

and

Y

Victory

Global

Energy

Transition

Fund\*

Global

Energy

Transition

Fund

A,

C,

and

Y

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

each

Fund's

NAV to

be

more

reliable

than

it

otherwise

would

be.

In

accordance

with

procedures

adopted

by

the

Board,

fair

value

pricing

may

be

used

if

events

materially

affecting

the

value

of

foreign

securities

occur

between

the

time

the

exchange

on

which

they

are

traded

closes

and

the

time

the

Funds'

NAV is

calculated.

The Funds use

a

systematic

valuation

model,

provided

daily

by

an

independent

third

party

to

fair

value

their

international

equity

securities.

These

valuations

are categorized

as

Level

in

the

fair

value

hierarchy.

A

summary

of

the

valuations

as

of

December

31,

2025,

based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

on

the

Schedules

of

Portfolio

Investments (amounts

in

thousands):

As

of December

31,

2025,

there

were

no

significant

transfers

into/out

of

Level

3. As

of

December

31,

2025,

there

were

no

significant

Level

holdings

for

RS

Partners

Fund,

RS

Value

Fund,

RS

Large

Cap

Alpha

Fund, and

RS

Investors

Fund.

The

following

is

a

reconciliation

of

assets

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

(amounts

in

thousands):

Level

Level

Level

Total

RS

Partners

Fund

Common

Stocks

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

$

557,204

$

—

$

—

$

557,204

Preferred

Stocks

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

—

—

587

587

Collateral

for

Securities

Loaned

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

4,442

—

—

4,442

Total

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

$

561,646

$

—

$

587

$

562,233

RS

Value

Fund

Common

Stocks

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

242,431

—

—

242,431

Collateral

for

Securities

Loaned

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

2,994

—

—

2,994

Total

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

$

245,425

$

—

$

—

$

245,425

RS

Large

Cap

Alpha

Fund

Common

Stocks

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

532,164

—

—

532,164

Total

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

$

532,164

$

—

$

—

$

532,164

RS

Investors

Fund

Common

Stocks

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

78,578

—

—

78,578

Total

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

$

78,578

$

—

$

—

$

78,578

Global

Energy

Transition

Fund

Common

Stocks

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

346,344

86,240

—

432,584

Warrants

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

—

—

16,415

16,415

Collateral

for

Securities

Loaned

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

5,619

—

—

5,619

Total

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

$

351,963

$

86,240

$

16,415

$

454,618

Global

Energy

Transition

Fund

Balance

as

of

December

31,

2024

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

$—

Accrued

discount

(premium)

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

—

Realized

Gain

(Loss)

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

—

Change

in

Unrealized

Appreciation/Depreciation

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

—

Purchases

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

16,415

Sales

Proceeds

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

—

Transfers

into

Level

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

—

Transfers

out

of

Level

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

—

Balance

as

of

December

31,

2025

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

$16,415

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

(a) Significant

increases

(decreases)

in

the

liquidity

discount

would

result

in

a

lower

(higher)

fair

value

measurement.

Real

Estate

Investment

Trusts

("REITs"):

The

Funds

may

invest

in

REITs,

which

report

information

on

the

source

of

their

distributions

annually.

REITs

are

pooled

investment

vehicles

that

invest

primarily

in

income-producing

real

estate

or

real

estate

related

loans

or

interests

(such

as

mortgages).

Certain

distributions

received

from

REITs

will

be

reclassified

to

realized

gains

or

return

of

capital

as

estimated

by

the

Funds

based

on

calendar

year-end

information

as

it

becomes

known

or

available.

Investment

Companies:

Open-End

Funds:

The

Funds

may

invest

in

portfolios

of

open-end

investment

companies.

These

investment

companies

value

securities

in

their

portfolios

for

which

market

quotations

are

readily

available

at

their

market

values

(generally

the

last

reported

sale

price)

and

all

other

securities

and

assets

at

their

fair

value

by

the

methods

established

by

the

board

of

directors

of

the

underlying

funds.

Special

Purpose

Acquisition

Companies

("SPAC"):

The

Funds

may

invest

in

stock,

warrants

and

other

securities

of

SPACs.

A

SPAC

typically

is

a

publicly

traded

company

that

raises

funds

through

an

initial

public

offering

("IPO")

for

the

purpose

of

acquiring

or

merging

with

another

company

to

be

identified

subsequent

to

the

SPAC's

IPO.

If

the

Fund

purchases

shares

of

a

SPAC

in

an

IPO

it

generally

will

bear

a

sales

commission,

which

may

be

significant.

The

securities

of

a

SPAC

are

often

issued

in

"units"

that

include

one

share

of

common

stock

and

one

right

or

warrant

(or

partial

right

or

warrant)

conveying

the

right

to

purchase

additional

shares

or

partial

shares.

Unless

and

until

a

transaction

is

completed,

a

SPAC

generally

invests

its

assets

(less

a

portion

retained

to

cover

expenses)

in

U.S.

government

securities,

money

market

funds

and

similar

investments

whose

returns

or

yields

may

be

significantly

lower

than

those

of

the

Funds'

other

investments.

If

an

acquisition

or

merger

that

meets

the

requirements

for

the

SPAC

is

not

completed

within

a

pre-established

period

of

time,

the

invested

funds

are

returned

to

the

SPAC's

shareholders,

less

certain

permitted

expenses,

and

any

rights

or

warrants

issued

by

the

SPAC

will

expire

worthless.

Derivative

Instruments:

Foreign

Exchange

Currency

Contracts:

The Funds

may

enter

into

foreign

exchange

currency

contracts

to

convert

U.S.

dollars

to

and

from

various

foreign

currencies.

A

foreign

exchange

currency

contract

is

an

obligation

by the

Funds

to

purchase

or

sell

a

specific

currency

at

a

future

date

at

a

price

(in

U.S.

dollars)

set

at

the

time

of

the

contract.

The

Funds

do

not

engage

in

"cross-currency"

foreign

exchange

contracts

(i.e.,

contracts

to

purchase

or

sell

one

foreign

currency

in

exchange

for

another

foreign

currency).

The

Funds'

foreign

exchange

currency

contracts

might

be

considered

spot

contracts

(typically

a

contract

of

one

week

or

less)

or

forward

contracts

(typically

a

contract

term

over

one

week).

A

spot

contract

is

entered

into

for

purposes

of

hedging

against

foreign

currency

fluctuations

relating

to

a

specific

portfolio

transaction,

such

as

the

delay

between

a

security

transaction

trade

date

and

settlement

date.

Forward

contracts

are

entered

into

for

purposes

of

hedging

portfolio

holdings

or

concentrations

of

such

holdings.

Each

foreign

exchange

currency

contract

is

adjusted

daily

by

the

prevailing

spot

or

forward

rate

of

the

underlying

currency,

and

any

appreciation

or

depreciation

is

recorded

for

financial

statement

purposes

as

unrealized

until

the

contract

settlement

date,

at

which

time

the

Funds

record

realized

gains

or

losses

equal

to

the

difference

between

the

value

of

a

contract

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed. The

Funds

could

be

exposed

to

risk

if

a

counterparty

is

unable

to

meet

the

terms

of

a

foreign

exchange

currency

contract

or

if

the

value

of

the

foreign

currency

changes

unfavorably.

In

addition,

the

use

of

foreign

exchange

currency

contracts

does

not

eliminate

fluctuations

in

the

underlying

prices

of

the

securities.

The

Funds

enter

into

foreign

exchange

currency

contracts

solely

for

spot

or

forward

hedging

purposes,

and

not

for

speculative

purposes

(i.e.,

the

Funds

do

not

enter

into

such

contracts

solely

for

the

purpose

of

earning

foreign

currency

gains).

As

of December

31,

2025,

the

Funds

had

no

open

forward

foreign

exchange

currency

contracts.

Investment

Transactions

and

Related

Income:

Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

Interest

income

is

determined

on

the

basis

of

coupon

interest

accrued

and

recorded

daily

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

QUANTITATIVE

INFORMATION

ABOUT

LEVEL

FAIR

VALUE

MEASUREMENTS

Assets

Fair

Value

at

December

31,

2025

Valuation

Technique

Significant

Unobservable

Input(s)

Input

Value

Warrants

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

$16,415

Black-Scholes

(adjusted)

Liquidity

Discount(a)

15%

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

of

premiums

or

accretion

of

discounts. Dividend

income

is

recorded

on

the

ex-dividend

date.

Non-cash

dividends

included

in

income,

if

any,

are

recorded

at

the

fair

value

of

the

securities

received. Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

Withholding

taxes

on

interest,

dividends,

and

gains

as

a

result

of

certain

investments

by

the

Funds

have

been

provided

for

in

accordance

with

each

investment's

applicable

country's

tax

rules

and

rates.

Securities

Lending:

The

Funds, through

a Securities

Lending

Agreement with

Citibank,

N.A.

("Citibank"), may

lend

their

securities

to

qualified

financial

institutions,

such

as

certain

broker-dealers

and

banks,

to

earn

additional

income,

net

of

income

retained

by

Citibank.

Borrowers

are

required

to

initially

secure

their

loans for

collateral

in

the

amount

of

at

least

102%

of

the

value

of

U.S.

securities

loaned

or

at

least

105%

of

the

value

of

non-U.S.

securities

loaned,

marked-to-market

daily.

Any

collateral

shortfalls

associated

with

increases

in

the

valuation

of

the

securities

loaned

are

generally

cured the

next

business

day.

The

collateral

can

be

received

in

the

form

of

cash

collateral

and/or

non-cash

collateral.

Non-

cash

collateral

can

include

U.S.

Government

Securities and

other

securities

as

permitted

by

Securities

and

Exchange

Commission

("SEC")

guidelines.

The

cash

collateral

is

invested

in

short-term

instruments

or

cash

equivalents,

primarily

open-end

investment

companies,

as

noted

on

the

Funds'

Schedules

of

Portfolio

Investments.

The

Funds

effectively

do not

have

control

of

the

non-cash

collateral

and

therefore

it

is

not

disclosed

on

the

Funds'

Schedules

of

Portfolio

Investments.

Collateral

requirements

are

determined

daily

based

on

the

value

of

the

Funds'

securities

on

loan

as

of

the

end

of

the prior

business

day.

During

the

time

portfolio

securities

are

on

loan,

the

borrower

will

pay

the

Funds

any

dividends

or

interest

paid

on

such

securities

plus

any

fee

negotiated

between

the

parties

to

the

lending

agreement.

The

Funds

also

earn

a

return

from

the

collateral.

The

Funds

pay

Citibank

various

fees

in

connection

with

the

investment

of

cash

collateral

and

fees

based

on

the

investment

income

received

from

securities

lending

activities.

Securities

lending

income

(net

of

these

fees)

is

disclosed

on

the

Statements

of

Operations.

Loans

are

terminable

upon

demand

and

the

borrower

must

return

the

loaned

securities

within

the

lesser

of

one

standard

settlement

period

or

five

business

days. Although

risk

is

mitigated

by

the

collateral, a

Fund could

experience

a

delay

in

recovering

its

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

In

addition,

there

is

a

risk that

the

value

of

the

short-term

investments

will

be

less

than

the

amount

of

cash

collateral

required

to

be

returned

to

the

borrower.

The

Funds'

agreement

with

Citibank

does

not

include

master

netting

provisions.

Non-cash

collateral

received

by

the

Funds

may

not

be

sold

or

repledged,

except

to

satisfy

borrower

default.

The

following

table

is

a

summary

of

the

Funds'

securities

lending

transactions

as

of

December

31,

2025

(amounts

in

thousands):

Foreign

Currency

Translations:

The

accounting

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Investment

securities

and

other

assets

and

liabilities

of the

Funds

denominated

in

a

foreign

currency

are

translated

into

U.S.

dollars

at

current

exchange

rates.

Purchases

and

sales

of

securities,

income

receipts,

and

expense

payments

are

translated

into

U.S.

dollars

at

the

exchange

rates

on

the

date

of

the

transactions.

The

Funds

do

not

isolate

the

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

on

investments

from

fluctuations

arising

from

changes

in

market

prices

of

securities

held.

Such

fluctuations,

if

any,

are

disclosed

as

Net

change

in

unrealized

appreciation/depreciation

on investment

securities

and

foreign

currency

translations

on

the

Statements

of

Operations.

Realized

gains

or

losses

from

these

fluctuations,

if

any,

are

disclosed

as

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

on

the

Statements

of

Operations.

Federal

Income

Taxes:

Each

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Funds

have

a

tax

year

end

of

December

31. For

the

year

ended

December

31,

2025,

the

Funds

did

not

incur

any

income

tax,

interest,

or

penalties,

and

have

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Funds

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to a

Fund

are

charged

to that

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

RS

Partners

Fund

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

$

4,359

$

—

$

4,442

RS

Value

Fund

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

2,926

—

2,994

Global

Energy

Transition

Fund

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

5,126

—

5,619

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

Income,

expenses

(other

than

class-specific

expenses

such

as

transfer

agent

fees,

state

registration

fees,

printing

fees,

and

12b-1

fees),

and

realized

and

unrealized

gains

or

losses

on

investments

are

allocated

to

each

class

of

shares

based

on

its

relative

net

assets

on

the

date

income

is

earned

or

expenses

and

realized

and

unrealized

gains

and

losses

are

incurred.

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statements

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3. #### Purchases

#### and

#### Sales:
Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

year

ended

December

31,

2025,

were

as

follows

(amounts

in

thousands):

4. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:
Investment

Advisory

Fees:

Investment

advisory

services

are

provided

to

the

Funds

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

Securities

and

Exchange

Commission

("SEC").

VCM

has

entered

into

a

Sub-Advisory

Agreement

with

SailingStone

Capital

Partners

LLC

("SailingStone").

SailingStone

is

responsible

for

providing

day-to-day

investment

advisory

services

to

the

Global

Energy

Transition

Fund,

subject

to

the

oversight

of

the

Board.

Sub-investment

advisory

fees

paid

by

VCM

to

SailingStone

do

not

represent

a

separate

or

additional

expense

to

the

Funds.

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

fees

accrued

daily

and

paid

monthly

at

an

annualized

rate

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund. The

rates

at

which

the

Adviser

is

paid

by

each

Fund

are

included

in

the

table

below.

Amounts

incurred

and

paid

to

VCM

for

the

year ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Investment

advisory

fees.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Funds'

administrator

and

fund

accountant.

Under

the

Administration

and

Fund

Accounting

Agreement,

VCM

is

paid

an

administration

fee

based

on

a

percentage

of

the

average

daily

net

assets

of

the

Trust

and

Victory

Portfolios

II. The

tiered

rates

at

which

VCM

is

paid

by

the

Funds

are

shown

in

the

table

below:

Amounts

incurred

for

the

year

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Administration

fees.

Citi

Fund

Services

Ohio,

Inc.

("Citi"),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Funds

pursuant

to

the

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The Funds

reimburse

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services

and

certain

other

expenses

specifically

allocated

to

the

Funds.

Amounts

incurred

for

the year

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Sub-Administration

fees.

The

Funds

(as

part

of

the

Trust)

have

entered

into

an

agreement

with

the

Adviser

to

provide

compliance

services,

pursuant

to

which

the

Adviser

furnishes

its

compliance

personnel,

including

the

services

of

the

Chief

Compliance

Officer

("CCO"),

and

other

resources

reasonably

necessary

Excluding

U.S.

Government

Securities

Purchases

Sales

RS

Partners

Fund

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

$

369,788

$

346,132

RS

Value

Fund

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

126,827

159,354

RS

Large

Cap

Alpha

Fund

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

225,028

272,003

RS

Investors

Fund

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

85,920

71,858

Global

Energy

Transition

Fund

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

174,067

233,806

Fee

Rate

RS

Partners

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.83%

RS

Value

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.85%

RS

Large

Cap

Alpha

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.50%

RS

Investors

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.00%

Global

Energy

Transition

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.00%

Net

Assets

Up

to

$15

billion

$15

billion

—

$30

billion

Over

$30

billion

0.08%,

plus

0.05%,

plus

0.04%

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

support

staff.

The

funds

in

the

Trust

and

Victory

Portfolios

II,

in

the

aggregate,

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the year

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Compliance

fees.

Transfer

Agency

Fees:

FIS

Investor

Services,

LLC

("FIS")

serves

as

the

Funds'

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the

Trust

pays

FIS

a

fee

for

its

services

and

reimburses

FIS

for

all

of

their

reasonable

out-of-pocket

expenses

incurred

in

providing

these

services.

Amounts

incurred

for

the

year ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Transfer

agent

fees.

Victory

Capital

Transfer

Agency,

Inc.,

an

affiliate

of

the

Adviser,

serves

as

sub-transfer

agent

for

the

Member

Class.

Amounts

incurred

for

the

year ended

December

31,

2025,

if

any,

are

reflected

on

the

Statements

of

Operations

as

Transfer

agent

fees.

Sub-Transfer

Agency

Fees:

The

Funds

have

entered

into

Sub-Transfer

Agency

Agreements

with

financial

intermediaries

that

provide

recordkeeping,

processing,

shareholder

communications

and

other

services

to

customers

of

the

intermediaries

that

hold

positions

in

the

Funds

and

have

agreed

to

compensate

the

intermediaries

for

providing

those

services.

Intermediaries

transact

with

the

Funds

primarily

through

the

use

of

omnibus

accounts

on

behalf

of

their

customers

who

hold

positions

in

the

Funds.

These

services

would

have

been

provided

by

the

Funds'

transfer

agent

and

other

service

providers

if

the

shareholders'

accounts

were

maintained

directly

at

the

Funds'

transfer

agent.

Amounts

incurred

for

the

year ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Sub-Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services,

Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Funds

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust.

Pursuant

to

the

Distribution

and

Service

Plans

adopted

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Distributor

may

receive

a

monthly

distribution

and

service

fee

up

to

the

annual

rate

shown

in

the

table

below:

The

distribution

and

service

fees

paid

to

the

Distributor

may

be

used

by

the

Distributor

to

pay

for

activities

primarily

intended

to

result

in

the

sale

and/or

servicing

of

Class

A,

Class

C,

and

Class

R. Amounts

incurred

for

the

year

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

12b-1

fees.

In

addition,

the

Distributor

is

entitled

to

receive

commissions

in

connection

with sales

of

Class

A. For

the

year

ended

December

31,

2025,

the

Distributor

received

the

following

from

commissions

earned

in

connection with

sales

of

Class

A

(amounts

in

thousands):

Other

Fees:

Citibank

serves

as

the

Funds'

custodian.

The

Funds

pay

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the year

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Custodian

fees.

Sidley

Austin

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with

the

Trust. Under

the

terms

of

the

agreement,

the

Adviser

has

agreed

to

waive

fees

or

reimburse

certain

expenses

to

the

extent

that

ordinary

operating

expenses

incurred

by

certain

classes

of

the

Funds

in

any

fiscal

year

exceed

the

expense

limits

for the

Funds.

Such

excess

amounts

will

be

the

liability

of

the

Adviser.

Acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Funds'

business

are

excluded

from

the

expense

limits.

As

of

December

31,

2025,

the

expense

limits

(excluding

voluntary

waivers) were

as

follows:

Class

A

Class

C

Class

R

RS

Partners

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

N/A

0.50%

RS

Value

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

N/A

RS

Large

Cap

Alpha

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

N/A

RS

Investors

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

N/A

Global

Energy

Transition

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

N/A

Amount

RS

Partners

Fund

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

$

RS

Value

Fund

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

RS

Large

Cap

Alpha

Fund

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

RS

Investors

Fund

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

Global

Energy

Transition

Fund

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

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

![](epub597421360939008.jpg)

Under

the

terms

of

the

expense

limitation agreement, the Funds

have

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to

three

years

(thirty-six

(36) months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense

limits

in

effect

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

recoupment,

after

giving

effect

to

the

recoupment

amount.

The

Funds

have

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

December

31,

2025. For

the

year ended

December

31,

2025,

the

following

recoupment

amounts

were

paid

to

the

Adviser

(amounts

in

thousands):

\*&nbsp;&nbsp;&nbsp;&nbsp;

Rounds

to

less

than

$1

thousand.

As

of December

31,

2025,

the

following amounts

in

the

table

below

represent

the

fiscal

year-end

in

which

the

36-month

recoupment

period

expires.

These

amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

The

Adviser

may

voluntarily

waive

or

reimburse

additional

fees and

expenses

or

make

other

payments

to

assist

the

Funds

in

maintaining

competitive

expense

ratios. Except

as

noted

above,

voluntary

waivers

and

reimbursements

applicable

to

the

Funds

are

not

available

to

be

recouped

at

a

future

time.

There

were

no

voluntary

waivers

or

reimbursements

for

the year

ended

December

31,

2025. Certain

officers

and/or

interested

trustees

of

the

Funds

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

legal

counsel,

and

Distributor.

5. #### Risks:
The

following

describes

the

principal

risks

that

you

may

assume

as

an

investor

in

each

Fund. Each

Fund's

prospectus

contains

unaudited

information

regarding

the

Fund's

principal

risks.

Please

refer

to

that

document

when

considering

the

Fund's

principal

risks.

The

Funds

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

In

effect

until

April

30,

2026

Class

A

Class

C

Class

R

Class

R6

Class

Y

Member

Class

RS

Partners

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.33%

N/A

1.69%

0.89%

0.94%

1.13%

RS

Value

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.30%

2.07%

N/A

N/A

1.06%

N/A

RS

Large

Cap

Alpha

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.89%

1.69%

N/A

N/A

0.68%

N/A

RS

Investors

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.33%

2.07%

N/A

N/A

1.05%

N/A

Global

Energy

Transition

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.48%

2.28%

N/A

N/A

1.15%

N/A

Amount

RS

Partners

Fund

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

$

RS

Value

Fund

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

RS

Large

Cap

Alpha

Fund

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

Global

Energy

Transition

Fund

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

—\*

December

31,

2026

December

31,

2027

December

31,

2028

Total

RS

Partners

Fund

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

$

$

$

$

1,065

RS

Value

Fund

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

RS

Large

Cap

Alpha

Fund

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

RS

Investors

Fund

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

562

Global

Energy

Transition

Fund

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

639

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

![](epub597421360939009.jpg)

Equity

Securities

Risk

—

The

values

of

the

equity

securities

in

which

the

Funds

invest

may

decline

in

response

to

developments

affecting

individual

companies

and/or

general

market

economic,

and

political

conditions,

and

other

factors. A

company's

earnings

or

dividends

may

not

increase

as

expected

due

to

poor

management

decisions,

competitive

pressures,

breakthroughs

in

technology,

reliance

on

suppliers,

labor

problems

or

shortages,

corporate

restructurings,

fraudulent

disclosures,

natural

disasters,

military

confrontations,

war,

terrorism,

public

health

crises,

or

other

events,

conditions,

and

factors.

Price

changes

may

be

temporary

or

may

last

for

extended

periods.

General

Market

Risk

—

Overall

market

risks

may

affect

the

value

of

the

Fund(s).

Domestic

and

international

factors

such

as

political

events,

war,

terrorism,

trade

disputes,

inflation

rates,

interest

rate

levels,

and

other

fiscal

and

monetary

policy

changes;

cybersecurity

incidents,

pandemics,

and

other

public

health

crises,

imposition

of

tariffs,

sanctions

against

a

particular

foreign

country,

its

nationals,

businesses,

or

industries;

and

related

geopolitical

events,

as

well

as

environmental

disasters

such

as

earthquakes,

fires,

and

floods,

or

other

catastrophes,

may

add

to

instability

in

global

economies

and

markets

generally,

and

may

lead

to

increased

market

volatility.

Global

economies

and

financial

markets

are

highly

interconnected,

which

increases

the

possibility

that

conditions

in

one

country

or

region

might

adversely

affect

issuers

in

another

country

or

region.

The

impact

of

these

and

other

factors

may

be

short-term

or

may

last

for

extended

periods.

Smaller-Capitalization

Stock

Risk

—

Small-

and

mid-sized

companies

are

subject

to

a

number

of

risks

not

associated

with

larger,

more

established

companies,

potentially

making

their

stock

prices

more

volatile

and

increasing

the

risk

of

loss.

Smaller

companies

may

have

limited

markets,

product

lines,

or

financial

resources

and

lack

management

experience

and

may

experience

higher

failure

rates

than

larger

companies.

Limited

Portfolio

Holdings Risk

—To

the

extent

the

Fund(s)

invest assets

in

a

more

limited

number

of

issuers

than

many

other

funds,

a

decline

in

the

market

value

of

a

particular

security

may

affect

the

Fund's

(or

Funds')'

value

more

than

if

the

Fund(s)

invested

in

a

larger

number

of

issuers.

Natural

Resources

Investment

Risk

—

Investment

in

companies

in

natural

resources

industries

(including

those

in

the

energy

sector)

can

be

significantly

affected

by

(often

rapid)

changes

in

supply

of,

or

demand

for,

various

natural

resources.

They

may

also

be

affected

by

changes

in

energy

prices,

international

political

and

economic

developments,

environmental

incidents,

energy

conservation,

the

success

of

exploration

projects,

changes

in

commodity

prices,

and

tax

and

other

government

regulations.

For

example,

the

pandemic

has

drastically

reduced

the

demand

for

various

natural

resources

and

has

drastically

increased

the

price

volatility

of

natural

resources

and

companies

within

the

natural

resources

industry.

An

extended

period

of

reduced

(or

negative)

prices

may

significantly

lengthen

the time

that

companies

within

the

natural

resources

industries

would

need

to

recover

after

a

stabilization

of

prices.

Investments

in

interests

in

gas

or

mineral

exploration

or

development

programs,

including

pipelines,

may

be

held

through

master

limited

partnerships,

which

are

generally

subject

to

many

of

the

risks

that

apply

to

partnerships

and

may

also

be

subject

to

certain

tax

risks.

Sector Focus

Risk

—

To

the

extent

the

Fund(s)

focus

in

one

or

more

sectors,

such

as

the

financials

sector,

materials

sector,

or

energy

sector, market

or

economic

factors

impacting

those

sectors

could

have

a

significant

effect

on

the

value

of

the

Fund's

(or

Funds')

investments

and

could

make

the

Fund's

(or

Funds')

performance

more

volatile.

Financials Sector Risk

—

Companies

in

the

financials

sector

are

subject

to

extensive

government

regulation,

which

may

limit

both

the

amounts

and

types

of

loans

and

other

financial

commitments

that

companies

in

this

sector

can

make,

and

the

interest

rates

and

fees

that

these

companies

can

charge.

Profitability

can

be

largely

dependent

on

the

availability

and

cost

of

capital

and

the

rate

of

corporate

and

consumer

debt

defaults,

and

can

fluctuate

significantly

when

interest

rates

change.

Financial

difficulties

of

borrowers

can

negatively

affect

the

financials

sector.

Insurance

companies

can

be

subject

to

severe

price

competition.

The

financials

sector

can

be

subject

to

relatively

rapid

change

as

dis-

tinctions

between

financial

service

segments

become

increasingly

blurred.

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

Materials

Sector

Risk

—

Companies

in

the

materials

sector

may

be

adversely

affected

by

the

level

and

volatility

of

commodity

prices,

ex-

change

rates,

import

controls,

increased

competition,

environmental

policies,

consumer

demand,

and

events

occurring

in

nature.

For

instance,

natural

events

(such

as

earthquakes,

hurricanes,

or

fires

in

prime

natural

resource

areas)

and

political

events

(such

as

government

instability

or

military

confrontations)

can

affect

the

value

of

companies

involved

in

business

activities

in

the

materials

sector.

Performance

of

such

compa-

nies

may

be

affected

by

factors

including,

among

others,

that

at

times

worldwide

production

of

industrial

materials

has

exceeded

demand

as

a

result

of

over-building

or

economic

downturns,

leading

to

poor

investment

returns

or

losses.

Other

risks

may

include

liabilities

for

environ-

mental

damage

and

general

civil

liabilities,

depletion

of

resources,

and

mandated

expenditures

for

safety

and

pollution

control.

The

materials

sector

may

also

be

affected

by

economic

cycles,

rising

interest

rates,

high

inflation,

technical

progress,

labor

relations,

legislative

or

regulatory

changes,

local

and

international

politics,

and

adverse

market

conditions.

Energy

Sector

Risk

—

Companies

operating

in

the

energy

sector

may

be

cyclical

and

highly dependent

on

energy

prices.

They

may

be

ad-

versely

impacted

by

general

economic

conditions,

worldwide

demand,

political

instability

in

the

regions

that

the

companies

operate,

govern-

ment

regulation

stipulating

rates

charged

by

utilities,

interest

rate

sensitivity,

oil

and

other

energy

price

volatility,

energy

conservation

efforts,

environmental

policies,

depletion

of

resources,

the

cost

of

providing

the

specific

utility

services,

and

other

factors

that

they

cannot

control.

Companies

in

this

sector

may

be

subject

to

substantial

government

regulation

and

contractual

fixed

pricing.

In

addition,

these

companies

are

at

risk

of

civil

liability

from

accidents

resulting

in

injury,

loss

of

life

or

property,

pollution

or

other

environmental

damage

claims,

and

risk

of

loss

from

terrorism

and

natural

disasters.

6. #### Borrowing

#### and

#### Interfund

#### Lending:
Line

of

Credit:

The

Victory

Funds

Complex

participates

in

a

short-term

demand

note

"Line

of

Credit"

agreement

with

Citibank.

Under

the

agreement

with

Citibank,

the funds in

the

Trust,

Victory

Portfolios

II,

and

Victory

Portfolios

III

(collectively,

the

"Victory

Funds

Complex"),

in

the

aggregate, may

borrow

up

to

$600

million,

of

which

$300

million

is

committed

and

$300

million

is

uncommitted.

$40

million

of

the

Line

of

Credit

is

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the year

ended

December

31,

2025,

Citibank

received

an

annual

commitment

fee

of

0.15%

on

$300

million

for

providing

the

Line

of

Credit.

Each

Fund

in

the

Victory

Funds

Complex

paid

a

pro-rata

portion

of

the

commitment

fees

plus

any

interest

on

amounts

borrowed.

Interest

is

based

on

the

one-month Secured

Overnight

Financing

Rate

plus

1.10 percent.

Effective

June

24,

2025,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Dedicated

portions

to

the

Victory

Floating

Rate

Fund

have

been

removed,

making

the

entire

Line

of

Credit

(committed

and

uncommitted)

available

to

all

Funds.

Interest

charged

to each

Fund during

the

period,

if

applicable,

is

reflected

on

the

Statements

of

Operations

under

Line

of

credit

fees.

The

Funds

had

no

borrowings

under the

Line

of

Credit

agreement

during

the

year

ended

December

31,

2025. Interfund

Lending:

The

Trust

and

the

Adviser

rely

on

an

exemptive

order

granted

by

the

SEC

in

March

2017

(the

"Order"),

permitting

the

establishment

and

operation

of

an

Interfund

Lending

Facility

(the

"Facility").

The

Facility

allows

each

Fund

to

directly

lend

and

borrow

money

to

or

from

any

other

fund

in

the

Victory

Funds

Complex

that

is

permitted

to

participate

in

the

Facility,

relying

upon

the

Order

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Advances

under

the

Facility

are

allowed

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

each

Fund's

borrowing

restrictions.

The

interfund

loan

rate

is

determined,

as

specified

in

the

Order,

by

averaging

the

current

repurchase

agreement

rate

and

the

current

bank

loan

rate.

As

a

Borrower

(as

defined

in

the

Order),

interest

charged

to

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending

fees.

As

a

Lender

(as

defined

in

the

Order),

interest

earned

by

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending.

The

Funds

did

not

utilize

or

participate

in

the

Facility

during

the

year

ended

December

31,

2025. 7. #### Federal

#### Income

#### Tax

#### Information:
Dividends

from

net

investment

income,

if

any,

are

declared

and

paid

as

noted

in

the

table

below.

Distributable

net

realized

gains,

if

any,

are

declared

and

distributed

at

least

annually

from

each

Fund.

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

"book/tax"

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification,

utilized

earnings

and

profits

distributions

to

shareholders

on

Declared

Paid

RS

Partners

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

RS

Value

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

RS

Large

Cap

Alpha

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

RS

Investors

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Global

Energy

Transition

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

redemption

of

shares

as

part

of

the

dividends

paid

deduction

for

income

tax

purposes),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Funds

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statements

of

Assets

and

Liabilities.

As

of

December

31,

2025,

on

the

Statements

of

Assets

and

Liabilities,

as

a

result

of

permanent

book-to-tax

differences,

reclassification

adjustments

were

as

follows

(amounts

in

thousands):

The

tax

character

of

distributions

paid

during

the

tax

years

ended,

as

noted

below,

were

as

follows

(total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because,

for

tax

purposes,

dividends

are

recognized

when

actually

paid)

(amounts

in

thousands):

As

of

December

31,

2025,

the

components

of

accumulated

earnings

(loss)

on

a

tax

basis

were

as

follows

(amounts

in

thousands):

\*

Qualified

late-year

losses

are

comprised

of

post-October

capital

losses

incurred

after

October

and

certain

late-year

ordinary

losses.

Late-

year

ordinary

losses

represent

ordinary

losses

incurred

after

December

and

specified

losses

incurred

after

October

31. These

losses

are

deemed

to

arise

on

the

first

day

of

the

Fund's

next

taxable

year.

\*\*

The

difference

between

the

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

is

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

passive

foreign

investment

company

adjustments,

and

partnership

basis

adjustments.

As

of December

31,

2025,

the

Funds

had

net

capital

loss

carryforwards

as

shown

in

the

table

below

(amounts

in

thousands).

It

is

unlikely

that

the

Board

will

authorize

a

distribution

of

capital

gains

realized

in

the

future

until

the

capital

loss

carryforwards

have

been

used.

Total

Accumulated

Earnings

(Loss)

Capital

RS

Partners

Fund

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

$

(1,999)

$

1,999

RS

Value

Fund

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

(1,034)

1,034

RS

Large

Cap

Alpha

Fund

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

(3,906)

3,906

Global

Energy

Transition

Fund

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

(2) Year

Ended

December

31,

2025

Distributions

Paid

From:

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions

Paid

RS

Partners

Fund

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

$

3,435

$

25,515

$

28,950

RS

Value

Fund

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

3,436

17,185

20,621

RS

Large

Cap

Alpha

Fund

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

6,455

49,496

55,951

RS

Investors

Fund

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

706

2,879

3,585

Global

Energy

Transition

Fund

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

19,940

—

19,940

Year

Ended

December

31,

2024

Distributions

Paid

From:

Ordinary

Income

Net

Long-

Term

Capital

Gains

Total

Distributions

Paid

RS

Partners

Fund

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

$

6,421

$

23,394

$

29,815

RS

Value

Fund

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

1,35

23,74

25,09

RS

Large

Cap

Alpha

Fund

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

10,902

59,292

70,194

RS

Investors

Fund

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

5,389

5,731

Global

Energy

Transition

Fund

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

5,940

—

5,940

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Earnings

(Loss)

Other

Earnings

(Loss)

Accumulated

Capital

and

Other

Losses

Qualified

Late-Year

Losses\*

Unrealized

Appreciation

(Depreciation)\*\*

Total

Accumulated

Earnings

(Loss)

RS

Partners

Fund

.....

$

—

$

5,219

$

5,219

$

—

$

—

$

—

$

96,058

$

101,277

RS

Value

Fund

.......

4,091

4,129

—

—

—

42,470

46,599

RS

Large

Cap

Alpha

Fund

6,181

13,386

19,567

—

—

—

148,953

168,520

RS

Investors

Fund

....

—

1,255

1,255

—

—

(2) 12,535

13,788

Global

Energy

Transition

Fund

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

19,085

—

19,085

(1) (1,681,382)

—

150,312

(1,511,986)

Short-Term

Amount

Long-Term

Amount

Total

Global

Energy

Transition

Fund

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

$

—

$

(1,681,382)

$

(1,681,382)

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

During

the

tax

year

ended

December

31,

2025,

the

following

Funds

utilized

capital

loss

carryforwards

(amounts

in

thousands):

As

of December

31,

2025,

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation,

and

net

unrealized

appreciation

(depreciation)

for

investments were

as

follows

(amounts

in

thousands):

In

this

reporting

period,

the

Funds

adopted

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Update

2023-09,

"Income

Taxes

(Topic

740)

Improvements

to

Income

Tax

Disclosures"

("ASU

2023-09").

Adoption

of

the

new

standard

by

the

Funds

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Funds'

financial

position

or

results

of

operations.

A

disaggregation

of

income

taxes

paid

by

jurisdiction

is

presented

when

significant

income

taxes

are

paid.

Income

taxes

paid

by

the

Funds

for

the

year

ended

December

31,

2025 were

determined

to

not

be

significant.

8. #### Affiliated

#### Securities:
An

affiliated

security

is

a

security

in

which

a

Fund

has

ownership

of

at

least

5%

of

the

security's

outstanding

voting

shares,

an

investment

company

managed

by

VCM,

or

an

issuer

under

common

control

with

a

Fund

or

VCM. The

Funds

do

not

invest

in

affiliated

securities

for

the

purpose

of

exercising

management

or

control.

These

securities

are

noted

as

affiliated

on

a

Fund's

Schedule

of

Portfolio

Investments.

Section

12(d)(3)

of

the

1940

Act,

and

Rule

12d3-1(c)

under

the

1940

Act,

generally

prohibit

a

fund

from

purchasing

the

securities

issued

by,

among

other

entities,

a

fund's

investment

adviser.

When

a

fund's

investment

objective

is

to

track

the

performance

of

an

unaffiliated

index

by

investing

in

the

stocks

that

comprise

that

index,

the

staff

of

the

SEC

has

taken

the

position

that,

subject

to

certain

conditions,

the

fund

may

establish

and

maintain

a

position

in

the

common

stock

of

an

affiliate

of

the

fund's

investment

adviser

in

an

amount

approximately

in

proportion

to

the

percentage

that

the

stock

is

represented

in

the

index.

In

seeking

to

provide

investment

results

that

closely

correspond

to

its

respective

unaffiliated

index,

one

or

more

Funds

may

hold

the

securities

of

Victory

Capital

Holdings,

Inc.,

the

parent

company

of

VCM

and

other

Fund

service

providers.

Transactions

in

affiliated

securities

during

the

year

ended

December

31,

2025,

were

as

follows

(amounts

in

thousands,

except

shares):

9. #### Segment

#### Reporting:
The

Adviser's

Management

Committee acts

as

each

Fund's

Chief

Operating

Decision

Maker

("CODM").

Each

Fund

represents

a

single

operating

segment,

as

the

CODM

monitors

the

operating

results

of

each

Fund

as

a

whole

and

the

Fund's

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

Fund's

single

investment

objective.

The

financial

information

in

the

form

of

the

Funds'

portfolio

composition,

total

returns,

expense

ratios,

and

changes

in

net

assets,

which

are

used

by

the

CODM

to

assess

the

segment's

performance

versus

each

Fund's

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund's

single

segment,

is

consistent

with

that

presented

within

each

Fund's

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

Statements

of

Assets

and

Liabilities

as

"total

assets"

and

significant

segment

expenses

are

listed

on

the

accompanying

Statements

of

Operations.

Amount

Global

Energy

Transition

Fund

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

$

(44,267)

Cost

of

Investments

for

Federal

Tax

Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

RS

Partners

Fund

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

$

466,175

$

120,287

$

(24,229)

$

96,058

RS

Value

Fund

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

202,955

52,181

(9,711)

42,470

RS

Large

Cap

Alpha

Fund

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

383,211

153,627

(4,674)

148,953

RS

Investors

Fund

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

66,043

14,206

(1,671)

12,535

Global

Energy

Transition

Fund

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

304,306

190,099

(39,787)

150,312

Fair

Value

12/31/2024

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

12/31/2025

Shares

Dividend

Income

Capital

Gain

Distributions

Global

Energy

Transition

Fund

Compass

Minerals

International,

Inc.

.......

$

33,430

$

9,721

$

(13,100)

$

$

30,368

$

60,632

3,087,169

$

—

$

—

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

and

Board

of

Trustees

of

Victory

Portfolios

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

portfolio

investments,

of

Victory

RS

Partners

Fund,

Victory

RS

Value

Fund,

Victory

RS

Large

Cap

Alpha

Fund,

Victory

RS

Investors

Fund,

and

Victory

Global

Energy

Transition

Fund

(the

"Funds"),

each

a

series

of

Victory

Portfolios,

as

of

December

31,

2025,

the

related

statements

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

each

of

the

Funds

as

of

December

31,

2025,

the

results

of

their

operations

for

the

year

then

ended,

the

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025,

by

correspondence

with

the

custodian,

brokers

and

issuers;

when

replies

were

not

received

from

brokers

or

issuers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

investment

companies

advised

by

Victory

Capital

Management

Inc.

since

2015. COHEN

&

COMPANY,

LTD.

Cleveland,

Ohio

February

20,

2026

Supplemental

Information

December

31,

2025

Victory

Portfolios

(Unaudited)

Additional

Federal

Income

Tax

Information

For

the

fiscal

year

ended

December

31,

2025,

the

Funds

hereby

designate

the

maximum

amount

allowable

of

their

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

Shareholders

will

be

notified

via

IRS

Form

1099

of

the

amounts

for

use

in

preparing

their

income

tax

return.

Dividends

qualified

for

corporate

dividends

received

deductions

of:

For

the

year

ended

December

31,

2025,

the

following

Funds

designated

short-term

capital

gain

distributions

in

the

amount

of

(in

thousands):

For

the

year

ended

December

31,

2025,

the

following

Funds

designated

long-term

capital

gain

distributions

in

the

amount

of

(in

thousands):

The

following

Funds

intends

to

elect

to

pass

through

to

shareholders

the

income

tax

credit

for

taxes

paid

to

foreign

countries.

Foreign

source

income

and

foreign

tax

expense

per

shares

outstanding

on

December

31,

2025,

were

as

follows:

Percent

RS

Partners

Fund

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

100%

RS

Value

Fund

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

100%

RS

Large

Cap

Alpha

Fund

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

68%

RS

Investors

Fund

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

94%

Global

Energy

Transition

Fund

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

2%

Amount

RS

Value

Fund

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

$

1,592

RS

Large

Cap

Alpha

Fund

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

1,416

RS

Investors

Fund

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

Amount

RS

Partners

Fund

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

$

27,514

RS

Value

Fund

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

18,219

RS

Large

Cap

Alpha

Fund

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

53,471

RS

Investors

Fund

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

2,879

Foreign

Source

Income

Foreign

Tax

Expense

Global

Energy

Transition

Fund

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

$

0.35 $

0.06 Victory

Portfolios

(Unaudited)

Supplemental

Information

—

continued

December

31,

2025

Considerations

of

the

Board

in

Continuing

the

Investment

Advisory

Agreements

The

Board

approved

the

investment

advisory

agreements

with

the

Adviser,

on

behalf

of

each

applicable

Fund

(the

"Advisory

Agreements"),

and

the

sub-advisory

agreement

between

SailingStone

Capital

Partners

LLC

(the

"Sub-Adviser")

and

the

Adviser,

on

behalf

of

the

Victory

Global

Energy

Transition

Fund

(the

"Sub-Advisory

Agreement"

and

together

with

the

Advisory

Agreement,

the

"Agreements"),

at

a

meeting,

which

was

called

for

that

purpose,

on

December

4,

2025. The

Board

also

considered

information

relating

to

the

Funds

and

the

Agreements

provided

throughout

the

year

and,

more

specifically,

at

the

meetings

on

October

21,

2025

and

December

4,

2025. In

considering

whether

to

approve

the

Agreements,

the

Board

requested

from

the

Adviser

and

Sub-Adviser

certain

information

concerning

the

Funds

to

assist

it

in

evaluating

the

terms

of

the

Agreements.

In

response

to

the

request

from

the

Independent

Trustees,

the

Adviser

and

the

Sub-Adviser

provided

information

and

reports

relevant

to

the

continuation

of

the

Agreements.

The

Board,

including

the

Independent

Trustees,

evaluated

this

information

along

with

other

information

obtained

throughout

the

year

and

was

advised

by

legal

counsel

to

the

Funds

and

independent

legal

counsel

to

the

Independent

Trustees.

The

Board

considered

each

Fund's

advisory

fee,

expense

ratio

and

investment

performance

as

significant

factors

in

determining

whether

the

Agreements

should

be

continued.

The

Board

reviewed

numerous

factors

with

respect

to

each

Fund,

including

the

services

to

be

provided

by

the

Sub-Adviser

for

the

Victory

Global

Energy

Transition

Fund.

In

considering

whether

the

compensation

paid

to

the

Adviser

was

fair

and

reasonable,

the

Board

also

evaluated,

among

other

things,

the

following

factors:

The

requirements

of

the

Funds

for

the

services

provided

by

the

Adviser;

The

nature,

quality

and

extent

of

the

services

provided

and

expected

to

be

provided;

The

performance

of

the

Funds

as

compared

to

comparable

funds;

The

fees

payable

for

the

services

and

whether

the

fee

arrangements

provided

for

economies

of

scale

that

would

benefit

Fund

shareholders

as

the

Funds

grow

(acknowledging

that

economies

of

scale

can

be

complex

to

assess

and

typically

are

not

directly

measurable)

and

whether

additions

of

or

revisions

to

breakpoints

would

be

appropriate;

Whether

the

fee

would

be

sufficient

to

enable

the

Adviser

to

attract

and

retain

experienced

personnel

and

continue

to

provide

quality

services

to

the

Funds;

The

fees

paid

by

other

clients

of

the

Adviser

whose

accounts

are

managed

in

a

similar

investment

style

and

any

differences

in

the

services

provided

to

the

other

clients

compared

to

those

provided

to

the

Funds;

The

total

expenses

of

each

Fund;

Management's

commitment

to

operating

the

Funds

at

competitive

expense

levels;

The

profitability

of

the

Adviser

(as

reflected

by

comparing

fees

earned

against

an

estimate

of

the

Adviser's

costs)

with

respect

to

the

Adviser's

relationship

with

the

Funds;

Research

and

other

service

benefits

received

by

the

Adviser

obtained

through

payment

of

client

commissions

for

securities

transactions;

Other

benefits

received

by

the

Adviser,

and

its

affiliates,

including

revenues

paid

to

the

Adviser,

or

its

affiliates,

by

the

Funds

for

administration

and

fund

accounting

services,

shareholder

services

and

distribution;

The

capabilities

and

financial

condition

of

the

Adviser;

Current

economic

and

industry

trends;

and

The

historical

relationship

between

each

Fund

and

the

Adviser.

In

considering

whether

the

compensation

paid

to

the

Sub-Adviser

for

the

Victory

Global

Energy

Transition

Fund

was

fair

and

reasonable,

the

Board

also

evaluated,

among

other

things,

the

following

factors:

The

requirements

of

the

Fund

for

the

services

provided

by

the

Sub-Adviser;

The

nature,

quality

and

extent

of

the

services

provided

and

expected

to

be

provided;

The

fees

payable

for

the

services;

Representations

by

the

Adviser

that

the

sub-advisory

fee

for

the

Fund

is

within

the

range

of

fees

agreed

to

in

the

market

for

similar

services;

Whether

the

fee

would

be

sufficient

to

enable

the

Sub-Adviser

to

attract

and

retain

experienced

personnel

and

continue

to

provide

quality

services

to

the

Fund;

Management's

commitment

to

operating

the

Fund

at

competitive

expense

levels;

Research

and

other

service

benefits

received

by

the

Sub-Adviser

obtained

through

payment

of

client

commissions

for

securities

transactions;

Other

benefits

received

by

the

Sub-Adviser

as

a

result

of

its

sub-advisory

relationship

with

the

Fund;

The

capabilities

and

financial

condition

of

the

Sub-Adviser;

The

nature,

quality

and

extent

of

the

oversight

and

compliance

services

provided

by

the

Adviser;

Current

economic

and

industry

trends;

and

The

historical

relationship

between

the

Fund

and

the

Sub-Adviser.

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

The

Board

reviewed

each

Fund's

gross

management

fee,

comprised

of

the

advisory

fee

plus

the

administrative

services

fee

paid

to

the

Adviser,

in

the

context

of

the

Adviser's

business

and

services

with

respect

to

each

Fund

individually

and

with

respect

to

all

the

funds

as

a

whole.

The

Board

retained

an

independent,

third-party

consultant

to

provide

comparative

information

about

fees,

expenses

and

performance,

and

to

design

and

maintain

a

database

of

relevant

information

designed

to

assist

the

Board

in

retrieving

and

analyzing

comparative

information.

The

Board

considered

information,

analyses

and

methodologies

provided

by

the

consultant.

The

Board

compared

each

Fund's

gross

management

fee

and

total

operating

expense

ratio

on

a

net

and

gross

basis

with

the

median

gross

management

fee

and

median

expense

ratio

of

a

universe

of

comparable

mutual

funds

compiled

by

the

consultant,

and

a

peer

group

of

funds

selected

by

that

consultant

from

the

universe.

The

Board

reviewed

the

factors

and

methodology

reflected

in

the

consultant's

analyses

in

the

selection

of

each

Fund's

peer

group,

including

the

consultant's

selection

of

a

broad

universe

of

funds,

the

more

specific

universe

of

comparable

funds,

and

peer

groups

of

funds

with

comparable

investment

strategies

and

asset

levels,

among

other

factors.

The

Board

also

reviewed

any

changes

to

the

consultant's

methodology

as

compared

to

the

prior

year,

including

those

resulting

from

the

Adviser's

input,

if

any.

The

Board

also

reviewed,

where

applicable,

fees

and

other

information

related

to

the

Adviser's

management

of

similarly

managed

institutional

or

private

accounts,

and

the

differences

in

the

services

provided

to

the

other

accounts.

The

Board

noted

that

none

of

the

advisory

fee

arrangements

for

these

Funds

included

breakpoints,

which

would

be

a

structure

that

results

in

reduced

fees

as

a

Fund

grows.

The

Board

also

considered

the

Adviser's

commitment

to

limit

expenses

as

discussed

in

more

detail

below.

As

in

prior

years,

in

evaluating

the

Adviser's

performance,

the

Board

also

considered

how

the

Adviser

addressed

challenges

related

to

changing

market

conditions

and

legal

and

regulatory

developments

affecting

the

Funds.

To

help

it

evaluate

the

fees

and

expenses

of

each

Fund

with

a

total

net

expense

ratio

that

ranked

within

the

fourth

quartile

(most

expensive)

in

relation

to

funds

in

a

peer

group

selected

by

an

independent

third-party

consultant,

the

Board

requested,

and

the

Adviser

provided,

supplemental

information

about

fee

levels

and

the

nature

of

the

services

provided

on

a

Fund-by-Fund

basis

as

described

in

greater

detail

below.

When

a

Fund's

management

fee

or

total

expenses

were

higher

than

those

of

other

funds

in

the

peer

group,

the

Board

considered

factors

that

contributed

to

the

Fund's

management

fee

or

the

Fund's

total

expenses,

including,

among

other

things,

whether

the

Fund

requires

specific

or

specialized

portfolio

management,

administration

or

oversight

needs;

the

size

of

the

Fund's

assets

in

relation

to

its

peers;

whether

the

Fund

has

experienced

sustained

redemptions

leading

to

decreased

assets;

and

the

factors

that

resulted

in,

for

example,

rapid

or

recent

changes

in

expenses.

The

Board

also

considered

the

extent

to

which

the

Adviser

waives

management

fees

and/or

reimburses

any

Fund

for

other

Fund-level

expenses,

including

the

extent

to

which

any

such

waivers

or

reimbursements

were

applied

at

different

rates

for

different

share

classes.

The

Board

asked

for

and

received

information

to

help

it

evaluate

the

process

that

the

Adviser

uses

to

monitor

whether

any

such

waiver

or

reimbursement

resulted

in

any

potential

"cross-subsidization"

of

one

share

class

by

another

share

class.

The

Board

also

reviewed

the

compliance

and

administrative

services

provided

to

the

Funds

by

the

Adviser

and

its

affiliates,

including

the

Adviser's

oversight

of

the

Funds'

day-to-day

operations

and

oversight

of

Fund

accounting,

assistance

in

meeting

legal

and

regulatory

requirements,

and

other

services

necessary

for

the

operation

of

the

Funds

and

the

Trust.

With

respect

to

the

Victory

Global

Energy

Transition

Fund,

the

Board

also

considered

information

concerning

the

fee

paid

to

the

Sub-Adviser

under

the

Sub-Advisory

Agreement.

The

Board

considered

the

relative

roles

and

responsibilities

of

the

Adviser

and

Sub-Adviser

with

respect

to

the

Fund

and

noted

that,

among

other

things:

(1) the

sub-advisory

fees

for

the

Fund

are

paid

by

the

Adviser

and,

therefore,

are

not

a

direct

expense

of

the

Fund;

and

(2) the

Adviser

supervises

the

Sub-Adviser.

The

Board

also

considered

the

Adviser's

representation

that

the

fees

to

be

paid

to

the

Sub-Adviser

are

within

the

range

of

sub-advisory

fees

paid

to

other

sub-advisers

for

similar

services.

The

Board

reviewed

fees

and

other

information

related

to

the

Sub-Adviser's

management

of

similarly

managed

institutional

or

private

accounts,

and

the

differences

in

the

services

provided

to

the

other

accounts.

The

Board

recognized

that

because

the

sub-advisory

fees

are

paid

by

the

Adviser,

any

arrangement

by

the

Sub-Adviser

to

either

increase

or

reduce

its

fee

would

have

no

direct

impact

on

the

Fund

or

its

shareholders.

The

Board

reviewed

each

Fund's

performance

over

one-,

three-,

five-

and

ten-year

periods

(as

applicable)

against

the

performance

of

the

Fund's

selected

peer

group

and

benchmark

index.

The

Board

recognized

that

the

performance

of

the

Funds

and

the

peer

group

funds

are

net

of

expenses,

while

the

performance

of

the

benchmark

index

reflects

gross

returns.

When

a

Fund

underperformed

the

funds

in

its

selected

peer

group

and/or

benchmark

index

for

any

of

the

periods

reported,

the

Board

considered

the

magnitude

and

duration

of

that

underperformance

relative

to

the

selected

peer

group

and/or

benchmark

index

(e.g.,

the

amount

by

which

a

Fund

underperformed,

including,

for

example,

whether

the

Fund

slightly

underperformed

or

significantly

underperformed

its

benchmark

both

in

absolute

and

relative

terms).

For

those

Funds

identified

as

having

underperformed

the

selected

peer

group

and/or

benchmark

index

for

multiple

periods

of

time,

the

Board

further

inquired

into

the

circumstances

of

its

underperformance,

including

with

respect

to

significant

differences

in

investment

strategy

or

securities

exposure

of

the

Fund

as

compared

to

its

benchmark

index

and

selected

peer

group.

In

these

cases,

the

Board

discussed

with

the

Adviser

each

such

Fund's

performance,

potential

reasons

for

the

relative

performance,

and,

if

necessary,

steps

that

the

Adviser

had

taken,

or

intends

to

take,

to

improve

performance,

including,

as

appropriate,

matters

relating

to

staffing

levels,

and

portfolio

trading

strategies,

among

other

things.

When

a

Fund's

gross

management

fee,

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

or

total

net

expenses

ranked

in

the

fourth

quartile

(most

expensive),

the

Board

considered

the

magnitude

of

differences

relative

to

the

selected

peer

group

(e.g.,

the

amount

by

which

a

Fund's

expenses

differed,

including,

for

example,

whether

the

Fund's

fees

and

expenses

were

slightly

or

significantly

higher

as

compared

to

funds

in

its

selected

peer

group).

The

Board

also

considered

the

types

of

expenses

paid

by

the

funds

in

the

Funds'

selected

peer

groups

noting,

for

example,

that

certain

funds

in

the

Funds'

selected

peer

groups

may

not

pay

rule

12b-1

fees,

and

the

changes

in

the

selected

peer

groups

as

compared

to

prior

years.

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

The

Board

also

met

with

the

portfolio

managers

of

the

Funds

during

the

months

prior

to

voting

on

the

contract

renewal

to

discuss

the

Funds'

performance,

and

received

a

report

each

quarter

on

the

Funds'

performance,

among

other

things,

from

the

Adviser's

President

of

Investment

Franchises

&

Solutions

and

Head

of

Product

&

Strategy.

The

Board

also

considered

the

Adviser's

responsiveness

with

respect

to

the

relative

performance.

The

Board

recognized

that

the

performance

data

reflects

a

period

as

of

a

particular

date

and

that

selecting

a

different

performance

period

could

produce

significantly

different

results.

The

Board

further

acknowledged

that

long-term

performance

could

be

affected

by

even

one

period

of

significant

outperformance

or

underperformance.

In

this

regard,

the

Board

noted

that

performance,

especially

short-term

performance,

is

only

one

of

the

factors

that

it

deems

relevant

to

its

consideration

of

the

Advisory

Agreements.

The

Board

reviewed

various

other

specific

factors

with

respect

to

each

Fund,

as

described

below.

In

their

deliberations,

the

Trustees

did

not

rank

the

importance

of

any

particular

information

or

factor

considered

and

each

Trustee

may

have

attributed

different

weights

to

various

factors.

Victory

RS

Partners

Fund

Performance

.

The

Board

compared

the

Fund's

Class

A

performance

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund's

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

outperformed

both

the

benchmark

index

and

the

peer

group

median

for

all

of

the

periods

reviewed.

The

Board

noted

that

the

Adviser

reduced

the

Fund's

management

fee

in

June

2023. Fees

and

Expenses

.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund's

peer

group,

the

Fund's

gross

management

fee

ranked

in

the

third

quartile,

the

Fund's

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

fourth

quartile

(most

expensive)

and

the

Fund's

total

net

expenses

ranked

in

the

third

quartile.

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses

for

certain

classes

of

the

Fund's

shares,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund's

management

fee

compared

to

comparable

mutual

funds;

(2) the

Fund's

total

expense

ratio

compared

to

comparable

mutual

funds;

(3) that

the

Adviser's

willingness

to

limit

the

expenses

of

certain

classes

for

a

period

of

time

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period;

and

(4) any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund's

shareholders.

Victory

RS

Value

Fund

Performance

.

The

Board

compared

the

Fund's

Class

A

performance

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund's

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

underperformed

the

benchmark

index

for

the

one-,

three-

and

ten-year

periods,

matched

the

benchmark

index

for

the

five-year

period,

underperformed

the

peer

group

median

for

the

one-

and

three-year

periods,

and

outperformed

the

peer

group

median

for

the

five-

and

ten-year

periods.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund's

peer

group,

the

Fund's

gross

management

fee

ranked

in

the

fourth

quartile

(most

expensive),

the

Fund's

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

fourth

quartile

(most

expensive)

and

the

Fund's

total

net

expenses

ranked

in

the

fourth

quartile

(most

expensive).

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses

for

certain

classes

of

the

Fund's

shares,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund's

management

fee

compared

to

comparable

mutual

funds;

(2) the

Fund's

total

expense

ratio

compared

to

comparable

mutual

funds;

(3) that

the

Adviser's

willingness

to

limit

the

expenses

of

certain

classes

for

a

period

of

time

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period;

and

(4) any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund's

shareholders.

Victory

RS

Large

Cap

Alpha

Fund

Performance

.

The

Board

compared

the

Fund's

Class

A

performance

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund's

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

outperformed

the

benchmark

index

and

the

peer

group

median

for

the

three-,

five,

and

ten-year

periods,

and

underperformed

against

the

benchmark

index

and

peer

group

median

for

the

one-year

period.

Fees

and

Expenses

.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund's

peer

group,

the

Fund's

gross

management

fee

ranked

in

the

first

quartile

(least

expensive),

the

Fund's

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

second

quartile

and

the

Fund's

total

net

expenses

ranked

in

the

first

quartile

(least

expensive).

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses

for

certain

classes

of

the

Fund's

shares,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period.

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund's

management

fee

compared

to

comparable

mutual

funds;

(2) the

Fund's

total

expense

ratio

compared

to

comparable

mutual

funds;

(3) that

the

Adviser's

willingness

to

limit

the

expenses

of

certain

classes

for

a

period

of

time

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period;

and

(4) any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund's

shareholders.

Victory

RS

Investors

Fund

Performance

.

The

Board

compared

the

Fund's

Class

A

performance

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund's

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

outperformed

the

benchmark

index

for

the

five-

and

ten-year

periods,

underperformed

the

benchmark

index

for

the

one-

and

three-year

periods,

outperformed

the

peer

group

median

for

the

five-year

period,

matched

the

peer

group

median

for

the

three-year

period,

and

underperformed

the

peer

group

median

for

the

one

and

ten-year

periods.

Fees

and

Expenses

.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund's

peer

group,

the

Fund's

gross

management

fee

ranked

in

the

fourth

quartile

(most

expensive),

the

Fund's

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

third

quartile

and

the

Fund's

total

net

expenses

ranked

in

the

third

quartile.

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses

for

certain

classes

of

the

Fund's

shares,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund's

management

fee

compared

to

comparable

mutual

funds;

(2) the

Fund's

total

expense

ratio

compared

to

comparable

mutual

funds;

(3) that

the

Adviser's

willingness

to

limit

the

expenses

of

certain

classes

for

a

period

of

time

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period;

and

(4) any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund's

shareholders.

Victory

Global

Energy

Transition

Fund

Performance

.

The

Board

noted

that

effective

May

1,

2021,

the

Fund

changed

its

principal

investment

strategy

and

name.

The

Board

compared

the

Fund's

Class

A

performance

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund's

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

outperformed

the

benchmark

index

and

peer

group

for

the

one-,

three-,

and

five-year

periods,

and

underperformed

the

benchmark

and

peer

group

median

for

the

ten-year

period.

Fees

and

Expenses

.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund's

peer

group,

the

Fund's

gross

management

fee

ranked

in

the

fourth

quartile

(most

expensive),

the

Fund's

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

fourth

quartile

(most

expensive)

and

the

Fund's

total

net

expenses

ranked

in

the

third

quartile.

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses

for

certain

classes

of

the

Fund's

shares,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period.

In

evaluating

the

Fund's

Advisory

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund's

management

fee

compared

to

comparable

mutual

funds;

(2) the

Fund's

total

expense

ratio

compared

to

comparable

mutual

funds;

(3) that

the

Adviser's

willingness

to

limit

the

expenses

of

certain

classes

for

a

period

of

time

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period;

and

(4) any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreements

continued

to

be

in

the

best

interests

of

the

Fund's

shareholders.

Conclusion:

Based

on

its

review

of

the

information

requested

and

provided,

and

following

extended

discussions,

the

Board

determined

that:

(i) the

Adviser's

services

benefitted

each

Fund's

shareholders,

particularly

in

light

of

the

nature

of

each

Fund

and

the

services

required

to

support

each

Fund;

(ii) it

was

generally

satisfied

with

the

nature,

quality

and

extent

of

the

services

provided

by

the

Adviser

to

each

Fund;

and

(iii) the

Agreement,

on

behalf

of

each

Fund

discussed

above,

was

consistent

with

the

best

interests

of

each

Fund

and

its

shareholders.

Accordingly,

the

Board

unanimously

approved

the

Agreement,

on

behalf

of

each

Fund,

for

an

additional

annual

period

on

the

basis

of

the

foregoing

review

and

discussions

and

the

following

considerations,

among

others:

The

fairness

and

reasonableness

of

the

investment

advisory

fee

payable

to

the

Adviser

under

the

Agreement

in

light

of

the

investment

advisory

services

provided,

the

costs

of

these

services,

the

profitability

of

the

Adviser's

relationship

with

each

Fund

and

the

comparability

of

the

fee

paid

to

the

fees

paid

by

other

investment

companies;

The

nature,

quality

and

extent

of

the

investment

advisory

services

provided

by

the

Adviser;

The

Adviser's

entrepreneurial

commitment

to

the

management

of

each

Fund

and

the

creation

of

a

broad-based

family

of

funds,

which

entails

a

substantial

commitment

of

the

Adviser's

resources

to

the

successful

operation

of

each

Fund;

The

Adviser's

representations

regarding

its

staffing

and

capabilities

to

manage

each

Fund,

including

the

retention

of

personnel

with

relevant

portfolio

management

experience;

The

Adviser's

efforts

to

enhance

investment

results

by,

among

other

things,

developing

and

supporting

quality

portfolio

management

teams;

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

The

Adviser's

oversight

of

the

Sub-Adviser;

and

The

overall

high

quality

of

the

personnel,

operations,

financial

condition,

investment

management

capabilities,

methodologies

and

perfor-

mance

of

the

Adviser.

