# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0001398344-25-017558
**Filing Date:** 2025-9
**Character Count:** 912623
**Document Hash:** 31f7e90e8980431c4dfc3abe60c82511
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-017558.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001398344-25-017558

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 80

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04852
- **FILM NUMBER:** 251292686

**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 Tax-Exempt Fund (Series ID: S000053573)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168378 | Class A      | GUTEX           |
| C000168379 | Class C      | RETCX           |
| C000168380 | Class Y      | RSTYX           |

### Victory High Income Municipal Bond Fund (Series ID: S000053574)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168381 | Class A      | RSHMX           |
| C000168382 | Class C      | RSHCX           |
| C000168383 | Class Y      | RHMYX           |
| C000219867 | Member Class | RHMMX           |

### 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&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;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>June 30, 2025</u>

**Item 1. Reports to Stockholders.**

(a) #### Victory RS Partners Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class A

Ticker: RSPFX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Partners Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class A | $65 | 1.33% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $541123 |
| Number of Holdings | 69 |
| Portfolio Turnover | 28% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i7da150fca370645d0a20f676.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 3.0% |
| Information Technology | 4.5% |
| Utilities | 5.4% |
| Health Care | 5.4% |
| Materials | 5.8% |
| Energy | 6.0% |
| Real Estate | 8.6% |
| Consumer Discretionary | 10.1% |
| Industrials | 13.5% |
| Financials<sup>Footnote Reference\*\*</sup> | 34.7% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Globe Life, Inc. | 3.8% |
| Old National Bancorp | 3.0% |
| White Mountains Insurance Group Ltd. | 3.0% |
| Ameris Bancorp | 2.9% |
| UMB Financial Corp. | 2.8% |
| Prosperity Bancshares, Inc. | 2.6% |
| The Bank of NT Butterfield & Son Ltd. | 2.5% |
| Renasant Corp. | 2.5% |
| FNB Corp. | 2.3% |
| Euronet Worldwide, Inc. | 2.2% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

RSPFX — SAR (6/25)

#### Victory RS Partners Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class R

Ticker: RSPKX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Partners Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class R | $83 | 1.69% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $541123 |
| Number of Holdings | 69 |
| Portfolio Turnover | 28% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i79c14619e1ef58cbc190d3eb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 3.0% |
| Information Technology | 4.5% |
| Utilities | 5.4% |
| Health Care | 5.4% |
| Materials | 5.8% |
| Energy | 6.0% |
| Real Estate | 8.6% |
| Consumer Discretionary | 10.1% |
| Industrials | 13.5% |
| Financials<sup>Footnote Reference\*\*</sup> | 34.7% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Globe Life, Inc. | 3.8% |
| Old National Bancorp | 3.0% |
| White Mountains Insurance Group Ltd. | 3.0% |
| Ameris Bancorp | 2.9% |
| UMB Financial Corp. | 2.8% |
| Prosperity Bancshares, Inc. | 2.6% |
| The Bank of NT Butterfield & Son Ltd. | 2.5% |
| Renasant Corp. | 2.5% |
| FNB Corp. | 2.3% |
| Euronet Worldwide, Inc. | 2.2% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

RSPKX — SAR (6/25)

#### Victory RS Partners Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class R6

Ticker: RPPRX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Partners Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class R6 | $44 | 0.89% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $541123 |
| Number of Holdings | 69 |
| Portfolio Turnover | 28% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i1e1f713955bf12fea31c9f02.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 3.0% |
| Information Technology | 4.5% |
| Utilities | 5.4% |
| Health Care | 5.4% |
| Materials | 5.8% |
| Energy | 6.0% |
| Real Estate | 8.6% |
| Consumer Discretionary | 10.1% |
| Industrials | 13.5% |
| Financials<sup>Footnote Reference\*\*</sup> | 34.7% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Globe Life, Inc. | 3.8% |
| Old National Bancorp | 3.0% |
| White Mountains Insurance Group Ltd. | 3.0% |
| Ameris Bancorp | 2.9% |
| UMB Financial Corp. | 2.8% |
| Prosperity Bancshares, Inc. | 2.6% |
| The Bank of NT Butterfield & Son Ltd. | 2.5% |
| Renasant Corp. | 2.5% |
| FNB Corp. | 2.3% |
| Euronet Worldwide, Inc. | 2.2% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

RPPRX — SAR (6/25)

#### Victory RS Partners Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class Y

Ticker: RSPYX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Partners Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class Y | $46 | 0.94% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $541123 |
| Number of Holdings | 69 |
| Portfolio Turnover | 28% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i11f34a15756c41c8ab4b5b8f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 3.0% |
| Information Technology | 4.5% |
| Utilities | 5.4% |
| Health Care | 5.4% |
| Materials | 5.8% |
| Energy | 6.0% |
| Real Estate | 8.6% |
| Consumer Discretionary | 10.1% |
| Industrials | 13.5% |
| Financials<sup>Footnote Reference\*\*</sup> | 34.7% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Globe Life, Inc. | 3.8% |
| Old National Bancorp | 3.0% |
| White Mountains Insurance Group Ltd. | 3.0% |
| Ameris Bancorp | 2.9% |
| UMB Financial Corp. | 2.8% |
| Prosperity Bancshares, Inc. | 2.6% |
| The Bank of NT Butterfield & Son Ltd. | 2.5% |
| Renasant Corp. | 2.5% |
| FNB Corp. | 2.3% |
| Euronet Worldwide, Inc. | 2.2% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

RSPYX — SAR (6/25)

#### Victory RS Partners Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Member Class

Ticker: RSPMX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Partners Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Member Class | $55 | 1.13% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $541123 |
| Number of Holdings | 69 |
| Portfolio Turnover | 28% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i52da9a3c2b582316176444a9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 3.0% |
| Information Technology | 4.5% |
| Utilities | 5.4% |
| Health Care | 5.4% |
| Materials | 5.8% |
| Energy | 6.0% |
| Real Estate | 8.6% |
| Consumer Discretionary | 10.1% |
| Industrials | 13.5% |
| Financials<sup>Footnote Reference\*\*</sup> | 34.7% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Globe Life, Inc. | 3.8% |
| Old National Bancorp | 3.0% |
| White Mountains Insurance Group Ltd. | 3.0% |
| Ameris Bancorp | 2.9% |
| UMB Financial Corp. | 2.8% |
| Prosperity Bancshares, Inc. | 2.6% |
| The Bank of NT Butterfield & Son Ltd. | 2.5% |
| Renasant Corp. | 2.5% |
| FNB Corp. | 2.3% |
| Euronet Worldwide, Inc. | 2.2% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

RSPMX — SAR (6/25)

#### Victory RS Value Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class A

Ticker: RSVAX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Value Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class A | $65 | 1.30% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $259120 |
| Number of Holdings | 57 |
| Portfolio Turnover | 27% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i04ebcf77c087241a35588c3c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 4.3% |
| Consumer Staples | 6.3% |
| Energy | 6.3% |
| Utilities | 6.6% |
| Consumer Discretionary | 7.7% |
| Real Estate | 7.9% |
| Health Care | 8.3% |
| Information Technology | 8.3% |
| Industrials | 18.2% |
| Financials | 23.2% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Globe Life, Inc. | 4.4% |
| SS&C Technologies Holdings, Inc. | 2.8% |
| NNN REIT, Inc. | 2.5% |
| Nice Ltd., ADR | 2.4% |
| FirstEnergy Corp. | 2.3% |
| Teva Pharmaceutical Industries Ltd., ADR | 2.3% |
| Encompass Health Corp. | 2.3% |
| Everest Group Ltd. | 2.2% |
| LKQ Corp. | 2.2% |
| U.S. Foods Holding Corp. | 2.2% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

RSVAX — SAR (6/25)

#### Victory RS Value Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class C

Ticker: RVACX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Value Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class C | $103 | 2.07% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $259120 |
| Number of Holdings | 57 |
| Portfolio Turnover | 27% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i428528770f7da1793672432c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 4.3% |
| Consumer Staples | 6.3% |
| Energy | 6.3% |
| Utilities | 6.6% |
| Consumer Discretionary | 7.7% |
| Real Estate | 7.9% |
| Health Care | 8.3% |
| Information Technology | 8.3% |
| Industrials | 18.2% |
| Financials | 23.2% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Globe Life, Inc. | 4.4% |
| SS&C Technologies Holdings, Inc. | 2.8% |
| NNN REIT, Inc. | 2.5% |
| Nice Ltd., ADR | 2.4% |
| FirstEnergy Corp. | 2.3% |
| Teva Pharmaceutical Industries Ltd., ADR | 2.3% |
| Encompass Health Corp. | 2.3% |
| Everest Group Ltd. | 2.2% |
| LKQ Corp. | 2.2% |
| U.S. Foods Holding Corp. | 2.2% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

RVACX — SAR (6/25)

#### Victory RS Value Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class Y

Ticker: RSVYX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Value Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class Y | $53 | 1.06% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $259120 |
| Number of Holdings | 57 |
| Portfolio Turnover | 27% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i95998937cfac90bb17123db6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 4.3% |
| Consumer Staples | 6.3% |
| Energy | 6.3% |
| Utilities | 6.6% |
| Consumer Discretionary | 7.7% |
| Real Estate | 7.9% |
| Health Care | 8.3% |
| Information Technology | 8.3% |
| Industrials | 18.2% |
| Financials | 23.2% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Globe Life, Inc. | 4.4% |
| SS&C Technologies Holdings, Inc. | 2.8% |
| NNN REIT, Inc. | 2.5% |
| Nice Ltd., ADR | 2.4% |
| FirstEnergy Corp. | 2.3% |
| Teva Pharmaceutical Industries Ltd., ADR | 2.3% |
| Encompass Health Corp. | 2.3% |
| Everest Group Ltd. | 2.2% |
| LKQ Corp. | 2.2% |
| U.S. Foods Holding Corp. | 2.2% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

RSVYX — SAR (6/25)

#### Victory RS Large Cap Alpha Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class A

Ticker: GPAFX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Large Cap Alpha Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class A | $45 | 0.89% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $520935 |
| Number of Holdings | 51 |
| Portfolio Turnover | 25% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i84289ba4347253b2afe611a3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 3.4% |
| Real Estate | 3.6% |
| Utilities | 4.0% |
| Consumer Discretionary | 5.0% |
| Energy | 5.8% |
| Consumer Staples | 7.1% |
| Information Technology | 8.9% |
| Health Care | 15.4% |
| Industrials | 16.1% |
| Financials | 23.5% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Citigroup, Inc. | 3.6% |
| Fairfax Financial Holdings Ltd. | 3.4% |
| KeyCorp | 3.3% |
| Everest Group Ltd. | 3.2% |
| The Cigna Group | 3.2% |
| SS&C Technologies Holdings, Inc. | 2.7% |
| JPMorgan Chase & Co. | 2.5% |
| Exxon Mobil Corp. | 2.4% |
| CACI International, Inc., Class A | 2.4% |
| Exelon Corp. | 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. |
|  | 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](i070124222f945cf14de9c575.jpg)

GPAFX — SAR (6/25)

#### Victory RS Large Cap Alpha Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class C

Ticker: RCOCX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Large Cap Alpha Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class C | $86 | 1.69% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $520935 |
| Number of Holdings | 51 |
| Portfolio Turnover | 25% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i6930a39e83744dce23cda029.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 3.4% |
| Real Estate | 3.6% |
| Utilities | 4.0% |
| Consumer Discretionary | 5.0% |
| Energy | 5.8% |
| Consumer Staples | 7.1% |
| Information Technology | 8.9% |
| Health Care | 15.4% |
| Industrials | 16.1% |
| Financials | 23.5% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Citigroup, Inc. | 3.6% |
| Fairfax Financial Holdings Ltd. | 3.4% |
| KeyCorp | 3.3% |
| Everest Group Ltd. | 3.2% |
| The Cigna Group | 3.2% |
| SS&C Technologies Holdings, Inc. | 2.7% |
| JPMorgan Chase & Co. | 2.5% |
| Exxon Mobil Corp. | 2.4% |
| CACI International, Inc., Class A | 2.4% |
| Exelon Corp. | 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. |
|  | 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](i070124222f945cf14de9c575.jpg)

RCOCX — SAR (6/25)

#### Victory RS Large Cap Alpha Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class Y

Ticker: RCEYX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Large Cap Alpha Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class Y | $35 | 0.68% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $520935 |
| Number of Holdings | 51 |
| Portfolio Turnover | 25% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](id873586a39eec21d8a32cabb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 3.4% |
| Real Estate | 3.6% |
| Utilities | 4.0% |
| Consumer Discretionary | 5.0% |
| Energy | 5.8% |
| Consumer Staples | 7.1% |
| Information Technology | 8.9% |
| Health Care | 15.4% |
| Industrials | 16.1% |
| Financials | 23.5% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Citigroup, Inc. | 3.6% |
| Fairfax Financial Holdings Ltd. | 3.4% |
| KeyCorp | 3.3% |
| Everest Group Ltd. | 3.2% |
| The Cigna Group | 3.2% |
| SS&C Technologies Holdings, Inc. | 2.7% |
| JPMorgan Chase & Co. | 2.5% |
| Exxon Mobil Corp. | 2.4% |
| CACI International, Inc., Class A | 2.4% |
| Exelon Corp. | 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. |
|  | 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](i070124222f945cf14de9c575.jpg)

RCEYX — SAR (6/25)

#### Victory RS Investors Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class A

Ticker: RSINX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Investors Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class A | $66 | 1.33% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $94568 |
| Number of Holdings | 30 |
| Portfolio Turnover | 32% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](idf562a273372f16e31b4f8dc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.7% |
| Materials | 2.8% |
| Utilities | 3.7% |
| Consumer Discretionary | 4.9% |
| Energy | 5.0% |
| Consumer Staples | 5.7% |
| Information Technology | 7.1% |
| Health Care | 11.7% |
| Industrials | 14.4% |
| Financials<sup>Footnote Reference\*\*</sup> | 35.2% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Globe Life, Inc. | 4.8% |
| White Mountains Insurance Group Ltd. | 4.4% |
| Citigroup, Inc. | 4.1% |
| Unum Group | 4.0% |
| Gates Industrial Corp. PLC | 3.9% |
| Prosperity Bancshares, Inc. | 3.9% |
| FirstEnergy Corp. | 3.7% |
| Trimble, Inc. | 3.6% |
| SS&C Technologies Holdings, Inc. | 3.6% |
| CACI International, Inc., Class A | 3.5% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

RSINX — SAR (6/25)

#### Victory RS Investors Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class C

Ticker: RIVCX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Investors Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class C | $103 | 2.07% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $94568 |
| Number of Holdings | 30 |
| Portfolio Turnover | 32% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i3218b481605472c42db595d9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.7% |
| Materials | 2.8% |
| Utilities | 3.7% |
| Consumer Discretionary | 4.9% |
| Energy | 5.0% |
| Consumer Staples | 5.7% |
| Information Technology | 7.1% |
| Health Care | 11.7% |
| Industrials | 14.4% |
| Financials<sup>Footnote Reference\*\*</sup> | 35.2% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Globe Life, Inc. | 4.8% |
| White Mountains Insurance Group Ltd. | 4.4% |
| Citigroup, Inc. | 4.1% |
| Unum Group | 4.0% |
| Gates Industrial Corp. PLC | 3.9% |
| Prosperity Bancshares, Inc. | 3.9% |
| FirstEnergy Corp. | 3.7% |
| Trimble, Inc. | 3.6% |
| SS&C Technologies Holdings, Inc. | 3.6% |
| CACI International, Inc., Class A | 3.5% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

RIVCX — SAR (6/25)

#### Victory RS Investors Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class Y

Ticker: RSIYX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Investors Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class Y | $52 | 1.05% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $94568 |
| Number of Holdings | 30 |
| Portfolio Turnover | 32% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i14a78097d2c02f47e4ce1bdb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.7% |
| Materials | 2.8% |
| Utilities | 3.7% |
| Consumer Discretionary | 4.9% |
| Energy | 5.0% |
| Consumer Staples | 5.7% |
| Information Technology | 7.1% |
| Health Care | 11.7% |
| Industrials | 14.4% |
| Financials<sup>Footnote Reference\*\*</sup> | 35.2% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Globe Life, Inc. | 4.8% |
| White Mountains Insurance Group Ltd. | 4.4% |
| Citigroup, Inc. | 4.1% |
| Unum Group | 4.0% |
| Gates Industrial Corp. PLC | 3.9% |
| Prosperity Bancshares, Inc. | 3.9% |
| FirstEnergy Corp. | 3.7% |
| Trimble, Inc. | 3.6% |
| SS&C Technologies Holdings, Inc. | 3.6% |
| CACI International, Inc., Class A | 3.5% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

RSIYX — SAR (6/25)

#### Victory Global Energy Transition Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class A

Ticker: RSNRX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory Global Energy Transition Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class A | $81 | 1.48% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $373083 |
| Number of Holdings | 33 |
| Portfolio Turnover | 28% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i33a40c876e45b95c8b09b7f6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.4% |
| Industrials | 3.4% |
| Energy | 34.5% |
| Materials | 57.2% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Compass Minerals International, Inc. | 17.2% |
| Ivanhoe Electric, Inc. | 7.3% |
| Iluka Resources Ltd. | 6.5% |
| MAC Copper Ltd. | 6.4% |
| Enterprise Products Partners LP | 4.8% |
| Linde PLC | 4.8% |
| Keyera Corp. | 4.6% |
| Range Resources Corp. | 4.2% |
| First Quantum Minerals Ltd. | 4.1% |
| Norsk Hydro ASA | 4.0% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

RSNRX — SAR (6/25)

#### Victory Global Energy Transition Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class C

Ticker: RGNCX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory Global Energy Transition Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class C | $125 | 2.28% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $373083 |
| Number of Holdings | 33 |
| Portfolio Turnover | 28% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i8844ffa1af10c1d6d5adfef3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.4% |
| Industrials | 3.4% |
| Energy | 34.5% |
| Materials | 57.2% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Compass Minerals International, Inc. | 17.2% |
| Ivanhoe Electric, Inc. | 7.3% |
| Iluka Resources Ltd. | 6.5% |
| MAC Copper Ltd. | 6.4% |
| Enterprise Products Partners LP | 4.8% |
| Linde PLC | 4.8% |
| Keyera Corp. | 4.6% |
| Range Resources Corp. | 4.2% |
| First Quantum Minerals Ltd. | 4.1% |
| Norsk Hydro ASA | 4.0% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

RGNCX — SAR (6/25)

#### Victory Global Energy Transition Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class Y

Ticker: RSNYX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory Global Energy Transition Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class Y | $63 | 1.15% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $373083 |
| Number of Holdings | 33 |
| Portfolio Turnover | 28% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](ia0ca2a5e21bd5f82f87e6f37.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.4% |
| Industrials | 3.4% |
| Energy | 34.5% |
| Materials | 57.2% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Compass Minerals International, Inc. | 17.2% |
| Ivanhoe Electric, Inc. | 7.3% |
| Iluka Resources Ltd. | 6.5% |
| MAC Copper Ltd. | 6.4% |
| Enterprise Products Partners LP | 4.8% |
| Linde PLC | 4.8% |
| Keyera Corp. | 4.6% |
| Range Resources Corp. | 4.2% |
| First Quantum Minerals Ltd. | 4.1% |
| Norsk Hydro ASA | 4.0% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

RSNYX — SAR (6/25)

#### Victory RS Small Cap Growth Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class A

Ticker: RSEGX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Small Cap Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class A | $67 | 1.40% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $395222 |
| Number of Holdings | 109 |
| Portfolio Turnover | 54% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i5d2e083c066b067c2fa2b395.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.5% |
| Materials | 2.3% |
| Energy | 2.4% |
| Consumer Staples | 3.6% |
| Consumer Discretionary | 8.3% |
| Financials | 8.9% |
| Industrials | 19.8% |
| Health Care | 24.6% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 28.4% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Fabrinet | 3.0% |
| Applied Industrial Technologies, Inc. | 2.0% |
| Varonis Systems, Inc. | 1.9% |
| Wintrust Financial Corp. | 1.8% |
| SPX Technologies, Inc. | 1.8% |
| MACOM Technology Solutions Holdings, Inc. | 1.7% |
| Primoris Services Corp. | 1.7% |
| Q2 Holdings, Inc. | 1.7% |
| WisdomTree, Inc. | 1.6% |
| Mirion Technologies, Inc. | 1.5% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

RSEGX — SAR (6/25)

#### Victory RS Small Cap Growth Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class C

Ticker: REGWX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Small Cap Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class C | $103 | 2.16% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $395222 |
| Number of Holdings | 109 |
| Portfolio Turnover | 54% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i184f5bef013621c7e2bbe16e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.5% |
| Materials | 2.3% |
| Energy | 2.4% |
| Consumer Staples | 3.6% |
| Consumer Discretionary | 8.3% |
| Financials | 8.9% |
| Industrials | 19.8% |
| Health Care | 24.6% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 28.4% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Fabrinet | 3.0% |
| Applied Industrial Technologies, Inc. | 2.0% |
| Varonis Systems, Inc. | 1.9% |
| Wintrust Financial Corp. | 1.8% |
| SPX Technologies, Inc. | 1.8% |
| MACOM Technology Solutions Holdings, Inc. | 1.7% |
| Primoris Services Corp. | 1.7% |
| Q2 Holdings, Inc. | 1.7% |
| WisdomTree, Inc. | 1.6% |
| Mirion Technologies, Inc. | 1.5% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

REGWX — SAR (6/25)

#### Victory RS Small Cap Growth Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class R6

Ticker: RSEJX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Small Cap Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class R6 | $51 | 1.06% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $395222 |
| Number of Holdings | 109 |
| Portfolio Turnover | 54% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i2cf275882760d12da86b94a0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.5% |
| Materials | 2.3% |
| Energy | 2.4% |
| Consumer Staples | 3.6% |
| Consumer Discretionary | 8.3% |
| Financials | 8.9% |
| Industrials | 19.8% |
| Health Care | 24.6% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 28.4% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Fabrinet | 3.0% |
| Applied Industrial Technologies, Inc. | 2.0% |
| Varonis Systems, Inc. | 1.9% |
| Wintrust Financial Corp. | 1.8% |
| SPX Technologies, Inc. | 1.8% |
| MACOM Technology Solutions Holdings, Inc. | 1.7% |
| Primoris Services Corp. | 1.7% |
| Q2 Holdings, Inc. | 1.7% |
| WisdomTree, Inc. | 1.6% |
| Mirion Technologies, Inc. | 1.5% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

RSEJX — SAR (6/25)

#### Victory RS Small Cap Growth Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class Y

Ticker: RSYEX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Small Cap Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class Y | $54 | 1.13% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $395222 |
| Number of Holdings | 109 |
| Portfolio Turnover | 54% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](if9cfbf99953dc06bbbfe067a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.5% |
| Materials | 2.3% |
| Energy | 2.4% |
| Consumer Staples | 3.6% |
| Consumer Discretionary | 8.3% |
| Financials | 8.9% |
| Industrials | 19.8% |
| Health Care | 24.6% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 28.4% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Fabrinet | 3.0% |
| Applied Industrial Technologies, Inc. | 2.0% |
| Varonis Systems, Inc. | 1.9% |
| Wintrust Financial Corp. | 1.8% |
| SPX Technologies, Inc. | 1.8% |
| MACOM Technology Solutions Holdings, Inc. | 1.7% |
| Primoris Services Corp. | 1.7% |
| Q2 Holdings, Inc. | 1.7% |
| WisdomTree, Inc. | 1.6% |
| Mirion Technologies, Inc. | 1.5% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

RSYEX — SAR (6/25)

#### Victory RS Select Growth Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class A

Ticker: RSDGX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Select Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class A | $68 | 1.40% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $83819 |
| Number of Holdings | 68 |
| Portfolio Turnover | 54% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i510522778fee3c4a73de9f72.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.8% |
| Materials | 1.7% |
| Energy | 1.9% |
| Consumer Staples | 5.3% |
| Consumer Discretionary | 10.8% |
| Financials | 11.8% |
| Industrials | 19.3% |
| Health Care | 20.2% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 27.4% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| CyberArk Software Ltd. | 3.7% |
| Natera, Inc. | 3.0% |
| Check Point Software Technologies Ltd. | 2.9% |
| Fabrinet | 2.7% |
| Q2 Holdings, Inc. | 2.6% |
| Clean Harbors, Inc. | 2.6% |
| Insmed, Inc. | 2.4% |
| Applied Industrial Technologies, Inc. | 2.3% |
| Wintrust Financial Corp. | 2.3% |
| BJ's Wholesale Club Holdings, Inc. | 2.2% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

RSDGX — SAR (6/25)

#### Victory RS Select Growth Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class C

Ticker: RSGFX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Select Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class C | $106 | 2.18% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $83819 |
| Number of Holdings | 68 |
| Portfolio Turnover | 54% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i6ecdcd6edc8bf8fbab977db5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.8% |
| Materials | 1.7% |
| Energy | 1.9% |
| Consumer Staples | 5.3% |
| Consumer Discretionary | 10.8% |
| Financials | 11.8% |
| Industrials | 19.3% |
| Health Care | 20.2% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 27.4% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| CyberArk Software Ltd. | 3.7% |
| Natera, Inc. | 3.0% |
| Check Point Software Technologies Ltd. | 2.9% |
| Fabrinet | 2.7% |
| Q2 Holdings, Inc. | 2.6% |
| Clean Harbors, Inc. | 2.6% |
| Insmed, Inc. | 2.4% |
| Applied Industrial Technologies, Inc. | 2.3% |
| Wintrust Financial Corp. | 2.3% |
| BJ's Wholesale Club Holdings, Inc. | 2.2% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

RSGFX — SAR (6/25)

#### Victory RS Select Growth Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class R6

Ticker: RSSRX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Select Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class R6 | $52 | 1.06% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $83819 |
| Number of Holdings | 68 |
| Portfolio Turnover | 54% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](icfd92a55279f2e393432f4b4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.8% |
| Materials | 1.7% |
| Energy | 1.9% |
| Consumer Staples | 5.3% |
| Consumer Discretionary | 10.8% |
| Financials | 11.8% |
| Industrials | 19.3% |
| Health Care | 20.2% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 27.4% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| CyberArk Software Ltd. | 3.7% |
| Natera, Inc. | 3.0% |
| Check Point Software Technologies Ltd. | 2.9% |
| Fabrinet | 2.7% |
| Q2 Holdings, Inc. | 2.6% |
| Clean Harbors, Inc. | 2.6% |
| Insmed, Inc. | 2.4% |
| Applied Industrial Technologies, Inc. | 2.3% |
| Wintrust Financial Corp. | 2.3% |
| BJ's Wholesale Club Holdings, Inc. | 2.2% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

RSSRX — SAR (6/25)

#### Victory RS Select Growth Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class Y

Ticker: RSSYX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Select Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class Y | $56 | 1.14% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $83819 |
| Number of Holdings | 68 |
| Portfolio Turnover | 54% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i0a1761e2627fc9bc06cfeaee.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.8% |
| Materials | 1.7% |
| Energy | 1.9% |
| Consumer Staples | 5.3% |
| Consumer Discretionary | 10.8% |
| Financials | 11.8% |
| Industrials | 19.3% |
| Health Care | 20.2% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 27.4% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| CyberArk Software Ltd. | 3.7% |
| Natera, Inc. | 3.0% |
| Check Point Software Technologies Ltd. | 2.9% |
| Fabrinet | 2.7% |
| Q2 Holdings, Inc. | 2.6% |
| Clean Harbors, Inc. | 2.6% |
| Insmed, Inc. | 2.4% |
| Applied Industrial Technologies, Inc. | 2.3% |
| Wintrust Financial Corp. | 2.3% |
| BJ's Wholesale Club Holdings, Inc. | 2.2% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

RSSYX — SAR (6/25)

#### Victory RS Mid Cap Growth Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class A

Ticker: RSMOX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class A | $61 | 1.20% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $71809 |
| Number of Holdings | 91 |
| Portfolio Turnover | 56% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i5b52650070ffa8d276f23733.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 2.6% |
| Utilities | 3.2% |
| Consumer Staples | 3.8% |
| Communication Services | 7.1% |
| Health Care | 14.0% |
| Financials | 14.2% |
| Consumer Discretionary | 15.9% |
| Industrials | 17.8% |
| Information Technology | 20.1% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Natera, Inc. | 2.7% |
| Royal Caribbean Cruises Ltd. | 2.4% |
| Burlington Stores, Inc. | 2.2% |
| ROBLOX Corp., Class A | 2.2% |
| Axon Enterprise, Inc. | 2.2% |
| Vistra Corp. | 2.2% |
| Cloudflare, Inc., Class A | 2.2% |
| Howmet Aerospace, Inc. | 2.0% |
| Ameriprise Financial, Inc. | 2.0% |
| Carvana Co. | 1.9% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

RSMOX — SAR (6/25)

#### Victory RS Mid Cap Growth Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class C

Ticker: RMOCX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class C | $107 | 2.11% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $71809 |
| Number of Holdings | 91 |
| Portfolio Turnover | 56% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](ie56bf38a5c02f232a5e12438.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 2.6% |
| Utilities | 3.2% |
| Consumer Staples | 3.8% |
| Communication Services | 7.1% |
| Health Care | 14.0% |
| Financials | 14.2% |
| Consumer Discretionary | 15.9% |
| Industrials | 17.8% |
| Information Technology | 20.1% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Natera, Inc. | 2.7% |
| Royal Caribbean Cruises Ltd. | 2.4% |
| Burlington Stores, Inc. | 2.2% |
| ROBLOX Corp., Class A | 2.2% |
| Axon Enterprise, Inc. | 2.2% |
| Vistra Corp. | 2.2% |
| Cloudflare, Inc., Class A | 2.2% |
| Howmet Aerospace, Inc. | 2.0% |
| Ameriprise Financial, Inc. | 2.0% |
| Carvana Co. | 1.9% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

RMOCX — SAR (6/25)

#### Victory RS Mid Cap Growth Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class R6

Ticker: RMORX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class R6 | $48 | 0.94% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $71809 |
| Number of Holdings | 91 |
| Portfolio Turnover | 56% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](icb2a61395337bb7a6753db21.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 2.6% |
| Utilities | 3.2% |
| Consumer Staples | 3.8% |
| Communication Services | 7.1% |
| Health Care | 14.0% |
| Financials | 14.2% |
| Consumer Discretionary | 15.9% |
| Industrials | 17.8% |
| Information Technology | 20.1% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Natera, Inc. | 2.7% |
| Royal Caribbean Cruises Ltd. | 2.4% |
| Burlington Stores, Inc. | 2.2% |
| ROBLOX Corp., Class A | 2.2% |
| Axon Enterprise, Inc. | 2.2% |
| Vistra Corp. | 2.2% |
| Cloudflare, Inc., Class A | 2.2% |
| Howmet Aerospace, Inc. | 2.0% |
| Ameriprise Financial, Inc. | 2.0% |
| Carvana Co. | 1.9% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

RMORX — SAR (6/25)

#### Victory RS Mid Cap Growth Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class Y

Ticker: RMOYX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class Y | $48 | 0.95% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $71809 |
| Number of Holdings | 91 |
| Portfolio Turnover | 56% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i3cb30ee3b2ea59832455cc8a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 2.6% |
| Utilities | 3.2% |
| Consumer Staples | 3.8% |
| Communication Services | 7.1% |
| Health Care | 14.0% |
| Financials | 14.2% |
| Consumer Discretionary | 15.9% |
| Industrials | 17.8% |
| Information Technology | 20.1% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Natera, Inc. | 2.7% |
| Royal Caribbean Cruises Ltd. | 2.4% |
| Burlington Stores, Inc. | 2.2% |
| ROBLOX Corp., Class A | 2.2% |
| Axon Enterprise, Inc. | 2.2% |
| Vistra Corp. | 2.2% |
| Cloudflare, Inc., Class A | 2.2% |
| Howmet Aerospace, Inc. | 2.0% |
| Ameriprise Financial, Inc. | 2.0% |
| Carvana Co. | 1.9% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

RMOYX — SAR (6/25)

#### Victory RS Mid Cap Growth Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Member Class

Ticker: RMOMX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Member Class | $53 | 1.05% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $71809 |
| Number of Holdings | 91 |
| Portfolio Turnover | 56% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](ib80f007f5806eb2b6722e0b9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 2.6% |
| Utilities | 3.2% |
| Consumer Staples | 3.8% |
| Communication Services | 7.1% |
| Health Care | 14.0% |
| Financials | 14.2% |
| Consumer Discretionary | 15.9% |
| Industrials | 17.8% |
| Information Technology | 20.1% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Natera, Inc. | 2.7% |
| Royal Caribbean Cruises Ltd. | 2.4% |
| Burlington Stores, Inc. | 2.2% |
| ROBLOX Corp., Class A | 2.2% |
| Axon Enterprise, Inc. | 2.2% |
| Vistra Corp. | 2.2% |
| Cloudflare, Inc., Class A | 2.2% |
| Howmet Aerospace, Inc. | 2.0% |
| Ameriprise Financial, Inc. | 2.0% |
| Carvana Co. | 1.9% |

---

---

| | |
|:---|:---|
| \* | 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 800-235-8396 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](i070124222f945cf14de9c575.jpg)

RMOMX — SAR (6/25)

#### Victory RS Growth Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class A

Ticker: RSGRX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class A | $56 | 1.10% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $352668 |
| Number of Holdings | 45 |
| Portfolio Turnover | 14% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i618c690aeafb4b9772d72910.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 0.3% |
| Consumer Staples | 2.2% |
| Industrials | 5.0% |
| Financials | 6.3% |
| Health Care | 7.0% |
| Consumer Discretionary | 11.6% |
| Communication Services | 15.0% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 52.3% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.0% |
| Microsoft Corp. | 12.2% |
| Apple, Inc. | 8.6% |
| Meta Platforms, Inc., Class A | 6.5% |
| Amazon.com, Inc. | 5.2% |
| Alphabet, Inc., Class C | 4.0% |
| Netflix, Inc. | 3.7% |
| Visa, Inc., Class A | 3.5% |
| Eli Lilly & Co. | 3.2% |
| Broadcom, Inc. | 3.2% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

RSGRX — SAR (6/25)

#### Victory RS Growth Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class C

Ticker: RGWCX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class C | $99 | 1.93% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $352668 |
| Number of Holdings | 45 |
| Portfolio Turnover | 14% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i0da88f999f5cca4d06017ddb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 0.3% |
| Consumer Staples | 2.2% |
| Industrials | 5.0% |
| Financials | 6.3% |
| Health Care | 7.0% |
| Consumer Discretionary | 11.6% |
| Communication Services | 15.0% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 52.3% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.0% |
| Microsoft Corp. | 12.2% |
| Apple, Inc. | 8.6% |
| Meta Platforms, Inc., Class A | 6.5% |
| Amazon.com, Inc. | 5.2% |
| Alphabet, Inc., Class C | 4.0% |
| Netflix, Inc. | 3.7% |
| Visa, Inc., Class A | 3.5% |
| Eli Lilly & Co. | 3.2% |
| Broadcom, Inc. | 3.2% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

RGWCX — SAR (6/25)

#### Victory RS Growth Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class Y

Ticker: RGRYX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class Y | $43 | 0.83% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $352668 |
| Number of Holdings | 45 |
| Portfolio Turnover | 14% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](ibf559ad34cc7d8097853aeec.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 0.3% |
| Consumer Staples | 2.2% |
| Industrials | 5.0% |
| Financials | 6.3% |
| Health Care | 7.0% |
| Consumer Discretionary | 11.6% |
| Communication Services | 15.0% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 52.3% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.0% |
| Microsoft Corp. | 12.2% |
| Apple, Inc. | 8.6% |
| Meta Platforms, Inc., Class A | 6.5% |
| Amazon.com, Inc. | 5.2% |
| Alphabet, Inc., Class C | 4.0% |
| Netflix, Inc. | 3.7% |
| Visa, Inc., Class A | 3.5% |
| Eli Lilly & Co. | 3.2% |
| Broadcom, Inc. | 3.2% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