Based

on

its

review

of

the

information

requested

and

provided,

and

following

extended

discussions,

the

Board

concluded,

among

other

things,

that

the

Sub-Advisory

Agreement,

with

respect

to

the

Victory

Global

Energy

Transition

Fund,

was

consistent

with

the

best

interests

of

the

Fund

and

its

shareholders

and

unanimously

approved

the

Sub-Advisory

Agreement

(including

the

fees

to

be

charged

for

services

thereunder),

on

the

basis

of

the

foregoing

review

and

discussions

and

the

following

considerations,

among

others:

The

fairness

and

reasonableness

of

the

investment

advisory

fee

payable

to

the

Sub-Adviser

under

the

Sub-Advisory

Agreement

in

light

of

the

investment

advisory

services

provided,

the

costs

of

these

services

and

the

estimated

profitability

of

the

Sub-Adviser's

relationship

with

the

Fund;

The

relative

roles

and

responsibilities

of

the

Adviser

and

the

Sub-Adviser

under

the

Sub-Advisory

Agreement;

The

nature,

quality

and

extent

of

the

investment

advisory

services

provided

by

the

portfolio

management

team

of

the

Sub-Adviser,

which

have

resulted

in

the

Fund

achieving

its

stated

investment

objective;

The

Sub-Adviser's

representations

regarding

its

staffing

and

capabilities

to

manage

the

Fund;

and

The

overall

high

quality

of

the

personnel,

operations,

financial

condition,

investment

management

capabilities,

methodologies

and

perfor-

mance

of

the

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December

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*TABLE* 

*OF* 

*CONTENTS*

*Victory* 

*Portfolios*

#### Schedules

#### of

#### Portfolio

#### Investments

#### (Form

#### N-CSR

#### Item

#### 6)
Victory

RS

Small

Cap

Growth

Fund

#### 3
Victory

RS

Select

Growth

Fund

#### 6
Victory

RS

Mid

Cap

Growth

Fund

#### 8
Victory

RS

Growth

Fund

#### 11
Victory

RS

Science

and

Technology

Fund

#### 13

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statements

of

Assets

and

Liabilities

#### 15
Statements

of

Operations

#### 17
Statements

of

Changes

in

Net

Assets

#### 19
Financial

Highlights

#### 25

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 44

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### (Form

#### N-CSR

#### Item

#### 7)

#### 54

#### Supplemental

#### Information
(Unaudited)

Additional

Federal

Income

Tax

Information

#### 55
Advisory

Contract

Approval

(Form

N-CSR

Item

11)

#### 56

*Call* 

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#### IRA

#### DISTRIBUTION

#### WITHHOLDING

#### DISCLOSURE
*We* 

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*must* 

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*federal* 

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*tax* 

*at* 

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*However,* 

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*federal* 

*income* 

*tax* 

*will* 

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*the* 

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*portion* 

*of* 

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*at* 

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*estimated* 

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*you* 

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*For* 

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*Services,* 

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*Capital* 

*Management* 

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*is* 

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*adviser* 

*to* 

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*investors* 

*unless* 

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*by* 

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*prospectus* 

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*Past* 

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#### NOT

#### FDIC

#### INSURED

#### NO

#### BANK

#### GUARANTEE

#### MAY

#### LOSE

#### VALUE
Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

#### Victory

#### RS

#### Small

#### Cap

#### Growth

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(99.7%)

Biotechnology

(13.5%):

AnaptysBio,

Inc.

(a) .....................................................

32,850

$

1,593

Apogee

Therapeutics,

Inc.

(a) ...............................................

51,650

3,899

Arcellx,

Inc.

(a) ........................................................

25,130

1,638

Ascendis

Pharma

A/S

,

ADR

(a) .............................................

26,170

5,581

Bridgebio

Pharma,

Inc.

(a) .................................................

87,540

6,696

Disc

Medicine,

Inc.

,

Class

A

(a) .............................................

39,940

3,172

Halozyme

Therapeutics,

Inc.

(a) .............................................

52,420

3,528

Ideaya

Biosciences,

Inc.

(a) ................................................

97,840

3,382

Krystal

Biotech,

Inc.

(a) ...................................................

17,820

4,393

Kymera

Therapeutics,

Inc.

(a) ..............................................

34,580

2,691

ORIC

Pharmaceuticals,

Inc.

(a) .............................................

200,540

1,640

Revolution

Medicines,

Inc.

(a) ..............................................

59,060

4,704

Spyre

Therapeutics,

Inc.

(a) (b) ..............................................

89,228

2,923

Vericel

Corp.

(a) ........................................................

34,550

1,244

Viridian

Therapeutics,

Inc.

(a) ..............................................

131,410

4,089

51,173

Consumer

Discretionary

(10.5%):

Champion

Homes,

Inc.

(a) .................................................

28,880

2,440

Dutch

Bros,

Inc.

,

Class

A

(a) ...............................................

58,130

3,559

Five

Below,

Inc.

(a) ......................................................

19,920

3,752

Genius

Sports

Ltd.

(a) ....................................................

292,420

3,223

Kontoor

Brands,

Inc.

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

33,520

2,048

Modine

Manufacturing

Co.

(a) ..............................................

24,770

3,307

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a) .......................................

32,810

3,596

OneSpaWorld

Holdings

Ltd.

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

209,760

4,350

Planet

Fitness,

Inc.

,

Class

A

(a) .............................................

36,120

3,918

The

Gap,

Inc.

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

97,230

2,489

Universal

Technical

Institute,

Inc.

(a) .........................................

24,917

651

Warby

Parker,

Inc.

,

Class

A

(a) ..............................................

171,260

3,732

Wingstop,

Inc.

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

11,400

2,719

39,784

Consumer

Staples

(1.2%):

Natural

Grocers

by

Vitamin

Cottage,

Inc.

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

78,469

1,965

The

Vita

Coco

Co.,

Inc.

(a) ................................................

45,610

2,418

4,383

Electronic

Equipment,

Instruments

&

Components

(5.8%):

Badger

Meter,

Inc.

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

8,370

1,460

Fabrinet

(a) ............................................................

20,870

9,501

Itron,

Inc.

(a) ..........................................................

13,480

1,252

Mirion

Technologies,

Inc.

,

Class

A

(a) ........................................

226,172

5,297

Novanta,

Inc.

(a) ........................................................

37,130

4,418

21,928

Energy

(2.3%):

Archrock,

Inc.

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

146,550

3,813

Permian

Resources

Corp.

,

Class

A

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

195,940

2,749

Tidewater,

Inc.

(a) .......................................................

40,260

2,034

8,596

Financials

(9.9%):

Euronet

Worldwide,

Inc.

(a) ................................................

29,520

2,247

FirstCash

Holdings,

Inc.

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

37,750

6,017

LendingTree,

Inc.

(a) .....................................................

60,300

3,201

Palomar

Holdings,

Inc.

(a) .................................................

28,300

3,814

Payoneer

Global,

Inc.

(a) ..................................................

641,600

3,606

Piper

Sandler

Cos.

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

5,550

1,885

TWFG,

Inc.

,

Class

A

(a) ..................................................

80,340

2,311

UMB

Financial

Corp.

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

35,410

4,073

Wintrust

Financial

Corp.

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

45,300

6,334

Victory

Portfolios

#### Victory

#### RS

#### Small

#### Cap

#### Growth

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) WisdomTree,

Inc.

(b) .....................................................

328,600

$

4,006

37,494

Health

Care

Equipment

&

Supplies

(3.6%):

AtriCure,

Inc.

(a) .......................................................

19,330

765

Glaukos

Corp.

(a) .......................................................

46,910

5,297

iRhythm

Technologies,

Inc.

(a) ..............................................

19,700

3,495

PROCEPT

BioRobotics

Corp.

(a) (b) ..........................................

33,540

1,055

SI-BONE,

Inc.

(a) .......................................................

161,340

3,182

13,794

Health

Care

Providers

&

Services

(5.7%):

Brookdale

Senior

Living,

Inc.

(a) ............................................

129,100

1,393

GeneDx

Holdings

Corp.

,

Class

A

(a) ..........................................

16,830

2,189

Guardant

Health,

Inc.

(a) ..................................................

79,810

8,151

HealthEquity,

Inc.

(a) ....................................................

32,910

3,015

Hims

&

Hers

Health,

Inc.

(a) (b) .............................................

26,730

868

Hinge

Health,

Inc.

,

Class

A

(a) ..............................................

78,123

3,629

RadNet,

Inc.

(a) ........................................................

34,730

2,478

21,723

Health

Care

Technology

(1.4%):

Phreesia,

Inc.

(a) ........................................................

130,630

2,210

Waystar

Holding

Corp.

(a) .................................................

100,041

3,277

5,487

Industrials

(20.8%):

AeroVironment,

Inc.

(a) ...................................................

5,910

1,429

Applied

Industrial

Technologies,

Inc.

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

24,330

6,247

Argan,

Inc.

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

14,270

4,471

Bloom

Energy

Corp.

,

Class

A

(a) ............................................

51,060

4,437

Casella

Waste

Systems,

Inc.

,

Class

A

(a) .......................................

65,140

6,380

ESCO

Technologies,

Inc.

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

33,840

6,612

FTAI

Aviation

Ltd.

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

8,970

1,766

Karman

Holdings,

Inc.

(a) (b) ...............................................

38,470

2,815

Korn

Ferry

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

45,910

3,031

Kratos

Defense

&

Security

Solutions,

Inc.

(a) ...................................

61,780

4,690

Mercury

Systems,

Inc.

(a) .................................................

118,470

8,649

Mueller

Water

Products,

Inc.

,

Class

A

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

214,890

5,119

Nextpower,

Inc.

,

Class

A

(a) ................................................

87,060

7,584

Primoris

Services

Corp.

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

32,230

4,001

SPX

Technologies,

Inc.

(a) .................................................

28,630

5,728

Tecnoglass,

Inc.

(b) ......................................................

39,410

1,983

Watts

Water

Technologies,

Inc.

,

Class

A

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

7,860

2,169

Zurn

Elkay

Water

Solutions

Corp.

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

38,270

1,779

78,890

Life

Sciences

Tools

&

Services

(1.3%):

Adaptive

Biotechnologies

Corp.

(a) ..........................................

304,610

4,947

Materials

(2.3%):

Avient

Corp.

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

79,600

2,487

Balchem

Corp.

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

32,980

5,058

Titan

America

SA

(a) (b) ..................................................

68,114

1,122

8,667

Pharmaceuticals

(0.7%):

Crinetics

Pharmaceuticals,

Inc.

(a) ...........................................

55,950

2,605

Real

Estate

(0.3%):

National

Storage

Affiliates

Trust

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

46,240

1,304

Semiconductors

&

Semiconductor

Equipment

(5.7%):

Credo

Technology

Group

Holding

Ltd.

(a) .....................................

44,100

6,346

Impinj,

Inc.

(a) (b) .......................................................

19,540

3,400

MACOM

Technology

Solutions

Holdings,

Inc.

(a) ................................

35,833

6,137

Victory

Portfolios

#### Victory

#### RS

#### Small

#### Cap

#### Growth

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Semtech

Corp.

(a) .......................................................

79,320

$

5,845

21,728

Software

(13.3%):

ACI

Worldwide,

Inc.

(a) ..................................................

96,260

4,602

AvePoint,

Inc.

(a) .......................................................

116,960

1,625

Bitdeer

Technologies

Group

,

Class

A

(a) (b) .....................................

189,500

2,124

Box,

Inc.

,

Class

A

(a) ....................................................

87,600

2,620

Braze,

Inc.

,

Class

A

(a) ...................................................

100,740

3,454

Clearwater

Analytics

Holdings,

Inc.

,

Class

A

(a) (b) ...............................

153,470

3,702

Commvault

Systems,

Inc.

(a) ...............................................

28,840

3,615

Exzeo

Group,

Inc.

(a) ....................................................

121,248

2,940

Freshworks,

Inc.

,

Class

A

(a) ...............................................

215,560

2,641

Gitlab,

Inc.

,

Class

A

(a) ...................................................

26,160

982

JFrog

Ltd.

(a) ..........................................................

57,751

3,607

Klaviyo,

Inc.

,

Class

A

(a) ..................................................

138,340

4,492

Life360,

Inc.

(a) (b) ......................................................

40,840

2,620

Q2

Holdings,

Inc.

(a) .....................................................

63,220

4,562

ServiceTitan,

Inc.

,

Class

A

(a) ..............................................

38,360

4,085

Varonis

Systems,

Inc.

,

Class

B

(a) ...........................................

92,360

3,030

50,701

Technology

Hardware,

Storage

&

Peripherals

(1.4%):

IonQ,

Inc.

(a) (b) ........................................................

120,810

5,421

Total

Common

Stocks

(Cost

$301,074)

a

a

a

378,625

Collateral

for

Securities

Loaned

(6.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.69

%

(c) ........

5,784,345

5,785

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.69

%

(c) ............

5,784,345

5,784

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.67

%

(c) ...............

5,784,345

5,784

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.69

%

(c) .

5,784,345

5,784

Total

Collateral

for

Securities

Loaned

(Cost

$23,137)

a

a

a

23,137

Total

Investments

(Cost

$324,211)

—

105.8%

401,762

Liabilities

in

excess

of

other

assets

— (5.8)%

(22,023)

NET

ASSETS

-

100.00%

$

379,739

At

December

31,

2025,

the

Fund's

investments

in

foreign

securities

were

6.8%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) All

or

a

portion

of

this

security

is

on

loan.

(c) Rate

disclosed

is

the

daily

yield

on

December

31,

2025. ADR

—

American

Depositary

Receipt

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

#### Victory

#### RS

#### Select

#### Growth

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(99.9%)

Communication

Services

(1.5%):

Reddit,

Inc.

,

Class

A

(a) ...................................................

5,250

$

1,207

Consumer

Discretionary

(12.8%):

Burlington

Stores,

Inc.

(a) .................................................

5,530

1,598

Champion

Homes,

Inc.

(a) .................................................

11,530

974

Dutch

Bros,

Inc.

,

Class

A

(a) ...............................................

26,090

1,597

Five

Below,

Inc.

(a) ......................................................

7,190

1,354

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a) .......................................

11,220

1,230

Planet

Fitness,

Inc.

,

Class

A

(a) .............................................

15,790

1,713

The

Gap,

Inc.

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

36,340

930

Wingstop,

Inc.

(b) .......................................................

4,730

1,128

10,524

Consumer

Staples

(1.1%):

The

Vita

Coco

Co.,

Inc.

(a) ................................................

16,520

876

Electronic

Equipment,

Instruments

&

Components

(6.9%):

Coherent

Corp.

(a) ......................................................

7,870

1,453

Fabrinet

(a) ............................................................

5,360

2,440

Mirion

Technologies,

Inc.

,

Class

A

(a) ........................................

51,131

1,198

Novanta,

Inc.

(a) ........................................................

4,910

584

5,675

Energy

(1.3%):

Permian

Resources

Corp.

,

Class

A

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

73,660

1,033

Financials

(10.1%):

Euronet

Worldwide,

Inc.

(a) ................................................

10,650

811

FirstCash

Holdings,

Inc.

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

11,876

1,893

Kinsale

Capital

Group,

Inc.

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

1,960

767

Payoneer

Global,

Inc.

(a) ..................................................

208,190

1,170

Shift4

Payments,

Inc.

,

Class

A

(a) (b) .........................................

7,820

Wintrust

Financial

Corp.

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

13,540

1,893

WisdomTree,

Inc.

(b) .....................................................

99,460

1,212

8,238

Health

Care

(24.2%):

Ascendis

Pharma

A/S

,

ADR

(a) .............................................

6,970

1,486

Bridgebio

Pharma,

Inc.

(a) .................................................

20,850

1,595

Glaukos

Corp.

(a) .......................................................

13,170

1,487

Guardant

Health,

Inc.

(a) ..................................................

23,540

2,404

Halozyme

Therapeutics,

Inc.

(a) .............................................

23,950

1,612

HealthEquity,

Inc.

(a) ....................................................

9,180

841

Hinge

Health,

Inc.

,

Class

A

(a) ..............................................

22,584

1,049

Insmed,

Inc.

(a) .........................................................

17,930

3,121

Ionis

Pharmaceuticals,

Inc.

(a) ..............................................

11,530

912

Natera,

Inc.

(a) .........................................................

6,310

1,446

Neurocrine

Biosciences,

Inc.

(a) .............................................

5,950

844

Penumbra,

Inc.

(a) .......................................................

3,680

1,144

Vericel

Corp.

(a) ........................................................

12,120

Waystar

Holding

Corp.

(a) .................................................

44,091

1,444

19,821

Industrials

(21.3%):

Applied

Industrial

Technologies,

Inc.

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

6,650

1,708

Argan,

Inc.

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

3,960

1,241

Clean

Harbors,

Inc.

(a) ...................................................

4,710

1,104

Comfort

Systems

USA,

Inc.

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

1,410

1,316

ESCO

Technologies,

Inc.

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

7,070

1,381

FTAI

Aviation

Ltd.

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

8,750

1,723

Kratos

Defense

&

Security

Solutions,

Inc.

(a) ...................................

12,050

915

Mercury

Systems,

Inc.

(a) .................................................

23,730

1,733

Mueller

Water

Products,

Inc.

,

Class

A

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

48,500

1,155

Nextpower,

Inc.

,

Class

A

(a) ................................................

16,880

1,470

Primoris

Services

Corp.

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

7,910

982

Victory

Portfolios

#### Victory

#### RS

#### Select

#### Growth

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Rocket

Lab

Corp.

(a) .....................................................

7,660

$

534

Tecnoglass,

Inc.

(b) ......................................................

7,945

Woodward,

Inc.

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

5,770

1,744

17,406

Materials

(2.1%):

Avient

Corp.

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

20,000

625

Balchem

Corp.

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

6,920

1,061

1,686

Semiconductors

&

Semiconductor

Equipment

(4.5%):

Credo

Technology

Group

Holding

Ltd.

(a) .....................................

8,410

1,210

MACOM

Technology

Solutions

Holdings,

Inc.

(a) ................................

8,790

1,505

Semtech

Corp.

(a) .......................................................

13,690

1,009

3,724

Software

(14.1%):

Appfolio,

Inc.

,

Class

A

(a) .................................................

3,640

847

Check

Point

Software

Technologies

Ltd.

(a) ....................................

11,560

2,145

CyberArk

Software

Ltd.

(a) ................................................

3,460

1,543

Dynatrace,

Inc.

(a) ......................................................

24,780

1,074

Life360,

Inc.

(a) (b) ......................................................

11,140

714

Procore

Technologies,

Inc.

(a) ..............................................

22,280

1,621

PTC,

Inc.

(a) ...........................................................

6,100

1,063

Q2

Holdings,

Inc.

(a) .....................................................

22,320

1,611

Trimble,

Inc.

(a) ........................................................

12,400

971

11,589

Total

Common

Stocks

(Cost

$62,090)

a

a

a

81,779

Collateral

for

Securities

Loaned

(4.6%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.69

%

(c) ........

941,203

942

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.69

%

(c) ............

941,203

941

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.67

%

(c) ...............

941,203

941

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.69

%

(c) .

941,203

941

Total

Collateral

for

Securities

Loaned

(Cost

$3,765)

a

a

a

3,765

Total

Investments

(Cost

$65,855)

—

104.5%

85,544

Liabilities

in

excess

of

other

assets

— (4.5)%

(3,652)

NET

ASSETS

-

100.00%

$

81,892

At

December

31,

2025,

the

Fund's

investments

in

foreign

securities

were

9.3%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) All

or

a

portion

of

this

security

is

on

loan.

(c) Rate

disclosed

is

the

daily

yield

on

December

31,

2025. ADR

—

American

Depositary

Receipt

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

#### Victory

#### RS

#### Mid

#### Cap

#### Growth

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(98.7%)

Communication

Services

(5.4%):

Pinterest,

Inc.

,

Class

A

(a) .................................................

22,300

$

577

Reddit,

Inc.

,

Class

A

(a) ...................................................

4,620

1,062

ROBLOX

Corp.

,

Class

A

(a) ...............................................

11,280

914

Take-Two

Interactive

Software,

Inc.

(a) ........................................

3,960

1,014

The

Trade

Desk,

Inc.

,

Class

A

(a) ............................................

2,620

3,667

Consumer

Discretionary

(19.5%):

Burlington

Stores,

Inc.

(a) .................................................

5,070

1,464

Carvana

Co.

,

Class

A

(a) ..................................................

4,220

1,781

Champion

Homes,

Inc.

(a) .................................................

4,130

Chipotle

Mexican

Grill,

Inc.

,

Class

A

(a) .......................................

5,990

Dutch

Bros,

Inc.

,

Class

A

(a) ...............................................

15,610

956

Five

Below,

Inc.

(a) ......................................................

3,530

665

Flutter

Entertainment

PLC

,

Class

DI

(a) .......................................

3,150

677

Hilton

Worldwide

Holdings,

Inc.

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

5,660

1,626

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a) .......................................

9,160

1,004

Planet

Fitness,

Inc.

,

Class

A

(a) .............................................

10,360

1,124

Royal

Caribbean

Cruises

Ltd.

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

5,580

1,556

Ulta

Beauty,

Inc.

(a) .....................................................

1,660

1,004

Universal

Technical

Institute,

Inc.

(a) .........................................

10,480

Wingstop,

Inc.

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

2,320

553

13,255

Consumer

Staples

(2.5%):

BJ's

Wholesale

Club

Holdings,

Inc.

(a) ........................................

5,170

Celsius

Holdings,

Inc.

(a) (b) ...............................................

13,060

597

Maplebear,

Inc.

(a) ......................................................

14,140

636

1,699

Energy

(2.3%):

Cheniere

Energy,

Inc.

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

4,080

793

Diamondback

Energy,

Inc.

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

1,910

Permian

Resources

Corp.

,

Class

A

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

31,620

1,524

Financials

(12.1%):

Affirm

Holdings,

Inc.

,

Class

A

(a) ............................................

9,660

719

Ameriprise

Financial,

Inc.

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

1,470

721

FirstCash

Holdings,

Inc.

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

6,400

1,020

Huntington

Bancshares,

Inc.

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

35,680

619

Kinsale

Capital

Group,

Inc.

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

870

LPL

Financial

Holdings,

Inc.

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

2,670

954

MSCI,

Inc.

,

Class

A

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

1,160

666

Robinhood

Markets,

Inc.

,

Class

A

(a) .........................................

3,410

Ryan

Specialty

Holdings,

Inc.

,

Class

A

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

7,640

Toast,

Inc.

,

Class

A

(a) ....................................................

13,520

Tradeweb

Markets,

Inc.

,

Class

A

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

5,230

562

Wintrust

Financial

Corp.

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

4,440

621

WisdomTree,

Inc.

(b) .....................................................

58,010

707

8,189

Health

Care

(15.7%):

Alnylam

Pharmaceuticals,

Inc.

(a) ...........................................

2,490

990

Ascendis

Pharma

A/S

,

ADR

(a) .............................................

2,710

578

Cencora,

Inc.

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

3,920

1,324

Dexcom,

Inc.

(a) ........................................................

8,970

595

HealthEquity,

Inc.

(a) ....................................................

5,920

542

IDEXX

Laboratories,

Inc.

(a) ...............................................

1,240

839

Insmed,

Inc.

(a) .........................................................

7,790

1,356

Insulet

Corp.

(a) ........................................................

2,710

770

Ionis

Pharmaceuticals,

Inc.

(a) ..............................................

4,400

Masimo

Corp.

(a) .......................................................

2,450

Natera,

Inc.

(a) .........................................................

5,260

1,205

Victory

Portfolios

#### Victory

#### RS

#### Mid

#### Cap

#### Growth

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Penumbra,

Inc.

(a) .......................................................

2,050

$

637

Veeva

Systems,

Inc.

,

Class

A

(a) .............................................

2,300

514

Waystar

Holding

Corp.

(a) .................................................

19,762

647

10,664

Industrials

(22.2%):

Applied

Industrial

Technologies,

Inc.

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

2,650

681

Argan,

Inc.

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

1,580

Axon

Enterprise,

Inc.

(a) ..................................................

2,190

1,244

Builders

FirstSource,

Inc.

(a) ...............................................

2,420

BWX

Technologies,

Inc.

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

3,160

546

Clean

Harbors,

Inc.

(a) ...................................................

2,060

Comfort

Systems

USA,

Inc.

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

1,000

933

Curtiss-Wright

Corp.

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

710

FTAI

Aviation

Ltd.

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

4,600

906

HEICO

Corp.

,

Class

A

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

3,020

762

Howmet

Aerospace,

Inc.

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

7,940

1,628

Mercury

Systems,

Inc.

(a) .................................................

14,150

1,033

Mueller

Water

Products,

Inc.

,

Class

A

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

26,280

626

Quanta

Services,

Inc.

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

1,780

751

Rocket

Lab

Corp.

(a) .....................................................

3,890

Rockwell

Automation,

Inc.

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

2,290

891

Verisk

Analytics,

Inc.

,

Class

A

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

2,110

Vertiv

Holdings

Co.

,

Class

A

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

9,530

1,544

Woodward,

Inc.

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

3,940

1,191

15,097

Information

Technology

(17.3%):

AppLovin

Corp.

,

Class

A

(a) ...............................................

1,400

943

Cloudflare,

Inc.

,

Class

A

(a) ................................................

8,460

1,668

Coherent

Corp.

(a) ......................................................

5,630

1,039

CyberArk

Software

Ltd.

(a) ................................................

870

Datadog,

Inc.

,

Class

A

(a) .................................................

7,190

978

Dynatrace,

Inc.

(a) ......................................................

14,300

620

Fair

Isaac

Corp.

(a) ......................................................

811

HubSpot,

Inc.

(a) .......................................................

1,970

791

MACOM

Technology

Solutions

Holdings,

Inc.

(a) ................................

5,130

879

Monolithic

Power

Systems,

Inc.

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

1,760

1,595

Novanta,

Inc.

(a) ........................................................

5,790

689

Trimble,

Inc.

(a) ........................................................

10,230

802

Zscaler,

Inc.

(a) .........................................................

2,460

553

11,756

Utilities

(1.7%):

Constellation

Energy

Corp.

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

1,920

678

Vistra

Corp.

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

2,850

1,138

Total

Common

Stocks

(Cost

$51,376)

a

a

a

66,989

Collateral

for

Securities

Loaned

(2.0%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.69

%

(c) ........

338,203

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.69

%

(c) ............

338,203

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.67

%

(c) ...............

338,203

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.69

%

(c) .

338,203

Total

Collateral

for

Securities

Loaned

(Cost

$1,353)

a

a

a

1,353

Total

Investments

(Cost

$52,729)

—

100.7%

68,342

Liabilities

in

excess

of

other

assets

— (0.7)%

(468) NET

ASSETS

-

100.00%

$

67,874

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) All

or

a

portion

of

this

security

is

on

loan.

(c) Rate

disclosed

is

the

daily

yield

on

December

31,

2025. Victory

Portfolios

#### Victory

#### RS

#### Mid

#### Cap

#### Growth

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

#### Victory

#### RS

#### Growth

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(99.5%)

Communication

Services

(11.9%):

Alphabet,

Inc.,

Class

C

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

71,690

$

22,496

Meta

Platforms,

Inc.,

Class

A

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

25,710

16,971

Netflix,

Inc.(a)

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

59,380

5,568

45,035

Communications

Equipment

(1.3%):

Arista

Networks,

Inc.(a)

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

36,070

4,726

Consumer

Discretionary

(13.0%):

Amazon.com,

Inc.(a)

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

82,290

18,994

Burlington

Stores,

Inc.(a)

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

21,690

6,265

Chipotle

Mexican

Grill,

Inc.,

Class

A(a)

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

30,180

1,117

Hilton

Worldwide

Holdings,

Inc.

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

7,960

2,286

Royal

Caribbean

Cruises

Ltd.

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

6,330

1,766

Tesla,

Inc.(a)

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

29,710

13,361

Ulta

Beauty,

Inc.(a)

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

8,950

5,415

49,204

Consumer

Staples

(0.7%):

BJ's

Wholesale

Club

Holdings,

Inc.(a)

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

30,170

2,716

Energy

(0.3%):

Diamondback

Energy,

Inc.

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

8,650

1,300

Financials

(6.6%):

Huntington

Bancshares,

Inc.

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

212,430

3,686

LPL

Financial

Holdings,

Inc.

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

8,140

2,907

The

Progressive

Corp.

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

10,590

2,412

Tradeweb

Markets,

Inc.,

Class

A

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

29,060

3,125

Visa,

Inc.,

Class

A

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

36,477

12,793

24,923

Health

Care

(9.1%):

Argenx

SE,

ADR(a)

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

3,790

3,187

Cencora,

Inc.

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

2,940

993

Dexcom,

Inc.(a)

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

20,720

1,375

Eli

Lilly

&

Co.

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

14,880

15,991

Insmed,

Inc.(a)

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

25,320

4,407

Intuitive

Surgical,

Inc.(a)

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

6,760

3,829

Natera,

Inc.(a)

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

19,840

4,545

34,327

Industrials

(5.9%):

Builders

FirstSource,

Inc.(a)

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

12,000

1,235

BWX

Technologies,

Inc.

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

13,410

2,318

Clean

Harbors,

Inc.(a)

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

11,090

2,600

GE

Vernova,

Inc.

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

3,220

2,104

HEICO

Corp.,

Class

A

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

11,640

2,938

Howmet

Aerospace,

Inc.

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

15,940

3,268

Quanta

Services,

Inc.

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

6,910

2,916

Uber

Technologies,

Inc.(a)

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

36,220

2,960

Woodward,

Inc.

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

6,300

1,905

22,244

IT

Services

(0.6%):

Snowflake,

Inc.,

Class

A(a)

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

10,820

2,373

Semiconductors

&

Semiconductor

Equipment

(21.4%):

Broadcom,

Inc.

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

39,200

13,567

Lam

Research

Corp.

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

38,530

6,596

Monolithic

Power

Systems,

Inc.

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

5,620

5,094

NVIDIA

Corp.

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

281,800

52,556

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

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

10,770

3,273

81,086

Victory

Portfolios

#### Victory

#### RS

#### Growth

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Software

(18.4%):

AppLovin

Corp.,

Class

A(a)

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

7,720

$

5,202

Autodesk,

Inc.(a)

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

9,710

2,874

Intuit,

Inc.

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

3,890

2,577

Microsoft

Corp.

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

83,630

40,445

Oracle

Corp.

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

29,370

5,725

Palantir

Technologies,

Inc.,

Class

A(a)

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

10,100

1,795

Palo

Alto

Networks,

Inc.(a)

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

17,560

3,235

ServiceNow,

Inc.(a)

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

26,550

4,067

Synopsys,

Inc.(a)

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

6,800

3,194

69,114

Technology

Hardware,

Storage

&

Peripherals

(10.3%):

Apple,

Inc.

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

143,068

38,894

Total

Common

Stocks

(Cost

$129,738)

a

a

a

375,942

Total

Investments

(Cost

$129,738)

—

99.5%

375,942

Other

assets

in

excess

of

liabilities

— 0.5%

1,708

NET

ASSETS

-

100.00%

$

377,650

(a) Non-income

producing

security.

ADR

—

American

Depositary

Receipt

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

#### Victory

#### RS

#### Science

#### and

#### Technology

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(100.0%)

Communication

Services

(11.9%):

Meta

Platforms,

Inc.

,

Class

A

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

19,680

$

12,991

Netflix,

Inc.

(a) .........................................................

64,900

6,085

Reddit,

Inc.

,

Class

A

(a) ...................................................

16,380

3,765

Take-Two

Interactive

Software,

Inc.

(a) ........................................

9,940

2,545

The

Trade

Desk,

Inc.

,

Class

A

(a) ............................................

10,950

25,802

Communications

Equipment

(1.2%):

Arista

Networks,

Inc.

(a) ..................................................

19,750

2,588

Consumer

Discretionary

(4.2%):

Amazon.com,

Inc.

(a) ....................................................

39,970

9,226

Consumer

Staples

(0.7%):

Maplebear,

Inc.

(a) ......................................................

34,260

1,541

Electronic

Equipment,

Instruments

&

Components

(4.4%):

Coherent

Corp.

(a) ......................................................

29,660

5,474

Fabrinet

(a) ............................................................

6,040

2,750

Novanta,

Inc.

(a) ........................................................

10,980

1,307

9,531

Financials

(2.6%):

Coinbase

Global,

Inc.

,

Class

A

(a) ...........................................

3,170

717

HCI

Group,

Inc.

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

6,650

1,275

Visa,

Inc.

,

Class

A

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

10,460

3,668

5,660

Health

Care

(20.3%):

Absci

Corp.

(a) (b) .......................................................

94,560

AnaptysBio,

Inc.

(a) (b) ...................................................

48,350

2,344

Apogee

Therapeutics,

Inc.

(a) ...............................................

19,580

1,478

Arcellx,

Inc.

(a) ........................................................

13,470

878

Bridgebio

Pharma,

Inc.

(a) .................................................

32,230

2,465

CAMP4

Therapeutics

Corp.

(a) (b) ...........................................

59,270

Crinetics

Pharmaceuticals,

Inc.

(a) ...........................................

37,120

1,728

Disc

Medicine,

Inc.

,

Class

A

(a) .............................................

23,840

1,893

Dyne

Therapeutics,

Inc.

(a) ................................................

26,850

525

Eli

Lilly

&

Co.

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

2,910

3,127

Guardant

Health,

Inc.

(a) ..................................................

57,770

5,901

Ideaya

Biosciences,

Inc.

(a) ................................................

41,320

1,428

Insmed,

Inc.

(a) .........................................................

21,970

3,824

Kymera

Therapeutics,

Inc.

(a) ..............................................

6,880

535

Natera,

Inc.

(a) .........................................................

13,770

3,155

Olema

Pharmaceuticals,

Inc.

(a) .............................................

66,230

1,656

ORIC

Pharmaceuticals,

Inc.

(a) .............................................

93,090

762

Protagonist

Therapeutics,

Inc.

(a) ............................................

20,140

1,759

Revolution

Medicines,

Inc.

(a) ..............................................

39,500

3,146

Spyre

Therapeutics,

Inc.

(a) (b) ..............................................

19,928

653

Twist

Bioscience

Corp.

(a) .................................................

21,720

689

Veeva

Systems,

Inc.

,

Class

A

(a) .............................................

4,230

944

Vertex

Pharmaceuticals,

Inc.

(a) .............................................

4,250

1,927

Viridian

Therapeutics,

Inc.

(a) ..............................................

64,560

2,009

Zymeworks,

Inc.

(a) .....................................................

21,570

568

44,087

IT

Services

(1.8%):

Snowflake,

Inc.

,

Class

A

(a) ................................................

14,170

3,108

Wix.com

Ltd.

(a) ........................................................

7,230

751

3,859

Semiconductors

&

Semiconductor

Equipment

(24.6%):

Aehr

Test

Systems

(a) ....................................................

69,540

1,404

Broadcom,

Inc.

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

7,290

2,523

Credo

Technology

Group

Holding

Ltd.

(a) .....................................

21,580

3,105

Victory

Portfolios

#### Victory

#### RS

#### Science

#### and

#### Technology

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Impinj,

Inc.

(a) .........................................................

11,030

$

1,919

Lam

Research

Corp.

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

17,010

2,912

MACOM

Technology

Solutions

Holdings,

Inc.

(a) ................................

36,720

6,289

MaxLinear,

Inc.

,

Class

A

(a) ................................................

138,110

2,407

Monolithic

Power

Systems,

Inc.

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

5,910

5,357

NVIDIA

Corp.

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

118,420

22,085

Semtech

Corp.

(a) .......................................................

47,790

3,522

Silicon

Motion

Technology

Corp.

,

ADR

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

19,350

1,794

53,317

Software

(28.3%):

AppLovin

Corp.

,

Class

A

(a) ...............................................

17,400

11,724

CyberArk

Software

Ltd.

(a) ................................................

6,240

2,783

Dynatrace,

Inc.

(a) ......................................................

32,600

1,413

Fair

Isaac

Corp.

(a) ......................................................

700

1,183

Gitlab,

Inc.

,

Class

A

(a) ...................................................

18,900

709

JFrog

Ltd.

(a) ..........................................................

49,860

3,114

Klaviyo,

Inc.

,

Class

A

(a) ..................................................

78,600

2,552

Microsoft

Corp.

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

34,450

16,661

Monday.com

Ltd.

(a) .....................................................

4,180

617

Oracle

Corp.

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

24,220

4,721

Palantir

Technologies,

Inc.

,

Class

A

(a) ........................................

11,220

1,994

Riot

Platforms,

Inc.

(a) ...................................................

22,610

Samsara,

Inc.

,

Class

A

(a) .................................................

15,690

556

ServiceNow,

Inc.

(a) .....................................................

34,850

5,339

Strategy,

Inc.

,

Class

A

(a) ..................................................

3,480

529

Synopsys,

Inc.

(a) .......................................................

5,360

2,518

Trimble,

Inc.

(a) ........................................................

24,130

1,891

Varonis

Systems,

Inc.

,

Class

B

(a) ...........................................

90,660

2,974

61,565

Total

Common

Stocks

(Cost

$93,647)

a

a

a

217,176

Warrants

(0.0%)(c)

Health

Care

(0.0%):(c)

Athenex,

Inc.

,

expiring

8/15/27

(a) (d) .........................................

1,346,518

—

(e) Total

Warrants

(Cost

$14)

a

a

a

—

(e) Collateral

for

Securities

Loaned

(1.2%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.69

%

(f) ........

660,810

661

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.69

%

(f) ............

729,178

729

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.67

%

(f) ................

660,810

661

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.69

%

(f) .

592,443

592

Total

Collateral

for

Securities

Loaned

(Cost

$2,643)

a

a

a

2,643

Total

Investments

(Cost

$96,304)

—

101.2%

219,819

Liabilities

in

excess

of

other

assets

— (1.2)%

(2,701)

NET

ASSETS

-

100.00%

$

217,118

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) All

or

a

portion

of

this

security

is

on

loan.

(c) Amount

represents

less

than

0.05%

of

net

assets.

(d) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

less

than

0.05%

of

net

assets

as

of

December

31,

2025. This

security

is

classified

as

Level

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

in

the

Notes

to

Financial

Statements)

(e) Rounds

to

less

than

$1

thousand.

(f) Rate

disclosed

is

the

daily

yield

on

December

31,

2025. ADR

—

American

Depositary

Receipt

Statements

of

Assets

and

Liabilities

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

Victory

RS

Small

Cap

Growth

Fund

Victory

RS

Select

Growth

Fund

Victory

RS

Mid

Cap

Growth

Fund

Assets:

Investments,

at

value

(Cost

$324,211,

$65,855

and

$52,729)

$

401,762(a)

$

85,544(b)

$

68,342(c)

Cash

1,534

904

Receivables:

Dividends,

interest,

and

securities

lending

income

Capital

shares

issued

From

Adviser

—

Prepaid

expenses

Total

Assets

403,550

85,880

69,330

Liabilities:

Payables:

Collateral

received

on

loaned

securities

23,137

3,765

1,353

Capital

shares

redeemed

—(d)

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

Transfer

agent

fees

Sub-Transfer

agent

fees

Compliance

fees

—(d)

—(d)

—(d)

Trustees'

fees

—(d)

—(d)

—(d)

12b-1

fees

Other

accrued

expenses

Total

Liabilities

23,811

3,988

1,456

Commitments

and

contingencies

(Note

4)

Net

Assets:

Capital

504,387

60,014

53,522

Total

accumulated

earnings

(loss)

(124,648)

21,878

14,352

Net

Assets

$

379,739

$

81,892

$

67,874

Net

Assets:

Class

A

$

221,451

$

60,930

$

47,780

Class

C

2,426

661

Class

R6

42,085

556

3,018

Class

Y

113,777

19,745

15,507

Member

Class

—

—

1,376

Total

$

379,739

$

81,892

$

67,874

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

3,768

2,832

1,981

Class

C

Class

R6

653

Class

Y

1,780

785

595

Member

Class

—

—

Total

6,257

3,706

2,760

Net

asset

value,

offering

and

redemption

price

per

share:

(e) Class

A

$

58.77 $

21.51 $

24.11 Class

C(f)

43.17 9.84 17.93 Class

R6

64.43 25.55 26.11 Class

Y

63.92 25.15 26.06 Member

Class

—

—

24.33 Maximum

Sales

Charge

—

Class

A

5.75%

5.75%

5.75%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

62.36 $

22.82 $

25.58 (a) Includes

$22,254

thousand

of

securities

on

loan.

(b) Includes

$3,601

thousand

of

securities

on

loan.

(c) Includes

$1,291

thousand

of

securities

on

loan.

(d) Rounds

to

less

than

$1

thousand.

(e) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

(f) Redemption

price

per

share

varies

by

the

length

of

time

shares

are

held.

Statements

of

Assets

and

Liabilities

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

Victory

RS

Growth

Fund

Victory

RS

Science

and

Technology

Fund

Assets:

Investments,

at

value

(Cost

$129,738

and

$96,304)

$

375,942

$

219,819(a)

Cash

2,098

Receivables:

Dividends,

interest,

and

securities

lending

income

Capital

shares

issued

From

Adviser

Prepaid

expenses

Total

Assets

378,474

220,193

Liabilities:

Payables:

Collateral

received

on

loaned

securities

—

2,643

Capital

shares

redeemed

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

Transfer

agent

fees

Sub-Transfer

agent

fees

Compliance

fees

—(b)

—(b)

Trustees'

fees

—(b)

—(b)

12b-1

fees

Other

accrued

expenses

Total

Liabilities

824

3,075

Commitments

and

contingencies

(Note

4)

Net

Assets:

Capital

126,386

93,305

Total

accumulated

earnings

(loss)

251,264

123,813

Net

Assets

$

377,650

$

217,118

Net

Assets:

Class

A

$

344,753

$

188,940

Class

C

740

3,693

Class

Y

32,157

24,485

Total

$

377,650

$

217,118

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

9,956

6,056

Class

C

Class

Y

859

695

Total

10,846

6,935

Net

asset

value,

offering

and

redemption

price

per

share:

(c) Class

A

$

34.63 $

31.20 Class

C(d)

24.17 20.04 Class

Y

37.45 35.26 Maximum

Sales

Charge

—

Class

A

5.75%

5.75%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

36.74 $

33.10 (a) Includes

$2,584

thousand

of

securities

on

loan.

(b) Rounds

to

less

than

$1

thousand.

(c) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

(d) Redemption

price

per

share

varies

by

the

length

of

time

shares

are

held.

Statements

of

Operations

For

the

Year

Ended

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands)

Victory

RS

Small

Cap

Growth

Fund

Victory

RS

Select

Growth

Fund

Victory

RS

Mid

Cap

Growth

Fund

Investment

Income:

Dividends

$

1,539

$

$

Interest

Securities

lending

(net

of

fees)

Total

Income

1,821

Expenses:

Investment

advisory

fees

3,834

854

603

Administration

fees

Sub-Administration

fees

12b-1

fees

—

Class

A

576

12b-1

fees

—

Class

C

Custodian

fees

Transfer

agent

fees

—

Class

A

Transfer

agent

fees

—

Class

C

—

(a) —

(a) —

(a) Transfer

agent

fees

—

Class

R6

—

(a) —

(a) Transfer

agent

fees

—

Class

Y

Transfer

agent

fees

—

Member

Class

—

—

Sub-Transfer

agent

fees

—

Class

A

Sub-Transfer

agent

fees

—

Class

C

—

(a) Sub-Transfer

agent

fees

—

Class

Y

Trustees'

fees

Compliance

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Interfund

lending

fees

—

—

Other

expenses

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

—

—

Total

Expenses

5,272

1,288

1,012

Expenses

waived/reimbursed

by

Adviser

(95)

(145)

(207)

Net

Expenses

5,177

1,143

805

Net

Investment

Income

(Loss)

(3,356)

(834)

(566)

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

5,284

4,353

8,323

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

(4,902)

1,868

(4,026)

Net

realized/unrealized

gains

(losses)

on

investments

6,221

4,297

Change

in

net

assets

resulting

from

operations

$

(2,974)

$

5,387

$

3,731

(a) Rounds

to

less

than

$1

thousand.

Statements

of

Operations

For

the

Year

Ended

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands)

Victory

RS

Growth

Fund

Victory

RS

Science

and

Technology

Fund

Investment

Income:

Dividends

$

1,356

$

Interest

Securities

lending

(net

of

fees)

—

(a) 67

Foreign

tax

withholding

(4)

—

(a) Total

Income

1,426

Expenses:

Investment

advisory

fees

2,632

2,017

Administration

fees

Sub-Administration

fees

12b-1

fees

—

Class

A

802

12b-1

fees

—

Class

C

Custodian

fees

Transfer

agent

fees

—

Class

A

Transfer

agent

fees

—

Class

C

—

(a) —

(a) Transfer

agent

fees

—

Class

Y

—

(a) 1

Sub-Transfer

agent

fees

—

Class

A

Sub-Transfer

agent

fees

—

Class

C

Sub-Transfer

agent

fees

—

Class

Y

Trustees'

fees

Compliance

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Line

of

credit

fees

—

(a) —

Interfund

lending

fees

—

(a) 1

Other

expenses

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

—

—

(a) Total

Expenses

4,027

2,948

Expenses

waived/reimbursed

by

Adviser

(239)

(21)

Net

Expenses

3,788

2,927

Net

Investment

Income

(Loss)

(2,362)

(2,488)

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

24,465

25,055

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

36,455

12,420

Net

realized/unrealized

gains

(losses)

on

investments

60,920

37,475

Change

in

net

assets

resulting

from

operations

$

58,558

$

34,987

(a) Rounds

to

less

than

$1

thousand.

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Small

Cap

Growth

Fund

Victory

RS

Select

Growth

Fund

Victory

RS

Mid

Cap

Growth

Fund

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

(3,356)

$

(4,818)

$

(834)

$

(944)

$

(566)

$

(544)

Net

realized

gains

(losses)

5,284

85,648

4,353

20,441

8,323

14,099

Net

change

in

unrealized

appreciation/depreciation

(4,902)

(24,801)

1,868

562

(4,026)

2,684

Change

in

net

assets

resulting

from

operations

(2,974)

56,029

5,387

20,059

3,731

16,239

Distributions

to

Shareholders:

Class

A

—

—

(7,464)

—

—

—

Class

C

—

—

(153)

—

—

—

Class

R6

—

—

(57)

—

—

—

Class

Y

—

—

(2,158)

—

—

—

Change

in

net

assets

resulting

from

distributions

to

shareholders

—

—

(9,832)

—

—

—

Change

in

net

assets

resulting

from

capital

transactions

(103,312)

(120,487)

(9,659)

(20,038)

(12,370)

(15,831)

Change

in

net

assets

(106,286)

(64,458)

(14,104)

(8,639)

Net

Assets:

Beginning

of

period

486,025

550,483

95,996

95,975

76,513

76,105

End

of

period

$

379,739

$

486,025

$

81,892

$

95,996

$

67,874

$

76,513

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Small

Cap

Growth

Fund

Victory

RS

Select

Growth

Fund

Victory

RS

Mid

Cap

Growth

Fund

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

7,260

$

8,877

$

1,530

$

1,314

$

983

$

1,491

Distributions

reinvested

—

—

7,238

—

—

—

Cost

of

shares

redeemed

(54,701)

(57,029)

(14,062)

(11,443)

(9,961)

(10,074)

Converted

from

Class

R

—

2,606

—

—

Total

Class

A

$

(47,441)

$

(45,546)

$

(5,294)

$

(9,838)

$

(8,978)

$

(8,156)

Class

C

Proceeds

from

shares

issued

$

$

$

$

$

$

Distributions

reinvested

—

—

—

—

—

Cost

of

shares

redeemed

(1,055)

(1,850)

(354) (757) (299) (819) Total

Class

C

$

(837) $

(1,607)

$

(180) $

(685) $

(296) $

(797) Class

R

Proceeds

from

shares

issued

$

—

$

131(a)

$

—

$

4(a)

$

—

$

10(a)

Cost

of

shares

redeemed

—

(176)(a)

—

(12)(a)

—

(6)(a)

Converted

into

Class

A

—

(2,606)

—

(291) —

(427) Total

Class

R

$

—

$

(2,651)

$

—

$

(299) $

—

$

(423) Class

R6

Proceeds

from

shares

issued

$

9,748

$

11,513

$

$

$

1,474

$

Distributions

reinvested

—

—

—

—

—

Cost

of

shares

redeemed

(17,287)

(21,052)

(272) (83) (208) (176) Total

Class

R6

$

(7,539)

$

(9,539)

$

$

(73) $

1,266

$

(111) Class

Y

Proceeds

from

shares

issued

$

11,659

$

16,084

$

1,293

$

1,503

$

1,049

$

1,242

Distributions

reinvested

—

—

2,117

—

—

—

Cost

of

shares

redeemed

(59,154)

(77,228)

(7,802)

(10,646)

(5,095)

(7,876)

Total

Class

Y

$

(47,495)

$

(61,144)

$

(4,392)

$

(9,143)

$

(4,046)

$

(6,634)

Member

Class

Proceeds

from

shares

issued

$

—

$

—

$

—

$

—

$

$

613

Cost

of

shares

redeemed

—

—

—

—

(582) (323) Total

Member

Class

$

—

$

—

$

—

$

—

$

(316) $

Change

in

net

assets

resulting

from

capital

transactions

$

(103,312)

$

(120,487)

$

(9,659)

$

(20,038)

$

(12,370)

$

(15,831)

(a) Class

R

activity

is

for

the

period

January

1,

2024,

to

March

28,

2024

(date

of

conversion

to

Class

A).

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Small

Cap

Growth

Fund

Victory

RS

Select

Growth

Fund

Victory

RS

Mid

Cap

Growth

Fund

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Share

Transactions:

Class

A

Issued

Reinvested

—

—

—

—

—

Redeemed

(1,001)

(1,027)

(641) (563) (452) (500) Converted

from

Class

R

—

—

—

Total

Class

A

(866) (823) (241) (484) (408) (406) Class

C

Issued

—(b)

Reinvested

—

—

—

—

—

Redeemed

(26) (44) (31) (75) (18) (53) Total

Class

C

(20) (38) (14) (68) (18) (52) Class

R

Issued

—

3(a)

—

—(a)(b)

—

1(a)

Redeemed

—

(4)(a)

—

(1)(a)

—

—(a)(b)

Converted

into

Class

A

—

(53) —

(24) —

(26) Total

Class

R

—

(54) —

(25) —

(25) Class

R6

Issued

—(b)

Reinvested

—

—

—

—

—

Redeemed

(290) (345) (11) (3) (8) (9) Total

Class

R6

(128) (159) 8

(3) 51

(6) Class

Y

Issued

Reinvested

—

—

—

—

—

Redeemed

(1,002)

(1,279)

(304) (461) (207) (363) Total

Class

Y

(801) (1,010)

(170) (397) (165) (305) Member

Class

Issued

—

—

—

—

Redeemed

—

—

—

—

(25) (17) Total

Member

Class

—

—

—

—

(14) 12

Change

in

Shares

(1,815)

(2,084)

(417) (977) (554) (782) (a) Class

R

activity

is

for

the

period

January

1,

2024,

to

March

28,

2024

(date

of

conversion

to

Class

A).

(b) Rounds

to

less

than

thousand

shares.

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Growth

Fund

Victory

RS

Science

and

Technology

Fund

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

(2,362)

$

(1,972)

$

(2,488)

$

(2,345)

Net

realized

gains

(losses)

24,465

26,481

25,055

20,736

Net

change

in

unrealized

appreciation/depreciation

36,455

68,456

12,420

35,048

Change

in

net

assets

resulting

from

operations

58,558

92,965

34,987

53,439

Distributions

to

Shareholders:

Class

A

(17,364)

(22,566)

(4,353)

—

Class

C

(52) (88) (131) —

Class

Y

(1,502)

(1,816)

(505) —

Change

in

net

assets

resulting

from

distributions

to

shareholders

(18,918)

(24,470)

(4,989)

—

Change

in

net

assets

resulting

from

capital

transactions

(9,719)

2,271

(17,414)

(24,529)

Change

in

net

assets

29,921

70,766

12,584

28,910

Net

Assets:

Beginning

of

period

347,729

276,963

204,534

175,624

End

of

period

$

377,650

$

347,729

$

217,118

$

204,534

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Growth

Fund

Victory

RS

Science

and

Technology

Fund

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

10,691

$

7,249

$

9,244

$

7,532

Distributions

reinvested

16,850

21,863

4,159

—

Cost

of

shares

redeemed

(38,169)

(26,131)

(25,706)

(24,012)

Converted

from

Class

R

—

598

—

736

Total

Class

A

$

(10,628)

$

3,579

$

(12,303)

$

(15,744)

Class

C

Proceeds

from

shares

issued

$

$

$

$

Distributions

reinvested

—

Cost

of

shares

redeemed

(271) (641) (1,174)

(2,180)

Total

Class

C

$

(186) $

(355) $

(888) $

(1,978)

Class

R

Proceeds

from

shares

issued

$

—

$

19(a)

$

—

$

137(a)

Cost

of

shares

redeemed

—

(12)(a)

—

(51)(a)

Converted

into

Class

A

—

(598) —

(736) Total

Class

R

$

—

$

(591) $

—

$

(650) Class

Y

Proceeds

from

shares

issued

$

2,264

$

3,404

$

2,136

$

2,090

Distributions

reinvested

1,435

1,726

—

Cost

of

shares

redeemed

(2,604)

(5,492)

(6,844)

(8,247)

Total

Class

Y

$

1,095

$

(362) $

(4,223)

$

(6,157)

Change

in

net

assets

resulting

from

capital

transactions

$

(9,719)

$

2,271

$

(17,414)

$

(24,529)

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Growth

Fund

Victory

RS

Science

and

Technology

Fund

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Share

Transactions:

Class

A

Issued

Reinvested

686

—

Redeemed

(1,202)

(888) (923) (1,043)

Converted

from

Class

R

—

—

Total

Class

A

(392) 68

(462) (696) Class

C

Issued

Reinvested

—

Redeemed

(12) (30) (66) (137) Total

Class

C

(8) (17) (51) (125) Class

R

Issued

—

1(a)

—

8(a)

Redeemed

—

(1)(a)

—

(3)(a)

Converted

into

Class

A

—

(25) —

(42) Total

Class

R

—

(25) —

(37) Class

Y

Issued

Reinvested

—

Redeemed

(76) (173) (219) (318) Total

Class

Y

(11) (137) (238) Change

in

Shares

(371) 15

(650) (1,096)

(a) Class

R

activity

is

for

the

period

January

1,

2024,

to

March

28,

2024

(date

of

conversion

to

Class

A).

Victory

Portfolios

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Small

Cap

Growth

Fund

Class

A

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$58.26

$52.45

$43.77

$73.73

$97.45

Investment

Activities:

Net

investment

income

(loss)(a)

(0.52)

(0.58)

(0.51)

(0.57)

(1.20)

Net

realized

and

unrealized

gains

(losses)

1.03 6.39 9.19 (26.65)

(10.15)

Total

from

Investment

Activities

0.51 5.81 8.68 (27.22)

(11.35)

Distributions

to

Shareholders

from:

Net

realized

gains

—

—

—

(2.74)

(12.37)

Return

of

capital

—

—

—

—(b)

—

Total

Distributions

—

—

—

(2.74)

(12.37)

Net

Asset

Value,

End

of

Period

$58.77

$58.26

$52.45

$43.77

$73.73

Total

Return(c)

0.88%

11.08%

19.80%

(37.07)%

(11.06)%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

1.40%

1.40%

1.40%

1.40%

1.40%

Net

Investment

Income

(Loss)

(0.95)%

(1.04)%

(1.09)%

(1.08)%

(1.27)%

Gross

Expenses(d)

1.41%

1.41%

1.44%

1.44%

1.42%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$221,451

$269,943

$286,188

$303,669

$634,204

Portfolio

Turnover(e)

95%

120%

129%

105%

92%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Amount

is

less

than

$0.005

per

share.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(d) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Small

Cap

Growth

Fund

Class

C

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$43.11

$39.11

$32.89

$56.86

$79.07

Investment

Activities:

Net

investment

income

(loss)(a)

(0.69)

(0.75)

(0.65)

(0.75)

(1.55)

Net

realized

and

unrealized

gains

(losses)

0.75 4.75 6.87 (20.48)

(8.29)

Total

from

Investment

Activities

0.06 4.00 6.22 (21.23)

(9.84)

Distributions

to

Shareholders

from:

Net

realized

gains

—

—

—

(2.74)

(12.37)

Return

of

capital

—

—

—

—(b)

—

Total

Distributions

—

—

—

(2.74)

(12.37)

Net

Asset

Value,

End

of

Period

$43.17

$43.11

$39.11

$32.89

$56.86

Total

Return(c)

0.14%

10.23%

18.91%

(37.55)%

(11.73)%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

2.16%

2.16%

2.16%

2.16%

2.16%

Net

Investment

Income

(Loss)

(1.71)%

(1.81)%

(1.85)%

(1.84)%

(2.03)%

Gross

Expenses(d)

2.67%

2.55%

2.45%

2.31%

2.16%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,426

$3,288

$4,484

$5,126

$11,387

Portfolio

Turnover(e)

95%

120%

129%

105%

92%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Amount

is

less

than

$0.005

per

share.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(d) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Small

Cap

Growth

Fund

Class

R6

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$63.64

$57.10

$47.50

$79.37

$103.42

Investment

Activities:

Net

investment

income

(loss)(a)

(0.36)

(0.43)

(0.39)

(0.43)

(0.91)

Net

realized

and

unrealized

gains

(losses)

1.15 6.97 9.99 (28.70)

(10.77)

Total

from

Investment

Activities

0.79 6.54 9.60 (29.13)

(11.68)

Distributions

to

Shareholders

from:

Net

realized

gains

—

—

—

(2.74)

(12.37)

Return

of

capital

—

—

—

—(b)

—

Total

Distributions

—

—

—

(2.74)

(12.37)

Net

Asset

Value,

End

of

Period

$64.43

$63.64

$57.10

$47.50

$79.37

Total

Return(c)

1.24%

11.43%

20.23%

(36.86)%

(10.74)%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

1.06%

1.06%

1.06%

1.05%

1.04%

Net

Investment

Income

(Loss)

(0.61)%

(0.70)%

(0.76)%

(0.74)%

(0.91)%

Gross

Expenses(d)

1.09%

1.09%

1.09%

1.05%

1.04%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$42,085

$49,726

$53,691

$114,850

$611,157

Portfolio

Turnover(e)

95%

120%

129%

105%

92%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Amount

is

less

than

$0.005

per

share.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Small

Cap

Growth

Fund

Class

Y

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$63.19

$56.73

$47.22

$79.00

$103.10

Investment

Activities:

Net

investment

income

(loss)(a)

(0.40)

(0.47)

(0.42)

(0.47)

(1.00)

Net

realized

and

unrealized

gains

(losses)

1.13 6.93 9.93 (28.57)

(10.73)

Total

from

Investment

Activities

0.73 6.46 9.51 (29.04)

(11.73)

Distributions

to

Shareholders

from:

Net

realized

gains

—

—

—

(2.74)

(12.37)

Return

of

capital

—

—

—

—(b)

—

Total

Distributions

—

—

—

(2.74)

(12.37)

Net

Asset

Value,

End

of

Period

$63.92

$63.19

$56.73

$47.22

$79.00

Total

Return(c)

1.16%

11.37%

20.16%

(36.92)%

(10.82)%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

1.13%

1.13%

1.13%

1.13%

1.13%

Net

Investment

Income

(Loss)

(0.68)%

(0.78)%

(0.82)%

(0.81)%

(1.00)%

Gross

Expenses(d)

1.16%

1.15%

1.17%

1.17%

1.14%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$113,777

$163,068

$203,715

$305,542

$985,724

Portfolio

Turnover(e)

95%

120%

129%

105%

92%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Amount

is

less

than

$0.005

per

share.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Select

Growth

Fund

Class

A

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$22.71

$18.40

$15.51

$31.30

$38.19

Investment

Activities:

Net

investment

income

(loss)(a)

(0.23)

(0.21)

(0.17)

(0.24)

(0.49)

Net

realized

and

unrealized

gains

(losses)

1.94 4.52 3.06 (9.65)

2.64 Total

from

Investment

Activities

1.71 4.31 2.89 (9.89)

2.15 Distributions

to

Shareholders

from:

Net

realized

gains

(2.91)

—

—

(5.90)

(9.04)

Total

Distributions

(2.91)

—

—

(5.90)

(9.04)

Net

Asset

Value,

End

of

Period

$21.51

$22.71

$18.40

$15.51

$31.30

Total

Return(b)

7.30%

23.42%

18.63%

(32.43)%

6.89%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.40%

1.40%

1.40%

1.40%

1.40%

Net

Investment

Income

(Loss)

(1.04)%

(1.05)%

(0.99)%

(1.02)%

(1.21)%

Gross

Expenses(c)

1.53%

1.53%

1.54%

1.51%

1.48%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$60,930

$69,802

$65,450

$68,907

$117,017

Portfolio

Turnover(d)

88%

129%

137%

131%(e)

75%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(e) Current

year

rate

reflects

an

increase

in

trading

activity

due

to

asset

allocation

shift.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Select

Growth

Fund

Class

C

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$11.92

$9.74

$8.27

$20.74

$28.54

Investment

Activities:

Net

investment

income

(loss)(a)

(0.21)

(0.20)

(0.16)

(0.28)

(0.59)

Net

realized

and

unrealized

gains

(losses)

1.04 2.38 1.63 (6.29)

1.83 Total

from

Investment

Activities

0.83 2.18 1.47 (6.57)

1.24 Distributions

to

Shareholders

from:

Net

realized

gains

(2.91)

—

—

(5.90)

(9.04)

Total

Distributions

(2.91)

—

—

(5.90)

(9.04)

Net

Asset

Value,

End

of

Period

$9.84

$11.92

$9.74

$8.27

$20.74

Total

Return(b)

6.53%

22.38%

17.78%

(32.94)%

6.02%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

2.18%

2.18%

2.18%

2.18%

2.18%

Net

Investment

Income

(Loss)

(1.82)%

(1.84)%

(1.77)%

(1.82)%

(1.99)%

Gross

Expenses(c)

4.31%

3.68%

2.78%

2.42%

2.24%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$661

$968

$1,445

$3,082

$9,835

Portfolio

Turnover(d)

88%

129%

137%

131%(e)

75%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(e) Current

year

rate

reflects

an

increase

in

trading

activity

due

to

asset

allocation

shift.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Select

Growth

Fund

Class

R6

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$26.39

$21.31

$17.89

$34.71

$41.25

Investment

Activities:

Net

investment

income

(loss)(a)

(0.18)

(0.17)

(0.13)

(0.18)

(0.38)

Net

realized

and

unrealized

gains

(losses)

2.25 5.25 3.55 (10.74)

2.88 Total

from

Investment

Activities

2.07 5.08 3.42 (10.92)

2.50 Distributions

to

Shareholders

from:

Net

realized

gains

(2.91)

—

—

(5.90)

(9.04)

Total

Distributions

(2.91)

—

—

(5.90)

(9.04)

Net

Asset

Value,

End

of

Period

$25.55

$26.39

$21.31

$17.89

$34.71

Total

Return(b)

7.65%

23.84%

19.12%

(32.21)%

7.23%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.06%

1.06%

1.06%

1.06%

1.06%

Net

Investment

Income

(Loss)

(0.69)%

(0.71)%

(0.66)%

(0.69)%

(0.88)%

Gross

Expenses(c)

3.75%

5.43%

3.62%

2.65%

1.83%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$556

$368

$364

$594

$1,231

Portfolio

Turnover(d)

88%

129%

137%

131%(e)

75%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(e) Current

year

rate

reflects

an

increase

in

trading

activity

due

to

asset

allocation

shift.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Select

Growth

Fund

Class

Y

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$26.04

$21.04

$17.68

$34.43

$41.02

Investment

Activities:

Net

investment

income

(loss)(a)

(0.20)

(0.18)

(0.14)

(0.20)

(0.41)

Net

realized

and

unrealized

gains

(losses)

2.22 5.18 3.50 (10.65)

2.86 Total

from

Investment

Activities

2.02 5.00 3.36 (10.85)

2.45 Distributions

to

Shareholders

from:

Net

realized

gains

(2.91)

—

—

(5.90)

(9.04)

Total

Distributions

(2.91)

—

—

(5.90)

(9.04)

Net

Asset

Value,

End

of

Period

$25.15

$26.04

$21.04

$17.68

$34.43

Total

Return(b)

7.60%

23.72%

19.00%

(32.27)%

7.15%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.14%

1.14%

1.14%

1.14%

1.14%

Net

Investment

Income

(Loss)

(0.78)%

(0.79)%

(0.73)%

(0.76)%

(0.95)%

Gross

Expenses(c)

1.31%

1.30%

1.28%

1.24%

1.21%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$19,745

$24,858

$28,447

$31,532

$70,192

Portfolio

Turnover(d)

88%

129%

137%

131%(e)

75%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(e) Current

year

rate

reflects

an

increase

in

trading

activity

due

to

asset

allocation

shift.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Mid

Cap

Growth

Fund

Class

A

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$22.69

$18.30

$15.52

$24.76

$32.99

Investment

Activities:

Net

investment

income

(loss)(a)

(0.20)

(0.16)

(0.12)

(0.14)

(0.33)

Net

realized

and

unrealized

gains

(losses)

1.62 4.55 2.90 (8.41)

1.60 Total

from

Investment

Activities

1.42 4.39 2.78 (8.55)

1.27 Distributions

to

Shareholders

from:

Net

realized

gains

—

—

—

(0.69)

(9.50)

Return

of

capital

—

—

—

—(b)

—

Total

Distributions

—

—

—

(0.69)

(9.50)

Net

Asset

Value,

End

of

Period

$24.11

$22.69

$18.30

$15.52

$24.76

Total

Return(c)

6.26%

23.99%

17.91%

(34.68)%

4.68%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

1.20%

1.20%

1.20%

1.21%(e)

1.20%

Net

Investment

Income

(Loss)

(0.86)%

(0.78)%

(0.73)%

(0.76)%

(0.98)%

Gross

Expenses(d)

1.44%

1.45%

1.44%

1.40%

1.33%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$47,780

$54,223

$51,156

$47,664

$88,064

Portfolio

Turnover(f)

88%

126%

119%

133%

90%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Amount

is

less

than

$0.005

per

share.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(d) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e) Includes

impact

of

Interfund

lending

fees.

Without

these

Interfund

lending

fees,

the

net

expense

ratio

would

have

been

at

the

contractual

expense

cap.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Mid

Cap

Growth

Fund

Class

C

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$17.03

$13.86

$11.86

$19.34

$28.05

Investment

Activities:

Net

investment

income

(loss)(a)

(0.31)

(0.26)

(0.21)

(0.25)

(0.52)

Net

realized

and

unrealized

gains

(losses)

1.21 3.43 2.21 (6.54)

1.31 Total

from

Investment

Activities

0.90 3.17 2.00 (6.79)

0.79 Distributions

to

Shareholders

from:

Net

realized

gains

—

—

—

(0.69)

(9.50)

Return

of

capital

—

—

—

—(b)

—

Total

Distributions

—

—

—

(0.69)

(9.50)

Net

Asset

Value,

End

of

Period

$17.93

$17.03

$13.86

$11.86

$19.34

Total

Return(c)

5.28%

22.87%

16.86%

(35.30)%

3.75%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

2.11%

2.11%

2.11%

2.12%(e)

2.09%

Net

Investment

Income

(Loss)

(1.78)%

(1.70)%

(1.63)%

(1.69)%

(1.87)%

Gross

Expenses(d)

6.54%

4.03%

2.57%

2.25%

2.09%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$193

$493

$1,123

$3,312

$12,054

Portfolio

Turnover(f)

88%

126%

119%

133%

90%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Amount

is

less

than

$0.005

per

share.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(d) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e) Includes

impact

of

Interfund

lending

fees.

Without

these

Interfund

lending

fees,

the

net

expense

ratio

would

have

been

at

the

contractual

expense

cap.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Mid

Cap

Growth

Fund

Class

R6

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$24.51

$19.71

$16.68

$26.46

$34.53

Investment

Activities:

Net

investment

income

(loss)(a)

(0.15)

(0.11)

(0.08)

(0.11)

(0.25)

Net

realized

and

unrealized

gains

(losses)

1.75 4.91 3.11 (8.98)

1.68 Total

from

Investment

Activities

1.60 4.80 3.03 (9.09)

1.43 Distributions

to

Shareholders

from:

Net

realized

gains

—

—

—

(0.69)

(9.50)

Return

of

capital

—

—

—

—(b)

—

Total

Distributions

—

—

—

(0.69)

(9.50)

Net

Asset

Value,

End

of

Period

$26.11

$24.51

$19.71

$16.68

$26.46

Total

Return(c)

6.53%

24.35%

18.17%

(34.49)%

4.95%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

0.94%

0.94%

0.94%

0.95%(e)

0.94%

Net

Investment

Income

(Loss)

(0.60)%

(0.52)%

(0.47)%

(0.54)%

(0.73)%

Gross

Expenses(d)

1.53%

2.03%

1.77%

1.16%

0.98%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$3,018

$1,600

$1,406

$2,360

$19,731

Portfolio

Turnover(f)

88%

126%

119%

133%

90%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Amount

is

less

than

$0.005

per

share.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e) Includes

impact

of

Interfund

lending

fees.

Without

these

Interfund

lending

fees,

the

net

expense

ratio

would

have

been

at

the

contractual

expense

cap.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Mid

Cap

Growth

Fund

Class

Y

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$24.46

$19.67

$16.65

$26.43

$34.50

Investment

Activities:

Net

investment

income

(loss)(a)

(0.15)

(0.12)

(0.09)

(0.11)

(0.26)

Net

realized

and

unrealized

gains

(losses)

1.75 4.91 3.11 (8.98)

1.69 Total

from

Investment

Activities

1.60 4.79 3.02 (9.09)

1.43 Distributions

to

Shareholders

from:

Net

realized

gains

—

—

—

(0.69)

(9.50)

Return

of

capital

—

—

—

—(b)

—

Total

Distributions

—

—

—

(0.69)

(9.50)

Net

Asset

Value,

End

of

Period

$26.06

$24.46

$19.67

$16.65

$26.43

Total

Return(c)

6.54%

24.29%

18.20%

(34.53)%

4.96%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

0.95%

0.95%

0.95%

0.96%(e)

0.95%

Net

Investment

Income

(Loss)

(0.61)%

(0.53)%

(0.47)%

(0.53)%

(0.73)%

Gross

Expenses(d)

1.21%

1.17%

1.12%

1.13%

1.09%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$15,507

$18,579

$20,967

$28,192

$249,373

Portfolio

Turnover(f)

88%

126%

119%

133%

90%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Amount

is

less

than

$0.005

per

share.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e) Includes

impact

of

Interfund

lending

fees.

Without

these

Interfund

lending

fees,

the

net

expense

ratio

would

have

been

at

the

contractual

expense

cap.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Mid

Cap

Growth

Fund

Member

Class

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$22.86

$18.41

$15.59

$24.84

$33.00

Investment

Activities:

Net

investment

income

(loss)(a)

(0.17)

(0.13)

(0.10)

(0.11)

(0.28)

Net

realized

and

unrealized

gains

(losses)

1.64 4.58 2.92 (8.45)

1.62 Total

from

Investment

Activities

1.47 4.45 2.82 (8.56)

1.34 Distributions

to

Shareholders

from:

Net

realized

gains

—

—

—

(0.69)

(9.50)

Return

of

capital

—

—

—

—(b)

—

Total

Distributions

—

—

—

(0.69)

(9.50)

Net

Asset

Value,

End

of

Period

$24.33

$22.86

$18.41

$15.59

$24.84

Total

Return(c)

6.43%

24.17%

18.09%

(34.61)%

4.88%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

1.05%

1.05%

1.05%

1.05%

1.05%

Net

Investment

Income

(Loss)

(0.71)%

(0.63)%

(0.57)%

(0.58)%

(0.85)%

Gross

Expenses(d)

2.46%

2.64%

2.71%

2.60%

5.66%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,376

$1,618

$1,073

$911

$957

Portfolio

Turnover(e)

88%

126%

119%

133%

90%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Amount

is

less

than

$0.005

per

share.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Growth

Fund

Class

A

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$30.86

$24.64

$17.06

$26.14

$23.84

Investment

Activities:

Net

investment

income

(loss)(a)

(0.23)

(0.19)

(0.11)

(0.11)

(0.18)

Net

realized

and

unrealized

gains

(losses)

5.82 8.73 7.73 (8.57)

4.85 Total

from

Investment

Activities

5.59 8.54 7.62 (8.68)

4.67 Distributions

to

Shareholders

from:

Net

investment

income

—

—

—

—

(0.02)

Net

realized

gains

(1.82)

(2.32)

(0.04)

(0.40)

(2.35)

Total

Distributions

(1.82)

(2.32)

(0.04)

(0.40)

(2.37)

Net

Asset

Value,

End

of

Period

$34.63

$30.86

$24.64

$17.06

$26.14

Total

Return(b)

18.15%

34.36%

44.65%

(33.31)%

19.91%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.10%

1.10%

1.10%

1.10%

1.10%

Net

Investment

Income

(Loss)

(0.69)%

(0.63)%

(0.53)%

(0.53)%

(0.71)%

Gross

Expenses(c)

1.16%

1.17%

1.18%

1.18%

1.17%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$344,753

$319,339

$253,304

$189,042

$308,663

Portfolio

Turnover(d)

24%

50%

62%

96%

62%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Growth

Fund

Class

C

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$22.19

$18.34

$12.81

$19.94

$18.80

Investment

Activities:

Net

investment

income

(loss)(a)

(0.35)

(0.31)

(0.22)

(0.21)

(0.31)

Net

realized

and

unrealized

gains

(losses)

4.15 6.48 5.79 (6.52)

3.80 Total

from

Investment

Activities

3.80 6.17 5.57 (6.73)

3.49 Distributions

to

Shareholders

from:

Net

realized

gains

(1.82)

(2.32)

(0.04)

(0.40)

(2.35)

Total

Distributions

(1.82)

(2.32)

(0.04)

(0.40)

(2.35)

Net

Asset

Value,

End

of

Period

$24.17

$22.19

$18.34

$12.81

$19.94

Total

Return(b)

17.16%

33.23%

43.46%

(33.89)%

18.95%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.93%

1.93%

1.93%

1.93%

1.93%

Net

Investment

Income

(Loss)

(1.52)%

(1.46)%

(1.36)%

(1.37)%

(1.54)%

Gross

Expenses(c)

3.84%

3.52%

3.33%

2.78%

1.99%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$740

$863

$1,022

$689

$1,733

Portfolio

Turnover(d)

24%

50%

62%

96%

62%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Growth

Fund

Class

Y

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$33.16

$26.29

$18.15

$27.70

$25.13

Investment

Activities:

Net

investment

income

(loss)(a)

(0.15)

(0.11)

(0.06)

(0.06)

(0.12)

Net

realized

and

unrealized

gains

(losses)

6.26 9.30 8.24 (9.09)

5.13 Total

from

Investment

Activities

6.11 9.19 8.18 (9.15)

5.01 Distributions

to

Shareholders

from:

Net

investment

income

—

—

—(b)

—

(0.09)

Net

realized

gains

(1.82)

(2.32)

(0.04)

(0.40)

(2.35)

Total

Distributions

(1.82)

(2.32)

(0.04)

(0.40)

(2.44)

Net

Asset

Value,

End

of

Period

$37.45

$33.16

$26.29

$18.15

$27.70

Total

Return(c)

18.46%

34.68%

45.05%

(33.13)%

20.22%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

0.83%

0.83%

0.83%

0.83%

0.83%

Net

Investment

Income

(Loss)

(0.42)%

(0.36)%

(0.26)%

(0.26)%

(0.44)%

Gross

Expenses(d)

0.96%

0.98%

0.97%

0.95%

0.91%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$32,157

$27,527

$22,116

$18,286

$33,772

Portfolio

Turnover(e)

24%

50%

62%

96%

62%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Amount

is

less

than

$0.005

per

share.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Science

and

Technology

Fund

Class

A

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$26.89

$20.23

$15.26

$28.34

$36.35

Investment

Activities:

Net

investment

income

(loss)(a)

(0.35)

(0.29)

(0.22)

(0.22)

(0.46)

Net

realized

and

unrealized

gains

(losses)

5.39 6.95 5.19 (12.07)

(3.10)

Total

from

Investment

Activities

5.04 6.66 4.97 (12.29)

(3.56)

Distributions

to

Shareholders

from:

Net

realized

gains

(0.73)

—

—

(0.79)

(4.45)

Total

Distributions

(0.73)

—

—

(0.79)

(4.45)

Net

Asset

Value,

End

of

Period

$31.20

$26.89

$20.23

$15.26

$28.34

Total

Return(b)

18.73%

32.92%

32.57%

(43.51)%

(9.25)%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.46%

1.48%

1.49%

1.47%

1.47%

Net

Investment

Income

(Loss)

(1.24)%

(1.25)%

(1.28)%

(1.20)%

(1.28)%

Gross

Expenses(c)

1.46%

1.48%

1.49%

1.48%

1.47%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$188,940

$175,238

$145,950

$130,060

$250,490

Portfolio

Turnover(d)

29%

39%

77%

56%

46%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Science

and

Technology

Fund

Class

C

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$17.63

$13.37

$10.17

$19.48

$26.81

Investment

Activities:

Net

investment

income

(loss)(a)

(0.38)

(0.31)

(0.24)

(0.26)

(0.55)

Net

realized

and

unrealized

gains

(losses)

3.52 4.57 3.44 (8.26)

(2.33)

Total

from

Investment

Activities

3.14 4.26 3.20 (8.52)

(2.88)

Distributions

to

Shareholders

from:

Net

realized

gains

(0.73)

—

—

(0.79)

(4.45)

Total

Distributions

(0.73)

—

—

(0.79)

(4.45)

Net

Asset

Value,

End

of

Period

$20.04

$17.63

$13.37

$10.17

$19.48

Total

Return(b)

17.78%

31.76%

31.56%

(43.95)%

(10.03)%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

2.28%

2.28%

2.28%

2.28%

2.28%

Net

Investment

Income

(Loss)

(2.07)%

(2.05)%

(2.07)%

(2.01)%

(2.09)%

Gross

Expenses(c)

2.61%

2.57%

2.51%

2.40%

2.28%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$3,693

$4,146

$4,816

$4,725

$11,168

Portfolio

Turnover(d)

29%

39%

77%

56%

46%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Science

and

Technology

Fund

Class

Y

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$30.24

$22.70

$17.08

$31.49

$39.73

Investment

Activities:

Net

investment

income

(loss)(a)

(0.32)

(0.27)

(0.20)

(0.20)

(0.41)

Net

realized

and

unrealized

gains

(losses)

6.07 7.81 5.82 (13.42)

(3.38)

Total

from

Investment

Activities

5.75 7.54 5.62 (13.62)

(3.79)

Distributions

to

Shareholders

from:

Net

realized

gains

(0.73)

—

—

(0.79)

(4.45)

Total

Distributions

(0.73)

—

—

(0.79)

(4.45)

Net

Asset

Value,

End

of

Period

$35.26

$30.24

$22.70

$17.08

$31.49

Total

Return(b)

19.00%

33.22%

32.90%

(43.38)%

(9.04)%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.24%

1.24%

1.24%

1.24%

1.23%

Net

Investment

Income

(Loss)

(1.02)%

(1.01)%

(1.03)%

(0.97)%

(1.05)%

Gross

Expenses(c)

1.28%

1.29%

1.29%

1.28%

1.23%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$24,485

$25,150

$24,281

$28,503

$81,080

Portfolio

Turnover(d)

29%

39%

77%

56%

46%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Notes

to

Financial

Statements

December

31,

2025

Victory

Portfolios

1. #### Organization:
Victory

Portfolios

(the

"Trust")

is

organized

as

a

Delaware

statutory

trust and

the Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of 29

funds

and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with a

par

value

of

$0.001

per

share.

The

accompanying

financial

statements

are

those

of

the

following five

funds

(collectively,

the

"Funds"

and

individually,

a

"Fund").

Each

Fund is

classified

as

diversified

under

the

1940

Act.

\*

Effective

March

28,

2024,

the

Fund's

Class

R

shares

were

converted

to

Class

A

shares.

Each

class

of

shares

of

a

Fund

has

substantially

identical

rights

and

privileges

except

with

respect

to

sales

charges,

fees

paid

under

distribution

plans,

expenses

allocable

exclusively

to

each

class

of

shares,

voting

rights

on

matters

solely

affecting

a

single

class

of

shares,

and

the

exchange

privilege

of

each

class

of

shares. Victory

Capital

Management

Inc.

("VCM"

or

the

"Adviser")

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC. Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the

Funds

enter

into

contracts

with

their

vendors

and

others

that

provide

for

general

indemnifications.

The Funds'

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds.

However,

based

on

experience,

the

Funds

expect

that

risk

of

loss

to

be

remote.

2. #### Significant

#### Accounting

#### Policies:
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Funds

in

the

preparation

of their

financial

statements. The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP").

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Funds

follow

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification

Topic

946. Investment

Valuation:

The

Funds

record

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Funds'

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

—

quoted

prices

(unadjusted)

in

active

markets

for

identical

securities

Level

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

or

credit

spreads,

applicable

to

those

securities,

etc.)

Level

—

significant

unobservable

inputs

(including

the

Adviser's

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodologies

used

for

valuation

techniques

are

not

necessarily

an

indication

of

the

risks

associated

with

entering

into

those

investments.

The

Adviser,

appointed

as the

valuation

designee

by the

Trust's

Board

of

Trustees

(the

"Board"),

has

established

the

Pricing

Committee

(the

"Committee"),

and

subject

to Board

oversight,

the

Committee

administers

and

oversees

the

Funds'

valuation

policies

and

procedures,

which are

approved

by

the

Board.

Portfolio

securities

listed

or

traded

on

securities

exchanges,

including

Exchange-Traded

Funds

("ETFs")

and

American

Depositary

Receipts,

are

valued

at

the

last

sale

price

on

the

exchange

or

system

where

the

security

is

principally

traded,

if

available,

or

at

the

Nasdaq

Official

Closing

Price.

If

there

have

been

no

sales

for

that

day

on

the

exchange

or

system,

then

a

security

is

valued

at

the

closing bid

quotation

on

the

exchange

or

system

where

the

security

is

principally

traded.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Investments

in

open-end

investment

companies,

other

than

ETFs, are

valued

at their

net

asset

value

("NAV").

These

valuations

are

typically

categorized

as

Level

1 in

the

fair

value

hierarchy.

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

or

Level

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

Funds

(Legal

Name)

Funds

(Short

Name)

Investment

Share

Classes

Offered

Victory

RS

Small

Cap

Growth

Fund\*

RS

Small

Cap

Growth

Fund

A,

C,

R6,

and

Y

Victory

RS

Select

Growth

Fund\*

RS

Select

Growth

Fund

A,

C,

R6,

and

Y

Victory

RS

Mid

Cap

Growth

Fund\*

RS

Mid

Cap

Growth

Fund

A,

C,

R6,

Y,

and

Member

Class

Victory

RS

Growth

Fund\*

RS

Growth

Fund

A,

C,

and

Y

Victory

RS

Science

and

Technology

Fund\*

RS

Science

and

Technology

Fund

A,

C,

and

Y

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

each

Fund's

NAV to

be

more

reliable

than

it

otherwise

would

be.

A

summary

of

the

valuations

as

of

December

31,

2025,

based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

on

the

Schedules

of

Portfolio

Investments (amounts

in

thousands):

As

of December

31,

2025,

there

were

no

significant transfers

into/out

of

Level

3. Real

Estate

Investment

Trusts

("REITs"):

The

Funds

may

invest

in

REITs,

which

report

information

on

the

source

of

their

distributions

annually.

REITs

are

pooled

investment

vehicles

that

invest

primarily

in

income-producing

real

estate

or

real

estate

related

loans

or

interests

(such

as

mortgages).

Certain

distributions

received

from

REITs

will

be

reclassified

to

realized

gains

or

return

of

capital

as

estimated

by

the

Funds

based

on

calendar

year-end

information

as

it

becomes

known

or

available.

Investment

Companies:

Open-End

Funds:

The

Funds

may

invest

in

portfolios

of

open-end

investment

companies.

These

investment

companies

value

securities

in

their

portfolios

for

which

market

quotations

are

readily

available

at

their

market

values

(generally

the

last

reported

sale

price)

and

all

other

securities

and

assets

at

their

fair

value

by

the

methods

established

by

the

board

of

directors

of

the

underlying

funds.

Investment

Transactions

and

Related

Income:

Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

Interest

income

is

determined

on

the

basis

of

coupon

interest

accrued

and

recorded

daily

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts. Dividend

income

is

recorded

on

the

ex-dividend

date.

Non-cash

dividends

included

in

income,

if

any,

are

recorded

at

the

fair

value

of

the

securities

received. Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

Level

Level

Level

Total

RS

Small

Cap

Growth

Fund

Common

Stocks

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

$

378,625

$

—

$

—

$

378,625

Collateral

for

Securities

Loaned

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

23,137

—

—

23,137

Total

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

$

401,762

$

—

$

—

$

401,762

RS

Select

Growth

Fund

Common

Stocks

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

81,779

—

—

81,779

Collateral

for

Securities

Loaned

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

3,765

—

—

3,765

Total

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

$

85,544

$

—

$

—

$

85,544

RS

Mid

Cap

Growth

Fund

Common

Stocks

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

66,989

—

—

66,989

Collateral

for

Securities

Loaned

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

1,353

—

—

1,353

Total

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

$

68,342

$

—

$

—

$

68,342

RS

Growth

Fund

Common

Stocks

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

375,942

—

—

375,942

Total

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

$

375,942

$

—

$

—

$

375,942

RS

Science

and

Technology

Fund

Common

Stocks

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

217,176

—

—

217,176

Warrants

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

—

—

—

(a) —

(a) Collateral

for

Securities

Loaned

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

2,643

—

—

2,643

Total

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

$

219,819

$

—

$

—

(a) $

219,819

(a) Rounds

to

less

than

$1

thousand.

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

Withholding

taxes

on

interest,

dividends,

and

gains

as

a

result

of

certain

investments

by

the

Funds

have

been

provided

for

in

accordance

with

each

investment's

applicable

country's

tax

rules

and

rates.

Securities

Lending:

The

Funds, through

a Securities

Lending

Agreement with

Citibank,

N.A.

("Citibank"), may

lend

their

securities

to

qualified

financial

institutions,

such

as

certain

broker-dealers

and

banks,

to

earn

additional

income,

net

of

income

retained

by

Citibank.

Borrowers

are

required

to

initially

secure

their

loans for

collateral

in

the

amount

of

at

least

102%

of

the

value

of

U.S.

securities

loaned

or

at

least

105%

of

the

value

of

non-U.S.

securities

loaned,

marked-to-market

daily.

Any

collateral

shortfalls

associated

with

increases

in

the

valuation

of

the

securities

loaned

are

generally

cured the

next

business

day.

The

collateral

can

be

received

in

the

form

of

cash

collateral

and/or

non-cash

collateral.

Non-

cash

collateral

can

include

U.S.

Government

Securities and

other

securities

as

permitted

by

Securities

and

Exchange

Commission

("SEC")

guidelines.

The

cash

collateral

is

invested

in

short-term

instruments

or

cash

equivalents,

primarily

open-end

investment

companies,

as

noted

on

the

Funds'

Schedules

of

Portfolio

Investments.

The

Funds

effectively

do not

have

control

of

the

non-cash

collateral

and

therefore

it

is

not

disclosed

on

the

Funds'

Schedules

of

Portfolio

Investments.

Collateral

requirements

are

determined

daily

based

on

the

value

of

the

Funds'

securities

on

loan

as

of

the

end

of

the prior

business

day.

During

the

time

portfolio

securities

are

on

loan,

the

borrower

will

pay

the

Funds

any

dividends

or

interest

paid

on

such

securities

plus

any

fee

negotiated

between

the

parties

to

the

lending

agreement.

The

Funds

also

earn

a

return

from

the

collateral.

The

Funds

pay

Citibank

various

fees

in

connection

with

the

investment

of

cash

collateral

and

fees

based

on

the

investment

income

received

from

securities

lending

activities.

Securities

lending

income

(net

of

these

fees)

is

disclosed

on

the

Statements

of

Operations.

Loans

are

terminable

upon

demand

and

the

borrower

must

return

the

loaned

securities

within

the

lesser

of

one

standard

settlement

period

or

five

business

days. Although

risk

is

mitigated

by

the

collateral, a

Fund could

experience

a

delay

in

recovering

its

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

In

addition,

there

is

a

risk that

the

value

of

the

short-term

investments

will

be

less

than

the

amount

of

cash

collateral

required

to

be

returned

to

the

borrower.

The

Funds'

agreement

with

Citibank

does

not

include

master

netting

provisions.

Non-cash

collateral

received

by

the

Funds

may

not

be

sold

or

repledged,

except

to

satisfy

borrower

default.

The

following

table

is

a

summary

of

the

Funds'

securities

lending

transactions

as

of

December

31,

2025

(amounts

in

thousands):

Federal

Income

Taxes:

Each

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Funds

have

a

tax

year

end

of

December

31. For

the

year

ended

December

31,

2025,

the

Funds

did

not

incur

any

income

tax,

interest,

or

penalties,

and

have

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Funds

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to a

Fund

are

charged

to that

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Income,

expenses

(other

than

class-specific

expenses

such

as

transfer

agent

fees,

state

registration

fees,

printing

fees,

and

12b-1

fees),

and

realized

and

unrealized

gains

or

losses

on

investments

are

allocated

to

each

class

of

shares

based

on

its

relative

net

assets

on

the

date

income

is

earned

or

expenses

and

realized

and

unrealized

gains

and

losses

are

incurred.

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statements

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

RS

Small

Cap

Growth

Fund

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

$

22,254

$

—

$

23,137

RS

Select

Growth

Fund

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

3,601

—

3,765

RS

Mid

Cap

Growth

Fund

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

1,291

—

1,353

RS

Science

and

Technology

Fund

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

2,584

—

2,643

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

3. #### Purchases

#### and

#### Sales:
Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

year

ended

December

31,

2025,

were

as

follows

(amounts

in

thousands):

4. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:
Investment

Advisory

Fees:

Investment

advisory

services

are

provided

to

the

Funds

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

SEC.

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

fees

accrued

daily

and

paid

monthly

at

an

annualized

rate

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund. The

rates

at

which

the

Adviser

is

paid

by

each

Fund

are

included

in

the

table

below.

Amounts

incurred

and

paid

to

VCM

for

the

year ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Investment

advisory

fees.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Funds'

administrator

and

fund

accountant.

Under

the

Administration

and

Fund

Accounting

Agreement,

VCM

is

paid

an

administration

fee

based

on

a

percentage

of

the

average

daily

net

assets

of

the

Trust

and

Victory

Portfolios

II. The

tiered

rates

at

which

VCM

is

paid

by

the

Funds

are

shown

in

the

table

below:

Amounts

incurred

for

the

year

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Administration

fees.

Citi

Fund

Services

Ohio,

Inc.

("Citi"),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Funds

pursuant

to

the

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The Funds

reimburse

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services

and

certain

other

expenses

specifically

allocated

to

the

Funds.

Amounts

incurred

for

the year

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Sub-Administration

fees.

The

Funds

(as

part

of

the

Trust)

have

entered

into

an

agreement

with

the

Adviser

to

provide

compliance

services,

pursuant

to

which

the

Adviser

furnishes

its

compliance

personnel,

including

the

services

of

the

Chief

Compliance

Officer

("CCO"),

and

other

resources

reasonably

necessary

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

support

staff.

The

funds

in

the

Trust

and

Victory

Portfolios

II,

in

the

aggregate,

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the year

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Compliance

fees.

Excluding

U.S.

Government

Securities

Purchases

Sales

RS

Small

Cap

Growth

Fund

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

$

382,706

$

485,499

RS

Select

Growth

Fund

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

74,684

94,225

RS

Mid

Cap

Growth

Fund

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

62,116

75,784

RS

Growth

Fund

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

83,749

113,644

RS

Science

and

Technology

Fund

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

58,866

82,592

RS

Small

Cap

Growth

Fund

Tiered

Rate

Up

to

$1

billion

Next

$1

billion

Over

$2

billion

0.95%

0.825%

0.75%

Fee

Rate

RS

Select

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.00%

RS

Mid

Cap

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.85%

RS

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.75%

RS

Science

and

Technology

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.00%

Net

Assets

Up

to

$15

billion

$15

billion

—

$30

billion

Over

$30

billion

0.08%,

plus

0.05%,

plus

0.04%

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

Transfer

Agency

Fees:

FIS

Investor

Services,

LLC

("FIS")

serves

as

the

Funds'

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the

Trust

pays

FIS

a

fee

for

its

services

and

reimburses

FIS

for

all

of

their

reasonable

out-of-pocket

expenses

incurred

in

providing

these

services.

Amounts

incurred

for

the

year ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Transfer

agent

fees.

Victory

Capital

Transfer

Agency,

Inc.,

an

affiliate

of

the

Adviser,

serves

as

sub-transfer

agent

for

the

Member

Class.

Amounts

incurred

for

the

year ended

December

31,

2025,

if

any,

are

reflected

on

the

Statements

of

Operations

as

Transfer

agent

fees.

Sub-Transfer

Agency

Fees:

The

Funds

have

entered

into

Sub-Transfer

Agency

Agreements

with

financial

intermediaries

that

provide

recordkeeping,

processing,

shareholder

communications

and

other

services

to

customers

of

the

intermediaries

that

hold

positions

in

the

Funds

and

have

agreed

to

compensate

the

intermediaries

for

providing

those

services.

Intermediaries

transact

with

the

Funds

primarily

through

the

use

of

omnibus

accounts

on

behalf

of

their

customers

who

hold

positions

in

the

Funds.

These

services

would

have

been

provided

by

the

Funds'

transfer

agent

and

other

service

providers

if

the

shareholders'

accounts

were

maintained

directly

at

the

Funds'

transfer

agent.

Amounts

incurred

for

the

year ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Sub-Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services,

Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Funds

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust.

Pursuant

to

the

Distribution

and

Service

Plans

adopted

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Distributor

may

receive

a

monthly

distribution

and

service

fee

up

to

the

annual

rate

shown

in

the

table

below:

The

distribution

and

service

fees

paid

to

the

Distributor

may

be

used

by

the

Distributor

to

pay

for

activities

primarily

intended

to

result

in

the

sale

and/or

servicing

of

Class

A

and

Class

C. Amounts

incurred

for

the

year

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

12b-1

fees.

In

addition,

the

Distributor

is

entitled

to

receive

commissions

in

connection

with sales

of

Class

A. For

the

year

ended

December

31,

2025,

the

Distributor

received

the

following

from

commissions

earned

in

connection with

sales

of

Class

A

(amounts

in

thousands):

Other

Fees:

Citibank

serves

as

the

Funds'

custodian.

The

Funds

pay

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the year

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Custodian

fees.

Sidley

Austin

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with

the

Trust. Under

the

terms

of

the

agreement,

the

Adviser

has

agreed

to

waive

fees

or

reimburse

certain

expenses

to

the

extent

that

ordinary

operating

expenses

incurred

by

certain

classes

of

the

Funds

in

any

fiscal

year

exceed

the

expense

limits

for the

Funds.

Such

excess

amounts

will

be

the

liability

of

the

Adviser.

Acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Funds'

business

are

excluded

from

the

expense

limits.

As

of

December

31,

2025,

the

expense

limits

(excluding

voluntary

waivers) were

as

follows:

Class

A

Class

C

RS

Small

Cap

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

RS

Select

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

RS

Mid

Cap

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

RS

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

RS

Science

and

Technology

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

Amount

RS

Small

Cap

Growth

Fund

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

$

RS

Select

Growth

Fund

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

—(a)

RS

Mid

Cap

Growth

Fund

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

—(a)

RS

Growth

Fund

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

RS

Science

and

Technology

Fund

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

(a) Rounds

to

less

than

$1

thousand

.

In

effect

until

April

30,

2026

Class

A

Class

C

Class

R6

Class

Y

Member

Class

RS

Small

Cap

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.40%

2.16%

1.06%

1.13%

N/A

RS

Select

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.40%

2.18%

1.06%

1.14%

N/A

RS

Mid

Cap

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.20%

2.11%

0.94%

0.95%

1.05%

RS

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.10%

1.93%

N/A

0.83%

N/A

RS

Science

and

Technology

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.49%

2.28%

N/A

1.24%

N/A

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

Transfer

Agency

Fees:

FIS

Investor

Services,

LLC

("FIS")

serves

as

the

Funds'

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the

Trust

pays

FIS

a

fee

for

its

services

and

reimburses

FIS

for

all

of

their

reasonable

out-of-pocket

expenses

incurred

in

providing

these

services.

Amounts

incurred

for

the

year ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Transfer

agent

fees.

Victory

Capital

Transfer

Agency,

Inc.,

an

affiliate

of

the

Adviser,

serves

as

sub-transfer

agent

for

the

Member

Class.

Amounts

incurred

for

the

year ended

December

31,

2025,

if

any,

are

reflected

on

the

Statements

of

Operations

as

Transfer

agent

fees.

Sub-Transfer

Agency

Fees:

The

Funds

have

entered

into

Sub-Transfer

Agency

Agreements

with

financial

intermediaries

that

provide

recordkeeping,

processing,

shareholder

communications

and

other

services

to

customers

of

the

intermediaries

that

hold

positions

in

the

Funds

and

have

agreed

to

compensate

the

intermediaries

for

providing

those

services.

Intermediaries

transact

with

the

Funds

primarily

through

the

use

of

omnibus

accounts

on

behalf

of

their

customers

who

hold

positions

in

the

Funds.

These

services

would

have

been

provided

by

the

Funds'

transfer

agent

and

other

service

providers

if

the

shareholders'

accounts

were

maintained

directly

at

the

Funds'

transfer

agent.

Amounts

incurred

for

the

year ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Sub-Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services,

Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Funds

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust.

Pursuant

to

the

Distribution

and

Service

Plans

adopted

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Distributor

may

receive

a

monthly

distribution

and

service

fee

up

to

the

annual

rate

shown

in

the

table

below:

The

distribution

and

service

fees

paid

to

the

Distributor

may

be

used

by

the

Distributor

to

pay

for

activities

primarily

intended

to

result

in

the

sale

and/or

servicing

of

Class

A

and

Class

C. Amounts

incurred

for

the

year

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

12b-1

fees.

In

addition,

the

Distributor

is

entitled

to

receive

commissions

in

connection

with sales

of

Class

A. For

the

year

ended

December

31,

2025,

the

Distributor

received

the

following

from

commissions

earned

in

connection with

sales

of

Class

A

(amounts

in

thousands):

Other

Fees:

Citibank

serves

as

the

Funds'

custodian.

The

Funds

pay

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the year

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Custodian

fees.

Sidley

Austin

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with

the

Trust. Under

the

terms

of

the

agreement,

the

Adviser

has

agreed

to

waive

fees

or

reimburse

certain

expenses

to

the

extent

that

ordinary

operating

expenses

incurred

by

certain

classes

of

the

Funds

in

any

fiscal

year

exceed

the

expense

limits

for the

Funds.

Such

excess

amounts

will

be

the

liability

of

the

Adviser.

Acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Funds'

business

are

excluded

from

the

expense

limits.

As

of

December

31,

2025,

the

expense

limits

(excluding

voluntary

waivers) were

as

follows:

Class

A

Class

C

RS

Small

Cap

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

RS

Select

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

RS

Mid

Cap

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

RS

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

RS

Science

and

Technology

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

Amount

RS

Small

Cap

Growth

Fund

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

$

RS

Select

Growth

Fund

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

—(a)

RS

Mid

Cap

Growth

Fund

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

—(a)

RS

Growth

Fund

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

RS

Science

and

Technology

Fund

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

(a) Rounds

to

less

than

$1

thousand

.

In

effect

until

April

30,

2026

Class

A

Class

C

Class

R6

Class

Y

Member

Class

RS

Small

Cap

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.40%

2.16%

1.06%

1.13%

N/A

RS

Select

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.40%

2.18%

1.06%

1.14%

N/A

RS

Mid

Cap

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.20%

2.11%

0.94%

0.95%

1.05%

RS

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.10%

1.93%

N/A

0.83%

N/A

RS

Science

and

Technology

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.49%

2.28%

N/A

1.24%

N/A

![](epub597322576691200.jpg)

Under

the

terms

of

the

expense

limitation agreement, the Funds

have

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to

three

years

(thirty-six

(36) months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense

limits

in

effect

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

recoupment,

after

giving

effect

to

the

recoupment

amount.

The

Funds

have

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

December

31,

2025. For

the

year ended

December

31,

2025,

the

following

recoupment

amounts

were

paid

to

the

Adviser

(amounts

in

thousands):

As

of December

31,

2025,

the

following amounts

in

the

table

below

represent

the

fiscal

year-end

in

which

the

36-month

recoupment

period

expires.

These

amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

The

Adviser

may

voluntarily

waive

or

reimburse

additional

fees and

expenses

or

make

other

payments

to

assist

the

Funds

in

maintaining

competitive

expense

ratios. Except

as

noted

above,

voluntary

waivers

and

reimbursements

applicable

to

the

Funds

are

not

available

to

be

recouped

at

a

future

time.

There

were

no

voluntary

waivers

or

reimbursements

for

the year

ended

December

31,

2025. Certain

officers

and/or

interested

trustees

of

the

Funds

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

legal

counsel,

and

Distributor.

5. #### Risks:
The

following

describes

the

principal

risks

that

you

may

assume

as

an

investor

in

each

Fund. Each

Fund's

prospectus

contains

unaudited

information

regarding

the

Fund's

principal

risks.

Please

refer

to

that

document

when

considering

the

Fund's

principal

risks.

The

Funds

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

Equity

Securities

Risk

—

The

values

of

the

equity

securities

in

which

the

Funds

invest

may

decline

in

response

to

developments

affecting

individual

companies

and/or

general

market

economic,

and

political

conditions,

and

other

factors. A

company's

earnings

or

dividends

may

not

increase

as

expected

due

to

poor

management

decisions,

competitive

pressures,

breakthroughs

in

technology,

reliance

on

suppliers,

labor

Amount

RS

Small

Cap

Growth

Fund

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

$

RS

Science

and

Technology

Fund

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

—\*

\*

Rounds

to

less

than

$1

thousand.

December

31,

2026

December

31,

2027

December

31,

2028

Total

RS

Small

Cap

Growth

Fund

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

$

$

$

$

RS

Select

Growth

Fund

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

RS

Mid

Cap

Growth

Fund

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

632

RS

Growth

Fund

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

715

RS

Science

and

Technology

Fund

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

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

problems

or

shortages,

corporate

restructurings,

fraudulent

disclosures,

natural

disasters,

military

confrontations,

war,

terrorism,

public

health

crises,

or

other

events,

conditions,

and

factors.

Price

changes

may

be

temporary

or

may

last

for

extended

periods.

General

Market

Risk

—

Overall

market

risks

may

affect

the

value

of

the

Fund(s).

Domestic

and

international

factors

such

as

political

events,

war,

terrorism,

trade

disputes,

inflation

rates,

interest

rate

levels,

and

other

fiscal

and

monetary

policy

changes;

cybersecurity

incidents,

pandemics,

and

other

public

health

crises,

imposition

of

tariffs,

sanctions

against

a

particular

foreign

country,

its

nationals,

businesses,

or

industries;

and

related

geopolitical

events,

as

well

as

environmental

disasters

such

as

earthquakes,

fires,

and

floods,

or

other

catastrophes,

may

add

to

instability

in

global

economies

and

markets

generally,

and

may

lead

to

increased

market

volatility.

Global

economies

and

financial

markets

are

highly

interconnected,

which

increases

the

possibility

that

conditions

in

one

country

or

region

might

adversely

affect

issuers

in

another

country

or

region.

The

impact

of

these

and

other

factors

may

be

short-term

or

may

last

for

extended

periods.

Smaller-Capitalization

Stock

Risk

—

Small-

and

mid-sized

companies

are

subject

to

a

number

of

risks

not

associated

with

larger,

more

established

companies,

potentially

making

their

stock

prices

more

volatile

and

increasing

the

risk

of

loss.

Smaller

companies

may

have

limited

markets,

product

lines,

or

financial

resources

and

lack

management

experience

and

may

experience

higher

failure

rates

than

larger

companies.

Large-Capitalization

Stock

Risk

—

The

securities

of

large-sized

companies

may

underperform

the

securities

of

smaller-sized

companies

or

the

market

as

a

whole.

The

growth

rate

of

larger,

more

established

companies

may

lag

those

of

smaller

companies,

especially

during

periods

of

economic

expansion.

Science

and

Technology

Investment Risk

—

Investments

in

science

and

technology

companies

(including

those

within

the

health

care

sector)

may

be

highly

volatile.

Their

values

may

be

adversely

affected

by

such

factors

as,

for

example,

rapid

technological

change,

changes

in

management

personnel,

changes

in

the

competitive

environment,

and

changes

in

investor

sentiment.

Many

science

and

technology

companies

are

small

or

mid-sized

companies

and

may

be

newly

organized.

Sector Risk

— To

the

extent a

Fund

focuses in

one

or

more

sectors,

such

as

the

information technology,

industrials

or

health

care

sectors,

market

or

economic

factors

impacting

those

sectors

could

have

a

significant

effect

on

the

value

of

the

Fund's investments

and

could

make

the

Fund's

performance

more

volatile.

Information

Technology

Sector

Risk

—

Companies

in

the

information

technology

sector

face

intense

competition,

both

domestically

and

internationally.

These

companies

may

be

smaller

or

newer

and

may

have

limited

product

lines,

markets,

financial

resources,

or

personnel.

The

products

of

companies

in

the

information

technology

sector

may

face

product

obsolescence

due

to

rapid

technological

developments

and

frequent

new

product

introduction,

unpredictable

changes

in

growth

rates,

and

competition

for

the

services

of

qualified

personnel.

These

com-

panies

may

be

developing

or

marketing

new

products

or

services

for

which

markets

are

not

yet

established

and

may

never

become

established.

Industrials

Sector

Risk

—

Companies

in

the

industrials

sector

are

affected

by

supply

and

demand

both

for

their

specific

product

or

service

and

for

industrials

sector

products

in

general.

Government

regulation,

world

events,

and

economic

conditions

also

affect

the

performance

of

investments

in

such

issuers.

Aerospace

and

defense

companies,

a

component

of

the

industrials

sector,

can

be

significantly

affected

by

govern-

ment

spending

policies.

Transportation

companies

may

experience

occasional

sharp

price

movements,

which

may

result

from

changes

in

the

economy,

fuel

prices,

labor

agreements,

and

insurance

costs.

Health

Care

Sector

Risk

—

Companies

in

the

health

care

sector

may

be

adversely

affected

by

extensive

government

regulation,

restrictions

on

government

reimbursement

for

medical

expenses,

rising

or

falling

costs

of

medical

products

and

services,

pricing

pressure,

an

increased

emphasis

on

outpatient

services,

limited

number

of

products,

product

obsolescence,

industry

innovation,

changes

in

technologies,

and

other

market

developments.

Companies

in

the

health

care

sector

are

heavily

dependent

on

patent

protection

and

the

expiration

of

patents

may

ad-

versely

affect

these

companies.

Many

of

these

companies

are

subject

to

extensive

litigation

based

on

product

liability

and

similar

claims.

These

companies

are

subject

to

competitive

forces

that

may

make

it

difficult

to

raise

prices.

6. #### Borrowing

#### and

#### Interfund

#### Lending:
Line

of

Credit:

The

Victory

Funds

Complex

participates

in

a

short-term

demand

note

"Line

of

Credit"

agreement

with

Citibank.

Under

the

agreement

with

Citibank,

the funds in

the

Trust,

Victory

Portfolios

II,

and

Victory

Portfolios

III

(collectively,

the "Victory

Funds

Complex"),

in

the

aggregate, may

borrow

up

to

$600

million,

of

which

$300

million

is

committed

and

$300

million

is

uncommitted.

$40

million

of

the

Line

of

Credit

is

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the year

ended

December

31,

2025,

Citibank

received

an

annual

commitment

fee

of

0.15%

on

$300

million

for

providing

the

Line

of

Credit.

Each

Fund

in

the

Victory

Funds

Complex

paid

a

pro-rata

portion

of

the

commitment

fees

plus

any

interest

on

amounts

borrowed.

Interest

is

based

on

the

one-month Secured

Overnight

Financing

Rate

plus

1.10 percent.

Effective

June

24,

2025,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Dedicated

portions

to

the

Victory

Floating

Rate

Fund

have

been

removed,

making

the

entire

Line

of

Credit

(committed

and

uncommitted)

available

to

all

Funds.

Interest

charged

to each

Fund during

the

period,

if

applicable,

is

reflected

on

the

Statements

of

Operations

under

Line

of

credit

fees.

The

Funds

had

no

borrowings

under the

Line

of

Credit

agreement

during

the

year

ended

December

31,

2025. Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

Interfund

Lending:

The

Trust

and

the

Adviser

rely

on

an

exemptive

order

granted

by

the

SEC

in

March

2017

(the

"Order"),

permitting

the

establishment

and

operation

of

an

Interfund

Lending

Facility

(the

"Facility").

The

Facility

allows

each

Fund

to

directly

lend

and

borrow

money

to

or

from

any

other

fund

in

the

Victory

Funds

Complex

that

is

permitted

to

participate

in

the

Facility,

relying

upon

the

Order

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Advances

under

the

Facility

are

allowed

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

each

Fund's

borrowing

restrictions.

The

interfund

loan

rate

is

determined,

as

specified

in

the

Order,

by

averaging

the

current

repurchase

agreement

rate

and

the

current

bank

loan

rate.

As

a

Borrower

(as

defined

in

the

Order),

interest

charged

to

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending

fees.

As

a

Lender

(as

defined

in

the

Order),

interest

earned

by

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending.

The

average

borrowing

or

lending

for

the

days

outstanding

and

average

interest

rate

for

the

Funds

that

utilized

this

Facility

during

the

year

ended

December

31,

2025,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

year

ended

December

31,

2025. 7. #### Federal

#### Income

#### Tax

#### Information:
Dividends

from

net

investment

income,

if

any,

are

declared

and

paid

as

noted

in

the

table

below.

Distributable

net

realized

gains,

if

any,

are

declared

and

distributed

at

least

annually

from

each

Fund.

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

"book/tax"

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification,

utilized

earnings

and

profits

distributions

to

shareholders

on

redemption

of

shares

as

part

of

the

dividends

paid

deduction

for

income

tax

purposes),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Funds

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statements

of

Assets

and

Liabilities.

As

of

December

31,

2025,

on

the

Statements

of

Assets

and

Liabilities,

as

a

result

of

permanent

book-to-tax

differences,

reclassification

adjustments

were

as

follows

(amounts

in

thousands):

Borrower

or

Lender

Amount

Outstanding

at

December

31,

2025

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

RS

Small

Cap

Growth

Fund

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

Borrower

$

—

$

1,238

4.88%

$

2,104

RS

Growth

Fund

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

Borrower

—

1,786

4.55%

2,468

RS

Science

and

Technology

Fund

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

Borrower

—

1,200

4.92%

1,293

Declared

Paid

RS

Small

Cap

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

RS

Select

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

RS

Mid

Cap

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

RS

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

RS

Science

and

Technology

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Total

Accumulated

Earnings

(Loss)

Capital

RS

Small

Cap

Growth

Fund

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

$

7,593

$

(7,593)

RS

Select

Growth

Fund

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

1,328

(1,328)

RS

Mid

Cap

Growth

Fund

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

1,038

(1,038)

RS

Growth

Fund

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

2,362

(2,362)

RS

Science

and

Technology

Fund

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

2,847

(2,847)

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

The

tax

character

of

distributions

paid

during

the

tax

years

ended,

as

noted

below,

were

as

follows

(total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because,

for

tax

purposes,

dividends

are

recognized

when

actually

paid)

(amounts

in

thousands):

As

of

December

31,

2025,

the

components

of

accumulated

earnings

(loss)

on

a

tax

basis

were

as

follows

(amounts

in

thousands):

\*

The

difference

between

the

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

is

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales

and passive

foreign

investment

company

adjustments.

As

of December

31,

2025,

the

Funds

had

net

capital

loss

carryforwards

as

shown

in

the

table

below

(amounts

in

thousands).

It

is

unlikely

that

the

Board

will

authorize

a

distribution

of

capital

gains

realized

in

the

future

until

the

capital

loss

carryforwards

have

been

used.

During

the

tax

year

ended

December

31,

2025,

the

following

Funds

utilized

capital

loss

carryforwards

(amounts

in

thousands):

As

of December

31,

2025,

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation,

and

net

unrealized

appreciation

(depreciation)

for

investments were

as

follows

(amounts

in

thousands):

In

this

reporting

period,

the

Funds

adopted

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Update

2023-09,

"Income

Taxes

(Topic

740)

Improvements

to

Income

Tax

Disclosures"

("ASU

2023-09").

Adoption

of

the

new

standard

by

the

Funds

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Funds'

financial

position

or

results

of

operations.

A

disaggregation

of

income

taxes

paid

by

jurisdiction

is

presented

when

significant

income

taxes

are

paid.

Income

taxes

paid

by

the

Funds

for

the

year

ended

December

31,

2025 were

determined

to

not

be

significant.

Year

Ended

December

31,

2025

Distributions

Paid

From:

Net

Long-Term

Capital

Gains

Total

Distributions

Paid

RS

Select

Growth

Fund

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

$

9,832

$

9,832

RS

Growth

Fund

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

18,918

18,918

RS

Science

and

Technology

Fund

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

4,989

4,989

Year

Ended

December

31,

2024

Distributions

Paid

From:

Ordinary

Income

Net

Long-

Term

Capital

Gains

Total

Distributions

Paid

RS

Growth

Fund

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

$

3,041

$

21,429

$

24,470

Undistributed

Long-Term

Capital

Gains

Accumulated

Earnings

(Loss)

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation

(Depreciation)\*

Total

Accumulated

Earnings

(Loss)

RS

Small

Cap

Growth

Fund

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

$

—

$

—

$

(197,378)

$

72,730

$

(124,648)

RS

Select

Growth

Fund

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

2,836

2,836

—

19,042

21,878

RS

Mid

Cap

Growth

Fund

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

—

—

(476) 14,828

14,352

RS

Growth

Fund

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

5,932

5,932

—

245,332

251,264

RS

Science

and

Technology

Fund

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

—

123,323

123,813

Short-Term

Amount

Total

RS

Small

Cap

Growth

Fund

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

$

(197,378)

$

(197,378)

RS

Mid

Cap

Growth

Fund

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

(476) (476) Amount

RS

Small

Cap

Growth

Fund

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

$

(885) RS

Mid

Cap

Growth

Fund

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

(7,518)

RS

Science

and

Technology

Fund

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

(19,410)

Cost

of

Investments

for

Federal

Tax

Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

RS

Small

Cap

Growth

Fund

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

$

329,032

$

94,483

$

(21,753)

$

72,730

RS

Select

Growth

Fund

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

66,502

21,203

(2,161)

19,042

RS

Mid

Cap

Growth

Fund

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

53,514

17,115

(2,287)

14,828

RS

Growth

Fund

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

130,610

248,684

(3,352)

245,332

RS

Science

and

Technology

Fund

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

96,496

130,991

(7,668)

123,323

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

8. #### Segment

#### Reporting:
The

Adviser's

Management

Committee acts

as

each

Fund's

Chief

Operating

Decision

Maker

("CODM").

Each

Fund

represents

a

single

operating

segment,

as

the

CODM

monitors

the

operating

results

of

each

Fund

as

a

whole

and

the

Fund's

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

Fund's

single

investment

objective.

The

financial

information

in

the

form

of

the

Funds'

portfolio

composition,

total

returns,

expense

ratios,

and

changes

in

net

assets,

which

are

used

by

the

CODM

to

assess

the

segment's

performance

versus

each

Fund's

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund's

single

segment,

is

consistent

with

that

presented

within

each

Fund's

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

Statements

of

Assets

and

Liabilities

as

"total

assets"

and

significant

segment

expenses

are

listed

on

the

accompanying

Statements

of

Operations.

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

and

Board

of

Trustees

of

Victory

Portfolios

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

portfolio

investments,

of

Victory

RS

Small

Cap

Growth

Fund,

Victory

RS

Select

Growth

Fund,

Victory

RS

Mid

Cap

Growth

Fund,

Victory

RS

Growth

Fund,

and

Victory

RS

Science

and

Technology

Fund

(the

"Funds"),

each

a

series

of

Victory

Portfolios,

as

of

December

31,

2025,

the

related

statements

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2025,

the

results

of

their

operations

for

the

year

then

ended,

the

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025,

by

correspondence

with

the

custodian.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

investment

companies

advised

by

Victory

Capital

Management

Inc.

since

2015. COHEN

&

COMPANY,

LTD.

Cleveland,

Ohio

February

20,

2026

Supplemental

Information

December

31,

2025

Victory

Portfolios

(Unaudited)

Additional

Federal

Income

Tax

Information

For

the

fiscal

year

ended

December

31,

2025,

the

Funds

hereby

designate

the

maximum

amount

allowable

of

their

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

Shareholders

will

be

notified

via

IRS

Form

1099

of

the

amounts

for

use

in

preparing

their

income

tax

return.

For

the

year

ended

December

31,

2025,

the

following

Funds

designated

long-term

capital

gain

distributions

in

the

amount

of

(in

thousands):

Amount

RS

Select

Growth

Fund

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

9,926

RS

Growth

Fund

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

18,918

RS

Science

and

Technology

Fund

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

4,989

Victory

Portfolios

(Unaudited)

Supplemental

Information

—

continued

December

31,

2025

Considerations

of

the

Board

in

Continuing

the

Investment

Advisory

Agreement

(the

"Agreement")

The

Board

approved

the

Agreement

on

behalf

of

each

of

the

Funds

at

a

meeting,

which

was

called

for

that

purpose,

on

December

4,

2025. The

Board

also

considered

information

relating

to

the

Funds

and

the

Agreement

provided

throughout

the

year

and,

more

specifically,

at

the

meetings

on

October

21,

2025

and

December

4,

2025. In

considering

whether

to

approve

the

Agreement,

the

Board

requested

from

the

Adviser

certain

information

concerning

the

Funds

to

assist

it

in

evaluating

the

terms

of

the

Agreement.

In

response

to

the

request

from

the

Independent

Trustees,

the

Adviser

provided

information

and

reports

relevant

to

the

continuation

of

the

Agreement.

The

Board,

including

the

Independent

Trustees,

evaluated

this

information

along

with

other

information

obtained

throughout

the

year

and

was

advised

by

legal

counsel

to

the

Funds

and

independent

legal

counsel

to

the

Independent

Trustees.

The

Board

considered

each

Fund's

advisory

fee,

expense

ratio

and

investment

performance

as

significant

factors

in

determining

whether

the

Agreement

should

be

continued.

In

considering

whether

the

compensation

paid

to

the

Adviser

was

fair

and

reasonable,

the

Board

also

evaluated,

among

other

things,

the

following

factors:

The

requirements

of

the

Funds

for

the

services

provided

by

the

Adviser;

The

nature,

quality

and

extent

of

the

services

provided

and

expected

to

be

provided;

The

performance

of

the

Funds

as

compared

to

comparable

funds;

The

fees

payable

for

the

services

and

whether

the

fee

arrangements

provided

for

economies

of

scale

that

would

benefit

Fund

shareholders

as

the

Funds

grow

(acknowledging

that

economies

of

scale

can

be

complex

to

assess

and

typically

are

not

directly

measurable)

and

whether

breakpoints

would

be

appropriate;

Whether

the

fee

would

be

sufficient

to

enable

the

Adviser

to

attract

and

retain

experienced

personnel

and

continue

to

provide

quality

services

to

the

Funds;

The

fees

paid

by

other

clients

of

the

Adviser

whose

accounts

are

managed

in

a

similar

investment

style

and

any

differences

in

the

services

provided

to

the

other

clients

compared

to

those

provided

to

the

Funds;

The

total

expenses

of

each

Fund;

Management's

commitment

to

operating

the

Funds

at

competitive

expense

levels;

The

profitability

of

the

Adviser

(as

reflected

by

comparing

fees

earned

against

an

estimate

of

the

Adviser's

costs)

with

respect

to

the

Adviser's

relationship

with

the

Funds;

Research

and

other

service

benefits

received

by

the

Adviser

obtained

through

payment

of

client

commissions

for

securities

transactions;

Other

indirect

benefits

received

by

the

Adviser,

and

its

affiliates,

including

revenues

paid

to

the

Adviser,

or

its

affiliates,

by

the

Funds

for

ad-

ministration

and

fund

accounting

services,

and

distribution;

The

capabilities

and

financial

condition

of

the

Adviser;

Current

economic

and

industry

trends;

and

The

historical

relationship

between

each

Fund

and

the

Adviser.

The

Board

reviewed

each

Fund's

gross

management

fee,

comprised

of

the

advisory

fee

plus

the

administrative

services

fee

paid

to

the

Adviser,

in

the

context

of

the

Adviser's

business

and

services

with

respect

to

each

Fund

individually

and

with

respect

to

all

the

funds

as

a

whole.

The

Board

retained

an

independent,

third-party

consultant

to

provide

comparative

information

about

fees,

expenses

and

performance,

and

to

design

and

maintain

a

database

of

relevant

information

designed

to

assist

the

Board

in

retrieving

and

analyzing

comparative

information.

The

Board

considered

information,

analyses

and

methodologies

provided

by

the

consultant.

The

Board

compared

each

Fund's

gross

management

fee

and

total

operating

expense

ratio

on

a

net

and

gross

basis

with

the

median

gross

management

fee

and

median

expense

ratio

of

a

universe

of

comparable

mutual

funds

compiled

by

the

consultant,

and

a

peer

group

of

funds

selected

by

that

consultant

from

the

universe.

The

Board

reviewed

the

factors

and

methodology

reflected

in

the

consultant's

analyses

in

the

selection

of

each

Fund's

peer

group,

including

the

consultant's

selection

of

a

broad

universe

of

funds,

the

more

specific

universe

of

comparable

funds,

and

peer

groups

of

funds

with

comparable

investment

strategies

and

asset

levels,

among

other

factors.

The

Board

also

reviewed

any

changes

to

the

consultant's

methodology

as

compared

to

the

prior

year,

including

those

resulting

from

the

Adviser's

input,

if

any.

The

Board

also

reviewed,

where

applicable,

fees

and

other

information

related

to

the

Adviser's

management

of

similarly

managed

institutional

or

private

accounts,

and

the

differences

in

the

services

provided

to

the

other

accounts.

The

Board

noted

that

certain

of

the

advisory

fee

arrangements

for

these

Funds

included

breakpoints,

which

is

a

structure

that

results

in

reduced

fees

as

a

Fund

grows.

The

Board

also

noted

that

the

breakpoints

in

the

advisory

fee

schedule

for

some

of

the

Funds

evidenced

one

way

in

which

the

Adviser

has

shown

a

willingness

to

share

in

its

economies

of

scale.

The

Board

discussed

with

the

Adviser

whether

breakpoints

in

the

advisory

fees

with

respect

to

certain

Funds

would

be

desirable

or

appropriate

now

or

in

the

future.

The

Board

also

considered

the

Adviser's

commitment

to

limit

expenses

as

discussed

in

more

detail

below.

As

in

prior

years,

in

evaluating

the

Adviser's

performance,

the

Board

also

considered

how

the

Adviser

addressed

challenges

related

to

changing

market

conditions

and

legal

and

regulatory

developments

affecting

the

Funds.

To

help

it

evaluate

the

fees

and

expenses

of

each

Fund

with

a

total

net

expense

ratio

that

ranked

within

the

fourth

quartile

(most

expensive)

in

relation

to

funds

in

a

peer

group

selected

by

an

independent

third-party

consultant,

the

Board

requested,

and

the

Adviser

provided,

supplemental

information

about

fee

levels

and

the

nature

of

the

services

provided

on

a

Fund-by-Fund

basis

as

described

in

greater

detail

below.

When

a

Fund's

management

fee

or

total

expenses

were

higher

than

those

of

other

funds

in

the

peer

group,

the

Board

considered

factors

that

contributed

to

the

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

Fund's

management

fee

or

the

Fund's

total

expenses,

including,

among

other

things,

whether

the

Fund

requires

specific

or

specialized

portfolio

management,

administration

or

oversight

needs;

the

size

of

the

Fund's

assets

in

relation

to

its

peers;

whether

the

Fund

has

experienced

sustained

redemptions

leading

to

decreased

assets;

and

the

factors

that

resulted

in,

for

example,

rapid

or

recent

changes

in

expenses.

The

Board

also

considered

the

extent

to

which

the

Adviser

waives

management

fees

and/or

reimburses

any

Fund

for

other

Fund-level

expenses,

including

the

extent

to

which

any

such

waivers

or

reimbursements

were

applied

at

different

rates

for

different

share

classes.

The

Board

asked

for

and

received

information

to

help

it

evaluate

the

process

that

the

Adviser

uses

to

monitor

whether

any

such

waiver

or

reimbursement

resulted

in

any

potential

"cross-subsidization"

of

one

share

class

by

another

share

class.

The

Board

also

reviewed

the

compliance

and

administrative

services

provided

to

the

Funds

by

the

Adviser

and

its

affiliates,

including

the

Adviser's

oversight

of

the

Funds'

day-to-day

operations

and

oversight

of

Fund

accounting,

assistance

in

meeting

legal

and

regulatory

requirements,

and

other

services

necessary

for

the

operation

of

the

Funds

and

the

Trust.

The

Board

reviewed

each

Fund's

performance

over

one-,

three-,

five-

and

ten-year

periods

(as

applicable)

against

the

performance

of

the

Fund's

selected

peer

group

and

benchmark

index.

The

Board

recognized

that

the

performance

of

the

Funds

and

the

peer

group

funds

are

net

of

expenses,

while

the

performance

of

the

benchmark

index

reflects

gross

returns.

When

a

Fund

underperformed

the

funds

in

its

selected

peer

group

and/or

benchmark

index

for

any

of

the

periods

reported,

the

Board

considered

the

magnitude

and

duration

of

that

underperformance

relative

to

the

selected

peer

group

and/or

benchmark

index

(e.g.,

the

amount

by

which

a

Fund

underperformed,

including,

for

example,

whether

the

Fund

slightly

underperformed

or

significantly

underperformed

its

benchmark

both

in

absolute

and

relative

terms).

For

those

Funds

identified

as

having

underperformed

the

selected

peer

group

and/or

benchmark

index

for

multiple

periods

of

time,

the

Board

further

inquired

into

the

circumstances

of

its

underperformance,

including

with

respect

to

significant

differences

in

investment

strategy

or

securities

exposure

of

the

Fund

as

compared

to

its

benchmark

index

and

selected

peer

group.

In

these

cases,

the

Board

discussed

with

the

Adviser

each

such

Fund's

performance,

potential

reasons

for

the

relative

performance,

and,

if

necessary,

steps

that

the

Adviser

had

taken,

or

intends

to

take,

to

improve

performance,

including,

as

appropriate,

matters

relating

to

staffing

levels,

and

portfolio

trading

strategies,

among

other

things.

When

a

Fund's

gross

management

fee,

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

or

total

net

expenses

ranked

in

the

fourth

quartile

(most

expensive),

the

Board

considered

the

magnitude

of

differences

relative

to

the

selected

peer

group

(e.g.,

the

amount

by

which

a

Fund's

expenses

differed,

including,

for

example,

whether

the

Fund's

fees

and

expenses

were

slightly

or

significantly

higher

as

compared

to

funds

in

its

selected

peer

group).

The

Board

also

considered

the

types

of

expenses

paid

by

the

funds

in

the

Funds'

selected

peer

groups

noting,

for

example,

that

certain

funds

in

the

Funds'

selected

peer

groups

may

not

pay

rule

12b-1

fees,

and

the

changes

in

the

selected

peer

groups

as

compared

to

prior

years.

The

Board

also

met

with

the

portfolio

managers

of

the

Funds

during

the

months

prior

to

voting

on

the

contract

renewal

to

discuss

the

Funds'

performance,

and

received

a

report

each

quarter

on

the

Funds'

performance,

among

other

things,

from

the

Adviser's

President

of

Investment

Franchises

&

Solutions

and

Head

of

Product

&

Strategy.

The

Board

also

considered

the

Adviser's

responsiveness

with

respect

to

the

relative

performance.

The

Board

recognized

that

the

performance

data

reflects

a

period

as

of

a

particular

date

and

that

selecting

a

different

performance

period

could

produce

significantly

different

results.

The

Board

further

acknowledged

that

long-term

performance

could

be

affected

by

even

one

period

of

significant

outperformance

or

underperformance.

In

this

regard,

the

Board

noted

that

performance,

especially

short-term

performance,

is

only

one

of

the

factors

that

it

deems

relevant

to

its

consideration

of

the

Agreement.

The

Board

reviewed

various

other

specific

factors

with

respect

to

each

Fund,

as

described

below.

In

their

deliberations,

the

Trustees

did

not

rank

the

importance

of

any

particular

information

or

factor

considered

and

each

Trustee

may

have

attributed

different

weights

to

various

factors.

RS

Small

Cap

Growth

Fund:

Performance.

The

Board

compared

the

Fund's

Class

A

performance

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund's

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

underperformed

both

the

benchmark

index

and

the

peer

group

median

for

all

of

the

periods

reviewed.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund's

peer

group,

the

Fund's

gross

management

fee

ranked

in

the

fourth

quartile

(most

expensive),

the

Fund's

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

fourth

quartile

(most

expensive)

and

the

Fund's

total

net

expenses

ranked

in

the

fourth

quartile

(most

expensive).

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses

for

certain

classes

of

the

Fund's

shares,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period.

The

Board

noted

that

after

multiple

discussions

with

the

Adviser,

on

January

17,

2024,

the

Board

determined

that

breakpoints

in

the

advisory

fee

would

be

appropriate,

and

approved

an

amendment

to

the

Agreement

to

provide

breakpoints

in

the

advisory

fee.

In

evaluating

the

Fund's

Advisory

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund's

management

fee

compared

to

comparable

mutual

funds;

(2) the

Fund's

total

expense

ratio

compared

to

comparable

mutual

funds;

(3) that

the

Adviser's

willingness

to

limit

the

expenses

of

certain

classes

for

a

period

of

time

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period;

and

(4) any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund's

shareholders.

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

RS

Select

Growth

Fund:

Performance.

The

Board

compared

the

Fund's

Class

A

performance

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund's

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

outperformed

the

benchmark

index

for

the

one-

and

three-year

periods,

underperformed

the

benchmark

index

for

the

five-

and

ten-year

periods,

outperformed

the

peer

group

median

for

the

one-

and

three-year

periods,

matched

the

peer

group

median

for

the

five-year

period,

and

underperformed

the

peer

group

median

for

the

ten-year

period.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund's

peer

group,

the

Fund's

gross

management

fee

ranked

in

the

fourth

quartile

(most

expensive),

the

Fund's

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

fourth

quartile

(most

expensive)

and

the

Fund's

total

net

expenses

ranked

in

the

fourth

quartile

(most

expensive).

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses

for

certain

classes

of

the

Fund's

shares,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period.

In

evaluating

the

Fund's

Advisory

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund's

management

fee

compared

to

comparable

mutual

funds;

(2) the

Fund's

total

expense

ratio

compared

to

comparable

mutual

funds;

(3) that

the

Adviser's

willingness

to

limit

the

expenses

of

certain

classes

for

a

period

of

time

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period;

and

(4) any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund's

shareholders.

RS

Mid

Cap

Growth

Fund:

Performance.

The

Board

compared

the

Fund's

Class

A

performance

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund's

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

underperformed

the

benchmark

index

for

all

the

periods

reviewed,

matched

the

peer

group

median

for

the

one-year

period,

and

underperformed

the

peer

group

median

for

the

three-,

five-,

and

ten-year

periods.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund's

peer

group,

the

Fund's

gross

management

fee

ranked

in

the

fourth

quartile

(most

expensive),

the

Fund's

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

second

quartile

and

the

Fund's

total

net

expenses

ranked

in

the

third

quartile.

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses

for

certain

classes

of

the

Fund's

shares,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period.

In

evaluating

the

Fund's

Advisory

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund's

management

fee

compared

to

comparable

mutual

funds;

(2) the

Fund's

total

expense

ratio

compared

to

comparable

mutual

funds;

(3) that

the

Adviser's

willingness

to

limit

the

expenses

of

certain

classes

for

a

period

of

time

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period;

and

(4) any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund's

shareholders.

RS

Growth

Fund:

Performance.

The

Board

compared

the

Fund's

Class

A

performance

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund's

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

underperformed

the

benchmark

index

for

the

periods

reviewed,

matched

the

peer

group

median

for

the

one-year

period,

underperformed

the

peer

group

median

for

the

ten-year

period,

and

outperformed

the

peer

group

median

for

the

three-

and

five-year

periods.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund's

peer

group,

the

Fund's

gross

management

fee

ranked

in

the

fourth

quartile

(most

expensive),

the

Fund's

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

third

quartile

and

the

Fund's

total

net

expenses

ranked

in

the

third

quartile.

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses

for

certain

classes

of

the

Fund's

shares,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period.