RGRYX — SAR (6/25)

#### Victory RS Science and Technology Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class A

Ticker: RSIFX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Science and Technology Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class A | $75 | 1.47% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $203030 |
| Number of Holdings | 82 |
| Portfolio Turnover | 14% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i621284f7c3ba10f7b6c109bd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 3.1% |
| Consumer Discretionary | 3.8% |
| Communication Services | 16.7% |
| Health Care | 18.3% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 58.0% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.3% |
| Meta Platforms, Inc., Class A | 8.8% |
| Microsoft Corp. | 8.5% |
| AppLovin Corp., Class A | 4.6% |
| Netflix, Inc. | 4.3% |
| Amazon.com, Inc. | 3.8% |
| Varonis Systems, Inc. | 2.8% |
| ServiceNow, Inc. | 2.8% |
| MACOM Technology Solutions Holdings, Inc. | 2.6% |
| Fair Isaac Corp. | 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](i070124222f945cf14de9c575.jpg)

RSIFX — SAR (6/25)

#### Victory RS Science and Technology Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class C

Ticker: RINCX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Science and Technology Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class C | $116 | 2.28% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $203030 |
| Number of Holdings | 82 |
| Portfolio Turnover | 14% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](ia55f1c6ed2478135faadbabc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 3.1% |
| Consumer Discretionary | 3.8% |
| Communication Services | 16.7% |
| Health Care | 18.3% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 58.0% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.3% |
| Meta Platforms, Inc., Class A | 8.8% |
| Microsoft Corp. | 8.5% |
| AppLovin Corp., Class A | 4.6% |
| Netflix, Inc. | 4.3% |
| Amazon.com, Inc. | 3.8% |
| Varonis Systems, Inc. | 2.8% |
| ServiceNow, Inc. | 2.8% |
| MACOM Technology Solutions Holdings, Inc. | 2.6% |
| Fair Isaac Corp. | 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](i070124222f945cf14de9c575.jpg)

RINCX — SAR (6/25)

#### Victory RS Science and Technology Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class Y

Ticker: RIFYX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Science and Technology Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class Y | $63 | 1.24% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $203030 |
| Number of Holdings | 82 |
| Portfolio Turnover | 14% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i904c4c6ad5e34844f458da7c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 3.1% |
| Consumer Discretionary | 3.8% |
| Communication Services | 16.7% |
| Health Care | 18.3% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 58.0% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.3% |
| Meta Platforms, Inc., Class A | 8.8% |
| Microsoft Corp. | 8.5% |
| AppLovin Corp., Class A | 4.6% |
| Netflix, Inc. | 4.3% |
| Amazon.com, Inc. | 3.8% |
| Varonis Systems, Inc. | 2.8% |
| ServiceNow, Inc. | 2.8% |
| MACOM Technology Solutions Holdings, Inc. | 2.6% |
| Fair Isaac Corp. | 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](i070124222f945cf14de9c575.jpg)

RIFYX — SAR (6/25)

#### Victory RS International Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class A

Ticker: GUBGX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS International Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class A | $61 | 1.13% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $509710 |
| Number of Holdings | 83 |
| Portfolio Turnover | 13% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i3e0c64ac60e1733c38523aa3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.0% |
| Energy | 3.1% |
| Materials | 4.9% |
| Communication Services | 5.1% |
| Consumer Staples | 8.4% |
| Consumer Discretionary | 8.7% |
| Information Technology | 9.8% |
| Health Care | 10.5% |
| Industrials | 16.0% |
| Financials | 23.3% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Allianz SE, Registered Shares | 2.7% |
| SAP SE | 2.6% |
| Novartis AG, Registered Shares | 2.6% |
| Roche Holding AG | 2.5% |
| HSBC Holdings PLC | 2.3% |
| Barclays PLC | 2.3% |
| Banco Bilbao Vizcaya Argentaria SA | 2.2% |
| Siemens AG, Registered Shares | 2.2% |
| Nestle SA, Registered Shares | 2.1% |
| Safran SA | 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](i070124222f945cf14de9c575.jpg)

GUBGX — SAR (6/25)

#### Victory RS International Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class C

Ticker: RIGCX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS International Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class C | $102 | 1.88% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $509710 |
| Number of Holdings | 83 |
| Portfolio Turnover | 13% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i7b8df5fee23625a75e9e14b9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.0% |
| Energy | 3.1% |
| Materials | 4.9% |
| Communication Services | 5.1% |
| Consumer Staples | 8.4% |
| Consumer Discretionary | 8.7% |
| Information Technology | 9.8% |
| Health Care | 10.5% |
| Industrials | 16.0% |
| Financials | 23.3% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Allianz SE, Registered Shares | 2.7% |
| SAP SE | 2.6% |
| Novartis AG, Registered Shares | 2.6% |
| Roche Holding AG | 2.5% |
| HSBC Holdings PLC | 2.3% |
| Barclays PLC | 2.3% |
| Banco Bilbao Vizcaya Argentaria SA | 2.2% |
| Siemens AG, Registered Shares | 2.2% |
| Nestle SA, Registered Shares | 2.1% |
| Safran SA | 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](i070124222f945cf14de9c575.jpg)

RIGCX — SAR (6/25)

#### Victory RS International Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class R

Ticker: RIGKX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS International Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class R | $75 | 1.38% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $509710 |
| Number of Holdings | 83 |
| Portfolio Turnover | 13% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](id12978f898e7a4b736279592.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.0% |
| Energy | 3.1% |
| Materials | 4.9% |
| Communication Services | 5.1% |
| Consumer Staples | 8.4% |
| Consumer Discretionary | 8.7% |
| Information Technology | 9.8% |
| Health Care | 10.5% |
| Industrials | 16.0% |
| Financials | 23.3% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Allianz SE, Registered Shares | 2.7% |
| SAP SE | 2.6% |
| Novartis AG, Registered Shares | 2.6% |
| Roche Holding AG | 2.5% |
| HSBC Holdings PLC | 2.3% |
| Barclays PLC | 2.3% |
| Banco Bilbao Vizcaya Argentaria SA | 2.2% |
| Siemens AG, Registered Shares | 2.2% |
| Nestle SA, Registered Shares | 2.1% |
| Safran SA | 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](i070124222f945cf14de9c575.jpg)

RIGKX — SAR (6/25)

#### Victory RS International Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class R6

Ticker: RSIRX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS International Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class R6 | $45 | 0.83% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $509710 |
| Number of Holdings | 83 |
| Portfolio Turnover | 13% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](ibfb4fe9cd83ff5807d9227fb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.0% |
| Energy | 3.1% |
| Materials | 4.9% |
| Communication Services | 5.1% |
| Consumer Staples | 8.4% |
| Consumer Discretionary | 8.7% |
| Information Technology | 9.8% |
| Health Care | 10.5% |
| Industrials | 16.0% |
| Financials | 23.3% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Allianz SE, Registered Shares | 2.7% |
| SAP SE | 2.6% |
| Novartis AG, Registered Shares | 2.6% |
| Roche Holding AG | 2.5% |
| HSBC Holdings PLC | 2.3% |
| Barclays PLC | 2.3% |
| Banco Bilbao Vizcaya Argentaria SA | 2.2% |
| Siemens AG, Registered Shares | 2.2% |
| Nestle SA, Registered Shares | 2.1% |
| Safran SA | 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](i070124222f945cf14de9c575.jpg)

RSIRX — SAR (6/25)

#### Victory RS International Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class Y

Ticker: RSIGX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS International Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class Y | $48 | 0.88% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $509710 |
| Number of Holdings | 83 |
| Portfolio Turnover | 13% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i0ec16511327d19d173496b9d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.0% |
| Energy | 3.1% |
| Materials | 4.9% |
| Communication Services | 5.1% |
| Consumer Staples | 8.4% |
| Consumer Discretionary | 8.7% |
| Information Technology | 9.8% |
| Health Care | 10.5% |
| Industrials | 16.0% |
| Financials | 23.3% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Allianz SE, Registered Shares | 2.7% |
| SAP SE | 2.6% |
| Novartis AG, Registered Shares | 2.6% |
| Roche Holding AG | 2.5% |
| HSBC Holdings PLC | 2.3% |
| Barclays PLC | 2.3% |
| Banco Bilbao Vizcaya Argentaria SA | 2.2% |
| Siemens AG, Registered Shares | 2.2% |
| Nestle SA, Registered Shares | 2.1% |
| Safran SA | 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](i070124222f945cf14de9c575.jpg)

RSIGX — SAR (6/25)

#### Victory RS Global Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class A

Ticker: RSGGX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Global Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class A | $43 | 0.85% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $1524531 |
| Number of Holdings | 102 |
| Portfolio Turnover | 17% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i338c99103a6d6f37e77678de.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.3% |
| Materials | 2.7% |
| Energy | 3.0% |
| Consumer Staples | 6.1% |
| Health Care | 8.8% |
| Communication Services | 9.1% |
| Industrials | 9.3% |
| Consumer Discretionary | 10.9% |
| Financials | 17.1% |
| Information Technology | 25.7% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.2% |
| Microsoft Corp. | 4.8% |
| Apple, Inc. | 4.2% |
| Meta Platforms, Inc., Class A | 2.8% |
| Alphabet, Inc., Class C | 2.5% |
| Amazon.com, Inc. | 2.3% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.8% |
| Mastercard, Inc., Class A | 1.7% |
| JPMorgan Chase & Co. | 1.6% |
| Cisco Systems, 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. |
|  | 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](i070124222f945cf14de9c575.jpg)

RSGGX — SAR (6/25)

#### Victory RS Global Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class C

Ticker: RGGCX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Global Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class C | $82 | 1.60% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $1524531 |
| Number of Holdings | 102 |
| Portfolio Turnover | 17% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](ie095be4dc028fd2e30c6018c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.3% |
| Materials | 2.7% |
| Energy | 3.0% |
| Consumer Staples | 6.1% |
| Health Care | 8.8% |
| Communication Services | 9.1% |
| Industrials | 9.3% |
| Consumer Discretionary | 10.9% |
| Financials | 17.1% |
| Information Technology | 25.7% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.2% |
| Microsoft Corp. | 4.8% |
| Apple, Inc. | 4.2% |
| Meta Platforms, Inc., Class A | 2.8% |
| Alphabet, Inc., Class C | 2.5% |
| Amazon.com, Inc. | 2.3% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.8% |
| Mastercard, Inc., Class A | 1.7% |
| JPMorgan Chase & Co. | 1.6% |
| Cisco Systems, 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. |
|  | 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](i070124222f945cf14de9c575.jpg)

RGGCX — SAR (6/25)

#### Victory RS Global Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class R

Ticker: RGGKX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Global Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class R | $56 | 1.10% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $1524531 |
| Number of Holdings | 102 |
| Portfolio Turnover | 17% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i37729e777f908d9687873b14.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.3% |
| Materials | 2.7% |
| Energy | 3.0% |
| Consumer Staples | 6.1% |
| Health Care | 8.8% |
| Communication Services | 9.1% |
| Industrials | 9.3% |
| Consumer Discretionary | 10.9% |
| Financials | 17.1% |
| Information Technology | 25.7% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.2% |
| Microsoft Corp. | 4.8% |
| Apple, Inc. | 4.2% |
| Meta Platforms, Inc., Class A | 2.8% |
| Alphabet, Inc., Class C | 2.5% |
| Amazon.com, Inc. | 2.3% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.8% |
| Mastercard, Inc., Class A | 1.7% |
| JPMorgan Chase & Co. | 1.6% |
| Cisco Systems, 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. |
|  | 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](i070124222f945cf14de9c575.jpg)

RGGKX — SAR (6/25)

#### Victory RS Global Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class R6

Ticker: RGGRX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Global Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class R6 | $28 | 0.55% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $1524531 |
| Number of Holdings | 102 |
| Portfolio Turnover | 17% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](if7afaa647727fe4222e40e50.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.3% |
| Materials | 2.7% |
| Energy | 3.0% |
| Consumer Staples | 6.1% |
| Health Care | 8.8% |
| Communication Services | 9.1% |
| Industrials | 9.3% |
| Consumer Discretionary | 10.9% |
| Financials | 17.1% |
| Information Technology | 25.7% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.2% |
| Microsoft Corp. | 4.8% |
| Apple, Inc. | 4.2% |
| Meta Platforms, Inc., Class A | 2.8% |
| Alphabet, Inc., Class C | 2.5% |
| Amazon.com, Inc. | 2.3% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.8% |
| Mastercard, Inc., Class A | 1.7% |
| JPMorgan Chase & Co. | 1.6% |
| Cisco Systems, 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. |
|  | 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](i070124222f945cf14de9c575.jpg)

RGGRX — SAR (6/25)

#### Victory RS Global Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class Y

Ticker: RGGYX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Global Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class Y | $31 | 0.60% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $1524531 |
| Number of Holdings | 102 |
| Portfolio Turnover | 17% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](ida1440142033e7666128953e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.3% |
| Materials | 2.7% |
| Energy | 3.0% |
| Consumer Staples | 6.1% |
| Health Care | 8.8% |
| Communication Services | 9.1% |
| Industrials | 9.3% |
| Consumer Discretionary | 10.9% |
| Financials | 17.1% |
| Information Technology | 25.7% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.2% |
| Microsoft Corp. | 4.8% |
| Apple, Inc. | 4.2% |
| Meta Platforms, Inc., Class A | 2.8% |
| Alphabet, Inc., Class C | 2.5% |
| Amazon.com, Inc. | 2.3% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.8% |
| Mastercard, Inc., Class A | 1.7% |
| JPMorgan Chase & Co. | 1.6% |
| Cisco Systems, 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. |
|  | 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](i070124222f945cf14de9c575.jpg)

RGGYX — SAR (6/25)

#### Victory Low Duration Bond Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class A

Ticker: RLDAX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory Low Duration Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class A | $43 | 0.85% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $94725 |
| Number of Holdings | 234 |
| Portfolio Turnover | 12% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

# Asset Allocation<sup>**Footnote Reference \***</sup>^ (% of Net Assets)

# (as of June 30, 2025)
![Group By Asset Type Chart](ice45fb232c0ff515833fbd89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 28.2% |
| Asset-Backed Securities | 23.5% |
| Collateralized Mortgage Obligations | 18.9% |
| Yankee Dollars | 11.5% |
| U.S. Treasury Obligations | 11.1% |
| U.S. Government Agency Mortgages | 2.6% |
| Other<sup>Footnote Reference\*\*</sup> | 1.0% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | 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](i070124222f945cf14de9c575.jpg)

RLDAX — SAR (6/25)

#### Victory Low Duration Bond Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class C

Ticker: RLDCX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory Low Duration Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class C | $81 | 1.62% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $94725 |
| Number of Holdings | 234 |
| Portfolio Turnover | 12% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

# Asset Allocation<sup>**Footnote Reference \***</sup>^ (% of Net Assets)

# (as of June 30, 2025)
![Group By Asset Type Chart](ifd40187b4adc08462a6e63bb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 28.2% |
| Asset-Backed Securities | 23.5% |
| Collateralized Mortgage Obligations | 18.9% |
| Yankee Dollars | 11.5% |
| U.S. Treasury Obligations | 11.1% |
| U.S. Government Agency Mortgages | 2.6% |
| Other<sup>Footnote Reference\*\*</sup> | 1.0% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | 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](i070124222f945cf14de9c575.jpg)

RLDCX — SAR (6/25)

#### Victory Low Duration Bond Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class Y

Ticker: RSDYX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory Low Duration Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class Y | $31 | 0.62% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $94725 |
| Number of Holdings | 234 |
| Portfolio Turnover | 12% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

# Asset Allocation<sup>**Footnote Reference \***</sup>^ (% of Net Assets)

# (as of June 30, 2025)
![Group By Asset Type Chart](i107dbf0330a4ba2a823daef6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 28.2% |
| Asset-Backed Securities | 23.5% |
| Collateralized Mortgage Obligations | 18.9% |
| Yankee Dollars | 11.5% |
| U.S. Treasury Obligations | 11.1% |
| U.S. Government Agency Mortgages | 2.6% |
| Other<sup>Footnote Reference\*\*</sup> | 1.0% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | 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](i070124222f945cf14de9c575.jpg)

RSDYX — SAR (6/25)

#### Victory High Yield Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class A

Ticker: GUHYX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory High Yield Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class A | $51 | 1.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $121728 |
| Number of Holdings | 304 |
| Portfolio Turnover | 33% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

# Asset Allocation<sup>**Footnote Reference \***</sup>^ (% of Net Assets)

# (as of June 30, 2025)
![Group By Asset Type Chart](ia79c57c4e0c82ee6270c6aba.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 61.6% |
| Yankee Dollars | 16.1% |
| Senior Secured Loans | 7.5% |
| Exchange-Traded Funds | 4.8% |
| Other<sup>Footnote Reference\*\*</sup> | 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. |
| \*\* | 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](i070124222f945cf14de9c575.jpg)

GUHYX — SAR (6/25)

#### Victory High Yield Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class C

Ticker: RHYCX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory High Yield Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class C | $87 | 1.70% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $121728 |
| Number of Holdings | 304 |
| Portfolio Turnover | 33% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

# Asset Allocation<sup>**Footnote Reference \***</sup>^ (% of Net Assets)

# (as of June 30, 2025)
![Group By Asset Type Chart](i3698e9cb2277f8f0a9e4a1dd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 61.6% |
| Yankee Dollars | 16.1% |
| Senior Secured Loans | 7.5% |
| Exchange-Traded Funds | 4.8% |
| Other<sup>Footnote Reference\*\*</sup> | 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. |
| \*\* | 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](i070124222f945cf14de9c575.jpg)

RHYCX — SAR (6/25)

#### Victory High Yield Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class R

Ticker: RHYKX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory High Yield Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class R | $69 | 1.35% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $121728 |
| Number of Holdings | 304 |
| Portfolio Turnover | 33% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

# Asset Allocation<sup>**Footnote Reference \***</sup>^ (% of Net Assets)

# (as of June 30, 2025)
![Group By Asset Type Chart](id1837f6f3627bbaa805fb7bb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 61.6% |
| Yankee Dollars | 16.1% |
| Senior Secured Loans | 7.5% |
| Exchange-Traded Funds | 4.8% |
| Other<sup>Footnote Reference\*\*</sup> | 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. |
| \*\* | 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](i070124222f945cf14de9c575.jpg)

RHYKX — SAR (6/25)

#### Victory High Yield Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class Y

Ticker: RSYYX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory High Yield Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class Y | $39 | 0.76% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $121728 |
| Number of Holdings | 304 |
| Portfolio Turnover | 33% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

# Asset Allocation<sup>**Footnote Reference \***</sup>^ (% of Net Assets)

# (as of June 30, 2025)
![Group By Asset Type Chart](ic02790df65da07f80473c1d2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 61.6% |
| Yankee Dollars | 16.1% |
| Senior Secured Loans | 7.5% |
| Exchange-Traded Funds | 4.8% |
| Other<sup>Footnote Reference\*\*</sup> | 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. |
| \*\* | 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](i070124222f945cf14de9c575.jpg)

RSYYX — SAR (6/25)

#### Victory Tax-Exempt Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class A

Ticker: GUTEX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory Tax-Exempt Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class A | $39 | 0.80% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $32983 |
| Number of Holdings | 62 |
| Portfolio Turnover | 2% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

# Top Industries\* (% of Net Assets)

# (as of June 30, 2025)
![Group By Industry Chart](i1ef70b852d84b13042c169b0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| School District | 3.8% |
| Airport | 5.6% |
| Tobacco Settlement | 5.8% |
| Development | 6.2% |
| Higher Education | 6.9% |
| Transportation | 8.4% |
| Medical | 9.7% |
| Nursing Homes | 12.3% |
| Education | 13.3% |
| General | 13.9% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

GUTEX — SAR (6/25)

#### Victory Tax-Exempt Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class C

Ticker: RETCX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory Tax-Exempt Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class C | $78 | 1.60% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $32983 |
| Number of Holdings | 62 |
| Portfolio Turnover | 2% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

# Top Industries\* (% of Net Assets)

# (as of June 30, 2025)
![Group By Industry Chart](i76a909fac318c3c6decbae56.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| School District | 3.8% |
| Airport | 5.6% |
| Tobacco Settlement | 5.8% |
| Development | 6.2% |
| Higher Education | 6.9% |
| Transportation | 8.4% |
| Medical | 9.7% |
| Nursing Homes | 12.3% |
| Education | 13.3% |
| General | 13.9% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

RETCX — SAR (6/25)

#### Victory Tax-Exempt Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class Y

Ticker: RSTYX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory Tax-Exempt Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class Y | $34 | 0.69% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $32983 |
| Number of Holdings | 62 |
| Portfolio Turnover | 2% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

# Top Industries\* (% of Net Assets)

# (as of June 30, 2025)
![Group By Industry Chart](i3bf24ab442f9319fa6b47271.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| School District | 3.8% |
| Airport | 5.6% |
| Tobacco Settlement | 5.8% |
| Development | 6.2% |
| Higher Education | 6.9% |
| Transportation | 8.4% |
| Medical | 9.7% |
| Nursing Homes | 12.3% |
| Education | 13.3% |
| General | 13.9% |

---

---

| | |
|:---|:---|
| \* | 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](i070124222f945cf14de9c575.jpg)

RSTYX — SAR (6/25)

#### Victory High Income Municipal Bond Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class A

Ticker: RSHMX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory High Income Municipal Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class A | $39 | 0.80% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $39800 |
| Number of Holdings | 88 |
| Portfolio Turnover | 7% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

# Top Industries\* (% of Net Assets)

# (as of June 30, 2025)
![Group By Industry Chart](i5c0991172b72025f8b5f5506.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Housing | 2.0% |
| Pollution | 2.0% |
| Power | 2.3% |
| Transportation | 4.1% |
| Medical | 7.3% |
| Higher Education | 12.8% |
| General | 13.0% |
| Nursing Homes | 13.7% |
| Development | 18.9% |
| Education | 20.7% |

---

---

| | |
|:---|:---|
| \* | 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. |
|  | 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](i070124222f945cf14de9c575.jpg)

RSHMX — SAR (6/25)

#### Victory High Income Municipal Bond Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class C

Ticker: RSHCX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory High Income Municipal Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class C | $77 | 1.57% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $39800 |
| Number of Holdings | 88 |
| Portfolio Turnover | 7% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

# Top Industries\* (% of Net Assets)

# (as of June 30, 2025)
![Group By Industry Chart](ie3b23e3d152e631d33b44cb5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Housing | 2.0% |
| Pollution | 2.0% |
| Power | 2.3% |
| Transportation | 4.1% |
| Medical | 7.3% |
| Higher Education | 12.8% |
| General | 13.0% |
| Nursing Homes | 13.7% |
| Development | 18.9% |
| Education | 20.7% |

---

---

| | |
|:---|:---|
| \* | 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. |
|  | 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](i070124222f945cf14de9c575.jpg)

RSHCX — SAR (6/25)

#### Victory High Income Municipal Bond Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class Y

Ticker: RHMYX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory High Income Municipal Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class Y | $28 | 0.57% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $39800 |
| Number of Holdings | 88 |
| Portfolio Turnover | 7% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

# Top Industries\* (% of Net Assets)

# (as of June 30, 2025)
![Group By Industry Chart](i4b22461216f827aef61717ee.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Housing | 2.0% |
| Pollution | 2.0% |
| Power | 2.3% |
| Transportation | 4.1% |
| Medical | 7.3% |
| Higher Education | 12.8% |
| General | 13.0% |
| Nursing Homes | 13.7% |
| Development | 18.9% |
| Education | 20.7% |

---

---

| | |
|:---|:---|
| \* | 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. |
|  | 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](i070124222f945cf14de9c575.jpg)

RHMYX — SAR (6/25)

#### Victory High Income Municipal Bond Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Member Class

Ticker: RHMMX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory High Income Municipal Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Member Class | $32 | 0.65% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $39800 |
| Number of Holdings | 88 |
| Portfolio Turnover | 7% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

# Top Industries\* (% of Net Assets)

# (as of June 30, 2025)
![Group By Industry Chart](i2f53936e4132cf1835e96486.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Housing | 2.0% |
| Pollution | 2.0% |
| Power | 2.3% |
| Transportation | 4.1% |
| Medical | 7.3% |
| Higher Education | 12.8% |
| General | 13.0% |
| Nursing Homes | 13.7% |
| Development | 18.9% |
| Education | 20.7% |

---

---

| | |
|:---|:---|
| \* | 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. |
|  | 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](i070124222f945cf14de9c575.jpg)

RHMMX — SAR (6/25)

#### Victory Floating Rate Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class A

Ticker: RSFLX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory Floating Rate Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class A | $50 | 1.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $402625 |
| Number of Holdings | 158 |
| Portfolio Turnover | 12% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i5e9cd03afdafa6f1826e3f93.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.0% |
| Consumer Staples | 2.1% |
| Energy | 4.4% |
| Information Technology | 5.3% |
| Materials | 7.2% |
| Communication Services | 10.0% |
| Financials | 14.0% |
| Industrials | 14.6% |
| Health Care | 14.8% |
| Consumer Discretionary | 16.3% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Knight Health Holdings LLC, Term B Loans, First Lien, 9.69% (SOFR01M+525bps), 12/26/28 | 2.2% |
| Invesco Senior Loan ETF | 2.1% |
| SPDR Blackstone Senior Loan ETF | 2.1% |
| Amneal Pharmaceuticals LLC, Initial Term Loan, First Lien, 9.83% (SOFR01M+550bps), 5/4/28 | 1.6% |
| White Cap Supply Holdings LLC, Tranche C Term Facility, First Lien, 7.58% (SOFR01M+325bps), 10/19/29 | 1.5% |
| Gates Global LLC, Initial B-5 Dollar Term Loans, First Lien, 6.08% (SOFR01M+175bps), 6/4/31 | 1.5% |
| Global Medical Response, Inc., 2024 Extended Term Loan, First Lien, 9.08% (SOFR01M+475bps), 10/2/28 | 1.5% |
| Ziggo Financing Partnership, Term Loan I Facility, First Lien, 6.93% (SOFR01M+250bps), 4/30/28 | 1.5% |
| B&G Foods, Inc., Tranche B-5 Term Loans, First Lien, 7.83% (SOFR01M+350bps), 10/10/29 | 1.4% |
| Oldcastle BuildingEnvelope, Inc., Term B Loans, First Lien, 8.55% (SOFR06M+425bps), 4/29/29 | 1.4% |

---

---

| | |
|:---|:---|
| \* | 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. |
|  | 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](i070124222f945cf14de9c575.jpg)

RSFLX — SAR (6/25)

#### Victory Floating Rate Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class C

Ticker: RSFCX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory Floating Rate Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class C | $90 | 1.80% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $402625 |
| Number of Holdings | 158 |
| Portfolio Turnover | 12% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](i452a29eb5d011285c4045631.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.0% |
| Consumer Staples | 2.1% |
| Energy | 4.4% |
| Information Technology | 5.3% |
| Materials | 7.2% |
| Communication Services | 10.0% |
| Financials | 14.0% |
| Industrials | 14.6% |
| Health Care | 14.8% |
| Consumer Discretionary | 16.3% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Knight Health Holdings LLC, Term B Loans, First Lien, 9.69% (SOFR01M+525bps), 12/26/28 | 2.2% |
| Invesco Senior Loan ETF | 2.1% |
| SPDR Blackstone Senior Loan ETF | 2.1% |
| Amneal Pharmaceuticals LLC, Initial Term Loan, First Lien, 9.83% (SOFR01M+550bps), 5/4/28 | 1.6% |
| White Cap Supply Holdings LLC, Tranche C Term Facility, First Lien, 7.58% (SOFR01M+325bps), 10/19/29 | 1.5% |
| Gates Global LLC, Initial B-5 Dollar Term Loans, First Lien, 6.08% (SOFR01M+175bps), 6/4/31 | 1.5% |
| Global Medical Response, Inc., 2024 Extended Term Loan, First Lien, 9.08% (SOFR01M+475bps), 10/2/28 | 1.5% |
| Ziggo Financing Partnership, Term Loan I Facility, First Lien, 6.93% (SOFR01M+250bps), 4/30/28 | 1.5% |
| B&G Foods, Inc., Tranche B-5 Term Loans, First Lien, 7.83% (SOFR01M+350bps), 10/10/29 | 1.4% |
| Oldcastle BuildingEnvelope, Inc., Term B Loans, First Lien, 8.55% (SOFR06M+425bps), 4/29/29 | 1.4% |

---

---

| | |
|:---|:---|
| \* | 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. |
|  | 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](i070124222f945cf14de9c575.jpg)

RSFCX — SAR (6/25)

#### Victory Floating Rate Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Class Y

Ticker: RSFYX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory Floating Rate Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class Y | $39 | 0.78% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $402625 |
| Number of Holdings | 158 |
| Portfolio Turnover | 12% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](id0b071ca950d8ce698e4ddb3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.0% |
| Consumer Staples | 2.1% |
| Energy | 4.4% |
| Information Technology | 5.3% |
| Materials | 7.2% |
| Communication Services | 10.0% |
| Financials | 14.0% |
| Industrials | 14.6% |
| Health Care | 14.8% |
| Consumer Discretionary | 16.3% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Knight Health Holdings LLC, Term B Loans, First Lien, 9.69% (SOFR01M+525bps), 12/26/28 | 2.2% |
| Invesco Senior Loan ETF | 2.1% |
| SPDR Blackstone Senior Loan ETF | 2.1% |
| Amneal Pharmaceuticals LLC, Initial Term Loan, First Lien, 9.83% (SOFR01M+550bps), 5/4/28 | 1.6% |
| White Cap Supply Holdings LLC, Tranche C Term Facility, First Lien, 7.58% (SOFR01M+325bps), 10/19/29 | 1.5% |
| Gates Global LLC, Initial B-5 Dollar Term Loans, First Lien, 6.08% (SOFR01M+175bps), 6/4/31 | 1.5% |
| Global Medical Response, Inc., 2024 Extended Term Loan, First Lien, 9.08% (SOFR01M+475bps), 10/2/28 | 1.5% |
| Ziggo Financing Partnership, Term Loan I Facility, First Lien, 6.93% (SOFR01M+250bps), 4/30/28 | 1.5% |
| B&G Foods, Inc., Tranche B-5 Term Loans, First Lien, 7.83% (SOFR01M+350bps), 10/10/29 | 1.4% |
| Oldcastle BuildingEnvelope, Inc., Term B Loans, First Lien, 8.55% (SOFR06M+425bps), 4/29/29 | 1.4% |

---

---

| | |
|:---|:---|
| \* | 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. |
|  | 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](i070124222f945cf14de9c575.jpg)

RSFYX — SAR (6/25)

#### Victory Floating Rate Fund
![Image](ibe1181a892f1de5db1e9b934.jpg)

Member Class

Ticker: RSFMX

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory Floating Rate Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Member Class | $43 | 0.85% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $402625 |
| Number of Holdings | 158 |
| Portfolio Turnover | 12% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i070124222f945cf14de9c575.jpg)

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

# (as of June 30, 2025)
![Group By Sector Chart](ic503aeb6245307d2f5736f74.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.0% |
| Consumer Staples | 2.1% |
| Energy | 4.4% |
| Information Technology | 5.3% |
| Materials | 7.2% |
| Communication Services | 10.0% |
| Financials | 14.0% |
| Industrials | 14.6% |
| Health Care | 14.8% |
| Consumer Discretionary | 16.3% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Knight Health Holdings LLC, Term B Loans, First Lien, 9.69% (SOFR01M+525bps), 12/26/28 | 2.2% |
| Invesco Senior Loan ETF | 2.1% |
| SPDR Blackstone Senior Loan ETF | 2.1% |
| Amneal Pharmaceuticals LLC, Initial Term Loan, First Lien, 9.83% (SOFR01M+550bps), 5/4/28 | 1.6% |
| White Cap Supply Holdings LLC, Tranche C Term Facility, First Lien, 7.58% (SOFR01M+325bps), 10/19/29 | 1.5% |
| Gates Global LLC, Initial B-5 Dollar Term Loans, First Lien, 6.08% (SOFR01M+175bps), 6/4/31 | 1.5% |
| Global Medical Response, Inc., 2024 Extended Term Loan, First Lien, 9.08% (SOFR01M+475bps), 10/2/28 | 1.5% |
| Ziggo Financing Partnership, Term Loan I Facility, First Lien, 6.93% (SOFR01M+250bps), 4/30/28 | 1.5% |
| B&G Foods, Inc., Tranche B-5 Term Loans, First Lien, 7.83% (SOFR01M+350bps), 10/10/29 | 1.4% |
| Oldcastle BuildingEnvelope, Inc., Term B Loans, First Lien, 8.55% (SOFR06M+425bps), 4/29/29 | 1.4% |

---

---

| | |
|:---|:---|
| \* | 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. |
|  | 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](i070124222f945cf14de9c575.jpg)

RSFMX — SAR (6/25)

(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable— only for annual reports.

**Item 3. Audit Committee Financial Expert.**

Not applicable— only for annual reports.

**Item 4. Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable— only for annual reports.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

(a) Not applicable.

(b) Not applicable.

**Item 7. Financial Statements and Other Information.**

(a) June

30,

2025

Semi-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

resources

to

help

you

become

a

better

investor

A

section

dedicated

to

investment

professionals

Whether

you're

a

potential

investor

searching

for

the

fund

that

matches

your

investment

philosophy,

a

seasoned

investor

interest-

ed

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

#### 5
Victory

RS

Large

Cap

Alpha

Fund

#### 7
Victory

RS

Investors

Fund

#### 9
Victory

Global

Energy

Transition

Fund

#### 11

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statements

of

Assets

and

Liabilities

#### 13
Statements

of

Operations

#### 15
Statements

of

Changes

in

Net

Assets

#### 17
Financial

Highlights

#### 22

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 39

*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

June

30,

2025

Victory

Portfolios

#### Victory

#### RS

#### Partners

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(98.0%)

Banks

(20.0%):

Ameris

Bancorp

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

246,410

$

15,943

FNB

Corp.

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

849,460

12,385

Old

National

Bancorp

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

770,280

16,438

Prosperity

Bancshares,

Inc.

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

197,340

13,861

Renasant

Corp.

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

370,430

13,309

SouthState

Corp.

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

82,460

7,589

The

Bank

of

NT

Butterfield

&

Son

Ltd.

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

306,840

13,587

UMB

Financial

Corp.

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

143,314

15,071

108,183

Communication

Services

(1.1%):

Madison

Square

Garden

Sports

Corp.(a)

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

27,260

5,696

Consumer

Discretionary

(10.1%):

Atmus

Filtration

Technologies,

Inc.

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

304,100

11,075

Bath

&

Body

Works,

Inc.

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

108,930

3,264

Beazer

Homes

USA,

Inc.(a)

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

214,320

4,794

Garrett

Motion,

Inc.

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

725,400

7,624

Group

Automotive,

Inc.

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

10,660

4,655

PVH

Corp.

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

79,150

5,430

Taylor

Morrison

Home

Corp.(a)

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

91,070

5,594

The

Cheesecake

Factory,

Inc.(b)

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

112,480

7,048

Under

Armour,

Inc.,

Class

C(a)

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

368,600

2,392

YETI

Holdings,

Inc.(a)

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

87,270

2,751

54,627

Consumer

Staples

(3.0%):

Nomad

Foods

Ltd.