In

evaluating

the

Fund's

Advisory

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund's

management

fee

compared

to

comparable

mutual

funds;

(2) the

Fund's

total

expense

ratio

compared

to

comparable

mutual

funds;

(3) that

the

Adviser's

willingness

to

limit

the

expenses

of

certain

classes

for

a

period

of

time

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period;

and

(4) any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund's

shareholders.

RS

Science

and

Technology

Fund:

Performance.

The

Board

compared

the

Fund's

Class

A

performance

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund's

peer

group

and

benchmark

index

for

the

same

periods

and

considered

that

the

Fund

outperformed

the

benchmark

index

for

the

one-year

period,

underperformed

the

benchmark

index

for

the

three-,

five-,

and

ten-year

periods,

outperformed

the

peer

group

median

for

the

one-year

period,

and

underperformed

the

peer

group

median

for

the

three-,

five-,

and

ten-year

periods.

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund's

peer

group,

the

Fund's

gross

management

fee

ranked

in

the

fourth

quartile

(most

expensive),

the

Fund's

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

fourth

quartile

(most

expensive)

and

the

Fund's

total

net

expenses

ranked

in

the

fourth

quartile

(most

expensive).

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses

for

certain

classes

of

the

Fund's

shares,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period.

In

evaluating

the

Fund's

Advisory

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund's

management

fee

compared

to

comparable

mutual

funds;

(2) the

Fund's

total

expense

ratio

compared

to

comparable

mutual

funds;

(3) that

the

Adviser's

willingness

to

limit

the

expenses

of

certain

classes

for

a

period

of

time

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period;

and

(4) any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund's

shareholders.

Conclusion:

Based

on

its

review

of

the

information

requested

and

provided,

and

following

extended

discussions,

the

Board

determined

that:

(i) the

Adviser's

services

benefitted

each

Fund's

shareholders,

particularly

in

light

of

the

nature

of

each

Fund

and

the

services

required

to

support

each

Fund;

(ii) it

was

generally

satisfied

with

the

nature,

quality

and

extent

of

the

services

provided

by

the

Adviser

to

each

Fund;

and

(iii) the

Agreement,

on

behalf

of

each

Fund

discussed

above,

was

consistent

with

the

best

interests

of

each

Fund

and

its

shareholders.

Accordingly,

the

Board

unanimously

approved

the

Agreement,

on

behalf

of

each

Fund,

for

an

additional

annual

period

on

the

basis

of

the

foregoing

review

and

discussions

and

the

following

considerations,

among

others:

The

fairness

and

reasonableness

of

the

investment

advisory

fee

payable

to

the

Adviser

under

the

Agreement

in

light

of

the

investment

advisory

services

provided,

the

costs

of

these

services,

the

profitability

of

the

Adviser's

relationship

with

each

Fund

and

the

comparability

of

the

fee

paid

to

the

fees

paid

by

other

investment

companies;

The

nature,

quality

and

extent

of

the

investment

advisory

services

provided

by

the

Adviser;

The

Adviser's

entrepreneurial

commitment

to

the

management

of

each

Fund

and

the

creation

of

a

broad-based

family

of

funds,

which

entails

a

substantial

commitment

of

the

Adviser's

resources

to

the

successful

operation

of

each

Fund;

The

Adviser's

representations

regarding

its

staffing

and

capabilities

to

manage

each

Fund,

including

the

retention

of

personnel

with

relevant

portfolio

management

experience;

The

Adviser's

efforts

to

enhance

investment

results

by,

among

other

things,

developing

and

supporting

quality

portfolio

management

teams;

and

The

overall

high

quality

of

the

personnel,

operations,

financial

condition,

investment

management

capabilities,

methodologies

and

perfor-

mance

of

the

Adviser.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

800-539-FUND

(800-539-3863)

800-235-8396

for

Member

Class

VPRSGF-AR

(12/25)

December

31,

2025

Annual:

Full

Financials

Victory

RS

International

Fund

Victory

RS

Global

Fund

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*TABLE* 

*OF* 

*CONTENTS*

*Victory* 

*Portfolios*

#### Schedules

#### of

#### Portfolio

#### Investments

#### (Form

#### N-CSR

#### Item

#### 6)
Victory

RS

International

Fund

#### 3
Victory

RS

Global

Fund

#### 7

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statements

of

Assets

and

Liabilities

#### 12
Statements

of

Operations

#### 13
Statements

of

Changes

in

Net

Assets

#### 14
Financial

Highlights

#### 16

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 26

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### (Form

#### N-CSR

#### Item

#### 7)

#### 35

#### Supplemental

#### Information
(Unaudited)

Additional

Federal

Income

Tax

Information

#### 36
Advisory

Contract

Approval

(Form

N-CSR

Item

11)

#### 37

*Call* 

*Victory* 

*at:*

*800-539-FUND* 

*(800-539-3863)*

*Visit* 

*our* 

*website* 

*at:*

*vcm.com*

#### IRA

#### DISTRIBUTION

#### WITHHOLDING

#### DISCLOSURE
*We* 

*generally* 

*must* 

*withhold* 

*federal* 

*income* 

*tax* 

*at* 

*a* 

*rate* 

*of* 

*10%* 

*of* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*and,* 

*if* 

*you* 

*live* 

*in* 

*a* 

*state* 

*that* 

*requires* 

*state* 

*income* 

*tax* 

*withholding,* 

*at* 

*your* 

*state's* 

*tax* 

*rate.* 

*However,* 

*you* 

*may* 

*elect* 

*not* 

*to* 

*have* 

*withholding* 

*apply* 

*or* 

*to* 

*have* 

*income* 

*tax* 

*withheld* 

*at* 

*a* 

*higher* 

*rate.* 

*Any* 

*withholding* 

*election* 

*that* 

*you* 

*make* 

*will* 

*apply* 

*to* 

*any* 

*subsequent* 

*distribution* 

*unless* 

*and* 

*until* 

*you* 

*change* 

*or* 

*revoke* 

*the* 

*election.* 

*If* 

*you* 

*wish* 

*to* 

*make* 

*a* 

*withholding* 

*election,* 

*or* 

*change* 

*or* 

*revoke* 

*a* 

*prior* 

*withholding* 

*election,* 

*call* 

*800-539-3863* 

*and* 

*form* 

*W-4P* 

*(OMB* 

*No.* 

*1545-0074* 

*withholding* 

*certificate* 

*for* 

*pension* 

*or* 

*annuity* 

*payments)* 

*will* 

*be* 

*electronically* 

*sent.*

*If* 

*you* 

*do* 

*not* 

*have* 

*a* 

*withholding* 

*election* 

*in* 

*place* 

*by* 

*the* 

*date* 

*of* 

*a* 

*distribution,* 

*federal* 

*income* 

*tax* 

*will* 

*be* 

*withheld* 

*from* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*at* 

*a* 

*rate* 

*of* 

*10%.* 

*If* 

*you* 

*must* 

*pay* 

*estimated* 

*taxes,* 

*you* 

*may* 

*be* 

*subject* 

*to* 

*estimated* 

*tax* 

*penalties* 

*if* 

*your* 

*estimated* 

*tax* 

*payments* 

*are* 

*not* 

*sufficient* 

*and* 

*sufficient* 

*tax* 

*is* 

*not* 

*withheld* 

*from* 

*your* 

*distribution.*

*For* 

*more* 

*specific* 

*information,* 

*please* 

*consult* 

*your* 

*tax* 

*adviser.*

*The* 

*Funds* 

*are* 

*distributed* 

*by* 

*Victory* 

*Capital* 

*Services,* 

*Inc.* 

*Victory* 

*Capital* 

*Management* 

*Inc.* 

*is* 

*the* 

*investment* 

*adviser* 

*to* 

*the* 

*Funds* 

*and* 

*receives* 

*fees* 

*from* 

*the* 

*Funds* 

*for* 

*performing* 

*services* 

*for* 

*the* 

*Funds.*

*This* 

*report* 

*is* 

*not* 

*authorized* 

*for* 

*distribution* 

*to* 

*prospective* 

*investors* 

*unless* 

*preceded* 

*or* 

*accompanied* 

*by* 

*a* 

*current* 

*prospectus* 

*of* 

*the* 

*Victory* 

*Funds.*

*For* 

*additional* 

*information* 

*about* 

*any* 

*Victory* 

*Fund,* 

*including* 

*fees,* 

*expenses,* 

*and* 

*risks,* 

*view* 

*our* 

*prospectus* 

*online* 

*at* 

*vcm.com* 

*or* 

*call* 

*800-539-3863.* 

*Read* 

*it* 

*carefully* 

*before* 

*you* 

*invest* 

*or* 

*send* 

*money.*

*The* 

*information* 

*in* 

*this* 

*report* 

*is* 

*based* 

*on* 

*data* 

*obtained* 

*from* 

*recognized* 

*services* 

*and* 

*sources* 

*and* 

*is* 

*believed* 

*to* 

*be* 

*reliable.* 

*Any* 

*opinions,* 

*projections,* 

*or* 

*recommendations* 

*in* 

*this* 

*report* 

*are* 

*subject* 

*to* 

*change* 

*without* 

*notice* 

*and* 

*are* 

*not* 

*intended* 

*as* 

*individual* 

*investment* 

*advice.* 

*Past* 

*investment* 

*performance* 

*of* 

*the* 

*Funds,* 

*markets* 

*or* 

*securities* 

*mentioned* 

*herein* 

*should* 

*not* 

*be* 

*considered* 

*to* 

*be* 

*indicative* 

*of* 

*future* 

*results.*

#### NOT

#### FDIC

#### INSURED

#### NO

#### BANK

#### GUARANTEE

#### MAY

#### LOSE

#### VALUE
Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

#### Victory

#### RS

#### International

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Common

Stocks

(97.5%)

Australia

(5.8%):

Consumer

Discretionary

(1.1%):

Aristocrat

Leisure

Ltd.

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

167,422

$

6,480

Financials

(1.0%):

Macquarie

Group

Ltd.

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

44,790

6,051

Health

Care

(0.5%):

CSL

Ltd.

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

22,062

2,538

Materials

(2.1%):

BHP

Group

Ltd.

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

404,231

12,197

Real

Estate

(1.1%):

Scentre

Group

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

2,381,182

6,655

33,921

Austria

(1.2%):

Financials

(1.2%):

BAWAG

Group

AG

(a) (b) .................................................

46,722

7,036

Belgium

(0.2%):

Materials

(0.2%):

Solvay

SA

,

Class

A

(c) ...................................................

45,675

1,453

Denmark

(1.7%):

Consumer

Discretionary

(0.6%):

Pandora

A/S

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

30,581

3,382

Health

Care

(1.1%):

Novo

Nordisk

A/S

,

Class

B

(c) ..............................................

128,840

6,535

9,917

Finland

(1.4%):

Financials

(1.4%):

Nordea

Bank

Abp

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

451,578

8,495

France

(9.3%):

Consumer

Discretionary

(1.9%):

LVMH

Moet

Hennessy

Louis

Vuitton

SE

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

15,059

11,350

Consumer

Staples

(1.5%):

L'Oreal

SA

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

20,332

8,728

Energy

(0.5%):

Gaztransport

Et

Technigaz

SA

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

16,173

2,967

Industrials

(4.3%):

Eiffage

SA

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

44,334

6,352

Rexel

SA

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

162,103

6,357

Safran

SA

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

36,149

12,590

25,299

Information

Technology

(0.4%):

Capgemini

SE

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

14,010

2,326

Materials

(0.7%):

Arkema

SA

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

61,192

3,729

54,399

Germany

(9.7%):

Communication

Services

(0.5%):

CTS

Eventim

AG

&

Co.

KGaA

(c) ...........................................

33,783

3,093

Consumer

Discretionary

(0.9%):

Volkswagen

AG

,

Preference

Shares

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

43,107

5,260

Financials

(2.9%):

Allianz

SE

,

Registered

Shares

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

36,590

16,917

Industrials

(2.5%):

Siemens

AG

,

Registered

Shares

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

53,405

14,956

Victory

Portfolios

#### Victory

#### RS

#### International

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Information

Technology

(1.9%):

SAP

SE

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

46,175

$

11,218

Utilities

(1.0%):

RWE

AG

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

107,599

5,701

57,145

Hong

Kong

(2.8%):

Financials

(1.9%):

AIA

Group

Ltd.

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

1,063,400

10,946

Real

Estate

(0.9%):

CK

Asset

Holdings

Ltd.

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

1,098,000

5,553

16,499

Ireland

(0.6%):

Materials

(0.6%):

James

Hardie

Industries

PLC

(a) ............................................

179,797

3,690

Italy

(2.5%):

Financials

(1.2%):

Banco

BPM

SpA

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

476,155

7,230

Utilities

(1.3%):

Enel

SpA

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

728,488

7,574

14,804

Japan

(20.7%):

Communication

Services

(0.7%):

Kakaku.com,

Inc.

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

288,700

4,257

Consumer

Discretionary

(3.9%):

Asics

Corp.

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

190,800

4,581

Sanrio

Co.

Ltd.

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

91,200

2,854

Toyota

Motor

Corp.

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

708,100

15,210

22,645

Consumer

Staples

(0.5%):

Toyo

Suisan

Kaisha

Ltd.

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

41,700

2,861

Financials

(3.3%):

Mizuho

Financial

Group,

Inc.

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

309,900

11,311

Tokio

Marine

Holdings,

Inc.

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

215,600

7,971

19,282

Health

Care

(2.5%):

Hoya

Corp.

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

56,800

8,616

Shionogi

&

Co.

Ltd.

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

328,600

5,948

14,564

Industrials

(5.2%):

Fuji

Electric

Co.

Ltd.

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

129,700

9,837

MISUMI

Group,

Inc.

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

93,500

1,459

Mitsubishi

Heavy

Industries

Ltd.

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

357,800

8,736

Nippon

Yusen

KK

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

147,800

4,788

Sanwa

Holdings

Corp.

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

230,400

6,000

30,820

Information

Technology

(3.4%):

Disco

Corp.

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

22,600

6,886

Fujitsu

Ltd.

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

309,400

8,505

Oracle

Corp.

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

56,400

4,741

20,132

Real

Estate

(1.2%):

Sumitomo

Realty

&

Development

Co.

Ltd.

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

284,600

7,146

121,707

Victory

Portfolios

#### Victory

#### RS

#### International

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Netherlands

(6.9%):

Communication

Services

(0.9%):

Koninklijke

KPN

NV

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

1,177,737

$

5,503

Financials

(2.3%):

ING

Groep

NV

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

476,058

13,380

Industrials

(0.9%):

Wolters

Kluwer

NV

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

54,216

5,615

Information

Technology

(2.8%):

ASML

Holding

NV

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

15,061

16,227

40,725

New

Zealand

(0.7%):

Health

Care

(0.7%):

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

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

195,654

4,249

Norway

(0.8%):

Industrials

(0.8%):

Kongsberg

Gruppen

ASA

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

187,304

4,802

Singapore

(1.0%):

Financials

(1.0%):

Singapore

Exchange

Ltd.

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

443,100

5,834

Spain

(3.7%):

Financials

(2.6%):

Banco

Bilbao

Vizcaya

Argentaria

SA

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

653,611

15,331

Industrials

(1.1%):

Aena

SME

SA

(b) .......................................................

228,889

6,395

21,726

Sweden

(1.5%):

Industrials

(1.5%):

Atlas

Copco

AB

,

Class

B

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

534,073

8,541

Switzerland

(11.5%):

Consumer

Staples

(3.4%):

Coca-Cola

HBC

AG

(a) ...................................................

123,486

6,387

Nestle

SA

,

Registered

Shares

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

137,222

13,624

20,011

Financials

(1.7%):

Partners

Group

Holding

AG

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

2,791

3,425

UBS

Group

AG

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

138,821

6,412

9,837

Health

Care

(5.7%):

Novartis

AG

,

Registered

Shares

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

115,617

15,936

Roche

Holding

AG

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

42,895

17,719

33,655

Information

Technology

(0.7%):

Logitech

International

SA

,

Registered

Shares

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

43,256

4,392

67,895

United

Kingdom

(14.8%):

Communication

Services

(0.4%):

Auto

Trader

Group

PLC

(b) ................................................

314,699

2,482

Consumer

Discretionary

(1.0%):

Next

PLC

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

30,251

5,568

Consumer

Staples

(1.6%):

Imperial

Brands

PLC

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

221,798

9,312

Energy

(2.5%):

BP

PLC

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

560,655

3,269

Shell

PLC

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

316,496

11,662

14,931

Victory

Portfolios

#### Victory

#### RS

#### International

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Financials

(4.5%):

Barclays

PLC

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

1,767,363

$

11,311

HSBC

Holdings

PLC

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

948,739

14,927

26,238

Health

Care

(1.5%):

GSK

PLC

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

353,017

8,653

Industrials

(0.7%):

Howden

Joinery

Group

PLC

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

374,104

4,186

Materials

(1.7%):

Rio

Tinto

PLC

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

123,065

9,911

Utilities

(0.9%):

Centrica

PLC

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

2,404,713

5,482

86,763

United

States

(0.7%):

Consumer

Discretionary

(0.7%):

Carnival

PLC

(a) ........................................................

126,785

3,841

Total

Common

Stocks

(Cost

$414,595)

573,442

Collateral

for

Securities

Loaned

(0.6%)^

United

States

(0.6%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.69

%

(d) ........

929,088

929

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.69

%

(d) ............

929,088

929

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.67

%

(d) ...............

929,088

929

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.69

%

(d) .

929,088

929

Total

Collateral

for

Securities

Loaned

(Cost

$3,716)

3,716

Total

Investments

(Cost

$418,311)

—

98.1%

577,158

Other

assets

in

excess

of

liabilities

—

1.9%

10,922

NET

ASSETS

-

100.00%

$

588,080

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

December

31,

2025,

the

fair

value

of

these

securities

was

$15,913

(thousands)

and

amounted

to

2.7%

of

net

assets.

(c) All

or

a

portion

of

this

security

is

on

loan.

(d) Rate

disclosed

is

the

daily

yield

on

December

31,

2025. PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

#### Victory

#### RS

#### Global

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Common

Stocks

(97.5%)

Australia

(1.1%):

Consumer

Discretionary

(0.7%):

Aristocrat

Leisure

Ltd.

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

299,934

$

11,609

Health

Care

(0.4%):

CSL

Ltd.

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

59,727

6,872

18,481

Austria

(1.1%):

Financials

(1.1%):

BAWAG

Group

AG

(a) (b) .................................................

123,935

18,665

Canada

(2.7%):

Consumer

Staples

(0.7%):

George

Weston

Ltd.

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

179,300

12,371

Information

Technology

(0.5%):

Constellation

Software,

Inc.

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

3,467

8,340

Materials

(1.1%):

Agnico

Eagle

Mines

Ltd.

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

113,790

19,299

Utilities

(0.4%):

Atco

Ltd.

,

Class

I

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

183,915

7,555

47,565

China

(2.3%):

Communication

Services

(1.4%):

Tencent

Holdings

Ltd.

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

330,200

25,342

Financials

(0.9%):

Industrial

&

Commercial

Bank

of

China

Ltd.

,

Class

H

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

18,890,000

15,286

40,628

Denmark

(0.5%):

Consumer

Discretionary

(0.5%):

Pandora

A/S

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

71,061

7,859

France

(1.8%):

Energy

(0.6%):

Gaztransport

Et

Technigaz

SA

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

55,547

10,191

Industrials

(1.2%):

Eiffage

SA

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

77,631

11,122

Rexel

SA

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

232,384

9,114

20,236

30,427

Germany

(0.7%):

Industrials

(0.7%):

Siemens

AG

,

Registered

Shares

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

46,232

12,947

Indonesia

(0.7%):

Communication

Services

(0.7%):

PT

Telkom

Indonesia

Persero

Tbk

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

57,805,200

12,098

Ireland

(0.7%):

Industrials

(0.7%):

Eaton

Corp.

PLC

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

35,965

11,455

Italy

(0.6%):

Utilities

(0.6%):

Enel

SpA

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

1,066,365

11,086

Japan

(4.4%):

Communication

Services

(0.5%):

Kakaku.com,

Inc.

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

555,900

8,196

Consumer

Discretionary

(0.3%):

Sanrio

Co.

Ltd.

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

172,100

5,386

Victory

Portfolios

#### Victory

#### RS

#### Global

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Consumer

Staples

(0.5%):

Toyo

Suisan

Kaisha

Ltd.

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

118,600

$

8,137

Financials

(0.9%):

Mizuho

Financial

Group,

Inc.

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

458,600

16,738

Health

Care

(0.6%):

Hoya

Corp.

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

73,300

11,119

Industrials

(0.7%):

Fuji

Electric

Co.

Ltd.

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

153,400

11,635

Information

Technology

(0.9%):

Disco

Corp.

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

23,300

7,100

Oracle

Corp.

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

100,600

8,456

15,556

76,767

Netherlands

(1.0%):

Information

Technology

(1.0%):

ASML

Holding

NV

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

15,803

17,027

New

Zealand

(0.4%):

Health

Care

(0.4%):

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

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

357,944

7,774

Norway

(0.5%):

Industrials

(0.5%):

Kongsberg

Gruppen

ASA

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

324,587

8,322

Singapore

(1.0%):

Financials

(1.0%):

Singapore

Exchange

Ltd.

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

1,341,500

17,663

South

Africa

(0.4%):

Consumer

Discretionary

(0.4%):

Mr

Price

Group

Ltd.

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

634,490

6,716

Spain

(1.6%):

Financials

(1.2%):

Banco

Bilbao

Vizcaya

Argentaria

SA

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

873,902

20,498

Industrials

(0.4%):

Aena

SME

SA

(b) .......................................................

266,960

7,458

27,956

Sweden

(0.5%):

Industrials

(0.5%):

Atlas

Copco

AB

,

Class

B

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

575,858

9,209

Switzerland

(4.1%):

Consumer

Staples

(1.1%):

Nestle

SA

,

Registered

Shares

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

185,224

18,390

Financials

(1.1%):

Chubb

Ltd.

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

33,129

10,340

Partners

Group

Holding

AG

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

7,516

9,225

19,565

Health

Care

(1.3%):

Roche

Holding

AG

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

55,047

22,738

Information

Technology

(0.6%):

Logitech

International

SA

,

Registered

Shares

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

108,018

10,968

71,661

Taiwan

(4.1%):

Financials

(1.1%):

Cathay

Financial

Holding

Co.

Ltd.

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

8,105,000

19,553

Information

Technology

(3.0%):

Lite-On

Technology

Corp.

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

1,902,000

9,896

Victory

Portfolios

#### Victory

#### RS

#### Global

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

847,000

$

41,641

51,537

71,090

United

Kingdom

(3.8%):

Consumer

Discretionary

(0.7%):

Next

PLC

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

70,825

13,036

Consumer

Staples

(0.8%):

Imperial

Brands

PLC

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

329,914

13,851

Financials

(1.0%):

HSBC

Holdings

PLC

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

1,136,755

17,885

Industrials

(0.5%):

Howden

Joinery

Group

PLC

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

765,810

8,569

Materials

(0.8%):

Rio

Tinto

PLC

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

168,481

13,569

66,910

United

States

(63.5%):

Communication

Services

(7.1%):

Alphabet,

Inc.

,

Class

C

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

225,256

70,685

Meta

Platforms,

Inc.

,

Class

A

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

54,789

36,166

Netflix,

Inc.

(a) .........................................................

186,802

17,515

124,366

Consumer

Discretionary

(7.1%):

Amazon.com,

Inc.

(a) ....................................................

181,971

42,003

Booking

Holdings,

Inc.

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

3,464

18,551

Carnival

Corp.

(a) .......................................................

284,462

8,687

McDonald's

Corp.

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

76,218

23,295

PulteGroup,

Inc.

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

100,219

11,752

Tesla,

Inc.

(a) ..........................................................

43,139

19,400

123,688

Consumer

Staples

(2.2%):

Colgate-Palmolive

Co.

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

252,997

19,992

PepsiCo,

Inc.

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

125,281

17,980

37,972

Energy

(2.5%):

APA

Corp.

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

465,544

11,387

ConocoPhillips

Co.

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

72,330

6,771

Exxon

Mobil

Corp.

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

204,991

24,669

42,827

Financials

(8.6%):

Bank

of

America

Corp.

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

341,455

18,780

Jackson

Financial,

Inc.

,

Class

A

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

90,188

9,618

JPMorgan

Chase

&

Co.

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

95,646

30,819

Mastercard,

Inc.

,

Class

A

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

55,067

31,437

S&P

Global,

Inc.

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

34,452

18,004

Synchrony

Financial

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

137,508

11,472

The

PNC

Financial

Services

Group,

Inc.

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

52,469

10,952

Unum

Group

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

251,905

19,523

150,605

Health

Care

(6.7%):

Amgen,

Inc.

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

40,698

13,321

Dexcom,

Inc.

(a) ........................................................

118,992

7,897

Doximity,

Inc.

,

Class

A

(a) .................................................

194,349

8,606

Eli

Lilly

&

Co.

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

30,190

32,445

Gilead

Sciences,

Inc.

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

130,578

16,027

IDEXX

Laboratories,

Inc.

(a) ...............................................

23,305

15,766

Johnson

&

Johnson

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

108,464

22,447

116,509

Victory

Portfolios

#### Victory

#### RS

#### Global

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Industrials

(4.3%):

Caterpillar,

Inc.

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

44,408

$

25,440

Curtiss-Wright

Corp.

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

28,702

15,823

Delta

Air

Lines,

Inc.

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

219,247

15,216

Lennox

International,

Inc.

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

15,736

7,641

Vertiv

Holdings

Co.

,

Class

A

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

63,098

10,222

74,342

Information

Technology

(19.9%):

Adobe,

Inc.

(a) .........................................................

48,749

17,062

Apple,

Inc.

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

319,532

86,868

Broadcom,

Inc.

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

68,202

23,605

Cisco

Systems,

Inc.

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

306,291

23,593

Fortinet,

Inc.

(a) ........................................................

219,367

17,420

Microsoft

Corp.

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

154,210

74,579

NVIDIA

Corp.

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

489,259

91,247

Texas

Instruments,

Inc.

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

68,924

11,957

346,331

Materials

(1.5%):

Alcoa

Corp.

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

243,453

12,937

Freeport-McMoRan,

Inc.

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

253,654

12,883

25,820

Real

Estate

(1.9%):

Prologis,

Inc.

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

111,640

14,252

Simon

Property

Group,

Inc.

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

103,125

19,089

33,341

Utilities

(1.7%):

Constellation

Energy

Corp.

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

32,904

11,624

Edison

International

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

195,204

11,716

National

Fuel

Gas

Co.

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

69,079

5,531

28,871

1,104,672

Total

Common

Stocks

(Cost

$1,146,110)

1,696,978

Warrants

(0.0%)

Canada

(0.0%):

Information

Technology

(0.0%):

Constellation

Software,

Inc.

,

expiring

3/31/40

(a) (c) ...............................

3,376

—

Total

Warrants

(Cost

$–)

—

Exchange-Traded

Funds

(0.3%)

United

States

(0.3%):

iShares

MSCI

ACWI

ETF

(d) ..............................................

36,187

5,120

Total

Exchange-Traded

Funds

(Cost

$4,004)

5,120

Collateral

for

Securities

Loaned

(0.2%)^

United

States

(0.2%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.69

%

(e) ........

1,049,793

1,049

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.69

%

(e) ............

1,049,793

1,050

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.67

%

(e) ...............

1,049,793

1,050

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.69

%

(e) .

1,049,793

1,050

Total

Collateral

for

Securities

Loaned

(Cost

$4,199)

4,199

Total

Investments

(Cost

$1,154,313)

—

98.0%

1,706,297

Other

assets

in

excess

of

liabilities

—

2.0%

34,455

NET

ASSETS

-

100.00%

$

1,740,752

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

December

31,

2025,

the

fair

value

of

these

securities

was

$26,123

(thousands)

and

amounted

to

1.5%

of

net

assets.

(c) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

0.0%

of

net

assets

as

of

December

31,

2025. This

security

is

classified

as

Level

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

in

the

Notes

to

Financial

Statements)

Victory

Portfolios

#### Victory

#### RS

#### Global

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

(d) All

or

a

portion

of

this

security

is

on

loan.

(e) Rate

disclosed

is

the

daily

yield

on

December

31,

2025. ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Statements

of

Assets

and

Liabilities

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

Victory

RS

International

Fund

Victory

RS

Global

Fund

Assets:

Investments,

at

value

(Cost

$418,311

and

$1,154,313)

$

577,158(a)

$

1,706,297(b)

Foreign

currency,

at

value

(Cost

$215

and

$257)

Cash

12,717

35,850

Receivables:

Dividends,

interest,

and

securities

lending

income

935

Capital

shares

issued

1,737

Investments

sold

1,032

—

From

Adviser

648

Reclaims

2,366

1,093

Prepaid

expenses

Total

Assets

593,912

1,746,891

Liabilities:

Payables:

Collateral

received

on

loaned

securities

3,716

4,199

Investments

purchased

1,521

—

Capital

shares

redeemed

Accrued

expenses

and

other

payables:

Investment

advisory

fees

884

Administration

fees

Custodian

fees

Transfer

agent

fees

Sub-Transfer

agent

fees

Compliance

fees

—(c)

Trustees'

fees

—(c)

12b-1

fees

Other

accrued

expenses

Total

Liabilities

5,832

6,139

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

431,331

1,219,448

Total

accumulated

earnings

(loss)

156,749

521,304

Net

Assets

$

588,080

$

1,740,752

Net

Assets:

Class

A

$

44,529

$

128,223

Class

C

3,463

17,499

Class

R

1,933

10,149

Class

R6

403,841

247,098

Class

Y

134,314

1,337,783

Total

$

588,080

$

1,740,752

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

2,447

4,530

Class

C

646

Class

R

Class

R6

27,720

12,003

Class

Y

7,495

47,611

Total

38,060

65,073

Net

asset

value,

offering

and

redemption

price

per

share:

(d) Class

A

$

18.20 $

28.30 Class

C(e)

12.25 27.08 Class

R

16.79 35.84 Class

R6

14.57 20.59 Class

Y

17.92 28.10 Maximum

Sales

Charge

—

Class

A

5.75%

5.75%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

19.31 $

30.03 (a) Includes

$3,508

thousand

of

securities

on

loan.

(b) Includes

$4,089

thousand

of

securities

on

loan.

(c) Rounds

to

less

than

$1

thousand.

(d) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

(e) Redemption

price

per

share

varies

by

the

length

of

time

shares

are

held.

Statements

of

Operations

For

the

Year

Ended

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands)

Victory

RS

International

Fund

Victory

RS

Global

Fund

Investment

Income:

Dividends

$

15,673

$

28,907

Interest

1,113

Securities

lending

(net

of

fees)

Foreign

tax

withholding

(1,644)

(1,988)

Total

Income

14,387

28,077

Expenses:

Investment

advisory

fees

3,953

8,970

Administration

fees

748

Sub-Administration

fees

12b-1

fees

—

Class

A

12b-1

fees

—

Class

C

12b-1

fees

—

Class

R

Custodian

fees

Transfer

agent

fees

—

Class

A

Transfer

agent

fees

—

Class

C

—

(a) 2

Transfer

agent

fees

—

Class

R

—

(a) 2

Transfer

agent

fees

—

Class

R6

Transfer

agent

fees

—

Class

Y

Sub-Transfer

agent

fees

—

Class

A

Sub-Transfer

agent

fees

—

Class

C

Sub-Transfer

agent

fees

—

Class

R

Sub-Transfer

agent

fees

—

Class

Y

1,155

Trustees'

fees

Compliance

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Interfund

lending

fees

—

Other

expenses

Total

Expenses

4,853

12,576

Expenses

waived/reimbursed

by

Adviser

(539)

(3,040)

Net

Expenses

4,314

9,536

Net

Investment

Income

(Loss)

10,073

18,541

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

21,528

(9,871)

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

and

foreign

currency

translations

85,809

237,436

Net

realized/unrealized

gains

(losses)

on

investments

107,337

227,565

Change

in

net

assets

resulting

from

operations

$

117,410

$

246,106

(a) Rounds

to

less

than

$1

thousand.

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

International

Fund

Victory

RS

Global

Fund

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

10,073

$

8,719

$

18,541

$

13,375

Net

realized

gains

(losses)

21,528

10,218

(9,871)

7,859

Net

change

in

unrealized

appreciation/depreciation

85,809

2,255

237,436

157,038

Change

in

net

assets

resulting

from

operations

117,410

21,192

246,106

178,272

Distributions

to

Shareholders:

Class

A

(1,455)

(510)

(921)

(1,986)

Class

C

(145)

(60)

(40)

(70)

Class

R

(64)

(25)

(40)

(41)

Class

R6

(17,288)

(7,270)

(3,504)

(4,398)

Class

Y

(4,687)

(2,000)

(13,576)

(8,141)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(23,639)

(9,865)

(18,081)

(14,636)

Change

in

net

assets

resulting

from

capital

transactions

77,890

42,767

294,851

298,107

Change

in

net

assets

171,661

54,094

522,876

461,743

Net

Assets:

Beginning

of

period

416,419

362,325

1,217,876

756,133

End

of

period

$

588,080

$

416,419

$

1,740,752

$

1,217,876

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

International

Fund

Victory

RS

Global

Fund

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

15,939

$

8,275

$

63,832

$

120,903

Distributions

reinvested

1,442

503

921

1,986

Cost

of

shares

redeemed

(7,794)

(4,318)

(172,967)

(35,964)

Total

Class

A

$

9,587

$

4,460

$

(108,214)

$

86,925

Class

C

Proceeds

from

shares

issued

$

$

$

3,332

$

6,965

Distributions

reinvested

Cost

of

shares

redeemed

(523)

(185)

(2,602)

(588)

Total

Class

C

$

(170)

$

$

769

$

6,447

Class

R

Proceeds

from

shares

issued

$

$

$

2,318

$

2,196

Distributions

reinvested

Cost

of

shares

redeemed

(71)

(342)

(1,506)

(1,164)

Total

Class

R

$

$

(155)

$

852

$

1,073

Class

R6

Proceeds

from

shares

issued

$

69,627

$

8,813

$

104,082

$

111,683

Distributions

reinvested

17,163

7,254

3,238

4,256

Cost

of

shares

redeemed

(33,082)

(3,482)

(167,672)

(143,553)

Total

Class

R6

$

53,708

$

12,585

$

(60,352)

$

(27,614)

Class

Y

Proceeds

from

shares

issued

$

51,342

$

37,322

$

729,794

$

344,543

Distributions

reinvested

4,683

1,998

13,530

8,101

Cost

of

shares

redeemed

(41,394)

(13,737)

(281,528)

(121,368)

Total

Class

Y

$

14,631

$

25,583

$

461,796

$

231,276

Change

in

net

assets

resulting

from

capital

transactions

$

77,890

$

42,767

$

294,851

$

298,107

Share

Transactions:

Class

A

Issued

914

554

2,531

5,249

Reinvested

Redeemed

(456)

(284)

(6,607)

(1,549)

Total

Class

A

538

(4,043)

3,782

Class

C

Issued

Reinvested

Redeemed

(44)

(18)

(109)

(26)

Total

Class

C

(13)

Class

R

Issued

Reinvested

Redeemed

(5)

(24)

(44)

(40)

Total

Class

R

(10)

Class

R6

Issued

4,955

697

5,658

6,598

Reinvested

1,182

608

Redeemed

(2,381)

(287)

(9,153)

(7,933)

Total

Class

R6

3,756

1,018

(3,336)

(1,096)

Class

Y

Issued

3,068

2,552

28,608

14,903

Reinvested

Redeemed

(2,517)

(911)

(10,901)

(5,268)

Total

Class

Y

814

1,778

18,195

9,970

Change

in

Shares

5,103

3,119

10,876

12,983

Victory

Portfolios

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

International

Fund

Class

A

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$14.81

$14.31

$12.17

$14.76

$13.49

Investment

Activities:

Net

investment

income

(loss)(a)

0.30 0.28 0.24 0.32 0.27 Net

realized

and

unrealized

gains

(losses)

3.70 0.49 2.17 (2.66)

1.62 Total

from

Investment

Activities

4.00 0.77 2.41 (2.34)

1.89 Distributions

to

Shareholders

from:

Net

investment

income

(0.27)

(0.27)

(0.27)

(0.22)

(0.25)

Net

realized

gains

(0.34)

—

—

(0.03)

(0.37)

Total

Distributions

(0.61)

(0.27)

(0.27)

(0.25)

(0.62)

Net

Asset

Value,

End

of

Period

$18.20

$14.81

$14.31

$12.17

$14.76

Total

Return(b)

27.06%

5.39%

19.82%

(15.89)%

14.05%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.13%

1.13%

1.13%

1.13%

1.13%

Net

Investment

Income

(Loss)

1.77%

1.83%

1.82%

2.53%

1.80%

Gross

Expenses(c)

1.34%

1.38%

1.41%

1.41%

1.40%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$44,529

$28,266

$22,958

$20,077

$25,555

Portfolio

Turnover(d)

29%

19%

24%

29%

43%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

International

Fund

Class

C

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$10.14

$9.89

$8.50

$10.45

$9.72

Investment

Activities:

Net

investment

income

(loss)(a)

0.13 0.12 0.10 0.14 0.11 Net

realized

and

unrealized

gains

(losses)

2.51 0.34 1.50 (1.86)

1.17 Total

from

Investment

Activities

2.64 0.46 1.60 (1.72)

1.28 Distributions

to

Shareholders

from:

Net

investment

income

(0.19)

(0.21)

(0.21)

(0.20)

(0.18)

Net

realized

gains

(0.34)

—

—

(0.03)

(0.37)

Total

Distributions

(0.53)

(0.21)

(0.21)

(0.23)

(0.55)

Net

Asset

Value,

End

of

Period

$12.25

$10.14

$9.89

$8.50

$10.45

Total

Return(b)

26.08%

4.62%

18.88%

(16.50)%

13.24%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.88%

1.88%

1.88%

1.88%

1.88%

Net

Investment

Income

(Loss)

1.11%

1.12%

1.05%

1.61%

1.03%

Gross

Expenses(c)

2.39%

2.53%

2.51%

3.00%

3.07%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$3,463

$2,997

$2,638

$1,967

$1,147

Portfolio

Turnover(d)

29%

19%

24%

29%

43%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

International

Fund

Class

R

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$13.70

$13.26

$11.30

$13.73

$12.58

Investment

Activities:

Net

investment

income

(loss)(a)

0.25 0.24 0.19 0.26 0.22 Net

realized

and

unrealized

gains

(losses)

3.41 0.43 2.01 (2.47)

1.51 Total

from

Investment

Activities

3.66 0.67 2.20 (2.21)

1.73 Distributions

to

Shareholders

from:

Net

investment

income

(0.23)

(0.23)

(0.24)

(0.19)

(0.21)

Net

realized

gains

(0.34)

—

—

(0.03)

(0.37)

Total

Distributions

(0.57)

(0.23)

(0.24)

(0.22)

(0.58)

Net

Asset

Value,

End

of

Period

$16.79

$13.70

$13.26

$11.30

$13.73

Total

Return(b)

26.78%

5.09%

19.49%

(16.09)%

13.85%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.38%

1.38%

1.38%

1.38%

1.38%

Net

Investment

Income

(Loss)

1.55%

1.67%

1.54%

2.24%

1.58%

Gross

Expenses(c)

2.28%

2.51%

2.39%

2.30%

2.16%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,933

$1,463

$1,552

$1,653

$1,959

Portfolio

Turnover(d)

29%

19%

24%

29%

43%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

International

Fund

Class

R6

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$11.95

$11.60

$9.91

$12.07

$11.14

Investment

Activities:

Net

investment

income

(loss)(a)

0.29 0.27 0.23 0.29 0.25 Net

realized

and

unrealized

gains

(losses)

2.98 0.39 1.77 (2.17)

1.34 Total

from

Investment

Activities

3.27 0.66 2.00 (1.88)

1.59 Distributions

to

Shareholders

from:

Net

investment

income

(0.31)

(0.31)

(0.31)

(0.25)

(0.29)

Net

realized

gains

(0.34)

—

—

(0.03)

(0.37)

Total

Distributions

(0.65)

(0.31)

(0.31)

(0.28)

(0.66)

Net

Asset

Value,

End

of

Period

$14.57

$11.95

$11.60

$9.91

$12.07

Total

Return(b)

27.42%

5.70%

20.17%

(15.57)%

14.32%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.83%

0.83%

0.83%

0.83%

0.83%

Net

Investment

Income

(Loss)

2.10%

2.16%

2.13%

2.80%

2.06%

Gross

Expenses(c)

0.91%

0.92%

0.92%

0.92%

0.91%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$403,841

$286,296

$266,101

$245,239

$296,211

Portfolio

Turnover(d)

29%

19%

24%

29%

43%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

International

Fund

Class

Y

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$14.58

$14.09

$11.98

$14.54

$13.29

Investment

Activities:

Net

investment

income

(loss)(a)

0.33 0.32 0.27 0.35 0.30 Net

realized

and

unrealized

gains

(losses)

3.65 0.48 2.14 (2.63)

1.60 Total

from

Investment

Activities

3.98 0.80 2.41 (2.28)

1.90 Distributions

to

Shareholders

from:

Net

investment

income

(0.30)

(0.31)

(0.30)

(0.25)

(0.28)

Net

realized

gains

(0.34)

—

—

(0.03)

(0.37)

Total

Distributions

(0.64)

(0.31)

(0.30)

(0.28)

(0.65)

Net

Asset

Value,

End

of

Period

$17.92

$14.58

$14.09

$11.98

$14.54

Total

Return(b)

27.38%

5.65%

20.15%

(15.71)%

14.38%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.88%

0.88%

0.88%

0.88%

0.88%

Net

Investment

Income

(Loss)

1.98%

2.12%

2.08%

2.85%

2.02%

Gross

Expenses(c)

1.03%

1.05%

1.05%

1.05%

1.02%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$134,314

$97,397

$69,075

$66,799

$112,511

Portfolio

Turnover(d)

29%

19%

24%

29%

43%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Global

Fund

Class

A

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$24.40

$20.59

$16.41

$20.47

$17.27

Investment

Activities:

Net

investment

income

(loss)(a)

0.30 0.24 0.24 0.24 0.20 Net

realized

and

unrealized

gains

(losses)

3.80 3.81 4.13 (4.13)

3.65 Total

from

Investment

Activities

4.10 4.05 4.37 (3.89)

3.85 Distributions

to

Shareholders

from:

Net

investment

income

(0.20)

(0.24)

(0.19)

(0.17)

(0.18)

Net

realized

gains

—

—

—

—

(0.47)

Return

of

capital

—

—

—

—(b)

—

Total

Distributions

(0.20)

(0.24)

(0.19)

(0.17)

(0.65)

Net

Asset

Value,

End

of

Period

$28.30

$24.40

$20.59

$16.41

$20.47

Total

Return(c)

16.83%

19.66%

26.62%

(18.99)%

22.39%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

0.85%

0.85%

0.85%

0.85%

0.85%

Net

Investment

Income

(Loss)

1.16%

1.04%

1.31%

1.39%

1.05%

Gross

Expenses(d)

1.12%

1.14%

1.17%

1.17%

1.34%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$128,223

$209,196

$98,626

$78,373

$71,792

Portfolio

Turnover(e)

34%

20%

32%

29%

38%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Amount

is

less

than

$0.005

per

share.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(d) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Global

Fund

Class

C

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$23.41

$19.80

$15.83

$19.73

$16.68

Investment

Activities:

Net

investment

income

(loss)(a)

0.07 0.06 0.08 0.11 0.06 Net

realized

and

unrealized

gains

(losses)

3.66 3.67 3.98 (3.98)

3.52 Total

from

Investment

Activities

3.73 3.73 4.06 (3.87)

3.58 Distributions

to

Shareholders

from:

Net

investment

income

(0.06)

(0.12)

(0.09)

(0.03)

(0.06)

Net

realized

gains

—

—

—

—

(0.47)

Return

of

capital

—

—

—

—(b)

—

Total

Distributions

(0.06)

(0.12)

(0.09)

(0.03)

(0.53)

Net

Asset

Value,

End

of

Period

$27.08

$23.41

$19.80

$15.83

$19.73

Total

Return(c)

15.95%

18.76%

25.70%

(19.61)%

21.52%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

1.60%

1.60%

1.60%

1.60%

1.60%

Net

Investment

Income

(Loss)

0.30%

0.28%

0.47%

0.68%

0.35%

Gross

Expenses(d)

1.92%

1.98%

2.09%

2.09%

2.33%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$17,499

$14,403

$6,421

$3,872

$4,221

Portfolio

Turnover(e)

34%

20%

32%

29%

38%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Amount

is

less

than

$0.005

per

share.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(d) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Global

Fund

Class

R

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$30.88

$26.00

$20.68

$25.73

$21.57

Investment

Activities:

Net

investment

income

(loss)(a)

0.26 0.24 0.24 0.25 0.21 Net

realized

and

unrealized

gains

(losses)

4.84 4.80 5.20 (5.19)

4.55 Total

from

Investment

Activities

5.10 5.04 5.44 (4.94)

4.76 Distributions

to

Shareholders

from:

Net

investment

income

(0.14)

(0.16)

(0.12)

(0.11)

(0.13)

Net

realized

gains

—

—

—

—

(0.47)

Return

of

capital

—

—

—

—(b)

—

Total

Distributions

(0.14)

(0.16)

(0.12)

(0.11)

(0.60)

Net

Asset

Value,

End

of

Period

$35.84

$30.88

$26.00

$20.68

$25.73

Total

Return(c)

16.54%

19.40%

26.29%

(19.19)%

22.12%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

1.10%

1.10%

1.10%

1.10%

1.10%

Net

Investment

Income

(Loss)

0.79%

0.80%

1.03%

1.16%

0.85%

Gross

Expenses(d)

1.49%

1.56%

1.56%

1.57%

1.70%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$10,149

$7,848

$5,670

$5,130

$5,488

Portfolio

Turnover(e)

34%

20%

32%

29%

38%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Amount

is

less

than

$0.005

per

share.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Global

Fund

Class

R6

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$17.82

$15.09

$12.06

$15.11

$12.87

Investment

Activities:

Net

investment

income

(loss)(a)

0.25 0.24 0.21 0.22 0.20 Net

realized

and

unrealized

gains

(losses)

2.82 2.78 3.05 (3.06)

2.73 Total

from

Investment

Activities

3.07 3.02 3.26 (2.84)

2.93 Distributions

to

Shareholders

from:

Net

investment

income

(0.30)

(0.29)

(0.23)

(0.21)

(0.22)

Net

realized

gains

—

—

—

—

(0.47)

Return

of

capital

—

—

—

—(b)

—

Total

Distributions

(0.30)

(0.29)

(0.23)

(0.21)

(0.69)

Net

Asset

Value,

End

of

Period

$20.59

$17.82

$15.09

$12.06

$15.11

Total

Return(c)

17.23%

20.04%

27.02%

(18.81)%

22.84%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

0.55%

0.55%

0.55%

0.55%

0.55%

Net

Investment

Income

(Loss)

1.30%

1.39%

1.52%

1.70%

1.35%

Gross

Expenses(d)

0.70%

0.71%

0.72%

0.73%

0.85%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$247,098

$273,394

$248,014

$138,665

$99,708

Portfolio

Turnover(e)

34%

20%

32%

29%

38%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Amount

is

less

than

$0.005

per

share.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Global

Fund

Class

Y

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$24.24

$20.44

$16.28

$20.31

$17.12

Investment

Activities:

Net

investment

income

(loss)(a)

0.32 0.30 0.27 0.29 0.26 Net

realized

and

unrealized

gains

(losses)

3.83 3.78 4.11 (4.11)

3.62 Total

from

Investment

Activities

4.15 4.08 4.38 (3.82)

3.88 Distributions

to

Shareholders

from:

Net

investment

income

(0.29)

(0.28)

(0.22)

(0.21)

(0.22)

Net

realized

gains

—

—

—

—

(0.47)

Return

of

capital

—

—

—

—(b)

—

Total

Distributions

(0.29)

(0.28)

(0.22)

(0.21)

(0.69)

Net

Asset

Value,

End

of

Period

$28.10

$24.24

$20.44

$16.28

$20.31

Total

Return(c)

17.13%

19.97%

26.93%

(18.82)%

22.78%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

0.60%

0.60%

0.60%

0.60%

0.60%

Net

Investment

Income

(Loss)

1.26%

1.32%

1.43%

1.67%

1.34%

Gross

Expenses(d)

0.80%

0.84%

0.84%

0.84%

0.96%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,337,783

$713,035

$397,402

$196,898

$169,687

Portfolio

Turnover(e)

34%

20%

32%

29%

38%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Amount

is

less

than

$0.005

per

share.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Notes

to

Financial

Statements

December

31,

2025

Victory

Portfolios

1. #### Organization:
Victory

Portfolios

(the

"Trust")

is

organized

as

a

Delaware

statutory

trust and

the Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of 29

funds

and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with a

par

value

of

$0.001

per

share.

The

accompanying

financial

statements

are

those

of

the

following two

funds

(collectively,

the

"Funds"

and

individually,

a

"Fund").

Each

Fund is

classified

as

diversified

under

the

1940

Act.

Each

class

of

shares

of

a

Fund

has

substantially

identical

rights

and

privileges

except

with

respect

to

sales

charges,

fees

paid

under

distribution

plans,

expenses

allocable

exclusively

to

each

class

of

shares,

voting

rights

on

matters

solely

affecting

a

single

class

of

shares,

and

the

exchange

privilege

of

each

class

of

shares. Victory

Capital

Management

Inc.

("VCM"

or

the

"Adviser")

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC. Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the

Funds

enter

into

contracts

with

their

vendors

and

others

that

provide

for

general

indemnifications.

The Funds'

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds.

However,

based

on

experience,

the

Funds

expect

that

risk

of

loss

to

be

remote.

2. #### Significant

#### Accounting

#### Policies:
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Funds

in

the

preparation

of their

financial

statements. The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP").

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Funds

follow

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification

Topic

946. Investment

Valuation:

The

Funds

record

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Funds'

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

—

quoted

prices

(unadjusted)

in

active

markets

for

identical

securities

Level

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

or

credit

spreads,

applicable

to

those

securities,

etc.)

Level

—

significant

unobservable

inputs

(including

the

Adviser's

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodologies

used

for

valuation

techniques

are

not

necessarily

an

indication

of

the

risks

associated

with

entering

into

those

investments.

The

Adviser,

appointed

as the

valuation

designee

by the

Trust's

Board

of

Trustees

(the

"Board"),

has

established

the

Pricing

Committee

(the

"Committee"),

and

subject

to Board

oversight,

the

Committee

administers

and

oversees

the

Funds'

valuation

policies

and

procedures,

which are

approved

by

the

Board.

Portfolio

securities

listed

or

traded

on

securities

exchanges,

including

Exchange-Traded

Funds

("ETFs")

and

American

Depositary

Receipts,

are

valued

at

the

last

sale

price

on

the

exchange

or

system

where

the

security

is

principally

traded,

if

available,

or

at

the

Nasdaq

Official

Closing

Price.

If

there

have

been

no

sales

for

that

day

on

the

exchange

or

system,

then

a

security

is

valued

at

the

closing bid

quotation

on

the

exchange

or

system

where

the

security

is

principally

traded.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Investments

in

open-end

investment

companies,

other

than

ETFs, are

valued

at their

net

asset

value

("NAV").

These

valuations

are

typically

categorized

as

Level

1 in

the

fair

value

hierarchy.

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

or

Level

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

each

Fund's

NAV to

be

more

reliable

than

it

otherwise

would

be.

In

accordance

with

procedures

adopted

by

the

Board,

fair

value

pricing

may

be

used

if

events

materially

affecting

the

value

of

foreign

securities

occur

between

the

time

the

exchange

on

which

they

are

traded

closes

and

the

time

the

Funds'

NAV is

calculated.

The Funds use

a

systematic

Funds

(Legal

Name)

Funds

(Short

Name)

Investment

Share

Classes

Offered

Victory

RS

International

Fund

RS

International

Fund

A,

C,

R,

R6,

and

Y

Victory

RS

Global

Fund

RS

Global

Fund

A,

C,

R,

R6,

and

Y

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

valuation

model,

provided

daily

by

an

independent

third

party

to

fair

value

their

international

equity

securities.

These

valuations

are categorized

as

Level

in

the

fair

value

hierarchy.

A

summary

of

the

valuations

as

of

December

31,

2025,

based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

on

the

Schedules

of

Portfolio

Investments (amounts

in

thousands):

As

of December

31,

2025,

there

were

no

significant transfers

into/out

of

Level

3. Real

Estate

Investment

Trusts

("REITs"):

The

Funds

may

invest

in

REITs,

which

report

information

on

the

source

of

their

distributions

annually.

REITs

are

pooled

investment

vehicles

that

invest

primarily

in

income-producing

real

estate

or

real

estate

related

loans

or

interests

(such

as

mortgages).

Certain

distributions

received

from

REITs

will

be

reclassified

to

realized

gains

or

return

of

capital

as

estimated

by

the

Funds

based

on

calendar

year-end

information

as

it

becomes

known

or

available.

Investment

Companies:

Exchange-Traded

Funds:

The Funds

may

invest

in

ETFs,

the

shares

of

which

are

bought

and

sold

on

a

securities

exchange.

An

ETF

trades

like

common

stock

and

represents

a

fixed

portfolio

of

securities

often

designed

to

track

the

performance

and

dividend

yield

of

a

particular

domestic

or

foreign

market

index.

Among

other

purposes,

the

Funds

may

purchase

shares

of

an

ETF

to

gain

exposure

to

a

portion

of

the

U.S.

or

a

foreign

market

while

awaiting

purchase

of

underlying

securities.

The

risks

of

owning

an

ETF

generally

reflect

the

risks

of

owning

the

underlying

securities

the

ETF

is

designed

to

track,

although

the

lack

of

liquidity

of

an

ETF

could

result

in

it

being

more

volatile.

Additionally,

ETFs

have

fees

and

expenses

that

reduce

their

value.

Open-End

Funds:

The

Funds

may

invest

in

portfolios

of

open-end

investment

companies.

These

investment

companies

value

securities

in

their

portfolios

for

which

market

quotations

are

readily

available

at

their

market

values

(generally

the

last

reported

sale

price)

and

all

other

securities

and

assets

at

their

fair

value

by

the

methods

established

by

the

board

of

directors

of

the

underlying

funds.

Investment

Transactions

and

Related

Income:

Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

Interest

income

is

determined

on

the

basis

of

coupon

interest

accrued

and

recorded

daily

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts. Dividend

income

is

recorded

on

the

ex-dividend

date.

Non-cash

dividends

included

in

income,

if

any,

are

recorded

at

the

fair

value

of

the

securities

received. Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

Withholding

taxes

on

interest,

dividends,

and

gains

as

a

result

of

certain

investments

by

the

Funds

have

been

provided

for

in

accordance

with

each

investment's

applicable

country's

tax

rules

and

rates.

Securities

Lending:

The

Funds, through

a Securities

Lending

Agreement with

Citibank,

N.A.

("Citibank"), may

lend

their

securities

to

qualified

financial

institutions,

such

as

certain

broker-dealers

and

banks,

to

earn

additional

income,

net

of

income

retained

by

Citibank.

Borrowers

are

required

to

initially

secure

their

loans for

collateral

in

the

amount

of

at

least

102%

of

the

value

of

U.S.

securities

loaned

or

at

least

105%

of

the

value

of

non-U.S.

securities

loaned,

marked-to-market

daily.

Any

collateral

shortfalls

associated

with

increases

in

the

valuation

of

the

securities

Level

Level

Level

Total

RS

International

Fund

Common

Stocks

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

$

—

$

573,442

$

—

$

573,442

Collateral

for

Securities

Loaned

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

3,716

—

—

3,716

Total

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

$

3,716

$

573,442

$

—

$

577,158

RS

Global

Fund

Common

Stocks

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

1,174,033

522,945

—

1,696,978

Warrants

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

—

—

—(a)

—(a)

Exchange-Traded

Funds

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

5,120

—

—

5,120

Collateral

for

Securities

Loaned

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

4,199

—

—

4,199

Total

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

$

1,183,352

$

522,945

$

—(a)

$

1,706,297

(a) Zero

market

value

security.

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

loaned

are

generally

cured the

next

business

day.

The

collateral

can

be

received

in

the

form

of

cash

collateral

and/or

non-cash

collateral.

Non-

cash

collateral

can

include

U.S.

Government

Securities and

other

securities

as

permitted

by

Securities

and

Exchange

Commission

("SEC")

guidelines.

The

cash

collateral

is

invested

in

short-term

instruments

or

cash

equivalents,

primarily

open-end

investment

companies,

as

noted

on

the

Funds'

Schedules

of

Portfolio

Investments.

The

Funds

effectively

do not

have

control

of

the

non-cash

collateral

and

therefore

it

is

not

disclosed

on

the

Funds'

Schedules

of

Portfolio

Investments.

Collateral

requirements

are

determined

daily

based

on

the

value

of

the

Funds'

securities

on

loan

as

of

the

end

of

the prior

business

day.

During

the

time

portfolio

securities

are

on

loan,

the

borrower

will

pay

the

Funds

any

dividends

or

interest

paid

on

such

securities

plus

any

fee

negotiated

between

the

parties

to

the

lending

agreement.

The

Funds

also

earn

a

return

from

the

collateral.

The

Funds

pay

Citibank

various

fees

in

connection

with

the

investment

of

cash

collateral

and

fees

based

on

the

investment

income

received

from

securities

lending

activities.

Securities

lending

income

(net

of

these

fees)

is

disclosed

on

the

Statements

of

Operations.

Loans

are

terminable

upon

demand

and

the

borrower

must

return

the

loaned

securities

within

the

lesser

of

one

standard

settlement

period

or

five

business

days. Although

risk

is

mitigated

by

the

collateral, a

Fund could

experience

a

delay

in

recovering

its

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

In

addition,

there

is

a

risk that

the

value

of

the

short-term

investments

will

be

less

than

the

amount

of

cash

collateral

required

to

be

returned

to

the

borrower.

The

Funds'

agreement

with

Citibank

does

not

include

master

netting

provisions.

Non-cash

collateral

received

by

the

Funds

may

not

be

sold

or

repledged,

except

to

satisfy

borrower

default.

The

following

table

is

a

summary

of

the

Funds'

securities

lending

transactions

as

of

December

31,

2025

(amounts

in

thousands):

Foreign

Currency

Translations:

The

accounting

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Investment

securities

and

other

assets

and

liabilities

of the

Funds

denominated

in

a

foreign

currency

are

translated

into

U.S.

dollars

at

current

exchange

rates.

Purchases

and

sales

of

securities,

income

receipts,

and

expense

payments

are

translated

into

U.S.

dollars

at

the

exchange

rates

on

the

date

of

the

transactions.

The

Funds

do

not

isolate

the

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

on

investments

from

fluctuations

arising

from

changes

in

market

prices

of

securities

held.

Such

fluctuations,

if

any,

are

disclosed

as

Net

change

in

unrealized

appreciation/depreciation

on investment

securities

and

foreign

currency

translations

on

the

Statements

of

Operations.

Realized

gains

or

losses

from

these

fluctuations,

if

any,

are

disclosed

as

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

on

the

Statements

of

Operations.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

related

to

foreign

income

received

(a

portion

of

which

may

be

reclaimable),

capital

gains

on

the

sale

of

securities,

and

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Funds

invest.

Federal

Income

Taxes:

Each

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Funds

have

a

tax

year

end

of

December

31. For

the

year

ended

December

31,

2025,

the

Funds

did

not

incur

any

income

tax,

interest,

or

penalties,

and

have

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Funds

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to a

Fund

are

charged

to that

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Income,

expenses

(other

than

class-specific

expenses

such

as

transfer

agent

fees,

state

registration

fees,

printing

fees,

and

12b-1

fees),

and

realized

and

unrealized

gains

or

losses

on

investments

are

allocated

to

each

class

of

shares

based

on

its

relative

net

assets

on

the

date

income

is

earned

or

expenses

and

realized

and

unrealized

gains

and

losses

are

incurred.

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

RS

International

Fund

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

$

3,508

$

—

$

3,716

RS

Global

Fund

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

4,089

—

4,199

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statements

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3. #### Purchases

#### and

#### Sales:
Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

year

ended

December

31,

2025,

were

as

follows

(amounts

in

thousands):

4. #### Affiliated

#### Fund

#### Ownership:
The

Funds

offer

shares

for

investment

by

other

funds

including

VCM

affiliated

fund-of-funds.

The affiliated

fund-of-funds

do

not

invest

in

the

underlying

funds

for

the

purpose

of

exercising

management

or control;

however,

investments

by

affiliated

fund-of-funds

within

its

principal

investment

strategies

may

represent

a

significant

portion

of

an

underlying

fund's

assets,

and

together

with

the

investments

of

the

other

affiliated

fund-of-funds,

may

represent

a

substantial

portion

or

even

all

of

an

underlying

fund's

net

assets.

The

affiliated

fund-of-funds'

annual

and

semi-

annual

reports

may

be

viewed

at

vcm.com.

As

of

December

31,

2025,

certain

affiliated

fund-of-funds owned

total

outstanding

shares

of

the

Funds

as

follows:

5. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:
Investment

Advisory

Fees:

Investment

advisory

services

are

provided

to

the

Funds

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

SEC.

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

fees

accrued

daily

and

paid

monthly

at

an

annualized

rate

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund. The

rates

at

which

the

Adviser

is

paid

by

each

Fund

are

included

in

the

table

below.

Amounts

incurred

and

paid

to

VCM

for

the

year ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Investment

advisory

fees.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Funds'

administrator

and

fund

accountant.

Under

the

Administration

and

Fund

Accounting

Agreement,

VCM

is

paid

an

administration

fee

based

on

a

percentage

of

the

average

daily

net

assets

of

the

Trust

and

Victory

Portfolios

II. The

tiered

rates

at

which

VCM

is

paid

by

the

Funds

are

shown

in

the

table

below:

Amounts

incurred

for

the

year

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Administration

fees.

Citi

Fund

Services

Ohio,

Inc.

("Citi"),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Funds

pursuant

to

the

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The Funds

reimburse

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services

and

certain

other

expenses

specifically

allocated

to

the

Funds.

Amounts

incurred

for

the year

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Sub-Administration

fees.

Excluding

U.S.

Government

Securities

Purchases

Sales

RS

International

Fund

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

$

200,406

$

140,974

RS

Global

Fund

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

792,531

503,096

RS

International

Fund

Ownership

%

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

4.7 Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12.2 Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

22.2 Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

17.3 Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

2.7 Fee

Rate

RS

International

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.80%

RS

Global

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.60%

Net

Assets

Up

to

$15

billion

$15

billion

—

$30

billion

Over

$30

billion

0.08%,

plus

0.05%,

plus

0.04%

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

The

Funds

(as

part

of

the

Trust)

have

entered

into

an

agreement

with

the

Adviser

to

provide

compliance

services,

pursuant

to

which

the

Adviser

furnishes

its

compliance

personnel,

including

the

services

of

the

Chief

Compliance

Officer

("CCO"),

and

other

resources

reasonably

necessary

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

support

staff.

The

funds

in

the

Trust

and

Victory

Portfolios

II,

in

the

aggregate,

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the year

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Compliance

fees.

Transfer

Agency

Fees:

FIS

Investor

Services,

LLC

("FIS")

serves

as

the

Funds'

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the

Trust

pays

FIS

a

fee

for

its

services

and

reimburses

FIS

for

all

of

their

reasonable

out-of-pocket

expenses

incurred

in

providing

these

services.

Amounts

incurred

for

the

year ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Transfer

agent

fees.

Sub-Transfer

Agency

Fees:

The

Funds

have

entered

into

Sub-Transfer

Agency

Agreements

with

financial

intermediaries

that

provide

recordkeeping,

processing,

shareholder

communications

and

other

services

to

customers

of

the

intermediaries

that

hold

positions

in

the

Funds

and

have

agreed

to

compensate

the

intermediaries

for

providing

those

services.

Intermediaries

transact

with

the

Funds

primarily

through

the

use

of

omnibus

accounts

on

behalf

of

their

customers

who

hold

positions

in

the

Funds.

These

services

would

have

been

provided

by

the

Funds'

transfer

agent

and

other

service

providers

if

the

shareholders'

accounts

were

maintained

directly

at

the

Funds'

transfer

agent.

Amounts

incurred

for

the

year ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Sub-Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services,

Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Funds

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust.

Pursuant

to

the

Distribution

and

Service

Plans

adopted

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Distributor

may

receive

a

monthly

distribution

and

service

fee

up

to

the

annual

rate

shown

in

the

table

below:

The

distribution

and

service

fees

paid

to

the

Distributor

may

be

used

by

the

Distributor

to

pay

for

activities

primarily

intended

to

result

in

the

sale

and/or

servicing

of

Class

A,

Class

C,

and

Class

R. Amounts

incurred

for

the

year

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

12b-1

fees.

In

addition,

the

Distributor

is

entitled

to

receive

commissions

in

connection

with sales

of

Class

A. For

the

year

ended

December

31,

2025,

the

Distributor

received

the

following

from

commissions

earned

in

connection with

sales

of

Class

A

(amounts

in

thousands):

Other

Fees:

Citibank

serves

as

the

Funds'

custodian.

The

Funds

pay

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the year

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Custodian

fees.

Sidley

Austin

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with

the

Trust. Under

the

terms

of

the

agreement,

the

Adviser

has

agreed

to

waive

fees

or

reimburse

certain

expenses

to

the

extent

that

ordinary

operating

expenses

incurred

by

certain

classes

of

the

Funds

in

any

fiscal

year

exceed

the

expense

limits

for the

Funds.

Such

excess

amounts

will

be

the

liability

of

the

Adviser.

Acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Funds'

business

are

excluded

from

the

expense

limits.

As

of

December

31,

2025,

the

expense

limits

(excluding

voluntary

waivers) were

as

follows:

Class

A

Class

C

Class

R

RS

International

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

0.50%

RS

Global

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

0.50%

Amount

RS

International

Fund

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

$

—(a)

RS

Global

Fund

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

(a) Rounds

to

less

than

$1

thousand.

In

effect

until

April

30,

2026

Class

A

Class

C

Class

R

Class

R6

Class

Y

RS

International

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.13%

1.88%

1.38%

0.83%

0.88%

RS

Global

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.85%

1.60%

1.10%

0.55%

0.60%

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

![](epub597240972312576.jpg)

Under

the

terms

of

the

expense

limitation agreement, the Funds

have

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to

three

years

(thirty-six

(36) months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense

limits

in

effect

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

recoupment,

after

giving

effect

to

the

recoupment

amount.

The

Funds

have

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

December

31,

2025. As

of December

31,

2025,

the

following amounts

in

the

table

below

represent

the

fiscal

year-end

in

which

the

36-month

recoupment

period

expires.

These

amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

The

Adviser

may

voluntarily

waive

or

reimburse

additional

fees and

expenses

or

make

other

payments

to

assist

the

Funds

in

maintaining

competitive

expense

ratios. Except

as

noted

above,

voluntary

waivers

and

reimbursements

applicable

to

the

Funds

are

not

available

to

be

recouped

at

a

future

time.

There

were

no

voluntary

waivers

or

reimbursements

for

the year

ended

December

31,

2025. Certain

officers

and/or

interested

trustees

of

the

Funds

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

legal

counsel,

and

Distributor.

6. #### Risks:
The

following

describes

the

principal

risks

that

you

may

assume

as

an

investor

in

each

Fund. Each

Fund's

prospectus

contains

unaudited

information

regarding

the

Fund's

principal

risks.

Please

refer

to

that

document

when

considering

the

Fund's

principal

risks.

The

Funds

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

Equity

Securities Risk

—

The

values

of

the

equity

securities

in

which

the

Funds

invest

may

decline

in

response

to

developments

affecting

individual

companies

and/or

general

market,

economic,

and

political

conditions,

and

other

factors.

A

company's

earnings

or

dividends

may

not

increase

as

expected

due

to

poor

management

decisions,

competitive

pressures,

breakthroughs

in

technology,

reliance

on

suppliers,

labor

problems

or

shortages,

corporate

restructurings,

fraudulent

disclosures,

natural

disasters,

military

confrontations,

war,

terrorism,

public

health

crises,

or

other

events,

conditions,

and

factors.

Price

changes

may

be

temporary

or

may

last

for

extended

periods.

Equity

securities

have

the

lowest

priority,

and

the

greatest

risk,

with

respect

to

dividends

and

any

liquidation

payments

in

the

event

of

an

issuer's

bankruptcy.

General

Market

Risk

—

Overall

market

risks

may

affect

the

value

of

the

Fund(s).

Domestic

and

international

factors

such

as

political

events,

war,

terrorism,

trade

disputes,

inflation

rates,

interest

rate

levels,

and

other

fiscal

and

monetary

policy

changes;

cybersecurity

incidents,

pandemics,

and

other

public

health

crises,

imposition

of

tariffs,

sanctions

against

a

particular

foreign

country,

its

nationals,

businesses,

or

industries;

and

related

geopolitical

events,

as

well

as

environmental

disasters

such

as

earthquakes,

fires,

and

floods,

or

other

catastrophes,

may

add

to

instability

in

global

economies

and

markets

generally,

and

may

lead

to

increased

market

volatility.

Global

economies

and

financial

markets

are

highly

interconnected,

which

increases

the

possibility

that

conditions

in

one

country

or

region

might

adversely

affect

issuers

in

another

country

or

region.

The

impact

of

these

and

other

factors

may

be

short-term

or

may

last

for

extended

periods.

Foreign

Securities

Risk

—

Foreign

securities

(including

depositary

receipts)

are

subject

to

political,

regulatory,

and

economic

risks

not

present

in

domestic

investments.

Foreign

securities

could

be

affected

by

factors

not

present

in

the

United

States,

including

expropriation,

confiscation

of

property,

and

difficulties

in

enforcing

contracts.

Compared

to

U.S.

companies,

there

generally

is

less

publicly

available

information

about

foreign

companies

and

there

may

be

less

governmental

regulation

and

supervision

of

foreign

companies.

Foreign

securities

generally

experience

more

volatility

than

their

domestic

counterparts.

Depositary

receipts

may

have

additional

risks,

including

creditworthiness

of

the

depositary

bank

and

the

risk

of

an

illiquid

market.

In

addition,

to

the

extent

investments

are

made

in

a

limited

number

of

countries,

events

in

those

countries

December

31,

2026

December

31,

2027

December

31,

2028

Total

RS

International

Fund

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

$

$

516

$

539

$

1,488

RS

Global

Fund

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

1,225

2,330

3,040

6,595

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

will

have

a

more

significant

impact

on

the

Fund(s).

Fluctuations

in

the

exchange

rates

between

the

U.S.

dollar

and

foreign

currencies,

currency

exchange

control

regulations,

and

restrictions

or

prohibitions

on

the

repatriation

of

foreign

currencies

may

negatively

affect

an

investment.

Sector Focus

Risk

—

To

the

extent

the

Fund(s)

focus

in

one

or

more

sectors,

such

as

the

information

technology

or

financials

sector,

market

or

economic

factors

impacting

those

sectors

could

have

a

significant

effect

on

the

value

of

the

Fund's

(or

Funds')

investments

and

could

make

the

Fund's

(or

Funds')

performance

more

volatile.

Financials

Sector

Risk

—

Companies

in

the

financials

sector

are

subject

to

extensive

government

regulation,

which

may

limit

both

the

amounts

and

types

of

loans

and

other

financial

commitments

that

companies

in

this

sector

can

make,

and

the

interest

rates

and

fees

that

these

companies

can

charge.

Profitability

can

be

largely

dependent

on

the

availability

and

cost

of

capital

and

the

rate

of

corporate

and

consumer

debt

defaults,

and

can

fluctuate

significantly

when

interest

rates

change.

Financial

difficulties

of

borrowers

can

negatively

affect

the

financials

sector.

Insurance

companies

can

be

subject

to

severe

price

competition.

The

financials

sector

can

be

subject

to

relatively

rapid

change

as

dis-

tinctions

between

financial

service

segments

become

increasingly

blurred.

Information

Technology

Sector

Risk

—

Companies

in

the

information

technology

sector

face

intense

competition,

both

domestically

and

internationally.

These

companies

may

be

smaller

or

newer

and

may

have

limited

product

lines,

markets,

financial

resources,

or

personnel.

The

products

of

companies

in

the

information

technology

sector

may

face

product

obsolescence

due

to

rapid

technological

developments

and

frequent

new

product

introduction,

unpredictable

changes

in

growth

rates,

and

competition

for

the

services

of

qualified

personnel.

These

com-

panies

may

be

developing

or

marketing

new

products

or

services

for

which

markets

are

not

yet

established

and

may

never

become

established.

7. #### Borrowing

#### and

#### Interfund

#### Lending:
Line

of

Credit:

The

Victory

Funds

Complex

participates

in

a

short-term

demand

note

"Line

of

Credit"

agreement

with

Citibank.

Under

the

agreement

with

Citibank,

the funds in

the

Trust,

Victory

Portfolios

II,

and

Victory

Portfolios

III

(collectively,

the

"Victory

Funds

Complex"),

in

the

aggregate, may

borrow

up

to

$600

million,

of

which

$300

million

is

committed

and

$300

million

is

uncommitted.

$40

million

of

the

Line

of

Credit

is

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the year

ended

December

31,

2025,

Citibank

received

an

annual

commitment

fee

of

0.15%

on

$300

million

for

providing

the

Line

of

Credit.

Each

Fund

in

the

Victory

Funds

Complex

paid

a

pro-rata

portion

of

the

commitment

fees

plus

any

interest

on

amounts

borrowed.

Interest

is

based

on

the

one-month Secured

Overnight

Financing

Rate

plus

1.10 percent.

Effective

June

24,

2025,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Dedicated

portions

to

the

Victory

Floating

Rate

Fund

have

been

removed,

making

the

entire

Line

of

Credit

(committed

and

uncommitted)

available

to

all

Funds.

Interest

charged

to each

Fund during

the

period,

if

applicable,

is

reflected

on

the

Statements

of

Operations

under

Line

of

credit

fees.

The

Funds

had

no

borrowings

under the

Line

of

Credit

agreement

during

the

year

ended

December

31,

2025. Interfund

Lending:

The

Trust

and

the

Adviser

rely

on

an

exemptive

order

granted

by

the

SEC

in

March

2017

(the

"Order"),

permitting

the

establishment

and

operation

of

an

Interfund

Lending

Facility

(the

"Facility").

The

Facility

allows

each

Fund

to

directly

lend

and

borrow

money

to

or

from

any

other

fund

in

the

Victory

Funds

Complex

that

is

permitted

to

participate

in

the

Facility,

relying

upon

the

Order

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Advances

under

the

Facility

are

allowed

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

each

Fund's

borrowing

restrictions.

The

interfund

loan

rate

is

determined,

as

specified

in

the

Order,

by

averaging

the

current

repurchase

agreement

rate

and

the

current

bank

loan

rate.

As

a

Borrower

(as

defined

in

the

Order),

interest

charged

to

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending

fees.

As

a

Lender

(as

defined

in

the

Order),

interest

earned

by

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending.

The

average

borrowing

or

lending

for

the

days

outstanding

and

average

interest

rate

for

the

Funds

that

utilized

this

Facility

during

the

year

ended

December

31,

2025,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

year

ended

December

31,

2025. 8. #### Federal

#### Income

#### Tax

#### Information:
Dividends

from

net

investment

income,

if

any,

are

declared

and

paid

as

noted

in

the

table

below.

Distributable

net

realized

gains,

if

any,

are

declared

and

distributed

at

least

annually

from

each

Fund.

Borrower

or

Lender

Amount

Outstanding

at

December

31,

2025

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

RS

Global

Fund

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

Borrower

$

—

$

33,645

4.57%

$

33,645

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

"book/tax"

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Funds

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statements

of

Assets

and

Liabilities.

As

of

December

31,

2025,

on

the

Statements

of

Assets

and

Liabilities,

there

were

no

permanent

book-to-tax

difference

reclassification

adjustments.

The

tax

character

of

distributions

paid

during

the

tax

years

ended,

as

noted

below,

were

as

follows

(total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because,

for

tax

purposes,

dividends

are

recognized

when

actually

paid)

(amounts

in

thousands):

As

of

December

31,

2025,

the

components

of

accumulated

earnings

(loss)

on

a

tax

basis

were

as

follows

(amounts

in

thousands):

\*

The

difference

between

the

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

is

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales

and

passive

foreign

investment

company

adjustments.

As

of December

31,

2025,

the

Funds

had

net

capital

loss

carryforwards

as

shown

in

the

table

below

(amounts

in

thousands).

It

is

unlikely

that

the

Board

will

authorize

a

distribution

of

capital

gains

realized

in

the

future

until

the

capital

loss

carryforwards

have

been

used.

During

the

tax

year

ended

December

31,

2025,

the

following

Funds

utilized

capital

loss

carryforwards

(amounts

in

thousands):

As

of December

31,

2025,

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation,

and

net

unrealized

appreciation

(depreciation)

for

investments were

as

follows

(amounts

in

thousands):

Declared

Paid

RS

International

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

RS

Global

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Year

Ended

December

31,

2025

Distributions

Paid

From:

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions

Paid

RS

International

Fund

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

$

11,249

$

12,390

$

23,639

RS

Global

Fund

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

18,081

—

18,081

Year

Ended

December

31,

2024

Distributions

Paid

From:

Ordinary

Income

Total

Distributions

Paid

RS

International

Fund

........................................................................

$

9,865

$

9,865

RS

Global

Fund

............................................................................

14,636

14,636

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Earnings

(Loss)

Other

Earnings

(Loss)

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation

(Depreciation)\*

Total

Accumulated

Earnings

(Loss)

RS

International

Fund

.......

$

2,616

$

4,547

$

7,163

$

$

—

$

149,347

$

156,749

RS

Global

Fund

...........

—

(17,898)

539,091

521,304

Short-Term

Amount

Total

RS

Global

Fund

......................................................................

$

(17,898)

$

(17,898)

Amount

RS

International

Fund

..................................................................................

$

(3,949)

Cost

of

Investments

for

Federal

Tax

Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

RS

International

Fund

.................................

$

427,811

$

170,842

$

(21,495)

$

149,347

RS

Global

Fund

.....................................

1,167,206

576,927

(37,836)

539,091

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

In

this

reporting

period,

the

Funds

adopted

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Update

2023-09,

"Income

Taxes

(Topic

740)

Improvements

to

Income

Tax

Disclosures"

("ASU

2023-09").

Adoption

of

the

new

standard

by

the

Funds

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Funds'

financial

position

or

results

of

operations.

A

disaggregation

of

income

taxes

paid

by

jurisdiction

is

presented

when

significant

income

taxes

are

paid.

Income

taxes

paid

by

the

Funds

for

the

year

ended

December

31,

2025 were

determined

to

not

be

significant.

9. #### Segment

#### Reporting:
The

Adviser's

Management

Committee acts

as

each

Fund's

Chief

Operating

Decision

Maker

("CODM").

Each

Fund

represents

a

single

operating

segment,

as

the

CODM

monitors

the

operating

results

of

each

Fund

as

a

whole

and

the

Fund's

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

Fund's

single

investment

objective.

The

financial

information

in

the

form

of

the

Funds'

portfolio

composition,

total

returns,

expense

ratios,

and

changes

in

net

assets,

which

are

used

by

the

CODM

to

assess

the

segment's

performance

versus

each

Fund's

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund's

single

segment,

is

consistent

with

that

presented

within

each

Fund's

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

Statements

of

Assets

and

Liabilities

as

"total

assets"

and

significant

segment

expenses

are

listed

on

the

accompanying

Statements

of

Operations.

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

and

Board

of

Trustees

of

Victory

Portfolios

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

Portfolio

investments,

of

Victory

RS

International

Fund

and

Victory

RS

Global

Fund

(the

"Funds"),

each

a

series

of

Victory

Portfolios,

as

of

December

31,

2025,

the

related

statements

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2025,

the

results

of

their

operations

for

the

year

then

ended,

the

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

investment

companies

advised

by

Victory

Capital

Management

Inc.

since

2015. COHEN

&

COMPANY,

LTD.

Cleveland,

Ohio

February

20,

2026

Supplemental

Information

December

31,

2025

Victory

Portfolios

(Unaudited)

Additional

Federal

Income

Tax

Information

For

the

fiscal

year

ended

December

31,

2025,

the

Funds

hereby

designate

the

maximum

amount

allowable

of

their

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

Shareholders

will

be

notified

via

IRS

Form

1099

of

the

amounts

for

use

in

preparing

their

income

tax

return.

Dividends

qualified

for

corporate

dividends

received

deductions

of:

For

the

year

ended

December

31,

2025,

the

following

Funds

designated

long-term

capital

gain

distributions

in

the

amount

of

(in

thousands):

The

following

Funds

intends

to

elect

to

pass

through

to

shareholders

the

income

tax

credit

for

taxes

paid

to

foreign

countries.

Foreign

source

income

and

foreign

tax

expense

per

shares

outstanding

on

December

31,

2025,

were

as

follows:

Percent

RS

Global

Fund

....................................................................................

57%

Amount

RS

International

Fund

................................................................................

$

12,390

Foreign

Source

Income

Foreign

Tax

Expense

RS

International

Fund

........................................................

$

0.38 $

0.03 Victory

Portfolios

(Unaudited)

Supplemental

Information

—

continued

December

31,

2025

Considerations

of

the

Board

in

Continuing

the

Investment

Advisory

Agreement

(the

"Agreement")

The

Board

approved

the

Agreement

on

behalf

of

each

of

the

Funds

at

a

meeting,

which

was

called

for

that

purpose,

on

December

4,

2025. The

Board

also

considered

information

relating

to

the

Funds

and

the

Agreement

provided

throughout

the

year

and,

more

specifically,

at

the

meetings

on

October

21,

2025

and

December

4,

2025. In

considering

whether

to

approve

the

Agreement,

the

Board

requested

from

the

Adviser

certain

information

concerning

the

Funds

to

assist

it

in

evaluating

the

terms

of

the

Agreement.

In

response

to

the

request

from

the

Independent

Trustees,

the

Adviser

provided

information

and

reports

relevant

to

the

continuation

of

the

Agreement.

The

Board,

including

the

Independent

Trustees,

evaluated

this

information

along

with

other

information

obtained

throughout

the

year

and

was

advised

by

legal

counsel

to

the

Funds

and

independent

legal

counsel

to

the

Independent

Trustees.

The

Board

considered

each

Fund's

advisory

fee,

expense

ratio

and

investment

performance

as

significant

factors

in

determining

whether

the

Agreement

should

be

continued.

In

considering

whether

the

compensation

paid

to

the

Adviser

was

fair

and

reasonable,

the

Board

also

evaluated,

among

other

things,

the

following

factors:

The

requirements

of

the

Funds

for

the

services

provided

by

the

Adviser;

The

nature,

quality

and

extent

of

the

services

provided

and

expected

to

be

provided;

The

performance

of

the

Funds

as

compared

to

comparable

funds;

The

fees

payable

for

the

services

and

whether

the

fee

arrangements

provided

for

economies

of

scale

that

would

benefit

Fund

shareholders

as

the

Funds

grow

(acknowledging

that

economies

of

scale

can

be

complex

to

assess

and

typically

are

not

directly

measurable)

and

whether

breakpoints

would

be

appropriate;

Whether

the

fee

would

be

sufficient

to

enable

the

Adviser

to

attract

and

retain

experienced

personnel

and

continue

to

provide

quality

services

to

the

Funds;

The

fees

paid

by

other

clients

of

the

Adviser

whose

accounts

are

managed

in

a

similar

investment

style

and

any

differences

in

the

services

provided

to

the

other

clients

compared

to

those

provided

to

the

Funds;

The

total

expenses

of

each

Fund;

Management's

commitment

to

operating

the

Funds

at

competitive

expense

levels;

The

profitability

of

the

Adviser

(as

reflected

by

comparing

fees

earned

against

an

estimate

of

the

Adviser's

costs)

with

respect

to

the

Adviser's

relationship

with

the

Funds;

Research

and

other

service

benefits

received

by

the

Adviser

obtained

through

payment

of

client

commissions

for

securities

transactions;

Other

benefits

received

by

the

Adviser,

and

its

affiliates,

including

revenues

paid

to

the

Adviser,

or

its

affiliates,

by

the

Funds

for

administration

and

fund

accounting

services,

and

distribution;

The

capabilities

and

financial

condition

of

the

Adviser;

Current

economic

and

industry

trends;

and

The

historical

relationship

between

each

Fund

and

the

Adviser.

The

Board

reviewed

each

Fund's

gross

management

fee,

comprised

of

the

advisory

fee

plus

the

administrative

services

fee

paid

to

the

Adviser,

in

the

context

of

the

Adviser's

business

and

services

with

respect

to

each

Fund

individually

and

with

respect

to

all

the

funds

as

a

whole.

The

Board

retained

an

independent,

third-party

consultant

to

provide

comparative

information

about

fees,

expenses

and

performance,

and

to

design

and

maintain

a

database

of

relevant

information

designed

to

assist

the

Board

in

retrieving

and

analyzing

comparative

information.

The

Board

considered

information,

analyses

and

methodologies

provided

by

the

consultant.

The

Board

compared

each

Fund's

gross

management

fee

and

total

operating

expense

ratio

on

a

net

and

gross

basis

with

the

median

gross

management

fee

and

median

expense

ratio

of

a

universe

of

comparable

mutual

funds

compiled

by

the

consultant

and

a

peer

group

of

funds

selected

by

that

consultant

from

the

universe.

The

Board

reviewed

the

factors

and

methodology

reflected

in

the

consultant's

analyses

in

the

selection

of

each

Fund's

peer

group,

including

the

consultant's

selection

of

a

broad

universe

of

funds,

the

more

specific

universe

of

comparable

funds,

and

peer

groups

of

funds

with

comparable

investment

strategies

and

asset

levels,

among

other

factors.

The

Board

also

reviewed

any

changes

to

the

consultant's

methodology

as

compared

to

the

prior

year,

including

those

resulting

from

the

Adviser's

input,

if

any.

The

Board

also

reviewed,

where

applicable,

fees

and

other

information

related

to

the

Adviser's

management

of

similarly

managed

institutional

or

private

accounts,

and

the

differences

in

the

services

provided

to

the

other

accounts.

The

Board

noted

that

none

of

the

advisory

fee

arrangements

for

these

Funds

included

breakpoints,

which

would

be

a

structure

that

results

in

reduced

fees

as

a

Fund

grows.

The

Board

also

considered

the

Adviser's

commitment

to

limit

expenses

as

discussed

in

more

detail

below.

As

in

prior

years,

in

evaluating

the

Adviser's

performance,

the

Board

also

considered

how

the

Adviser

addressed

challenges

related

to

changing

market

conditions

and

legal

and

regulatory

developments

affecting

the

Funds.

To

help

it

evaluate

the

fees

and

expenses

of

each

Fund

with

a

total

net

expense

ratio

that

ranked

within

the

fourth

quartile

(most

expensive)

in

relation

to

funds

in

a

peer

group

selected

by

an

independent

third-party

consultant,

the

Board

requested,

and

the

Adviser

provided,

supplemental

information

about

fee

levels

and

the

nature

of

the

services

provided

on

a

Fund-by-Fund

basis

as

described

in

greater

detail

below.

When

a

Fund's

management

fee

or

total

expenses

were

higher

than

those

of

other

funds

in

the

peer

group,

the

Board

considered

factors

that

contributed

to

the

Fund's

management

fee

or

the

Fund's

total

expenses,

including,

among

other

things,

whether

the

Fund

requires

specific

or

specialized

portfolio

management,

administration

or

oversight

needs;

the

size

of

the

Fund's

assets

in

relation

to

its

peers;

whether

the

Fund

has

experienced

sustained

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

redemptions

leading

to

decreased

assets;

and

the

factors

that

resulted

in,

for

example,

rapid

or

recent

changes

in

expenses.

The

Board

also

considered

the

extent

to

which

the

Adviser

waives

management

fees

and/or

reimburses

any

Fund

for

other

Fund-level

expenses,

including

the

extent

to

which

any

such

waivers

or

reimbursements

were

applied

at

different

rates

for

different

share

classes.

The

Board

asked

for

and

received

information

to

help

it

evaluate

the

process

that

the

Adviser

uses

to

monitor

whether

any

such

waiver

or

reimbursement

resulted

in

any

potential

"cross-subsidization"

of

one

share

class

by

another

share

class.

The

Board

also

reviewed

the

compliance

and

administrative

services

provided

to

the

Funds

by

the

Adviser

and

its

affiliates,

including

the

Adviser's

oversight

of

the

Funds'

day-to-day

operations

and

oversight

of

Fund

accounting,

assistance

in

meeting

legal

and

regulatory

requirements,

and

other

services

necessary

for

the

operation

of

the

Funds

and

the

Trust.

The

Board

reviewed

each

Fund's

performance

over

one-,

three-,

five-

and

ten-year

periods

(as

applicable)

against

the

performance

of

the

Fund's

selected

peer

group

and

benchmark

index.

The

Board

recognized

that

the

performance

of

the

Funds

and

the

peer

group

funds

are

net

of

expenses,

while

the

performance

of

the

benchmark

index

reflects

gross

returns.

When

a

Fund

underperformed

the

funds

in

its

selected

peer

group

and/or

benchmark

index

for

any

of

the

periods

reported,

the

Board

considered

the

magnitude

and

duration

of

that

underperformance

relative

to

the

selected

peer

group

and/or

benchmark

index

(e.g.,

the

amount

by

which

a

Fund

underperformed,

including,

for

example,

whether

the

Fund

slightly

underperformed

or

significantly

underperformed

its

benchmark

both

in

absolute

and

relative

terms).

For

those

Funds

identified

as

having

underperformed

the

selected

peer

group

and/or

benchmark

index

for

multiple

periods

of

time,

the

Board

further

inquired

into

the

circumstances

of

its

underperformance,

including

with

respect

to

significant

differences

in

investment

strategy

or

securities

exposure

of

the

Fund

as

compared

to

its

benchmark

index

and

selected

peer

group.

In

these

cases,

the

Board

discussed

with

the

Adviser

each

such

Fund's

performance,

potential

reasons

for

the

relative

performance,

and,

if

necessary,

steps

that

the

Adviser

had

taken,

or

intends

to

take,

to

improve

performance,

including,

as

appropriate,

matters

relating

to

staffing

levels,

and

portfolio

trading

strategies,

among

other

things.

When

a

Fund's

gross

management

fee,

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

or

total

net

expenses

ranked

in

the

fourth

quartile

(most

expensive),

the

Board

considered

the

magnitude

of

differences

relative

to

the

selected

peer

group

(e.g.,

the

amount

by

which

a

Fund's

expenses

differed,

including,

for

example,

whether

the

Fund's

fees

and

expenses

were

slightly

or

significantly

higher

as

compared

to

funds

in

its

selected

peer

group).

The

Board

also

considered

the

types

of

expenses

paid

by

the

funds

in

the

Funds'

selected

peer

groups

noting,

for

example,

that

certain

funds

in

the

Funds'

selected

peer

groups

may

not

pay

rule

12b-1

fees,

and

the

changes

in

the

selected

peer

groups

as

compared

to

prior

years.

The

Board

also

met

with

the

portfolio

managers

of

the

Funds

during

the

months

prior

to

voting

on

the

contract

renewal

to

discuss

the

Funds'

performance,

and

received

a

report

each

quarter

on

the

Funds'

performance,

among

other

things,

from

the

Adviser's

President

of

Investment

Franchises

&

Solutions

and

Head

of

Product

&

Strategy.

The

Board

also

considered

the

Adviser's

responsiveness

with

respect

to

the

relative

performance.

The

Board

recognized

that

the

performance

data

reflects

a

period

as

of

a

particular

date

and

that

selecting

a

different

performance

period

could

produce

significantly

different

results.

The

Board

further

acknowledged

that

long-term

performance

could

be

affected

by

even

one

period

of

significant

outperformance

or

underperformance.

In

this

regard,

the

Board

noted

that

performance,

especially

short-term

performance,

is

only

one

of

the

factors

that

it

deems

relevant

to

its

consideration

of

the

Agreement.

The

Board

reviewed

various

other

specific

factors

with

respect

to

each

Fund,

as

described

below.

In

their

deliberations,

the

Trustees

did

not

rank

the

importance

of

any

particular

information

or

factor

considered

and

each

Trustee

may

have

attributed

different

weights

to

various

factors.

Victory

RS

International

Fund:

Performance.

The

Board

compared

the

Fund's

Class

A

performance

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund's

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

outperformed

the

benchmark

index

for

the

three-,

five-,

and

ten-year

periods,

underperformed

the

benchmark

index

for

the

one-year

period,

underperformed

the

peer

group

median

for

the

one-year

period,

and

outperformed

the

peer

group

median

for

the

three-,

five-,

and

ten-year

periods.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund's

peer

group,

the

Fund's

gross

management

fee

ranked

in

the

fourth

quartile

(most

expensive),

the

Fund's

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

second

quartile

and

the

Fund's

total

net

expenses

ranked

in

the

second

quartile.

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses

for

certain

classes

of

the

Fund's

shares,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund's

management

fee

compared

to

comparable

mutual

funds;

(2) the

Fund's

total

expense

ratio

compared

to

comparable

mutual

funds;

(3) that

the

Adviser's

willingness

to

limit

the

expenses

of

certain

classes

for

a

period

of

time

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period;

and

(4) any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund's

shareholders.

Victory

RS

Global

Fund:

Performance.

The

Board

compared

the

Fund's

Class

A

performance

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund's

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

underperformed

the

benchmark

index

for

the

one-year

period,

outperformed

the

benchmark

index

for

the

three-,

five-,

and

ten-year

periods,

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

underperformed

the

peer

group

median

for

the

one-year

period,

and

outperformed

the

peer

group

median

for

the

three-,

five-,

and

ten-year

periods.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund's

peer

group,

the

Fund's

gross

management

fee

ranked

in

the

second

quartile,

the

Fund's

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

first

quartile

(least

expensive)

and

the

Fund's

total

net

expenses

ranked

in

the

first

quartile

(least

expensive).

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses

for

certain

classes

of

the

Fund's

shares,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund's

management

fee

compared

to

comparable

mutual

funds;

(2) the

Fund's

total

expense

ratio

compared

to

comparable

mutual

funds;

(3) that

the

Adviser's

willingness

to

limit

the

expenses

of

certain

classes

for

a

period

of

time

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period;

and

(4) any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund's

shareholders.

Conclusion:

Based

on

its

review

of

the

information

requested

and

provided,

and

following

extended

discussions,

the

Board

determined

that:

(i) the

Adviser's

services

benefitted

each

Fund's

shareholders,

particularly

in

light

of

the

nature

of

each

Fund

and

the

services

required

to

support

each

Fund;

(ii) it

was

generally

satisfied

with

the

nature,

quality

and

extent

of

the

services

provided

by

the

Adviser

to

each

Fund;

and

(iii) the

Agreement,

on

behalf

of

each

Fund

discussed

above,

was

consistent

with

the

best

interests

of

each

Fund

and

its

shareholders.

Accordingly,

the

Board

unanimously

approved

the

Agreement,

on

behalf

of

each

Fund,

for

an

additional

annual

period

on

the

basis

of

the

foregoing

review

and

discussions

and

the

following

considerations,

among

others:

The

fairness

and

reasonableness

of

the

investment

advisory

fee

payable

to

the

Adviser

under

the

Agreement

in

light

of

the

investment

advisory

services

provided,

the

costs

of

these

services,

the

profitability

of

the

Adviser's

relationship

with

each

Fund

and

the

comparability

of

the

fee

paid

to

the

fees

paid

by

other

investment

companies;

The

nature,

quality

and

extent

of

the

investment

advisory

services

provided

by

the

Adviser;

The

Adviser's

entrepreneurial

commitment

to

the

management

of

each

Fund

and

the

creation

of

a

broad-based

family

of

funds,

which

entails

a

substantial

commitment

of

the

Adviser's

resources

to

the

successful

operation

of

each

Fund;

The

Adviser's

representations

regarding

its

staffing

and

capabilities

to

manage

each

Fund,

including

the

retention

of

personnel

with

relevant

portfolio

management

experience;

The

Adviser's

efforts

to

enhance

investment

results

by,

among

other

things,

developing

and

supporting

quality

portfolio

management

teams;

and

The

overall

high

quality

of

the

personnel,

operations,

financial

condition,

investment

management

capabilities,

methodologies

and

perfor-

mance

of

the

Adviser.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

800-539-FUND

(800-539-3863)

VPRSIF-AR

(12/25)

December

31,

2025

Annual:

Full

Financials

Victory

Low

Duration

Bond

Fund

Victory

High

Yield

Fund

Victory

Floating

Rate

Fund

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*TABLE* 

*OF* 

*CONTENTS*

*Victory* 

*Portfolios*

#### Schedules

#### of

#### Portfolio

#### Investments

#### (Form

#### N-CSR

#### Item

#### 6)
Victory

Low

Duration

Bond

Fund

#### 3
Victory

High

Yield

Fund

#### 11
Victory

Floating

Rate

Fund

#### 22

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statements

of

Assets

and

Liabilities

#### 29
Statements

of

Operations

#### 30
Statements

of

Changes

in

Net

Assets

#### 31
Financial

Highlights

#### 33

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 44

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### (Form

#### N-CSR

#### Item

#### 7)

#### 55

#### Supplemental

#### Information
(Unaudited)

Additional

Federal

Income

Tax

Information

#### 56
Advisory

Contract

Approval

(Form

N-CSR

Item

11)

#### 57

*Call* 

*Victory* 

*at:*

*800-539-FUND* 

*(800-539-3863)*

*800-235-8396* 

*for* 

*Member* 

*Class*

*Visit* 

*our* 

*website* 

*at:*

*vcm.com*

#### IRA

#### DISTRIBUTION

#### WITHHOLDING

#### DISCLOSURE
*We* 

*generally* 

*must* 

*withhold* 

*federal* 

*income* 

*tax* 

*at* 

*a* 

*rate* 

*of* 

*10%* 

*of* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*and,* 

*if* 

*you* 

*live* 

*in* 

*a* 

*state* 

*that* 

*requires* 

*state* 

*income* 

*tax* 

*withholding,* 

*at* 

*your* 

*state's* 

*tax* 

*rate.* 

*However,* 

*you* 

*may* 

*elect* 

*not* 

*to* 

*have* 

*withholding* 

*apply* 

*or* 

*to* 

*have* 

*income* 

*tax* 

*withheld* 

*at* 

*a* 

*higher* 

*rate.* 

*Any* 

*withholding* 

*election* 

*that* 

*you* 

*make* 

*will* 

*apply* 

*to* 

*any* 

*subsequent* 

*distribution* 

*unless* 

*and* 

*until* 

*you* 

*change* 

*or* 

*revoke* 

*the* 

*election.* 

*If* 

*you* 

*wish* 

*to* 

*make* 

*a* 

*withholding* 

*election,* 

*or* 

*change* 

*or* 

*revoke* 

*a* 

*prior* 

*withholding* 

*election,* 

*call* 

*800-539-3863* 

*(800-235-8396* 

*for* 

*Member* 

*Class)* 

*and* 

*form* 

*W-4P* 

*(OMB* 

*No.* 

*1545-0074* 

*withholding* 

*certificate* 

*for* 

*pension* 

*or* 

*annuity* 

*payments)* 

*will* 

*be* 

*electronically* 

*sent.*

*If* 

*you* 

*do* 

*not* 

*have* 

*a* 

*withholding* 

*election* 

*in* 

*place* 

*by* 

*the* 

*date* 

*of* 

*a* 

*distribution,* 

*federal* 

*income* 

*tax* 

*will* 

*be* 

*withheld* 

*from* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*at* 

*a* 

*rate* 

*of* 

*10%.* 

*If* 

*you* 

*must* 

*pay* 

*estimated* 

*taxes,* 

*you* 

*may* 

*be* 

*subject* 

*to* 

*estimated* 

*tax* 

*penalties* 

*if* 

*your* 

*estimated* 

*tax* 

*payments* 

*are* 

*not* 

*sufficient* 

*and* 

*sufficient* 

*tax* 

*is* 

*not* 

*withheld* 

*from* 

*your* 

*distribution.*

*For* 

*more* 

*specific* 

*information,* 

*please* 

*consult* 

*your* 

*tax* 

*adviser.*

*The* 

*Funds* 

*are* 

*distributed* 

*by* 

*Victory* 

*Capital* 

*Services,* 

*Inc.* 

*Victory* 

*Capital* 

*Management* 

*Inc.* 

*is* 

*the* 

*investment* 

*adviser* 

*to* 

*the* 

*Funds* 

*and* 

*receives* 

*fees* 

*from* 

*the* 

*Funds* 

*for* 

*performing* 

*services* 

*for* 

*the* 

*Funds.*

*This* 

*report* 

*is* 

*not* 

*authorized* 

*for* 

*distribution* 

*to* 

*prospective* 

*investors* 

*unless* 

*preceded* 

*or* 

*accompanied* 

*by* 

*a* 

*current* 

*prospectus* 

*of* 

*the* 

*Victory* 

*Funds.*

*For* 

*additional* 

*information* 

*about* 

*any* 

*Victory* 

*Fund,* 

*including* 

*fees,* 

*expenses,* 

*and* 

*risks,* 

*view* 

*our* 

*prospectus* 

*online* 

*at* 

*vcm.com* 

*or* 

*call* 

*800-539-3863* 

*(800-235-8396* 

*for* 

*Member* 

*Class).* 

*Read* 

*it* 

*carefully* 

*before* 

*you* 

*invest* 

*or* 

*send* 

*money.*

*The* 

*information* 

*in* 

*this* 

*report* 

*is* 

*based* 

*on* 

*data* 

*obtained* 

*from* 

*recognized* 

*services* 

*and* 

*sources* 

*and* 

*is* 

*believed* 

*to* 

*be* 

*reliable.* 

*Any* 

*opinions,* 

*projections,* 

*or* 

*recommendations* 

*in* 

*this* 

*report* 

*are* 

*subject* 

*to* 

*change* 

*without* 

*notice* 

*and* 

*are* 

*not* 

*intended* 

*as* 

*individual* 

*investment* 

*advice.* 

*Past* 

*investment* 

*performance* 

*of* 

*the* 

*Funds,* 

*markets* 

*or* 

*securities* 

*mentioned* 

*herein* 

*should* 

*not* 

*be* 

*considered* 

*to* 

*be* 

*indicative* 

*of* 

*future* 

*results.*

#### NOT

#### FDIC

#### INSURED

#### NO

#### BANK

#### GUARANTEE

#### MAY

#### LOSE

#### VALUE
Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

#### Victory

#### Low

#### Duration

#### Bond

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Asset-Backed

Securities

(23.8%)

ABS

Auto

(12.2%):

Ally

Bank

Auto

Credit-Linked

Notes,

Series

2025-B,

Class

B,

4.50%,

9/15/33,

Callable

4/15/29

@

100(a)

...................................................

$

$

American

Credit

Acceptance

Receivables

Trust,

Series

2025-4,

Class

C,

4.83%,

1/13/31,

Callable

4/12/29

@

100(a)

............................................

American

Heritage

Auto

Receivables

Trust,

Series

2024-1A,

Class

A4,

5.07%,

6/17/30,

Callable

10/15/28

@

100(a)

...........................................

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2023-8A,

Class

B,

6.66%,

2/20/30(a)

..

750

792

CarMax

Auto

Owner

Trust,

Series

2022-3,

Class

D,

6.20%,

1/16/29,

Callable

10/15/26

@

Chesapeake

Funding

II

LLC

...............................................

Series

2023-2A,

Class

A1,

6.16%,

10/15/35,

Callable

10/15/26

@

100(a)

...........

Series

2023-2A,

Class

C,

6.15%,

10/15/35,

Callable

10/15/26

@

100(a)

............

Credit

Acceptance

Auto

Loan

Trust

..........................................

Series

2023-2A,

Class

C,

7.15%,

9/15/33,

Callable

11/15/26

@

100(a)

.............

Series

2024-3A,

Class

B,

4.85%,

11/15/34,

Callable

5/15/28

@

100(a)

.............

Ent

Auto

Receivables

Trust,

Series

2023-1A,

Class

A4,

6.26%,

11/15/29,

Callable

3/15/29

@

100(a)

...........................................................

Enterprise

Fleet

Financing

LLC

.............................................

Series

2023-3,

Class

A3,

6.41%,

6/20/30,

Callable

7/20/27

@

100(a)

..............

500

518

Series

2024-1,

Class

A2,

5.23%,

3/20/30,

Callable

8/20/27

@

100(a)

..............

Series

2024-2,

Class

A4,

5.69%,

12/20/30,

Callable

1/20/28

@

100(a)

.............

FCCU

Auto

Receivables

Trust,

Series

2024-1A,

Class

A4,

5.46%,

4/15/30,

Callable

7/15/28

@

100(a)

...........................................................

First

Investors

Auto

Owner

Trust,

Series

2025-1A,

Class

B,

4.39%,

1/15/31,

Callable

11/15/30

@

100(a)

.........................................................

Ford

Credit

Auto

Lease

Trust

..............................................

Series

2023-B,

Class

B,

6.20%,

2/15/27,

Callable

3/15/26

@

.................

Series

2023-B,

Class

C,

6.43%,

4/15/27,

Callable

3/15/26

@

.................

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-2A,

Class

E,

2.87%,

5/15/28,

Callable

2/15/26

@

100(a)

.........................................................

GLS

Auto

Select

Receivables

Trust,

Series

2023-2A,

Class

C,

7.31%,

1/15/30,

Callable

10/15/28

@

100(a)

..................................................

500

524

GM

Financial

Automobile

Leasing

Trust,

Series

2024-1,

Class

B,

5.33%,

3/20/28,

Callable

7/20/26

@

.....................................................

Hertz

Vehicle

Financing

III

LLC,

Series

2023-3A,

Class

B,

6.53%,

2/25/28(a)

...........

750

762

Huntington

Bank

Auto

Credit-Linked

Notes,

Series

2024-1,

Class

B2,

5.32%

(SOFR30A+140bps),

5/20/32,

Callable

11/20/27

@

100(a)(b)

...................

LAD

Auto

Receivables

Trust,

Series

2023-4A,

Class

B,

6.39%,

10/16/28,

Callable

1/15/28

@

100(a)

...........................................................

Lobel

Automobile

Receivables

Trust,

Series

2025-1,

Class

C,

5.70%,

1/15/30,

Callable

12/15/27

@

100(a)

..................................................

Merchants

Fleet

Funding

LLC

..............................................

Series

2023-1A,

Class

A,

7.21%,

5/20/36,

Callable

6/20/26

@

100(a)

..............

Series

2024-1A,

Class

C,

6.18%,

4/20/37,

Callable

3/20/27

@

100(a)

..............

OCCU

Auto

Receivables

Trust,

Series

2023-1A,

Class

A4,

6.29%,

9/17/29,

Callable

1/15/28

@

100(a)

...........................................................

Oscar

US

Funding

XVII

LLC,

Series

2024-2A,

Class

A3,

4.47%,

3/12/29,

Callable

12/10/28

@

100(a)

...........................................................

PenFed

Auto

Receivables

Owner

Trust,

Series

2024-A,

Class

B,

4.97%,

5/15/30,

Callable

11/15/28

@

100(a)

..................................................

Prestige

Auto

Receivables

Trust,

Series

2025-1A,

Class

C,

5.52%,

2/15/30,

Callable

2/15/29

@

100(a)

...........................................................

Santander

Bank

Auto

Credit-Linked

Notes

.....................................

Series

2023-A,

Class

D,

7.08%,

6/15/33,

Callable

9/15/27

@

100(a)

...............

Series

2025-A,

Class

C,

4.66%,

1/16/34,

Callable

12/15/29

@

100(a)

..............

SCCU

Auto

Receivables

Trust

..............................................

Series

2023-1A,

Class

A4,

5.70%,

8/15/29,

Callable

2/15/28

@

100(a)

.............

Series

2023-1A,

Class

B,

6.08%,

11/15/29,

Callable

2/15/28

@

100(a)

.............

Securitized

Term

Auto

Receivables

Trust,

Series

2025-A,

Class

C,

5.19%,

7/25/31,

Callable

3/25/28

@

100(a)

...................................................

Tesla

Auto

Lease

Trust,

Series

2023-B,

Class

A4,

6.22%,

3/22/27,

Callable

1/20/26

@

100(a)

Victory

Portfolios

#### Victory

#### Low

#### Duration

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Tesla

Lease

Electric

Vehicle

Securitization

LLC,

Series

2025-A,

Class

B,

4.79%,

6/20/29,

Callable

12/20/27

@

100(a)

...........................................

$

$

Truist

Bank

Auto

Credit-Linked

Notes,

Series

2025-1,

Class

B,

4.73%,

9/26/33,

Callable

8/25/28

@

100(a)

...................................................

U.S.

Bank

NA,

Series

2023-1,

Class

B,

6.79%,

8/25/32,

Callable

12/25/26

@

100(a)

.......

Wheels

Fleet

Lease

Funding

LLC

..........................................

Series

2024-2A,

Class

B,

4.84%,

6/21/39(a)

................................

Series

2025-3A,

Class

C,

4.79%,

9/18/40(a)

................................

10,984

ABS

Card

(0.2%):

Trillium

Credit

Card

Trust

II,

Series

2025-1A,

Class

B,

4.41%,

9/26/30(a)

..............

ABS

Other

(11.4%):

Amur

Equipment

Finance

Receivables

XIII

LLC,

Series

2024-1A,

Class

A2,

5.38%,

1/21/31,

Callable

1/20/28

@

100(a)

............................................

Ansley

Park

Capital

LLC,

Series

2025-A,

Class

B,

4.60%,

4/20/35,

Callable

9/20/30

@

100(a)

Auxilior

Term

Funding

LLC

...............................................

Series

2023-1A,

Class

B,

6.05%,

6/17/30,

Callable

1/15/28

@

100(a)

..............

Series

2024-1A,

Class

B,

5.69%,

7/15/31,

Callable

2/15/29

@

100(a)

..............

Capital

Automotive

REIT,

Series

2024-3A,

Class

A1,

4.40%,

10/15/54,

Callable

10/15/27

@

100(a)

...........................................................

CARS-DB7

LP,

Series

2023-1A,

Class

A1,

5.75%,

9/15/53,

Callable

9/15/26

@

100(a)

.....

CCG

Receivables

Trust,

Series

2023-2,

Class

C,

6.45%,

4/14/32,

Callable

9/14/27

@

100(a)

.

500

516

Clarus

Capital

Funding

LLC,

Series

2024-1A,

Class

B,

4.79%,

8/20/32,

Callable

2/20/28

@

100(a)

...........................................................

Cloud

Capital

Holdco

LP,

Series

2024-1A,

Class

A2,

5.78%,

11/22/49,

Callable

11/22/27

@

100(a)

...........................................................

CP

EF

Asset

Securitization

II

LLC,

Series

2023-1A,

Class

A,

7.48%,

3/15/32,

Callable

7/15/27

@

100(a)

.........................................................

Crossroads

Asset

Trust,

Series

2024-A,

Class

B,

5.94%,

8/20/30,

Callable

2/20/28

@

100(a)

.

CyrusOne

Data

Centers

Issuer

I

LLC,

Series

2024-2A,

Class

A2,

4.50%,

5/20/49,

Callable

5/20/27

@

100(a)

...................................................

Daimler

Trucks

Retail

Trust,

Series

2023-1,

Class

A3,

5.90%,

3/15/27,

Callable

11/15/26

@

.............................................................

Dell

Equipment

Finance

Trust

..............................................

Series

2023-3,

Class

B,

6.05%,

4/23/29,

Callable

5/22/26

@

100(a)

...............

Series

2025-2,

Class

C,

4.53%,

3/24/31,

Callable

6/22/28

@

100(a)

...............

Dext

ABS

LLC,

Series

2023-2,

Class

B,

6.41%,

5/15/34,

Callable

2/15/28

@

100(a)

.......

DLLMT

LLC,

Series

2024-1A,

Class

A4,

4.98%,

4/20/32,

Callable

4/20/28

@

100(a)

......

Ford

Credit

Floorplan

Master

Owner

Trust

A,

Series

2024-4,

Class

B,

4.61%,

9/15/31(a)

....

Granite

Park

Equipment

Leasing

LLC,

Series

2023-1A,

Class

A3,

6.46%,

9/20/32,

Callable

2/20/30

@

100(a)

...................................................

GreatAmerica

Leasing

Receivables

Funding

LLC

................................

Series

2025-1,

Class

B,

4.77%,

1/15/32,

Callable

5/15/29

@

100(a)

...............

Series

2025-2,

Class

B,

4.50%,

9/15/32,

Callable

1/15/30

@

100(a)

...............

HPEFS

Equipment

Trust

..................................................

Series

2023-2A,

Class

C,

6.48%,

1/21/31,

Callable

1/20/27

@

100(a)

..............

716

718

Series

2024-1A,

Class

C,

5.33%,

5/20/31,

Callable

8/20/27

@

100(a)

..............

500

503

MMAF

Equipment

Finance

LLC,

Series

2024-A,

Class

A3,

4.95%,

7/14/31,

Callable

6/13/29

@

100(a)

.........................................................

MMP

Capital

LLC,

Series

2025-A,

Class

A,

5.36%,

12/15/31,

Callable

1/15/29

@

100(a)

...

NMEF

Funding

LLC

....................................................

Series

2024-A,

Class

B,

5.32%,

12/15/31,

Callable

3/15/28

@

100(a)

..............

Series

2025-B,

Class

B,

4.73%,

1/18/33,

Callable

3/15/29

@

100(a)

...............

PEAC

Solutions

Receivables

LLC,

Series

2024-2A,

Class

B,

4.83%,

10/20/31,

Callable

7/20/27

@

100(a)

...................................................

Post

Road

Equipment

Finance

LLC,

Series

2024-1A,

Class

C,

5.81%,

10/15/30,

Callable

3/15/27

@

100(a)

...................................................

PSNH

Funding

LLC,

Series

2018-1,

Class

A3,

3.81%,

2/1/35

.......................

Retained

Vantage

Data

Centers

Issuer

LLC,

Series

2025-1A,

Class

A2A,

5.09%,

8/15/50,

Callable

8/15/28

@

100(a)

............................................

SCF

Equipment

Leasing

LLC,

Series

2023-1A,

Class

C,

6.77%,

8/22/33,

Callable

2/20/30

@

100(a)

...........................................................

Victory

Portfolios

#### Victory

#### Low

#### Duration

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Stack

Infrastructure

Issuer

LLC,

Series

2023-1A,

Class

A2,

5.90%,

3/25/48,

Callable

3/25/26

@

100(a)

.........................................................

$

$

Tricon

Residential

Trust,

Series

2024-SFR4,

Class

B,

4.65%,

11/17/41,

Callable

11/17/29

@

100(a)(c)

.........................................................

VB-S1

Issuer

LLC

-

VBTEL,

Series

2024-1A,

Class

C2,

5.59%,

5/15/54,

Callable

5/15/27

@

100(a)

...........................................................

Verdant

Receivables

LLC,

Series

2025-1A,

Class

B,

5.37%,

5/12/33,

Callable

9/12/29

@

100(a)

...........................................................

Verizon

Master

Trust,

Series

2024-2,

Class

A,

4.83%,

12/22/31,

Callable

12/20/28

@

100(a)

.

Wingspire

Equipment

Finance

LLC

..........................................

Series

2024-1A,

Class

C,

5.28%,

9/20/32,

Callable

10/20/27

@

100(a)

.............

Series

2025-1A,

Class

C,

4.76%,

9/20/33,

Callable

2/20/29

@

100(a)

..............

10,260

Total

Asset-Backed

Securities

(Cost

$21,113)

a

a

a

21,444

Collateralized

Mortgage

Obligations

(12.4%)

Agency

CMO

Other

(5.2%):

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

5270,

Class

AB,

5.50%,

1/25/49

...................................

Series

5450,

Class

KA,

4.50%,

6/25/51

...................................

Series

5478,

Class

J,

5.50%,

3/25/51

.....................................

Federal

National

Mortgage

Association

.......................................

Series

2011-21,

Class

PA,

4.50%,

5/25/40

.................................

Series

2022-88,

Class

BA,

5.50%,

7/25/47

.................................

Series

2024-33,

Class

PB,

5.00%,

3/25/48

.................................

Series

2025-40,

Class

B,

5.00%,

10/25/50

.................................

Government

National

Mortgage

Association

....................................

Series

2023-107,

Class

PA,

5.50%,

1/20/46

................................

592

602

Series

2023-128,

Class

KA,

6.00%,

6/20/47

................................

Series

2023-131,

Class

P,

5.50%,

6/20/48

..................................

Series

2023-168,

Class

GB,

6.00%,

2/20/50

................................

Series

2024-160,

Class

H,

4.00%,

9/20/62

.................................

Series

2024-97,

Class

MC,

5.00%,

1/20/64

.................................

Series

2025-131,

Class

CE,

4.50%,

12/20/53

...............................

Series

2025-139,

Class

DT,

5.00%,

3/20/65

................................

4,649

Commercial

MBS

(7.2%):

ALA

Trust,

Series

2025-OANA,

Class

A,

5.49%

(TSFR1M+174bps),

6/15/40(a)(b)(c)

......

BX

Trust

.............................................................

Series

2025-GW,

Class

A,

5.35%

(TSFR1M+160bps),

7/15/42(a)(b)(c)

............

Series

2025-VOLT,

Class

B,

5.85%

(TSFR1M+210bps),

12/15/44(a)(b)(c)

..........

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C4,

Class

A4,

3.28%,

5/10/58,

Callable

11/10/26

@

....................................................

Citigroup

Commercial

Mortgage

Trust,

Series

2016-P4,

Class

A4,

2.90%,

7/10/49,

Callable

7/10/26

@

.....................................................

725

719

COMM

Mortgage

Trust,

Series

2024-277P,

Class

A,

6.34%,

8/10/44(a)(c)

..............

CSAIL

Commercial

Mortgage

Trust,

Series

2016-C6,

Class

A5,

3.09%,

1/15/49,

Callable

5/15/26

@

.....................................................

528

526

DBJPM

Mortgage

Trust,

Series

2016-C1,

Class

A4,

3.28%,

5/10/49,

Callable

4/10/26

@

.

500

GFH

Mortgage

Trust,

Series

2025-IND,

Class

A,

5.15%,

6/15/33(a)(c)

.................

GS

Mortgage

Securities

Trust,

Series

2016-GS2,

Class

A4,

3.05%,

5/10/49,

Callable

5/10/26

@

.............................................................

700

698

HYT

Commercial

Mortgage

Trust,

Series

2024-RGCY,

Class

A,

5.59%

(TSFR1M+184bps),

9/15/41(a)(b)(c)

....................................................

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2016-C1,

Class

A5,

3.58%,

3/17/49,

Callable

11/15/27

@

.............................................

Manhattan

West

Mortgage

Trust,

Series

2020-1MW,

Class

A,

2.13%,

9/10/39(a)(c)

........

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2016-C29,

Class

A4,

3.33%,

5/15/49,

Callable

5/15/26

@

........................................

500

One

Bryant

Park

Trust,

Series

2019-OBP,

Class

A,

2.52%,

9/15/54(a)(c)

................

SHR

Trust,

Series

2024-LXRY,

Class

A,

5.70%

(TSFR1M+195bps),

10/15/41(a)(b)(c)

.....

Victory

Portfolios

#### Victory

#### Low

#### Duration

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) SWCH

Commercial

Mortgage

Trust,

Series

2025-DATA,

Class

A,

5.19%

(TSFR1M+144bps),

2/15/42(a)(b)(c)

....................................................

$

$

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2016-NXS6,

Class

A4,

2.92%,

11/15/49,

Callable

10/15/26

@

.............................................

750

744

6,450

Private

CMO

Other

(0.0%):(d)

GSR

Mortgage

Loan

Trust,

Series

2004-15F,

Class

5A1,

5.50%,

12/25/34

...............

Total

Collateralized

Mortgage

Obligations

(Cost

$10,877)

a

a

a

11,110

Corporate

Bonds

(31.6%)

Communication

Services

(0.3%):

TEGNA,

Inc.,

4.63%,

3/15/28,

Callable

2/5/26

@

.............................

Consumer

Discretionary

(2.2%):

Daimler

Truck

Finance

North

America

LLC,

5.25%,

1/13/30,

Callable

12/13/29

@

100(a)

...

General

Motors

Financial

Co.,

Inc.,

5.05%,

4/4/28

...............................

Mattel,

Inc.,

5.88%,

12/15/27,

Callable

2/5/26

@

100(a)

...........................

Nissan

Motor

Acceptance

Co.

LLC,

6.95%,

9/15/26(a)

............................

500

506

Volkswagen

Group

of

America

Finance

LLC,

4.95%,

8/15/29,

Callable

7/15/29

@

100(a)

...

500

506

YMCA

of

Greater

New

York,

5.18%,

8/1/30,

Callable

5/1/30

@

..................

2,027

Consumer

Staples

(1.0%):

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC,

5.88%,

2/15/28,

Callable

2/5/26

@

100(a)

.............................................

Mars,

Inc.,

4.80%,

3/1/30,

Callable

2/1/30

@

100(a)

..............................

Sodexo,

Inc.,

5.15%,

8/15/30,

Callable

7/15/30

@

100(a)

..........................

865

Energy

(1.2%):

Energy

Transfer

LP,

5.63%,

5/1/27,

Callable

1/21/26

@

100(a)

......................

500

500

Helmerich

&

Payne,

Inc.,

4.65%,

12/1/27,

Callable

11/1/27

@

....................

HF

Sinclair

Corp.,

5.00%,

2/1/28,

Callable

1/16/26

@

101.25 .......................

1,068

Financials

(17.4%):

Ally

Financial,

Inc.,

4.70%

(H15T5Y+387bps),

Callable

5/15/26

@

100(b)(e)(f)

..........

American

Express

Co.,

3.55%

(H15T5Y+285bps),

Callable

9/15/26

@

100(b)(f)

..........

American

National

Group,

Inc.,

5.75%,

10/1/29,

Callable

9/1/29

@

................

500

518

Ameriprise

Financial,

Inc.,

5.70%,

12/15/28,

Callable

11/15/28

@

.................

Apollo

Global

Management,

Inc.,

4.60%,

1/15/31,

Callable

12/15/30

@

.............

Athene

Global

Funding,

5.52%,

3/25/27(a)

.....................................

Atlas

Warehouse

Lending

Co.

LP,

4.63%,

11/15/28,

Callable

10/15/28

@

100(a)

..........

Aviation

Capital

Group

LLC,

6.75%,

10/25/28,

Callable

9/25/28

@

100(a)

..............

500

530

Bank

of

America

Corp.,

4.92%

(SOFR+105bps),

2/4/28,

Callable

2/4/27

@

100(b)

........

516

519

Capital

Impact

Partners,

5.34%,

8/1/30,

Callable

5/1/30

@

......................

Citigroup,

Inc.,

3.88%

(H15T5Y+342bps),

Callable

2/18/26

@

100(b)(f)

...............

Citizens

Financial

Group,

Inc.,

4.00%

(H15T5Y+322bps),

Callable

10/6/26

@

100(b)(f)

....

CNO

Global

Funding,

4.95%,

9/9/29(a)

.......................................

Corebridge

Global

Funding,

5.90%,

9/19/28(a)

..................................

500

522

Cullen/Frost

Bankers,

Inc.,

4.50%,

3/17/27,

Callable

2/17/27

@

...................

Enact

Holdings,

Inc.,

6.25%,

5/28/29,

Callable

4/28/29

@

.......................

500

523

F&G

Annuities

&

Life,

Inc.,

6.50%,

6/4/29,

Callable

5/4/29

@

...................

500

521

First

Horizon

Corp.,

5.51%

(SOFR+177bps),

3/7/31,

Callable

3/7/30

@

100(b)

...........

Ford

Motor

Credit

Co.

LLC,

3.82%,

11/2/27,

Callable

8/2/27

@

..................

500

GA

Global

Funding

Trust,

5.50%,

1/8/29(a)

....................................

HAT

Holdings

I

LLC/HAT

Holdings

II

LLC,

8.00%,

6/15/27,

Callable

3/15/27

@

100(a)

....

Horace

Mann

Educators

Corp.,

4.70%,

10/1/30,

Callable

9/1/30

@

................

Hyundai

Capital

America,

Inc.,

4.55%,

9/26/29,

Callable

8/26/29

@

100(a)

.............

JPMorgan

Chase

&

Co.,

4.99%

(SOFR+118bps),

2/24/28,

Callable

2/24/27

@

100(b)

......

500

504

KeyCorp,

5.00%,

Callable

9/15/26

@

100(f)

...................................

Ladder

Capital

Finance

Holdings

LLLP/Ladder

Capital

Finance

Corp.

4.25%,

2/1/27,

Callable

2/5/26

@

100(a)

..................................

7.00%,

7/15/31,

Callable

7/15/27

@

103.5(a)

...............................

Victory

Portfolios

#### Victory

#### Low

#### Duration

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Metropolitan

Life

Global

Funding

I,

5.40%,

9/12/28(a)

............................

$

500

$

518

MSD

Investment

Corp.,

6.13%,

2/5/31,

Callable

1/5/31

@

100(a)

....................

New

York

Life

Global

Funding,

5.45%,

9/18/26(a)

...............................

500

505

NMI

Holdings,

Inc.,

6.00%,

8/15/29,

Callable

7/15/29

@

.......................

500

519

Penske

Truck

Leasing

Co.

LP/PTL

Finance

Corp.,

5.35%,

3/30/29,

Callable

2/28/29

@

100(a)

Protective

Life

Global

Funding,

5.47%,

12/8/28(a)

...............................

Reliance

Standard

Life

Global

Funding

II,

2.75%,

1/21/27(a)

........................

RGA

Global

Funding,

6.00%,

11/21/28(a)

.....................................

Rocket

Mortgage

LLC/Rocket

Mortgage

Co-Issuer,

Inc.,

2.88%,

10/15/26,

Callable

2/5/26

@

100(a)

...........................................................

500

Sammons

Financial

Group,

Inc.,

4.45%,

5/12/27,

Callable

2/12/27

@

100(a)

.............

500

500

Santander

Holdings

USA,

Inc.,

5.47%

(SOFR+161bps),

3/20/29,

Callable

3/20/28

@

100(b)

.

The

Charles

Schwab

Corp.,

4.00%

(H15T5Y+317bps),

Callable

6/1/26

@

100(b)(f)

.......

The

Goldman

Sachs

Group,

Inc.,

5.61%

(SOFR+185bps),

3/15/28,

Callable

3/15/27

@

100(b)

500

507

Truist

Bank,

3.80%,

10/30/26,

Callable

9/30/26

@

............................

500

U.S.

Bancorp,

4.55%

(SOFR+166bps),

7/22/28,

Callable

7/22/27

@

100(b)

.............

500

504

Wells

Fargo

&

Co.,

3.90%

(H15T5Y+345bps),

Callable

3/15/26

@

100(b)(f)

............

15,664

Health

Care

(3.0%):

Baxter

International,

Inc.,

4.45%,

2/15/29,

Callable

1/15/29

@

...................

Centene

Corp.,

4.25%,

12/15/27,

Callable

1/21/26

@

..........................

621

617

CommonSpirit

Health,

4.35%,

9/1/30,

Callable

6/1/30

@

.......................

Health

Care

Service

Corp.

A

Mutual

Legal

Reserve

Co.,

5.20%,

6/15/29,

Callable

5/15/29

@

100(a)

...........................................................

500

513

Lifespan

Corp.,

5.05%,

2/15/30,

Callable

8/15/29

@

...........................

The

Cigna

Group,

4.50%,

9/15/30,

Callable

8/15/30

@

.........................

Universal

Health

Services,

Inc.,

1.65%,

9/1/26,

Callable

8/1/26

@

.................

687

676

2,695

Industrials

(2.6%):

American

Airlines

Pass

Through

Trust,

3.60%,

9/22/27

............................

660

650

GXO

Logistics,

Inc.,

6.25%,

5/6/29,

Callable

4/6/29

@

.........................

UL

Solutions,

Inc.,

6.50%,

10/20/28,

Callable

9/20/28

@

.......................

500

528

United

Airlines

Pass

Through

Trust

4.00%,

4/11/26

.....................................................

5.88%,

10/15/27

....................................................

3.45%,

12/1/27

....................................................

Weir

Group,

Inc.,

5.35%,

5/6/30,

Callable

4/6/30

@

100(a)

.........................

2,383

Information

Technology

(0.8%):

Gartner,

Inc.,

4.95%,

3/20/31,

Callable

2/20/31

@

............................

Global

Payments,

Inc.,

4.88%,

11/15/30,

Callable

10/15/30

@

....................

Keysight

Technologies,

Inc.,

5.35%,

7/30/30,

Callable

6/30/30

@

.................

762

Materials

(1.0%):

Chevron

Phillips

Chemical

Co.

LLC/Chevron

Phillips

Chemical

Co.

LP,

4.75%,

5/15/30,

Callable

4/15/30

@

100(a)

............................................

Fortitude

Group

Holdings

LLC,

6.25%,

4/1/30,

Callable

1/1/30

@

100(a)(e)

.............

500

521

876

Real

Estate

(1.5%):

CBRE

Services,

Inc.,

4.80%,

6/15/30,

Callable

5/15/30

@

.......................

EPR

Properties,

4.50%,

6/1/27,

Callable

3/1/27

@

............................

Kimco

Realty

OP

LLC,

2.80%,

10/1/26,

Callable

7/1/26

@

......................

SBA

Tower

Trust,

4.83%,

10/15/29,

Callable

10/15/27

@

100(a)

.....................

500

503

1,341

Utilities

(0.6%):

Jersey

Central

Power

&

Light

Co.,

4.40%,

1/15/31,

Callable

12/15/30

@

100(a)

..........

The

Southern

Co.,

4.00%

(H15T5Y+373bps),

1/15/51,

Callable

1/15/26

@

100(b)

........

Total

Corporate

Bonds

(Cost

$27,839)

a

a

a

28,427

Victory

Portfolios

#### Victory

#### Low

#### Duration

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Yankee

Dollars

(13.0%)

Communication

Services

(0.2%):

Grupo

Televisa

SAB,

4.63%,

1/30/26

.........................................

$

$

Energy

(0.6%):

Var

Energi

ASA,

7.50%,

1/15/28,

Callable

12/15/27

@

100(a)

.......................

500

529

Financials

(8.8%):

ABN

AMRO

Bank

NV,

6.34%

(H15T1Y+165bps),

9/18/27,

Callable

9/18/26

@

100(a)(b)

...

Aspen

Insurance

Holdings

Ltd.,

5.75%,

7/1/30,

Callable

6/1/30

@

.................

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand,

5.62%,

12/10/29,

Callable

11/10/29

@

100(a)

....................................

Bank

of

Montreal,

5.72%,

9/25/28,

Callable

8/25/28

@

.........................

500

521

Barclays

PLC,

6.49%

(SOFR+222bps),

9/13/29,

Callable

9/13/28

@

100(b)

.............

750

793

Brookfield

Asset

Management

Ltd.,

4.65%,

11/15/30,

Callable

10/15/30

@

..........

Canadian

Imperial

Bank

of

Commerce,

5.93%,

10/2/26

............................

500

508

Deutsche

Bank

AG,

5.05%

(SOFR+122bps),

11/16/27,

Callable

11/16/26

@

100(b)

.......

500

502

Enstar

Group

Ltd.,

4.95%,

6/1/29,

Callable

3/1/29

@

..........................

500

504

Essent

Group

Ltd.,

6.25%,

7/1/29,

Callable

6/1/29

@

..........................

Federation

des

Caisses

Desjardins

du

Quebec,

4.57%,

8/26/30(a)

.....................