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

622,590

10,578

The

Simply

Good

Foods

Co.(a)

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

51,190

1,617

U.S.

Foods

Holding

Corp.(a)

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

49,420

3,806

16,001

Energy

(6.0%):

California

Resources

Corp.

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

99,760

4,556

Gulfport

Energy

Corp.(a)

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

51,640

10,388

Northern

Oil

&

Gas,

Inc.

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

279,610

7,927

Plains

GP

Holdings

LP,

Class

A

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

506,070

9,833

32,704

Financial

Services

(2.2%):

Euronet

Worldwide,

Inc.(a)

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

118,320

11,995

Health

Care

(5.4%):

Encompass

Health

Corp.

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

92,500

11,343

Enovis

Corp.(a)

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

151,550

4,753

Integer

Holdings

Corp.(a)

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

37,760

4,643

The

Ensign

Group,

Inc.

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

54,710

8,440

29,179

Industrials

(13.5%):

Alamo

Group,

Inc.

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

45,570

9,952

Fluor

Corp.(a)

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

89,010

4,563

Gates

Industrial

Corp.

PLC(a)

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

518,410

11,939

Granite

Construction,

Inc.

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

66,880

6,254

Hayward

Holdings,

Inc.(a)

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

449,080

6,197

ICF

International,

Inc.

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

83,660

7,087

Matson,

Inc.

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

47,380

5,276

The

Timken

Co.

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

115,800

8,401

Titan

Machinery,

Inc.(a)

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

219,830

4,355

V2X,

Inc.(a)

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

181,570

8,815

72,839

Information

Technology

(4.4%):

ACI

Worldwide,

Inc.(a)

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

167,300

7,681

Belden,

Inc.

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

58,050

6,722

Victory

Portfolios

#### Victory

#### RS

#### Partners

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Crane

NXT

Co.

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

177,400

$

9,562

23,965

Insurance

(12.5%):

Globe

Life,

Inc.

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

165,200

20,533

Hamilton

Insurance

Group

Ltd.,

Class

B(a)

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

251,590

5,439

Kemper

Corp.

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

167,850

10,833

Primerica,

Inc.

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

35,503

9,716

Stewart

Information

Services

Corp.

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

76,680

4,992

White

Mountains

Insurance

Group

Ltd.

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

9,090

16,323

67,836

Materials

(5.8%):

Axalta

Coating

Systems

Ltd.(a)

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

108,130

3,210

Graphic

Packaging

Holding

Co.

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

325,690

6,862

Knife

River

Corp.(a)

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

39,070

3,190

Ryerson

Holding

Corp.

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

306,770

6,617

Sealed

Air

Corp.

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

370,410

11,494

31,373

Real

Estate

(8.6%):

COPT

Defense

Properties

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

129,400

3,569

Essential

Properties

Realty

Trust,

Inc.

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

244,210

7,793

Four

Corners

Property

Trust,

Inc.

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

445,740

11,995

Howard

Hughes

Holdings,

Inc.(a)

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

119,410

8,060

Independence

Realty

Trust,

Inc.

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

402,580

7,122

The

St.

Joe

Co.

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

170,680

8,141

46,680

Utilities

(5.4%):

Black

Hills

Corp.

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

200,125

11,227

H2O

America

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

139,960

7,274

TXNM

Energy,

Inc.

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

186,100

10,481

28,982

Total

Common

Stocks

(Cost

$440,100)

a

a

a

530,060

Preferred

Stocks

(0.1%)

Information

Technology

(0.1%):

WellDoc,

Inc.(a)(c)

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

1,587,483

587

Total

Preferred

Stocks

(Cost

$1,943)

a

a

a

587

Collateral

for

Securities

Loaned

(1.5%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

4.23%(d)

........

2,022,824

2,022

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

4.27%(d)

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

2,022,824

2,023

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

4.29%(d)

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

2,022,824

2,023

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

4.24%(d)

.

2,022,824

2,023

Total

Collateral

for

Securities

Loaned

(Cost

$8,091)

a

a

a

8,091

Total

Investments

(Cost

$450,134)

—

99.6%

538,738

Other

assets

in

excess

of

liabilities

— 0.4%

2,385

NET

ASSETS

-

100.00%

$

541,123

At

June

30,

2025,

the

Fund's

investments

in

foreign

securities

were

6.9%

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) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

0.1%

of

net

assets

as

of

June

30,

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

June

30,

2025. LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

June

30,

2025

Victory

Portfolios

#### Victory

#### RS

#### Value

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(97.9%)

Communication

Services

(0.8%):

Take-Two

Interactive

Software,

Inc.

(a) ........................................

8,390

$

2,038

Consumer

Discretionary

(7.7%):

Bath

&

Body

Works,

Inc.

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

134,630

4,033

LKQ

Corp.

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

155,460

5,754

Mattel,

Inc.

(a) .........................................................

209,320

4,128

PVH

Corp.

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

42,790

2,935

Toll

Brothers,

Inc.

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

26,800

3,059

19,909

Consumer

Staples

(6.3%):

Keurig

Dr.

Pepper,

Inc.

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

164,785

5,448

Nomad

Foods

Ltd.

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

297,560

5,055

U.S.

Foods

Holding

Corp.

(a) ...............................................

74,550

5,741

16,244

Energy

(6.3%):

Baker

Hughes

Co.

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

98,690

3,784

Expand

Energy

Corp.

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

34,230

4,003

Suncor

Energy,

Inc.

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

67,920

2,543

The

Williams

Cos.,

Inc.

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

37,810

2,375

Valero

Energy

Corp.

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

27,630

3,714

16,419

Financials

(23.2%):

Cboe

Global

Markets,

Inc.

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

11,210

2,614

Euronet

Worldwide,

Inc.

(a) ................................................

53,950

5,470

Everest

Group

Ltd.

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

17,140

5,825

Fairfax

Financial

Holdings

Ltd.

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

2,930

5,289

First

American

Financial

Corp.

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

65,090

3,996

Fiserv,

Inc.

(a) ..........................................................

22,970

3,960

Globe

Life,

Inc.

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

90,710

11,275

KeyCorp

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

320,110

5,576

Prosperity

Bancshares,

Inc.

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

68,380

4,803

UMB

Financial

Corp.

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

45,810

4,818

Unum

Group

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

47,800

3,860

White

Mountains

Insurance

Group

Ltd.

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

1,410

2,532

60,018

Health

Care

(8.3%):

Align

Technology,

Inc.

(a) .................................................

13,990

2,649

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a) ........................................

10,890

2,628

CVS

Health

Corp.

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

61,520

4,243

Encompass

Health

Corp.

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

48,140

5,903

Teva

Pharmaceutical

Industries

Ltd.

,

ADR

(a) ...................................

359,830

6,031

21,454

Industrials

(18.2%):

AGCO

Corp.

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

38,680

3,990

AMETEK,

Inc.

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

26,060

4,716

API

Group

Corp.

(a) .....................................................

94,410

4,820

CACI

International,

Inc.

,

Class

A

(a) .........................................

10,510

5,010

Fluor

Corp.

(a) .........................................................

40,180

2,060

L3Harris

Technologies,

Inc.

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

14,890

3,735

Leidos

Holdings,

Inc.

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

23,160

3,654

SS&C

Technologies

Holdings,

Inc.

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

86,260

7,142

TFI

International,

Inc.

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

31,060

2,785

The

Timken

Co.

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

62,460

4,532

WESCO

International,

Inc.

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

25,130

4,654

47,098

Information

Technology

(8.3%):

Lam

Research

Corp.

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

43,770

4,260

Littelfuse,

Inc.

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

15,050

3,412

Nice

Ltd.

,

ADR

(a) ......................................................

37,030

6,255

Victory

Portfolios

#### Victory

#### RS

#### Value

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Trimble,

Inc.

(a) ........................................................

64,620

$

4,910

Zebra

Technologies

Corp.

(a) ...............................................

8,940

2,757

21,594

Materials

(4.3%):

Axalta

Coating

Systems

Ltd.

(a) .............................................

60,020

1,782

Graphic

Packaging

Holding

Co.

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

214,260

4,515

Sealed

Air

Corp.

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

153,500

4,763

11,060

Real

Estate

(7.9%):

Camden

Property

Trust

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

36,280

4,088

CubeSmart

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

130,260

5,536

Equity

LifeStyle

Properties,

Inc.

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

73,400

4,527

NNN

REIT,

Inc.

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

149,120

6,439

20,590

Utilities

(6.6%):

CenterPoint

Energy,

Inc.

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

156,160

5,737

FirstEnergy

Corp.

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

150,160

6,045

PPL

Corp.

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

160,450

5,438

17,220

Total

Common

Stocks

(Cost

$211,865)

a

a

a

253,644

Total

Investments

(Cost

$211,865)

—

97.9%

253,644

Other

assets

in

excess

of

liabilities

— 2.1%

5,476

NET

ASSETS

-

100.00%

$

259,120

At

June

30,

2025,

the

Fund's

investments

in

foreign

securities

were

13.0%

of

net

assets.

(a) Non-income

producing

security.

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Schedule

of

Portfolio

Investments

June

30,

2025

Victory

Portfolios

#### Victory

#### RS

#### Large

#### Cap

#### Alpha

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(95.7%)

Communication

Services

(3.4%):

Alphabet,

Inc.

,

Class

A

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

44,310

$

7,809

Take-Two

Interactive

Software,

Inc.

(a) ........................................

40,460

9,825

17,634

Consumer

Discretionary

(5.0%):

LKQ

Corp.

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

322,220

11,925

Mattel,

Inc.

(a) .........................................................

350,750

6,917

Toll

Brothers,

Inc.

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

62,200

7,099

25,941

Consumer

Staples

(7.1%):

Keurig

Dr.

Pepper,

Inc.

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

304,580

10,069

Mondelez

International,

Inc.

,

Class

A

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

152,050

10,254

The

Procter

&

Gamble

Co.

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

33,000

5,258

U.S.

Foods

Holding

Corp.

(a) ...............................................

150,390

11,582

37,163

Energy

(5.8%):

Enterprise

Products

Partners

LP

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

357,580

11,089

Exxon

Mobil

Corp.

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

118,010

12,721

Valero

Energy

Corp.

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

49,340

6,632

30,442

Financials

(23.5%):

Cboe

Global

Markets,

Inc.

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

44,280

10,327

Citigroup,

Inc.

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

221,790

18,879

Everest

Group

Ltd.

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

49,030

16,663

Fairfax

Financial

Holdings

Ltd.

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

9,800

17,691

JPMorgan

Chase

&

Co.

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

45,310

13,136

KeyCorp

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

989,220

17,232

The

PNC

Financial

Services

Group,

Inc.

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

63,810

11,895

The

Progressive

Corp.

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

23,450

6,258

Unum

Group

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

126,980

10,255

122,336

Health

Care

(15.4%):

AbbVie,

Inc.

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

38,980

7,236

CVS

Health

Corp.

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

105,820

7,300

GE

HealthCare

Technologies,

Inc.

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

67,450

4,996

Johnson

&

Johnson

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

50,030

7,642

McKesson

Corp.

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

10,160

7,445

Medtronic

PLC

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

121,050

10,552

Merck

&

Co.,

Inc.

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

86,260

6,828

Teva

Pharmaceutical

Industries

Ltd.

,

ADR

(a) ...................................

702,100

11,767

The

Cigna

Group

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

50,390

16,658

80,424

Industrials

(16.1%):

CACI

International,

Inc.

,

Class

A

(a) .........................................

26,340

12,556

Eaton

Corp.

PLC

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

30,480

10,881

FedEx

Corp.

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

32,630

7,417

General

Dynamics

Corp.

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

21,830

6,367

Honeywell

International,

Inc.

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

41,930

9,765

Johnson

Controls

International

PLC

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

77,280

8,162

Leidos

Holdings,

Inc.

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

46,020

7,260

RTX

Corp.

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

51,582

7,532

SS&C

Technologies

Holdings,

Inc.

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

169,400

14,027

83,967

Information

Technology

(8.9%):

Amphenol

Corp.

,

Class

A

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

63,980

6,318

Analog

Devices,

Inc.

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

33,760

8,036

Applied

Materials,

Inc.

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

36,730

6,724

Corpay,

Inc.

(a) .........................................................

22,800

7,565

Salesforce,

Inc.

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

33,020

9,004

Victory

Portfolios

#### Victory

#### RS

#### Large

#### Cap

#### Alpha

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Zebra

Technologies

Corp.

(a) ...............................................

28,050

$

8,650

46,297

Materials

(2.9%):

PPG

Industries,

Inc.

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

70,830

8,057

Sealed

Air

Corp.

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

220,932

6,855

14,912

Real

Estate

(3.6%):

Camden

Property

Trust

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

84,900

9,568

Equity

LifeStyle

Properties,

Inc.

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

144,870

8,934

18,502

Utilities

(4.0%):

American

Electric

Power

Co.,

Inc.

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

82,450

8,555

Exelon

Corp.

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

287,780

12,495

21,050

Total

Common

Stocks

(Cost

$381,847)

a

a

a

498,668

Total

Investments

(Cost

$381,847)

—

95.7%

498,668

Other

assets

in

excess

of

liabilities

— 4.3%

22,267

NET

ASSETS

-

100.00%

$

520,935

At

June

30,

2025,

the

Fund's

investments

in

foreign

securities

were

13.0%

of

net

assets.

(a) Non-income

producing

security.

ADR

—

American

Depositary

Receipt

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

June

30,

2025

Victory

Portfolios

#### Victory

#### RS

#### Investors

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(94.7%)

Banks

(10.5%):

Citigroup,

Inc.

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

45,640

$

3,885

Prosperity

Bancshares,

Inc.

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

52,710

3,702

UMB

Financial

Corp.

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

22,290

2,344

9,931

Communication

Services

(1.5%):

Alphabet,

Inc.

,

Class

A

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

8,030

1,415

Consumer

Discretionary

(4.9%):

LKQ

Corp.

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

72,550

2,685

Mattel,

Inc.

(a) .........................................................

101,340

1,999

4,684

Consumer

Staples

(5.7%):

Keurig

Dr.

Pepper,

Inc.

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

78,390

2,591

Nomad

Foods

Ltd.

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

162,850

2,767

5,358

Energy

(5.0%):

Exxon

Mobil

Corp.

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

21,110

2,276

Plains

GP

Holdings

LP

,

Class

A

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

128,950

2,505

4,781

Financial

Services

(3.3%):

Euronet

Worldwide,

Inc.

(a) ................................................

30,540

3,096

Health

Care

(11.7%):

CVS

Health

Corp.

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

48,400

3,339

Encompass

Health

Corp.

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

23,180

2,842

Teva

Pharmaceutical

Industries

Ltd.

,

ADR

(a) ...................................

120,710

2,023

The

Cigna

Group

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

8,800

2,909

11,113

Industrials

(14.4%):

CACI

International,

Inc.

,

Class

A

(a) .........................................

7,010

3,342

Gates

Industrial

Corp.

PLC

(a) ..............................................

161,690

3,724

SS&C

Technologies

Holdings,

Inc.

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

41,270

3,417

V2X,

Inc.

(a) ..........................................................

63,920

3,103

13,586

Information

Technology

(7.1%):

Nice

Ltd.

,

ADR

(a) ......................................................

19,170

3,238

Trimble,

Inc.

(a) ........................................................

45,370

3,447

6,685

Insurance

(21.4%):

Everest

Group

Ltd.

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

9,440

3,208

Fairfax

Financial

Holdings

Ltd.

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

1,670

3,015

First

American

Financial

Corp.

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

25,090

1,540

Globe

Life,

Inc.

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

36,310

4,513

Unum

Group

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

46,990

3,795

White

Mountains

Insurance

Group

Ltd.

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

2,300

4,130

20,201

Materials

(2.8%):

Graphic

Packaging

Holding

Co.

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

124,040

2,614

Real

Estate

(2.7%):

Howard

Hughes

Holdings,

Inc.

(a) ...........................................

37,830

2,554

Utilities

(3.7%):

FirstEnergy

Corp.

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

87,310

3,515

Total

Common

Stocks

(Cost

$79,935)

a

a

a

89,533

Total

Investments

(Cost

$79,935)

—

94.7%

89,533

Other

assets

in

excess

of

liabilities

— 5.3%

5,035

NET

ASSETS

-

100.00%

$

94,568

Victory

Portfolios

#### Victory

#### RS

#### Investors

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

At

June

30,

2025,

the

Fund's

investments

in

foreign

securities

were

15.1%

of

net

assets.

(a) Non-income

producing

security.

ADR

—

American

Depositary

Receipt

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

June

30,

2025

Victory

Portfolios

#### Victory

#### Global

#### Energy

#### Transition

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Common

Stocks

(96.0%)

Australia

(14.1%):

Materials

(14.1%):

Iluka

Resources

Ltd.

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

9,739,606

$

24,353

MAC

Copper

Ltd.

(a) (b) ..................................................

1,963,865

23,743

Sunrise

Energy

Metals

Ltd.

(a) (b) ............................................

8,856,861

4,691

52,787

Canada

(26.4%):

Energy

(21.4%):

ARC

Resources

Ltd.

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

614,923

12,966

Cameco

Corp.

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

164,695

12,232

Keyera

Corp.

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

523,330

17,119

Peyto

Exploration

&

Development

Corp.

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

956,895

13,669

Tamarack

Valley

Energy

Ltd.

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

1,585,352

5,624

Tourmaline

Oil

Corp.

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

297,922

14,375

Whitecap

Resources,

Inc.

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

613,826

4,125

80,110

Materials

(5.0%):

First

Quantum

Minerals

Ltd.

(a) .............................................

851,318

15,124

Nutrien

Ltd.

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

59,213

3,449

18,573

98,683

Chile

(1.5%):

Industrials

(1.5%):

Sociedad

Quimica

y

Minera

de

Chile

SA

,

ADR

(a) (b) .............................

157,699

5,562

Norway

(4.0%):

Materials

(4.0%):

Norsk

Hydro

ASA

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

2,595,309

14,823

United

States

(50.0%):

Energy

(13.1%):

Antero

Resources

Corp.

(a) ................................................

131,537

5,298

Enterprise

Products

Partners

LP

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

583,346

18,089

Range

Resources

Corp.

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

388,385

15,796

The

Williams

Cos.,

Inc.

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

155,866

9,790

48,973

Industrials

(1.9%):

Energy

Vault

Holdings,

Inc.

(a) (b) ...........................................

4,812,387

3,449

Hubbell,

Inc.

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

9,110

3,721

7,170

Materials

(33.6%):

Compass

Minerals

International,

Inc.

(a) (c) .....................................

3,196,047

64,209

Ivanhoe

Electric,

Inc.

(a) ..................................................

3,964,398

35,957

Linde

PLC

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

38,173

17,910

Martin

Marietta

Materials,

Inc.

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

6,610

3,629

Materion

Corp.

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

45,591

3,618

125,323

Utilities

(1.4%):

Constellation

Energy

Corp.

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

15,500

5,003

186,469

Total

Common

Stocks

(Cost

$282,624)

358,324

Warrants

(0.5%)

Australia

(0.2%):

Materials

(0.2%):

Sunrise

Energy

Metals

Ltd.

,

expiring

12/31/25

(a) (d) ..............................

3,069,985

781

Victory

Portfolios

#### Victory

#### Global

#### Energy

#### Transition

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Canada

(0.3%):

Materials

(0.3%):

Ivanhoe

Electric,

Inc.

,

expiring

2/12/26

(a) (d) ...................................

441,014

$

1,027

Total

Warrants

(Cost

$4)

1,808

Collateral

for

Securities

Loaned

(2.7%)^

United

States

(2.7%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.23

%

(e) ........

2,472,055

2,472

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.27

%

(e) ............

2,472,055

2,472

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.29

%

(e) ...............

2,472,055

2,472

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.24

%

(e) .

2,472,055

2,472

Total

Collateral

for

Securities

Loaned

(Cost

$9,888)

9,888

Total

Investments

(Cost

$292,516)

—

99.2%

370,020

Other

assets

in

excess

of

liabilities

—

0.8%

3,063

NET

ASSETS

-

100.00%

$

373,083

^

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

0.5%

of

net

assets

as

of

June

30,

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

June

30,

2025. ADR

—

American

Depositary

Receipt

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

Statements

of

Assets

and

Liabilities

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

RS

Partners

Fund

Victory

RS

Value

Fund

Victory

RS

Large

Cap

Alpha

Fund

Assets:

Investments,

at

value

(Cost

$450,134,

$211,865

and

$381,847)

$

538,738

(a) $

253,644

$

498,668

Cash

12,610

5,929

22,191

Receivables:

Dividends,

interest,

and

securities

lending

income

801

625

Capital

shares

issued

Investments

sold

2,583

—

—

From

Adviser

Prepaid

expenses

Total

Assets

555,108

260,118

521,606

Liabilities:

Payables:

Collateral

received

on

loaned

securities

8,091

—

—

Investments

purchased

4,882

—

—

Capital

shares

redeemed

721

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

Transfer

agent

fees

Sub-Transfer

agent

fees

Compliance

fees

—

(b) —

(b) —

(b) 12b-1

fees

Other

accrued

expenses

Total

Liabilities

13,985

998

671

Commitments

and

contingencies

(Note

4)

Net

Assets:

Capital

438,976

200,400

344,777

Total

accumulated

earnings

(loss)

102,147

58,720

176,158

Net

Assets

$

541,123

$

259,120

$

520,935

Net

Assets:

Class

A

$

177,771

$

150,878

$

483,672

Class

C

—

1,078

931

Class

R

1,335

—

—

Class

R6

14,455

—

—

Class

Y

340,909

107,164

36,332

Member

Class

6,653

—

—

Total

$

541,123

$

259,120

$

520,935

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

6,528

6,002

8,117

Class

C

—

Class

R

—

—

Class

R6

—

—

Class

Y

11,251

4,079

612

Member

Class

—

—

Total

18,562

10,134

8,750

Net

asset

value,

offering

and

redemption

price

per

share:

(c) Class

A

$

.23

$

.14

$

.59

Class

C(d)

—

.25

.13

Class

R

.94

—

—

Class

R6

.02

—

—

Class

Y

.30

.27

.32

Member

Class

.33

—

—

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

$

.89

$

.67

$

.22

(a) Includes

$7,984

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

Assets

and

Liabilities

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

RS

Investors

Fund

Victory

Global

Energy

Transition

Fund

Assets:

Affiliated

investments,

at

value

(Cost

$—

and

$36,221)

$

—

$

64,209

Unaffiliated

investments,

at

value

(Cost

$79,935

and

$256,295)

89,533

305,811

(a) Foreign

currency,

at

value

(Cost

$—

and

$244)

—

Cash

4,359

13,528

Receivables:

Dividends,

interest,

and

securities

lending

income

Capital

shares

issued

674

Investments

sold

—

From

Adviser

Prepaid

expenses

Total

Assets

94,701

384,303

Liabilities:

Payables:

Collateral

received

on

loaned

securities

—

9,888

Capital

shares

redeemed

934

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

Transfer

agent

fees

Sub-Transfer

agent

fees

Compliance

fees

—

(b) —

(b) 12b-1

fees

Other

accrued

expenses

Total

Liabilities

11,220

Commitments

and

contingencies

(Note

4)

Net

Assets:

Capital

81,852

2,003,978

Total

accumulated

earnings

(loss)

12,716

(1,630,895)

Net

Assets

$

94,568

$

373,083

Net

Assets:

Class

A

$

18,430

$

65,943

Class

C

3,748

1,881

Class

Y

72,390

305,259

Total

$

94,568

$

373,083

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

1,128

1,760

Class

C

Class

Y

4,238

7,771

Total

5,651

9,588

Net

asset

value,

offering

and

redemption

price

per

share:

(c) Class

A

$

.34

$

.48

Class

C(d)

.17

.82

Class

Y

.08

.28

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

$

.34

$

.77

(a) Includes

$8,877

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

Six

Months

Ended

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands)

(Unaudited)

Victory

RS

Partners

Fund

Victory

RS

Value

Fund

Victory

RS

Large

Cap

Alpha

Fund

Investment

Income:

Dividends

$

4,762

$

2,439

$

5,630

Interest

Securities

lending

(net

of

fees)

—(a)

—

Foreign

tax

withholding

(8) (13) (18) Total

Income

5,208

2,623

6,055

Expenses:

Investment

advisory

fees

2,218

1,111

1,291

Administration

fees

Sub-Administration

fees

12b-1

fees

—

Class

A

608

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

—(a)

—

—

Transfer

agent

fees

—

Class

R6

—(a)

—

—

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

3,053

1,619

2,328

Expenses

waived/reimbursed

by

Adviser

(182) (43) (57) Net

Expenses

2,871

1,576

2,271

Net

Investment

Income

(Loss)

2,337

1,047

3,784

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

4,586

6,566

29,708

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

(21,763)

(5,729)

(9,054)

Net

realized/unrealized

gains

(losses)

on

investments

(17,177)

837

20,654

Change

in

net

assets

resulting

from

operations

$

(14,840)

$

1,884

$

24,438

(a) Rounds

to

less

than

$1

thousand.

Statements

of

Operations

For

the

Six

Months

Ended

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands)

(Unaudited)

Victory

RS

Investors

Fund

Victory

Global

Energy

Transition

Fund

Investment

Income:

Dividends

$

651

$

3,368

Interest

Securities

lending

(net

of

fees)

—(a)

Foreign

tax

withholding

(3) (481) Total

Income

730

3,313

Expenses:

Investment

advisory

fees

1,591

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

—(a)

Sub-Transfer

agent

fees

—

Class

A

Sub-Transfer

agent

fees

—

Class

C

Sub-Transfer

agent

fees

—

Class

Y

Trustees'

fees

Compliance

fees

—(a)

Legal

and

audit

fees

State

registration

and

filing

fees

Other

expenses

Total

Expenses

553

2,037

Expenses

waived/reimbursed

by

Adviser

(111) (102) Net

Expenses

1,935

Net

Investment

Income

(Loss)

1,378

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

affiliated

investment

securities

—

(871) Net

realized

gains

(losses)

from

unaffiliated

investment

securities

and

foreign

currency

transactions

846

30,613

Net

change

in

unrealized

appreciation/depreciation

on

affiliated

investment

securities

—

31,714

Net

change

in

unrealized

appreciation/depreciation

on

unaffiliated

investment

securities

and

foreign

currency

translations

522

2,901

Net

realized/unrealized

gains

(losses)

on

investments

1,368

64,357

Change

in

net

assets

resulting

from

operations

$

1,656

$

65,735

(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

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

2,337

$

2,221

$

1,047

$

1,181

$

3,784

$

6,169

Net

realized

gains

(losses)

4,586

41,762

6,566

31,019

29,708

67,925

Net

change

in

unrealized

appreciation/depreciation

(21,763)

25,109

(5,729)

1,889

(9,054)

24,178

Change

in

net

assets

resulting

from

operations

(14,840)

69,092

1,884

34,089

24,438

98,272

Distributions

to

Shareholders:

Class

A

—

(10,645)

—

(14,895)

—

(66,063)

Class

C

—

—

—

(125) —

(156) Class

R

—

(87) —

—

—

—

Class

R6

—

(286) —

—

—

—

Class

Y

—

(18,440)

—

(10,075)

—

(3,975)

Member

Class

—

(357) —

—

—

—

Change

in

net

assets

resulting

from

distributions

to

shareholders

—

(29,815)

—

(25,095)

—

(70,194)

Change

in

net

assets

resulting

from

capital

transactions

11,276

64,174

(18,196)

(8,491)

(35,474)

23,651

Change

in

net

assets

(3,564)

103,451

(16,312)

503

(11,036)

51,729

Net

Assets:

Beginning

of

period

544,687

441,236

275,432

274,929

531,971

480,242

End

of

period

$

541,123

$

544,687

$

259,120

$

275,432

$

520,935

$

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

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

5,934

$

14,207

$

1,678

$

4,732

$

9,762

$

14,985

Distributions

reinvested

—

10,448

—

14,615

—

64,360

Cost

of

shares

redeemed

(15,276)

(30,966)

(13,999)

(26,663)

(50,537)

(59,127)

Converted

from

Class

R

—

—

—

767

—

5,739

Total

Class

A

$

(9,342)

$

(6,311)

$

(12,321)

$

(6,549)

$

(40,775)

$

25,957

Class

C

Proceeds

from

shares

issued

$

—

$

—

$

$

$

$

Distributions

reinvested

—

—

—

—

Cost

of

shares

redeemed

—

—

(163) (429) (186) (1,002)

Total

Class

C

$

—

$

—

$

(95) $

(83) $

(107) $

(708) Class

R

Proceeds

from

shares

issued

$

$

$

—

$

10(a)

$

—

$

167(a)

Distributions

reinvested

—

—

—(a)

—

—(a)

Cost

of

shares

redeemed

(208) (1,221)

—

(7)(a)

—

(337)(a)

Converted

into

Class

A

—

—

—

(766) —

(5,739)

Total

Class

R

$

(60) $

(964) $

—

$

(763) $

—

$

(5,909)

Class

R6

Proceeds

from

shares

issued

$

12,080

$

3,427

$

—

$

—

$

—

$

—

Distributions

reinvested

—

—

—

—

—

Cost

of

shares

redeemed

(3,074)

(327) —

—

—

—

Total

Class

R6

$

9,006

$

3,386

$

—

$

—

$

—

$

—

Class

Y

Proceeds

from

shares

issued

$

72,211

$

129,327

$

3,018

$

7,818

$

8,762

$

7,072

Distributions

reinvested

—

18,416

—

9,970

—

3,922

Cost

of

shares

redeemed

(60,946)

(80,142)

(8,798)

(18,884)

(3,354)

(6,683)

Total

Class

Y

$

11,265

$

67,601

$

(5,780)

$

(1,096)

$

5,408

$

4,311

Member

Class

Proceeds

from

shares

issued

$

1,389

$

1,250

$

—

$

—

$

—

$

—

Distributions

reinvested

—

—

—

—

—

Cost

of

shares

redeemed

(982) (1,145)

—

—

—

—

Total

Member

Class

$

$

$

—

$

—

$

—

$

—

Change

in

net

assets

resulting

from

capital

transactions

$

11,276

$

64,174

$

(18,196)

$

(8,491)

$

(35,474)

$

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

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Share

Transactions:

Class

A

Issued

505

Reinvested

—

—(b)

567

—

1,103

Redeemed

(562) (1,109)

(577) (1,020)

(897) (977) Converted

from

Class

R

—

—

—

—

Total

Class

A

(343) (249) (509) (243) (725) 466

Class

C

Issued

—

—

Reinvested

—

—

—

—

Redeemed

—

—

(8) (20) (4) (21) Total

Class

C

—

—

(5) (3) (2) (14) Class

R

Issued

—

—(a)(b)

—

3(a)

Reinvested

—

—

—(a)

—

—(a)

Redeemed

(9) (51) —

—(a)(b)

—

(6)(a)

Converted

into

Class

A

—

—

—

(31) —

(96) Total

Class

R

(2) (40) —

(31) —

(99) Class

R6

Issued

—

—

—

—

Reinvested

—

—

—

—

—

Redeemed

(114) (10) —

—

—

—

Total

Class

R6

—

—

—

—

Class

Y

Issued

2,397

4,164

Reinvested

—

564

—

—

Redeemed

(2,030)

(2,581)

(344) (691) (59) (112) Total

Class

Y

2,147

(226) (27) 91

Member

Class

Issued

—

—

—

—

Reinvested

—

—

—

—

—

Redeemed

(36) (41) —

—

—

—

Total

Member

Class

—

—

—

—

Change

in

Shares

1,978

(740) (304) (636) 426

(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

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

$

$

1,378

$

3,561

Net

realized

gains

(losses)

846

6,552

29,742

18,501

Net

change

in

unrealized

appreciation/depreciation

522

2,206

34,615

25,928

Change

in

net

assets

resulting

from

operations

1,656

8,989

65,735

47,990

Distributions

to

Shareholders:

Class

A

—

(1,725)

—

(946) Class

C

—

(296) —

(20) Class

Y

—

(3,710)

—

(4,974)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—

(5,731)

—

(5,940)

Change

in

net

assets

resulting

from

capital

transactions

31,244

21,239

(14,313)

(19,898)

Change

in

net

assets

32,900

24,497

51,422

22,152

Net

Assets:

Beginning

of

period

61,668

37,171

321,661

299,509

End

of

period

$

94,568

$

61,668

$

373,083

$

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

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

1,792

$

1,812

$

2,965

$

4,142

Distributions

reinvested

—

1,656

—

916

Cost

of

shares

redeemed

(1,858)

(3,133)

(6,601)

(18,098)

Converted

from

Class

R

—

1,073

—

978

Total

Class

A

$

(66) $

1,408

$

(3,636)

$

(12,062)

Class

C

Proceeds

from

shares

issued

$

1,153

$

1,108

$

$

Distributions

reinvested

—

—

Cost

of

shares

redeemed

(166) (210) (146) (366) Total

Class

C

$

987

$

1,194

$

$

Class

R

Proceeds

from

shares

issued

$

—

$

39(a)

$

—

$

33(a)

Distributions

reinvested

—

—(a)

—

—(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

$

41,384

$

29,689

$

20,499

$

66,828

Distributions

reinvested

—

3,706

—

4,429

Cost

of

shares

redeemed

(11,061)

(13,707)

(31,207)

(77,700)

Total

Class

Y

$

30,323

$

19,688

$

(10,708)

$

(6,443)

Change

in

net

assets

resulting

from

capital

transactions

$

31,244

$

21,239

$

(14,313)

$

(19,898)

Share

Transactions:

Class

A

Issued

Reinvested

—

—

Redeemed

(122) (191) (213) (617) Converted

from

Class

R

—

—

Total

Class

A

(9) 83

(119) (416) Class

C

Issued

Reinvested

—

—

Redeemed

(13) (15) (6) (14) Total

Class

C

—(b)

Class

R

Issued

—

2(a)

—

1(a)

Reinvested

—

—(a)

—

—(a)

Redeemed

—

(1)(a)

—

(19)(a)

Converted

into

Class

A

—

(75) —

(36) Total

Class

R

—

(74) —

(54) Class

Y

Issued

2,498

1,705

605

2,143

Reinvested

—

—

Redeemed

(658) (779) (962) (2,465)

Total

Class

Y

1,840

1,138

(357) (178) Change

in

Shares

1,906

1,236

(475) (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.

Victory

Portfolios

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Partners

Fund

Class

A

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$28.02

$25.73

$23.54

$26.82

$24.21

$24.47

Investment

Activities:

Net

investment

income

(loss)(a)

0.08 0.06 0.07 0.08 (0.09)

0.04 Net

realized

and

unrealized

gains

(losses)

(0.87)

3.85 3.58 (1.26)

7.14 0.07 Total

from

Investment

Activities

(0.79)

3.91 3.65 (1.18)

7.05 0.11 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.13)

(0.22)

(0.12)

—

—

Net

realized

gains

—

(1.49)

(1.24)

(1.98)

(4.44)

(0.37)

Total

Distributions

—

(1.62)

(1.46)

(2.10)

(4.44)

(0.37)

Net

Asset

Value,

End

of

Period

$27.23

$28.02

$25.73

$23.54

$26.82

$24.21

Total

Return(b)(c)

(2.82)%

14.93%

15.66%

(4.54)%

29.58%

0.46%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.33%

1.33%

1.37%

1.45%

1.45%

1.45%

Net

Investment

Income

(Loss)(d)

0.61%

0.20%

0.29%

0.33%

(0.29)%

0.20%

Gross

Expenses(d)(e)

1.33%

1.33%

1.40%

1.49%

1.49%

1.53%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$177,771

$192,536

$183,203

$169,628

$195,053

$156,629

Portfolio

Turnover(b)(f)

28%

48%

72%

98%

64%

108%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(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

RS

Partners

Fund

Class

R

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$23.64

$21.89

$20.25

$23.41

$21.65

$22.01

Investment

Activities:

Net

investment

income

(loss)(a)

0.03 (0.04)

(0.03)

(0.01)

(0.17)

(0.03)

Net

realized

and

unrealized

gains

(losses)

(0.73)

3.29 3.08 (1.10)

6.37 0.04 Total

from

Investment

Activities

(0.70)

3.25 3.05 (1.11)

6.20 0.01 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.01)

(0.17)

(0.07)

—

—

Net

realized

gains

—

(1.49)

(1.24)

(1.98)

(4.44)

(0.37)

Total

Distributions

—

(1.50)

(1.41)

(2.05)

(4.44)

(0.37)

Net

Asset

Value,

End

of

Period

$22.94

$23.64

$21.89

$20.25

$23.41

$21.65

Total

Return(b)(c)

(2.96)%

14.52%

15.19%

(4.86)%

29.15%

0.06%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.69%

1.69%

1.73%

1.81%

1.81%

1.81%

Net

Investment

Income

(Loss)(d)

0.25%

(0.19)%

(0.12)%

(0.03)%

(0.65)%

(0.15)%

Gross

Expenses(d)(e)

2.57%

2.42%

2.29%

2.54%

2.48%

2.87%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,335

$1,426

$2,198

$1,519

$1,652

$1,421

Portfolio

Turnover(b)(f)

28%

48%

72%

98%

64%

108%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(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

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Partners

Fund

Class

R6

Six

Months

Ended

June

30,

2025

(Unaudited)

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)

0.18 0.21 0.04 Net

realized

and

unrealized

gains

(losses)

(0.97)

4.20 4.02 Total

from

Investment

Activities

(0.79)

4.41 4.06 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.24)

(0.31)

Net

realized

gains

—

(1.49)

(1.24)

Total

Distributions

—

(1.73)

(1.55)

Net

Asset

Value,

End

of

Period

$30.02

$30.81

$28.13

Total

Return(c)(d)

(2.56)%

15.44%

16.00%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.89%

0.89%

0.89%

Net

Investment

Income

(Loss)(e)

1.22%

0.69%

0.26%

Gross

Expenses(e)(f)

1.01%

1.28%

2.10%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$14,455

$5,684

$2,244

Portfolio

Turnover(c)(g)

28%

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

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Partners

Fund

Class

Y

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$31.12

$28.40

$25.83

$29.21

$25.99

$26.17

Investment

Activities:

Net

investment

income

(loss)(a)

0.15 0.19 0.17 0.19 0.02 0.12 Net

realized

and

unrealized

gains

(losses)

(0.97)

4.25 3.94 (1.39)

7.69 0.07 Total

from

Investment

Activities

(0.82)

4.44 4.11 (1.20)

7.71 0.19 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.23)

(0.30)

(0.20)

(0.05)

—

Net

realized

gains

—

(1.49)

(1.24)

(1.98)

(4.44)

(0.37)

Total

Distributions

—

(1.72)

(1.54)

(2.18)

(4.49)

(0.37)

Net

Asset

Value,

End

of

Period

$30.30

$31.12

$28.40

$25.83

$29.21

$25.99

Total

Return(b)(c)

(2.63)%

15.40%

16.07%

(4.23)%

30.03%

0.77%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.94%

0.94%

1.01%

1.12%

1.12%

1.12%

Net

Investment

Income

(Loss)(d)

1.01%

0.60%

0.62%

0.67%

0.05%

0.54%

Gross

Expenses(d)(e)

1.04%

1.05%

1.13%

1.21%

1.19%

1.23%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$340,909

$338,632

$248,103

$172,847

$177,278

$168,087

Portfolio

Turnover(b)(f)

28%

48%

72%

98%

64%

108%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(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

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Partners

Fund

Member

Class

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

November

3,

2020(a)

through

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$28.10

$25.79

$23.58

$26.87

$24.22

$19.64

Investment

Activities:

Net

investment

income

(loss)(b)

0.11 0.11 0.12 0.15 (0.04)

0.01 Net

realized

and

unrealized

gains

(losses)

(0.88)

3.87 3.59 (1.29)

7.17 4.94 Total

from

Investment

Activities

(0.77)

3.98 3.71 (1.14)

7.13 4.95 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.18)

(0.26)

(0.17)

(0.04)

—

Net

realized

gains

—

(1.49)

(1.24)

(1.98)

(4.44)

(0.37)

Total

Distributions

—

(1.67)

(1.50)

(2.15)

(4.48)

(0.37)

Net

Asset

Value,

End

of

Period

$27.33

$28.10

$25.79

$23.58

$26.87

$24.22

Total

Return(c)(d)

(2.74)%

15.18%

15.90%

(4.36)%

29.90%

25.22%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.13%

1.13%

1.18%

1.25%

1.25%

1.25%

Net

Investment

Income

(Loss)(e)

0.83%

0.41%

0.48%

0.59%

(0.14)%

0.36%

Gross

Expenses(e)(f)

1.38%

1.38%

1.57%

1.78%

3.05%

33.63%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$6,653

$6,410

$5,488

$4,719

$2,994

$102

Portfolio

Turnover(c)(g)

28%

48%

72%

98%

64%

108%

(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

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Value

Fund

Class

A

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$24.92

$24.25

$24.04

$26.33

$23.68

$24.79

Investment

Activities:

Net

investment

income

(loss)(a)

0.09 0.08 0.07 0.03 0.03 0.03 Net

realized

and

unrealized

gains

(losses)

0.13 3.05 1.71 (0.80)

6.34 (0.68)

Total

from

Investment

Activities

0.22 3.13 1.78 (0.77)

6.37 (0.65)

Distributions

to

Shareholders

from:

Net

investment

income

—

(0.10)

(0.15)

(0.12)

(0.11)

—

Net

realized

gains

—

(2.36)

(1.42)

(1.40)

(3.61)

(0.46)

Total

Distributions

—

(2.46)

(1.57)

(1.52)

(3.72)

(0.46)

Net

Asset

Value,

End

of

Period

$25.14

$24.92

$24.25

$24.04

$26.33

$23.68

Total

Return(b)(c)

0.88%

12.63%

7.52%

(2.97)%

27.31%

(2.59)%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.30%

1.30%

1.30%

1.30%

1.30%

1.30%

Net

Investment

Income

(Loss)(d)

0.71%

0.32%

0.30%

0.13%

0.12%

0.14%

Gross

Expenses(d)(e)

1.34%

1.33%

1.34%

1.32%

1.34%

1.37%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$150,878

$162,251

$163,769

$172,406

$188,881

$162,145

Portfolio

Turnover(b)(f)

27%

39%

55%

71%

69%

73%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(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

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Value

Fund

Class

C

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$20.15

$20.07

$20.16

$22.38

$20.65

$21.85

Investment

Activities:

Net

investment

income

(loss)(a)

(0.01)(b)

(0.10)

(0.09)

(0.14)

(0.16)

(0.11)

Net

realized

and

unrealized

gains

(losses)

0.11 2.54 1.42 (0.68)

5.50 (0.63)

Total

from

Investment

Activities

0.10 2.44 1.33 (0.82)

5.34 (0.74)

Distributions

to

Shareholders

from:

Net

realized

gains

—

(2.36)

(1.42)

(1.40)

(3.61)

(0.46)

Total

Distributions

—

(2.36)

(1.42)

(1.40)

(3.61)

(0.46)

Net

Asset

Value,

End

of

Period

$20.25

$20.15

$20.07

$20.16

$22.38

$20.65

Total

Return(c)(d)

0.50%

11.75%

6.76%

(3.71)%

26.28%

(3.35)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

2.07%

2.07%

2.07%

2.07%

2.07%

2.07%

Net

Investment

Income

(Loss)(e)

(0.07)%

(0.44)%

(0.45)%

(0.65)%

(0.67)%

(0.62)%

Gross

Expenses(e)(f)

3.18%

3.23%

2.94%

3.00%

2.33%

2.60%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,078

$1,173

$1,228

$1,282

$1,398

$2,618

Portfolio

Turnover(c)(g)

27%

39%

55%

71%

69%

73%

(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) 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.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(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

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Value

Fund

Class

Y

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$26.02

$25.21

$24.92

$27.23

$24.38

$25.45

Investment

Activities:

Net

investment

income

(loss)(a)

0.12 0.15 0.14 0.09 0.10 0.08 Net

realized

and

unrealized

gains

(losses)

0.13 3.18 1.78 (0.82)

6.53 (0.69)

Total

from

Investment

Activities

0.25 3.33 1.92 (0.73)

6.63 (0.61)

Distributions

to

Shareholders

from:

Net

investment

income

—

(0.16)

(0.21)

(0.18)

(0.17)

—

Net

realized

gains

—

(2.36)

(1.42)

(1.40)

(3.61)

(0.46)

Total

Distributions

—

(2.52)

(1.63)

(1.58)

(3.78)

(0.46)

Net

Asset

Value,

End

of

Period

$26.27

$26.02

$25.21

$24.92

$27.23

$24.38

Total

Return(b)(c)

0.96%

12.94%

7.75%

(2.71)%

27.57%

(2.37)%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.06%

1.06%

1.06%

1.06%

1.06%

1.06%

Net

Investment

Income

(Loss)(d)

0.95%

0.56%

0.54%

0.36%

0.36%

0.38%

Gross

Expenses(d)(e)

1.07%

1.07%

1.07%

1.06%

1.06%

1.10%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$107,164

$112,008

$109,234

$120,583

$143,783

$142,515

Portfolio

Turnover(b)(f)

27%

39%

55%

71%

69%

73%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(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

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Large

Cap

Alpha

Fund

Class

A

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$56.73

$53.66

$47.92

$55.16

$50.59

$53.11

Investment

Activities:

Net

investment

income

(loss)(a)

0.41 0.71 0.44 0.40 0.65 0.52 Net

realized

and

unrealized

gains

(losses)

2.45 10.73 5.90 (2.88)

10.81 (1.12)

Total

from

Investment

Activities

2.86 11.44 6.34 (2.48)

11.46 (0.60)

Distributions

to

Shareholders

from:

Net

investment

income

—

(0.60)

(0.33)

(0.43)

(0.57)

(0.15)

Net

realized

gains

—

(7.77)

(0.27)

(4.33)

(6.32)

(1.77)

Total

Distributions

—

(8.37)

(0.60)

(4.76)

(6.89)

(1.92)

Net

Asset

Value,

End

of

Period

$59.59

$56.73

$53.66

$47.92

$55.16

$50.59

Total

Return(b)(c)

5.04%

21.02%

13.25%

(4.62)%

23.00%

(1.03)%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.89%

0.89%

0.89%

0.89%

0.89%

0.89%

Net

Investment

Income

(Loss)(d)

1.45%

1.16%

0.88%

0.76%

1.13%

1.13%

Gross

Expenses(d)(e)

0.91%

0.91%

0.93%

0.92%

0.93%

0.95%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$483,672

$501,597

$449,497

$437,855

$495,890

$444,160

Portfolio

Turnover(b)(f)

25%

27%

39%

61%

52%

95%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(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

RS

Large

Cap

Alpha

Fund

Class

C

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$43.13

$42.38

$37.97

$44.72

$42.07

$44.70

Investment

Activities:

Net

investment

income

(loss)(a)

0.14 0.17 0.03 (0.03)

0.13 0.14 Net

realized

and

unrealized

gains

(losses)

1.86 8.49 4.65 (2.32)

8.97 (1.00)

Total

from

Investment

Activities

2.00 8.66 4.68 (2.35)

9.10 (0.86)

Distributions

to

Shareholders

from:

Net

investment

income

—

(0.14)

—

(0.07)

(0.13)

—

Net

realized

gains

—

(7.77)

(0.27)

(4.33)

(6.32)

(1.77)

Total

Distributions

—

(7.91)

(0.27)

(4.40)

(6.45)

(1.77)

Net

Asset

Value,

End

of

Period

$45.13

$43.13

$42.38

$37.97

$44.72

$42.07

Total

Return(b)(c)

4.64%

20.02%

12.37%

(5.39)%

22.05%

(1.85)%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.69%

1.69%

1.69%

1.69%

1.69%

1.69%

Net

Investment

Income

(Loss)(d)

0.65%

0.35%

0.07%

(0.07)%

0.27%

0.37%

Gross

Expenses(d)(e)

2.84%

2.85%

2.15%

1.92%

1.80%

1.79%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$931

$993

$1,587

$3,595

$6,230

$11,326

Portfolio

Turnover(b)(f)

25%

27%

39%

61%

52%

95%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(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

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Large

Cap

Alpha

Fund

Class

Y

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$56.41

$53.39

$47.67

$54.90

$50.37

$52.87

Investment

Activities:

Net

investment

income

(loss)(a)

0.48 0.84 0.54 0.52 0.78 0.62 Net

realized

and

unrealized

gains

(losses)

2.43 10.66 5.89 (2.89)

10.76 (1.10)

Total

from

Investment

Activities

2.91 11.50 6.43 (2.37)

11.54 (0.48)

Distributions

to

Shareholders

from:

Net

investment

income

—

(0.71)

(0.44)

(0.53)

(0.69)

(0.25)

Net

realized

gains

—

(7.77)

(0.27)

(4.33)

(6.32)

(1.77)

Total

Distributions

—

(8.48)

(0.71)

(4.86)

(7.01)

(2.02)

Net

Asset

Value,

End

of

Period

$59.32

$56.41

$53.39

$47.67

$54.90

$50.37

Total

Return(b)(c)

5.16%

21.25%

13.51%

(4.43)%

23.28%

(0.83)%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.68%

0.68%

0.68%

0.68%

0.68%

0.68%

Net

Investment

Income

(Loss)(d)

1.69%

1.37%

1.09%

0.98%

1.35%

1.34%

Gross

Expenses(d)(e)

0.72%

0.73%

0.72%

0.71%

0.68%

0.82%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$36,332

$29,381

$23,905

$21,070

$20,169

$16,011

Portfolio

Turnover(b)(f)

25%

27%

39%

61%

52%

95%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(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

RS

Investors

Fund

Class

A

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$16.18

$14.71

$13.10

$13.90

$12.84

$13.10

Investment

Activities:

Net

investment

income

(loss)(a)

0.05 0.05 —(b)

(0.01)

0.02 (0.01)

Net

realized

and

unrealized

gains

(losses)

0.11 3.07 1.72 (0.26)

3.25 (0.21)

Total

from

Investment

Activities

0.16 3.12 1.72 (0.27)

3.27 (0.22)

Distributions

to

Shareholders

from:

Net

investment

income

—

(0.06)

(0.03)

(0.01)

—(b)

—

Net

realized

gains

—

(1.59)

(0.08)

(0.52)

(2.21)

(0.04)

Total

Distributions

—

(1.65)

(0.11)

(0.53)

(2.21)

(0.04)

Net

Asset

Value,

End

of

Period

$16.34

$16.18

$14.71

$13.10

$13.90

$12.84

Total

Return(c)(d)

0.99%

20.87%

13.17%

(2.01)%

25.74%

(1.68)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.33%

1.33%

1.33%

1.33%

1.33%

1.33%

Net

Investment

Income

(Loss)(e)

0.62%

0.32%

0.01%

(0.05)%

0.13%

(0.08)%

Gross

Expenses(e)(f)

1.58%

1.62%

1.63%

1.64%

1.66%

1.71%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$18,430

$18,409

$15,515

$15,250

$15,039

$12,663

Portfolio

Turnover(c)(g)

32%

74%

36%

69%

68%

66%

(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) 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.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(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

Investors

Fund

Class

C

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$13.09

$12.19

$10.93

$11.76

$11.22

$11.54

Investment

Activities:

Net

investment

income

(loss)(a)

(0.01)(b)

(0.06)

(0.08)

(0.10)

(0.08)

(0.08)

Net

realized

and

unrealized

gains

(losses)

0.09 2.55 1.42 (0.21)

2.83 (0.20)

Total

from

Investment

Activities

0.08 2.49 1.34 (0.31)

2.75 (0.28)

Distributions

to

Shareholders

from:

Net

realized

gains

—

(1.59)

(0.08)

(0.52)

(2.21)

(0.04)

Total

Distributions

—

(1.59)

(0.08)

(0.52)

(2.21)

(0.04)

Net

Asset

Value,

End

of

Period

$13.17

$13.09

$12.19

$10.93

$11.76

$11.22

Total

Return(c)(d)

0.61%

19.92%

12.38%

(2.69)%

24.78%

(2.43)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

2.07%

2.07%

2.07%

2.07%

2.07%

2.07%

Net

Investment

Income

(Loss)(e)

(0.14)%

(0.43)%

(0.72)%

(0.90)%

(0.64)%

(0.85)%

Gross

Expenses(e)(f)

2.66%

3.00%

3.41%

2.95%

2.42%

2.75%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$3,748

$2,744

$1,474

$909

$2,702

$3,306

Portfolio

Turnover(c)(g)

32%

74%

36%

69%

68%

66%

(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) 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.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(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

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Investors

Fund

Class

Y

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$16.90

$15.29

$13.61

$14.41

$13.24

$13.47

Investment

Activities:

Net

investment

income

(loss)(a)

0.07 0.11 0.04 0.04 0.06 0.02 Net

realized

and

unrealized

gains

(losses)

0.11 3.19 1.79 (0.28)

3.36 (0.21)

Total

from

Investment

Activities

0.18 3.30 1.83 (0.24)

3.42 (0.19)

Distributions

to

Shareholders

from:

Net

investment

income

—

(0.10)

(0.07)

(0.04)

(0.04)

—

Net

realized

gains

—

(1.59)

(0.08)

(0.52)

(2.21)

(0.04)

Total

Distributions

—

(1.69)

(0.15)

(0.56)

(2.25)

(0.04)

Net

Asset

Value,

End

of

Period

$17.08

$16.90

$15.29

$13.61

$14.41

$13.24

Total

Return(b)(c)

1.07%

21.25%

13.52%

(1.73)%

26.07%

(1.41)%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.05%

1.05%

1.05%

1.05%

1.05%

1.05%

Net

Investment

Income

(Loss)(d)

0.86%

0.60%

0.30%

0.30%

0.40%

0.17%

Gross

Expenses(d)(e)

1.33%

1.40%

1.38%

1.36%

1.32%

1.50%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$72,390

$40,515

$19,261

$28,143

$12,577

$11,253

Portfolio

Turnover(b)(f)

32%

74%

36%

69%

68%

66%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(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

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Global

Energy

Transition

Fund

Class

A

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$30.83

$27.03

$30.30

$22.62

$12.36

$9.71

Investment

Activities:

Net

investment

income

(loss)(a)

0.09 0.25 0.42 0.25 (0.04)

(0.01)

Net

realized

and

unrealized

gains

(losses)

6.56 4.06 (3.05)

7.67 10.30 2.67 Total

from

Investment

Activities

6.65 4.31 (2.63)

7.92 10.26 2.66 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.51)

(0.64)

(0.24)

—

(0.01)

Total

Distributions

—

(0.51)

(0.64)

(0.24)

—

(0.01)

Net

Asset

Value,

End

of

Period

$37.48

$30.83

$27.03

$30.30

$22.62

$12.36

Total

Return(b)(c)

21.57%

16.03%

(8.68)%

35.01%

83.01%

27.35%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.48%

1.48%

1.48%

1.48%

1.48%

1.48%

Net

Investment

Income

(Loss)(d)

0.60%

0.84%

1.34%

0.88%

(0.21)%

(0.15)%

Gross

Expenses(d)(e)

1.54%

1.54%

1.55%

1.53%

1.58%

1.79%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$65,943

$57,922

$62,033

$91,521

$78,317

$36,803

Portfolio

Turnover(b)(f)

28%

57%

47%

64%

79%

46%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(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

C

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$27.10

$23.87

$26.76

$19.98

$11.00

$8.71

Investment

Activities:

Net

investment

income

(loss)(a)

(0.03)(b)

0.01 0.15 0.01 (0.17)

(0.07)

Net

realized

and

unrealized

gains

(losses)

5.75 3.57 (2.67)

6.77 9.15 2.36 Total

from

Investment

Activities

5.72 3.58 (2.52)

6.78 8.98 2.29 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.35)

(0.37)

—(c)

—

—

Total

Distributions

—

(0.35)

(0.37)

—(c)

—

—

Net

Asset

Value,

End

of

Period

$32.82

$27.10

$23.87

$26.76

$19.98

$11.00

Total

Return(d)(e)

21.11%

15.08%

(9.42)%

33.94%

81.64%

26.29%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

2.28%

2.28%

2.28%

2.28%

2.28%

2.28%

Net

Investment

Income

(Loss)(f)

(0.19)%

0.05%

0.54%

0.03%

(1.02)%

(0.92)%

Gross

Expenses(f)(g)

3.06%

3.36%

2.77%

2.64%

2.41%

3.32%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,881

$1,536

$1,355

$2,396

$3,240

$2,385

Portfolio

Turnover(d)(h)

28%

57%

47%

64%

79%

46%

(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) Not

annualized

for

periods

less

than

one

year.

(e) 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.

(f) Annualized

for

periods

less

than

one

year.

(g) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(h) 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

Y

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$32.26

$28.26

$31.68

$23.64

$12.88

$10.11

Investment

Activities:

Net

investment

income

(loss)(a)

0.15 0.36 0.54 0.38 0.02 0.02 Net

realized

and

unrealized

gains

(losses)

6.87 4.25 (3.20)

8.00 10.75 2.78 Total

from

Investment

Activities

7.02 4.61 (2.66)

8.38 10.77 2.80 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.61)

(0.76)

(0.34)

(0.01)

(0.03)

Total

Distributions

—

(0.61)

(0.76)

(0.34)

(0.01)

(0.03)

Net

Asset

Value,

End

of

Period

$39.28

$32.26

$28.26

$31.68

$23.64

$12.88

Total

Return(b)(c)

21.76%

16.38%

(8.37)%

35.46%

83.62%

27.73%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.15%

1.15%

1.15%

1.15%

1.15%

1.15%

Net

Investment

Income

(Loss)(d)

0.93%

1.17%

1.66%

1.24%

0.10%

0.18%

Gross

Expenses(d)(e)

1.21%

1.21%

1.21%

1.19%

1.21%

1.28%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$305,259

$262,203

$234,761

$314,108

$210,586

$119,237

Portfolio

Turnover(b)(f)

28%

57%

47%

64%

79%

46%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(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.

Notes

to

Financial

Statements

June

30,

2025

Victory

Portfolios

(Unaudited)

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 32

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.

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

and

Liquidity

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 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

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

\*

Effective

March

28,

2024,

the

Fund's

Class

R

shares

were

converted

to

Class

A

shares

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

(Unaudited)

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

the

Funds'

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

June

30,

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 June

30,

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.

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

Level

Level

Level

Total

RS

Partners

Fund

Common

Stocks

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

$

530,060

$

—

$

—

$

530,060

Preferred

Stocks

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

—

—

587

587

Collateral

for

Securities

Loaned

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

8,091

—

—

8,091

Total

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

$

538,151

$

—

$

587

$

538,738

RS

Value

Fund

Common

Stocks

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

253,644

—

—

253,644

Total

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

$

253,644

$

—

$

—

$

253,644

RS

Large

Cap

Alpha

Fund

Common

Stocks

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

498,668

—

—

498,668

Total

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

$

498,668

$

—

$

—

$

498,668

RS

Investors

Fund

Common

Stocks

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

89,533

—

—

89,533

Total

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

$

89,533

$

—

$

—

$

89,533

Global

Energy

Transition

Fund

Common

Stocks

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

358,324

—

—

358,324

Warrants

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

—

—

1,808

1,808

Collateral

for

Securities

Loaned

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

9,888

—

—

9,888

Total

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

$

368,212

$

—

$

1,808

$

370,020

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

(Unaudited)

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 June

30,

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

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.

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

(Unaudited)

The

following

table

is

a

summary

of

the

Funds'

securities

lending

transactions

as

of

June

30,

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

a

Fund

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

six

months

ended

June

30,

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.

3. #### Purchases

#### and

#### Sales:
Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

six

months

ended

June

30,

2025,

were

as

follows (amounts

in

thousands):

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

RS

Partners

Fund

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

$

7,984

$

—

$

8,091

Global

Energy

Transition

Fund

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

8,877

—

9,888

Excluding

U.S.

Government

Securities

Purchases

Sales

RS

Partners

Fund

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

$

170,645

$

146,011

RS

Value

Fund

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

68,359

80,938

RS

Large

Cap

Alpha

Fund

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

126,219

157,563

RS

Investors

Fund

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

52,928

23,479

Global

Energy

Transition

Fund

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

86,317

97,210

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

(Unaudited)

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

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

six

months ended

June

30,

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,

Victory

Variable

Insurance

Funds

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

six

months

ended

June

30,

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 six

months

ended

June

30,

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,

Victory

Variable

Insurance

Funds,

and

Victory

Portfolios

II,

in

the

aggregate,

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the six

months

ended

June

30,

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

six

months ended

June

30,

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

six

months ended

June

30,

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

six

months ended

June

30,

2025,

are

reflected

on

the

Statements

of

Operations

as

Sub-Transfer

agent

fees.

Flat

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

June

30,

2025

Victory

Portfolios

(Unaudited)

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

of

Class

A,

Class

C,

and

Class

R. Amounts

incurred

for

the

six

months

ended

June

30,

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

six

months

ended

June

30,

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 six

months

ended

June

30,

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

June

30,

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

June

30,

2025. For

the

six

months ended

June

30,

2025,

the

following

recoupment

amounts

were

paid

to

the

Adviser

(amounts

in

thousands):

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

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

—(a)

RS

Large

Cap

Alpha

Fund

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

RS

Investors

Fund

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

Global

Energy

Transition

Fund

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

—(a)

(a) Rounds

to

less

than

$1

thousand.

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

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

$

---

| | |
|:---|:---|
| **Victory Portfolios**<br>| **Notes to Financial Statements** *— continued*<br> June 30, 2025 |
|  | *(Unaudited)* |

---

As of June 30, 2025, the following amounts are available to be repaid to the Adviser (amounts in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Expires<br> 2025** | **Expires<br> 2026** | **Expires<br> 2027** | **Expires<br> 2028** | **Total** |
| RS Partners Fund | $145 | $350 | $358 | $182 | $1035 |
| RS Value Fund | 21 | 89 | 79 | 43 | 232 |
| RS Large Cap Alpha Fund | 70 | 177 | 135 | 57 | 439 |
| RS Investors Fund | 62 | 140 | 180 | 111 | 493 |
| Global Energy Transition Fund | 123 | 267 | 210 | 102 | 702 |

---

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. There were no voluntary waivers or reimbursements for the six months ended June 30, 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. The risk descriptions below provide a more detailed explanation of the principal investment risks. The Funds may be subject to other risks in addition to these identified risks.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | RS Partners Fund | RS Value Fund | RS Large Cap Alpha Fund | RS Investors Fund | Global Energy Transition Fund |
| Equity Securities Risk | x | x | x | x | x |
| General Market Risk | x | x | x | x | x |
| Smaller-Capitalization Stock Risk | x | x |  | x | x |
| Limited Portfolio Holdings Risk | x | x | x |  |  |
| Natural Resources Investment Risk |  |  |  |  | x |
| Sector Focus Risk | x | x | x | x | x |

---

**<u>Equity Securities Risk</u>** — The values of the equity securities in which the Fund(s) invest(s) 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.

**<u>General Market Risk</u>** — 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.

**<u>Smaller-Capitalization Stock Risk</u>** — 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.

**<u>Limited Portfolio Holdings Risk</u>** —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.

**<u>Natural Resources Investment Risk</u>** — 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 COVID-19 pandemic has drastically

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

(Unaudited)

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 information

technology

sector

or

financial

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.

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

com-

panies

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

Variable

Insurance

Funds,

Victory

Portfolios

II,

and

Victory

Portfolios

III

(collectively,

the "Victory

Funds

Complex"),

in

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 six

months

ended

June

30,

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

six

months

ended

June

30,

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

June

30,

2025

Victory

Portfolios

(Unaudited)

The

Funds

did

not

utilize

or

participate

in

the

Facility

during

the

six

months

ended

June

30,

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

the

tax

year

ended December

31,

2024,

the

following

Funds had

net

capital

loss

carryforwards as shown

in

the

table

below.

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

(amounts

in

thousands):

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

six

months

ended

June

30,

2025,

were

as

follows

(amounts

in

thousands,

except

shares):

9. #### Segment

#### Reporting:
In

this

reporting

period,

the

Funds

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures.

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

each

Fund's

financial

position

or

the

results

of

its

operations.

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

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

Short-Term

Amount

Long-Term

Amount

Total

Global

Energy

Transition

Fund

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

$

—

$

(1,719,150)

$

(1,719,150)

Fair

Value

12/31/2024

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

6/30/2025

Shares

Dividend

Income

Capital

Gain

Distributions

Global

Energy

Transition

Fund

Compass

Minerals

International,

Inc.

......

$

33,430

$

6,011

$

(6,075)

$

(871) $

31,714

$

64,209

3,196,047

$

—

$

—

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

(Unaudited)

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.

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

VPRSVF-SAR

(6/25)

June

30,

2025

Semi-Annual:

Full

Financials

Victory

RS

Small

Cap

Growth

Fund

Victory

RS

Select

Growth

Fund

Victory

RS

Mid

Cap

Growth

Fund

Victory

RS

Growth

Fund

Victory

RS

Science

and

Technology

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

resources

to

help

you

become

a

better

investor

A

section

dedicated

to

investment

professionals

Whether

you're

a

potential

investor

searching

for

the

fund

that

matches

your

investment

philosophy,

a

seasoned

investor

interest-

ed

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

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

#### 16
Statements

of

Operations

#### 18
Statements

of

Changes

in

Net

Assets

#### 20
Financial

Highlights

#### 24

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 43

*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

June

30,

2025

Victory

Portfolios

#### Victory

#### RS

#### Small

#### Cap

#### Growth

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(98.8%)

Consumer

Discretionary

(8.3%):

Champion

Homes,

Inc.

(a) .................................................

49,660

$

3,109

Five

Below,

Inc.

(a) ......................................................

38,540

5,056

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a) .......................................

17,880

2,356

OneSpaWorld

Holdings

Ltd.

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

267,250

5,449

The

Cheesecake

Factory,

Inc.

(b) ............................................

52,740

3,305

Universal

Technical

Institute,

Inc.

(a) .........................................

127,537

4,322

Warby

Parker,

Inc.

,

Class

A

(a) ..............................................

175,120

3,840

Wingstop,

Inc.

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

15,450

5,203

32,640

Consumer

Staples

(3.6%):

Natural

Grocers

by

Vitamin

Cottage,

Inc.

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

106,299

4,172

The

Honest

Co.,

Inc.

(a) ...................................................

1,007,150

5,127

The

Simply

Good

Foods

Co.

(a) .............................................

75,060

2,371

The

Vita

Coco

Co.,

Inc.

(a) ................................................

74,670

2,696

14,366

Electronic

Equipment,

Instruments

&

Components

(7.0%):

Badger

Meter,

Inc.

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

8,800

2,155

Fabrinet

(a) ............................................................

39,880

11,752

Itron,

Inc.

(a) ..........................................................

23,850

3,139

Mirion

Technologies,

Inc.

(a) ...............................................

277,740

5,980

Novanta,

Inc.

(a) ........................................................

36,800

4,745

27,771

Energy

(2.4%):

Archrock,

Inc.

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

134,290

3,335

Matador

Resources

Co.

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

85,860

4,097

Permian

Resources

Corp.

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

157,150

2,140

9,572

Financials

(8.9%):

Euronet

Worldwide,

Inc.

(a) ................................................

46,700

4,734

FirstCash

Holdings,

Inc.

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

38,610

5,218

Palomar

Holdings,

Inc.

(a) .................................................

19,350

2,985

Payoneer

Global,

Inc.

(a) ..................................................

808,220

5,536

TWFG,

Inc.

(a) .........................................................

69,790

2,443

Walker

&

Dunlop,

Inc.

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

11,670

822

Wintrust

Financial

Corp.

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

57,410

7,118

WisdomTree,

Inc.

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

541,810

6,236

35,092

Health

Care

(24.6%):

Adaptive

Biotechnologies

Corp.

(a) ..........................................

499,760

5,822

AnaptysBio,

Inc.

(a) .....................................................

134,950

2,996

Apogee

Therapeutics,

Inc.

(a) (b) ............................................

64,850

2,816

Arcellx,

Inc.

(a) ........................................................

50,380

3,318

Ascendis

Pharma

A/S

,

ADR

(a) .............................................

25,760

4,446

Bridgebio

Pharma,

Inc.

(a) .................................................

78,860

3,405

Crinetics

Pharmaceuticals,

Inc.

(a) ...........................................

59,190

1,702

Disc

Medicine,

Inc.

(a) ...................................................

54,760

2,900

Glaukos

Corp.

(a) .......................................................

27,750

2,866

Guardant

Health,

Inc.

(a) ..................................................

112,710

5,865

Halozyme

Therapeutics,

Inc.

(a) .............................................

50,570

2,631

HealthEquity,

Inc.

(a) ....................................................

34,820

3,648

Hims

&

Hers

Health,

Inc.

(a) (b) .............................................

39,870

1,988

Hinge

Health,

Inc.

,

Class

A

(a) ..............................................

89,613

4,638

Inspire

Medical

Systems,

Inc.

(a) ............................................

7,010

910

iRhythm

Technologies,

Inc.

(a) ..............................................

17,500

2,694

Janux

Therapeutics,

Inc.

(a) ................................................

49,639

1,147

Krystal

Biotech,

Inc.

(a) ...................................................

14,530

1,997

Lantheus

Holdings,

Inc.

(a) ................................................

22,700

1,858

Merit

Medical

Systems,

Inc.

(a) .............................................

17,180

1,606

Merus

NV

(a) ..........................................................

29,800

1,568

Victory

Portfolios

#### Victory

#### RS

#### Small

#### Cap

#### Growth

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) MoonLake

Immunotherapeutics

(a) ..........................................

33,530

$

1,583

Phreesia,

Inc.

(a) ........................................................

138,130

3,931

PROCEPT

BioRobotics

Corp.

(a) ............................................

44,660

2,572

RadNet,

Inc.

(a) ........................................................

80,410

4,576

Revolution

Medicines,

Inc.

(a) ..............................................

84,950

3,125

SI-BONE,

Inc.

(a) .......................................................

134,670

2,535

Spyre

Therapeutics,

Inc.

(a) ................................................

101,098

1,513

Twist

Bioscience

Corp.

(a) .................................................

87,340

3,213

Ultragenyx

Pharmaceutical,

Inc.

(a) ..........................................

84,560

3,075

Vaxcyte,

Inc.

(a) ........................................................

52,160

1,696

Vericel

Corp.

(a) ........................................................

89,270

3,798

Viridian

Therapeutics,

Inc.

(a) ..............................................

154,720

2,163

Waystar

Holding

Corp.

(a) .................................................

62,421

2,551

97,152

Industrials

(19.8%):

AAON,

Inc.

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

30,030

2,215

AeroVironment,

Inc.