Nationwide

Building

Society,

6.56%

(SOFR+191bps),

10/18/27,

Callable

10/18/26

@

100(a)

(b) .............................................................

500

509

Phoenix

Group

Holdings

PLC,

5.38%,

7/6/27,

MTN

..............................

500

505

Societe

Generale

SA,

5.52%

(H15T1Y+150bps),

1/19/28,

Callable

1/19/27

@

100(a)(b)

....

500

506

Svenska

Handelsbanken

AB,

5.50%,

6/15/28(a)

.................................

750

775

Swedbank

AB,

6.14%,

9/12/26(a)

...........................................

500

507

The

Toronto-Dominion

Bank,

3.63%

(USSW5+221bps),

9/15/31,

Callable

9/15/26

@

100(b)

.

UBS

Group

AG,

4.28%,

1/9/28,

Callable

1/9/27

@

100(a)

..........................

500

501

7,973

Industrials

(1.5%):

Air

Canada

Pass

Through

Trust

3.75%,

12/15/27(a)

..................................................

4.13%,

12/15/27(a)

..................................................

Element

Fleet

Management

Corp.,

6.32%,

12/4/28,

Callable

11/4/28

@

100(a)

...........

500

527

Tyco

Electronics

Group

SA,

4.50%,

2/9/31,

Callable

1/9/31

@

...................

1,312

Information

Technology

(1.3%):

CGI,

Inc.,

4.95%,

3/14/30,

Callable

2/14/30

@

100(a)

.............................

Genpact

UK

Finco

PLC/Genpact

USA,

Inc.,

4.95%,

11/18/30,

Callable

10/18/30

@

....

Kioxia

Holdings

Corp.,

6.25%,

7/24/30,

Callable

7/24/27

@

103.13(a)

.................

Open

Text

Corp.,

6.90%,

12/1/27,

Callable

11/1/27

@

100(a)

........................

500

520

1,178

Utilities

(0.6%):

Algonquin

Power

&

Utilities

Corp.,

5.37%,

6/15/26(g)

............................

500

502

Total

Yankee

Dollars

(Cost

$11,394)

a

a

a

11,693

Municipal

Bonds

(0.7%)

Maryland

(0.3%):

Maryland

Economic

Development

Corp.

Revenue,

4.79%,

11/30/29

...................

Massachusetts

(0.2%):

Massachusetts

Educational

Financing

Authority

Revenue,

Series

A,

5.52%,

7/1/35

........

Ohio

(0.2%):

Columbus

Metropolitan

Housing

Authority

Revenue,

5.38%,

9/1/28,

Continuously

Callable

@100

...........................................................

Total

Municipal

Bonds

(Cost

$650)

a

a

a

662

Victory

Portfolios

#### Victory

#### Low

#### Duration

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) U.S.

Government

Agency

Mortgages

(3.1%)

Federal

Home

Loan

Mortgage

Corporation

7.00%,

9/1/38

.....................................................

$

$

5.50%,

10/1/38

....................................................

4.00%,

1/1/40

.....................................................

5.00%,

8/1/40

.....................................................

4.50%,

10/1/40

....................................................

1,010

Federal

National

Mortgage

Association

6.00%,

2/1/37

.....................................................

4.50%,

11/1/40

.....................................................

5.00%,

2/1/41

-

10/1/41

..............................................

1,094

1,119

1,803

Total

U.S.

Government

Agency

Mortgages

(Cost

$2,904)

a

a

a

2,813

U.S.

Treasury

Obligations

(11.4%)

U.S.

Treasury

Notes

4.50%,

7/15/26

....................................................

1,650

1,658

1.13%,

10/31/26

....................................................

4.00%,

1/15/27

....................................................

500

502

3.88%,

11/30/27

....................................................

1,500

1,511

4.00%,

6/30/28

....................................................

1,000

1,012

1.25%,

9/30/28

....................................................

825

776

2.75%,

5/31/29

....................................................

1,600

1,557

3.75%,

6/30/30

....................................................

2,850

2,860

Total

U.S.

Treasury

Obligations

(Cost

$10,157)

a

a

a

10,293

Commercial

Paper

(3.0%)

Industrials

(0.6%):

Air

Lease

Corp.,

4.01%,

1/2/26(a)(h)

.........................................

500

500

Information

Technology

(1.0%):

Jabil,

Inc.

4.38%,

1/2/26(a)(h)

.................................................

4.39%,

1/8/26(a)(h)

.................................................

600

599

874

Real

Estate

(0.5%):

Boston

Properties

LP,

3.89%,

1/8/26(a)(h)

.....................................

500

500

Utilities

(0.9%):

Evergy

Missouri

West,

Inc.,

3.81%,

1/5/26(a)(h)

.................................

850

849

Total

Commercial

Paper

(Cost

$2,724)

a

a

a

2,723

Shares

Collateral

for

Securities

Loaned

(0.8%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

3.69%(i)

........

171,113

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

3.69%(i)

............

171,113

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

3.67%(i)

................

171,113

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

3.69%(i)

.

171,113

Total

Collateral

for

Securities

Loaned

(Cost

$684)

a

a

a

684

Total

Investments

(Cost

$88,342)

—

99.8%

89,849

Other

assets

in

excess

of

liabilities

— 0.2%

NET

ASSETS

-

100.00%

$

90,051

At

December

31,

2025,

the

Fund's

investments

in

foreign

securities

were

13.1%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

December

31,

2025,

the

fair

value

of

these

securities

was

$43,330

(thousands)

and

amounted

to

48.1%

of

net

assets.

(b) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

December

31,

2025. (c) Security

is

interest

only.

(d) Amount

represents

less

than

0.05%

of

net

assets.

Victory

Portfolios

#### Victory

#### Low

#### Duration

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

(e) All

or

a

portion

of

this

security

is

on

loan.

(f) Security

is

perpetual

and

has

no

final

maturity

date

but

may

be

subject

to

calls

at

various

dates

in

the

future.

(g) Stepped

coupon

security

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

(h) Rate

represents

the

effective

yield

at

December

31,

2025. (i) Rate

disclosed

is

the

daily

yield

on

December

31,

2025. ABS

—

Asset-Backed

Securities

bps

—

Basis

points

CMO

—

Collateralized

Mortgage

Obligations

Continuously

callable

—

Investment

is

continuously

callable

or

will

be

continuously

callable

on

any

date

after

the

first

call

date

until

its

maturity.

H15T1Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

December

31,

2025. H15T5Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

December

31,

2025. LLC

—

Limited

Liability

Company

LLLP

—

Limited

Liability

Limited

Partnership

LP

—

Limited

Partnership

MBS

—

Mortgage-Backed

Securities

MTN

—

Medium

Term

Note

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

SOFR

—

Secured

Overnight

Financing

Rate

SOFR30A

—

day

average

of

SOFR,

rate

disclosed

as

of

December

31,

2025. TSFR1M

—

Month

Term

SOFR,

rate

disclosed

as

of

December

31,

2025. USSW5

—

USD

Year

Swap

Rate,

rate

disclosed

as

of

December

31,

2025. Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

#### Victory

#### High

#### Yield

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Asset-Backed

Securities

(0.4%)

ABS

Auto

(0.0%):(a)

Truist

Bank

Auto

Credit-Linked

Notes

,

Series

2025-1

,

Class

C

,

.81

%

,

9/26/33

,

Callable

8/25/28

@

(b) ...................................................

$

$

ABS

Other

(0.4%):

Frontier

Issuer

LLC

,

Series

2023-1

,

Class

C

,

.50

%

,

8/20/53

,

Callable

7/20/26

@

(b) ...

Total

Asset-Backed

Securities

(Cost

$572)

a

a

a

558

Collateralized

Mortgage

Obligations

(0.1%)

Commercial

MBS

(0.1%):

BAHA

Trust

,

Series

2024-MAR

,

Class

C

,

.52

%

,

12/10/41

(b) (c) (d) ...................

Total

Collateralized

Mortgage

Obligations

(Cost

$112)

a

a

a

Shares

Common

Stocks

(1.6%)

Consumer

Discretionary

(0.4%):

Men's

Wearhouse,

Inc.

(e) (f) ...............................................

20,063

Health

Care

(1.2%):

Air

Methods

Corp.

(e) ....................................................

11,817

1,536

Covis

Parent

SCA,

Class

A

Shares

(e) (g) .......................................

1,622

—

Covis

Parent

SCA,

Class

B

Shares

(e) (g) .......................................

1,622

—

Covis

Parent

SCA,

Class

C

Shares

(e) (g) .......................................

1,622

—

Covis

Parent

SCA,

Class

D

Shares

(e) (g) ......................................

1,622

—

Covis

Parent

SCA,

Class

E

Shares

(e) (g) .......................................

1,622

—

1,536

Total

Common

Stocks

(Cost

$223)

a

a

a

1,978

Principal

Amount

(000) Senior

Secured

Loans

(5.7%)

Communication

Services

(0.9%):

Altice

France

SA,

USD

Term

Loan

B-14,

First

Lien

,

.86

%

(SOFR03M

+

688

bps)

,

5/15/31

(h) 315

The

E.W.

Scripps

Co.,

Tranche

Term

Loan,

First

Lien

,

.49

%

(SOFR01M

+

575

bps)

,

6/30/28

(h) ........................................................

Versant

Media

Group,

Inc,

Term

Loan

B,

First

Lien

,

10/23/30

(i) .....................

Zayo

Group

Holdings,

Inc.,

Initial

Dollar

Term

Loan,

First

Lien

,

.92

%

(SOFR01M

+

bps)

,

3/11/30

(h) ........................................................

1,040

Consumer

Discretionary

(2.4%):

AMC

Entertainment

Holdings,

Inc.,

Initial

Exchange

Term

Loan,

First

Lien

,

.73

%

(SOFR01M

+

700

bps)

,

1/4/29

(h) .........................................

609

609

Great

Outdoors

Group

LLC,

Term

Loan

B,

First

Lien

,

.17

%

(SOFR01M

+

bps)

,

1/23/32

(h) 149

Metropolis

Technologies,

Inc.,

Initial

Term

Loan,

First

Lien

,

.98

%

(SOFR06M

+

525

bps)

,

11/3/32

(h) ........................................................

Ontario

Gaming

GTA

LP,

Term

B

Loans,

First

Lien

,

.24

%

(SOFR03M

+

bps)

,

8/1/30

(h) ..

Petco

Health

and

Wellness

Co.,

Inc.,

Initial

Term

Loan,

First

Lien

,

.25

%

(SOFR03M

+

bps)

,

3/6/28

(h) .........................................................

1,404

1,388

PetSmart,

Inc.,

Initial

Term

Loan,

First

Lien

,

.73

%

(SOFR01M

+

bps)

,

8/18/32

(h) ......

500

2,997

Energy

(0.1%):

Consolidated

Energy

Finance

S.A.,

2024

Incremental

Term

Loan,

First

Lien

,

.20

%

(SOFR06M

+

bps)

,

11/18/30

(h) .......................................

Hilcorp

Energy

I

LP,

Initial

Loan,

First

Lien

,

.74

%

(SOFR01M

+

bps)

,

2/11/30

(h) ......

Financials

(1.5%):

1261229

BC

Ltd.,

Initial

Term

Loans,

First

Lien

,

.17

%

(SOFR01M

+

625

bps)

,

10/8/30

(h) ..

C&S

Wholesale

Grocers,

Inc.,

Initial

Term

Loan,

First

Lien

,

.00

%

(SOFR03M

+

500

bps)

,

8/6/30

(h) .........................................................

857

836

CP

Atlas

Buyer,

Inc.,

2025

Term

B

Loan,

First

Lien

,

.17

%

(SOFR01M

+

525

bps)

,

7/8/30

(h) ..

Victory

Portfolios

#### Victory

#### High

#### Yield

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Hyperion

Refinance

SARL,

2025-3

Dollar

Refinancing

Term

Loan,

First

Lien

,

.49

%

(SOFR03M

+

bps)

,

4/18/30

(h) ........................................

$

$

Osaic

Holdings,

Inc.,

Initial

Term

Loan,

First

Lien

,

.92

%

(SOFR01M

+

bps)

,

8/2/32

(h) ..

Trucordia

Insurance

Holdings

LLC,

Initial

Term

Loans,

First

Lien

,

.17

%

(SOFR01M

+

bps)

,

6/17/32

(h) ........................................

Voyager

Parent

LLC,

Term

B

Loan,

First

Lien

,

.75

%

(SOFR03M

+

bps)

,

7/1/32

(h) .....

1,855

Health

Care

(0.2%):

Bausch

+

Lomb

Corp.,

Third

Amendment

Term

Loan,

First

Lien

,

.17

%

(SOFR01M

+

bps)

,

1/15/31

(h) ........................................................

Covis

Pharma

Holdings

SARL,

Dollar

Term

B

Loan,

First

Lien

,

2/18/27

(g) (i) ............

1,423

Industrials

(0.5%):

SGH2

LLC,

Initial

Term

Loan,

First

Lien

,

.51

%

(SOFR06M

+

bps)

,

8/18/32

(h) ........

TKC

Holdings,

Inc.,

Closing

Date

Initial

Term

Loan,

First

Lien

,

.92

%

(SOFR01M

+

500

bps)

,

5/15/28

(h) ........................................................

Twitter,

Inc.,

Tranche

Loan,

First

Lien

,

.20

%

(SOFR06M

+

650

bps)

,

10/29/29

(h) .....

543

Information

Technology

(0.1%):

Sandisk

Corp.,

Term

B

Loan,

First

Lien

,

.86

%

(SOFR03M

+

bps)

,

2/23/32

(h) .........

Total

Senior

Secured

Loans

(Cost

$8,319)

a

a

a

7,000

Corporate

Bonds

(61.8%)

Communication

Services

(11.3%):

AMC

Networks,

Inc.

.25

%

,

1/15/29

,

Callable

2/5/26

@

105.13 (b) ..............................

.50

%

,

7/15/32

,

Callable

7/15/28

@

105.25 (b) (j) ...........................

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.

.50

%

,

6/1/33

,

Callable

6/1/27

@

102.25 (b) (j) ..............................

.25

%

,

1/15/34

,

Callable

1/15/28

@

102.13 (b) (j) ............................

1,535

1,307

Central

Parent

LLC/CDK

Global

II

LLC/CDK

Financing

Co.,

Inc.

,

.00

%

,

6/15/29

,

Callable

2/5/26

@

(b) ....................................................

750

652

Clear

Channel

Outdoor

Holdings,

Inc.

.50

%

,

6/1/29

,

Callable

2/5/26

@

101.88 (b) ................................

.88

%

,

4/1/30

,

Callable

10/1/26

@

103.94 (b) ...............................

.50

%

,

3/15/33

,

Callable

9/15/28

@

103.75 (b) ..............................

CSC

Holdings

LLC

,

.75

%

,

1/31/29

,

Callable

1/31/26

@

105.88 (b) ..................

900

671

Cumulus

Media

New

Holdings,

Inc.

,

.00

%

,

7/1/29

,

Callable

2/5/26

@

(b) ...........

2,028

553

Directv

Financing

LLC/Directv

Financing

Co-Obligor,

Inc.

.88

%

,

8/15/27

,

Callable

2/5/26

@

101.47 (b) ...............................

.00

%

,

2/15/31

,

Callable

2/15/27

@

(b) ...............................

DISH

DBS

Corp.

,

.75

%

,

7/1/26

............................................

DISH

Network

Corp.

,

.75

%

,

11/15/27

,

Callable

1/16/26

@

102.94 (b) (j) ..............

1,366

1,421

EchoStar

Corp.

.75

%

,

11/30/29

,

Callable

11/30/26

@

105.38 ..............................

579

640

.75

%

,

11/30/30

,

Callable

11/30/26

@

(k) ...............................

507

520

Frontier

Communications

Holdings

LLC

.88

%

,

10/15/27

,

Callable

2/5/26

@

(b) ................................

1,750

1,752

.75

%

,

5/1/29

,

Callable

2/5/26

@

101.69 (b) ................................

Gray

Media,

Inc.

.50

%

,

7/15/29

,

Callable

7/15/26

@

105.25 (b) .............................

.38

%

,

11/15/31

,

Callable

11/15/26

@

102.69 (b) ............................

.63

%

,

7/15/32

,

Callable

7/15/28

@

104.81 (b) ..............................

iHeartCommunications,

Inc.

,

.00

%

,

1/15/31

,

Callable

12/20/26

@

103.5 (b) .............

Lamar

Media

Corp.

.63

%

,

1/15/31

,

Callable

1/21/26

@

101.81 ................................

.38

%

,

11/1/33

,

Callable

11/1/28

@

102.69 (b) ..............................

Match

Group

Holdings

II

LLC

,

.63

%

,

6/1/28

,

Callable

1/16/26

@

(b) ..............

News

Corp.

,

.13

%

,

2/15/32

,

Callable

2/15/27

@

102.56 (b) .........................

Victory

Portfolios

#### Victory

#### High

#### Yield

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Scripps

Escrow

II,

Inc.

.88

%

,

1/15/29

,

Callable

2/5/26

@

(b) (j) ...............................

$

$

.38

%

,

1/15/31

,

Callable

2/5/26

@

102.69 (b) ...............................

Sinclair

Television

Group,

Inc.

,

.13

%

,

2/15/33

,

Callable

2/15/28

@

104.06 (b) ...........

The

E.W.

Scripps

Co.

,

.88

%

,

8/15/30

,

Callable

8/15/27

@

104.94 (b) ..................

Uniti

Group

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital

LLC

,

.63

%

,

6/15/32

,

Callable

6/15/28

@

104.31 (b) (j) ...............................................

Univision

Communications,

Inc.

.38

%

,

6/30/30

,

Callable

2/5/26

@

103.69 (b) ...............................

.38

%

,

8/1/32

,

Callable

8/1/28

@

104.69 (b) ................................

Versant

Media

Group,

Inc.

,

.25

%

,

1/30/31

,

Callable

1/30/28

@

103.63 (b) ..............

Warnermedia

Holdings,

Inc.

,

.05

%

,

3/15/42

,

Callable

9/15/41

@

.................

963

680

Windstream

Services

LLC

,

.50

%

,

10/15/33

,

Callable

10/15/28

@

103.75 (b) ............

Zayo

Group

Holdings,

Inc.

.25

%

,

3/9/30

,

Callable

1/16/26

@

(b) (l) ...............................

609

579

.75

%

,

9/9/30

,

Callable

2/5/26

@

(b) (j) (m) ..............................

13,863

Consumer

Discretionary

(8.2%):

Advance

Auto

Parts,

Inc.

,

.38

%

,

8/1/33

,

Callable

8/1/28

@

103.69 (b) (j) ...............

575

579

Amsted

Industries,

Inc.

,

.38

%

,

3/15/33

,

Callable

3/15/28

@

103.19 (b) ................

Asbury

Automotive

Group,

Inc.

,

.00

%

,

2/15/32

,

Callable

11/15/26

@

102.5 (b) ..........

675

656

Ashton

Woods

USA

LLC/Ashton

Woods

Finance

Co.

.63

%

,

4/1/30

,

Callable

2/5/26

@

102.31 (b) ................................

565

539

.88

%

,

8/1/33

,

Callable

8/1/28

@

103.44 (b) ................................

Beazer

Homes

USA,

Inc.

,

.50

%

,

3/15/31

,

Callable

3/15/27

@

103.75 (b) ...............

650

658

Boyd

Gaming

Corp.

,

.75

%

,

6/15/31

,

Callable

6/15/26

@

102.38 (b) (j) .................

Boyne

USA,

Inc.

,

.75

%

,

5/15/29

,

Callable

2/5/26

@

101.19 (b) ......................

Caesars

Entertainment,

Inc.

.50

%

,

2/15/32

,

Callable

2/15/27

@

103.25 (b) ..............................

508

520

.00

%

,

10/15/32

,

Callable

10/15/27

@

(b) (j) .............................

Century

Communities,

Inc.

,

.88

%

,

8/15/29

,

Callable

2/15/29

@

(b) ................

Churchill

Downs,

Inc.

,

.75

%

,

5/1/31

,

Callable

5/1/26

@

103.38 (b) ...................

Fertitta

Entertainment

LLC/Fertitta

Entertainment

Finance

Co.,

Inc.

,

.75

%

,

1/15/30

,

Callable

2/5/26

@

101.69 (b) (j) ................................................

Group

Automotive,

Inc.

,

.38

%

,

1/15/30

,

Callable

7/15/26

@

103.19 (b) ...............

Hilton

Domestic

Operating

Co.,

Inc.

,

.00

%

,

5/1/31

,

Callable

5/1/26

@

(b) ...........

Lithia

Motors,

Inc.

,

.38

%

,

1/15/31

,

Callable

2/5/26

@

102.19 (b) ....................

503

M/I

Homes,

Inc.

,

.95

%

,

2/1/28

,

Callable

1/21/26

@

101.24 ........................

MGM

Resorts

International

,

.13

%

,

9/15/29

,

Callable

9/15/26

@

103.06 ...............

Newell

Brands,

Inc.

.63

%

,

5/15/32

,

Callable

2/15/32

@

(j) .................................

.38

%

,

4/1/36

,

Callable

10/1/35

@

...................................

Nordstrom,

Inc.

,

.38

%

,

4/1/30

,

Callable

1/1/30

@

(j) ..........................

PetSmart

LLC/PetSmart

Finance

Corp.

.50

%

,

9/15/32

,

Callable

9/15/28

@

103.75 (b) ..............................

550

559

.00

%

,

9/15/33

,

Callable

9/15/28

@

(b) ...............................

Resorts

World

Las

Vegas

LLC/RWLV

Capital,

Inc.

,

.63

%

,

4/6/31

,

Callable

1/6/31

@

(b) .

Saks

Global

Enterprises

LLC

.00

%

,

12/15/29

,

Callable

12/15/26

@

105.5 (b) ............................

.00

%

,

12/15/29

,

Callable

12/15/26

@

105.5 (b) ............................

Scientific

Games

Holdings

LP/Scientific

Games

US

FinCo,

Inc.

,

.63

%

,

3/1/30

,

Callable

2/5/26

@

103.31 (b) ......................................................

Six

Flags

Entertainment

Corp./Six

Flags

Theme

Parks,

Inc./Canada's

Wonderland

Co.

,

.63

%

,

5/1/32

,

Callable

5/1/27

@

103.31 (b) .....................................

Staples,

Inc.

,

.75

%

,

9/1/29

,

Callable

9/1/26

@

105.38 (b) .........................

Taylor

Morrison

Communities,

Inc.

.75

%

,

1/15/28

,

Callable

10/15/27

@

(b) ...............................

.13

%

,

8/1/30

,

Callable

2/1/30

@

(b) ..................................

.75

%

,

11/15/32

,

Callable

5/15/32

@

(b) ...............................

The

Michaels

Cos.,

Inc.

,

.88

%

,

5/1/29

,

Callable

1/16/26

@

101.97 (b) .................

Vail

Resorts,

Inc.

,

.50

%

,

5/15/32

,

Callable

5/15/27

@

103.25 (b) .....................

Victory

Portfolios

#### Victory

#### High

#### Yield

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Weekley

Homes

LLC/Weekley

Finance

Corp.

.88

%

,

9/15/28

,

Callable

2/5/26

@

100.81 (b) ...............................

$

$

.75

%

,

1/15/34

,

Callable

1/15/29

@

103.38 (b) ..............................

ZF

North

America

Capital,

Inc.

,

.88

%

,

4/23/32

,

Callable

2/23/32

@

(b) .............

10,090

Consumer

Staples

(5.8%):

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC

.50

%

,

2/15/28

,

Callable

2/5/26

@

103.25 (b) ...............................

1,072

1,094

.25

%

,

3/15/33

,

Callable

3/15/28

@

103.13 (b) ..............................

1,204

1,237

.75

%

,

3/31/34

,

Callable

11/15/28

@

102.88 (b) .............................

C&S

Group

Enterprises

LLC

,

.00

%

,

12/15/28

(b) ................................

526

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US

LLC

.63

%

,

7/15/30

,

Callable

7/16/26

@

103.31 (b) ..............................

.60

%

,

1/15/31

,

Callable

12/15/30

@

(b) ...............................

Edgewell

Personal

Care

Co.

,

.13

%

,

4/1/29

,

Callable

1/16/26

@

101.03 (b) ..............

Goat

Holdco

LLC

,

.75

%

,

2/1/32

,

Callable

2/1/28

@

103.38 (b) ......................

Performance

Food

Group,

Inc.

.25

%

,

8/1/29

,

Callable

2/5/26

@

101.06 (b) ................................

.13

%

,

9/15/32

,

Callable

9/15/27

@

103.06 (b) ..............................

775

800

Post

Holdings,

Inc.

.25

%

,

2/15/32

,

Callable

2/15/27

@

103.13 (b) ..............................

760

782

.38

%

,

3/1/33

,

Callable

9/1/27

@

103.19 (b) ................................

Quikrete

Holdings,

Inc.

,

.38

%

,

3/1/32

,

Callable

3/1/28

@

103.19 (b) ..................

508

529

U.S.

Foods,

Inc.

,

.75

%

,

4/15/33

,

Callable

10/15/27

@

102.88 (b) .....................

724

737

7,089

Energy

(4.3%):

CITGO

Petroleum

Corp.

,

.38

%

,

1/15/29

,

Callable

2/5/26

@

104.19 (b) ................

740

770

Crescent

Energy

Finance

LLC

,

.88

%

,

4/15/32

,

Callable

4/15/27

@

103.94 (b) (j) ..........

Harvest

Midstream

I

LP

,

.50

%

,

5/15/32

,

Callable

5/15/27

@

103.75 (b) ................

Hilcorp

Energy

I

LP/Hilcorp

Finance

Co.

.75

%

,

2/1/29

,

Callable

2/5/26

@

100.96 (b) ................................

.25

%

,

2/15/35

,

Callable

2/15/30

@

103.63 (b) ..............................

Hunt

Cos.,

Inc.

,

.25

%

,

4/15/29

,

Callable

2/5/26

@

101.31 (b) .......................

Moss

Creek

Resources

Holdings,

Inc.

,

.25

%

,

9/1/31

,

Callable

9/1/27

@

104.13 (b) ........

Murphy

Oil

USA,

Inc.

,

.75

%

,

2/15/31

,

Callable

2/15/26

@

101.88 (b) .................

Permian

Resources

Operating

LLC

.88

%

,

7/1/29

,

Callable

2/5/26

@

101.47 (b) ................................

.25

%

,

2/1/33

,

Callable

8/1/27

@

103.13 (b) ................................

Sunoco

LP

.88

%

(H15T5Y

+

bps)

,

Callable

9/18/30

@

(b) (h) (n) ....................

.25

%

,

5/1/32

,

Callable

5/1/27

@

103.63 (b) ................................

.25

%

,

7/1/33

,

Callable

7/1/28

@

103.13 (b) ................................

.88

%

,

3/15/34

,

Callable

9/15/28

@

102.94 (b) ..............................

Tallgrass

Energy

Partners

LP/Tallgrass

Energy

Finance

Corp.

,

.38

%

,

2/15/29

,

Callable

2/15/26

@

103.69 (b) ......................................................

Venture

Global

LNG,

Inc.

.00

%

(H15T5Y

+

544

bps)

,

Callable

9/30/29

@

(b) (h) (n) ....................

.88

%

,

2/1/32

,

Callable

2/1/27

@

104.94 (b) (j) ..............................

Venture

Global

Plaquemines

LNG

LLC

,

.75

%

,

5/1/35

,

Callable

12/1/34

@

(b) ........

711

778

5,204

Financials

(7.4%):

Acrisure

LLC/Acrisure

Finance,

Inc.

.50

%

,

11/6/30

,

Callable

5/15/26

@

103.75 (b) ..............................

.75

%

,

7/1/32

,

Callable

7/1/28

@

103.38 (b) ................................

Amynta

Agency

Borrower,

Inc.

and

Amynta

Warranty

Borrower,

Inc.

,

.50

%

,

7/15/33

,

Callable

7/15/28

@

103.75 (b) ................................................

Arsenal

AIC

Parent

LLC

,

.00

%

,

10/1/30

,

Callable

10/1/26

@

(b) .................

875

930

Baldwin

Insurance

Group

Holdings

LLC/Baldwin

Insurance

Group

Holdings

Finance

,

.13

%

,

5/15/31

,

Callable

5/15/27

@

103.56 (b) ....................................

BCPE

Flavor

Debt

Merger

Sub

LLC

and

BCPE

Flavor

Issuer,

Inc.

,

.50

%

,

7/1/32

,

Callable

7/1/28

@

104.75 (b) .................................................

Beach

Acquisition

Bidco

LLC

,

.00

%

,

7/15/33

,

Callable

7/15/28

@

(b) (o) ...........

Victory

Portfolios

#### Victory

#### High

#### Yield

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Block,

Inc.

.50

%

,

5/15/32

,

Callable

5/15/27

@

103.25 ................................

$

$

.00

%

,

8/15/33

,

Callable

8/15/28

@

(b) ................................

Boost

Newco

Borrower

LLC

,

.50

%

,

1/15/31

,

Callable

1/15/27

@

103.75 (b) ............

977

1,038

Burford

Capital

Global

Finance

LLC

,

.50

%

,

7/15/33

,

Callable

7/15/28

@

103.75 (b) ......

906

872

CP

Atlas

Buyer,

Inc.

.75

%

,

7/15/30

,

Callable

7/15/27

@

104.88 (b) ..............................

.75

%

,

1/15/31

,

Callable

12/2/28

@

(b) (p) .............................

Credit

Acceptance

Corp.

,

.63

%

,

3/15/30

,

Callable

3/15/27

@

103.31 (b) ...............

EZCORP,

Inc.

,

.38

%

,

4/1/32

,

Callable

4/1/28

@

103.69 (b) .........................

Ford

Motor

Credit

Co.

LLC

,

.13

%

,

3/8/34

,

Callable

12/8/33

@

..................

Getty

Images,

Inc.

,

.50

%

,

11/15/30

,

Callable

11/15/27

@

105.25 (b) .................

HA

Sustainable

Infrastructure

Capital,

Inc.

,

.00

%

(H15T5Y

+

bps)

,

6/1/56

,

Callable

3/1/31

@

(h) .........................................................

Jane

Street

Group/JSG

Finance,

Inc.

,

.75

%

,

5/1/33

,

Callable

5/1/28

@

103.38 (b) .........

890

929

Level

Financing,

Inc.

.75

%

,

7/15/29

,

Callable

2/5/26

@

(b) .................................

.88

%

,

6/30/33

,

Callable

6/30/28

@

103.44 (b) ..............................

.00

%

,

3/31/34

,

Callable

8/31/28

@

103.5 (b) ...............................

.50

%

,

1/15/36

,

Callable

1/15/31

@

104.25 (b) ..............................

Mobius

Merger

Sub,

Inc.

,

.00

%

,

6/1/30

,

Callable

6/1/26

@

104.5 (b) ..................

MSD

Investment

Corp.

,

.13

%

,

2/5/31

,

Callable

1/5/31

@

(b) ....................

NCR

Atleos

Corp.

,

.50

%

,

4/1/29

,

Callable

10/1/26

@

104.75 (b) .....................

Osaic

Holdings,

Inc.

.75

%

,

8/1/32

,

Callable

8/1/28

@

103.38 (b) ................................

.00

%

,

8/1/33

,

Callable

8/1/28

@

(b) ..................................

Park

Intermediate

Holdings

LLC/PK

Domestic

Property

LLC/PK

Finance

Co-Issuer

,

.88

%

,

5/15/29

,

Callable

2/5/26

@

101.22 (b) ....................................

PRA

Group,

Inc.

,

.88

%

,

1/31/30

,

Callable

6/1/26

@

104.44 (b) ......................

Shift4

Payments

LLC/Shift4

Payments

Finance

Sub,

Inc.

,

.75

%

,

8/15/32

,

Callable

8/15/27

@

103.38 (b) ........................................................

Starwood

Property

Trust,

Inc.

,

.25

%

,

4/1/29

,

Callable

10/1/28

@

(b) ...............

Stonebriar

ABF

Issuer

LLC

,

.13

%

,

12/15/30

,

Callable

12/15/27

@

104.06 (b) ...........

UWM

Holdings

LLC

,

.25

%

,

3/15/31

,

Callable

3/15/28

@

103.13 (b) ..................

Voyager

Parent

LLC

,

.25

%

,

7/1/32

,

Callable

7/1/28

@

104.63 (b) ....................

509

540

9,096

Health

Care

(4.0%):

Acadia

Healthcare

Co.,

Inc.

,

.38

%

,

3/15/33

,

Callable

3/15/28

@

103.69 (b) (j) ...........

Centene

Corp.

,

.63

%

,

12/15/29

,

Callable

2/5/26

@

101.54 .........................

751

728

CHS/Community

Health

Systems,

Inc.

.88

%

,

1/15/32

,

Callable

2/15/27

@

105.44 (b) .............................

.75

%

,

1/15/34

,

Callable

8/15/28

@

104.88 (b) ..............................

CVS

Health

Corp.

,

.00

%

(H15T5Y

+

bps)

,

3/10/55

,

Callable

12/10/29

@

(h) .......

DENTSPLY

SIRONA,

Inc.

,

.38

%

(H15T5Y

+

bps)

,

9/12/55

,

Callable

6/12/30

@

(h) .

648

607

Encompass

Health

Corp.

,

.63

%

,

4/1/31

,

Callable

4/1/26

@

102.31 ...................

Medline

Borrower

LP

,

.88

%

,

4/1/29

,

Callable

2/5/26

@

100.97 (b) ...................

Medline

Borrower

LP/Medline

Co-Issuer,

Inc.

,

.25

%

,

4/1/29

,

Callable

4/1/26

@

103.13 (b) ..

Paradigm

Parent

LLC

and

Paradigm

Parent

Co-Issuer,

Inc.

,

.75

%

,

4/17/32

,

Callable

4/17/28

@

104.38 (b) ......................................................

Pediatrix

Medical

Group,

Inc.

,

.38

%

,

2/15/30

,

Callable

2/5/26

@

102.69 (b) .............

500

Prestige

Brands,

Inc.

,

.75

%

,

4/1/31

,

Callable

4/1/26

@

101.88 (b) ....................

Prime

Healthcare

Services,

Inc.

,

.38

%

,

9/1/29

,

Callable

9/1/26

@

104.69 (b) ............

Tenet

Healthcare

Corp.

.13

%

,

11/1/27

,

Callable

1/21/26

@

..................................

581

581

.13

%

,

10/1/28

,

Callable

2/5/26

@

...................................

.00

%

,

11/15/33

,

Callable

11/15/28

@

(b) ...............................

U.S.

Acute

Care

Solutions

LLC

,

.75

%

,

5/15/29

,

Callable

5/15/26

@

104.88 (b) ..........

4,957

Industrials

(9.9%):

Alta

Equipment

Group,

Inc.

,

.00

%

,

6/1/29

,

Callable

6/1/26

@

104.5 (b) (j) ..............

Victory

Portfolios

#### Victory

#### High

#### Yield

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) American

Airlines,

Inc.

.25

%

,

2/15/28

,

Callable

1/16/26

@

103.63 (b) (j) ............................

$

$

.50

%

,

5/15/29

,

Callable

1/16/26

@

104.25 (b) (j) ............................

Arcosa,

Inc.

,

.88

%

,

8/15/32

,

Callable

8/15/27

@

103.44 (b) ........................

Axon

Enterprise,

Inc.

,

.25

%

,

3/15/33

,

Callable

3/15/28

@

103.13 (b) ..................

Beacon

Mobility

Corp.

,

.25

%

,

8/1/30

,

Callable

8/1/27

@

103.63 (b) ..................

BlueLinx

Holdings,

Inc.

,

.00

%

,

11/15/29

,

Callable

2/5/26

@

101.5 (b) .................

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

,

.50

%

,

2/1/32

,

Callable

2/1/28

@

103.75 (b) 291

Builders

FirstSource,

Inc.

,

.38

%

,

3/1/34

,

Callable

3/1/29

@

103.19 (b) ................

BWX

Technologies,

Inc.

,

.13

%

,

4/15/29

,

Callable

1/21/26

@

101.03 (b) ...............

Carpenter

Technology

Corp.

,

.63

%

,

3/1/34

,

Callable

3/1/29

@

102.81 (b) ..............

Cornerstone

Building

Brands,

Inc.

,

.50

%

,

8/15/29

,

Callable

8/15/26

@

104.75 (b) ........

879

650

EMRLD

Borrower

LP/Emerald

Co-Issuer,

Inc.

,

.75

%

,

7/15/31

,

Callable

7/15/27

@

103.38 (b) 482

508

Enpro,

Inc.

,

.13

%

,

6/1/33

,

Callable

6/1/28

@

103.06 (b) ...........................

Esab

Corp.

,

.25

%

,

4/15/29

,

Callable

4/15/26

@

103.13 (b) .........................

Genesee

&

Wyoming,

Inc.

,

.25

%

,

4/15/32

,

Callable

4/15/27

@

103.13 (b) ..............

GXO

Logistics,

Inc.

,

.50

%

,

5/6/34

,

Callable

2/6/34

@

.........................

Herc

Holdings,

Inc.

.25

%

,

6/15/33

,

Callable

6/15/28

@

103.63 (b) ..............................

644

683

.00

%

,

3/15/34

,

Callable

3/15/29

@

(b) ................................

JetBlue

Airways

Corp./JetBlue

Loyalty

LP

,

.88

%

,

9/20/31

,

Callable

8/27/27

@

104.94 (b) ...

JH

North

America

Holdings,

Inc.

,

.13

%

,

7/31/32

,

Callable

7/31/28

@

103.06 (b) .........

Masterbrand,

Inc.

,

.00

%

,

7/15/32

,

Callable

7/15/27

@

103.5 (b) .....................

OneSky

Flight

LLC

,

.88

%

,

12/15/29

,

Callable

12/15/26

@

104.44 (b) .................

OT

Midco,

Inc.

,

.00

%

,

2/15/30

,

Callable

2/15/27

@

(b) .......................

QXO

Building

Products,

Inc.

,

.75

%

,

4/30/32

,

Callable

4/30/28

@

103.38 (b) ............

Rand

Parent

LLC

,

.50

%

,

2/15/30

,

Callable

2/15/26

@

104.25 (b) (j) ...................

RB

Global

Holdings,

Inc.

,

.75

%

,

3/15/31

,

Callable

3/15/26

@

103.88 (b) ...............

Resideo

Funding,

Inc.

,

.50

%

,

7/15/32

,

Callable

7/15/27

@

103.25 (b) .................

Science

Applications

International

Corp.

,

.88

%

,

11/1/33

,

Callable

11/1/28

@

102.94 (b) ....

Sensata

Technologies,

Inc.

,

.63

%

,

7/15/32

,

Callable

7/15/27

@

103.31 (b) (j) ............

Standard

Building

Solutions,

Inc.

,

.88

%

,

3/15/34

,

Callable

3/15/29

@

102.94 (b) .........

Standard

Industries,

Inc.

,

.38

%

,

1/15/31

,

Callable

2/5/26

@

101.69 (b) ................

1,000

917

Star

Leasing

Co.

LLC

,

.63

%

,

2/15/30

,

Callable

2/15/27

@

103.81 (b) .................

Synergy

Infrastructure

Holdings

LLC

,

.88

%

,

12/1/30

,

Callable

12/1/27

@

103.94 (b) ......

The

GEO

Group,

Inc.

,

.63

%

,

4/15/29

,

Callable

4/15/26

@

104.31 ....................

The

Hertz

Corp.

,

.63

%

,

7/15/29

,

Callable

7/15/27

@

106.31 (b) (j) ...................

509

513

TKC

Holdings,

Inc.

,

.50

%

,

5/15/29

,

Callable

2/5/26

@

102.63 (b) ...................

TransDigm,

Inc.

,

.00

%

,

1/15/33

,

Callable

9/15/27

@

(b) ........................

TriNet

Group,

Inc.

,

.13

%

,

8/15/31

,

Callable

8/15/26

@

103.56 (b) ....................

United

Rentals

North

America,

Inc.

,

.13

%

,

3/15/34

,

Callable

3/15/29

@

103.06 (b) ........

582

607

Waste

Pro

USA,

Inc.

,

.00

%

,

2/1/33

,

Callable

2/1/28

@

103.5 (b) .....................

WESCO

Distribution,

Inc.

,

.25

%

,

6/15/28

,

Callable

2/5/26

@

101.21 (b) ...............

Windsor

Holdings

III

LLC

,

.50

%

,

6/15/30

,

Callable

6/15/26

@

104.25 (b) ..............

XPO,

Inc.

,

.13

%

,

6/1/31

,

Callable

6/1/26

@

103.56 (b) ............................

12,077

Information

Technology

(2.8%):

Cloud

Software

Group,

Inc.

.50

%

,

3/31/29

,

Callable

1/16/26

@

103.25 (b) ..............................

.00

%

,

9/30/29

,

Callable

2/5/26

@

104.5 (b) ................................

Diebold

Nixdorf,

Inc.

,

.75

%

,

3/31/30

,

Callable

12/18/26

@

103.88 (b) .................

Ellucian

Holdings,

Inc.

,

.50

%

,

12/1/29

,

Callable

12/1/26

@

103.25 (b) ................

EquipmentShare.com,

Inc.

,

.00

%

,

3/15/33

,

Callable

9/15/27

@

(b) (j) ...............

517

Fair

Isaac

Corp.

,

.00

%

,

5/15/33

,

Callable

5/15/28

@

(b) ........................

Gen

Digital,

Inc.

.13

%

,

9/30/30

,

Callable

1/16/26

@

103.56 (b) ..............................

.25

%

,

4/1/33

,

Callable

4/1/28

@

103.13 (b) ................................

Open

Text

Holdings,

Inc.

,

.13

%

,

12/1/31

,

Callable

12/1/26

@

102.06 (b) ...............

Qnity

Electronics,

Inc.

,

.25

%

,

8/15/33

,

Callable

8/15/28

@

103.13 (b) .................

Rocket

Software,

Inc.

,

.00

%

,

11/28/28

,

Callable

1/16/26

@

(b) ...................

S&S

Holdings

LLC

,

.38

%

,

10/1/31

,

Callable

10/1/27

@

104.19 (b) ...................

Sabre

Financial

Borrower

LLC

,

.13

%

,

6/15/29

,

Callable

6/15/27

@

105.56 (b) ..........

Solstice

Advanced

Materials,

Inc.

,

.63

%

,

9/30/33

,

Callable

9/30/28

@

102.81 (b) .........

Victory

Portfolios

#### Victory

#### High

#### Yield

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) UKG,

Inc.

,

.88

%

,

2/1/31

,

Callable

2/1/27

@

103.44 (b) ...........................

$

531

$

547

Zebra

Technologies

Corp.

,

.50

%

,

6/1/32

,

Callable

6/1/27

@

103.25 (b) ................

3,385

Materials

(4.6%):

AAR

Escrow

Issuer

LLC

,

.75

%

,

3/15/29

,

Callable

3/15/26

@

103.38 (b) ...............

AmeriTex

HoldCo

Intermediate

LLC

,

.63

%

,

8/15/33

,

Callable

8/15/28

@

103.81 (b) ......

ATI,

Inc.

,

.13

%

,

10/1/31

,

Callable

10/1/26

@

102.56 .............................

Avient

Corp.

,

.25

%

,

11/1/31

,

Callable

9/15/27

@

103.13 (b) ........................

Axalta

Coating

Systems

LLC

,

.38

%

,

2/15/29

,

Callable

2/5/26

@

100.84 (b) .............

Celanese

US

Holdings

LLC

.20

%

,

11/15/33

,

Callable

8/15/33

@

(j) ................................

.38

%

,

2/15/34

,

Callable

2/15/29

@

103.69 ................................

Clydesdale

Acquisition

Holdings,

Inc.

,

.75

%

,

4/15/32

,

Callable

4/15/28

@

103.38 (b) ......

Commercial

Metals

Co.

,

.00

%

,

12/15/35

,

Callable

12/15/30

@

(b) ................

Compass

Minerals

International,

Inc.

,

.00

%

,

7/1/30

,

Callable

7/1/27

@

(b) ..........

Dcli

Bidco

LLC

,

.75

%

,

11/15/29

,

Callable

11/15/26

@

103.88 (b) ....................

Knife

River

Corp.

,

.75

%

,

5/1/31

,

Callable

5/1/26

@

103.88 (b) ......................

Light

&

Wonder

International,

Inc.

,

.25

%

,

10/1/33

,

Callable

10/1/28

@

103.13 (b) ........

Louisiana-Pacific

Corp.

,

.63

%

,

3/15/29

,

Callable

2/5/26

@

100.91 (b) .................

Mativ

Holdings,

Inc.

,

.00

%

,

10/1/29

,

Callable

10/1/26

@

(b) ....................

Novelis

Corp.

,

.88

%

,

1/30/30

,

Callable

1/30/27

@

103.44 (b) (j) .....................

Panther

Escrow

Issuer

LLC

,

.13

%

,

6/1/31

,

Callable

6/1/27

@

103.56 (b) ...............

Sasol

Financing

USA

LLC

,

.75

%

,

5/3/29

,

Callable

3/3/29

@

(b) ..................

Sealed

Air

Corp.

,

.50

%

,

7/15/32

,

Callable

7/15/27

@

103.25 (b) .....................

Smyrna

Ready

Mix

Concrete

LLC

,

.88

%

,

11/15/31

,

Callable

11/15/26

@

104.44 (b) .......

The

Chemours

Co.

,

.00

%

,

1/15/33

,

Callable

1/15/28

@

(b) (j) ....................

843

815

Tronox,

Inc.

,

.13

%

,

9/30/30

,

Callable

9/30/27

@

104.56 (b) (j) .......................

5,611

Real

Estate

(1.3%):

Cushman

&

Wakefield

U.S.

Borrower

LLC

,

.88

%

,

9/1/31

,

Callable

9/1/26

@

104.44 (b) ....

Forestar

Group,

Inc.

,

.50

%

,

3/15/33

,

Callable

3/15/28

@

103.25 (b) ...................

GLP

Capital

LP/GLP

Financing

II,

Inc.

,

.63

%

,

9/15/34

,

Callable

6/15/34

@

.........

RHP

Hotel

Properties

LP/RHP

Finance

Corp.

.50

%

,

2/15/29

,

Callable

2/5/26

@

101.5 (b) ................................

.50

%

,

4/1/32

,

Callable

4/1/27

@

103.25 (b) ................................

Service

Properties

Trust

.63

%

,

11/15/31

,

Callable

11/15/26

@

104.31 (b) ............................

.88

%

,

6/15/32

,

Callable

6/15/27

@

104.44 ................................

The

Howard

Hughes

Corp.

,

.38

%

,

2/1/31

,

Callable

2/1/26

@

102.19 (b) ...............

1,606

Utilities

(2.2%):

Calpine

Corp.

,

.13

%

,

3/15/28

,

Callable

2/5/26

@

100.85 (b) ........................

1,625

1,625

Entergy

Corp.

,

.13

%

(H15T5Y

+

bps)

,

12/1/54

,

Callable

9/1/29

@

(h) ............

558

587

NRG

Energy,

Inc.

,

.75

%

,

7/15/29

,

Callable

1/16/26

@

101.44 (b) ....................

Vistra

Operations

Co.

LLC

,

.88

%

,

4/15/32

,

Callable

4/15/27

@

103.44 (b) ..............

2,671

Total

Corporate

Bonds

(Cost

$76,629)

a

a

a

75,649

Yankee

Dollars

(15.6%)

Communication

Services

(1.0%):

Altice

France

SA

,

.50

%

,

11/1/29

,

Callable

10/1/26

@

(b) .......................

Bell

Telephone

Co.

of

Canada

or

Bell

Canada

,

.88

%

(H15T5Y

+

bps)

,

9/15/55

,

Callable

6/15/30

@

(h) ...................................................

Flutter

Treasury

DAC

,

.88

%

,

6/4/31

,

Callable

4/15/27

@

102.94 (b) ..................

Rogers

Communications,

Inc.

,

.00

%

(H15T5Y

+

bps)

,

4/15/55

,

Callable

2/14/30

@

(h) 111

Telecom

Italia

Capital

SA

,

.20

%

,

7/18/36

.....................................

TELUS

Corp.

,

.38

%

(H15T5Y

+

bps)

,

6/9/56

,

Callable

3/9/31

@

(h) .............

Virgin

Media

Finance

PLC

,

.00

%

,

7/15/30

,

Callable

2/5/26

@

102.5 (b) ...............

Vmed

O2

UK

Financing

I

PLC

,

.75

%

,

7/15/31

,

Callable

7/15/26

@

102.38 (b) ...........

Victory

Portfolios

#### Victory

#### High

#### Yield

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Zegona

Finance

PLC

,

.63

%

,

7/15/29

,

Callable

7/15/26

@

104.31 (b) ..................

$

$

1,197

Consumer

Discretionary

(4.6%):

Brightstar

Lottery

PLC

,

.25

%

,

1/15/29

,

Callable

2/5/26

@

(b) ....................

1,250

1,247

Brightstar

Lottery

PLC/Brightstar

Global

Solutions

Corp.

,

.75

%

,

1/15/33

,

Callable

12/15/28

@

102.88 (b) ......................................................

Carnival

Corp.

,

.13

%

,

2/15/33

,

Callable

2/15/28

@

103.06 (b) ......................

Global

Auto

Holdings

Ltd./AAG

FH

UK

Ltd.

.50

%

,

8/15/29

,

Callable

11/15/26

@

105.75 (b) ............................

.75

%

,

1/15/32

,

Callable

1/15/27

@

104.38 (b) ..............................

Great

Canadian

Gaming

Corp./Raptor

LLC

,

.75

%

,

11/15/29

,

Callable

11/15/26

@

104.38 (b) 147

IHO

Verwaltungs

GmbH

,

.00

%

,

11/15/32

,

Callable

11/15/27

@

(b) (q) ..............

500

527

Mattamy

Group

Corp.

.63

%

,

3/1/30

,

Callable

2/5/26

@

102.31 (b) ................................

.00

%

,

12/15/33

,

Callable

12/15/28

@

(b) ..............................

Melco

Resorts

Finance

Ltd.

,

.38

%

,

12/4/29

,

Callable

2/5/26

@

101.79 (b) ..............

NCL

Corp.

Ltd.

,

.75

%

,

2/1/32

,

Callable

2/1/28

@

103.38 (b) ........................

653

669

Nissan

Motor

Co.

Ltd.

,

.75

%

,

7/17/32

,

Callable

5/17/32

@

(b) ...................

Royal

Caribbean

Cruises

Ltd.

.63

%

,

9/30/31

,

Callable

9/30/27

@

102.81 (b) ..............................

.25

%

,

3/15/32

,

Callable

3/15/27

@

103.13 (b) ..............................

.00

%

,

2/1/33

,

Callable

8/1/27

@

(b) ..................................

1,055

1,085

Viking

Cruises

Ltd.

.13

%

,

7/15/31

,

Callable

7/15/26

@

104.56 (b) ..............................

.88

%

,

10/15/33

,

Callable

10/15/28

@

102.94 (b) ............................

Viking

Ocean

Cruises

Ship

VII

Ltd.

,

.63

%

,

2/15/29

,

Callable

2/5/26

@

101.41 (b) ........

5,608

Energy

(0.2%):

Breakwater

Energy

Holdings

SARL

,

.25

%

,

11/15/30

,

Callable

11/15/27

@

104.63 (b) .....

Consolidated

Energy

Finance

SA

,

.00

%

,

2/15/31

,

Callable

2/15/27

@

(b) (j) .........

Vermilion

Energy,

Inc.

,

.25

%

,

2/15/33

,

Callable

2/28/28

@

103.63 (b) .................

Financials

(2.6%):

1261229

BC

Ltd.

,

.00

%

,

4/15/32

,

Callable

4/15/28

@

(b) ......................

Ardonagh

Finco

Ltd.

,

.75

%

,

2/15/31

,

Callable

2/15/27

@

103.88 (b) ..................

Ardonagh

Group

Finance

Ltd.

,

.88

%

,

2/15/32

,

Callable

2/15/27

@

104.44 (b) ...........

500

520

Belron

UK

Finance

PLC

,

.75

%

,

10/15/29

,

Callable

10/15/26

@

102.88 (b) ..............

GGAM

Finance

Ltd.

.88

%

,

4/15/29

,

Callable

4/15/26

@

103.44 (b) ..............................

.88

%

,

3/15/30

,

Callable

9/15/26

@

102.94 (b) ..............................

Jones

Deslauriers

Insurance

Management,

Inc.

.50

%

,

3/15/30

,

Callable

3/15/26

@

104.25 (b) ..............................

.88

%

,

10/1/33

,

Callable

10/1/28

@

103.44 (b) ..............................

Opal

Bidco

SAS

,

.50

%

,

3/31/32

,

Callable

3/31/28

@

103.25 (b) .....................

600

615

UniCredit

SpA

,

.86

%

(USISOA05

+

bps)

,

6/19/32

,

Callable

6/19/27

@

(b) (h) ......

3,228

Health

Care

(0.4%):

Bausch

+

Lomb

Corp.

,

.38

%

,

10/1/28

,

Callable

1/16/26

@

104.19 (b) .................

Perrigo

Finance

Unlimited

Co.

,

.13

%

,

9/30/32

,

Callable

9/30/27

@

103.06 .............

500

514

Industrials

(3.7%):

ATS

Corp.

,

.13

%

,

12/15/28

,

Callable

2/5/26

@

(b) ............................

Avianca

Midco

PLC

,

.63

%

,

2/14/30

,

Callable

2/14/27

@

104.81 (b) .................

Azorra

Finance

Ltd.

,

.75

%

,

4/15/30

,

Callable

10/15/26

@

103.88 (b) ..................

737

779

Bombardier,

Inc.

.75

%

,

11/15/30

,

Callable

11/15/26

@

104.38 (b) ............................

875

945

.25

%

,

7/1/31

,

Callable

7/1/27

@

103.63 (b) ................................

.75

%

,

6/15/33

,

Callable

6/15/28

@

103.38 (b) ..............................

Cimpress

PLC

,

.38

%

,

9/15/32

,

Callable

9/15/27

@

103.69 (b) (j) .....................

Fibercop

SpA

,

.20

%

,

7/18/36

,

Callable

4/18/36

@

(b) .........................

Grupo

Aeromexico

SAB

de

CV

,

.63

%

,

11/15/31

,

Callable

11/15/27

@

104.31 (b) .........

506

518

Victory

Portfolios

#### Victory

#### High

#### Yield

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Latam

Airlines

Group

SA

,

.88

%

,

4/15/30

,

Callable

10/15/26

@

103.94 (b) ..............

$

$

Seaspan

Corp.

,

.50

%

,

8/1/29

,

Callable

2/5/26

@

101.38 (b) .........................

VistaJet

Malta

Finance

PLC/Vista

Management

Holding,

Inc.

,

.38

%

,

2/1/30

,

Callable

2/5/26

@

101.59 (b) (j) .....................................................

502

4,459

Information

Technology

(1.5%):

Iliad

Holding

SAS

,

.50

%

,

4/15/31

,

Callable

4/15/27

@

104.25 (b) ....................

Kioxia

Holdings

Corp.

,

.63

%

,

7/24/33

,

Callable

7/24/28

@

103.31 (b) .................

792

824

Seagate

Data

Storage

Technology

Pte

Ltd.

.50

%

,

7/15/31

,

Callable

7/15/26

@

104.25 (b) ..............................

.63

%

,

12/1/32

,

Callable

12/1/27

@

104.81 (b) ..............................

1,780

Materials

(1.6%):

Alcoa

Nederland

Holding

BV

,

.13

%

,

3/15/31

,

Callable

3/15/27

@

103.56 (b) ............

Aris

Mining

Corp.

,

.00

%

,

10/31/29

,

Callable

10/31/26

@

(b) ....................

Endeavour

Mining

PLC

,

.00

%

,

5/28/30

,

Callable

5/28/27

@

103.5 (b) .................

First

Quantum

Minerals

Ltd.

,

.25

%

,

2/15/34

,

Callable

2/15/29

@

103.63 (b) ............

Ivanhoe

Mines

Ltd.

,

.88

%

,

1/23/30

,

Callable

1/23/27

@

103.94 (b) ...................

NOVA

Chemicals

Corp.

.00

%

,

2/15/30

,

Callable

8/15/26

@

104.5 (b) ...............................

1,150

1,228

.00

%

,

12/1/31

,

Callable

12/1/27

@

103.5 (b) ...............................

1,995

Total

Yankee

Dollars

(Cost

$18,566)

a

a

a

19,050

Commercial

Paper

(9.3%)

Consumer

Staples

(1.4%):

Conagra

Brands,

Inc.

,

.97

%

,

1/5/26

(b) (r) .....................................

1,100

1,099

Keurig

Dr.

Pepper,

Inc.

,

.78

%

,

1/9/26

(b) (r) ....................................

600

600

1,699

Financials

(0.7%):

Imperial

Brands

Finance

PLC

,

.88

%

,

1/13/26

(b) (r) ..............................

800

799

Health

Care

(1.2%):

CSLB

Holdings,

Inc.

,

.82

%

,

1/6/26

(b) (r) .....................................

500

500

HCA,

Inc.

.11

%

,

2/5/26

(b) (r) ..................................................

500

.11

%

,

2/12/26

(b) (r) .................................................

500

1,495

Industrials

(1.8%):

Air

Lease

Corp.

,

.05

%

,

1/8/26

(b) (r) .........................................

1,100

1,099

Stanley

Black

&

Decker,

Inc.

,

.91

%

,

1/2/26

(b) (r) ...............................

1,100

1,100

2,199

Information

Technology

(0.9%):

Jabil,

Inc.

,

.39

%

,

1/7/26

(b) (r) ..............................................

1,100

1,099

Real

Estate

(1.5%):

Boston

Properties

LP

,

.89

%

,

1/8/26

(b) (r) .....................................

750

749

Crown

Castle,

Inc.

.20

%

,

1/6/26

(b) (r) .................................................

500

500

.20

%

,

1/15/26

(b) (r) .................................................

600

599

1,848

Utilities

(1.8%):

Evergy

Missouri

West,

Inc.

,

.82

%

,

1/7/26

(b) (r) .................................

1,100

1,099

NGPL

PipeCo

LLC

,

.11

%

,

1/9/26

(b) (r) ......................................

1,100

1,099

2,198

Total

Commercial

Paper

(Cost

$11,338)

a

a

a

11,337

Victory

Portfolios

#### Victory

#### High

#### Yield

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Exchange-Traded

Funds

(3.7%)

iShares

BB

Rated

Corporate

Bond

ETF

.......................................

82,500

$

3,888

State

Street

SPDR

Portfolio

High

Yield

Bond

ETF

...............................

25,000

592

Total

Exchange-Traded

Funds

(Cost

$4,287)

a

a

a

4,480

Collateral

for

Securities

Loaned

(6.6%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.69

%

(s) ........

2,020,564

2,020

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.69

%

(s) ............

2,020,564

2,021

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.67

%

(s) ................

2,170,301

2,170

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.69

%

(s) .

1,870,826

1,871

Total

Collateral

for

Securities

Loaned

(Cost

$8,082)

a

a

a

8,082

Total

Investments

(Cost

$128,128)

—

104.8%

128,246

Liabilities

in

excess

of

other

assets

— (4.8)%

(5,913)

NET

ASSETS

-

100.00%

$

122,333

At

December

31,

2025,

the

Fund's

investments

in

foreign

securities

were

16.8%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Amount

represents

less

than

0.05%

of

net

assets.

(b) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

December

31,

2025,

the

fair

value

of

these

securities

was

$97,968

(thousands)

and

amounted

to

80.1%

of

net

assets.

(c) The

rate

for

certain

asset-backed

and

mortgage-backed

securities

may

vary

based

on

factors

relating

to

the

pool

of

assets

underlying

the

security.

The

rate

disclosed

is

the

rate

in

effect

at

December

31,

2025. (d) Security

is

interest

only.

(e) Non-income

producing

security.

(f) This

security

is

classified

as

Level

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

in

the

Notes

to

Financial

Statements)

(g) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

less

than

0.05%

of

net

assets

as

of

December

31,

2025. This

security

is

classified

as

Level

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

in

the

Notes

to

Financial

Statements)

(h) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

December

31,

2025. (i) The

rates

for

this

senior

secured

loan

will

be

known

on

settlement

date

of

the

loan,

subsequent

to

this

report

date.

Senior

secured

loans

have

rates

that

will

fluctuate

over

time

in

line

with

prevailing

interest

rates.

(j) All

or

a

portion

of

this

security

is

on

loan.

(k) Up

to

6.75%

of

the

coupon

may

be

PIK.

(l) Up

to

1.00%

of

the

coupon

may

be

PIK.

(m) Up

to

6.63%

of

the

coupon

may

be

PIK.

(n) Security

is

perpetual

and

has

no

final

maturity

date

but

may

be

subject

to

calls

at

various

dates

in

the

future.

(o) Up

to

10.75%

of

the

coupon

may

be

PIK.

(p) Up

to

5.75%

of

the

coupon

may

be

PIK.

(q) Up

to

8.75%

of

the

coupon

may

be

PIK.

(r) Rate

represents

the

effective

yield

at

December

31,

2025. (s) Rate

disclosed

is

the

daily

yield

on

December

31,

2025. ABS

—

Asset-Backed

Securities

bps

—

Basis

points

ETF

—

Exchange-Traded

Fund

H15T5Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

December

31,

2025. ICE

—

Intercontinental

Exchange,

Inc.

IBA

—

ICE

Benchmark

Administration

Limited

LLC

—

Limited

Liability

Company

LP

—

Limited

Partnership

MBS

—

Mortgage-Backed

Securities

PIK

—

Payment-in-Kind

PLC

—

Public

Limited

Company

RB

—

Revenue

Bond

SOFR

—

Secured

Overnight

Financing

Rate

SOFR01M

—

Month

SOFR,

rate

disclosed

as

of

December

31,

2025. SOFR03M

—

Month

SOFR,

rate

disclosed

as

of

December

31,

2025. SOFR06M

—

Month

SOFR,

rate

disclosed

as

of

December

31,

2025. Victory

Portfolios

#### Victory

#### High

#### Yield

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

USISOA05

—

ICE

IBA

-

USD

SOFR

Spread-Adjusted

ICE

Year

Swap

Rate,

rate

disclosed

as

of

December

31,

2025. Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

#### Victory

#### Floating

#### Rate

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Collateralized

Loan

Obligations

(1.0%)

Cash

Flow

CLO

(1.0%):

CIFC

Funding

Ltd.,

Series

2020-4A,

Class

DR,

6.70%

(TSFR3M+280bps),

1/15/40,

Callable

1/15/27

@

100(a)(b)

.................................................

$

1,375

$

1,369

Magnetite

XXX

Ltd.,

Series

2021-30A,

Class

D2R,

7.86%

(TSFR3M+400bps),

10/25/37,

Callable

10/25/26

@

100(a)(b)

.........................................

1,375

1,395

Magnetite

XXXIX

Ltd.,

Series

2023-39A,

Class

E2R,

9.11%

(TSFR3M+525bps),

1/25/37,

Callable

1/25/26

@

100(a)(b)

..........................................

1,000

994

3,758

Total

Collateralized

Loan

Obligations

(Cost

$3,819)

a

a

a

3,758

Shares

Common

Stocks

(3.1%)

Communication

Services

(0.1%):

Entercom

Media

Corp.(c)

.................................................

147,854

Consumer

Discretionary

(0.2%):

Men's

Wearhouse,

Inc.(c)(d)

...............................................

32,607

717

Health

Care

(2.8%):

Air

Methods

Corp.(c)

....................................................

79,744

10,367

Covis

Parent

SCA,

Class

A

Shares(c)(e)

.......................................

10,030

—

Covis

Parent

SCA,

Class

B

Shares(c)(e)

.......................................

10,030

—

Covis

Parent

SCA,

Class

C

Shares(c)(e)

.......................................

10,030

—

Covis

Parent

SCA,

Class

D

Shares(c)(e)

.......................................

10,030

—

Covis

Parent

SCA,

Class

E

Shares(c)(e)

.......................................

10,030

—

Rising

Tide

Holdings,

Inc.(c)(e)

............................................

241,726

10,391

Total

Common

Stocks

(Cost

$4,914)

a

a

a

11,601

Principal

Amount

(000) Senior

Secured

Loans

(81.3%)

Communication

Services

(4.1%):

Audacy

Capital

LLC,

Tranche

A

Term

Loan,

First

Lien,

10.83%

(SOFR01M+700bps),

9/29/28(a)

........................................................

Audacy

Capital

LLC,

Tranche

B

Term

Loan,

First

Lien,

9.83%

(SOFR01M+600bps),

9/28/29(a)(f)

......................................................

3,844

2,612

Cumulus

Media

New

Holdings,

Inc.,

Incremental

Term

Loan

Facility,

First

Lien,

8.90%

(SOFR03M+500bps),

5/2/29(a)

.........................................

7,906

2,168

Dotdash

Meredith,

Inc.,

Term

Loan,

7.37%

(SOFR01M+350bps),

6/16/32(a)

.........

720

654

Frontier

Communications

Holdings

LLC,

Initial

Term

Loan,

First

Lien,

6.24%

(SOFR01M+250bps),

7/1/31(a)

.........................................

3,267

3,262

Gray

Television,

Inc.,

Term

D

Loan,

First

Lien,

6.99%

(SOFR01M+300bps),

12/1/28(a)

....

2,240

2,240

River

Rock

Entertainment

Authority,

Term

Loan,

First

Lien,

12.73%

(SOFR01M+900bps),

6/25/31(a)

........................................................

860

834

Windstream

Services

LLC,

2025

Term

Loan,

First

Lien,

7.72%

(SOFR01M+400bps),

10/6/32(a)

........................................................

576

577

Ziggo

Financing

Partnership,

Term

Loan

N

Facility,

First

Lien,

7.03%

(SOFR06M+325bps),

1/14/33(a)

........................................................

2,108

2,092

14,892

Consumer

Discretionary

(12.7%):

American

Axle

&

Manufacturing,

Inc.,

Tranche

C

Term

Loan,

First

Lien,

9/20/32(g)

.......