(a) ...................................................

10,110

2,881

Applied

Industrial

Technologies,

Inc.

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

33,770

7,850

Casella

Waste

Systems,

Inc.

(a) .............................................

29,520

3,406

Chart

Industries,

Inc.

(a) ..................................................

26,549

4,371

ESCO

Technologies,

Inc.

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

28,620

5,491

FTAI

Aviation

Ltd.

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

46,140

5,308

Korn

Ferry

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

36,950

2,710

Moog,

Inc.

,

Class

A

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

20,840

3,771

Mueller

Water

Products,

Inc.

,

Class

A

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

227,170

5,461

NEXTracker,

Inc.

,

Class

A

(a) ..............................................

95,550

5,195

Paylocity

Holding

Corp.

(a) ................................................

8,720

1,580

Powell

Industries,

Inc.

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

21,920

4,613

Primoris

Services

Corp.

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

87,980

6,857

SPX

Technologies,

Inc.

(a) .................................................

42,670

6,992

Tecnoglass,

Inc.

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

59,270

4,585

Watts

Water

Technologies,

Inc.

,

Class

A

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

8,270

2,034

Zurn

Elkay

Water

Solutions

Corp.

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

75,260

2,752

78,072

Materials

(2.3%):

Avient

Corp.

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

68,070

2,200

Balchem

Corp.

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

34,650

5,516

Titan

America

SA

(b) ....................................................

119,624

1,493

9,209

Real

Estate

(0.5%):

National

Storage

Affiliates

Trust

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

64,170

2,053

Semiconductors

&

Semiconductor

Equipment

(4.0%):

Credo

Technology

Group

Holding

Ltd.

(a) .....................................

46,630

4,318

MACOM

Technology

Solutions

Holdings,

Inc.

(a) ................................

47,903

6,864

Semtech

Corp.

(a) .......................................................

104,340

4,710

15,892

Software

(16.3%):

ACI

Worldwide,

Inc.

(a) ..................................................

109,380

5,022

Appfolio,

Inc.

,

Class

A

(a) .................................................

9,100

2,096

AvePoint,

Inc.

(a) .......................................................

151,560

2,927

Bitdeer

Technologies

Group

(a) (b) ...........................................

204,050

2,342

Box,

Inc.

,

Class

A

(a) ....................................................

137,270

4,690

Braze,

Inc.

,

Class

A

(a) ...................................................

95,810

2,692

Clearwater

Analytics

Holdings,

Inc.

,

Class

A

(a) .................................

170,120

3,731

Commvault

Systems,

Inc.

(a) ...............................................

15,440

2,692

Confluent,

Inc.

,

Class

A

(a) ................................................

131,960

3,290

CyberArk

Software

Ltd.

(a) ................................................

3,920

1,595

Freshworks,

Inc.

,

Class

A

(a) ...............................................

315,070

4,698

Gitlab,

Inc.

,

Class

A

(a) ...................................................

63,410

2,860

Klaviyo,

Inc.

,

Class

A

(a) ..................................................

91,390

3,069

Life360,

Inc.

(a) (b) ......................................................

54,690

3,568

Victory

Portfolios

#### Victory

#### RS

#### Small

#### Cap

#### Growth

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Q2

Holdings,

Inc.

(a) .....................................................

72,210

$

6,758

ServiceTitan,

Inc.

(a) .....................................................

42,720

4,579

Varonis

Systems,

Inc.

(a) ..................................................

149,940

7,609

64,218

Technology

Hardware,

Storage

&

Peripherals

(1.1%):

IonQ,

Inc.

(a) (b) ........................................................

100,560

4,321

Total

Common

Stocks

(Cost

$328,382)

a

a

a

390,358

Collateral

for

Securities

Loaned

(3.4%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.23

%

(c) ........

3,340,610

3,340

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.27

%

(c) ............

3,340,610

3,340

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.29

%

(c) ...............

3,340,610

3,341

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.24

%

(c) .

3,340,610

3,341

Total

Collateral

for

Securities

Loaned

(Cost

$13,362)

a

a

a

13,362

Total

Investments

(Cost

$341,744)

—

102.2%

403,720

Liabilities

in

excess

of

other

assets

— (2.2)%

(8,498)

NET

ASSETS

-

100.00%

$

395,222

At

June

30,

2025,

the

Fund's

investments

in

foreign

securities

were

7.6%

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

June

30,

2025. ADR

—

American

Depositary

Receipt

Schedule

of

Portfolio

Investments

June

30,

2025

Victory

Portfolios

#### Victory

#### RS

#### Select

#### Growth

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(99.2%)

Communication

Services

(0.8%):

Reddit,

Inc.

,

Class

A

(a) ...................................................

4,400

$

663

Consumer

Discretionary

(10.8%):

Champion

Homes,

Inc.

(a) .................................................

13,100

820

Duolingo,

Inc.

(a) .......................................................

2,480

1,017

Dutch

Bros,

Inc.

,

Class

A

(a) ...............................................

19,200

1,313

Five

Below,

Inc.

(a) ......................................................

12,580

1,650

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a) .......................................

7,620

1,004

Planet

Fitness,

Inc.

,

Class

A

(a) .............................................

13,680

1,492

Wingstop,

Inc.

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

5,270

1,775

9,071

Consumer

Staples

(5.3%):

BJ's

Wholesale

Club

Holdings,

Inc.

(a) ........................................

17,340

1,870

Celsius

Holdings,

Inc.

(a) ..................................................

32,000

1,484

The

Vita

Coco

Co.,

Inc.

(a) ................................................

29,490

1,065

4,419

Electronic

Equipment,

Instruments

&

Components

(6.1%):

Coherent

Corp.

(a) ......................................................

13,910

1,241

Fabrinet

(a) ............................................................

7,580

2,233

Trimble,

Inc.

(a) ........................................................

21,870

1,662

5,136

Energy

(1.9%):

Matador

Resources

Co.

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

33,130

1,581

Financials

(11.8%):

Euronet

Worldwide,

Inc.

(a) ................................................

15,240

1,545

FirstCash

Holdings,

Inc.

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

11,320

1,530

Kinsale

Capital

Group,

Inc.

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

1,140

551

Payoneer

Global,

Inc.

(a) ..................................................

240,920

1,650

Shift4

Payments,

Inc.

,

Class

A

(a) (b) .........................................

11,600

1,150

Wintrust

Financial

Corp.

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

15,460

1,917

WisdomTree,

Inc.

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

138,730

1,597

9,940

Health

Care

(20.2%):

Ascendis

Pharma

A/S

,

ADR

(a) .............................................

3,490

602

Glaukos

Corp.

(a) .......................................................

7,130

737

Guardant

Health,

Inc.

(a) ..................................................

16,940

882

Halozyme

Therapeutics,

Inc.

(a) .............................................

14,410

750

HealthEquity,

Inc.

(a) ....................................................

9,500

995

Hinge

Health,

Inc.

,

Class

A

(a) ..............................................

26,414

1,367

Insmed,

Inc.

(a) .........................................................

20,150

2,028

Krystal

Biotech,

Inc.

(a) ...................................................

5,070

697

Natera,

Inc.

(a) .........................................................

14,940

2,524

Neurocrine

Biosciences,

Inc.

(a) .............................................

13,990

1,758

Penumbra,

Inc.

(a) .......................................................

2,760

708

Ultragenyx

Pharmaceutical,

Inc.

(a) ..........................................

23,370

850

Vericel

Corp.

(a) ........................................................

26,960

1,147

Waystar

Holding

Corp.

(a) .................................................

45,591

1,863

16,908

Industrials

(19.3%):

AAON,

Inc.

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

11,190

825

Applied

Industrial

Technologies,

Inc.

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

8,440

1,962

Builders

FirstSource,

Inc.

(a) ...............................................

6,480

756

BWX

Technologies,

Inc.

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

6,430

926

Chart

Industries,

Inc.

(a) ..................................................

8,330

1,372

Clean

Harbors,

Inc.

(a) ...................................................

9,320

2,155

Core

&

Main,

Inc.

,

Class

A

(a) ..............................................

11,170

674

Curtiss-Wright

Corp.

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

1,190

581

FTAI

Aviation

Ltd.

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

13,120

1,509

NEXTracker,

Inc.

,

Class

A

(a) ..............................................

17,470

950

Victory

Portfolios

#### Victory

#### RS

#### Select

#### Growth

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Paylocity

Holding

Corp.

(a) ................................................

8,070

$

1,462

Primoris

Services

Corp.

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

8,930

696

Tecnoglass,

Inc.

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

19,135

1,480

Woodward,

Inc.

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

3,380

829

16,177

Materials

(1.7%):

Avient

Corp.

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

19,340

625

Balchem

Corp.

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

5,060

805

1,430

Semiconductors

&

Semiconductor

Equipment

(4.4%):

Credo

Technology

Group

Holding

Ltd.

(a) .....................................

14,180

1,313

MACOM

Technology

Solutions

Holdings,

Inc.

(a) ................................

12,100

1,734

Semtech

Corp.

(a) .......................................................

14,160

639

3,686

Software

(16.9%):

Appfolio,

Inc.

,

Class

A

(a) .................................................

4,550

1,048

Check

Point

Software

Technologies

Ltd.

(a) ....................................

11,150

2,467

CyberArk

Software

Ltd.

(a) ................................................

7,610

3,096

Dynatrace,

Inc.

(a) ......................................................

19,950

1,102

Gitlab,

Inc.

,

Class

A

(a) ...................................................

17,890

807

Life360,

Inc.

(a) ........................................................

13,500

881

Procore

Technologies,

Inc.

(a) ..............................................

19,810

1,355

PTC,

Inc.

(a) ...........................................................

7,330

1,263

Q2

Holdings,

Inc.

(a) .....................................................

23,090

2,161

14,180

Total

Common

Stocks

(Cost

$67,322)

a

a

a

83,191

Collateral

for

Securities

Loaned

(1.4%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.23

%

(c) ........

287,818

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.27

%

(c) ............

287,818

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.29

%

(c) ...............

287,818

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.24

%

(c) .

287,818

Total

Collateral

for

Securities

Loaned

(Cost

$1,151)

a

a

a

1,151

Total

Investments

(Cost

$68,473)

—

100.6%

84,342

Liabilities

in

excess

of

other

assets

— (0.6)%

(523) NET

ASSETS

-

100.00%

$

83,819

At

June

30,

2025,

the

Fund's

investments

in

foreign

securities

were

10.0%

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

June

30,

2025. ADR

—

American

Depositary

Receipt

Schedule

of

Portfolio

Investments

June

30,

2025

Victory

Portfolios

#### Victory

#### RS

#### Mid

#### Cap

#### Growth

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(98.7%)

Communication

Services

(7.1%):

Pinterest,

Inc.

,

Class

A

(a) .................................................

37,050

$

1,329

Reddit,

Inc.

,

Class

A

(a) ...................................................

3,990

601

ROBLOX

Corp.

,

Class

A

(a) ...............................................

15,050

1,583

Take-Two

Interactive

Software,

Inc.

(a) ........................................

2,300

558

The

Trade

Desk,

Inc.

,

Class

A

(a) ............................................

14,240

1,025

5,096

Consumer

Discretionary

(15.9%):

Burlington

Stores,

Inc.

(a) .................................................

6,830

1,589

Carvana

Co.

(a) .........................................................

4,120

1,388

Champion

Homes,

Inc.

(a) .................................................

4,470

Chipotle

Mexican

Grill,

Inc.

(a) .............................................

6,470

Dutch

Bros,

Inc.

,

Class

A

(a) ...............................................

10,200

698

Five

Below,

Inc.

(a) ......................................................

7,000

918

Flutter

Entertainment

PLC

(a) ..............................................

2,580

737

Hilton

Worldwide

Holdings,

Inc.

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

2,710

722

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a) .......................................

3,790

500

Planet

Fitness,

Inc.

,

Class

A

(a) .............................................

6,320

689

Royal

Caribbean

Cruises

Ltd.

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

5,580

1,747

Ulta

Beauty,

Inc.

(a) .....................................................

1,760

823

Wingstop,

Inc.

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

2,790

940

11,394

Consumer

Staples

(3.8%):

BJ's

Wholesale

Club

Holdings,

Inc.

(a) ........................................

7,540

813

Celsius

Holdings,

Inc.

(a) ..................................................

18,230

846

Maplebear,

Inc.

(a) ......................................................

15,220

688

The

Simply

Good

Foods

Co.

(a) .............................................

11,300

2,704

Energy

(2.6%):

Cheniere

Energy,

Inc.

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

4,410

1,074

Diamondback

Energy,

Inc.

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

2,100

Permian

Resources

Corp.

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

35,570

1,847

Financials

(14.2%):

Ameriprise

Financial,

Inc.

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

2,690

1,436

Coinbase

Global,

Inc.

,

Class

A

(a) ...........................................

2,020

708

Euronet

Worldwide,

Inc.

(a) ................................................

7,110

721

FirstCash

Holdings,

Inc.

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

5,910

799

Kinsale

Capital

Group,

Inc.

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

960

LPL

Financial

Holdings,

Inc.

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

3,030

1,136

MSCI,

Inc.

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

1,560

900

Ryan

Specialty

Holdings,

Inc.

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

9,090

618

Shift4

Payments,

Inc.

,

Class

A

(a) (b) .........................................

7,550

748

Toast,

Inc.

,

Class

A

(a) ....................................................

10,840

Tradeweb

Markets,

Inc.

,

Class

A

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

4,950

725

Wintrust

Financial

Corp.

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

6,100

756

WisdomTree,

Inc.

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

62,820

723

10,214

Health

Care

(14.0%):

Alnylam

Pharmaceuticals,

Inc.

(a) ...........................................

2,790

910

Argenx

SE

,

ADR

(a) .....................................................

610

Ascendis

Pharma

A/S

,

ADR

(a) .............................................

1,940

Cencora,

Inc.

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

4,490

1,346

Dexcom,

Inc.

(a) ........................................................

7,970

696

HealthEquity,

Inc.

(a) ....................................................

6,410

671

IDEXX

Laboratories,

Inc.

(a) ...............................................

1,000

536

Inspire

Medical

Systems,

Inc.

(a) ............................................

1,570

Insulet

Corp.

(a) ........................................................

1,530

Masimo

Corp.

(a) .......................................................

4,500

757

Natera,

Inc.

(a) .........................................................

11,310

1,911

Victory

Portfolios

#### Victory

#### RS

#### Mid

#### Cap

#### Growth

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Penumbra,

Inc.

(a) .......................................................

820

$

Veeva

Systems,

Inc.

,

Class

A

(a) .............................................

3,310

953

Waystar

Holding

Corp.

(a) .................................................

17,952

734

10,080

Industrials

(17.8%):

AAON,

Inc.

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

4,740

Axon

Enterprise,

Inc.

(a) ..................................................

1,910

1,581

Builders

FirstSource,

Inc.

(a) ...............................................

3,170

BWX

Technologies,

Inc.

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

3,200

Chart

Industries,

Inc.

(a) ..................................................

2,380

Clean

Harbors,

Inc.

(a) ...................................................

4,210

973

Comfort

Systems

USA,

Inc.

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

1,040

558

Core

&

Main,

Inc.

,

Class

A

(a) ..............................................

9,540

576

Curtiss-Wright

Corp.

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

830

Flowserve

Corp.

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

11,160

584

FTAI

Aviation

Ltd.

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

8,380

964

HEICO

Corp.

,

Class

A

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

3,240

838

Howmet

Aerospace,

Inc.

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

7,770

1,446

Quanta

Services,

Inc.

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

1,020

Verisk

Analytics,

Inc.

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

2,940

916

Vertiv

Holdings

Co.

,

Class

A

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

10,270

1,319

Woodward,

Inc.

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

2,870

703

12,823

Information

Technology

(20.1%):

AppLovin

Corp.

,

Class

A

(a) ...............................................

2,050

718

Cloudflare,

Inc.

,

Class

A

(a) ................................................

7,990

1,565

Coherent

Corp.

(a) ......................................................

7,410

661

CyberArk

Software

Ltd.

(a) ................................................

2,390

972

Datadog,

Inc.

,

Class

A

(a) .................................................

7,220

970

Dynatrace,

Inc.

(a) ......................................................

13,020

719

Fair

Isaac

Corp.

(a) ......................................................

859

HubSpot,

Inc.

(a) .......................................................

1,450

807

MACOM

Technology

Solutions

Holdings,

Inc.

(a) ................................

5,540

794

MicroStrategy,

Inc.

(a) ....................................................

1,180

Monolithic

Power

Systems,

Inc.

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

1,850

1,353

PTC,

Inc.

(a) ...........................................................

5,960

1,027

Samsara,

Inc.

,

Class

A

(a) .................................................

14,490

576

Synopsys,

Inc.

(a) .......................................................

1,800

923

Trimble,

Inc.

(a) ........................................................

16,800

1,276

Zscaler,

Inc.

(a) .........................................................

2,490

782

14,479

Utilities

(3.2%):

Constellation

Energy

Corp.

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

2,210

713

Vistra

Corp.

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

8,130

1,576

2,289

Total

Common

Stocks

(Cost

$53,472)

a

a

a

70,926

Collateral

for

Securities

Loaned

(1.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.23

%

(c) ........

188,719

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.27

%

(c) ............

188,719

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.29

%

(c) ...............

188,719

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.24

%

(c) .

188,719

Total

Collateral

for

Securities

Loaned

(Cost

$755)

a

a

a

755

Total

Investments

(Cost

$54,227)

—

99.8%

71,681

Other

assets

in

excess

of

liabilities

— 0.2%

NET

ASSETS

-

100.00%

$

71,809

^

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

#### Mid

#### Cap

#### Growth

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

(c) Rate

disclosed

is

the

daily

yield

on

June

30,

2025. ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

June

30,

2025

Victory

Portfolios

#### Victory

#### RS

#### Growth

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(99.7%)

Communication

Services

(15.0%):

Alphabet,

Inc.

,

Class

C

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

80,050

$

14,200

Meta

Platforms,

Inc.

,

Class

A

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

31,050

22,918

Netflix,

Inc.

(a) .........................................................

9,800

13,124

The

Trade

Desk,

Inc.

,

Class

A

(a) ............................................

35,800

2,577

52,819

Communications

Equipment

(1.1%):

Arista

Networks,

Inc.

(a) ..................................................

37,290

3,815

Consumer

Discretionary

(11.6%):

Amazon.com,

Inc.

(a) ....................................................

83,460

18,310

Burlington

Stores,

Inc.

(a) .................................................

29,040

6,756

Chipotle

Mexican

Grill,

Inc.

(a) .............................................

31,190

1,751

Tesla,

Inc.

(a) ..........................................................

30,370

9,648

Ulta

Beauty,

Inc.

(a) .....................................................

9,220

4,313

40,778

Consumer

Staples

(2.2%):

BJ's

Wholesale

Club

Holdings,

Inc.

(a) ........................................

38,610

4,163

Keurig

Dr.

Pepper,

Inc.

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

111,250

3,678

7,841

Energy

(0.3%):

Diamondback

Energy,

Inc.

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

8,940

1,228

Financials

(6.3%):

Fiserv,

Inc.

(a) ..........................................................

16,200

2,793

The

Progressive

Corp.

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

11,970

3,194

Tradeweb

Markets,

Inc.

,

Class

A

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

26,430

3,869

Visa,

Inc.

,

Class

A

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

34,757

12,341

22,197

Health

Care

(7.0%):

Dexcom,

Inc.

(a) ........................................................

21,420

1,870

Eli

Lilly

&

Co.

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

14,470

11,280

Intuitive

Surgical,

Inc.

(a) .................................................

6,960

3,782

Natera,

Inc.

(a) .........................................................

30,090

5,083

Vertex

Pharmaceuticals,

Inc.

(a) .............................................

5,790

2,578

24,593

Industrials

(5.0%):

Builders

FirstSource,

Inc.

(a) ...............................................

12,420

1,449

BWX

Technologies,

Inc.

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

18,350

2,644

Clean

Harbors,

Inc.

(a) ...................................................

19,000

4,392

HEICO

Corp.

,

Class

A

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

14,800

3,830

Quanta

Services,

Inc.

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

7,120

2,692

Uber

Technologies,

Inc.

(a) ................................................

27,990

2,611

17,618

IT

Services

(1.7%):

Snowflake,

Inc.

,

Class

A

(a) ................................................

26,620

5,957

Semiconductors

&

Semiconductor

Equipment

(19.2%):

Broadcom,

Inc.

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

40,490

11,161

Lam

Research

Corp.

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

39,810

3,875

Monolithic

Power

Systems,

Inc.

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

5,770

4,220

NVIDIA

Corp.

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

290,960

45,969

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

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

11,150

2,526

67,751

Software

(21.7%):

AppLovin

Corp.

,

Class

A

(a) ...............................................

9,180

3,214

Autodesk,

Inc.

(a) .......................................................

11,580

3,585

Crowdstrike

Holdings,

Inc.

,

Class

A

(a) .......................................

1,410

718

Fair

Isaac

Corp.

(a) ......................................................

1,210

2,212

Intuit,

Inc.

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

5,850

4,608

Victory

Portfolios

#### Victory

#### RS

#### Growth

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Microsoft

Corp.

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

86,340

$

42,946

Oracle

Corp.

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

33,570

7,339

Palo

Alto

Networks,

Inc.

(a) ................................................

18,150

3,714

ServiceNow,

Inc.

(a) .....................................................

4,760

4,894

Synopsys,

Inc.

(a) .......................................................

7,000

3,589

76,819

Technology

Hardware,

Storage

&

Peripherals

(8.6%):

Apple,

Inc.

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

147,758

30,315

Total

Common

Stocks

(Cost

$131,035)

a

a

a

351,731

Total

Investments

(Cost

$131,035)

—

99.7%

351,731

Other

assets

in

excess

of

liabilities

— 0.3%

937

NET

ASSETS

-

100.00%

$

352,668

(a) Non-income

producing

security.

ADR

—

American

Depositary

Receipt

Schedule

of

Portfolio

Investments

June

30,

2025

Victory

Portfolios

#### Victory

#### RS

#### Science

#### and

#### Technology

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(99.9%)

Communication

Services

(16.7%):

Meta

Platforms,

Inc.

,

Class

A

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

24,100

$

17,788

Netflix,

Inc.

(a) .........................................................

6,510

8,718

Reddit,

Inc.

,

Class

A

(a) ...................................................

13,810

2,080

Take-Two

Interactive

Software,

Inc.

(a) ........................................

12,750

3,096

The

Trade

Desk,

Inc.

,

Class

A

(a) ............................................

29,980

2,158

33,840

Communications

Equipment

(1.0%):

Arista

Networks,

Inc.

(a) ..................................................

19,840

2,030

Consumer

Discretionary

(3.8%):

Amazon.com,

Inc.

(a) ....................................................

35,420

7,771

Electronic

Equipment,

Instruments

&

Components

(4.4%):

Coherent

Corp.

(a) ......................................................

29,800

2,658

Fabrinet

(a) ............................................................

6,070

1,789

Novanta,

Inc.

(a) ........................................................

9,760

1,258

Trimble,

Inc.

(a) ........................................................

42,890

3,259

8,964

Financials

(3.1%):

Shift4

Payments,

Inc.

,

Class

A

(a) (b) .........................................

20,260

2,008

Visa,

Inc.

,

Class

A

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

12,050

4,278

6,286

Health

Care

(18.3%):

Absci

Corp.

(a) (b) .......................................................

94,970

AnaptysBio,

Inc.

(a) (b) ...................................................

58,110

1,290

Apogee

Therapeutics,

Inc.

(a) ...............................................

25,280

1,098

Arcellx,

Inc.

(a) ........................................................

16,370

1,078

Avidity

Biosciences,

Inc.

(a) ...............................................

9,960

Biohaven

Ltd.

(a) .......................................................

25,940

Bridgebio

Pharma,

Inc.

(a) .................................................

25,020

1,080

CAMP4

Therapeutics

Corp.

(a) (b) ...........................................

59,540

Crinetics

Pharmaceuticals,

Inc.

(a) ...........................................

37,290

1,072

Disc

Medicine,

Inc.

(a) ...................................................

23,950

1,268

Dyne

Therapeutics,

Inc.

(a) ................................................

26,970

Eli

Lilly

&

Co.

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

4,630

3,609

Guardant

Health,

Inc.

(a) ..................................................

58,030

3,020

Ideaya

Biosciences,

Inc.

(a) ................................................

30,480

641

Insmed,

Inc.

(a) .........................................................

27,260

2,743

Janux

Therapeutics,

Inc.

(a) ................................................

15,657

Krystal

Biotech,

Inc.

(a) ...................................................

5,460

750

Kymera

Therapeutics,

Inc.

(a) ..............................................

6,920

Madrigal

Pharmaceuticals,

Inc.

(a) ...........................................

2,720

823

Merus

NV

(a) ..........................................................

10,300

542

MoonLake

Immunotherapeutics

(a) ..........................................

18,880

891

Natera,

Inc.

(a) .........................................................

13,840

2,338

Nurix

Therapeutics,

Inc.

(a) ................................................

21,140

Nuvalent,

Inc.

,

Class

A

(a) .................................................

15,430

1,177

Olema

Pharmaceuticals,

Inc.

(a) .............................................

66,530

ORIC

Pharmaceuticals,

Inc.

(a) .............................................

93,500

949

Protagonist

Therapeutics,

Inc.

(a) ............................................

20,230

1,118

Replimune

Group,

Inc.

(a) .................................................

54,740

509

Revolution

Medicines,

Inc.

(a) ..............................................

39,680

1,460

Spyre

Therapeutics,

Inc.

(a) ................................................

20,018

Twist

Bioscience

Corp.

(a) .................................................

21,820

803

Tyra

Biosciences,

Inc.

(a) (b) ...............................................

27,770

Ultragenyx

Pharmaceutical,

Inc.

(a) ..........................................

27,020

982

Vaxcyte,

Inc.

(a) ........................................................

19,890

647

Veeva

Systems,

Inc.

,

Class

A

(a) .............................................

4,250

1,224

Vertex

Pharmaceuticals,

Inc.

(a) .............................................

4,270

1,901

Viridian

Therapeutics,

Inc.

(a) ..............................................

64,850

907

Victory

Portfolios

#### Victory

#### RS

#### Science

#### and

#### Technology

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Zymeworks,

Inc.

(a) .....................................................

21,670

$

37,182

IT

Services

(2.9%):

Snowflake,

Inc.

,

Class

A

(a) ................................................

19,430

4,348

Wix.com

Ltd.

(a) ........................................................

9,760

1,546

5,894

Semiconductors

&

Semiconductor

Equipment

(21.7%):

Credo

Technology

Group

Holding

Ltd.

(a) .....................................

42,370

3,923

Impinj,

Inc.

(a) .........................................................

7,730

859

Lam

Research

Corp.

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

17,090

1,664

MACOM

Technology

Solutions

Holdings,

Inc.

(a) ................................

36,890

5,286

Marvell

Technology,

Inc.

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

42,530

3,292

MaxLinear,

Inc.

(a) ......................................................

138,720

1,971

Monolithic

Power

Systems,

Inc.

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

5,930

4,337

Navitas

Semiconductor

Corp.

(a) (b) ..........................................

202,150

1,324

NVIDIA

Corp.

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

118,950

18,793

Semtech

Corp.

(a) .......................................................

58,870

2,657

44,106

Software

(28.0%):

AppLovin

Corp.

,

Class

A

(a) ...............................................

26,390

9,239

Confluent,

Inc.

,

Class

A

(a) ................................................

82,700

2,062

CyberArk

Software

Ltd.

(a) ................................................

6,270

2,551

Dynatrace,

Inc.

(a) ......................................................

26,070

1,439

Fair

Isaac

Corp.

(a) ......................................................

2,780

5,082

Gitlab,

Inc.

,

Class

A

(a) ...................................................

18,990

857

Klaviyo,

Inc.

,

Class

A

(a) ..................................................

68,110

2,287

Microsoft

Corp.

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

34,600

17,210

MicroStrategy,

Inc.

(a) ....................................................

3,500

1,415

Monday.com

Ltd.

(a) .....................................................

4,190

1,318

Salesforce,

Inc.

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

6,290

1,715

Samsara,

Inc.

,

Class

A

(a) .................................................

7,990

ServiceNow,

Inc.

(a) .....................................................

5,460

5,613

Varonis

Systems,

Inc.

(a) ..................................................

110,780

5,622

56,728

Total

Common

Stocks

(Cost

$87,720)

a

a

a

202,801

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

(1.8%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.23

%

(f) ........

910,749

910

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.27

%

(f) ............

910,749

911

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.29

%

(f) ................

910,749

911

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.24

%

(f) .

910,749

911

Total

Collateral

for

Securities

Loaned

(Cost

$3,643)

a

a

a

3,643

Total

Investments

(Cost

$91,377)

—

101.7%

206,444

Liabilities

in

excess

of

other

assets

— (1.7)%

(3,414)

NET

ASSETS

-

100.00%

$

203,030

^

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

June

30,

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.

Victory

Portfolios

#### Victory

#### RS

#### Science

#### and

#### Technology

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

(f) Rate

disclosed

is

the

daily

yield

on

June

30,

2025. Statements

of

Assets

and

Liabilities

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

RS

Small

Cap

Growth

Fund

Victory

RS

Select

Growth

Fund

Victory

RS

Mid

Cap

Growth

Fund

Assets:

Investments,

at

value

(Cost

$341,744,

$68,473

and

$54,227)

$

403,720

(a) $

84,342

(b) $

71,681

(c) Cash

6,706

702

Receivables:

Dividends,

interest,

and

securities

lending

income

Capital

shares

issued

Investments

sold

2,782

1,069

From

Adviser

Reclaims

—

—

Prepaid

expenses

Total

Assets

413,430

85,250

73,315

Liabilities:

Payables:

Collateral

received

on

loaned

securities

13,362

1,151

755

Investments

purchased

4,095

614

Capital

shares

redeemed

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

Transfer

agent

fees

Sub-Transfer

agent

fees

Compliance

fees

—

(d) —

(d) —

(d) 12b-1

fees

Other

accrued

expenses

Total

Liabilities

18,208

1,431

1,506

Commitments

and

contingencies

(Note

4)

Net

Assets:

Capital

564,252

62,708

59,311

Total

accumulated

earnings

(loss)

(169,030)

21,111

12,498

Net

Assets

$

395,222

$

83,819

$

71,809

Net

Assets:

Class

A

$

225,792

$

61,361

$

51,387

Class

C

2,695

705

Class

R6

43,001

512

2,587

Class

Y

123,734

21,241

16,177

Member

Class

—

—

1,414

Total

$

395,222

$

83,819

$

71,809

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

4,213

2,806

2,154

Class

C

Class

R6

733

Class

Y

2,126

846

628

Member

Class

—

—

Total

7,140

3,734

2,955

Net

asset

value,

offering

and

redemption

price

per

share:

(e) Class

A

$

.59

$

.87

$

.86

Class

C(f)

.51

.43

.82

Class

R6

.65

.45

.81

Class

Y

.21

.10

.75

Member

Class

—

—

.06

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

$

.86

$

.20

$

.32

(a) Includes

$13,454

thousand

of

securities

on

loan.

(b) Includes

$1,138

thousand

of

securities

on

loan.

(c) Includes

$741

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

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

RS

Growth

Fund

Victory

RS

Science

and

Technology

Fund

Assets:

Investments,

at

value

(Cost

$131,035

and

$91,377)

$

351,731

$

206,444

(a) Cash

2,350

881

Receivables:

Dividends,

interest,

and

securities

lending

income

Capital

shares

issued

Investments

sold

529

—

From

Adviser

Prepaid

expenses

Total

Assets

354,737

207,397

Liabilities:

Payables:

Collateral

received

on

loaned

securities

—

3,643

Investments

purchased

1,754

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) 12b-1

fees

Other

accrued

expenses

Total

Liabilities

2,069

4,367

Commitments

and

contingencies

(Note

4)

Net

Assets:

Capital

122,400

102,759

Total

accumulated

earnings

(loss)

230,268

100,271

Net

Assets

$

352,668

$

203,030

Net

Assets:

Class

A

$

322,533

$

175,449

Class

C

765

3,830

Class

Y

29,370

23,751

Total

$

352,668

$

203,030

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

9,798

6,207

Class

C

Class

Y

829

746

Total

10,659

7,160

Net

asset

value,

offering

and

redemption

price

per

share:

(c) Class

A

$

.92

$

.27

Class

C(d)

.58

.46

Class

Y

.42

.83

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

$

.93

$

.99

(a) Includes

$3,533

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

Six

Months

Ended

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands)

(Unaudited)

Victory

RS

Small

Cap

Growth

Fund

Victory

RS

Select

Growth

Fund

Victory

RS

Mid

Cap

Growth

Fund

Investment

Income:

Dividends

$

855

$

$

Interest

Securities

lending

(net

of

fees)

—

(a) Total

Income

1,049

Expenses:

Investment

advisory

fees

1,945

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) —

(a) Transfer

agent

fees

—

Class

R6

—

(a) —

(a) Transfer

agent

fees

—

Class

Y

—

(a) —

(a) 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

—

(a) —

(a) Legal

and

audit

fees

State

registration

and

filing

fees

Interfund

lending

fees

—

(a) —

—

Other

expenses

Total

Expenses

2,700

646

503

Expenses

waived/reimbursed

by

Adviser

(78)

(75)

(105)

Net

Expenses

2,622

571

Net

Investment

Income

(Loss)

(1,573)

(398)

(277)

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

(17,713)

(1,534)

5,377

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

(20,477)

(1,952)

(2,185)

Net

realized/unrealized

gains

(losses)

on

investments

(38,190)

(3,486)

3,192

Change

in

net

assets

resulting

from

operations

$

(39,763)

$

(3,884)

$

2,915

(a) Rounds

to

less

than

$1

thousand.

Statements

of

Operations

For

the

Six

Months

Ended

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands)

(Unaudited)

Victory

RS

Growth

Fund

Victory

RS

Science

and

Technology

Fund

Investment

Income:

Dividends

$

703

$

Interest

Securities

lending

(net

of

fees)

—

(a) 12

Total

Income

739

Expenses:

Investment

advisory

fees

1,224

942

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

—

(a) —

(a) Sub-Transfer

agent

fees

—

Class

A

Sub-Transfer

agent

fees

—

Class

C

—

(a) 2

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

—

—

Total

Expenses

1,884

1,389

Expenses

waived/reimbursed

by

Adviser

(122)

(11)

Net

Expenses

1,762

1,378

Net

Investment

Income

(Loss)

(1,023)

(1,182)

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

11,082

6,513

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

10,947

3,972

Net

realized/unrealized

gains

(losses)

on

investments

22,029

10,485

Change

in

net

assets

resulting

from

operations

$

21,006

$

9,303

(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

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

(1,573)

$

(4,818)

$

(398)

$

(944)

$

(277)

$

(544)

Net

realized

gains

(losses)

(17,713)

85,648

(1,534)

20,441

5,377

14,099

Net

change

in

unrealized

appreciation/depreciation

(20,477)

(24,801)

(1,952)

562

(2,185)

2,684

Change

in

net

assets

resulting

from

operations

(39,763)

56,029

(3,884)

20,059

2,915

16,239

Change

in

net

assets

resulting

from

capital

transactions

(51,040)

(120,487)

(8,293)

(20,038)

(7,619)

(15,831)

Change

in

net

assets

(90,803)

(64,458)

(12,177)

(4,704)

Net

Assets:

Beginning

of

period

486,025

550,483

95,996

95,975

76,513

76,105

End

of

period

$

395,222

$

486,025

$

83,819

$

95,996

$

71,809

$

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

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

3,718

$

8,877

$

761

$

1,314

$

737

$

1,491

Cost

of

shares

redeemed

(25,716)

(57,029)

(6,282)

(11,443)

(5,529)

(10,074)

Converted

from

Class

R

—

2,606

—

—

Total

Class

A

$

(21,998)

$

(45,546)

$

(5,521)

$

(9,838)

$

(4,792)

$

(8,156)

Class

C

Proceeds

from

shares

issued

$

$

$

$

$

$

Cost

of

shares

redeemed

(542)

(1,850)

(239)

(757)

(246)

(819)

Total

Class

C

$

(332)

$

(1,607)

$

(218)

$

(685)

$

(245)

$

(797)

Class

R

Proceeds

from

shares

issued

$

—

$

(a) $

—

$

(a) $

—

$

(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

$

5,835

$

11,513

$

$

$

931

$

Cost

of

shares

redeemed

(8,378)

(21,052)

(217)

(83)

(71)

(176)

Total

Class

R6

$

(2,543)

$

(9,539)

$

$

(73)

$

860

$

(111)

Class

Y

Proceeds

from

shares

issued

$

7,590

$

16,084

$

870

$

1,503

$

728

$

1,242

Cost

of

shares

redeemed

(33,757)

(77,228)

(3,587)

(10,646)

(3,907)

(7,876)

Total

Class

Y

$

(26,167)

$

(61,144)

$

(2,717)

$

(9,143)

$

(3,179)

$

(6,634)

Member

Class

Proceeds

from

shares

issued

$

—

$

—

$

—

$

—

$

$

613

Cost

of

shares

redeemed

—

—

—

—

(366)

(323)

Total

Member

Class

$

—

$

—

$

—

$

—

$

(263)

$

Change

in

net

assets

resulting

from

capital

transactions

$

(51,040)

$

(120,487)

$

(8,293)

$

(20,038)

$

(7,619)

$

(15,831)

Share

Transactions:

Class

A

Issued

Redeemed

(494)

(1,027)

(303)

(563)

(270)

(500)

Converted

from

Class

R

—

—

—

Total

Class

A

(421)

(823)

(267)

(484)

(235)

(406)

Class

C

Issued

—

(b) 1

Redeemed

(14)

(44)

(21)

(75)

(15)

(53)

Total

Class

C

(8)

(38)

(19)

(68)

(15)

(52)

Class

R

Issued

—

(a) —

—

(a) (b) —

(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) 38

Redeemed

(146)

(345)

(9)

(3)

(3)

(9)

Total

Class

R6

(48)

(159)

(3)

(6)

Class

Y

Issued

Redeemed

(591)

(1,279)

(144)

(461)

(162)

(363)

Total

Class

Y

(455)

(1,010)

(109)

(397)

(132)

(305)

Member

Class

Issued

—

—

—

—

Redeemed

—

—

—

—

(17)

(17)

Total

Member

Class

—

—

—

—

(12)

Change

in

Shares

(932)

(2,084)

(389)

(977)

(359)

(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

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

(1,023)

$

(1,972)

$

(1,182)

$

(2,345)

Net

realized

gains

(losses)

11,082

26,481

6,513

20,736

Net

change

in

unrealized

appreciation/depreciation

10,947

68,456

3,972

35,048

Change

in

net

assets

resulting

from

operations

21,006

92,965

9,303

53,439

Distributions

to

Shareholders:

Class

A

—

(22,566)

—

—

Class

C

—

(88)

—

—

Class

Y

—

(1,816)

—

—

Change

in

net

assets

resulting

from

distributions

to

shareholders

—

(24,470)

—

—

Change

in

net

assets

resulting

from

capital

transactions

(16,067)

2,271

(10,807)

(24,529)

Change

in

net

assets

4,939

70,766

(1,504)

28,910

Net

Assets:

Beginning

of

period

347,729

276,963

204,534

175,624

End

of

period

$

352,668

$

347,729

$

203,030

$

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

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

3,715

$

7,249

$

5,212

$

7,532

Distributions

reinvested

—

21,863

—

—

Cost

of

shares

redeemed

(19,679)

(26,131)

(13,128)

(24,012)

Converted

from

Class

R

—

598

—

736

Total

Class

A

$

(15,964)

$

3,579

$

(7,916)

$

(15,744)

Class

C

Proceeds

from

shares

issued

$

$

$

$

Distributions

reinvested

—

—

—

Cost

of

shares

redeemed

(165)

(641)

(543)

(2,180)

Total

Class

C

$

(139)

$

(355)

$

(445)

$

(1,978)

Class

R

Proceeds

from

shares

issued

$

—

$

(a) $

—

$

(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

$

1,270

$

3,404

$

1,188

$

2,090

Distributions

reinvested

—

1,726

—

—

Cost

of

shares

redeemed

(1,234)

(5,492)

(3,634)

(8,247)

Total

Class

Y

$

$

(362)

$

(2,446)

$

(6,157)

Change

in

net

assets

resulting

from

capital

transactions

$

(16,067)

$

2,271

$

(10,807)

$

(24,529)

Share

Transactions:

Class

A

Issued

Reinvested

—

686

—

—

Redeemed

(673)

(888)

(511)

(1,043)

Converted

from

Class

R

—

—

Total

Class

A

(550)

(311)

(696)

Class

C

Issued

Reinvested

—

—

—

Redeemed

(8)

(30)

(33)

(137)

Total

Class

C

(7)

(17)

(28)

(125)

Class

R

Issued

—

(a) —

(a) Redeemed

—

(1)

(a) —

(3)

(a) Converted

into

Class

A

—

(25)

—

(42)

Total

Class

R

—

(25)

—

(37)

Class

Y

Issued

Reinvested

—

—

—

Redeemed

(41)

(173)

(125)

(318)

Total

Class

Y

(1)

(11)

(86)

(238)

Change

in

Shares

(558)

(425)

(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

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$58.26

$52.45

$43.77

$73.73

$97.45

$77.19

Investment

Activities:

Net

investment

income

(loss)(a)

(0.23)

(0.58)

(0.51)

(0.57)

(1.20)

(0.97)

Net

realized

and

unrealized

gains

(losses)

(4.44)

6.39 9.19 (26.65)

(10.15)

30.04 Total

from

Investment

Activities

(4.67)

5.81 8.68 (27.22)

(11.35)

29.07 Distributions

to

Shareholders

from:

Net

realized

gains

—

—

—

(2.74)

(12.37)

(8.81)

Return

of

capital

—

—

—

—(b)

—

—

Total

Distributions

—

—

—

(2.74)

(12.37)

(8.81)

Net

Asset

Value,

End

of

Period

$53.59

$58.26

$52.45

$43.77

$73.73

$97.45

Total

Return(c)(d)

(8.00)%

11.08%

19.80%

(37.07)%

(11.06)%

37.84%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.40%

1.40%

1.40%

1.40%

1.40%

1.40%

Net

Investment

Income

(Loss)(e)

(0.89)%

(1.04)%

(1.09)%

(1.08)%

(1.27)%

(1.20)%

Gross

Expenses(e)(f)

1.43%

1.41%

1.44%

1.44%

1.42%

1.43%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$225,792

$269,943

$286,188

$303,669

$634,204

$820,006

Portfolio

Turnover(c)(g)

54%

120%

129%

105%

92%

72%

(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) 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.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(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

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Small

Cap

Growth

Fund

Class

C

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$43.11

$39.11

$32.89

$56.86

$79.07

$64.34

Investment

Activities:

Net

investment

income

(loss)(a)

(0.32)

(0.75)

(0.65)

(0.75)

(1.55)

(1.30)

Net

realized

and

unrealized

gains

(losses)

(3.28)

4.75 6.87 (20.48)

(8.29)

24.84 Total

from

Investment

Activities

(3.60)

4.00 6.22 (21.23)

(9.84)

23.54 Distributions

to

Shareholders

from:

Net

realized

gains

—

—

—

(2.74)

(12.37)

(8.81)

Return

of

capital

—

—

—

—(b)

—

—

Total

Distributions

—

—

—

(2.74)

(12.37)

(8.81)

Net

Asset

Value,

End

of

Period

$39.51

$43.11

$39.11

$32.89

$56.86

$79.07

Total

Return(c)(d)

(8.35)%

10.23%

18.91%

(37.55)%

(11.73)%

36.78%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

2.16%

2.16%

2.16%

2.16%

2.16%

2.16%

Net

Investment

Income

(Loss)(e)

(1.65)%

(1.81)%

(1.85)%

(1.84)%

(2.03)%

(1.96)%

Gross

Expenses(e)(f)

2.65%

2.55%

2.45%

2.31%

2.16%

2.26%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,695

$3,288

$4,484

$5,126

$11,387

$20,323

Portfolio

Turnover(c)(g)

54%

120%

129%

105%

92%

72%

(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) 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.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(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

Small

Cap

Growth

Fund

Class

R6

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$63.64

$57.10

$47.50

$79.37

$103.42

$81.24

Investment

Activities:

Net

investment

income

(loss)(a)

(0.16)

(0.43)

(0.39)

(0.43)

(0.91)

(0.73)

Net

realized

and

unrealized

gains

(losses)

(4.83)

6.97 9.99 (28.70)

(10.77)

31.72 Total

from

Investment

Activities

(4.99)

6.54 9.60 (29.13)

(11.68)

30.99 Distributions

to

Shareholders

from:

Net

realized

gains

—

—

—

(2.74)

(12.37)

(8.81)

Return

of

capital

—

—

—

—(b)

—

—

Total

Distributions

—

—

—

(2.74)

(12.37)

(8.81)

Net

Asset

Value,

End

of

Period

$58.65

$63.64

$57.10

$47.50

$79.37

$103.42

Total

Return(c)(d)

(7.84)%

11.43%

20.23%

(36.86)%

(10.74)%

38.32%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.06%

1.06%

1.06%

1.05%

1.04%

1.06%

Net

Investment

Income

(Loss)(e)

(0.54)%

(0.70)%

(0.76)%

(0.74)%

(0.91)%

(0.86)%

Gross

Expenses(e)(f)

1.09%

1.09%

1.09%

1.05%

1.04%

1.06%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$43,001

$49,726

$53,691

$114,850

$611,157

$677,128

Portfolio

Turnover(c)(g)

54%

120%

129%

105%

92%

72%

(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) 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

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Small

Cap

Growth

Fund

Class

Y

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$63.19

$56.73

$47.22

$79.00

$103.10

$81.06

Investment

Activities:

Net

investment

income

(loss)(a)

(0.18)

(0.47)

(0.42)

(0.47)

(1.00)

(0.79)

Net

realized

and

unrealized

gains

(losses)

(4.80)

6.93 9.93 (28.57)

(10.73)

31.64 Total

from

Investment

Activities

(4.98)

6.46 9.51 (29.04)

(11.73)

30.85 Distributions

to

Shareholders

from:

Net

realized

gains

—

—

—

(2.74)

(12.37)

(8.81)

Return

of

capital

—

—

—

—(b)

—

—

Total

Distributions

—

—

—

(2.74)

(12.37)

(8.81)

Net

Asset

Value,

End

of

Period

$58.21

$63.19

$56.73

$47.22

$79.00

$103.10

Total

Return(c)(d)

(7.88)%

11.37%

20.16%

(36.92)%

(10.82)%

38.21%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.13%

1.13%

1.13%

1.13%

1.13%

1.13%

Net

Investment

Income

(Loss)(e)

(0.62)%

(0.78)%

(0.82)%

(0.81)%

(1.00)%

(0.93)%

Gross

Expenses(e)(f)

1.18%

1.15%

1.17%

1.17%

1.14%

1.15%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$123,734

$163,068

$203,715

$305,542

$985,724

$1,411,316

Portfolio

Turnover(c)(g)

54%

120%

129%

105%

92%

72%

(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) 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

Select

Growth

Fund

Class

A

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$22.71

$18.40

$15.51

$31.30

$38.19

$33.81

Investment

Activities:

Net

investment

income

(loss)(a)

(0.11)

(0.21)

(0.17)

(0.24)

(0.49)

(0.40)

Net

realized

and

unrealized

gains

(losses)

(0.73)

4.52 3.06 (9.65)

2.64 11.43 Total

from

Investment

Activities

(0.84)

4.31 2.89 (9.89)

2.15 11.03 Distributions

to

Shareholders

from:

Net

realized

gains

—

—

—

(5.90)

(9.04)

(6.65)

Total

Distributions

—

—

—

(5.90)

(9.04)

(6.65)

Net

Asset

Value,

End

of

Period

$21.87

$22.71

$18.40

$15.51

$31.30

$38.19

Total

Return(b)(c)

(3.70)%

23.42%

18.63%

(32.43)%

6.89%

33.22%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.40%

1.40%

1.40%

1.40%

1.40%

1.40%

Net

Investment

Income

(Loss)(d)

(0.99)%

(1.05)%

(0.99)%

(1.02)%

(1.21)%

(1.14)%

Gross

Expenses(d)(e)

1.53%

1.53%

1.54%

1.51%

1.48%

1.49%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$61,361

$69,802

$65,450

$68,907

$117,017

$115,014

Portfolio

Turnover(b)(f)

54%

129%

137%

131%(g)

75%

73%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(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.

(g) 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

C

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$11.92

$9.74

$8.27

$20.74

$28.54

$26.77

Investment

Activities:

Net

investment

income

(loss)(a)

(0.10)

(0.20)

(0.16)

(0.28)

(0.59)

(0.53)

Net

realized

and

unrealized

gains

(losses)

(0.39)

2.38 1.63 (6.29)

1.83 8.95 Total

from

Investment

Activities

(0.49)

2.18 1.47 (6.57)

1.24 8.42 Distributions

to

Shareholders

from:

Net

realized

gains

—

—

—

(5.90)

(9.04)

(6.65)

Total

Distributions

—

—

—

(5.90)

(9.04)

(6.65)

Net

Asset

Value,

End

of

Period

$11.43

$11.92

$9.74

$8.27

$20.74

$28.54

Total

Return(b)(c)

(4.11)%

22.38%

17.78%

(32.94)%

6.02%

32.20%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

2.18%

2.18%

2.18%

2.18%

2.18%

2.18%

Net

Investment

Income

(Loss)(d)

(1.78)%

(1.84)%

(1.77)%

(1.82)%

(1.99)%

(1.92)%

Gross

Expenses(d)(e)

4.02%

3.68%

2.78%

2.42%

2.24%

2.29%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$705

$968

$1,445

$3,082

$9,835

$23,831

Portfolio

Turnover(b)(f)

54%

129%

137%

131%(g)

75%

73%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(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.

(g) 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

R6

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$26.39

$21.31

$17.89

$34.71

$41.25

$35.99

Investment

Activities:

Net

investment

income

(loss)(a)

(0.08)

(0.17)

(0.13)

(0.18)

(0.38)

(0.31)

Net

realized

and

unrealized

gains

(losses)

(0.86)

5.25 3.55 (10.74)

2.88 12.22 Total

from

Investment

Activities

(0.94)

5.08 3.42 (10.92)

2.50 11.91 Distributions

to

Shareholders

from:

Net

realized

gains

—

—

—

(5.90)

(9.04)

(6.65)

Total

Distributions

—

—

—

(5.90)

(9.04)

(6.65)

Net

Asset

Value,

End

of

Period

$25.45

$26.39

$21.31

$17.89

$34.71

$41.25

Total

Return(b)(c)

(3.56)%

23.84%

19.12%

(32.21)%

7.23%

33.65%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.06%

1.06%

1.06%

1.06%

1.06%

1.06%

Net

Investment

Income

(Loss)(d)

(0.64)%

(0.71)%

(0.66)%

(0.69)%

(0.88)%

(0.80)%

Gross

Expenses(d)(e)

4.06%

5.43%

3.62%

2.65%

1.83%

4.52%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$512

$368

$364

$594

$1,231

$710

Portfolio

Turnover(b)(f)

54%

129%

137%

131%(g)

75%

73%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(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.

(g) 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

Y

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$26.04

$21.04

$17.68

$34.43

$41.02

$35.84

Investment

Activities:

Net

investment

income

(loss)(a)

(0.09)

(0.18)

(0.14)

(0.20)

(0.41)

(0.33)

Net

realized

and

unrealized

gains

(losses)

(0.85)

5.18 3.50 (10.65)

2.86 12.16 Total

from

Investment

Activities

(0.94)

5.00 3.36 (10.85)

2.45 11.83 Distributions

to

Shareholders

from:

Net

realized

gains

—

—

—

(5.90)

(9.04)

(6.65)

Total

Distributions

—

—

—

(5.90)

(9.04)

(6.65)

Net

Asset

Value,

End

of

Period

$25.10

$26.04

$21.04

$17.68

$34.43

$41.02

Total

Return(b)(c)

(3.57)%

23.72%

19.00%

(32.27)%

7.15%

33.57%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.14%

1.14%

1.14%

1.14%

1.14%

1.14%

Net

Investment

Income

(Loss)(d)

(0.74)%

(0.79)%

(0.73)%

(0.76)%

(0.95)%

(0.88)%

Gross

Expenses(d)(e)

1.32%

1.30%

1.28%

1.24%

1.21%

1.24%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$21,241

$24,858

$28,447

$31,532

$70,192

$93,844

Portfolio

Turnover(b)(f)

54%

129%

137%

131%(g)

75%

73%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(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.

(g) 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

Mid

Cap

Growth

Fund

Class

A

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$22.69

$18.30

$15.52

$24.76

$32.99

$25.56

Investment

Activities:

Net

investment

income

(loss)(a)

(0.09)

(0.16)

(0.12)

(0.14)

(0.33)

(0.20)

Net

realized

and

unrealized

gains

(losses)

1.26 4.55 2.90 (8.41)

1.60 8.98 Total

from

Investment

Activities

1.17 4.39 2.78 (8.55)

1.27 8.78 Distributions

to

Shareholders

from:

Net

realized

gains

—

—

—

(0.69)

(9.50)

(1.35)

Return

of

capital

—

—

—

—(b)

—

—

Total

Distributions

—

—

—

(0.69)

(9.50)

(1.35)

Net

Asset

Value,

End

of

Period

$23.86

$22.69

$18.30

$15.52

$24.76

$32.99

Total

Return(c)(d)

5.16%

23.99%

17.91%

(34.68)%

4.68%

34.47%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.20%

1.20%

1.20%

1.21%(g)

1.20%

1.20%

Net

Investment

Income

(Loss)(e)

(0.85)%

(0.78)%

(0.73)%

(0.76)%

(0.98)%

(0.75)%

Gross

Expenses(e)(f)

1.44%

1.45%

1.44%

1.40%

1.33%

1.35%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$51,387

$54,223

$51,156

$47,664

$88,064

$93,072

Portfolio

Turnover(c)(h)

56%

126%

119%

133%

90%

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) 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.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Includes

impact

of

Interfund

lending

fees.

Without

these

Interfund

lending

fees,

the

net

expense

ratio

would

have

been

at

the

contractual

expense

cap.

(h) 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

C

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$17.03

$13.86

$11.86

$19.34

$28.05

$22.08

Investment

Activities:

Net

investment

income

(loss)(a)

(0.15)

(0.26)

(0.21)

(0.25)

(0.52)

(0.38)

Net

realized

and

unrealized

gains

(losses)

0.94 3.43 2.21 (6.54)

1.31 7.70 Total

from

Investment

Activities

0.79 3.17 2.00 (6.79)

0.79 7.32 Distributions

to

Shareholders

from:

Net

realized

gains

—

—

—

(0.69)

(9.50)

(1.35)

Return

of

capital

—

—

—

—(b)

—

—

Total

Distributions

—

—

—

(0.69)

(9.50)

(1.35)

Net

Asset

Value,

End

of

Period

$17.82

$17.03

$13.86

$11.86

$19.34

$28.05

Total

Return(c)(d)

4.64%

22.87%

16.86%

(35.30)%

3.75%

33.30%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

2.11%

2.11%

2.11%

2.12%(g)

2.09%

2.11%

Net

Investment

Income

(Loss)(e)

(1.78)%

(1.70)%

(1.63)%

(1.69)%

(1.87)%

(1.65)%

Gross

Expenses(e)(f)

5.61%

4.03%

2.57%

2.25%

2.09%

2.14%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$244

$493

$1,123

$3,312

$12,054

$17,325

Portfolio

Turnover(c)(h)

56%

126%

119%

133%

90%

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) 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.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Includes

impact

of

Interfund

lending

fees.

Without

these

Interfund

lending

fees,

the

net

expense

ratio

would

have

been

at

the

contractual

expense

cap.

(h) 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

R6

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$24.51

$19.71

$16.68

$26.46

$34.53

$26.63

Investment

Activities:

Net

investment

income

(loss)(a)

(0.07)

(0.11)

(0.08)

(0.11)

(0.25)

(0.14)

Net

realized

and

unrealized

gains

(losses)

1.37 4.91 3.11 (8.98)

1.68 9.39 Total

from

Investment

Activities

1.30 4.80 3.03 (9.09)

1.43 9.25 Distributions

to

Shareholders

from:

Net

realized

gains

—

—

—

(0.69)

(9.50)

(1.35)

Return

of

capital

—

—

—

—(b)

—

—

Total

Distributions

—

—

—

(0.69)

(9.50)

(1.35)

Net

Asset

Value,

End

of

Period

$25.81

$24.51

$19.71

$16.68

$26.46

$34.53

Total

Return(c)(d)

5.30%

24.35%

18.17%

(34.49)%

4.95%

34.86%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.94%

0.94%

0.94%

0.95%(g)

0.94%

0.94%

Net

Investment

Income

(Loss)(e)

(0.59)%

(0.52)%

(0.47)%

(0.54)%

(0.73)%

(0.49)%

Gross

Expenses(e)(f)

1.74%

2.03%

1.77%

1.16%

0.98%

1.01%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,587

$1,600

$1,406

$2,360

$19,731

$27,861

Portfolio

Turnover(c)(h)

56%

126%

119%

133%

90%

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) 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) Includes

impact

of

Interfund

lending

fees.

Without

these

Interfund

lending

fees,

the

net

expense

ratio

would

have

been

at

the

contractual

expense

cap.

(h) 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

Y

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$24.46

$19.67

$16.65

$26.43

$34.50

$26.61

Investment

Activities:

Net

investment

income

(loss)(a)

(0.07)

(0.12)

(0.09)

(0.11)

(0.26)

(0.14)

Net

realized

and

unrealized

gains

(losses)

1.36 4.91 3.11 (8.98)

1.69 9.38 Total

from

Investment

Activities

1.29 4.79 3.02 (9.09)

1.43 9.24 Distributions

to

Shareholders

from:

Net

realized

gains

—

—

—

(0.69)

(9.50)

(1.35)

Return

of

capital

—

—

—

—(b)

—

—

Total

Distributions

—

—

—

(0.69)

(9.50)

(1.35)

Net

Asset

Value,

End

of

Period

$25.75

$24.46

$19.67

$16.65

$26.43

$34.50

Total

Return(c)(d)

5.27%

24.29%

18.20%

(34.53)%

4.96%

34.84%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.95%

0.95%

0.95%

0.96%(g)

0.95%

0.95%

Net

Investment

Income

(Loss)(e)

(0.60)%

(0.53)%

(0.47)%

(0.53)%

(0.73)%

(0.50)%

Gross

Expenses(e)(f)

1.22%

1.17%

1.12%

1.13%

1.09%

1.10%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$16,177

$18,579

$20,967

$28,192

$249,373

$466,342

Portfolio

Turnover(c)(h)

56%

126%

119%

133%

90%

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) 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) Includes

impact

of

Interfund

lending

fees.

Without

these

Interfund

lending

fees,

the

net

expense

ratio

would

have

been

at

the

contractual

expense

cap.

(h) 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

Member

Class

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

November

3,

2020(a)

through

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$22.86

$18.41

$15.59

$24.84

$33.00

$29.16

Investment

Activities:

Net

investment

income

(loss)(b)

(0.08)

(0.13)

(0.10)

(0.11)

(0.28)

(0.04)

Net

realized

and

unrealized

gains

(losses)

1.28 4.58 2.92 (8.45)

1.62 5.23 Total

from

Investment

Activities

1.20 4.45 2.82 (8.56)

1.34 5.19 Distributions

to

Shareholders

from:

Net

realized

gains

—

—

—

(0.69)

(9.50)

(1.35)

Return

of

capital

—

—

—

—(c)

—

—

Total

Distributions

—

—

—

(0.69)

(9.50)

(1.35)

Net

Asset

Value,

End

of

Period

$24.06

$22.86

$18.41

$15.59

$24.84

$33.00

Total

Return(d)(e)

5.21%

24.17%

18.09%

(34.61)%

4.88%

17.94%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

1.05%

1.05%

1.05%

1.05%

1.05%

1.05%

Net

Investment

Income

(Loss)(f)

(0.70)%

(0.63)%

(0.57)%

(0.58)%

(0.85)%

(0.71)%

Gross

Expenses(f)(g)

2.46%

2.64%

2.71%

2.60%

5.66%

31.23%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,414

$1,618

$1,073

$911

$957

$109

Portfolio

Turnover(d)(h)

56%

126%

119%

133%

90%

92%

(a) Commencement

of

operations.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Amount

is

less

than

$0.005

per

share.

(d) Not

annualized

for

periods

less

than

one

year.

(e) 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.

(f) Annualized

for

periods

less

than

one

year.

(g) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(h) 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

A

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$30.86

$24.64

$17.06

$26.14

$23.84

$19.22

Investment

Activities:

Net

investment

income

(loss)(a)

(0.10)

(0.19)

(0.11)

(0.11)

(0.18)

(0.08)

Net

realized

and

unrealized

gains

(losses)

2.16 8.73 7.73 (8.57)

4.85 6.89 Total

from

Investment

Activities

2.06 8.54 7.62 (8.68)

4.67 6.81 Distributions

to

Shareholders

from:

Net

investment

income

—

—

—

—

(0.02)

—

Net

realized

gains

—

(2.32)

(0.04)

(0.40)

(2.35)

(2.19)

Total

Distributions

—

(2.32)

(0.04)

(0.40)

(2.37)

(2.19)

Net

Asset

Value,

End

of

Period

$32.92

$30.86

$24.64

$17.06

$26.14

$23.84

Total

Return(b)(c)

6.68%

34.36%

44.65%

(33.31)%

19.91%

35.64%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.10%

1.10%

1.10%

1.10%

1.10%

1.10%

Net

Investment

Income

(Loss)(d)

(0.65)%

(0.63)%

(0.53)%

(0.53)%

(0.71)%

(0.37)%

Gross

Expenses(d)(e)

1.16%

1.17%

1.18%

1.18%

1.17%

1.19%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$322,533

$319,339

$253,304

$189,042

$308,663

$274,388

Portfolio

Turnover(b)(f)

14%

50%

62%

96%

62%

73%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(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

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Growth

Fund

Class

C

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$22.19

$18.34

$12.81

$19.94

$18.80

$15.63

Investment

Activities:

Net

investment

income

(loss)(a)

(0.16)

(0.31)

(0.22)

(0.21)

(0.31)

(0.20)

Net

realized

and

unrealized

gains

(losses)

1.55 6.48 5.79 (6.52)

3.80 5.56 Total

from

Investment

Activities

1.39 6.17 5.57 (6.73)

3.49 5.36 Distributions

to

Shareholders

from:

Net

realized

gains

—

(2.32)

(0.04)

(0.40)

(2.35)

(2.19)

Total

Distributions

—

(2.32)

(0.04)

(0.40)

(2.35)

(2.19)

Net

Asset

Value,

End

of

Period

$23.58

$22.19

$18.34

$12.81

$19.94

$18.80

Total

Return(b)(c)

6.26%

33.23%

43.46%

(33.89)%

18.95%

34.55%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.93%

1.93%

1.93%

1.93%

1.93%

1.93%

Net

Investment

Income

(Loss)(d)

(1.48)%

(1.46)%

(1.36)%

(1.37)%

(1.54)%

(1.20)%

Gross

Expenses(d)(e)

3.56%

3.52%

3.33%

2.78%

1.99%

2.43%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$765

$863

$1,022

$689

$1,733

$3,731

Portfolio

Turnover(b)(f)

14%

50%

62%

96%

62%

73%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(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

RS

Growth

Fund

Class

Y

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$33.16

$26.29

$18.15

$27.70

$25.13

$20.11

Investment

Activities:

Net

investment

income

(loss)(a)

(0.06)

(0.11)

(0.06)

(0.06)

(0.12)

(0.02)

Net

realized

and

unrealized

gains

(losses)

2.32 9.30 8.24 (9.09)

5.13 7.23 Total

from

Investment

Activities

2.26 9.19 8.18 (9.15)

5.01 7.21 Distributions

to

Shareholders

from:

Net

investment

income

—

—

—(b)

—

(0.09)

—

Net

realized

gains

—

(2.32)

(0.04)

(0.40)

(2.35)

(2.19)

Total

Distributions

—

(2.32)

(0.04)

(0.40)

(2.44)

(2.19)

Net

Asset

Value,

End

of

Period

$35.42

$33.16

$26.29

$18.15

$27.70

$25.13

Total

Return(c)(d)

6.82%

34.68%

45.05%

(33.13)%

20.22%

36.06%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.83%

0.83%

0.83%

0.83%

0.83%

0.83%

Net

Investment

Income

(Loss)(e)

(0.38)%

(0.36)%

(0.26)%

(0.26)%

(0.44)%

(0.09)%

Gross

Expenses(e)(f)

0.98%

0.98%

0.97%

0.95%

0.91%

0.99%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$29,370

$27,527

$22,116

$18,286

$33,772

$29,875

Portfolio

Turnover(c)(g)

14%

50%

62%

96%

62%

73%

(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) 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

Science

and

Technology

Fund

Class

A

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$26.89

$20.23

$15.26

$28.34

$36.35

$23.37

Investment

Activities:

Net

investment

income

(loss)(a)

(0.16)

(0.29)

(0.22)

(0.22)

(0.46)

(0.34)

Net

realized

and

unrealized

gains

(losses)

1.54 6.95 5.19 (12.07)

(3.10)

15.48 Total

from

Investment

Activities

1.38 6.66 4.97 (12.29)

(3.56)

15.14 Distributions

to

Shareholders

from:

Net

realized

gains

—

—

—

(0.79)

(4.45)

(2.16)

Total

Distributions

—

—

—

(0.79)

(4.45)

(2.16)

Net

Asset

Value,

End

of

Period

$28.27

$26.89

$20.23

$15.26

$28.34

$36.35

Total

Return(b)(c)

5.13%

32.92%

32.57%

(43.51)%

(9.25)%

65.03%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.47%

1.48%

1.49%

1.47%

1.47%

1.48%

Net

Investment

Income

(Loss)(d)

(1.27)%

(1.25)%

(1.28)%

(1.20)%

(1.28)%

(1.22)%

Gross

Expenses(d)(e)

1.47%

1.48%

1.49%

1.48%

1.47%

1.48%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$175,449

$175,238

$145,950

$130,060

$250,490

$320,605

Portfolio

Turnover(b)(f)

14%

39%

77%

56%

46%

30%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(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

RS

Science

and

Technology

Fund

Class

C

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$17.63

$13.37

$10.17

$19.48

$26.81

$17.73

Investment

Activities:

Net

investment

income

(loss)(a)

(0.17)

(0.31)

(0.24)

(0.26)

(0.55)

(0.41)

Net

realized

and

unrealized

gains

(losses)

1.00 4.57 3.44 (8.26)

(2.33)

11.65 Total

from

Investment

Activities

0.83 4.26 3.20 (8.52)

(2.88)

11.24 Distributions

to

Shareholders

from:

Net

realized

gains

—

—

—

(0.79)

(4.45)

(2.16)

Total

Distributions

—

—

—

(0.79)

(4.45)

(2.16)

Net

Asset

Value,

End

of

Period

$18.46

$17.63

$13.37

$10.17

$19.48

$26.81

Total

Return(b)(c)

4.71%

31.76%

31.56%

(43.95)%

(10.03)%

63.71%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

2.28%

2.28%

2.28%

2.28%

2.28%

2.28%

Net

Investment

Income

(Loss)(d)

(2.07)%

(2.05)%

(2.07)%

(2.01)%

(2.09)%

(2.03)%

Gross

Expenses(d)(e)

2.61%

2.57%

2.51%

2.40%

2.28%

2.32%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$3,830

$4,146

$4,816

$4,725

$11,168

$18,398

Portfolio

Turnover(b)(f)

14%

39%

77%

56%

46%

30%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(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

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Science

and

Technology

Fund

Class

Y

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$30.24

$22.70

$17.08

$31.49

$39.73

$25.36

Investment

Activities:

Net

investment

income

(loss)(a)

(0.15)

(0.27)

(0.20)

(0.20)

(0.41)

(0.29)

Net

realized

and

unrealized

gains

(losses)

1.74 7.81 5.82 (13.42)

(3.38)

16.82 Total

from

Investment

Activities

1.59 7.54 5.62 (13.62)

(3.79)

16.53 Distributions

to

Shareholders

from:

Net

realized

gains

—

—

—

(0.79)

(4.45)

(2.16)

Total

Distributions

—

—

—

(0.79)

(4.45)

(2.16)

Net

Asset

Value,

End

of

Period

$31.83

$30.24

$22.70

$17.08

$31.49

$39.73

Total

Return(b)(c)

5.26%

33.22%

32.90%

(43.38)%

(9.04)%

65.40%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.24%

1.24%

1.24%

1.24%

1.23%

1.24%

Net

Investment

Income

(Loss)(d)

(1.03)%

(1.01)%

(1.03)%

(0.97)%

(1.05)%

(0.99)%

Gross

Expenses(d)(e)

1.29%

1.29%

1.29%

1.28%

1.23%

1.26%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$23,751

$25,150

$24,281

$28,503

$81,080

$109,275

Portfolio

Turnover(b)(f)

14%

39%

77%

56%

46%

30%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(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.

Notes

to

Financial

Statements

June

30,

2025

Victory

Portfolios

(Unaudited)

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 32

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

and

Liquidity

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.

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

June

30,

2025

Victory

Portfolios

(Unaudited)

(a) Rounds

to

less

than

$1

thousand.

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

the

Funds'

NAV to

be

more

reliable

than

it

otherwise

would

be.

A

summary

of

the

valuations

as

of

June

30,

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 June

30,

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

Level

Level

Level

Total

RS

Small

Cap

Growth

Fund

Common

Stocks

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

$

390,358

$

—

$

—

$

390,358

Collateral

for

Securities

Loaned

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

13,362

—

—

13,362

Total

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

$

403,720

$

—

$

—

$

403,720

RS

Select

Growth

Fund

Common

Stocks

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

83,191

—

—

83,191

Collateral

for

Securities

Loaned

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

1,151

—

—

1,151

Total

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

$

84,342

$

—

$

—

$

84,342

RS

Mid

Cap

Growth

Fund

Common

Stocks

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

70,926

—

—

70,926

Collateral

for

Securities

Loaned

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

755

—

—

755

Total

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

$

71,681

$

—

$

—

$

71,681

RS

Growth

Fund

Common

Stocks

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

351,731

—

—

351,731

Total

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

$

351,731

$

—

$

—

$

351,731

RS

Science

and

Technology

Fund

Common

Stocks

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

202,801

—

—

202,801

Warrants

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

—

—

—(a)

—(a)

Collateral

for

Securities

Loaned

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

3,643

—

—

3,643

Total

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

$

206,444

$

—

$

—(a)

$

206,444

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

(Unaudited)

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.