1,250

1,249

Caesars

Entertainment,

Inc.,

2023

Incremental

Term

B

Loan,

First

Lien,

5.97%

(SOFR01M+225bps),

2/6/30(a)

.........................................

4,760

4,717

Entain

PLC,

Facility

B5

(USD)

Loan,

First

Lien,

5.92%

(SOFR03M+225bps),

7/30/32(a)

...

1,910

1,894

Fitness

International

LLC,

Term

B

Loan,

First

Lien,

8.22%

(SOFR01M+450bps),

2/12/29(a)

.

4,421

4,426

Flutter

Entertainment

PLC,

2024

Refinancing

Term

B

Loan,

First

Lien,

5.75%

(SOFR03M+175bps),

11/29/30(a)

.......................................

4,900

4,892

Harbor

Freight

Tools

USA,

Inc.,

Replacement

Term

Loan,

5.97%

(SOFR01M+225bps),

6/11/31(a)

........................................................

995

984

Hilton

Grand

Vacations

Borrower

LLC,

Amendment

No.

Term

Loan,

First

Lien,

5.72%

(SOFR01M+200bps),

1/17/31(a)

........................................

1,440

1,432

Victory

Portfolios

#### Victory

#### Floating

#### Rate

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Holley

Purchaser,

Inc.,

Initial

Term

Loan,

First

Lien,

7.58%

(SOFR01M+375bps),

11/20/28(a)

$

4,062

$

4,038

Houghton

Mifflin

Harcourt

Co.,

Term

B

Loan,

First

Lien,

9.07%

(SOFR01M+525bps),

4/9/29(a)

.........................................................

3,269

2,868

Light

&

Wonder

International,

Inc.,

Term

Loan,

First

Lien,

5.99%

(SOFR01M+225bps),

4/16/29(a)

........................................................

4,804

4,815

Marriott

Ownership

Resorts,

Inc.,

2024

Incremental

Term

Loan,

First

Lien,

5.97%

(SOFR01M+225bps),

4/1/31(a)

.........................................

4,925

4,925

McGraw-Hill

Education,

Inc.,

2025

Tranche

Term

Loan,

First

Lien,

6.67%

(SOFR01M+275bps),

8/6/31(a)

.........................................

1,962

1,978

Petco

Health

and

Wellness

Co.,

Inc.,

Initial

Term

Loan,

First

Lien,

7.25%

(SOFR03M+325bps),

3/6/28(a)

.........................................................

3,271

3,233

PetSmart,

Inc.,

Initial

Term

Loan,

First

Lien,

7.73%

(SOFR01M+400bps),

8/18/32(a)

......

2,000

1,989

Playtika

Holding

Corp.,

Term

Loan,

First

Lien,

3/13/28(g)

......................

1,496

1,443

Travel

+

Leisure

Co.,

2024

Incremental

Term

Loan

(2025),

First

Lien,

5.74%

(SOFR03M+200bps),

12/14/29(a)

.......................................

2,162

2,164

47,047

Consumer

Staples

(0.5%):

American

Auto

Auction

Group

LLC,

2025

Refinancing

Term

Loan,

First

Lien,

.17%

(SOFR03M+450bps),

5/28/32(a)

........................................

552

541

Froneri

US,

Inc.,

Facility

B6,

First

Lien,

6.12%

(SOFR06M+225bps),

9/30/32(a)

.........

1,445

1,444

1,985

Energy

(2.3%):

Delek

U.S.

Holdings,

Inc.,

Initial

Term

Loan,

First

Lien,

.32%

(SOFR01M+350bps),

11/19/29(a)

.......................................................

3,796

3,795

Meade

Pipeline

Co.

LLC,

Initial

Loan,

First

Lien,

5.69%

(SOFR03M+200bps),

9/22/32(a)

..

610

613

Traverse

Midstream

Partners

LLC,

Advance,

First

Lien,

6.34%

(SOFR03M+250bps),

2/16/28(a)

........................................................

4,014

4,018

8,426

Financials

(28.1%):

19th

Holdings

Golf

LLC,

Initial

Term

Loan,

First

Lien,

7.13%

(SOFR01M+325bps),

2/7/29(a)

2,185

2,199

Acrisure

LLC,

Term

B6

Loan,

First

Lien,

6.97%

(SOFR01M+325bps),

6/21/32(a)

.........

1,284

1,283

Ahlstrom

Holding

Oy,

7.93%

(SOFR03M+400bps),

5/24/30(a)

.....................

1,917

1,927

Ai

Aqua

Merger

Sub,

Inc.,

2025

Refinancing

Term

B

Loan,

First

Lien,

6.87%

(SOFR01M+300bps),

7/31/28(a)

........................................

991

993

AIP

RD

Buyer

Corp.,

Term

B

Loan,

First

Lien,

7.22%

(SOFR01M+350bps),

12/23/30(a)

...

Allspring

Buyer

LLC,

Term

Loan

B,

First

Lien,

6.69%

(SOFR01M+300bps),

11/1/30(a)

....

973

975

Arcline

FM

Holdings

LLC,

2025-1

New

Term

Loan,

First

Lien,

6/24/30(g)

..............

995

998

Arsenal

AIC

Parent

LLC,

2024

Refinancing

Term

B

Loan,

First

Lien,

6.47%

(SOFR03M+275bps),

8/19/30(a)

........................................

2,584

2,588

Asurion

LLC,

New

Term

Loan,

First

Lien,

7.97%

(SOFR01M+425bps),

9/19/30(a)

....

997

997

Asurion

LLC,

New

Term

Term

Loan,

First

Lien,

7.97%

(SOFR01M+425bps),

9/19/30(a)

995

994

Bakelite

US

Holdco,

Inc.,

Term

Loan

B,

First

Lien,

7.42%

(SOFR03M+375bps),

12/23/31(a)

1,955

1,889

BW

NHHC

Holdco,

Inc.,

Initial

Term

Loan,

Second

Lien

(SOFR03M+900bps),

5/15/26(g)

..

3,000

Camelot

US

Acquisition

LLC,

Amendment

No.

Incremental

Term

Loan,

First

Lien,

6.97%

(SOFR01M+325bps),

1/31/31(a)

........................................

892

893

Carriage

Purchaser,

Inc.,

Term

B

Loan,

7.22%

(SOFR01M+350bps),

9/29/28(a)

..........

995

999

Champions

Financing,

Inc.,

Initial

Term

Loan,

First

Lien,

8.57%

(SOFR03M+475bps),

2/23/29(a)

........................................................

1,995

1,888

Chariot

Buyer

LLC,

Refinancing

Term

Loan,

First

Lien,

6.47%

(SOFR01M+275bps),

9/8/32(a)

3,746

3,751

Clydesdale

Acquisition

Holdings,

Inc.,

Term

B

Loan,

First

Lien,

6.89%

(SOFR01M+318bps),

4/13/29(a)

........................................................

2,397

2,397

Directv

Financing

LLC,

2024

Refinancing

Term

B

Loan,

First

Lien,

9.09%

(SOFR03M+525bps),

8/2/29(a)

.........................................

2,011

2,016

DS

Parent,

Inc.,

Term

Loan

B,

9.17%

(SOFR03M+550bps),

1/31/31(a)

................

1,985

1,813

Evergreen

Acqco

LP,

Initial

Term

Loan,

First

Lien,

6.70%

(SOFR03M+300bps),

9/17/32(a)

653

656

Fiesta

Purchaser,

Inc.,

Second

Refinancing

Term

Loan,

First

Lien,

2/12/31(g)

............

1,995

1,992

First

Advantage

Holdings

LLC,

Term

Loan,

First

Lien,

6.47%

(SOFR01M+275bps),

10/31/31(a)

.......................................................

1,465

1,448

Fleet

Midco

I

Ltd.,

Term

Loan

B2,

First

Lien,

6.79%

(SOFR06M+275bps),

2/10/31(a)

.....

2,708

2,719

Fortress

Intermediate

3,

Inc.,

Tranche

B

Term

Loan,

First

Lien,

6.78%

(SOFR01M+300bps),

6/27/31(a)

........................................................

Victory

Portfolios

#### Victory

#### Floating

#### Rate

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) GIP

Pilot

Acquisition

Partners

LP,

2024

Term

Loan

B,

First

Lien,

5.94%

(SOFR03M+200bps),

10/4/30(a)

........................................................

$

2,701

$

2,704

Gloves

Buyer,

Inc.,

Term

Loan,

First

Lien,

7.72%

(SOFR01M+400bps),

5/24/32(a)

........

1,868

1,856

Goat

Holdco

LLC,

Term

Loan

B,

First

Lien,

6.47%

(SOFR01M+275bps),

1/27/32(a)

......

578

579

Hamilton

Projects

Acquiror

LLC,

2025-2

Repricing

Term

Loan,

6.22%

(SOFR01M+250bps),

5/30/31(a)

........................................................

724

728

Hudson

River

Trading

LLC,

Term

Loan,

First

Lien,

6.49%

(SOFR01M+275bps),

3/18/30(a)

........................................................

1,677

1,683

IMC

Financing

LLC,

Term

Loan,

First

Lien,

7.23%

(SOFR01M+350bps),

6/18/32(a)

......

686

690

Ineos

U.S.

Finance

LLC,

2030

Dollar

Term

Loan,

First

Lien,

6.97%

(SOFR01M+325bps),

2/19/30(a)

........................................................

3,866

3,115

Innio

North

America

Holding,

Inc.,

Term

Loan

B,

First

Lien,

6.13%

(SOFR03M+225bps),

11/6/28(a)

........................................................

3,602

3,616

ION

Platform

Finance

US,

Inc.,

Initial

Dollar

Term

Loan,

First

Lien,

7.42%

(SOFR03M+375bps),

9/30/32(a)

........................................

1,575

1,474

Jefferies

Finance

LLC,

Initial

Term

Loan,

First

Lien,

6.50%

(SOFR01M+275bps),

10/21/31(a)

997

990

Knight

Health

Holdings

LLC,

Term

B

Loan,

First

Lien,

9.08%

(SOFR01M+525bps),

12/26/28(a)

.......................................................

22,540

7,081

LBM

Acquisition

LLC,

Amendment

No.

Refinancing

Term

Loan,

First

Lien,

8.73%

(SOFR01M+500bps),

6/6/31(a)

.........................................

1,217

1,215

Long

Ridge

Energy

LLC,

Term

B

Advance

Loan,

8.17%

(SOFR03M+450bps),

2/19/32(a)

...

1,791

1,772

LS

Group

OpCo.

Acquistion

LLC,

Term

Loan,

First

Lien,

6.32%

(SOFR01M+250bps),

4/23/31(a)

........................................................

4,641

4,641

LSF12

Badger

Bidco

LLC,

Initial

Term

Loan,

First

Lien,

9.22%

(SOFR01M+550bps),

7/10/30(a)

........................................................

2,873

2,880

Medline

Borrower

LP,

2030

Refinancing

Term

Loan,

First

Lien,

10/23/30(g)

.............

1,546

1,551

Mermaid

Bidco,

Inc.,

Facility

B

(USD),

7.15%

(SOFR03M+325bps),

7/2/31(a)

..........

611

613

MH

SUB

I

LLC,

Term

Loan,

First

Lien,

7.97%

(SOFR01M+425bps),

5/3/28(a)

..........

2,340

2,170

Neptune

BidCo

US,

Inc.,

Dollar

Term

B

Loan,

First

Lien,

9.01%

(SOFR03M+500bps),

4/11/29(a)

........................................................

2,229

2,201

NorthRiver

Midstream

Finance

LP,

Initial

Term

B

Loan,

First

Lien,

6.24%

(SOFR03M+225bps),

8/16/30(a)

........................................

3,010

3,017

Oldcastle

BuildingEnvelope,

Inc.,

Term

B

Loan,

First

Lien,

7.92%

(SOFR06M+425bps),

4/30/29(a)

........................................................

2,282

1,624

Olympus

Water

US

Holding

Corp.,

Term

Dollar

Loan,

First

Lien,

6.67%

(SOFR03M+300bps),

6/23/31(a)

........................................

1,995

1,976

Orion

U.S.

Finco,

Inc.,

Initial

Term

Loan,

First

Lien,

7.43%

(SOFR03M+350bps),

10/12/32(a)

1,503

1,509

Park

River

Holdings,

Inc.,

2025

Refinancing

Term

Loan,

First

Lien,

8.49%

(SOFR03M+450bps),

3/17/31(a)

........................................

1,218

1,224

RVR

Dealership

Holdings

LLC,

Term

Loan,

First

Lien,

7.74%

(SOFR01M+375bps),

2/8/28(a)

1,005

966

Sedgwick

Claims

Management

Services,

Inc.,

2024

Term

Loan,

First

Lien,

6.22%

(SOFR03M+250bps),

7/31/31(a)

........................................

2,632

2,640

Solenis,

2025

Incremental

Term

Loan,

First

Lien,

6.92%

(SOFR03M+325bps),

11/3/32(a)

...

500

Stonepeak

Nile

Parent

LLC,

Amendment

No.

Incremental

Term

Loan,

First

Lien,

6.16%

(SOFR03M+225bps),

4/9/32(a)

.........................................

671

671

Sunrise

Financing

Partnership,

6.43%

(SOFR03M+250bps),

2/17/32(a)

................

1,885

1,891

Turquoise

Topco

Ltd.,

12/30/32(g)

...........................................

680

671

Virgin

Media

Bristol

LLC,

Facility

Y,

First

Lien,

7.05%

(SOFR06M+318bps),

3/31/31(a)

...

4,250

4,205

Voyager

Parent

LLC,

Term

B

Loan,

First

Lien,

8.75%

(SOFR03M+475bps),

7/1/32(a)

......

998

997

WestJet

Loyalty

LP,

Initial

Term

Loan,

First

Lien,

6.92%

(SOFR03M+325bps),

2/14/31(a)

..

4,913

4,929

104,998

Health

Care

(8.2%):

Amneal

Pharmaceuticals

LLC,

Amendment

No.

Term

Loan,

First

Lien,

7.22%

(SOFR01M+350bps),

8/2/32(a)

.........................................

2,083

2,098

Bausch

+

Lomb

Corp.,

Term

Loan,

First

Lien,

1/15/31(g)

..........................

Covis

Pharma

Holdings

SARL,

Dollar

Term

B

Loan,

First

Lien,

2/18/27(e)(g)

...........

8,797

Embecta

Corp.,

Initial

Term

Loan,

First

Lien,

6.72%

(SOFR01M+300bps),

4/2/29(a)

......

3,641

3,652

Gainwell

Acquisition

Corp.,

Term

B

Loan,

First

Lien,

.77%

(SOFR03M+400bps),

10/1/27(a)

2,992

2,935

LifePoint

Health,

Inc.,

2024-1

Refinancing

Term

Loan,

First

Lien,

7.65%

(SOFR03M+375bps),

5/19/31(a)

........................................................

4,894

4,908

LifePoint

Health,

Inc.,

2024-2

Refinancing

Term

Loan,

First

Lien,

5/19/31

(g) ............

1,995

1,996

LifeScan

Global

Corp.,

Initial

Term

Loan,

First

Lien,

10.49%

(SOFR03M+660bps),

12/31/26(a)

.......................................................

3,812

3,711

Victory

Portfolios

#### Victory

#### Floating

#### Rate

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Organon

&

Co.,

2024

Refinancing

Dollar

Term

Loan

Facility,

First

Lien,

5/19/31(g)

.......

$

2,000

$

1,922

PAREXEL

International

Corp.,

Seventh

Amendment

Term

Loan,

First

Lien,

6.47%

(SOFR01M+275bps),

12/12/31(a)

.......................................

Perrigo

Investments

LLC,

2024

Refinancing

Term

B

Loan,

First

Lien,

5.72%

(SOFR01M+200bps),

4/20/29(a)

........................................

2,981

2,992

Scil

USA

Holdings

LLC,

7.79%

(SOFR06M+400bps),

10/8/32(a)

....................

1,378

1,380

Summit

Behavioral

Healthcare

LLC,

Second

Out

Term

Loan,

First

Lien,

8.18%

(SOFR03M+425bps),

10/15/30(a)

.......................................

1,995

1,721

Surgery

Center

Holdings,

Inc.,

2025

Refinancing

Term

Loan,

First

Lien,

6.22%

(SOFR01M+250bps),

12/19/30(a)

.......................................

1,970

1,977

30,238

Industrials

(16.8%):

AAdvantage

Loyality

IP

Ltd.

(American

Airlines,

Inc.),

2025

Replacement

Term

Loan,

First

Lien,

6.13%

(SOFR01M+225bps),

4/20/28(a)

..............................

3,276

3,281

Arches

Buyer,

Inc.,

Refinancing

Term

Loan,

First

Lien,

7.07%

(SOFR01M+325bps),

12/6/27(a)

........................................................

1,959

1,962

AZZ,

Inc.,

Initial

Term

Loan,

First

Lien,

5.47%

(SOFR01M+175bps),

5/14/29(a)

.........

1,572

1,576

Cengage

Learning,

Inc.,

2024

Refinancing

Term

Loan,

First

Lien,

7.32%

(SOFR03M+350bps),

3/24/31(a)

........................................................

3,930

3,944

Charlotte

Buyer,

Inc.,

Second

Refinancing

Term

Loan,

First

Lien,

2/11/28(g)

............

1,995

1,957

Chart

Industries,

Inc.,

Amendment

No.

7,

Term

Loan,

First

Lien,

6.48%

(SOFR03M+250bps),

3/18/30(a)

........................................................

2,163

2,169

Coors

Tek,

Inc.,

Initial

Term

B

Loan,

First

Lien,

6.86%

(SOFR03M+300bps),

10/11/32(a)

...

715

720

Core

&

Main

LP,

Term

Loan

B,

First

Lien,

5.69%

(SOFR01M+200bps),

2/10/31(a)

........

4,176

4,176

Cornerstone

Building

Brands,

Inc.,

Tranche

B

Term

Loan,

First

Lien,

7.10%

(SOFR01M+325bps),

4/12/28(a)

........................................

733

571

Gates

Global

LLC,

Initial

Dollar

Term

Loan,

First

Lien,

5.47%

(SOFR01M+175bps),

6/4/31(a)

.........................................................

5,920

5,932

Genesee

&

Wyoming,

Inc.,

Initial

Term

Loan,

First

Lien,

5.42%

(SOFR03M+175bps),

4/10/31(a)

........................................................

997

997

Graham

Packaging

Co.,

Inc.,

Initial

Term

Loan,

First

Lien,

6.22%

(SOFR01M+250bps),

8/4/27(a)

.........................................................

2,343

2,351

Harsco

Corp.,

Term

Loan,

First

Lien,

6.08%

(SOFR01M+225bps),

3/10/28(a)

........

3,843

3,838

Hertz

Corp.,

Initial

Term

B

Loan,

First

Lien,

7.33%

(SOFR01M+350bps),

6/30/28(a)

......

1,018

853

Hertz

Corp.,

Initial

Term

C

Loan,

First

Lien,

7.33%

(SOFR01M+350bps),

6/30/28(a)

......

Janus

International

Group

LLC,

Term

Loan

B,

First

Lien,

6.32%

(SOFR03M+250bps),

8/5/30(a)

.........................................................

3,526

3,529

Karman

Holdings,

Inc.,

Initial

Term

Loan,

First

Lien,

7.17%

(SOFR03M+350bps),

4/1/32(a)

.

821

827

Madison

IAQ

LLC,

Initial

Term

Loan,

First

Lien,

6.70%

(SOFR06M+250bps),

6/21/28(a)

...

2,972

2,985

Novae

LLC,

Tranche

B

Term

Loan,

8.82%

(SOFR03M+500bps),

12/22/28(a)

............

2,733

2,528

Prime

Security

Services

Borrower

LLC,

2025

Incremental

Term

Loan,

First

Lien,

5.58%

(SOFR01M+175bps),

3/8/32(a)

.........................................

Pro

Mach

Group,

Inc.,

Amendment

No.

Refinancing

Term

Loan,

First

Lien,

6.47%

(SOFR01M+275bps),

10/18/32(a)

.......................................

615

619

Rising

Tide

Holdings,

Inc.,

Tranche

A

Term

Loan,

First

Lien,

6/13/28(g)

...............

1,464

1,443

Rising

Tide

Holdings,

Inc.,

Tranche

B

Term

Loan,

First

Lien,

6/13/28(g)

...............

3,841

2,266

SGH2

LLC,

Initial

Term

Loan,

First

Lien,

8.51%

(SOFR06M

+450bps),

8/18/32(a)

........

1,446

1,450

Shift4

Payments

LLC/Shift4

Payments

Finance

Sub,

Inc.,

6.17%

(SOFR03M+250bps),

5/10/32(a)

........................................................

501

SkyMiles

IP

Ltd.,

2025

Replacement

Term

Loan,

First

Lien,

5.38%

(SOFR03M+150bps),

10/20/28(a)

.......................................................

3,071

3,092

Southern

Veterinary

Partners

LLC,

2025

New

Term

Loan,

First

Lien,

6.37%

(SOFR03M+250bps),

12/4/31(a)

........................................

998

996

Tidal

Waste

&

Recycling

Holdings

LLC,

Initial

Term

Loan,

First

Lien,

6.42%

(SOFR03M+275bps),

10/24/31(a)

.......................................

502

TransDigm,

Inc.,

New

Tranche

K

Term

Loan,

First

Lien,

5.97%

(SOFR01M+225bps),

3/22/30(a)

........................................................

1,217

1,220

Veritiv

Operating

Co.,

Initial

Term

Loan,

First

Lien,

7.67%

(SOFR03M+400bps),

11/29/30(a)

1,496

1,495

Vestis

Corp.,

Term

Loan,

First

Lien,

6.07%

(SOFR03M+225bps),

2/24/31(a)

.........

2,494

2,276

White

Cap

Supply

Holdings

LLC,

Tranche

C

Term

Loan,

First

Lien,

6.97%

(SOFR01M+325bps),

10/29/29(a)

.......................................

2,597

2,607

63,243

Victory

Portfolios

#### Victory

#### Floating

#### Rate

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Information

Technology

(4.9%):

Ahead

DB

Holdings

LLC,

Term

Loan,

First

Lien,

6.17%

(SOFR03M+250bps),

2/3/31(a)

$

1,746

$

1,742

Cimpress

PLC,

2024-2

Refinancing

Tranche

Term

Loan,

6.22%

(SOFR01M+250bps),

5/17/28(a)

........................................................

995

997

Commscope

LLC,

Initial

Term

Loan,

First

Lien,

8.47%

(SOFR01M+475bps),

12/17/29(a)

...

1,500

1,501

ConnectWise

LLC,

Initial

Term

Loan,

First

Lien,

9/29/28(g)

........................

1,995

1,956

Cyberswift

BV,

Term

Loan,

First

Lien,

7.94%

(SOFR03M+400bps),

9/23/32(a)

..........

Flash

Charm,

Inc.,

Incremental

Term

Loan,

First

Lien,

7.35%

(SOFR03M+350bps),

3/2/28(a)

2,040

1,897

Genesys

Cloud

Services,

Inc.,

Initial

2025

Dollar

Term

Loan,

First

Lien,

6.22%

(SOFR01M+250bps),

1/30/32(a)

........................................

1,496

1,492

McAfee

Corp.,Term

Loan

B,

First

Lien,

6.72%

(SOFR01M+300bps),

3/1/29(a)

..........

2,945

2,708

Project

Alpha

Intermediate

Holding,

Inc.,

Second

Amendment

Refinancing

Term

Loan,

First

Lien,

6.92%

(SOFR03M+325bps),

10/28/30(a)

..............................

992

990

Proofpoint,

Inc.,

2025-B

Incremental

Term

Loan,

First

Lien,

6.67%

(SOFR03M+300bps),

8/31/28(a)

........................................................

2,205

2,214

Sandisk

Corp.,

Term

B

Loan,

First

Lien,

6.86%

(SOFR03M+300bps),

2/23/32(a)

.........

Vision

Solutions,

Inc.,

Third

Amendment

Term

Loan,

First

Lien,

8.10%

(SOFR03M+400bps),

4/24/28(a)

........................................................

1,990

1,842

18,163

Materials

(2.2%):

Crown

Finance

US,

Inc.,

First

Amendment

Term

Loan,

First

Lien,

12/2/31(g)

............

997

982

Owens

Brockway

Glass

Container,

Inc.,

Tranche

Term

Loan

B

Facility,

First

Lien,

6.84%

(SOFR03M+300bps),

9/30/32(a)

........................................

1,525

1,536

Windstream

Services

LLC,

2024

Term

Loan,

First

Lien,

8.57%

(SOFR01M+475bps),

10/1/31(a)

........................................................

2,000

2,005

WireCo

WorldGroup,

Inc.,

Term

Loan

B,

First

Lien,

7.61%

(SOFR03M+375bps),

11/13/28(a)

3,719

3,719

8,242

Real

Estate

(0.9%):

RealPage,

Inc.,

Initial

Term

Loan,

First

Lien,

6.93%

(SOFR03M+300bps),

4/24/28(a)

......

3,369

3,365

Utilities

(0.6%):

Lackawanna

Energy

Center

LLC,

Replacement

Term

B

Advance,

6.78%

(SOFR01M+300bps),

8/5/32(a)

.........................................................

657

660

MH

SUB

I

LLC,

Term

Loan,

First

Lien,

7.97%

(SOFR01M+425bps),

12/31/31(a)

........

1,584

1,351

2,011

Total

Senior

Secured

Loans

(Cost

$337,680)

a

a

a

302,610

Corporate

Bonds

(5.5%)

Communication

Services

(1.7%):

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

.75%,

2/1/32,

Callable

2/1/27

@

102.38(b)

1,260

1,152

Clear

Channel

Outdoor

Holdings,

Inc.,

7.88%,

4/1/30,

Callable

10/1/26

@

103.94(b)

.......

1,560

1,645

CSC

Holdings

LLC,

11.75%,

1/31/29,

Callable

1/31/26

@

105.88(b)

..................

1,000

745

Gray

Media,

Inc.,

7.25%,

8/15/33,

Callable

8/15/28

@

103.63(b)

.....................

925

946

Windstream

Services

LLC/Windstream

Escrow

Finance

Corp.,

8.25%,

10/1/31,

Callable

10/1/27

@

104.13(b)

................................................

1,700

1,784

6,272

Energy

(0.7%):

Alpha

Generation

LLC,

6.75%,

10/15/32,

Callable

10/15/27

@

103.38(b)

...............

1,000

1,035

CQP

Holdco

LP/BIP-V

Chinook

Holdco

LLC,

7.50%,

12/15/33,

Callable

12/15/28

@

103.75(b)

........................................................

1,500

1,609

2,644

Financials

(0.8%):

Shift4

Payments

LLC/Shift4

Payments

Finance

Sub,

Inc.,

6.75%,

8/15/32,

Callable

8/15/27

@

103.38(b)

........................................................

1,500

1,549

Stagwell

Global

LLC,

5.63%,

8/15/29,

Callable

2/5/26

@

101.41(b)

...................

1,500

1,465

3,014

Health

Care

(0.8%):

AdaptHealth

LLC,

5.13%,

3/1/30,

Callable

1/16/26

@

102.56(b)

.....................

1,000

976

CHS/Community

Health

Systems,

Inc.,

6.13%,

4/1/30,

Callable

2/5/26

@

103.06(b)

.......

1,000

802

Victory

Portfolios

#### Victory

#### Floating

#### Rate

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) U.S.

Acute

Care

Solutions

LLC,

9.75%,

5/15/29,

Callable

5/15/26

@

104.88(b)

..........

$

1,140

$

1,149

2,927

Industrials

(0.0%):(h)

TransDigm,

Inc.,

6.25%,

1/31/34,

Callable

8/31/28

@

103.13(b)

.....................

Information

Technology

(0.4%):

Amkor

Technology,

Inc.,

5.88%,

10/1/33,

Callable

10/1/28

@

102.94(b)

................

Cloud

Software

Group,

Inc.,

6.50%,

3/31/29,

Callable

1/16/26

@

103.25(b)

.............

1,500

1,519

1,606

Materials

(0.8%):

Allied

Universal

Holdco

LLC,

7.88%,

2/15/31,

Callable

2/15/27

@

103.94(b)

............

1,000

1,054

Methanex

US

Operations,

Inc.,

6.25%,

3/15/32,

Callable

9/15/31

@

100(b)

.............

1,000

1,031

Novelis

Corp.,

3.88%,

8/15/31,

Callable

8/15/26

@

101.94(b)

.......................

1,000

910

2,995

Utilities

(0.3%):

Clearway

Energy

Operating

LLC,

3.75%,

2/15/31,

Callable

2/15/26

@

101.88(b)

.........

1,000

934

Total

Corporate

Bonds

(Cost

$20,535)

a

a

a

20,477

Yankee

Dollars

(1.1%)

Financials

(0.8%):

Diamond

Foreign

Asset

Co./Diamond

Finance

LLC,

8.50%,

10/1/30,

Callable

10/1/26

@

104.25(b)

........................................................

1,250

1,327

GGAM

Finance

Ltd.,

8.00%,

6/15/28,

Callable

12/15/27

@

100(b)

...................

1,500

1,590

2,917

Materials

(0.3%):

First

Quantum

Minerals

Ltd.

8.63%,

6/1/31,

Callable

6/1/26

@

104.31(b)

................................

1,000

1,051

7.25%,

2/15/34,

Callable

2/15/29

@

103.63(b)

..............................

1,287

Total

Yankee

Dollars

(Cost

$4,031)

a

a

a

4,204

Commercial

Paper

(2.6%)

Consumer

Discretionary

(0.6%):

AutoZone,

Inc.,

3.77%,

1/7/26(b)(i)

..........................................

2,200

2,198

Energy

(0.6%):

Energy

Transfer

LP,

3.82%,

1/7/26(b)(i)

.......................................

2,200

2,198

Industrials

(0.4%):

Fiserv,

Inc.,

3.89%,

1/2/26(b)(i)

.............................................

1,550

1,550

Information

Technology

(0.4%):

Jabil,

Inc.,

4.38%,

1/2/26(b)(i)

..............................................

1,600

1,600

Utilities

(0.6%):

CenterPoint

Energy,

Inc.,

3.80%,

1/2/26(b)(i)

...................................

1,200

1,200

Duke

Energy

Corp.,

3.83%,

1/2/26(b)(i)

.......................................

900

900

2,100

Total

Commercial

Paper

(Cost

$9,647)

a

a

a

9,646

Shares

Exchange-Traded

Funds

(4.5%)

Invesco

Senior

Loan

ETF

.................................................

400,000

8,400

State

Street

Blackstone

Senior

Loan

ETF

......................................

200,000

8,254

Total

Exchange-Traded

Funds

(Cost

$16,808)

a

a

a

16,654

Total

Investments

(Cost

$397,434)

—

99.1%

368,950

Other

assets

in

excess

of

liabilities

— 0.9%

3,460

NET

ASSETS

-

100.00%

$

372,410

At

December

31,

2025,

the

Fund's

investments

in

foreign

securities

were

8.3%

of

net

assets.

(a) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

December

31,

2025. Victory

Portfolios

#### Victory

#### Floating

#### Rate

#### Fund

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

(b) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

December

31,

2025,

the

fair

value

of

these

securities

was

$38,084

(thousands)

and

amounted

to

10.2%

of

net

assets.

(c) Non-income

producing

security.

(d) This

security

is

classified

as

Level

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

in

the

Notes

to

Financial

Statements)

(e) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

0.1%

of

net

assets

as

of

December

31,

2025. This

security

is

classified

as

Level

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

in

the

Notes

to

Financial

Statements)

(f) Currently

the

issuer

is

in

default

with

respect

to

interest

and/or

principal

payments.

(g) The

rates

for

this

senior

secured

loan

will

be

known

on

settlement

date

of

the

loan,

subsequent

to

this

report

date.

Senior

secured

loans

have

rates

that

will

fluctuate

over

time

in

line

with

prevailing

interest

rates.

(h) Amount

represents

less

than

0.05%

of

net

assets.

(i) Rate

represents

the

effective

yield

at

December

31,

2025. bps

—

Basis

points

CLO

—

Collateralized

Loan

Obligations

ETF

—

Exchange-Traded

Fund

LLC

—

Limited

Liability

Company

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

SOFR

—

Secured

Overnight

Financing

Rate

SOFR01M

—

Month

SOFR,

rate

disclosed

as

of

December

31,

2025. SOFR03M

—

Month

SOFR,

rate

disclosed

as

of

December

31,

2025. SOFR06M

—

Month

SOFR,

rate

disclosed

as

of

December

31,

2025. TSFR3M

—

Month

Term

SOFR,

rate

disclosed

as

of

December

31,

2025. Statements

of

Assets

and

Liabilities

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

Victory

Low

Duration

Bond

Fund

Victory

High

Yield

Fund

Victory

Floating

Rate

Fund

Assets:

Investments,

at

value

(Cost

$88,342,

$128,128

and

$397,434)

$

89,849

(a) $

128,246

(b) $

368,950

Cash

790

16,375

Receivables:

Dividends,

interest,

and

securities

lending

income

639

2,008

2,061

Capital

shares

issued

Investments

sold

—

8,884

From

Adviser

Prepaid

expenses

Total

Assets

90,925

131,314

396,864

Liabilities:

Payables:

Collateral

received

on

loaned

securities

684

8,082

—

Distributions

Investments

purchased

—

21,111

Capital

shares

redeemed

2,681

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

Transfer

agent

fees

Sub-Transfer

agent

fees

Compliance

fees

—

(c) —

(c) —

(c) Trustees'

fees

—

(c) —

(c) —

(c) 12b-1

fees

Other

accrued

expenses

Total

Liabilities

874

8,981

24,454

Commitments

and

contingencies

(Note

4)

Net

Assets:

Capital

122,604

189,896

872,327

Total

accumulated

earnings

(loss)

(32,553)

(67,563)

(499,917)

Net

Assets

$

90,051

$

122,333

$

372,410

Net

Assets:

Class

A

$

48,564

$

20,895

$

133,015

Class

C

3,138

21,485

20,122

Class

R

—

1,379

—

Class

Y

38,349

78,574

216,105

Member

Class

—

—

3,168

Total

$

90,051

$

122,333

$

372,410

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

4,862

3,753

16,959

Class

C

3,848

2,562

Class

R

—

—

Class

Y

3,840

14,169

27,538

Member

Class

—

—

Total

9,016

22,015

47,463

Net

asset

value,

offering

and

redemption

price

per

share:

(d) Class

A

$

.99

$

.57

$

.84

Class

C(e)

.00

.58

.85

Class

R

—

.64

—

Class

Y

.99

.55

.85

Member

Class

—

—

.84

Maximum

Sales

Charge

—

Class

A

.25

%

.25

%

.25

%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

.22

$

.70

$

.02

(a) Includes

$662

thousand

of

securities

on

loan.

(b) Includes

$7,709

thousand

of

securities

on

loan.

(c) Rounds

to

less

than

$1

thousand.

(d) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

(e) Redemption

price

per

share

varies

by

the

length

of

time

shares

are

held.

Statements

of

Operations

For

the

Year

Ended

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands)

Victory

Low

Duration

Bond

Fund

Victory

High

Yield

Fund

Victory

Floating

Rate

Fund

Investment

Income:

Dividends

$

—

$

$

1,200

Interest

5,017

8,790

38,916

Securities

lending

(net

of

fees)

—

Total

Income

5,018

9,149

40,116

Expenses:

Investment

advisory

fees

743

2,650

Administration

fees

Sub-Administration

fees

12b-1

fees

—

Class

A

12b-1

fees

—

Class

C

12b-1

fees

—

Class

R

—

—

Custodian

fees

Transfer

agent

fees

—

Class

A

Transfer

agent

fees

—

Class

C

—

(a) —

(a) 1

Transfer

agent

fees

—

Class

R

—

—

Transfer

agent

fees

—

Class

Y

—

(a) 1

Transfer

agent

fees

—

Member

Class

—

—

Sub-Transfer

agent

fees

—

Class

A

Sub-Transfer

agent

fees

—

Class

C

Sub-Transfer

agent

fees

—

Class

R

—

—

Sub-Transfer

agent

fees

—

Class

Y

Trustees'

fees

Compliance

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Line

of

credit

fees

—

—

Interfund

lending

fees

—

—

(a) Other

expenses

Total

Expenses

863

1,361

4,519

Expenses

waived/reimbursed

by

Adviser

(120)

(180)

(797)

Net

Expenses

743

1,181

3,722

Net

Investment

Income

(Loss)

4,275

7,968

36,394

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

(1,527)

(19,612)

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

874

4,870

10,061

Net

realized/unrealized

gains

(losses)

on

investments

940

3,343

(9,551)

Change

in

net

assets

resulting

from

operations

$

5,215

$

11,311

$

26,843

(a) Rounds

to

less

than

$1

thousand.

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Low

Duration

Bond

Fund

Victory

High

Yield

Fund

Victory

Floating

Rate

Fund

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

4,275

$

4,775

$

7,968

$

13,485

$

36,394

$

61,054

Net

realized

gains

(losses)

(255)

(1,527)

(9,582)

(19,612)

(53,724)

Net

change

in

unrealized

appreciation/depreciation

874

1,576

4,870

10,281

10,061

44,226

Change

in

net

assets

resulting

from

operations

5,215

6,096

11,311

14,184

26,843

51,556

Distributions

to

Shareholders:

Class

A

(2,288)

(2,110)

(1,424)

(1,914)

(12,298)

(15,164)

Class

C

(125)

(81)

(1,153)

(1,530)

(1,996)

(2,825)

Class

R

—

(10)

(a) (81)

(935)

—

(6)

(a) Class

Y

(1,995)

(2,616)

(5,797)

(8,504)

(22,913)

(41,518)

Member

Class

—

—

—

—

(410)

(385)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(4,408)

(4,817)

(8,455)

(12,883)

(37,617)

(59,898)

Change

in

net

assets

resulting

from

capital

transactions

(13,130)

(35,132)

(25,194)

(34,239)

(83,264)

(278,077)

Change

in

net

assets

(12,323)

(33,853)

(22,338)

(32,938)

(94,038)

(286,419)

Net

Assets:

Beginning

of

period

102,374

136,227

144,671

177,609

466,448

752,867

End

of

period

$

90,051

$

102,374

$

122,333

$

144,671

$

372,410

$

466,448

(a) Class

R

activity

is

for

the

period

January

1,

2024,

to

March

28,

2024

(date

of

conversion

to

Class

A).

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Low

Duration

Bond

Fund

Victory

High

Yield

Fund

Victory

Floating

Rate

Fund

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

3,350

$

9,959

$

5,197

$

4,870

$

25,453

$

21,772

Distributions

reinvested

2,082

1,919

1,186

1,339

11,030

13,224

Cost

of

shares

redeemed

(10,046)

(15,127)

(7,198)

(13,493)

(45,633)

(75,386)

Converted

from

Class

R

—

1,210

—

—

—

Total

Class

A

$

(4,614)

$

(2,039)

$

(815)

$

(7,284)

$

(9,150)

$

(40,083)

Class

C

Proceeds

from

shares

issued

$

$

1,808

$

6,544

$

7,463

$

989

$

1,540

Distributions

reinvested

1,152

1,528

1,777

2,542

Cost

of

shares

redeemed

(732)

(673)

(3,234)

(15,312)

(9,698)

(18,073)

Total

Class

C

$

(428)

$

1,212

$

4,462

$

(6,321)

$

(6,932)

$

(13,991)

Class

R

Proceeds

from

shares

issued

$

—

$

(a) $

$

$

—

$

(a) Distributions

reinvested

—

(a) 81

934

—

(a) Cost

of

shares

redeemed

—

(3)

(a) (167)

(16,262)

—

—

(a) (b) Converted

into

Class

A

—

(1,210)

—

—

—

(307)

Total

Class

R

$

—

$

(1,156)

$

$

(15,075)

$

—

$

(279)

Class

Y

Proceeds

from

shares

issued

$

13,750

$

16,314

$

30,319

$

48,536

$

65,052

$

185,504

Distributions

reinvested

1,874

2,028

5,790

8,488

20,245

31,329

Cost

of

shares

redeemed

(23,712)

(51,491)

(65,052)

(62,583)

(151,391)

(440,928)

Total

Class

Y

$

(8,088)

$

(33,149)

$

(28,943)

$

(5,559)

$

(66,094)

$

(224,095)

Member

Class

Proceeds

from

shares

issued

$

—

$

—

$

—

$

—

$

667

$

1,302

Distributions

reinvested

—

—

—

—

Cost

of

shares

redeemed

—

—

—

—

(2,165)

(1,316)

Total

Member

Class

$

—

$

—

$

—

$

—

$

(1,088)

$

Change

in

net

assets

resulting

from

capital

transactions

$

(13,130)

$

(35,132)

$

(25,194)

$

(34,239)

$

(83,264)

$

(278,077)

Share

Transactions:

Class

A

Issued

1,007

947

898

3,243

2,694

Reinvested

1,396

1,640

Redeemed

(1,009)

(1,533)

(1,311)

(2,475)

(5,784)

(9,346)

Converted

from

Class

R

—

—

—

—

Total

Class

A

(465)

(209)

(148)

(1,330)

(1,145)

(4,974)

Class

C

Issued

1,187

1,373

Reinvested

Redeemed

(73)

(68)

(586)

(2,793)

(1,228)

(2,240)

Total

Class

C

(43)

810

(1,139)

(879)

(1,735)

Class

R

Issued

—

(a) 34

—

(a) Reinvested

—

(a) 15

—

(a) Redeemed

—

—

(a) (c) (30)

(2,966)

—

—

(a) (c) Converted

into

Class

A

—

(124)

—

—

—

(37)

Total

Class

R

—

(118)

(2,748)

—

(33)

Class

Y

Issued

1,382

1,656

5,545

9,020

8,230

22,906

Reinvested

1,056

1,572

2,561

3,882

Redeemed

(2,382)

(5,215)

(11,982)

(11,621)

(19,129)

(54,699)

Total

Class

Y

(812)

(3,353)

(5,381)

(1,029)

(8,338)

(27,911)

Member

Class

Issued

—

—

—

—

Reinvested

—

—

—

—

Redeemed

—

—

—

—

(276)

(163)

Total

Member

Class

—

—

—

—

(140)

Change

in

Shares

(1,320)

(3,558)

(4,700)

(6,246)

(10,502)

(34,607)

(a) Class

R

activity

is

for

the

period

January

1,

2024,

to

March

28,

2024

(date

of

conversion

to

Class

A).

(b) Rounds

to

less

than

$1

thousand.

(c) Rounds

to

less

than

thousand

shares.

Victory

Portfolios

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Low

Duration

Bond

Fund

Class

A

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$9.90

$9.80

$9.64

$10.16

$10.20

Investment

Activities:

Net

investment

income

(loss)(a)

0.44 0.39 0.24 0.12 0.09 Net

realized

and

unrealized

gains

(losses)

0.10 0.10 0.20 (0.49)

(0.02)

Total

from

Investment

Activities

0.54 0.49 0.44 (0.37)

0.07 Distributions

to

Shareholders

from:

Net

investment

income

(0.45)

(0.39)

(0.28)

(0.15)

(0.11)

Total

Distributions

(0.45)

(0.39)

(0.28)

(0.15)

(0.11)

Net

Asset

Value,

End

of

Period

$9.99

$9.90

$9.80

$9.64

$10.16

Total

Return(b)

5.58%

5.11%

4.65%

(3.62)%

0.71%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.85%

0.85%

0.85%

0.85%

0.85%

Net

Investment

Income

(Loss)

4.40%

3.95%

2.52%

1.18%

0.87%

Gross

Expenses(c)

0.98%

0.98%

0.96%

0.96%

0.95%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$48,564

$52,752

$54,266

$70,419

$76,901

Portfolio

Turnover(d)

26%

38%

58%

81%

58%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Low

Duration

Bond

Fund

Class

C

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$9.91

$9.81

$9.65

$10.16

$10.20

Investment

Activities:

Net

investment

income

(loss)(a)

0.36 0.32 0.17 0.04 0.01 Net

realized

and

unrealized

gains

(losses)

0.10 0.09 0.20 (0.47)

(0.02)

Total

from

Investment

Activities

0.46 0.41 0.37 (0.43)

(0.01)

Distributions

to

Shareholders

from:

Net

investment

income

(0.37)

(0.31)

(0.21)

(0.08)

(0.03)

Total

Distributions

(0.37)

(0.31)

(0.21)

(0.08)

(0.03)

Net

Asset

Value,

End

of

Period

$10.00

$9.91

$9.81

$9.65

$10.16

Total

Return(b)

4.69%

4.29%

3.85%

(4.26)%

(0.07)%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.62%

1.62%

1.62%

1.62%

1.62%

Net

Investment

Income

(Loss)

3.63%

3.20%

1.74%

0.37%

0.10%

Gross

Expenses(c)

2.13%

2.28%

2.04%

1.91%

1.91%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$3,138

$3,536

$2,307

$3,841

$5,528

Portfolio

Turnover(d)

26%

38%

58%

81%

58%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Low

Duration

Bond

Fund

Class

Y

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$9.91

$9.81

$9.65

$10.16

$10.20

Investment

Activities:

Net

investment

income

(loss)(a)

0.46 0.41 0.27 0.14 0.11 Net

realized

and

unrealized

gains

(losses)

0.10 0.11 0.19 (0.47)

(0.01)

Total

from

Investment

Activities

0.56 0.52 0.46 (0.33)

0.10 Distributions

to

Shareholders

from:

Net

investment

income

(0.48)

(0.42)

(0.30)

(0.18)

(0.14)

Total

Distributions

(0.48)

(0.42)

(0.30)

(0.18)

(0.14)

Net

Asset

Value,

End

of

Period

$9.99

$9.91

$9.81

$9.65

$10.16

Total

Return(b)

5.73%

5.47%

4.78%

(3.30)%

0.94%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.62%

0.62%

0.62%

0.62%

0.62%

Net

Investment

Income

(Loss)

4.63%

4.15%

2.75%

1.40%

1.10%

Gross

Expenses(c)

0.71%

0.70%

0.68%

0.65%

0.67%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$38,349

$46,086

$78,500

$105,653

$133,644

Portfolio

Turnover(d)

26%

38%

58%

81%

58%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

High

Yield

Fund

Class

A

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$5.43

$5.40

$5.26

$6.79

$6.83

Investment

Activities:

Net

investment

income

(loss)(a)

0.35 0.41 0.42 0.40 0.36 Net

realized

and

unrealized

gains

(losses)

0.16 0.01 0.17 (1.52)

(0.03)

Total

from

Investment

Activities

0.51 0.42 0.59 (1.12)

0.33 Distributions

to

Shareholders

from:

Net

investment

income

(0.37)

(0.39)

(0.45)

(0.41)

(0.37)

Total

Distributions

(0.37)

(0.39)

(0.45)

(0.41)

(0.37)

Net

Asset

Value,

End

of

Period

$5.57

$5.43

$5.40

$5.26

$6.79

Total

Return(b)

9.71%

8.07%

11.69%

(16.87)%

4.86%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.00%

1.00%

1.00%

1.00%

1.00%

Net

Investment

Income

(Loss)

6.38%

7.56%

7.88%

6.68%

5.22%

Gross

Expenses(c)

1.14%

1.11%

1.09%

1.08%

1.08%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$20,895

$21,188

$28,258

$28,508

$49,271

Portfolio

Turnover(d)

78%

88%

46%

47%

67%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

High

Yield

Fund

Class

C

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$5.44

$5.42

$5.28

$6.81

$6.85

Investment

Activities:

Net

investment

income

(loss)(a)

0.31 0.37 0.38 0.36 0.31 Net

realized

and

unrealized

gains

(losses)

0.16 —(b)

0.17 (1.52)

(0.03)

Total

from

Investment

Activities

0.47 0.37 0.55 (1.16)

0.28 Distributions

to

Shareholders

from:

Net

investment

income

(0.33)

(0.35)

(0.41)

(0.37)

(0.32)

Total

Distributions

(0.33)

(0.35)

(0.41)

(0.37)

(0.32)

Net

Asset

Value,

End

of

Period

$5.58

$5.44

$5.42

$5.28

$6.81

Total

Return(c)

8.90%

7.10%

10.87%

(17.41)%

4.11%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

1.70%

1.70%

1.70%

1.70%

1.70%

Net

Investment

Income

(Loss)

5.60%

6.83%

7.16%

6.03%

4.51%

Gross

Expenses(d)

1.89%

1.84%

1.81%

1.80%

1.78%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$21,485

$16,541

$22,618

$23,976

$32,889

Portfolio

Turnover(e)

78%

88%

46%

47%

67%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Amount

is

less

than

$0.005

per

share.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(d) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

High

Yield

Fund

Class

R

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$5.50

$5.42

$5.28

$6.81

$6.85

Investment

Activities:

Net

investment

income

(loss)(a)

0.33 0.39 0.40 0.38 0.34 Net

realized

and

unrealized

gains

(losses)

0.16 0.05 0.17 (1.52)

(0.03)

Total

from

Investment

Activities

0.49 0.44 0.57 (1.14)

0.31 Distributions

to

Shareholders

from:

Net

investment

income

(0.35)

(0.36)

(0.43)

(0.39)

(0.35)

Total

Distributions

(0.35)

(0.36)

(0.43)

(0.39)

(0.35)

Net

Asset

Value,

End

of

Period

$5.64

$5.50

$5.42

$5.28

$6.81

Total

Return(b)

9.18%

8.41%

11.29%

(17.07)%

4.55%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.35%

1.35%

1.31%

1.29%

1.28%

Net

Investment

Income

(Loss)

5.91%

7.18%

7.53%

6.46%

4.93%

Gross

Expenses(c)

2.45%

1.36%

1.31%

1.29%

1.28%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,379

$1,244

$16,109

$15,267

$19,243

Portfolio

Turnover(d)

78%

88%

46%

47%

67%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

High

Yield

Fund

Class

Y

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$5.41

$5.38

$5.24

$6.76

$6.80

Investment

Activities:

Net

investment

income

(loss)(a)

0.36 0.42 0.43 0.41 0.38 Net

realized

and

unrealized

gains

(losses)

0.16 0.01 0.17 (1.51)

(0.04)

Total

from

Investment

Activities

0.52 0.43 0.60 (1.10)

0.34 Distributions

to

Shareholders

from:

Net

investment

income

(0.38)

(0.40)

(0.46)

(0.42)

(0.38)

Total

Distributions

(0.38)

(0.40)

(0.46)

(0.42)

(0.38)

Net

Asset

Value,

End

of

Period

$5.55

$5.41

$5.38

$5.24

$6.76

Total

Return(b)

10.03%

8.37%

12.02%

(16.58)%

5.15%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.76%

0.76%

0.76%

0.76%

0.76%

Net

Investment

Income

(Loss)

6.66%

7.84%

8.21%

7.00%

5.49%

Gross

Expenses(c)

0.88%

0.87%

0.89%

0.86%

0.84%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$78,574

$105,698

$110,624

$177,376

$237,385

Portfolio

Turnover(d)

78%

88%

46%

47%

67%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Floating

Rate

Fund

Class

A

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$8.04

$8.13

$8.19

$9.33

$9.34

Investment

Activities:

Net

investment

income

(loss)(a)

0.70 0.73 0.76 0.48 0.36 Net

realized

and

unrealized

gains

(losses)

(0.18)

(0.10)

(0.03)

(1.13)

—(b)

Total

from

Investment

Activities

0.52 0.63 0.73 (0.65)

0.36 Distributions

to

Shareholders

from:

Net

investment

income

(0.72)

(0.72)

(0.79)

(0.49)

(0.37)

Total

Distributions

(0.72)

(0.72)

(0.79)

(0.49)

(0.37)

Net

Asset

Value,

End

of

Period

$7.84

$8.04

$8.13

$8.19

$9.33

Total

Return(c)

6.77%

8.08%

9.30%

(7.01)%

3.89%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

1.00%

1.00%

1.00%

1.01%(e)

1.00%

Net

Investment

Income

(Loss)

8.83%

9.05%

9.25%

5.52%

3.88%

Gross

Expenses(d)

1.22%

1.15%

1.12%

1.11%

1.12%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$133,015

$145,626

$187,617

$252,904

$349,706

Portfolio

Turnover(f)

33%

52%

36%

35%

35%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Amount

is

less

than

$0.005

per

share.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(d) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e) Includes

impact

of

Interfund

lending

fees.

With

these

Interfund

lending

fees,

the

net

expense

ratio

would

have

been

at

the

contractual

expense

cap.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Floating

Rate

Fund

Class

C

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$8.05

$8.13

$8.20

$9.33

$9.34

Investment

Activities:

Net

investment

income

(loss)(a)

0.64 0.67 0.69 0.41 0.29 Net

realized

and

unrealized

gains

(losses)

(0.19)

(0.10)

(0.04)

(1.12)

(0.01)

Total

from

Investment

Activities

0.45 0.57 0.65 (0.71)

0.28 Distributions

to

Shareholders

from:

Net

investment

income

(0.65)

(0.65)

(0.72)

(0.42)

(0.29)

Total

Distributions

(0.65)

(0.65)

(0.72)

(0.42)

(0.29)

Net

Asset

Value,

End

of

Period

$7.85

$8.05

$8.13

$8.20

$9.33

Total

Return(b)

5.90%

7.32%

8.30%

(7.66)%

3.05%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.80%

1.80%

1.80%

1.81%(d)

1.80%

Net

Investment

Income

(Loss)

8.08%

8.25%

8.44%

4.73%

3.09%

Gross

Expenses(c)

2.00%

1.95%

1.88%

1.87%

1.89%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$20,122

$27,700

$42,099

$58,606

$81,109

Portfolio

Turnover(e)

33%

52%

36%

35%

35%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Includes

impact

of

Interfund

lending

fees.

With

these

Interfund

lending

fees,

the

net

expense

ratio

would

have

been

at

the

contractual

expense

cap.

(e) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Floating

Rate

Fund

Class

Y

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$8.05

$8.13

$8.20

$9.33

$9.35

Investment

Activities:

Net

investment

income

(loss)(a)

0.72 0.75 0.77 0.49 0.38 Net

realized

and

unrealized

gains

(losses)

(0.18)

(0.09)

(0.03)

(1.11)

(0.01)

Total

from

Investment

Activities

0.54 0.66 0.74 (0.62)

0.37 Distributions

to

Shareholders

from:

Net

investment

income

(0.74)

(0.74)

(0.81)

(0.51)

(0.39)

Total

Distributions

(0.74)

(0.74)

(0.81)

(0.51)

(0.39)

Net

Asset

Value,

End

of

Period

$7.85

$8.05

$8.13

$8.20

$9.33

Total

Return(b)

7.01%

8.45%

9.42%

(6.69)%

4.01%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.78%

0.78%

0.78%

0.79%(d)

0.78%

Net

Investment

Income

(Loss)

9.07%

9.27%

9.45%

5.58%

4.08%

Gross

Expenses(c)

0.96%

0.88%

0.86%

0.85%

0.86%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$216,105

$288,749

$518,827

$939,244

$1,768,900

Portfolio

Turnover(e)

33%

52%

36%

35%

35%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Includes

impact

of

Interfund

lending

fees.

With

these

Interfund

lending

fees,

the

net

expense

ratio

would

have

been

at

the

contractual

expense

cap.

(e) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Floating

Rate

Fund

Member

Class

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$8.04

$8.13

$8.19

$9.33

$9.34

Investment

Activities:

Net

investment

income

(loss)(a)

0.71 0.74 0.77 0.52 0.38 Net

realized

and

unrealized

gains

(losses)

(0.18)

(0.10)

(0.03)

(1.15)

(0.01)

Total

from

Investment

Activities

0.53 0.64 0.74 (0.63)

0.37 Distributions

to

Shareholders

from:

Net

investment

income

(0.73)

(0.73)

(0.80)

(0.51)

(0.38)

Total

Distributions

(0.73)

(0.73)

(0.80)

(0.51)

(0.38)

Net

Asset

Value,

End

of

Period

$7.84

$8.04

$8.13

$8.19

$9.33

Total

Return(b)

6.95%

8.25%

9.47%

(6.87)%

4.04%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.85%

0.85%

0.85%

0.86%(d)

0.85%

Net

Investment

Income

(Loss)

9.03%

9.20%

9.42%

5.94%

4.02%

Gross

Expenses(c)

1.34%

1.40%

1.27%

1.36%

3.64%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$3,168

$4,373

$4,045

$4,350

$2,122

Portfolio

Turnover(e)

33%

52%

36%

35%

35%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Includes

impact

of

Interfund

lending

fees.

With

these

Interfund

lending

fees,

the

net

expense

ratio

would

have

been

at

the

contractual

expense

cap.

(e) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Notes

to

Financial

Statements

December

31,

2025

Victory

Portfolios

1. #### Organization:
Victory

Portfolios

(the

"Trust")

is

organized

as

a

Delaware

statutory

trust and

the Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of 29

funds

and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with a

par

value

of

$0.001

per

share.

The

accompanying

financial

statements

are

those

of

the

following three

funds

(collectively,

the

"Funds"

and

individually,

a

"Fund").

Each

Fund is

classified

as

diversified

under

the

1940

Act.

\*

Effective

March

28,

2024,

the

Fund's

Class

R

shares

were

converted

to

Class

A

shares.

Each

class

of

shares

of

a

Fund

has

substantially

identical

rights

and

privileges

except

with

respect

to

sales

charges,

fees

paid

under

distribution

plans,

expenses

allocable

exclusively

to

each

class

of

shares,

voting

rights

on

matters

solely

affecting

a

single

class

of

shares,

and

the

exchange

privilege

of

each

class

of

shares. Victory

Capital

Management

Inc.

("VCM"

or

the

"Adviser")

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC. Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the

Funds

enter

into

contracts

with

their

vendors

and

others

that

provide

for

general

indemnifications.

The Funds'

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds.

However,

based

on

experience,

the

Funds

expect

that

risk

of

loss

to

be

remote.

2. #### Significant

#### Accounting

#### Policies:
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Funds

in

the

preparation

of their

financial

statements. The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP").

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Funds

follow

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification

Topic

946. Investment

Valuation:

The

Funds

record

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Funds'

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

—

quoted

prices

(unadjusted)

in

active

markets

for

identical

securities

Level

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

or

credit

spreads,

applicable

to

those

securities,

etc.)

Level

—

significant

unobservable

inputs

(including

the

Adviser's

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodologies

used

for

valuation

techniques

are

not

necessarily

an

indication

of

the

risks

associated

with

entering

into

those

investments.

The

Adviser,

appointed

as the

valuation

designee

by the

Trust's

Board

of

Trustees

(the

"Board"),

has

established

the

Pricing

Committee

(the

"Committee"),

and

subject

to Board

oversight,

the

Committee

administers

and

oversees

the

Funds'

valuation

policies

and

procedures,

which are

approved

by

the

Board.

Portfolio

securities

listed

or

traded

on

securities

exchanges,

including

Exchange-Traded

Funds

("ETFs")

and

American

Depositary

Receipts,

are

valued

at

the

last

sale

price

on

the

exchange

or

system

where

the

security

is

principally

traded,

if

available,

or

at

the

Nasdaq

Official

Closing

Price.

If

there

have

been

no

sales

for

that

day

on

the

exchange

or

system,

then

a

security

is

valued

at

the

closing bid

quotation

on

the

exchange

or

system

where

the

security

is

principally

traded.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Investments

in

open-end

investment

companies,

other

than

ETFs, are

valued

at their

net

asset

value

("NAV").

These

valuations

are

typically

categorized

as

Level

1 in

the

fair

value

hierarchy.

Debt

securities

are

valued

each

business

day

by

a

pricing

service

approved

by

the

valuation

designee

and

subject

to

the

oversight

of

the

Board.

The

pricing

service

uses

the

evaluated

bid

or market

quotes to

value

securities.

Debt

obligations

maturing

within

days

may

be

valued

at

amortized

cost,

provided

that

the

amortized

cost

represents

the

fair

value

of

such

securities.

These

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Futures

contracts

are

valued

at

the

settlement

price

established

each

day

by

the

board

of

trade

or

an

exchange

on

which

they

are

traded.

These

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Funds

(Legal

Name)

Funds

(Short

Name)

Investment

Share

Classes

Offered

Victory

Low

Duration

Bond

Fund\*

Low

Duration

Bond

Fund

A,

C,

and

Y

Victory

High

Yield

Fund

High

Yield

Fund

A,

C,

R,

and

Y

Victory

Floating

Rate

Fund\*

Floating

Rate

Fund

A,

C,

Y,

and

Member

Class

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

Swap

agreements

are

valued

at

the

mean

between

the

current

bid

and

ask

prices.

To

the

extent

this

model

is

utilized,

these

valuations

are

considered

as

Level

in

the

fair

value

hierarchy.

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

or

Level

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

each

Fund's

NAV to

be

more

reliable

than

it

otherwise

would

be.

A

summary

of

the

valuations

as

of

December

31,

2025,

based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

on

the

Schedules

of

Portfolio

Investments (amounts

in

thousands):

As

of December

31,

2025,

there

were

no

significant transfers

into/out

of

Level

3. Level

Level

Level

Total

Low

Duration

Bond

Fund

Asset-Backed

Securities

.........................................

$

—

$

21,444

$

—

$

21,444

Collateralized

Mortgage

Obligations

................................

—

11,110

—

11,110

Corporate

Bonds

..............................................

—

28,427

—

28,427

Yankee

Dollars

...............................................

—

11,693

—

11,693

Municipal

Bonds

..............................................

—

662

—

662

U.S.

Government

Agency

Mortgages

................................

—

2,813

—

2,813

U.S.

Treasury

Obligations

........................................

—

10,293

—

10,293

Commercial

Paper

.............................................

—

2,723

—

2,723

Collateral

for

Securities

Loaned

...................................

684

—

—

684

Total

.......................................................

$

684

$

89,165

$

—

$

89,849

High

Yield

Fund

Asset-Backed

Securities

.........................................

—

558

—

558

Collateralized

Mortgage

Obligations

................................

—

—

Common

Stocks

...............................................

—

1,536

1,978

Senior

Secured

Loans

...........................................

—

6,944

7,000

Corporate

Bonds

..............................................

—

75,649

—

75,649

Yankee

Dollars

...............................................

—

19,050

—

19,050

Commercial

Paper

.............................................

—

11,337

—

11,337

Exchange-Traded

Funds

.........................................

4,480

—

—

4,480

Collateral

for

Securities

Loaned

...................................

8,082

—

—

8,082

Total

.......................................................

$

12,562

$

115,186

$

$

128,246

Floating

Rate

Fund

Collateralized

Loan

Obligations

...................................

—

3,758

—

3,758

Common

Stocks

...............................................

—

10,860

741

11,601

Senior

Secured

Loans

...........................................

—

302,258

302,610

Corporate

Bonds

..............................................

—

20,477

—

20,477

Yankee

Dollars

...............................................

—

4,204

—

4,204

Commercial

Paper

.............................................

—

9,646

—

9,646

Exchange-Traded

Funds

.........................................

16,654

—

—

16,654

Total

.......................................................

$

16,654

$

351,203

$

1,093

$

368,950

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

Investment

Companies:

Exchange-Traded

Funds:

The Funds

may

invest

in

ETFs,

the

shares

of

which

are

bought

and

sold

on

a

securities

exchange.

An

ETF

trades

like

common

stock

and

represents

a

fixed

portfolio

of

securities

often

designed

to

track

the

performance

and

dividend

yield

of

a

particular

domestic

or

foreign

market

index.

Among

other

purposes,

the

Funds

may

purchase

shares

of

an

ETF

to

gain

exposure

to

a

portion

of

the

U.S.

or

a

foreign

market

while

awaiting

purchase

of

underlying

securities.

The

risks

of

owning

an

ETF

generally

reflect

the

risks

of

owning

the

underlying

securities

the

ETF

is

designed

to

track,

although

the

lack

of

liquidity

of

an

ETF

could

result

in

it

being

more

volatile.

Additionally,

ETFs

have

fees

and

expenses

that

reduce

their

value.

Open-End

Funds:

The

Funds

may

invest

in

portfolios

of

open-end

investment

companies.

These

investment

companies

value

securities

in

their

portfolios

for

which

market

quotations

are

readily

available

at

their

market

values

(generally

the

last

reported

sale

price)

and

all

other

securities

and

assets

at

their

fair

value

by

the

methods

established

by

the

board

of

directors

of

the

underlying

funds.

Securities

Purchased

on

a

Delayed-Delivery

or

When-Issued

Basis:

The

Funds

may

purchase

securities

on

a

delayed-delivery

or

when-issued

basis.

Delivery

and

payment

for

securities

that

have

been

purchased

by

the

Funds

on

a

delayed-delivery

or

when-issued

basis,

or

for

delayed

draws

on

loans

can

generally

take

place

within

days after

the

trade

date.

Securities

that

require

more

than

days

to

settle

are

considered

a

senior

security

and

subject

to

Rule

18f-4.

At

the

time

the

Funds

make

the

commitment

to

purchase

a

security

on

a

delayed-delivery

or

when-issued

basis,

the

Funds

record

the

transaction

and

reflect

the

value

of

the

security

in

determining

NAV.

No

interest

accrues

to

the

Funds

until

the

transaction

settles

and

payment

takes

place.

If

the

Funds

own

delayed-

delivery

or

when-issued

securities,

these

values

are

included

in

Payables

for

Investments

purchased

on

the

accompanying

Statements

of

Assets

and

Liabilities.

Mortgage-

and

Asset-Backed

Securities:

The

values

of

some

mortgage-related

or

asset-backed

securities

may

be

particularly

sensitive

to

changes

in

prevailing

interest

rates.

Early

repayment

of

principal

on

some

mortgage-related

securities

may

expose

the

Funds

to

a

lower

rate

of

return

upon

reinvestment

of

principal.

The

values

of

mortgage-

and

asset-backed

securities

depend

in

part

on

the

credit

quality

and

adequacy

of

the

underlying

assets

or

collateral

and

may

fluctuate

in

response

to

the

market's

perception

of

these

factors

as

well

as

current

and

future

repayment

rates.