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

June

30,

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

six

months

ended

June

30,

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

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

$

13,454

$

—

$

13,362

RS

Select

Growth

Fund

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

1,138

—

1,151

RS

Mid

Cap

Growth

Fund

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

741

—

755

RS

Science

and

Technology

Fund

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

3,533

—

3,643

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

(Unaudited)

3. #### Purchases

#### and

#### Sales:
Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

six

months

ended

June

30,

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

six

months ended

June

30,

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,

Victory

Variable

Insurance

Funds

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

six

months

ended

June

30,

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 six

months

ended

June

30,

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,

Victory

Variable

Insurance

Funds,

and

Victory

Portfolios

II,

in

the

aggregate,

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the six

months

ended

June

30,

2025,

are

reflected

on

the

Statements

of

Operations

as

Compliance

fees.

Excluding

U.S.

Government

Securities

Purchases

Sales

RS

Small

Cap

Growth

Fund

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

$

223,420

$

275,767

RS

Select

Growth

Fund

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

46,505

54,929

RS

Mid

Cap

Growth

Fund

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

39,397

48,034

RS

Growth

Fund

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

47,517

62,732

RS

Science

and

Technology

Fund

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

26,075

37,189

RS

Small

Cap

Growth

Fund

Tiered

Rate

Up

to

$1

billion

Next

$1

billion

Over

$2

billion

0.95%

0.825%

0.75%

Flat

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

June

30,

2025

Victory

Portfolios

(Unaudited)

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

six

months ended

June

30,

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

six

months ended

June

30,

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

six

months ended

June

30,

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

of

Class

A,

Class

C,

and

Class

R. Amounts

incurred

for

the

six

months

ended

June

30,

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

six

months

ended

June

30,

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 six

months

ended

June

30,

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

June

30,

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

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

$

—(a)

RS

Select

Growth

Fund

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

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

---

| | |
|:---|:---|
| **Victory Portfolios**<br>| **Notes to Financial Statements** *— continued*<br> June 30, 2025 |
|  | *(Unaudited)* |

---

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 June 30, 2025.

For the six months ended June 30, 2025, the following recoupment amounts were paid to the Adviser:

---

| | |
|:---|:---|
|  | **Amount** |
| RS Science and Technology Fund | $—\* |

---

\* Rounds to less than $1 thousand.

As of June 30, 2025, the following amounts are available to be repaid to the Adviser (amounts in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Expires<br> 2025** | **Expires<br> 2026** | **Expires<br> 2027** | **Expires<br> 2028** | **Total** |
| RS Small Cap Growth Fund | $31 | $231 | $94 | $78 | $434 |
| RS Select Growth Fund | 64 | 160 | 164 | 75 | 463 |
| RS Mid Cap Growth Fund | 138 | 202 | 223 | 105 | 668 |
| RS Growth Fund | 99 | 227 | 249 | 122 | 697 |
| RS Science and Technology Fund | 4 | 22 | 25 | 11 | 62 |

---

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. There were no voluntary waivers or reimbursements for the six months ended June 30, 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. The risk descriptions below provide a more detailed explanation of the principal investment risks. The Funds may be subject to other risks in addition to these identified risks.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **RS Small Cap Growth Fund** | **RS Select Growth Fund** | **RS Mid Cap Growth Fund** | **RS Growth Fund** | **RS Science & Tech Fund** |
| Equity Securities Risk | x | x | x | x | x |
| General Market Risk | x | x | x | x | x |
| Smaller-Capitalization Stock Risk | x | x | | | x |
| Mid-Capitalization Stock Risk | | | x | x | |
| Large-Capitalization Stock Risk | | | | x | x |
| Science and Technology Investment Risk | | | | | x |
| Sector Focus Risk | x | x | x | x | x |

---

**<u>Equity Securities Risk</u>** — The values of the equity securities in which the Fund(s) invest(s) 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.

**<u>General Market Risk</u>** — 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

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

(Unaudited)

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.

Mid-Capitalization

Stock

Risk

— Mid-sized

companies

may

be

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.

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 Focus

Risk

—

To

the

extent

the

Fund(s)

focus

in

one

or

more

sectors,

such

as

the

information

technology

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.

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.

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

Variable

Insurance

Funds,

Victory

Portfolios

II,

and

Victory

Portfolios

III

(collectively,

the "Victory

Funds

Complex"),

in

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 six

months

ended

June

30,

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

six

months

ended

June

30,

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.

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

June

30,

2025. For

the

six

months ended

June

30,

2025,

the

following

recoupment

amounts

were

paid

to

the

Adviser:

As

of June

30,

2025,

the

following 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.

There

were

no

voluntary

waivers

or

reimbursements

for

the six

months

ended

June

30,

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.

The

risk

descriptions

below

provide

a

more

detailed

explanation

of

the

principal

investment

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

Fund(s)

invest(s)

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

Amount

RS

Science

and

Technology

Fund

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

$

—\*

\*

Rounds

to

less

than

$1

thousand.

Expires

2025

Expires

2026

Expires

2027

Expires

2028

Total

RS

Small

Cap

Growth

Fund

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

$

$

$

$

$

RS

Select

Growth

Fund

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

RS

Mid

Cap

Growth

Fund

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

668

RS

Growth

Fund

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

697

RS

Science

and

Technology

Fund

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

RS

Small

Cap

Growth

Fund

RS

Select

Growth

Fund

RS

Mid

Cap

Growth

Fund

RS

Growth

Fund

RS

Science

&

Tech

Equity

Securities

Risk

x

x

x

x

x

General

Market

Risk

x

x

x

x

x

Smaller-Capitalization

Stock

Risk

x

x

x

Mid-Capitalization

Stock

Risk

x

x

Large-Capitalization

Stock

Risk

x

x

Science

and

Technology

Investment

Risk

x

Sector

Focus

Risk

x

x

x

x

x

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

(Unaudited)

The

average

borrowing

or

lending

for

the

days

outstanding

and

average

interest

rate

for

the

Funds

that

utilized

this

Facility

during

the

six

months

ended

June

30,

2025,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

six

months

ended

June

30,

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.

The

tax

character

of

current

year

distributions

paid

and

the

tax

basis

of

the

current

components

of

accumulated

earnings

(loss)

will

be

determined

at

the

end

of

the

current

tax

year.

As

of

the

tax

year

ended December

31,

2024,

the

following

Funds had

net

capital

loss

carryforwards as shown

in

the

table

below.

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

(amounts

in

thousands):

8. #### Segment

#### Reporting:
In

this

reporting

period,

the

Funds

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures.

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

each

Fund's

financial

position

or

the

results

of

its

operations.

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.

Borrower

or

Lender

Amount

Outstanding

at

June

30,

2025

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

RS

Small

Cap

Growth

Fund

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

Borrower

$

—

$

2,104

4.88%

$

2,104

RS

Growth

Fund

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

Borrower

—

2,468

4.86%

2,468

RS

Science

and

Technology

Fund

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

Borrower

—

1,285

4.89%

1,285

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

Short-Term

Amount

Total

RS

Small

Cap

Growth

Fund

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

$

(198,570)

$

(198,570)

RS

Mid

Cap

Growth

Fund

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

(8,036)

(8,036)

RS

Science

and

Technology

Fund

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

(19,323)

(19,323)

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-SAR

(6/25)

June

30,

2025

Semi-Annual:

Full

Financials

Victory

RS

International

Fund

Victory

RS

Global

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

resources

to

help

you

become

a

better

investor

A

section

dedicated

to

investment

professionals

Whether

you're

a

potential

investor

searching

for

the

fund

that

matches

your

investment

philosophy,

a

seasoned

investor

interest-

ed

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

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

*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

June

30,

2025

Victory

Portfolios

#### Victory

#### RS

#### International

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Common

Stocks

(95.8%)

Australia

(5.8%):

Consumer

Discretionary

(1.3%):

Aristocrat

Leisure

Ltd.

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

150,668

$

6,454

Financials

(1.1%):

Macquarie

Group

Ltd.

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

36,481

5,485

Health

Care

(0.7%):

CSL

Ltd.

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

23,694

3,742

Materials

(1.7%):

BHP

Group

Ltd.

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

373,274

8,978

Real

Estate

(1.0%):

Scentre

Group

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

2,171,891

5,100

29,759

Austria

(1.1%):

Financials

(1.1%):

BAWAG

Group

AG

(a) ...................................................

42,087

5,381

Belgium

(1.2%):

Information

Technology

(0.6%):

Melexis

NV

(b) .........................................................

33,826

2,883

Materials

(0.6%):

Solvay

SA

,

Class

A

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

86,553

2,998

5,881

Denmark

(2.5%):

Consumer

Discretionary

(0.8%):

Pandora

A/S

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

24,293

4,281

Health

Care

(1.7%):

Novo

Nordisk

A/S

,

Class

B

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

125,842

8,721

13,002

Finland

(1.2%):

Financials

(1.2%):

Nordea

Bank

Abp

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

408,263

6,057

France

(7.9%):

Consumer

Discretionary

(1.7%):

FDJ

UNITED

(a) .......................................................

104,892

4,116

LVMH

Moet

Hennessy

Louis

Vuitton

SE

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

8,418

4,405

8,521

Consumer

Staples

(1.2%):

L'Oreal

SA

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

15,073

6,456

Energy

(0.6%):

Gaztransport

Et

Technigaz

SA

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

14,677

2,903

Industrials

(3.1%):

Rexel

SA

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

176,898

5,455

Safran

SA

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

31,500

10,272

15,727

Information

Technology

(0.5%):

Capgemini

SE

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

15,398

2,636

Materials

(0.8%):

Arkema

SA

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

55,696

4,112

40,355

Germany

(10.1%):

Communication

Services

(0.9%):

CTS

Eventim

AG

&

Co.

KGaA

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

35,960

4,471

Consumer

Discretionary

(0.8%):

Volkswagen

AG

,

Preference

Shares

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

40,655

4,297

Victory

Portfolios

#### Victory

#### RS

#### International

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Financials

(2.7%):

Allianz

SE

,

Registered

Shares

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

33,325

$

13,522

Industrials

(2.2%):

Siemens

AG

,

Registered

Shares

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

43,147

11,081

Information

Technology

(2.6%):

SAP

SE

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

44,134

13,494

Utilities

(0.9%):

RWE

AG

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

111,300

4,650

51,515

Hong

Kong

(2.8%):

Financials

(1.7%):

AIA

Group

Ltd.

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

971,600

8,801

Real

Estate

(1.1%):

CK

Asset

Holdings

Ltd.

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

1,204,500

5,323

14,124

Ireland

(0.6%):

Materials

(0.6%):

James

Hardie

Industries

PLC

(c) ............................................

114,968

3,087

Italy

(2.2%):

Financials

(1.0%):

Banco

BPM

SpA

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

439,863

5,134

Utilities

(1.2%):

Enel

SpA

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

662,290

6,285

11,419

Japan

(20.4%):

Communication

Services

(2.2%):

Capcom

Co.

Ltd.

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

182,700

6,240

Kakaku.com,

Inc.

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

260,700

4,835

11,075

Consumer

Discretionary

(2.5%):

Toyota

Motor

Corp.

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

520,600

8,967

ZOZO,

Inc.

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

363,100

3,924

12,891

Consumer

Staples

(0.6%):

Toyo

Suisan

Kaisha

Ltd.

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

44,700

2,971

Financials

(3.1%):

Mizuho

Financial

Group,

Inc.

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

282,300

7,837

Tokio

Marine

Holdings,

Inc.

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

194,400

8,240

16,077

Health

Care

(2.3%):

Hoya

Corp.

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

52,300

6,212

Shionogi

&

Co.

Ltd.

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

296,600

5,340

11,552

Industrials

(5.3%):

Fuji

Electric

Co.

Ltd.

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

99,900

4,601

MISUMI

Group,

Inc.

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

153,900

2,056

Mitsubishi

Heavy

Industries

Ltd.

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

388,700

9,728

Nippon

Yusen

KK

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

104,300

3,753

Sanwa

Holdings

Corp.

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

208,700

6,922

27,060

Information

Technology

(3.5%):

Disco

Corp.

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

20,800

6,163

Fujitsu

Ltd.

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

264,000

6,405

Oracle

Corp.

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

45,400

5,412

17,980

Victory

Portfolios

#### Victory

#### RS

#### International

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Real

Estate

(0.9%):

Sumitomo

Realty

&

Development

Co.

Ltd.

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

119,200

$

4,604

104,210

Netherlands

(6.3%):

Communication

Services

(1.1%):

Koninklijke

KPN

NV

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

1,181,716

5,764

Financials

(2.0%):

ING

Groep

NV

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

455,288

9,978

Industrials

(1.3%):

Wolters

Kluwer

NV

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

40,070

6,700

Information

Technology

(1.9%):

ASM

International

NV

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

8,372

5,370

ASML

Holding

NV

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

5,359

4,294

9,664

32,106

New

Zealand

(0.7%):

Health

Care

(0.7%):

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

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

152,914

3,357

Norway

(1.5%):

Industrials

(1.5%):

Kongsberg

Gruppen

ASA

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

194,911

7,562

Singapore

(0.9%):

Financials

(0.9%):

Singapore

Exchange

Ltd.

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

401,000

4,697

Spain

(3.4%):

Financials

(2.2%):

Banco

Bilbao

Vizcaya

Argentaria

SA

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

732,042

11,271

Industrials

(1.2%):

Aena

SME

SA

(a) .......................................................

223,814

5,973

17,244

Sweden

(1.6%):

Consumer

Staples

(0.2%):

Essity

AB

,

Class

B

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

39,837

1,104

Industrials

(1.4%):

Atlas

Copco

AB

,

Class

B

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

486,311

6,924

8,028

Switzerland

(11.0%):

Consumer

Staples

(3.5%):

Coca-Cola

HBC

AG

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

130,086

6,795

Nestle

SA

,

Registered

Shares

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

108,897

10,832

17,627

Financials

(1.7%):

Partners

Group

Holding

AG

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

2,534

3,317

UBS

Group

AG

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

154,300

5,241

8,558

Health

Care

(5.1%):

Novartis

AG

,

Registered

Shares

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

109,645

13,314

Roche

Holding

AG

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

39,610

12,935

26,249

Information

Technology

(0.7%):

Logitech

International

SA

,

Class

R

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

39,256

3,562

55,996

United

Kingdom

(14.6%):

Communication

Services

(0.9%):

Auto

Trader

Group

PLC

(a) ................................................

396,932

4,495

Victory

Portfolios

#### Victory

#### RS

#### International

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Consumer

Discretionary

(1.6%):

Greggs

PLC

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

128,520

$

3,388

Next

PLC

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

28,151

4,807

8,195

Consumer

Staples

(2.9%):

Imperial

Brands

PLC

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

211,843

8,369

Unilever

PLC

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

109,209

6,663

15,032

Energy

(2.5%):

BP

PLC

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

514,499

2,563

Shell

PLC

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

286,570

9,996

12,559

Financials

(4.6%):

Barclays

PLC

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

2,491,963

11,513

HSBC

Holdings

PLC

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

973,492

11,774

23,287

Materials

(1.2%):

Rio

Tinto

PLC

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

104,697

6,093

Utilities

(0.9%):

Centrica

PLC

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

2,196,934

4,874

74,535

Total

Common

Stocks

(Cost

$350,319)

488,315

Exchange-Traded

Funds

(0.0%)(d)

United

States

(0.0%):(d)

iShares

MSCI

EAFE

ETF

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

2,721

Total

Exchange-Traded

Funds

(Cost

$180)

Collateral

for

Securities

Loaned

(0.0%)^(d)

United

States

(0.0%):(d)

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.23

%

(e) ........

7,437

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.27

%

(e) ............

7,437

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.29

%

(e) ...............

7,437

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.24

%

(e) .

7,437

Total

Collateral

for

Securities

Loaned

(Cost

$30)

Total

Investments

(Cost

$350,529)

—

95.8%

488,588

Other

assets

in

excess

of

liabilities

—

4.2%

21,122

NET

ASSETS

-

100.00%

$

509,710

^

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

June

30,

2025,

the

fair

value

of

these

securities

was

$19,965

(thousands)

and

amounted

to

3.9%

of

net

assets.

(b) All

or

a

portion

of

this

security

is

on

loan.

(c) Non-income

producing

security.

(d) Amount

represents

less

than

0.05%

of

net

assets.

(e) Rate

disclosed

is

the

daily

yield

on

June

30,

2025. ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

June

30,

2025

Victory

Portfolios

#### Victory

#### RS

#### Global

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Common

Stocks

(96.6%)

Australia

(1.4%):

Consumer

Discretionary

(0.9%):

Aristocrat

Leisure

Ltd.

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

337,324

$

14,449

Health

Care

(0.5%):

CSL

Ltd.

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

45,596

7,201

21,650

Austria

(0.9%):

Financials

(0.9%):

BAWAG

Group

AG(a)

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

101,957

13,037

Belgium

(1.1%):

Information

Technology

(0.6%):

Melexis

NV(b)

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

109,342

9,319

Materials

(0.5%):

Solvay

SA,

Class

A

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

212,533

7,361

16,680

Canada

(3.3%):

Consumer

Staples

(0.8%):

George

Weston

Ltd.

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

59,188

11,872

Information

Technology

(1.0%):

Constellation

Software,

Inc.

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

4,369

16,022

Materials

(1.1%):

Agnico

Eagle

Mines

Ltd.

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

136,869

16,309

Utilities

(0.4%):

Atco

Ltd.,

Class

I

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

158,803

5,922

50,125

China

(2.3%):

Communication

Services

(1.0%):

Tencent

Holdings

Ltd.

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

241,800

15,581

Consumer

Staples

(0.4%):

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.,

Class

A

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

1,176,242

6,392

Financials

(0.9%):

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

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

16,536,000

13,131

35,104

Denmark

(0.6%):

Consumer

Discretionary

(0.6%):

Pandora

A/S

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

49,725

8,763

France

(2.1%):

Consumer

Discretionary

(0.5%):

FDJ

UNITED(a)

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

192,547

7,555

Energy

(0.7%):

Gaztransport

Et

Technigaz

SA

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

55,008

10,880

Industrials

(0.9%):

Rexel

SA

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

424,688

13,097

31,532

Germany

(0.7%):

Industrials

(0.7%):

Siemens

AG,

Registered

Shares

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

39,734

10,205

Indonesia

(0.5%):

Communication

Services

(0.5%):

PT

Telkom

Indonesia

Persero

Tbk

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

49,085,600

8,400

Ireland

(1.0%):

Industrials

(1.0%):

Eaton

Corp.

PLC

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

44,882

16,022

Victory

Portfolios

#### Victory

#### RS

#### Global

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Italy

(0.8%):

Utilities

(0.8%):

Enel

SpA

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

1,222,193

$

11,598

Japan

(4.6%):

Communication

Services

(0.8%):

Kakaku.com,

Inc.

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

682,800

12,663

Consumer

Discretionary

(0.5%):

ZOZO,

Inc.

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

684,000

7,391

Consumer

Staples

(0.5%):

Toyo

Suisan

Kaisha

Ltd.

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

117,600

7,817

Financials

(0.8%):

Mizuho

Financial

Group,

Inc.

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

454,200

12,610

Health

Care

(0.4%):

Hoya

Corp.

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

46,000

5,464

Industrials

(0.4%):

Fuji

Electric

Co.

Ltd.

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

116,400

5,361

Information

Technology

(1.2%):

Disco

Corp.

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

23,100

6,844

Oracle

Corp.

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

101,500

12,099

18,943

70,249

Netherlands

(0.6%):

Information

Technology

(0.6%):

ASM

International

NV

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

13,290

8,524

New

Zealand

(0.5%):

Health

Care

(0.5%):

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

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

354,478

7,783

Norway

(0.8%):

Industrials

(0.8%):

Kongsberg

Gruppen

ASA

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

321,444

12,472

Singapore

(1.2%):

Financials

(1.2%):

Singapore

Exchange

Ltd.

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

1,532,100

17,944

South

Africa

(0.6%):

Consumer

Discretionary

(0.6%):

Mr

Price

Group

Ltd.

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

705,028

8,843

Spain

(1.8%):

Financials

(1.2%):

Banco

Bilbao

Vizcaya

Argentaria

SA

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

1,131,856

17,426

Industrials

(0.6%):

Aena

SME

SA(a)

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

358,590

9,571

26,997

Sweden

(1.0%):

Consumer

Staples

(0.4%):

Essity

AB,

Class

B

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

201,710

5,588

Industrials

(0.6%):

Atlas

Copco

AB,

Class

B

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

678,877

9,666

15,254

Switzerland

(3.5%):

Consumer

Staples

(1.1%):

Nestle

SA,

Registered

Shares

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

168,168

16,728

Financials

(1.2%):

Chubb

Ltd.

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

28,133

8,151

Victory

Portfolios

#### Victory

#### RS

#### Global

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Partners

Group

Holding

AG

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

8,530

$

11,165

19,316

Health

Care

(1.2%):

Roche

Holding

AG

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

54,514

17,802

53,846

Taiwan

(3.6%):

Financials

(1.0%):

Cathay

Financial

Holding

Co.

Ltd.

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

7,245,000

15,598

Information

Technology

(2.6%):

ASE

Technology

Holding

Co.

Ltd.

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

1,369,000

6,869

Lite-On

Technology

Corp.

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

1,488,000

5,642

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

734,000

26,846

39,357

54,955

United

Kingdom

(3.6%):

Consumer

Discretionary

(1.3%):

Greggs

PLC

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

263,574

6,949

Next

PLC

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

78,070

13,331

20,280

Consumer

Staples

(0.8%):

Imperial

Brands

PLC

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

326,720

12,907

Financials

(0.8%):

HSBC

Holdings

PLC

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

966,195

11,685

Materials

(0.7%):

Rio

Tinto

PLC

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

173,444

10,093

54,965

United

States

(60.1%):

Communication

Services

(6.8%):

Alphabet,

Inc.,

Class

C

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

212,475

37,691

Meta

Platforms,

Inc.,

Class

A

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

58,150

42,920

Netflix,

Inc.(c)

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

17,516

23,456

104,067

Consumer

Discretionary

(6.5%):

Amazon.com,

Inc.(c)

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

162,132

35,570

Booking

Holdings,

Inc.

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

3,056

17,692

McDonald's

Corp.

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

77,463

22,632

PulteGroup,

Inc.

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

93,319

9,842

Tesla,

Inc.(c)

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

41,736

13,258

98,994

Consumer

Staples

(2.1%):

Colgate-Palmolive

Co.

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

218,795

19,889

PepsiCo,

Inc.

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

96,570

12,751

32,640

Energy

(2.3%):

APA

Corp.

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

461,037

8,432

ConocoPhillips

Co.

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

71,627

6,428

Exxon

Mobil

Corp.

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

189,245

20,401

35,261

Financials

(9.1%):

Bank

of

America

Corp.

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

319,719

15,129

Jackson

Financial,

Inc.,

Class

A

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

89,313

7,930

JPMorgan

Chase

&

Co.

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

83,909

24,326

Mastercard,

Inc.,

Class

A

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

46,536

26,150

S&P

Global,

Inc.

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

42,985

22,666

Synchrony

Financial

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

157,867

10,536

The

PNC

Financial

Services

Group,

Inc.

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

64,413

12,008

Victory

Portfolios

#### Victory

#### RS

#### Global

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Unum

Group

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

249,466

$

20,147

138,892

Health

Care

(6.2%):

Align

Technology,

Inc.(c)

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

27,874

5,277

Amgen,

Inc.

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

40,302

11,253

Eli

Lilly

&

Co.

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

27,451

21,399

Gilead

Sciences,

Inc.

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

94,461

10,473

IDEXX

Laboratories,

Inc.(c)

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

26,134

14,017

Johnson

&

Johnson

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

134,700

20,575

UnitedHealth

Group,

Inc.

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

35,590

11,103

94,097

Industrials

(4.3%):

Caterpillar,

Inc.

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

48,464

18,814

Curtiss-Wright

Corp.

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

37,892

18,512

Delta

Air

Lines,

Inc.

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

189,467

9,318

Lennox

International,

Inc.

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

16,303

9,345

Vertiv

Holdings

Co.,

Class

A

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

78,566

10,089

66,078

Information

Technology

(19.7%):

Adobe,

Inc.(c)

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

39,183

15,159

Apple,

Inc.

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

310,283

63,661

Broadcom,

Inc.

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

41,903

11,550

Cisco

Systems,

Inc.

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

342,615

23,771

Fortinet,

Inc.(c)

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

164,353

17,375

Microsoft

Corp.

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

145,753

72,499

NVIDIA

Corp.

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

501,935

79,300

Texas

Instruments,

Inc.

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

79,092

16,421

299,736

Materials

(0.4%):

Alcoa

Corp.

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

216,587

6,391

Real

Estate

(1.6%):

Prologis,

Inc.

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

96,603

10,155

Simon

Property

Group,

Inc.

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

84,321

13,555

23,710

Utilities

(1.1%):

Constellation

Energy

Corp.

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

28,362

9,154

Vistra

Corp.

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

41,368

8,018

17,172

917,038

Total

Common

Stocks

(Cost

$1,079,642)

1,471,986

Warrants

(0.0%)

Canada

(0.0%):

Information

Technology

(0.0%):

Constellation

Software,

Inc.,

expiring

3/31/40(c)(d)

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

3,376

—

Total

Warrants

(Cost

$–)

—

Exchange-Traded

Funds

(1.0%)

United

States

(1.0%):

iShares

MSCI

ACWI

ETF

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

116,130

14,934

Total

Exchange-Traded

Funds

(Cost

$13,850)

14,934

Collateral

for

Securities

Loaned

(0.8%)^

United

States

(0.8%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

4.23%(e)

........

2,956,889

2,957

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

4.27%(e)

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

2,956,889

2,957

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

4.29%(e)

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

2,956,889

2,957

Victory

Portfolios

#### Victory

#### RS

#### Global

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

4.24%(e)

.

2,956,889

$

2,957

Total

Collateral

for

Securities

Loaned

(Cost

$11,828)

11,828

Total

Investments

(Cost

$1,105,320)

—

98.4%

1,498,748

Other

assets

in

excess

of

liabilities

—

1.6%

25,783

NET

ASSETS

-

100.00%

$

1,524,531

^

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

June

30,

2025,

the

fair

value

of

these

securities

was

$30,163

(thousands)

and

amounted

to

2.0%

of

net

assets.

(b) All

or

a

portion

of

this

security

is

on

loan.

(c) Non-income

producing

security.

(d) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

0.0%

of

net

assets

as

of

June

30,

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

June

30,

2025. ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Statements

of

Assets

and

Liabilities

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

RS

International

Fund

Victory

RS

Global

Fund

Assets:

Investments,

at

value

(Cost

$350,529

and

$1,105,320)

$

488,588

(a) $

1,498,748

(b) Foreign

currency,

at

value

(Cost

$263

and

$311)

Cash

16,141

35,158

Receivables:

Dividends,

interest,

and

securities

lending

income

1,228

Capital

shares

issued

2,632

1,271

From

Adviser

503

Reclaims

2,320

1,051

Prepaid

expenses

Total

Assets

510,301

1,538,359

Liabilities:

Payables:

Collateral

received

on

loaned

securities

11,828

Capital

shares

redeemed

931

Accrued

expenses

and

other

payables:

Investment

advisory

fees

714

Administration

fees

Custodian

fees

Transfer

agent

fees

Sub-Transfer

agent

fees

Compliance

fees

—

(c) 1

Trustees'

fees

—

(c) —

(c) 12b-1

fees

Other

accrued

expenses

Total

Liabilities

591

13,828

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

366,085

1,145,905

Total

accumulated

earnings

(loss)

143,625

378,626

Net

Assets

$

509,710

$

1,524,531

Net

Assets:

Class

A

$

35,208

$

233,350

Class

C

3,672

15,638

Class

R

1,784

9,477

Class

R6

343,704

228,710

Class

Y

125,342

1,037,356

Total

$

509,710

$

1,524,531

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

1,994

9,012

Class

C

632

Class

R

Class

R6

24,098

12,076

Class

Y

7,203

40,284

Total

33,709

62,294

Net

asset

value,

offering

and

redemption

price

per

share:

(d) Class

A

$

.65

$

.89

Class

C(e)

.04

.75

Class

R

.32

.72

Class

R6

.26

.94

Class

Y

.40

.75

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

$

.73

$

.47

(a) Includes

$28

thousand

of

securities

on

loan.

(b) Includes

$8,892

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

Six

Months

Ended

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands)

(Unaudited)

Victory

RS

International

Fund

Victory

RS

Global

Fund

Investment

Income:

Dividends

$

10,892

$

16,689

Interest

583

Securities

lending

(net

of

fees)

Foreign

tax

withholding

(1,275)

(1,376)

Total

Income

9,787

15,929

Expenses:

Investment

advisory

fees

1,802

3,930

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) 1

Transfer

agent

fees

—

Class

R

—

(a) 1

Transfer

agent

fees

—

Class

R6

—

(a) 5

Transfer

agent

fees

—

Class

Y

—

(a) 2

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

Total

Expenses

2,207

5,558

Expenses

waived/reimbursed

by

Adviser

(241)

(1,318)

Net

Expenses

1,966

4,240

Net

Investment

Income

(Loss)

7,821

11,689

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

7,802

(5,227)

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

and

foreign

currency

translations

65,024

78,885

Net

realized/unrealized

gains

(losses)

on

investments

72,826

73,658

Change

in

net

assets

resulting

from

operations

$

80,647

$

85,347

(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

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

7,821

$

8,719

$

11,689

$

13,375

Net

realized

gains

(losses)

7,802

10,218

(5,227)

7,859

Net

change

in

unrealized

appreciation/depreciation

65,024

2,255

78,885

157,038

Change

in

net

assets

resulting

from

operations

80,647

21,192

85,347

178,272

Distributions

to

Shareholders:

Class

A

—

(510)

—

(1,986)

Class

C

—

(60)

—

(70)

Class

R

—

(25)

—

(41)

Class

R6

—

(7,270)

—

(4,398)

Class

Y

—

(2,000)

—

(8,141)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—

(9,865)

—

(14,636)

Change

in

net

assets

resulting

from

capital

transactions

12,644

42,767

221,308

298,107

Change

in

net

assets

93,291

54,094

306,655

461,743

Net

Assets:

Beginning

of

period

416,419

362,325

1,217,876

756,133

End

of

period

$

509,710

$

416,419

$

1,524,531

$

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

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

4,785

$

8,275

$

44,215

$

120,903

Distributions

reinvested

—

503

—

1,986

Cost

of

shares

redeemed

(3,461)

(4,318)

(33,015)

(35,964)

Total

Class

A

$

1,324

$

4,460

$

11,200

$

86,925

Class

C

Proceeds

from

shares

issued

$

$

$

2,112

$

6,965

Distributions

reinvested

—

—

Cost

of

shares

redeemed

(93)

(185)

(1,712)

(588)

Total

Class

C

$

$

$

$

6,447

Class

R

Proceeds

from

shares

issued

$

$

$

1,188

$

2,196

Distributions

reinvested

—

—

Cost

of

shares

redeemed

(36)

(342)

(104)

(1,164)

Total

Class

R

$

$

(155)

$

1,084

$

1,073

Class

R6

Proceeds

from

shares

issued

$

15,640

$

8,813

$

67,364

$

111,683

Distributions

reinvested

—

7,254

—

4,256

Cost

of

shares

redeemed

(13,974)

(3,482)

(126,028)

(143,553)

Total

Class

R6

$

1,666

$

12,585

$

(58,664)

$

(27,614)

Class

Y

Proceeds

from

shares

issued

$

33,572

$

37,322

$

383,650

$

344,543

Distributions

reinvested

—

1,998

—

8,101

Cost

of

shares

redeemed

(24,059)

(13,737)

(116,362)

(121,368)

Total

Class

Y

$

9,513

$

25,583

$

267,288

$

231,276

Change

in

net

assets

resulting

from

capital

transactions

$

12,644

$

42,767

$

221,308

$

298,107

Share

Transactions:

Class

A

Issued

554

1,814

5,249

Reinvested

—

—

Redeemed

(213)

(284)

(1,375)

(1,549)

Total

Class

A

3,782

Class

C

Issued

Reinvested

—

—

Redeemed

(9)

(18)

(75)

(26)

Total

Class

C

Class

R

Issued

Reinvested

—

—

Redeemed

(2)

(24)

(3)

(40)

Total

Class

R

(10)

Class

R6

Issued

1,192

697

3,811

6,598

Reinvested

—

608

—

Redeemed

(1,058)

(287)

(7,074)

(7,933)

Total

Class

R6

1,018

(3,263)

(1,096)

Class

Y

Issued

2,059

2,552

15,743

14,903

Reinvested

—

—

Redeemed

(1,537)

(911)

(4,875)

(5,268)

Total

Class

Y

522

1,778

10,868

9,970

Change

in

Shares

752

3,119

8,097

12,983

Victory

Portfolios

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

International

Fund

Class

A

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$14.81

$14.31

$12.17

$14.76

$13.49

$12.93

Investment

Activities:

Net

investment

income

(loss)(a)

0.26 0.28 0.24 0.32 0.27 0.21 Net

realized

and

unrealized

gains

(losses)

2.58 0.49 2.17 (2.66)

1.62 0.51 Total

from

Investment

Activities

2.84 0.77 2.41 (2.34)

1.89 0.72 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.27)

(0.27)

(0.22)

(0.25)

(0.13)

Net

realized

gains

—

—

—

(0.03)

(0.37)

(0.03)

Total

Distributions

—

(0.27)

(0.27)

(0.25)

(0.62)

(0.16)

Net

Asset

Value,

End

of

Period

$17.65

$14.81

$14.31

$12.17

$14.76

$13.49

Total

Return(b)(c)

19.18%

5.39%

19.82%

(15.89)%

14.05%

5.55%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.13%

1.13%

1.13%

1.13%

1.13%

1.13%

Net

Investment

Income

(Loss)(d)

3.25%

1.83%

1.82%

2.53%

1.80%

1.79%

Gross

Expenses(d)(e)

1.33%

1.38%

1.41%

1.41%

1.40%

1.47%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$35,208

$28,266

$22,958

$20,077

$25,555

$24,010

Portfolio

Turnover(b)(f)

13%

19%

24%

29%

43%

52%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(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

RS

International

Fund

Class

C

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$10.14

$9.89

$8.50

$10.45

$9.72

$9.36

Investment

Activities:

Net

investment

income

(loss)(a)

0.14 0.12 0.10 0.14 0.11 0.10 Net

realized

and

unrealized

gains

(losses)

1.76 0.34 1.50 (1.86)

1.17 0.34 Total

from

Investment

Activities

1.90 0.46 1.60 (1.72)

1.28 0.44 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.21)

(0.21)

(0.20)

(0.18)

(0.05)

Net

realized

gains

—

—

—

(0.03)

(0.37)

(0.03)

Total

Distributions

—

(0.21)

(0.21)

(0.23)

(0.55)

(0.08)

Net

Asset

Value,

End

of

Period

$12.04

$10.14

$9.89

$8.50

$10.45

$9.72

Total

Return(b)(c)

18.74%

4.62%

18.88%

(16.50)%

13.24%

4.76%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.88%

1.88%

1.88%

1.88%

1.88%

1.88%

Net

Investment

Income

(Loss)(d)

2.47%

1.12%

1.05%

1.61%

1.03%

1.14%

Gross

Expenses(d)(e)