Some

mortgage-backed

securities

are

backed

by

the

full

faith

and

credit

of

the

U.S.

government

(e.g.,

mortgage-backed

securities

issued

by

the

Government

National

Mortgage

Association,

commonly

known

as

"Ginnie

Mae"),

while

other

mortgage-backed

securities

(e.g.,

mortgage-backed

securities

issued

by

the

Federal

National

Mortgage

Association

and

the

Federal

Home

Loan

Mortgage

Corporation,

commonly

known

as

"Fannie

Mae"

and

"Freddie

Mac,"

respectively),

are

backed

only

by

the

credit

of

the

government

entity

issuing

them.

In

addition,

some

mortgage-backed

securities

are

issued

by

private

entities

and,

as

such,

are

not

guaranteed

by

the

U.S.

government

or

any

agency

or

instrumentality

of

the

U.S.

government.

Loans:

Floating

rate

loans

in

which

a

Fund

invests

are

primarily

"senior"

loans.

Senior

floating

rate

loans

typically

hold

a

senior

position

in

the

capital

structures

of

the

borrower,

are

typically

secured

by

specific

collateral,

and

have

a

claim

on

the

assets

and/or

stock

of

the

borrower

that

is

senior

to

that

held

by

subordinated

debtholders

and

stockholders

of

the

borrower.

While

these

protections

may

reduce

risk,

these

investments

still

present

significant

credit

risk.

A

significant

portion

of

a

Fund's

floating

rate

investments

may

be

issued

in

connection

with

highly

leveraged

transactions

such

as

leveraged

buyouts,

leveraged

recapitalization

loans,

and

other

types

of

acquisition

financing.

Obligations

in

these

types

of

transactions

are

subject

to

greater

credit

risk

(including

default

and

bankruptcy)

than

many

other

investments

and

may

be,

or

become,

illiquid.

See

the

note

below

regarding

below

investment

grade

securities.

The Funds

may

purchase

second-lien

loans

(secured

loans

with

a

claim

on

collateral

subordinate

to

a

senior

lender's

claim

on

such

collateral),

fixed

rate

loans,

unsecured

loans,

and

other

debt

obligations.

Transactions

in

loans

often

settle

on

a

delayed

basis,

and

a

Fund

may

not

receive

the

proceeds

from

the

sale

of

a

loan

or

pay

for

a

loan

purchase

for

a

substantial

period

of

time

after

entering

into

the

transactions.

Below-Investment-Grade

Securities:

Certain

Funds

may

invest

in

below-investment-grade

securities

(i.e.,

lower-quality,

"junk"

debt),

which

are

subject

to

various

risks.

Lower-

quality

debt

is

considered

to

be

speculative

because

it

is

less

certain

that

the

issuer

will

be

able

to

pay

interest

or

repay

the

principal

than

in

the

case

of

investment-grade

debt.

These

securities

can

involve

a

substantially

greater

risk

of

default

than

higher-rated

securities,

and

their

values

can

decline

significantly

over

short

periods

of

time.

Lower-quality

debt

securities

tend

to

be

more

sensitive

to

adverse

news

about

their

issuers,

the

market

and

the

economy

in

general,

than

higher-quality

debt

securities.

The

market

for

these

securities

can

be

less

liquid,

especially

during

periods

of

recession

or

general

market

decline.

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

Derivative

Instruments:

Futures

Contracts:

The

Funds

may

enter

into

contracts

for

the

future

delivery

of

securities

or

foreign

currencies

and

futures

contracts

based

on

a

specific

security,

class

of

securities,

foreign

currency

or

an

index,

and

purchase

or

sell

options

on

any

such

futures

contracts.

A

futures

contract

on

a

securities

index

is

an

agreement

obligating

either

party

to

pay,

and

entitling

the

other

party

to

receive,

while

the

contract

is

outstanding,

cash

payments

based

on

the

level

of

a

specified

securities

index.

No

physical

delivery

of

the

underlying

asset

is

made.

The

Funds

may

enter

into

futures

contracts

in

an

effort

to

hedge

against

market

risks.

The

acquisition

of

put

and

call

options

on

futures

contracts

will

give

the

Funds

the

right

(but

not

the

obligation),

for

a

specified

price,

to

sell

or

to

purchase

the

underlying

futures

contract,

upon

exercise

of

the

option,

at

any

time

during

the

option

period.

Futures

transactions

involve

brokerage

costs and

a

good

faith

margin

deposit,

known

as

initial

margin,

of

cash

or

government

securities

with

a

broker

or

custodian,

which is

required

to

initiate

and

maintain

open

positions

in

futures

contracts.

Subsequent

payments,

known

as

variation

margin,

are

made

or

received

by

the

Funds

based

on

the

change

in

the

market

value

of

the

position

and

are

recorded

as

unrealized

appreciation

or

depreciation

until

the

contract

is

closed

out,

at

which

time

the

gain

or

loss

is

realized.

The

Funds

may

lose

the

expected

benefit

of

futures

transactions

if

interest

rates,

exchange

rates

or

securities

prices

change

in

an

unanticipated

manner.

Such

unanticipated

changes

may

also

result

in

lower

overall

performance

than

if

the

Funds

had

not

entered

into

any

futures

transactions.

In

addition,

the

value

of

the

Funds'

futures

positions

may

not

prove

to

be

perfectly

or

even

highly

correlated

with

the

value

of

its

portfolio

securities

or

foreign

currencies,

limiting

the

Funds'

ability

to

hedge

effectively

against

interest

rate,

exchange

rate

and/or

market

risk

and

giving

rise

to

additional

risks.

There

is

no

assurance

of

liquidity

in

the

secondary

market

for

purposes

of

closing

out

futures

positions.

The

collateral

held

by

the

Funds

is

reflected

on

the

Statements

of

Assets

and

Liabilities

under

Deposit

with

broker

for

futures

contracts.

The

Funds

did

not

hold

futures

contracts

as

of

December

31,

2025. Credit

Derivatives:

The

Funds may

enter

into

credit

derivatives,

including

centrally

cleared

credit

default

swaps

on

individual

obligations

or

credit

indices.

The

Funds

may

use

these

investments

(i) as

alternatives

to

direct

long

or

short

investment

in

a

particular

security

or

securities,

(ii) to

adjust

the

Funds'

asset

allocations

or

risk

exposures,

or

(iii) for

hedging

purposes.

The

use

by

the

Funds

of

centrally

cleared

credit

default

swaps

may

have

the

effect

of

creating

a

short

position

in

a

security.

Credit

derivatives

can

create

investment

leverage

and

may

create

additional

investment

risks

that

may

subject

the

Funds

to

greater

volatility

than

investments

in

more

traditional

securities,

as

described

in

the

Funds'

Statements

of

Additional

Information.

Centrally

cleared

credit

default

swap

("CDS")

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

(referred

to

as

the

buyer

of

protection)

to

another

party

(the

seller

of

protection)

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

a

specific

sector

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

CDS.

The

counterparty

risk

for

cleared

swap

agreements

is

generally

lower

than

uncleared

over-the-counter

swap

agreements

because

generally

a

clearing

organization

becomes

substituted

for

each

counterparty

to

a

centrally

cleared

swap

agreement

and,

in

effect,

guarantees

each

party's

performance

under

the

contract

as

each

party

to

a

trade

looks

only

to

the

clearing

organization

for

performance

of

financial

obligations.

However,

there

can

be

no

assurance

that

the

clearing

organization,

or

its

members,

will

satisfy

its

obligations

to

the

Funds.

The

Funds may

enter

into

CDS

agreements

either

as

a

buyer

or

seller.

The Funds may

buy

protection

under

a

CDS

to

attempt

to

mitigate

the

risk

of

default

or

credit

quality

deterioration

in

one

or

more

individual

holdings

or

in

a

segment

of

the

fixed

income

securities

market.

The

Funds

may

sell

protection

under

a

CDS

in

an

attempt

to

gain

exposure

to

an

underlying

issuer's

credit

quality

characteristics

without

investing

directly

in

that

issuer.

For

swaps

entered

with

an

individual

counterparty,

the

Funds

bear

the

risk

of

loss

of

the

uncollateralized

amount

expected

to

be

received

under

a

CDS

agreement

in

the

event

of

the

default

or

bankruptcy

of

the

counterparty.

CDS

agreements

are

generally

valued

at

a

price

at

which

the

counterparty

to

such

agreement

would

terminate

the

agreement.

The

Funds

may

also

enter

into

centrally

cleared

swaps.

Upon

entering

into

a

cleared

CDS,

the

Funds may

be

required

to

deposit

with

the

broker

an

amount

of

cash

or

cash

equivalents

in

the

range

of

approximately

3%

to

6%

of

the

notional

amount

for

CDS

on

high

yield

debt

issuers

(this

amount

is

subject

to

change

by

the

clearing

organization

that

clears

the

trade).

This

amount,

known

as

"initial

margin,"

is

in

the

nature

of

a

performance

bond

or

good

faith

deposit

on

the

CDS

and

is

returned

to

a

Fund

upon

termination

of

the

CDS,

assuming

all

contractual

obligations

have

been

satisfied.

Subsequent

payments,

known

as

"variation

margin,"

to

and

from

the

broker

will

be

made

daily

as

the

price

of

the

CDS

fluctuates,

making

the

long

and

short

positions

in

the

CDS

contract

more

or

less

valuable,

a

process

known

as

"marking-to-market."

The

premium

(discount)

payments

are

built

into

the

daily

price

of

the

CDS

and

thus

are

amortized

through

the

variation

margin.

The

variation

margin

payment

also

includes

the

daily

portion

of

the

periodic

payment

stream.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

the Funds

as the

sellers

of

protection

could

be

required

to

make

under

a

CDS

agreement

equals

the

notional

amount

of

the

agreement.

Notional

amounts

of

each

individual

CDS

agreement

outstanding

as

of

year end

for

which

the

Funds

are

the

sellers

of

protection

are

disclosed

on

the

Schedules

of

Portfolio

Investments.

These

potential

amounts

would

be

partially

offset

by

any

recovery

values

of

the

respective

referenced

obligations,

upfront

payments

received

upon

entering

into

the

agreement,

periodic

interest

payments,

or

net

amounts

received

from

the

settlement

of

buy

protection

CDS

agreements

entered

into

by

the

Funds

for

the

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

same

referenced

entity

or

entities.

The

collateral

held

by

the

Funds

is

reflected

on

the

Statements

of

Assets

and

Liabilities

under

Deposit

with

broker

for

swap

agreements.

The

Funds

did

not

hold

swap

contracts

as

of

December

31,

2025. Investment

Transactions

and

Related

Income:

Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

Interest

income

is

determined

on

the

basis

of

coupon

interest

accrued

and

recorded

daily

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts. Dividend

income

is

recorded

on

the

ex-dividend

date.

Non-cash

dividends

included

in

income,

if

any,

are

recorded

at

the

fair

value

of

the

securities

received. Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

Paydown

gains

or

losses

on

applicable

securities,

if

any,

are

recorded

as

components

of

Interest

income

on

the

Statements

of

Operations.

The Funds

may

receive

other

income

from

investments

in

loan

assignments

and/or

unfunded

commitments,

including

amendment

fees,

consent

fees,

and

commitment

fees.

These

fees

are

recorded

as

income

when

received.

These

amounts,

if

received,

are

included

in

Interest

income

on

the

Statements

of

Operations.

Securities

Lending:

The

Funds, through

a Securities

Lending

Agreement with

Citibank,

N.A.

("Citibank"), may

lend

their

securities

to

qualified

financial

institutions,

such

as

certain

broker-dealers

and

banks,

to

earn

additional

income,

net

of

income

retained

by

Citibank.

Borrowers

are

required

to

initially

secure

their

loans for

collateral

in

the

amount

of

at

least

102%

of

the

value

of

U.S.

securities

loaned

or

at

least

105%

of

the

value

of

non-U.S.

securities

loaned,

marked-to-market

daily.

Any

collateral

shortfalls

associated

with

increases

in

the

valuation

of

the

securities

loaned

are

generally

cured the

next

business

day.

The

collateral

can

be

received

in

the

form

of

cash

collateral

and/or

non-cash

collateral.

Non-

cash

collateral

can

include

U.S.

Government

Securities and

other

securities

as

permitted

by

Securities

and

Exchange

Commission

("SEC")

guidelines.

The

cash

collateral

is

invested

in

short-term

instruments

or

cash

equivalents,

primarily

open-end

investment

companies,

as

noted

on

the

Funds'

Schedules

of

Portfolio

Investments.

The

Funds

effectively

do not

have

control

of

the

non-cash

collateral

and

therefore

it

is

not

disclosed

on

the

Funds'

Schedules

of

Portfolio

Investments.

Collateral

requirements

are

determined

daily

based

on

the

value

of

the

Funds'

securities

on

loan

as

of

the

end

of

the prior

business

day.

During

the

time

portfolio

securities

are

on

loan,

the

borrower

will

pay

the

Funds

any

dividends

or

interest

paid

on

such

securities

plus

any

fee

negotiated

between

the

parties

to

the

lending

agreement.

The

Funds

also

earn

a

return

from

the

collateral.

The

Funds

pay

Citibank

various

fees

in

connection

with

the

investment

of

cash

collateral

and

fees

based

on

the

investment

income

received

from

securities

lending

activities.

Securities

lending

income

(net

of

these

fees)

is

disclosed

on

the

Statements

of

Operations.

Loans

are

terminable

upon

demand

and

the

borrower

must

return

the

loaned

securities

within

the

lesser

of

one

standard

settlement

period

or

five

business

days. Although

risk

is

mitigated

by

the

collateral, a

Fund could

experience

a

delay

in

recovering

its

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

In

addition,

there

is

a

risk that

the

value

of

the

short-term

investments

will

be

less

than

the

amount

of

cash

collateral

required

to

be

returned

to

the

borrower.

The

Funds'

agreement

with

Citibank

does

not

include

master

netting

provisions.

Non-cash

collateral

received

by

the

Funds

may

not

be

sold

or

repledged,

except

to

satisfy

borrower

default.

The

following

table

is

a

summary

of

the

Funds'

securities

lending

transactions

as

of

December

31,

2025

(amounts

in

thousands):

Federal

Income

Taxes:

Each

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Funds

have

a

tax

year

end

of

December

31. For

the

year

ended

December

31,

2025,

the

Funds

did

not

incur

any

income

tax,

interest,

or

penalties,

and

have

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Funds

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to a

Fund

are

charged

to that

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

Low

Duration

Bond

Fund

...........................................

$

662

$

—

$

684

High

Yield

Fund

.................................................

7,709

—

8,082

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

Income,

expenses

(other

than

class-specific

expenses

such

as

transfer

agent

fees,

state

registration

fees,

printing

fees,

and

12b-1

fees),

and

realized

and

unrealized

gains

or

losses

on

investments

are

allocated

to

each

class

of

shares

based

on

its

relative

net

assets

on

the

date

income

is

earned

or

expenses

and

realized

and

unrealized

gains

and

losses

are

incurred.

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statements

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3. #### Purchases

#### and

#### Sales:
Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

year

ended

December

31,

2025,

were

as

follows

(amounts

in

thousands):

4. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:
Investment

Advisory

Fees:

Investment

advisory

services

are

provided

to

the

Funds

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

SEC.

VCM

had

entered

into

an

Interim

Sub-Advisory

Agreement

with

Amundi

Asset

Management

US,

Inc.

("Amundi

US"),

for

the

Floating

Rate

Fund

effective

for

days

from

October

4,

2024. Amundi

US

was

responsible

for

providing

day-to-day

investment

advisory

services

to

the

Floating

Rate

Fund,

subject

to

the

oversight

of

the

Board.

VCM

paid

a

fee

of

0.25%

of

the

average

daily

net

assets

of

the

Floating

Rate

Fund,

computed

and

accrued

daily

and

paid

in

arrears

within

the

first

five

business

days

of

every

month

in

accordance

with

the

terms

of

the

Interim

Sub-Advisory

Agreement

and

applicable

law.

Effective

February

28,

2025,

the

Interim

Sub-Advisory

Agreement

terminated.

Effective

March

1,

2025,

VCM

continues

to

serve

as

the

Floating

Rate

Fund's

adviser

and

members

of

VCM's

Victory

Income

Investors

franchise

serve

as

the

Floating

Rate

Fund's

portfolio

managers.

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

fees

accrued

daily

and

paid

monthly

at

an

annualized

rate

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund. The

rates

at

which

the

Adviser

is

paid

by

each

Fund

are

included

in

the

table

below.

Amounts

incurred

and

paid

to

VCM

for

the

year ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Investment

advisory

fees.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Funds'

administrator

and

fund

accountant.

Under

the

Administration

and

Fund

Accounting

Agreement,

VCM

is

paid

an

administration

fee

based

on

a

percentage

of

the

average

daily

net

assets

of

the

Trust

and

Victory

Portfolios

II. The

tiered

rates

at

which

VCM

is

paid

by

the

Funds

are

shown

in

the

table

below:

Amounts

incurred

for

the

year

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Administration

fees.

Citi

Fund

Services

Ohio,

Inc.

("Citi"),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Funds

pursuant

to

the

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The Funds

reimburse

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services

and

certain

other

expenses

Excluding

U.S.

Government

Securities

U.S.

Government

Securities

Purchases

Sales

Purchases

Sales

Low

Duration

Bond

Fund

..........................................

$

20,537

$

35,462

$

3,727

$

3,511

High

Yield

Fund

................................................

88,0

111,

—

—

Floating

Rate

Fund

...............................................

126,

,

554

—

—

Fee

Rate

Low

Duration

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.45%

High

Yield

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.60%

Floating

Rate

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.65%

Net

Assets

Up

to

$15

billion

$15

billion

—

$30

billion

Over

$30

billion

0.08%,

plus

0.05%,

plus

0.04%

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

specifically

allocated

to

the

Funds.

Amounts

incurred

for

the year

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Sub-Administration

fees.

The

Funds

(as

part

of

the

Trust)

have

entered

into

an

agreement

with

the

Adviser

to

provide

compliance

services,

pursuant

to

which

the

Adviser

furnishes

its

compliance

personnel,

including

the

services

of

the

Chief

Compliance

Officer

("CCO"),

and

other

resources

reasonably

necessary

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

support

staff.

The

funds

in

the

Trust

and

Victory

Portfolios

II,

in

the

aggregate,

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the year

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Compliance

fees.

Transfer

Agency

Fees:

FIS

Investor

Services,

LLC

("FIS")

serves

as

the

Funds'

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the

Trust

pays

FIS

a

fee

for

its

services

and

reimburses

FIS

for

all

of

their

reasonable

out-of-pocket

expenses

incurred

in

providing

these

services.

Amounts

incurred

for

the

year ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Transfer

agent

fees.

Victory

Capital

Transfer

Agency,

Inc.,

an

affiliate

of

the

Adviser,

serves

as

sub-transfer

agent

for

the

Member

Class.

Amounts

incurred

for

the

year ended

December

31,

2025,

if

any,

are

reflected

on

the

Statements

of

Operations

as

Transfer

agent

fees.

Sub-Transfer

Agency

Fees:

The

Funds

have

entered

into

Sub-Transfer

Agency

Agreements

with

financial

intermediaries

that

provide

recordkeeping,

processing,

shareholder

communications

and

other

services

to

customers

of

the

intermediaries

that

hold

positions

in

the

Funds

and

have

agreed

to

compensate

the

intermediaries

for

providing

those

services.

Intermediaries

transact

with

the

Funds

primarily

through

the

use

of

omnibus

accounts

on

behalf

of

their

customers

who

hold

positions

in

the

Funds.

These

services

would

have

been

provided

by

the

Funds'

transfer

agent

and

other

service

providers

if

the

shareholders'

accounts

were

maintained

directly

at

the

Funds'

transfer

agent.

Amounts

incurred

for

the

year ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Sub-Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services,

Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Funds

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust.

Pursuant

to

the

Distribution

and

Service

Plans

adopted

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Distributor

may

receive

a

monthly

distribution

and

service

fee

up

to

the

annual

rate

shown

in

the

table

below:

The

distribution

and

service

fees

paid

to

the

Distributor

may

be

used

by

the

Distributor

to

pay

for

activities

primarily

intended

to

result

in

the

sale

and/or

servicing

of

Class

A,

Class

C,

and

Class

R. Amounts

incurred

for

the

year

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

12b-1

fees.

In

addition,

the

Distributor

is

entitled

to

receive

commissions

in

connection

with sales

of

Class

A. For

the

year

ended

December

31,

2025,

the

Distributor

received

the

following

from

commissions

earned

in

connection with

sales

of

Class

A

(amounts

in

thousands):

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Rounds

to

less

than

$1

thousand.

Other

Fees:

Citibank

serves

as

the

Funds'

custodian.

The

Funds

pay

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the year

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Custodian

fees.

Sidley

Austin

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with

the

Trust. Under

the

terms

of

the

agreement,

the

Adviser

has

agreed

to

waive

fees

or

reimburse

certain

expenses

to

the

extent

that

ordinary

operating

expenses

incurred

by

certain

classes

of

the

Funds

in

any

fiscal

year

exceed

the

expense

limits

for the

Funds.

Such

excess

amounts

will

be

the

liability

of

the

Adviser.

Acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

Class

A

Class

C

Class

R

Low

Duration

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

N/A

High

Yield

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

0.50%

Floating

Rate

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

N/A

Amount

Low

Duration

Bond

Fund

...............................................................................

$

—(a)

High

Yield

Fund

.....................................................................................

—(a)

Floating

Rate

Fund

....................................................................................

—(a)

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

![](epub597524440154112.jpg)

not

incurred

in

the

ordinary

course

of the

Funds'

business

are

excluded

from

the

expense

limits.

As

of

December

31,

2025,

the

expense

limits

(excluding

voluntary

waivers) were

as

follows:

Under

the

terms

of

the

expense

limitation agreement, the Funds

have

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to

three

years

(thirty-six

(36) months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense

limits

in

effect

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

recoupment,

after

giving

effect

to

the

recoupment

amount.

The

Funds

have

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

December

31,

2025. As

of December

31,

2025,

the

following amounts

in

the

table

below

represent

the

fiscal

year-end

in

which

the

36-month

recoupment

period

expires.

These

amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

The

Adviser

may

voluntarily

waive

or

reimburse

additional

fees

to

assist

the

Funds

in

maintaining

competitive

expense

ratios.

Voluntary

waivers

and

reimbursements

applicable

to

the

Funds

are

not

available

to

be

recouped

at

a

future

time.

For

the

year ended

December

31,

2025,

the

Adviser

voluntarily

waived

the

following

amounts

(in

thousands):

Certain

officers

and/or

interested

trustees

of

the

Funds

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

legal

counsel,

and

Distributor.

5. #### Risks:
The

following

describes

the

principal

risks

that

you

may

assume

as

an

investor

in

each

Fund. Each

Fund's

prospectus

contains

unaudited

information

regarding

the

Fund's

principal

risks.

Please

refer

to

that

document

when

considering

the

Fund's

principal

risks.

The

Funds

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

General

Market

Risk

—

Overall

market

risks

may

affect

the

value

of

the

Fund(s).

Domestic

and

international

factors

such

as

political

events,

war,

terrorism,

trade

disputes,

inflation

rates,

interest

rate

levels,

and

other

fiscal

and

monetary

policy

changes;

cybersecurity

incidents,

pandemics,

and

other

public

health

crises,

imposition

of

tariffs,

sanctions

against

a

particular

foreign

country,

its

nationals,

businesses,

or

industries;

and

related

geopolitical

events,

as

well

as

environmental

disasters

such

as

earthquakes,

fires,

and

floods,

or

other

catastrophes,

may

add

to

instability

in

global

economies

and

markets

generally,

and

may

lead

to

increased

market

volatility.

Global

economies

and

financial

In

effect

until

April

30,

2026

Class

A

Class

C

Class

R

Class

Y

Member

Class

Low

Duration

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.85%

1.62%

N/A

0.62%

N/A

High

Yield

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.00%

1.70%

1.35%

0.76%

N/A

Floating

Rate

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.00%

1.80%

N/A

0.78%

0.85%

December

31,

2026

December

31,

2027

December

31,

2028

Total

Low

Duration

Bond

Fund

$

$

$

$

High

Yield

Fund

608

Floating

Rate

Fund

909

762

797

,

Amount

Low

Duration

Bond

Fund

...............................................................................

$

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

markets

are

highly

interconnected,

which

increases

the

possibility

that

conditions

in

one

country

or

region

might

adversely

affect

issuers

in

another

country

or

region.

The

impact

of

these

and

other

factors

may

be

short-term

or

may

last

for

extended

periods.

Debt

Securities

Risk

—

The

value

of

a

debt

security

or

other

income-producing

security

changes

in

response

to

various

factors,

including,

for

example,

market-related

factors

(such

as

changes

in

interest

rates

or

changes

in

the

risk

appetite

of

investors

generally)

and

changes

in

the

actual

or

perceived

ability

of

the

issuer

(or

of

issuers

generally)

to

meet

its

(or

their)

obligations.

Other

factors

that

may

affect

the

value

of

debt

securities

include,

among

others,

economic

conditions,

market

events

and public

health

crises

and

responses

by

governments

and

companies

to

such

developments.

These

and

other

events

may

affect

the

creditworthiness

of

the

issuer

of

a

debt

security

and

may

impair

an

issuer's

ability

to

timely

meet

its

debt

obligations

as

they

come

due.

High-Yield/Junk

Bond

Risk

—

Lower-quality

debt

securities

can

involve

a

substantially

greater

risk

of

default

than

higher

quality

debt

securities,

and

their

values

can

decline

significantly

over

short

and

longer

periods

of

time.

Lower-quality

debt

securities

tend

to

be

more

sensitive

to

adverse

news

about

the

issuer,

or

the

market

or

economy

in

general.

Floating

Rate

Loan

Risk

—

Investments

in

floating

rate

loans

are

generally

subject

to

the

same

risks

as

investments

in

other

types

of

debt

securities,

including,

in

many

cases,

investments

in

high-yield/junk

bonds.

There

may

be

limited

public

information

available

regarding

the

loan.

They

may

be

difficult

to

value

and

may

be

illiquid.

The

receipt

of

principal

and

interest

on

some

loans

may

be

subject

to

the

credit

risk

of

a

financial

institution

that

issues

or

administers

the

loan.

In

certain

circumstances,

the

Fund(s)

may

not

have

the

same

protections

available

to

investors

under

the

federal

securities

laws.

In

times

of

unusual

or

adverse

market,

economic

or

political

conditions,

floating

rate

loans

may

experience

higher

than

normal

default

rates.

In

the

event

of

a

recession

or

serious

credit

event,

among

other

eventualities,

the

value

of

the

Fund's

(or Funds')

investments

in

floating

rate

loans

are

more

likely

to

decline.

Transactions

in

loans

often

settle

on

a

delayed

basis,

and

the

Fund(s)

may

not

receive

the

proceeds

from

the

sale

of

a

loan

for

a

substantial

period

of

time

after

the

sale.

The

secondary

market

for

floating

rate

loans

is

limited

and,

thus,

the

Fund's

(or Funds')

ability

to

sell

or

realize

the

full

value

of

its

investment

in

these

loans

to

reinvest

sale

proceeds

or

to

meet

redemption

obligations

may

be

impaired.

Sector Focus

Risk

—

To

the

extent

the

Fund(s)

focus

in

one

or

more

sectors,

such

as

the

financials

sector, market

or

economic

factors

impacting

those

sectors

could

have

a

significant

effect

on

the

value

of

the

Fund's

(or

Funds')

investments

and

could

make

the

Fund's

(or

Funds')

performance

more

volatile.

Financials

Sector

Risk

—

Companies

in

the

financials

sector

are

subject

to

extensive

government

regulation,

which

may

limit

both

the

amounts

and

types

of

loans

and

other

financial

commitments

that

companies

in

this

sector

can

make,

and

the

interest

rates

and

fees

that

these

companies

can

charge.

Profitability

can

be

largely

dependent

on

the

availability

and

cost

of

capital

and

the

rate

of

corporate

and

consumer

debt

defaults,

and

can

fluctuate

significantly

when

interest

rates

change.

Financial

difficulties

of

borrowers

can

negatively

affect

the

financials

sector.

Insurance

companies

can

be

subject

to

severe

price

competition.

The

financials

sector

can

be

subject

to

relatively

rapid

change

as

dis-

tinctions

between

financial

service

segments

become

increasingly

blurred.

6. #### Borrowing

#### and

#### Interfund

#### Lending:
Line

of

Credit:

The

Victory

Funds

Complex

participates

in

a

short-term

demand

note

"Line

of

Credit"

agreement

with

Citibank.

Under

the

agreement

with

Citibank,

the funds in

the

Trust,

Victory

Portfolios

II,

and

Victory

Portfolios

III

(collectively,

the

"Victory

Funds

Complex"),

in

the

aggregate, may

borrow

up

to

$600

million,

of

which

$300

million

is

committed

and

$300

million

is

uncommitted.

$40

million

of

the

Line

of

Credit

is

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the year

ended

December

31,

2025,

Citibank

received

an

annual

commitment

fee

of

0.15%

on

$300

million

for

providing

the

Line

of

Credit.

Each

Fund

in

the

Victory

Funds

Complex

paid

a

pro-rata

portion

of

the

commitment

fees

plus

any

interest

on

amounts

borrowed.

Interest

is

based

on

the

one-month Secured

Overnight

Financing

Rate

plus

1.10 percent.

Effective

June

24,

2025,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Dedicated

portions

to

the

Victory

Floating

Rate

Fund

have

been

removed,

making

the

entire

Line

of

Credit

(committed

and

uncommitted)

available

to

all

Funds.

Interest

charged

to each

Fund during

the

period,

if

applicable,

is

reflected

on

the

Statements

of

Operations

under

Line

of

credit

fees.

The

Funds

had

no

borrowings

under the

Line

of

Credit

agreement

during

the

year

ended

December

31,

2025. Interfund

Lending:

The

Trust

and

the

Adviser

rely

on

an

exemptive

order

granted

by

the

SEC

in

March

2017

(the

"Order"),

permitting

the

establishment

and

operation

of

an

Interfund

Lending

Facility

(the

"Facility").

The

Facility

allows

each

Fund

to

directly

lend

and

borrow

money

to

or

from

any

other

fund

in

the

Victory

Funds

Complex

that

is

permitted

to

participate

in

the

Facility,

relying

upon

the

Order

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Advances

under

the

Facility

are

allowed

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

each

Fund's

borrowing

restrictions.

The

interfund

loan

rate

is

determined,

as

specified

in

the

Order,

by

averaging

the

current

repurchase

agreement

rate

and

the

current

bank

loan

rate.

As

a

Borrower

(as

defined

in

the

Order),

interest

charged

to

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending

fees.

As

a

Lender

(as

defined

in

the

Order),

interest

earned

by

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending.

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

The

average

borrowing

or

lending

for

the

days

outstanding

and

average

interest

rate

for

the

Funds

that

utilized

this

Facility

during

the

year

ended

December

31,

2025,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

year

ended

December

31,

2025. 7. #### Federal

#### Income

#### Tax

#### Information:
Dividends

from

net

investment

income,

if

any,

are

declared

and

paid

as

noted

in

the

table

below.

Distributable

net

realized

gains,

if

any,

are

declared

and

distributed

at

least

annually

from

each

Fund.

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

"book/tax"

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Funds

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statements

of

Assets

and

Liabilities.

As

of

December

31,

2025,

on

the

Statements

of

Assets

and

Liabilities,

there

were

no

permanent

book-to-tax

difference

reclassification

adjustments.

The

tax

character

of

distributions

paid

during

the

tax

years

ended,

as

noted

below,

were

as

follows

(total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because,

for

tax

purposes,

dividends

are

recognized

when

actually

paid)

(amounts

in

thousands):

Borrower

or

Lender

Amount

Outstanding

at

December

31,

2025

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

High

Yield

Fund

................................

Borrower

$

—

$

4,417

4.90%

$

6,257

Floating

Rate

Fund

...............................

Borrower

—

1,004

4.89%

1,004

Declared

Paid

Low

Duration

Bond

Fund

Daily

Monthly

High

Yield

Fund

.

.

.

Daily

Monthly

Floating

Rate

Fund

.

Daily

Monthly

Year

Ended

December

31,

2025

Distributions

Paid

From:

Ordinary

Income

Total

Distributions

Paid

Low

Duration

Bond

Fund

..................................................................

$

4,408

$

4,408

High

Yield

Fund

........................................................................

8,455

8,455

Floating

Rate

Fund

.......................................................................

37,617

37,617

Year

Ended

December

31,

2024

Distributions

Paid

From:

Ordinary

Income

Total

Distributions

Paid

Low

Duration

Bond

Fund

.....................................................................

$

4,817

$

4,817

High

Yield

Fund

...........................................................................

12,883

12,883

Floating

Rate

Fund

..........................................................................

59,898

59,898

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

As

of

December

31,

2025,

the

components

of

accumulated

earnings

(loss)

on

a

tax

basis

were

as

follows

(amounts

in

thousands):

\*

The

difference

between

the

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

is

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

as

of

activity, and

callable

bonds

amortization.

As

of December

31,

2025,

the

Funds

had

net

capital

loss

carryforwards

as

shown

in

the

table

below

(amounts

in

thousands).

It

is

unlikely

that

the

Board

will

authorize

a

distribution

of

capital

gains

realized

in

the

future

until

the

capital

loss

carryforwards

have

been

used.

As

of December

31,

2025,

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation,

and

net

unrealized

appreciation

(depreciation)

for

investments were

as

follows

(amounts

in

thousands):

In

this

reporting

period,

the

Funds

adopted

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Update

2023-09,

"Income

Taxes

(Topic

740)

Improvements

to

Income

Tax

Disclosures"

("ASU

2023-09").

Adoption

of

the

new

standard

by

the

Funds

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Funds'

financial

position

or

results

of

operations.

A

disaggregation

of

income

taxes

paid

by

jurisdiction

is

presented

when

significant

income

taxes

are

paid.

Income

taxes

paid

by

the

Funds

for

the

year

ended

December

31,

2025 were

determined

to

not

be

significant.

8. #### Segment

#### Reporting:
The

Adviser's

Management

Committee acts

as

each

Fund's

Chief

Operating

Decision

Maker

("CODM").

Each

Fund

represents

a

single

operating

segment,

as

the

CODM

monitors

the

operating

results

of

each

Fund

as

a

whole

and

the

Fund's

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

Fund's

single

investment

objective.

The

financial

information

in

the

form

of

the

Funds'

portfolio

composition,

total

returns,

expense

ratios,

and

changes

in

net

assets,

which

are

used

by

the

CODM

to

assess

the

segment's

performance

versus

each

Fund's

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund's

single

segment,

is

consistent

with

that

presented

within

each

Fund's

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

Statements

of

Assets

and

Liabilities

as

"total

assets"

and

significant

segment

expenses

are

listed

on

the

accompanying

Statements

of

Operations.

Distributions

Payable

Accumulated

Earnings

(Loss)

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation

(Depreciation)\*

Total

Accumulated

Earnings

(Loss)

Low

Duration

Bond

Fund

.........................

$

(49) $

(49) $

(34,012)

$

1,508

$

(32,553)

High

Yield

Fund

...............................

(66) (66) (67,328)

(169) (67,563)

Floating

Rate

Fund

..............................

(188) (188) (471,172)

(28,557)

(499,917)

Short-Term

Amount

Long-Term

Amount

Total

Low

Duration

Bond

Fund

................................................

$

(13,232)

$

(20,780)

$

(34,012)

High

Yield

Fund

......................................................

(7,467)

(59,861)

(67,328)

Floating

Rate

Fund

.....................................................

(80,716)

(390,456)

(471,172)

Cost

of

Investments

for

Federal

Tax

Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Low

Duration

Bond

Fund

..............................

$

88,341

$

1,689

$

(181) $

1,508

High

Yield

Fund

....................................

128,415

4,113

(4,282)

(169) Floating

Rate

Fund

...................................

397,507

12,377

(40,934)

(28,557)

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

and

Board

of

Trustees

of

Victory

Portfolios

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

portfolio

investments,

of

Victory

Low

Duration

Bond

Fund,

Victory

High

Yield

Fund,

and

Victory

Floating

Rate

Fund

(the

"Funds"),

each

a

series

of

Victory

Portfolios,

as

of

December

31,

2025,

the

related

statements

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2025,

the

results

of

their

operations

for

the

year

then

ended,

the

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025,

by

correspondence

with

the

custodian,

brokers

and

issuers;

when

replies

were

not

received

from

brokers

or

issuers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

investment

companies

advised

by

Victory

Capital

Management

Inc.

since

2015. COHEN

&

COMPANY,

LTD.

Cleveland,

Ohio

February

20,

2026

Supplemental

Information

December

31,

2025

Victory

Portfolios

(Unaudited)

Additional

Federal

Income

Tax

Information

For

the

fiscal

year

ended

December

31,

2025,

the

Funds

hereby

designate

the

maximum

amount

allowable

of

their

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

Shareholders

will

be

notified

via

IRS

Form

1099

of

the

amounts

for

use

in

preparing

their

income

tax

return.

Victory

Portfolios

(Unaudited)

Supplemental

Information

—

continued

December

31,

2025

Considerations

of

the

Board

in

Continuing

the

Investment

Advisory

Agreement

(the

"Agreement")

The

Board

approved

the

Agreement

with

the

Victory

Capital

Management

Inc

(the

"Adviser"),

on

behalf

of

each

applicable

Fund

at

a

meeting,

which

was

called

for

that

purpose,

on

December

4,

2025. The

Board

also

considered

information

relating

to

each

Fund

and

the

Agreement

provided

throughout

the

year

and,

more

specifically,

at

the

meetings

on

October

21,

2025

and

December

4,

2025. In

considering

whether

to

approve

the

Agreement,

the

Board

requested

from

the

Adviser

certain

information

concerning

each

Fund

to

assist

it

in

evaluating

the

terms

of

the

Agreement.

In

response

to

the

request

from

the

Independent

Trustees,

the

Adviser

provided

information

and

reports

relevant

to

the

continuation

of

the

Agreement.

The

Board,

including

the

Independent

Trustees,

evaluated

this

information

along

with

other

information

obtained

throughout

the

year

and

was

advised

by

legal

counsel

to

the

Funds

and

independent

legal

counsel

to

the

Independent

Trustees.

The

Board

considered

the

Fund's

advisory

fee,

expense

ratio

and

investment

performance

as

significant

factors

in

determining

whether

the

Agreement

should

be

continued.

In

considering

whether

the

compensation

paid

to

the

Adviser

was

fair

and

reasonable,

the

Board

also

evaluated,

among

other

things,

the

following

factors:

The

requirements

of

the

Funds

for

the

services

provided

by

the

Adviser;

The

nature,

quality

and

extent

of

the

services

provided

and

expected

to

be

provided;

The

performance

of

the

Funds

as

compared

to

comparable

funds;

The

fees

payable

for

the

services

and

whether

the

fee

arrangements

provided

for

economies

of

scale

that

would

benefit

Fund

shareholders

as

the

Funds

grow

(acknowledging

that

economies

of

scale

can

be

complex

to

assess

and

typically

are

not

directly

measurable)

and

whether

breakpoints

would

be

appropriate;

Whether

the

fee

would

be

sufficient

to

enable

the

Adviser

to

attract

and

retain

experienced

personnel

and

continue

to

provide

quality

services

to

the

Funds;

The

fees

paid

by

other

clients

of

the

Adviser

whose

accounts

are

managed

in

a

similar

investment

style

and

any

differences

in

the

services

provided

to

the

other

clients

compared

to

those

provided

to

the

Funds;

The

total

expenses

of

each

Fund;

Management's

commitment

to

operating

the

Funds

at

competitive

expense

levels;

The

profitability

of

the

Adviser

(as

reflected

by

comparing

fees

earned

against

an

estimate

of

the

Adviser's

costs)

with

respect

to

the

Adviser's

relationship

with

the

Funds;

Research

and

other

service

benefits

received

by

the

Adviser

obtained

through

payment

of

client

commissions

for

securities

transactions;

Other

benefits

received

by

the

Adviser,

and

its

affiliates,

including

revenues

paid

to

the

Adviser,

or

its

affiliates,

by

the

Funds

for

administration

and

fund

accounting

services,

shareholder

services

and

distribution;

The

capabilities

and

financial

condition

of

the

Adviser;

Current

economic

and

industry

trends;

and

The

historical

relationship

between

each

Fund

and

the

Adviser.

The

Board

reviewed

each

Fund's

gross

management

fee,

comprised

of

the

advisory

fee

plus

the

administrative

services

fee

paid

to

the

Adviser,

in

the

context

of

the

Adviser's

business

and

services

with

respect

to

each

Fund

individually

and

with

respect

to

all

the

funds

as

a

whole.

The

Board

retained

an

independent,

third-party

consultant

to

provide

comparative

information

about

fees,

expenses

and

performance,

and

to

design

and

maintain

a

database

of

relevant

information

designed

to

assist

the

Board

in

retrieving

and

analyzing

comparative

information.

The

Board

considered

information,

analyses

and

methodologies

provided

by

the

consultant.

The

Board

compared

each

Fund's

gross

management

fee

and

total

operating

expense

ratio

on

a

net

and

gross

basis

with

the

median

gross

management

fee

and

median

expense

ratio

of

a

universe

of

comparable

mutual

funds

compiled

by

the

consultant,

and

a

peer

group

of

funds

selected

by

that

consultant

from

the

universe.

The

Board

reviewed

the

factors

and

methodology

reflected

in

the

consultant's

analyses

in

the

selection

of

each

Fund's

peer

group,

including

the

consultant's

selection

of

a

broad

universe

of

funds,

the

more

specific

universe

of

comparable

funds,

and

peer

groups

of

funds

with

comparable

investment

strategies

and

asset

levels,

among

other

factors.

The

Board

also

reviewed

any

changes

to

the

consultant's

methodology

as

compared

to

the

prior

year,

including

those

resulting

from

the

Adviser's

input,

if

any.

The

Board

also

reviewed,

where

applicable,

fees

and

other

information

related

to

the

Adviser's

management

of

similarly

managed

institutional

or

private

accounts,

and

the

differences

in

the

services

provided

to

the

other

accounts.

The

Board

noted

that

none

of

the

advisory

fee

arrangements

for

these

Funds

included

breakpoints,

which

would

be

a

structure

that

results

in

reduced

fees

as

a

Fund

grows.

The

Board

also

considered

the

Adviser's

commitment

to

limit

expenses

as

discussed

in

more

detail

below.

As

in

prior

years,

in

evaluating

the

Adviser's

performance,

the

Board

also

considered

how

the

Adviser

addressed

challenges

related

to

changing

market

conditions

and

legal

and

regulatory

developments

affecting

the

Funds.

To

help

it

evaluate

the

fees

and

expenses

of

each

Fund

with

a

total

net

expense

ratio

that

ranked

within

the

fourth

quartile

(most

expensive)

in

relation

to

funds

in

a

peer

group

selected

by

an

independent

third-party

consultant,

the

Board

requested,

and

the

Adviser

provided,

supplemental

information

about

fee

levels

and

the

nature

of

the

services

provided

on

a

Fund-by-Fund

basis

as

described

in

greater

detail

below.

When

a

Fund's

management

fee

or

total

expenses

were

higher

than

those

of

other

funds

in

the

peer

group,

the

Board

considered

factors

that

contributed

to

the

Fund's

management

fee

or

the

Fund's

total

expenses,

including,

among

other

things,

whether

the

Fund

requires

specific

or

specialized

portfolio

management,

administration

or

oversight

needs;

the

size

of

the

Fund's

assets

in

relation

to

its

peers;

whether

the

Fund

has

experienced

sustained

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

redemptions

leading

to

decreased

assets;

and

the

factors

that

resulted

in,

for

example,

rapid

or

recent

changes

in

expenses.

The

Board

also

considered

the

extent

to

which

the

Adviser

waives

management

fees

and/or

reimburses

any

Fund

for

other

Fund-level

expenses,

including

the

extent

to

which

any

such

waivers

or

reimbursements

were

applied

at

different

rates

for

different

share

classes.

The

Board

asked

for

and

received

information

to

help

it

evaluate

the

process

that

the

Adviser

uses

to

monitor

whether

any

such

waiver

or

reimbursement

resulted

in

any

potential

"cross-subsidization"

of

one

share

class

by

another

share

class.

The

Board

also

reviewed

the

compliance

and

administrative

services

provided

to

the

Funds

by

the

Adviser

and

its

affiliates,

including

the

Adviser's

oversight

of

the

Funds'

day-to-day

operations

and

oversight

of

Fund

accounting,

assistance

in

meeting

legal

and

regulatory

requirements,

and

other

services

necessary

for

the

operation

of

the

Funds

and

the

Trust.

The

Board

reviewed

each

Fund's

performance

over

one-,

three-,

five-

and

ten-year

periods

(as

applicable)

against

the

performance

of

the

Fund's

selected

peer

group

and

benchmark

index.

The

Board

recognized

that

the

performance

of

the

Funds

and

the

peer

group

funds

are

net

of

expenses,

while

the

performance

of

the

benchmark

index

reflects

gross

returns.

When

a

Fund

underperformed

the

funds

in

its

selected

peer

group

and/or

benchmark

index

for

any

of

the

periods

reported,

the

Board

considered

the

magnitude

and

duration

of

that

underperformance

relative

to

the

selected

peer

group

and/or

benchmark

index

(e.g.,

the

amount

by

which

a

Fund

underperformed,

including,

for

example,

whether

the

Fund

slightly

underperformed

or

significantly

underperformed

its

benchmark

both

in

absolute

and

relative

terms).

For

those

Funds

identified

as

having

underperformed

the

selected

peer

group

and/or

benchmark

index

for

multiple

periods

of

time,

the

Board

further

inquired

into

the

circumstances

of

its

underperformance,

including

with

respect

to

significant

differences

in

investment

strategy

or

securities

exposure

of

the

Fund

as

compared

to

its

benchmark

index

and

selected

peer

group.

In

these

cases,

the

Board

discussed

with

the

Adviser

each

such

Fund's

performance,

potential

reasons

for

the

relative

performance,

and,

if

necessary,

steps

that

the

Adviser

had

taken,

or

intends

to

take,

to

improve

performance,

including,

as

appropriate,

matters

relating

to

staffing

levels,

and

portfolio

trading

strategies,

among

other

things.

When

a

Fund's

gross

management

fee,

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

or

total

net

expenses

ranked

in

the

fourth

quartile

(most

expensive),

the

Board

considered

the

magnitude

of

differences

relative

to

the

selected

peer

group

(e.g.,

the

amount

by

which

a

Fund's

expenses

differed,

including,

for

example,

whether

the

Fund's

fees

and

expenses

were

slightly

or

significantly

higher

as

compared

to

funds

in

its

selected

peer

group).

The

Board

also

considered

the

types

of

expenses

paid

by

the

funds

in

the

Funds'

selected

peer

groups

noting,

for

example,

that

certain

funds

in

the

Funds'

selected

peer

groups

may

not

pay

rule

12b-1

fees,

and

the

changes

in

the

selected

peer

groups

as

compared

to

prior

years.

The

Board

also

met

with

the

portfolio

managers

of

the

Funds

during

the

months

prior

to

voting

on

the

contract

renewal

to

discuss

the

Funds'

performance,

and

received

a

report

each

quarter

on

the

Funds'

performance,

among

other

things,

from

the

Adviser's

President

of

Investment

Franchises

&

Solutions

and

Head

of

Product

&

Strategy.

The

Board

also

considered

the

Adviser's

responsiveness

with

respect

to

the

relative

performance.

The

Board

recognized

that

the

performance

data

reflects

a

period

as

of

a

particular

date

and

that

selecting

a

different

performance

period

could

produce

significantly

different

results.

The

Board

further

acknowledged

that

long-term

performance

could

be

affected

by

even

one

period

of

significant

outperformance

or

underperformance.

In

this

regard,

the

Board

noted

that

performance,

especially

short-term

performance,

is

only

one

of

the

factors

that

it

deems

relevant

to

its

consideration

of

the

Agreement.

The

Board

reviewed

various

other

specific

factors

with

respect

to

each

Fund,

as

described

below.

In

their

deliberations,

the

Trustees

did

not

rank

the

importance

of

any

particular

information

or

factor

considered

and

each

Trustee

may

have

attributed

different

weights

to

various

factors.

Victory

Low

Duration

Bond

Fund:

Performance.

The

Board

compared

the

Fund's

Class

A

performance

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund's

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

outperformed

the

benchmark

index

for

all

of

the

periods

reviewed

and

underperformed

the

peer

group

median

for

all

the

periods

reviewed.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund's

peer

group,

the

Fund's

gross

management

fee

ranked

in

the

fourth

quartile

(most

expensive),

the

Fund's

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

third

quartile

and

the

Fund's

total

net

expenses

ranked

in

the

fourth

quartile

(most

expensive).

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses

for

certain

classes

of

the

Fund's

shares,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund's

management

fee

compared

to

comparable

mutual

funds;

(2) the

Fund's

total

expense

ratio

compared

to

comparable

mutual

funds;

(3) that

the

Adviser's

willingness

to

limit

the

expenses

of

certain

classes

for

a

period

of

time

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period;

and

(4) any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund's

shareholders.

Victory

High

Yield

Fund:

Performance.

The

Board

considered

the

fact

that

as

of

October

2024,

the

Adviser

assumed

day-to-day

portfolio

management

responsibilities

from

the

Fund's

former

sub-adviser.

The

Board

compared

the

Fund's

Class

A

performance

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund's

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

underperformed

the

benchmark

for

the

three-,

five-,

and

ten-year

periods,

outperformed

the

benchmark

for

the

one-year

period,

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

underperformed

the

peer

group

median

for

the

three-

and

five-year

periods,

and

outperformed

the

peer

group

median

for

the

one-

and

ten-year

periods.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund's

peer

group,

the

Fund's

gross

management

fee

ranked

in

the

fourth

quartile

(most

expensive),

the

Fund's

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

fourth

quartile

(most

expensive)

and

the

Fund's

total

net

expenses

ranked

in

the

third

quartile.

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses

for

certain

classes

of

the

Fund's

shares,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund's

management

fee

compared

to

comparable

mutual

funds;

(2) the

Fund's

total

expense

ratio

compared

to

comparable

mutual

funds;

(3) that

the

Adviser's

willingness

to

limit

the

expenses

of

certain

classes

for

a

period

of

time

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period;

and

(4) any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund's

shareholders.

Victory

Floating

Rate

Fund:

Performance.

The

Board

noted

that

it

approved

an

Interim

Sub-Advisory

Agreement

between

the

Adviser

and

Amundi

Asset

Management

US,

Inc.,

on

behalf

of

the

Fund,

at

its

meeting

on

September

26,

2024,

effective

October

4,

2024,

and

that

the

Interim

Sub-Advisory

Agreement

continued

in

effect

until

March

3,

2025. The

Board

also

noted

that

prior

to

October

4,

2024,

a

different

sub-adviser

sub-advised

the

Fund.

The

Board

also

noted

that

the

portfolio

managers

who

managed

the

Fund

under

the

Interim

Sub-Advisory

Agreement

became

employees

of

the

Adviser

in

April

2025

and

recommenced

management

of

the

Fund

at

that

time

pursuant

to

the

Fund's

Advisory

Agreement.

The

Board

compared

the

Fund's

Class

A

performance

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund's

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

outperformed

the

benchmark

index

for

all

periods

reviewed,

outperformed

the

peer

group

median

for

the

one-

and

ten-year

periods,

and

underperformed

the

peer

group

median

for

the

three-

and

five-year

periods.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund's

peer

group,

the

Fund's

gross

management

fee

ranked

in

the

fourth

quartile

(most

expensive),

the

Fund's

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

third

quartile

and

the

Fund's

total

net

expenses

ranked

in

the

third

quartile.

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses

for

certain

classes

of

the

Fund's

shares,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund's

management

fee

compared

to

comparable

mutual

funds;

(2) the

Fund's

total

expense

ratio

compared

to

comparable

mutual

funds;

(3) that

the

Adviser's

willingness

to

limit

the

expenses

of

certain

classes

for

a

period

of

time

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period;

and

(4) any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund's

shareholders.

Conclusion:

Based

on

its

review

of

the

information

requested

and

provided,

and

following

extended

discussions,

the

Board

determined

that:

(i) the

Adviser's

services

benefitted

each

Fund's

shareholders,

particularly

in

light

of

the

nature

of

each

Fund

and

the

services

required

to

support

each

Fund;

(ii) it

was

generally

satisfied

with

the

nature,

quality

and

extent

of

the

services

provided

by

the

Adviser

to

each

Fund;

and

(iii) the

Agreement,

on

behalf

of

each

Fund

discussed

above,

was

consistent

with

the

best

interests

of

each

Fund

and

its

shareholders.

Accordingly,

the

Board

unanimously

approved

the

Agreement,

on

behalf

of

each

Fund,

for

an

additional

annual

period

on

the

basis

of

the

foregoing

review

and

discussions

and

the

following

considerations,

among

others:

The

fairness

and

reasonableness

of

the

investment

advisory

fee

payable

to

the

Adviser

under

the

Agreement

in

light

of

the

investment

advisory

services

provided,

the

costs

of

these

services,

the

profitability

of

the

Adviser's

relationship

with

each

Fund

and

the

comparability

of

the

fee

paid

to

the

fees

paid

by

other

investment

companies;

The

nature,

quality

and

extent

of

the

investment

advisory

services

provided

by

the

Adviser;

The

Adviser's

entrepreneurial

commitment

to

the

management

of

each

Fund

and

the

creation

of

a

broad-based

family

of

funds,

which

entails

a

substantial

commitment

of

the

Adviser's

resources

to

the

successful

operation

of

each

Fund;

The

Adviser's

representations

regarding

its

staffing

and

capabilities

to

manage

each

Fund,

including

the

retention

of

personnel

with

relevant

portfolio

management

experience;

The

Adviser's

efforts

to

enhance

investment

results

by,

among

other

things,

developing

and

supporting

quality

portfolio

management

teams;

and

The

overall

high

quality

of

the

personnel,

operations,

financial

condition,

investment

management

capabilities,

methodologies

and

perfor-

mance

of

the

Adviser.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

800-539-FUND

(800-539-3863)

800-235-8396

for

Member

Class

VPRSFIF-AR

(12/25)

(b) The Financial Highlights are included as a part of the Financial Statements filed under Item 7(a) of this Form.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Proxy disclosures, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Approval of Investment Advisory Contract is a part of the Financial Statements filed under Item 7(a) of this Form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16. Controls and Procedures.**

(a) The Registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.** 

(a)(1) [The Code of Ethics is attached hereto.](codeofethics.htm)

(a)(2) Not applicable.

(a)(3) [The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached hereto.](ex99.htm)

(a)(4) Not Applicable

(a)(5) Not Applicable

(b) [The certifications required by Rule 30a-2(b) of the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99906.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Victory Portfolios&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

By (Signature and Title) <u>/s/ Carol D. Trevino</u><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Carol D. Trevino, Treasurer and Principal Financial Officer

Date:&nbsp;&nbsp;&nbsp;&nbsp; <u>March 6, 2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)/s/ Thomas Dusenberry<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Thomas Dusenberry, President and Principal Executive Officer

Date:&nbsp;&nbsp;&nbsp;&nbsp; <u>March 6, 2026</u>

By (Signature and Title)/s/ Carol D. Trevino<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Carol D. Trevino, Treasurer and Principal Financial Officer

Date:&nbsp;&nbsp;&nbsp;&nbsp; <u>March 6, 2026</u>

## Exhibit 99.906

<u>Section 906 – CERTIFICATIONS</u>

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2025, of Victory Portfolios (the "Registrant").

Each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of the Registrant, hereby certifies that, to such officer's knowledge:

1. &nbsp;&nbsp;&nbsp;&nbsp;

the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. &nbsp;&nbsp;&nbsp;&nbsp;

the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

<u>March 6, 2026&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Date

<u>/s/ Thomas Dusenberry</u> <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Thomas Dusenberry

President and Principal Executive Officer

<u>/s/ Carol D. Trevino&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Carol D. Trevino

Treasurer and Principal Financial Officer

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

## Ex-99.Cert

<u>Section 302 – CERTIFICATIONS</u>

I, Thomas Dusenberry, certify that:

1. I have reviewed this report on Form N-CSR of Victory Portfolios (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)

&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

<u>March 6, 2026&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Thomas Dusenberry</u><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thomas Dusenberry

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Principal Executive Officer

<u>Section 302 – CERTIFICATIONS</u>

I, Carol D. Trevino, certify that:

1. I have reviewed this report on Form N-CSR of Victory Portfolios (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)

&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 <u>March 6, 2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Carol D. Trevino&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Date&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carol D. Trevino

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasurer and Principal Financial Officer

## Ex-99.Code

**VICTORY PORTFOLIOS VICTORY PORTFOLIOS II**

**CODE OF CONDUCT**

**FOR PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER**

**I. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers/Purpose of the Code**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** This Code of Conduct (the "Code") applies to the Principal Executive Officer and Principal Financial Officer of Victory Portfolios and Victory Portfolios II (each a "Trust" and, collectively, the "Trusts") (the "Covered Officers"), each of whom is set forth in Exhibit A, for the purpose of promoting:

1. &nbsp;&nbsp;&nbsp;&nbsp; Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

2. &nbsp;&nbsp;&nbsp;&nbsp; Full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trusts;

3. &nbsp;&nbsp;&nbsp;&nbsp; Compliance with applicable laws and governmental rules and regulations;

4. &nbsp;&nbsp;&nbsp;&nbsp; The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

5. &nbsp;&nbsp;&nbsp;&nbsp; Accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers Should Handle Ethically Any Actual or Apparent Conflicts of Interest

**A. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Trusts. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his or her position with the Trusts.

Certain conflicts of interest that could arise out of the relationships between Covered Officers and the Trusts already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trusts

because of their status as "affiliated persons" of the Trusts. The Trusts' and their investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise or result from the contractual relationship between the Trusts and the investment adviser and the administrator, whose officers or employees also serve as Covered Officers. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trusts or for the adviser or the administrator, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser, the administrator and the Trusts. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the adviser, the administrator and the Trusts and is consistent with the performance by the Covered Officers of their duties as officers of the Trusts. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by each Trust's Board of Trustees (the "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act or the Investment Advisers Act.

Section C describes the types of conflicts of interest that are covered under this Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

**B. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations of Covered Officers.** Each Covered Officer must:

1. &nbsp;&nbsp;&nbsp;&nbsp; Not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trusts whereby the Covered Officer would benefit personally to the detriment of the Trusts;

2. &nbsp;&nbsp;&nbsp;&nbsp; Not cause the Trusts to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trusts;

3. &nbsp;&nbsp;&nbsp;&nbsp; Report at least annually outside business affiliations or other relationships (*e.g.,* officer, director, governor, trustee, part-time employment) other than his or her relationship to the Trusts, the investment adviser and the administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conflicts of interest.** When a Covered Person becomes aware of a situation that could involve a conflict of interest, or that could reasonably be considered an appearance of a conflict of interest, the Covered Person should disclose this matter to the Chief Compliance Officer. For purposes of this Code, the Chief Compliance Officer shall be the Chief Compliance Officer of Victory Capital Management Inc. ("VCM"). Examples of these include:

1. &nbsp;&nbsp;&nbsp;&nbsp; Service as a director on the board of any public or private company;

2. &nbsp;&nbsp;&nbsp;&nbsp; The receipt, as an officer of the Trusts, of any gift in excess of $100;

3. &nbsp;&nbsp;&nbsp;&nbsp; The receipt of any entertainment from any company with which the Trusts have current or prospective business dealings, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

4. &nbsp;&nbsp;&nbsp;&nbsp; Any ownership interest in, or any consulting or employment relationship with, any of the Trusts' service providers, other than their investment adviser, principal underwriter, administrator or any affiliated person thereof;

5. &nbsp;&nbsp;&nbsp;&nbsp; A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trusts for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conflicts of interest not specifically enumerated.** It is impractical to attempt to list in this Code all possible situations that could result in a conflict of interest. If a proposed transaction, interest, personal activity, or investment raises any concerns, questions or doubts, a Covered Officer should consult with the Chief Compliance Officer before engaging in such transaction or investment or pursuing such interest or activity. The Chief Compliance Officer shall review the facts and circumstances of the actual or potential conflict of interest in accordance with Section IV of these Procedures.

III. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trusts to others, whether within or outside the Trusts, including to the Trusts' Trustees and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trusts, the adviser and the administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trusts file with, or submit to, the SEC and in other public communications made by the Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reporting and Accountability

**A. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Responsibilities and conduct.** Each Covered Officer must:

1. &nbsp;&nbsp;&nbsp;&nbsp; Upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the appropriate Board that he or she has received, read, and understands the Code;

2. &nbsp;&nbsp;&nbsp;&nbsp; Annually thereafter affirm to the appropriate Board that he or she has complied with the requirements of the Code;

3. &nbsp;&nbsp;&nbsp;&nbsp; Not retaliate against any other Covered Officer or any employee of the Trusts or their affiliated persons for reports of potential violations that are made in good faith; and

4. &nbsp;&nbsp;&nbsp;&nbsp; Notify the Chief Compliance Officer promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer.** The Chief Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. Based on its review, the Chief Compliance Officer shall advise the Covered Officer that the proposed transaction, investment, interest or activity: (i) would not violate this Code; (ii) would not violate this Code only if conducted in a particular manner and/or subject to certain conditions or safeguards; or (iii) would violate the Code and is, therefore, prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waivers.** A Covered Officer may request a waiver from a provision of this Code if there is a reasonable likelihood that a contemplated action would not involve an actual conflict of interest that this Code is designed to prevent. The Audit and Risk Oversight Committee of the Board (the "Committee") shall review and act upon any request for a waiver from any provision of the Code. The Committee shall disclose any waiver from a provision of the Code to the extent required by SEC rules or any other policy of the Trusts or VCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enforcing the Code of Conduct.** The Trusts will adhere to the following procedures in investigating and enforcing this Code:

1. &nbsp;&nbsp;&nbsp;&nbsp; The Chief Compliance Officer will take all appropriate action to investigate any potential violations reported to him or her;

2. &nbsp;&nbsp;&nbsp;&nbsp; If, after such investigation, the Chief Compliance Officer believes that no violation has occurred, no further action is required;

3. &nbsp;&nbsp;&nbsp;&nbsp; Any matter that the Chief Compliance Officer believes is a violation shall be reported to the Committee; and

4. &nbsp;&nbsp;&nbsp;&nbsp; If the Committee concurs that a violation has occurred, it will inform the Board and make a recommendation of appropriate courses of action. The Board will consider and take appropriate action regarding the violation. The Board may among other things, notify VCM, the Trust's administrator, or their Boards of Directors; recommend the assessment of a monetary penalty against the Covered Person; issue a formal written reprimand to, or recommend the dismissal of, the Covered Officer; require additional training by the violator; or recommend modifications to the Trust's policies and procedures.

V. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Policies and Procedures

This Code shall be the sole code of conduct adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies relating to that section. Insofar as other policies or procedures of the Trusts, the Trusts' investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Codes of Ethics under Rule 17j-1 under the Investment Company Act, and any insider trading policies are separate policies of the Trusts, VCM, any sub-adviser or the principal underwriter that apply to the Covered Officers and others, and are not part of this Code.

VI. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not "interested persons" (as defined in the Investment Company Act) (the "Independent Trustees"). Any changes to this Code will, to the extent required, will be disclosed as provided by SEC rules.

VII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than officers and Trustees of the Trust, the Trusts' investment adviser, administrator or sub-administrator, counsel to the Trusts or counsel to the Independent Trustees.

VIII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internal Use

The Code is intended solely for the internal use by the Trusts and does not constitute an admission, by or on behalf of the Trusts, as to any fact, circumstance, or legal conclusion.

Adopted: August 5, 2003

Adopted: May 1, 2015 Victory Portfolios II

Amended:&nbsp;&nbsp;&nbsp;&nbsp; February 22, 2012

August 20, 2014

February 2, 2026

# Exhibit A
**<u>Persons Covered by this Code of Conduct</u>**

Victory Portfolios and Victory Portfolios II:

Principal Executive Officer: Thomas Dusenberry, President Principal Financial Officer: Carol D. Trevino, Treasurer

As of February 2, 2026

# Exhibit B <u>Acknowledgement</u> 
Pursuant to the requirements of the Code of Conduct adopted by Victory Portfolios and Victory Portfolios II (the "Code"), I hereby acknowledge and affirm that I have received, read and understand the Code and agree to adhere to and abide by the letter and spirit of its provisions.

Signature:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Thomas Dusenberry&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Print Name:&nbsp;&nbsp;&nbsp;&nbsp; Thomas Dusenberry

Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>February 2, 2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

# Exhibit B <u>Acknowledgement</u> 
Pursuant to the requirements of the Code of Conduct adopted by Victory Portfolios and Victory Portfolios II (the "Code"), I hereby acknowledge and affirm that I have received, read and understand the Code and agree to adhere to and abide by the letter and spirit of its provisions.

Signature:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Carol D.Trevino&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Print Name:&nbsp;&nbsp;&nbsp;&nbsp; Carol D. Trevino

Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>February 2, 2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

# Exhibit C <u>Annual Certification</u> 
Pursuant to the requirements of the Code of Conduct adopted by Victory Portfolios and Victory Portfolios II (the "Code"), I hereby acknowledge and affirm that since the date of the last annual certification given pursuant to the Code, I have complied with all requirements of the Code.

Signature:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Carol D.Trevino&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Print Name:&nbsp;&nbsp;&nbsp;&nbsp; Carol D. Trevino

Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>February 2, 2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

# Exhibit C <u>Annual Certification</u> 
Pursuant to the requirements of the Code of Conduct adopted by Victory Portfolios and Victory Portfolios II (the "Code"), I hereby acknowledge and affirm that since the date of the last annual certification given pursuant to the Code, I have complied with all requirements of the Code.

Signature:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Thomas Dusenberry&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Print Name:&nbsp;&nbsp;&nbsp;&nbsp; Thomas Dusenberry

Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>February 2, 2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>