2.34%

2.53%

2.51%

3.00%

3.07%

3.07%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$3,672

$2,997

$2,638

$1,967

$1,147

$1,241

Portfolio

Turnover(b)(f)

13%

19%

24%

29%

43%

52%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(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

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

International

Fund

Class

R

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$13.70

$13.26

$11.30

$13.73

$12.58

$12.07

Investment

Activities:

Net

investment

income

(loss)(a)

0.22 0.24 0.19 0.26 0.22 0.18 Net

realized

and

unrealized

gains

(losses)

2.40 0.43 2.01 (2.47)

1.51 0.45 Total

from

Investment

Activities

2.62 0.67 2.20 (2.21)

1.73 0.63 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.23)

(0.24)

(0.19)

(0.21)

(0.09)

Net

realized

gains

—

—

—

(0.03)

(0.37)

(0.03)

Total

Distributions

—

(0.23)

(0.24)

(0.22)

(0.58)

(0.12)

Net

Asset

Value,

End

of

Period

$16.32

$13.70

$13.26

$11.30

$13.73

$12.58

Total

Return(b)(c)

19.12%

5.09%

19.49%

(16.09)%

13.85%

5.21%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.38%

1.38%

1.38%

1.38%

1.38%

1.38%

Net

Investment

Income

(Loss)(d)

2.97%

1.67%

1.54%

2.24%

1.58%

1.60%

Gross

Expenses(d)(e)

2.26%

2.51%

2.39%

2.30%

2.16%

2.24%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,784

$1,463

$1,552

$1,653

$1,959

$1,998

Portfolio

Turnover(b)(f)

13%

19%

24%

29%

43%

52%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(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

RS

International

Fund

Class

R6

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$11.95

$11.60

$9.91

$12.07

$11.14

$10.70

Investment

Activities:

Net

investment

income

(loss)(a)

0.23 0.27 0.23 0.29 0.25 0.20 Net

realized

and

unrealized

gains

(losses)

2.08 0.39 1.77 (2.17)

1.34 0.43 Total

from

Investment

Activities

2.31 0.66 2.00 (1.88)

1.59 0.63 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.31)

(0.31)

(0.25)

(0.29)

(0.16)

Net

realized

gains

—

—

—

(0.03)

(0.37)

(0.03)

Total

Distributions

—

(0.31)

(0.31)

(0.28)

(0.66)

(0.19)

Net

Asset

Value,

End

of

Period

$14.26

$11.95

$11.60

$9.91

$12.07

$11.14

Total

Return(b)(c)

19.33%

5.70%

20.17%

(15.57)%

14.32%

5.90%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.83%

0.83%

0.83%

0.83%

0.83%

0.83%

Net

Investment

Income

(Loss)(d)

3.52%

2.16%

2.13%

2.80%

2.06%

2.03%

Gross

Expenses(d)(e)

0.91%

0.92%

0.92%

0.92%

0.91%

0.93%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$343,704

$286,296

$266,101

$245,239

$296,211

$251,586

Portfolio

Turnover(b)(f)

13%

19%

24%

29%

43%

52%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(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

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

International

Fund

Class

Y

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$14.58

$14.09

$11.98

$14.54

$13.29

$12.74

Investment

Activities:

Net

investment

income

(loss)(a)

0.27 0.32 0.27 0.35 0.30 0.25 Net

realized

and

unrealized

gains

(losses)

2.55 0.48 2.14 (2.63)

1.60 0.49 Total

from

Investment

Activities

2.82 0.80 2.41 (2.28)

1.90 0.74 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.31)

(0.30)

(0.25)

(0.28)

(0.16)

Net

realized

gains

—

—

—

(0.03)

(0.37)

(0.03)

Total

Distributions

—

(0.31)

(0.30)

(0.28)

(0.65)

(0.19)

Net

Asset

Value,

End

of

Period

$17.40

$14.58

$14.09

$11.98

$14.54

$13.29

Total

Return(b)(c)

19.34%

5.65%

20.15%

(15.71)%

14.38%

5.80%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.88%

0.88%

0.88%

0.88%

0.88%

0.88%

Net

Investment

Income

(Loss)(d)

3.42%

2.12%

2.08%

2.85%

2.02%

2.11%

Gross

Expenses(d)(e)

1.03%

1.05%

1.05%

1.05%

1.02%

1.09%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$125,342

$97,397

$69,075

$66,799

$112,511

$102,803

Portfolio

Turnover(b)(f)

13%

19%

24%

29%

43%

52%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(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

RS

Global

Fund

Class

A

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$24.40

$20.59

$16.41

$20.47

$17.27

$14.86

Investment

Activities:

Net

investment

income

(loss)(a)

0.19 0.24 0.24 0.24 0.20 0.18 Net

realized

and

unrealized

gains

(losses)

1.30 3.81 4.13 (4.13)

3.65 2.35 Total

from

Investment

Activities

1.49 4.05 4.37 (3.89)

3.85 2.53 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.24)

(0.19)

(0.17)

(0.18)

(0.11)

Net

realized

gains

—

—

—

—

(0.47)

(0.01)

Return

of

capital

—

—

—

—(b)

—

—

Total

Distributions

—

(0.24)

(0.19)

(0.17)

(0.65)

(0.12)

Net

Asset

Value,

End

of

Period

$25.89

$24.40

$20.59

$16.41

$20.47

$17.27

Total

Return(c)(d)

6.11%

19.66%

26.62%

(18.99)%

22.39%

17.00%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.85%

0.85%

0.85%

0.85%

0.85%

0.85%

Net

Investment

Income

(Loss)(e)

1.57%

1.04%

1.31%

1.39%

1.05%

1.22%

Gross

Expenses(e)(f)

1.11%

1.14%

1.17%

1.17%

1.34%

1.40%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$233,350

$209,196

$98,626

$78,373

$71,792

$51,066

Portfolio

Turnover(c)(g)

17%

20%

32%

29%

38%

71%

(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) 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.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(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

Global

Fund

Class

C

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$23.41

$19.80

$15.83

$19.73

$16.68

$14.38

Investment

Activities:

Net

investment

income

(loss)(a)

0.09 0.06 0.08 0.11 0.06 0.07 Net

realized

and

unrealized

gains

(losses)

1.25 3.67 3.98 (3.98)

3.52 2.24 Total

from

Investment

Activities

1.34 3.73 4.06 (3.87)

3.58 2.31 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.12)

(0.09)

(0.03)

(0.06)

—(b)

Net

realized

gains

—

—

—

—

(0.47)

(0.01)

Return

of

capital

—

—

—

—(b)

—

—

Total

Distributions

—

(0.12)

(0.09)

(0.03)

(0.53)

(0.01)

Net

Asset

Value,

End

of

Period

$24.75

$23.41

$19.80

$15.83

$19.73

$16.68

Total

Return(c)(d)

5.72%

18.76%

25.70%

(19.61)%

21.52%

16.06%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.60%

1.60%

1.60%

1.60%

1.60%

1.60%

Net

Investment

Income

(Loss)(e)

0.82%

0.28%

0.47%

0.68%

0.35%

0.48%

Gross

Expenses(e)(f)

1.91%

1.98%

2.09%

2.09%

2.33%

2.53%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$15,638

$14,403

$6,421

$3,872

$4,221

$3,491

Portfolio

Turnover(c)(g)

17%

20%

32%

29%

38%

71%

(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) 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.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(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

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Global

Fund

Class

R

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$30.88

$26.00

$20.68

$25.73

$21.57

$18.55

Investment

Activities:

Net

investment

income

(loss)(a)

0.20 0.24 0.24 0.25 0.21 0.18 Net

realized

and

unrealized

gains

(losses)

1.64 4.80 5.20 (5.19)

4.55 2.92 Total

from

Investment

Activities

1.84 5.04 5.44 (4.94)

4.76 3.10 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.16)

(0.12)

(0.11)

(0.13)

(0.07)

Net

realized

gains

—

—

—

—

(0.47)

(0.01)

Return

of

capital

—

—

—

—(b)

—

—

Total

Distributions

—

(0.16)

(0.12)

(0.11)

(0.60)

(0.08)

Net

Asset

Value,

End

of

Period

$32.72

$30.88

$26.00

$20.68

$25.73

$21.57

Total

Return(c)(d)

5.96%

19.40%

26.29%

(19.19)%

22.12%

16.70%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.10%

1.10%

1.10%

1.10%

1.10%

1.10%

Net

Investment

Income

(Loss)(e)

1.34%

0.80%

1.03%

1.16%

0.85%

0.98%

Gross

Expenses(e)(f)

1.48%

1.56%

1.56%

1.57%

1.70%

1.93%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$9,477

$7,848

$5,670

$5,130

$5,488

$4,454

Portfolio

Turnover(c)(g)

17%

20%

32%

29%

38%

71%

(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) 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

Global

Fund

Class

R6

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$17.82

$15.09

$12.06

$15.11

$12.87

$11.07

Investment

Activities:

Net

investment

income

(loss)(a)

0.15 0.24 0.21 0.22 0.20 0.08 Net

realized

and

unrealized

gains

(losses)

0.97 2.78 3.05 (3.06)

2.73 1.83 Total

from

Investment

Activities

1.12 3.02 3.26 (2.84)

2.93 1.91 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.29)

(0.23)

(0.21)

(0.22)

(0.10)

Net

realized

gains

—

—

—

—

(0.47)

(0.01)

Return

of

capital

—

—

—

—(b)

—

—

Total

Distributions

—

(0.29)

(0.23)

(0.21)

(0.69)

(0.11)

Net

Asset

Value,

End

of

Period

$18.94

$17.82

$15.09

$12.06

$15.11

$12.87

Total

Return(c)(d)

6.29%

20.04%

27.02%

(18.81)%

22.84%

17.27%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.55%

0.55%

0.55%

0.55%

0.55%

0.55%

Net

Investment

Income

(Loss)(e)

1.73%

1.39%

1.52%

1.70%

1.35%

0.64%

Gross

Expenses(e)(f)

0.70%

0.71%

0.72%

0.73%

0.85%

1.16%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$228,710

$273,394

$248,014

$138,665

$99,708

$46,776

Portfolio

Turnover(c)(g)

17%

20%

32%

29%

38%

71%

(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) 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

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Global

Fund

Class

Y

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$24.24

$20.44

$16.28

$20.31

$17.12

$14.72

Investment

Activities:

Net

investment

income

(loss)(a)

0.22 0.30 0.27 0.29 0.26 0.20 Net

realized

and

unrealized

gains

(losses)

1.29 3.78 4.11 (4.11)

3.62 2.34 Total

from

Investment

Activities

1.51 4.08 4.38 (3.82)

3.88 2.54 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.28)

(0.22)

(0.21)

(0.22)

(0.13)

Net

realized

gains

—

—

—

—

(0.47)

(0.01)

Return

of

capital

—

—

—

—(b)

—

—

Total

Distributions

—

(0.28)

(0.22)

(0.21)

(0.69)

(0.14)

Net

Asset

Value,

End

of

Period

$25.75

$24.24

$20.44

$16.28

$20.31

$17.12

Total

Return(c)(d)

6.23%

19.97%

26.93%

(18.82)%

22.78%

17.27%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.60%

0.60%

0.60%

0.60%

0.60%

0.60%

Net

Investment

Income

(Loss)(e)

1.87%

1.32%

1.43%

1.67%

1.34%

1.38%

Gross

Expenses(e)(f)

0.80%

0.84%

0.84%

0.84%

0.96%

1.10%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,037,356

$713,035

$397,402

$196,898

$169,687

$114,925

Portfolio

Turnover(c)(g)

17%

20%

32%

29%

38%

71%

(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) 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.

Notes

to

Financial

Statements

June

30,

2025

Victory

Portfolios

(Unaudited)

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 32

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

and

Liquidity

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

the

Funds'

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

June

30,

2025

Victory

Portfolios

(Unaudited)

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

June

30,

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 June

30,

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

temporarily

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

Level

Level

Level

Total

RS

International

Fund

Common

Stocks

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

$

—

$

488,315

$

—

$

488,315

Exchange-Traded

Funds

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

—

—

Collateral

for

Securities

Loaned

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

—

—

Total

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

$

$

488,315

$

—

$

488,588

RS

Global

Fund

Common

Stocks

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

991,337

480,649

—

1,471,986

Warrants

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

—

—

—(a)

—(a)

Exchange-Traded

Funds

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

14,934

—

—

14,934

Collateral

for

Securities

Loaned

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

11,828

—

—

11,828

Total

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

$

1,018,099

$

480,649

$

—(a)

$

1,498,748

(a) Zero

market

value

security.

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

(Unaudited)

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

June

30,

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

a

Fund

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

six

months

ended

June

30,

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

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

$

$

—

$

RS

Global

Fund

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

8,892

—

11,828

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

(Unaudited)

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

six

months

ended

June

30,

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

funds-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

June

30,

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

six

months ended

June

30,

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,

Victory

Variable

Insurance

Funds

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

six

months

ended

June

30,

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 six

months

ended

June

30,

2025,

are

reflected

on

the

Statements

of

Operations

as

Sub-

Administration

fees.

Excluding

U.S.

Government

Securities

Purchases

Sales

RS

International

Fund

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

$

68,327

$

59,013

RS

Global

Fund

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

453,267

224,937

RS

International

Fund

Ownership

%

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

5.4 Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

14.1 Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

25.0 Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

18.1 Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

2.8 Flat

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

June

30,

2025

Victory

Portfolios

(Unaudited)

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,

Victory

Variable

Insurance

Funds,

and

Victory

Portfolios

II,

in

the

aggregate,

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the six

months

ended

June

30,

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

six

months ended

June

30,

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

six

months ended

June

30,

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

of

Class

A,

Class

C,

and

Class

R. Amounts

incurred

for

the

six

months

ended

June

30,

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

six

months

ended

June

30,

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 six

months

ended

June

30,

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

June

30,

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%

---

| | |
|:---|:---|
| **Victory Portfolios**<br>| **Notes to Financial Statements** *— continued*<br> June 30, 2025 |
|  | *(Unaudited)* |

---

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 June 30, 2025.

As of June 30, 2025, the following amounts are available to be repaid to the Adviser (amounts in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Expires<br> 2025** | **Expires<br> 2026** | **Expires<br> 2027** | **Expires<br> 2028** | **Total** |
| RS International Fund | $199 | $433 | $516 | $241 | $1389 |
| RS Global Fund | 483 | 1225 | 2330 | 1318 | 5356 |

---

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. There were no voluntary waivers or reimbursements for the six months ended June 30, 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. The risk descriptions below provide a more detailed explanation of the principal investment risks. The Funds may be subject to other risks in addition to these identified risks.

---

| | | |
|:---|:---|:---|
|  | Victory RS International Fund | Victory RS Global Fund |
| Equity Securities Risk | x | x |
| General Market Risk | x | x |
| Foreign Securities Risk | x | x |
| Sector Focus Risk | x | x |

---

**<u>Equity Securities Risk</u>** — 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.

**<u>General Market Risk</u>** — Overall market risks may affect the value of the Funds. 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.

**<u>Foreign Securities Risk</u>** — 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 will have a more significant impact on the Funds. 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.

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

(Unaudited)

Sector

Focus

Risk

—

To

the

extent a

Fund

(or

Funds) focuses

in

one

or

more

sectors,

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

Variable

Insurance

Funds,

Victory

Portfolios

II,

and

Victory

Portfolios

III

(collectively,

the "Victory

Funds

Complex"),

in

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 six

months

ended

June

30,

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

six

months

ended

June

30,

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

six

months

ended

June

30,

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.

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.

The

tax

character

of

current

year

distributions

paid

and

the

tax

basis

of

the

current

components

of

accumulated

earnings

(loss)

will

be

determined

at

the

end

of

the

current

tax

year.

Declared

Paid

RS

International

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

RS

Global

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

(Unaudited)

As

of

the

tax

year

ended December

31,

2024,

the

following

Funds had

net

capital

loss

carryforwards as shown

in

the

table

below.

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

(amounts

in

thousands):

9. #### Segment

#### Reporting:
In

this

reporting

period,

the

Funds

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures.

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

each

Fund's

financial

position

or

the

results

of

its

operations.

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.

Short-Term

Amount

Long-Term

Amount

Total

RS

International

Fund

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

$

(3,949)

$

—

$

(3,949)

RS

Global

Fund

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

(5,963)

(726) (6,689)

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-SAR

(6/25)

June

30,

2025

Semi-Annual:

Full

Financials

Victory

Low

Duration

Bond

Fund

Victory

High

Yield

Fund

Victory

Tax-Exempt

Fund

Victory

High

Income

Municipal

Bond

Fund

Victory

Floating

Rate

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

resources

to

help

you

become

a

better

investor

A

section

dedicated

to

investment

professionals

Whether

you're

a

potential

investor

searching

for

the

fund

that

matches

your

investment

philosophy,

a

seasoned

investor

interest-

ed

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

Low

Duration

Bond

Fund

#### 3
Victory

High

Yield

Fund

#### 10
Victory

Tax-Exempt

Fund

#### 19
Victory

High

Income

Municipal

Bond

Fund

#### 22
Victory

Floating

Rate

Fund

#### 26

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statements

of

Assets

and

Liabilities

#### 32
Statements

of

Operations

#### 34
Statements

of

Changes

in

Net

Assets

#### 36
Financial

Highlights

#### 40

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 58

*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

June

30,

2025

Victory

Portfolios

#### Victory

#### Low

#### Duration

#### Bond

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Asset-Backed

Securities

(23.5%)

ABS

Auto

(13.0%):

American

Heritage

Auto

Receivables

Trust

,

Series

2024-1A

,

Class

A4

,

.07

%

,

6/17/30

,

Callable

12/15/28

@

(a) ...........................................

$

$

Avis

Budget

Rental

Car

Funding

AESOP

LLC

,

Series

2023-8A

,

Class

B

,

.66

%

,

2/20/30

(a) ..

750

791

CarMax

Auto

Owner

Trust

,

Series

2022-3

,

Class

D

,

.20

%

,

1/16/29

,

Callable

9/15/26

@

.

Chesapeake

Funding

II

LLC

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

Series

2023-2A

,

Class

A1

,

.16

%

,

10/15/35

,

Callable

10/15/26

@

(a) ...........

Series

2023-2A

,

Class

C

,

.15

%

,

10/15/35

,

Callable

10/15/26

@

(a) ............

Credit

Acceptance

Auto

Loan

Trust

,

Series

2024-3A

,

Class

B

,

.85

%

,

11/15/34

,

Callable

5/15/28

@

(a) ...................................................

Drive

Auto

Receivables

Trust

,

Series

2021-2

,

Class

D

,

.39

%

,

3/15/29

,

Callable

10/15/25

@

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

Ent

Auto

Receivables

Trust

,

Series

2023-1A

,

Class

A4

,

.26

%

,

11/15/29

,

Callable

1/15/28

@

(a) ...........................................................

Enterprise

Fleet

Financing

LLC

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

Series

2023-3

,

Class

A3

,

.41

%

,

6/20/30

,

Callable

7/20/27

@

(a) ..............

500

520

Series

2024-1

,

Class

A2

,

.23

%

,

3/20/30

,

Callable

8/20/27

@

(a) ..............

Series

2024-2

,

Class

A4

,

.69

%

,

12/20/30

,

Callable

2/20/28

@

(a) .............

FCCU

Auto

Receivables

Trust

,

Series

2024-1A

,

Class

A4

,

.46

%

,

4/15/30

,

Callable

11/15/27

@

(a) .........................................................

Ford

Credit

Auto

Lease

Trust

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

Series

2023-B

,

Class

B

,

.20

%

,

2/15/27

,

Callable

3/15/26

@

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

Series

2023-B

,

Class

C

,

.43

%

,

4/15/27

,

Callable

3/15/26

@

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

Foursight

Capital

Automobile

Receivables

Trust

,

Series

2023-1

,

Class

A3

,

.39

%

,

12/15/27

,

Callable

9/15/26

@

(a) ............................................

GLS

Auto

Receivables

Issuer

Trust

,

Series

2021-2A

,

Class

E

,

.87

%

,

5/15/28

,

Callable

2/15/26

@

(a) .........................................................

GLS

Auto

Select

Receivables

Trust

,

Series

2023-2A

,

Class

C

,

.31

%

,

1/15/30

,

Callable

8/15/28

@

(a) .........................................................

500

527

GM

Financial

Automobile

Leasing

Trust

,

Series

2024-1

,

Class

B

,

.33

%

,

3/20/28

,

Callable

7/20/26

@

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

Hertz

Vehicle

Financing

III

LLC

,

Series

2023-3A

,

Class

B

,

.53

%

,

2/25/28

(a) ...........

750

761

Huntington

Bank

Auto

Credit-Linked

Notes

,

Series

2024-1

,

Class

B2

,

.70

%

(SOFR30A

+

bps)

,

5/20/32

,

Callable

11/20/27

@

(a) (b) ...................

LAD

Auto

Receivables

Trust

,

Series

2023-4A

,

Class

B

,

.39

%

,

10/16/28

,

Callable

11/15/27

@

(a) ...........................................................

Lobel

Automobile

Receivables

Trust

,

Series

2025-1

,

Class

C

,

.70

%

,

1/15/30

,

Callable

10/15/27

@

(a) ..................................................

Merchants

Fleet

Funding

LLC

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

Series

2023-1A

,

Class

A

,

.21

%

,

5/20/36

,

Callable

5/20/26

@

(a) ..............

Series

2024-1A

,

Class

C

,

.18

%

,

4/20/37

,

Callable

4/20/27

@

(a) ..............

OCCU

Auto

Receivables

Trust

,

Series

2023-1A

,

Class

A4

,

.29

%

,

9/17/29

,

Callable

11/15/27

@

(a) .........................................................

Oscar

US

Funding

XVII

LLC

,

Series

2024-2A

,

Class

A3

,

.47

%

,

3/12/29

,

Callable

11/10/28

@

(a) ...........................................................

PenFed

Auto

Receivables

Owner

Trust

,

Series

2024-A

,

Class

B

,

.97

%

,

5/15/30

,

Callable

1/15/29

@

(a) ...................................................

Prestige

Auto

Receivables

Trust

,

Series

2025-1A

,

Class

C

,

.52

%

,

2/15/30

,

Callable

5/15/29

@

(a) ...........................................................

Santander

Bank

Auto

Credit-Linked

Notes

,

Series

2023-A

,

Class

D

,

.08

%

,

6/15/33

,

Callable

5/15/27

@

(a) ...................................................

Santander

Drive

Auto

Receivables

Trust

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

Series

2022-2

,

Class

B

,

.44

%

,

9/15/27

,

Callable

6/15/26

@

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

Series

2023-1

,

Class

B

,

.98

%

,

2/15/28

,

Callable

1/15/27

@

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

SCCU

Auto

Receivables

Trust

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

Series

2023-1A

,

Class

A4

,

.70

%

,

8/15/29

,

Callable

11/15/27

@

(a) ............

Series

2023-1A

,

Class

B

,

.08

%

,

11/15/29

,

Callable

11/15/27

@

(a) ............

Securitized

Term

Auto

Receivables

Trust

,

Series

2025-A

,

Class

C

,

.19

%

,

7/25/31

,

Callable

1/25/28

@

(a) ...................................................

Tesla

Auto

Lease

Trust

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

Series

2023-A

,

Class

B

,

.41

%

,

7/20/27

,

Callable

8/20/25

@

(a) ...............

Series

2023-B

,

Class

A4

,

.22

%

,

3/22/27

,

Callable

10/20/25

@

(a) .............

Victory

Portfolios

#### Victory

#### Low

#### Duration

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) U.S.

Bank

NA

,

Series

2023-1

,

Class

B

,

.79

%

,

8/25/32

,

Callable

9/25/26

@

(a) ........

$

$

Westlake

Automobile

Receivables

Trust

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

Series

2023-1A

,

Class

B

,

.41

%

,

1/18/28

,

Callable

1/15/27

@

(a) ..............

625

626

Series

2023-2A

,

Class

B

,

.14

%

,

3/15/28

,

Callable

12/15/26

@

(a) .............

946

948

12,304

ABS

Card

(0.8%):

Master

Credit

Card

Trust

II

,

Series

2023-1A

,

Class

C

,

.87

%

,

6/21/27

(a) ...............

Trillium

Credit

Card

Trust

II

,

Series

2023-3A

,

Class

B

,

.26

%

,

8/26/28

(a) ..............

500

501

751

ABS

Other

(9.7%):

Amur

Equipment

Finance

Receivables

XIII

LLC

,

Series

2024-1A

,

Class

A2

,

.38

%

,

1/21/31

,

Callable

3/20/28

@

(a) ............................................

Auxilior

Term

Funding

LLC

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

Series

2023-1A

,

Class

B

,

.05

%

,

6/17/30

,

Callable

2/15/28

@

(a) ..............

Series

2024-1A

,

Class

B

,

.69

%

,

7/15/31

,

Callable

3/15/29

@

(a) ..............

Capital

Automotive

REIT

,

Series

2024-3A

,

Class

A1

,

.40

%

,

10/15/54

,

Callable

10/15/27

@

(a) ...........................................................

CARS-DB7

LP

,

Series

2023-1A

,

Class

A1

,

.75

%

,

9/15/53

,

Callable

9/15/26

@

(a) .....

CCG

Receivables

Trust

,

Series

2023-2

,

Class

C

,

.45

%

,

4/14/32

,

Callable

9/14/27

@

(a) .

500

516

Clarus

Capital

Funding

LLC

,

Series

2024-1A

,

Class

B

,

.79

%

,

8/20/32

,

Callable

4/20/28

@

(a) ...........................................................

Cloud

Capital

Holdco

LP

,

Series

2024-1A

,

Class

A2

,

.78

%

,

11/22/49

,

Callable

11/22/27

@

(a) ...........................................................

CP

EF

Asset

Securitization

II

LLC

,

Series

2023-1A

,

Class

A

,

.48

%

,

3/15/32

,

Callable

7/15/27

@

(a) .........................................................

Crossroads

Asset

Trust

,

Series

2024-A

,

Class

B

,

.94

%

,

8/20/30

,

Callable

2/20/28

@

(a) .

CyrusOne

Data

Centers

Issuer

I

LLC

,

Series

2024-2A

,

Class

A2

,

.50

%

,

5/20/49

,

Callable

5/20/27

@

(a) ...................................................

Daimler

Trucks

Retail

Trust

,

Series

2023-1

,

Class

A3

,

.90

%

,

3/15/27

,

Callable

9/15/26

@

Dell

Equipment

Finance

Trust

,

Series

2023-3

,

Class

B

,

.05

%

,

4/23/29

,

Callable

5/22/26

@

(a) ...........................................................

Dext

ABS

LLC

,

Series

2023-2

,

Class

B

,

.41

%

,

5/15/34

,

Callable

3/15/28

@

(a) .......

DLLMT

LLC

,

Series

2024-1A

,

Class

A4

,

.98

%

,

4/20/32

,

Callable

5/20/28

@

(a) ......

Ford

Credit

Floorplan

Master

Owner

Trust

A

,

Series

2024-4

,

Class

B

,

.61

%

,

9/15/31

(a) ....

Granite

Park

Equipment

Leasing

LLC

,

Series

2023-1A

,

Class

A3

,

.46

%

,

9/20/32

,

Callable

11/20/29

@

(a) ..................................................

GreatAmerica

Leasing

Receivables

Funding

LLC

,

Series

2025-1

,

Class

B

,

.77

%

,

1/15/32

,

Callable

5/15/29

@

(a) ............................................

HPEFS

Equipment

Trust

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

Series

2023-2A

,

Class

C

,

.48

%

,

1/21/31

,

Callable

12/20/26

@

(a) .............

750

755

Series

2024-1A

,

Class

C

,

.33

%

,

5/20/31

,

Callable

7/20/27

@

(a) ..............

500

501

MMAF

Equipment

Finance

LLC

,

Series

2024-A

,

Class

A3

,

.95

%

,

7/14/31

,

Callable

10/13/30

@

(a) .........................................................

NMEF

Funding

LLC

,

Series

2024-A

,

Class

B

,

.32

%

,

12/15/31

,

Callable

5/15/28

@

(a) ..

PEAC

Solutions

Receivables

LLC

,

Series

2024-2A

,

Class

B

,

.83

%

,

10/20/31

,

Callable

7/20/27

@

(a) ...................................................

Post

Road

Equipment

Finance

LLC

,

Series

2024-1A

,

Class

C

,

.81

%

,

10/15/30

,

Callable

4/15/27

@

(a) ...................................................

SCF

Equipment

Leasing

LLC

,

Series

2023-1A

,

Class

C

,

.77

%

,

8/22/33

,

Callable

4/20/30

@

(a) ...........................................................

Tricon

Residential

Trust

,

Series

2024-SFR4

,

Class

B

,

.65

%

,

11/17/41

,

Callable

11/17/29

@

(a) (c) .........................................................

VB-S1

Issuer

LLC

-

VBTEL

,

Series

2024-1A

,

Class

C2

,

.59

%

,

5/15/54

,

Callable

5/15/27

@

(a) ...........................................................

Verdant

Receivables

LLC

,

Series

2025-1A

,

Class

B

,

.37

%

,

5/12/33

,

Callable

6/12/29

@

(a) ...........................................................

Verizon

Master

Trust

,

Series

2024-2

,

Class

A

,

.83

%

,

12/22/31

,

Callable

12/20/28

@

(a) .

Wingspire

Equipment

Finance

LLC

,

Series

2024-1A

,

Class

C

,

.28

%

,

9/20/32

,

Callable

11/20/27

@

(a) ..................................................

9,172

Total

Asset-Backed

Securities

(Cost

$21,896)

a

a

a

22,227

Victory

Portfolios

#### Victory

#### Low

#### Duration

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Collateralized

Loan

Obligations

(0.3%)

Cash

Flow

CLO

(0.3%):

Dryden

CLO

Ltd.

,

Series

2019-80A

,

Class

AR

,

.53

%

(TSFR3M

+

bps)

,

1/17/33

,

Callable

7/17/25

@

(a) (b) .................................................

$

$

Total

Collateralized

Loan

Obligations

(Cost

$290)

a

a

a

Collateralized

Mortgage

Obligations

(18.9%)

Agency

CMO

Other

(4.8%):

Federal

Home

Loan

Mortgage

Corporation

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

Series

5270

,

Class

AB

,

.50

%

,

1/25/49

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

Series

5450

,

Class

KA

,

.50

%

,

6/25/51

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

Series

5478

,

Class

J

,

.50

%

,

3/25/51

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

Federal

National

Mortgage

Association

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

Series

2011-21

,

Class

PA

,

.50

%

,

5/25/40

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

Series

2022-88

,

Class

BA

,

.50

%

,

7/25/47

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

530

536

Series

2024-33

,

Class

PB

,

.00

%

,

3/25/48

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

Government

National

Mortgage

Association

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

Series

2023-107

,

Class

PA

,

.50

%

,

1/20/46

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

640

645

Series

2023-128

,

Class

KA

,

.00

%

,

6/20/47

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

Series

2023-131

,

Class

P

,

.50

%

,

6/20/48

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

Series

2023-168

,

Class

GB

,

.00

%

,

2/20/50

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

Series

2024-160

,

Class

H

,

.00

%

,

9/20/62

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

Series

2024-97

,

Class

MC

,

.00

%

,

1/20/64

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

4,559

Commercial

MBS

(14.1%):

ALA

Trust

,

Series

2025-OANA

,

Class

A

,

.04

%

(TSFR1M

+

bps)

,

6/15/40

(a) (b) (c) ......

Banc

of

America

Commercial

Mortgage

Trust

,

Series

2015-UBS7

,

Class

A4

,

.71

%

,

9/15/48

,

Callable

9/15/25

@

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

700

697

Bank

,

Series

2017-BNK9

,

Class

A3

,

.28

%

,

11/15/54

,

Callable

12/15/29

@

..........

820

797

BPR

Trust

,

Series

2022-STAR

,

Class

A

,

.54

%

(TSFR1M

+

bps)

,

8/15/39

(a) (b) (c) ......

BX

Trust

,

Series

2025-GW

,

Class

A

,

.90

%

(TSFR1M

+

bps)

,

7/15/42

(a) (b) (c) .........

CFCRE

Commercial

Mortgage

Trust

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

Series

2016-C3

,

Class

A2

,

.60

%

,

1/10/48

,

Callable

1/10/26

@

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

Series

2016-C3

,

Class

A3

,

.87

%

,

1/10/48

,

Callable

1/10/26

@

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

Series

2016-C4

,

Class

A4

,

.28

%

,

5/10/58

,

Callable

11/10/26

@

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

Citigroup

Commercial

Mortgage

Trust

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

Series

2015-GC33

,

Class

A4

,

.78

%

,

9/10/58

,

Callable

5/10/26

@

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

785

783

Series

2015-P1

,

Class

A5

,

.72

%

,

9/15/48

,

Callable

5/15/26

@

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

Series

2016-P4

,

Class

A4

,

.90

%

,

7/10/49

,

Callable

7/10/26

@

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

725

711

COMM

Mortgage

Trust

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

Series

2015-CR25

,

Class

A4

,

.76

%

,

8/10/48

,

Callable

8/10/25

@

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

Series

2024-277P

,

Class

A

,

.34

%

,

8/10/44

(a) (c) .............................

CSAIL

Commercial

Mortgage

Trust

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

Series

2015-C3

,

Class

A4

,

.72

%

,

8/15/48

,

Callable

8/15/25

@

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

Series

2015-C4

,

Class

A4

,

.81

%

,

11/15/48

,

Callable

11/15/25

@

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

597

595

Series

2016-C6

,

Class

A5

,

.09

%

,

1/15/49

,

Callable

5/15/26

@

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

696

689

DBJPM

Mortgage

Trust

,

Series

2016-C1

,

Class

A4

,

.28

%

,

5/10/49

,

Callable

4/10/26

@

.

500

GFH

Mortgage

Trust

,

Series

2025-IND

,

Class

A

,

.15

%

,

6/15/33

(a) (c) .................

GS

Mortgage

Securities

Trust

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

Series

2015-GC32

,

Class

A4

,

.76

%

,

7/10/48

,

Callable

7/10/25

@

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

Series

2016-GS2

,

Class

A4

,

.05

%

,

5/10/49

,

Callable

5/10/26

@

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

700

692

HYT

Commercial

Mortgage

Trust

,

Series

2024-RGCY

,

Class

A

,

.15

%

(TSFR1M

+

bps)

,

9/15/41

(a) (b) (c) ....................................................

JPMBB

Commercial

Mortgage

Securities

Trust

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

Series

2015-C31

,

Class

A3

,

.80

%

,

8/15/48

,

Callable

8/15/25

@

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

Series

2015-C33

,

Class

A4

,

.77

%

,

12/15/48

,

Callable

11/15/25

@

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

Series

2016-C1

,

Class

A5

,

.58

%

,

3/17/49

,

Callable

2/15/26

@

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

750

744

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

Series

2016-C29

,

Class

A4

,

.33

%

,

5/15/49

,

Callable

5/15/26

@

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

500

One

Bryant

Park

Trust

,

Series

2019-OBP

,

Class

A

,

.52

%

,

9/15/54

(a) (c) ................

SHR

Trust

,

Series

2024-LXRY

,

Class

A

,

.26

%

(TSFR1M

+

bps)

,

10/15/41

(a) (b) (c) .....

Victory

Portfolios

#### Victory

#### Low

#### Duration

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) SWCH

Commercial

Mortgage

Trust

,

Series

2025-DATA

,

Class

A

,

.75

%

(TSFR1M

+

bps)

,

2/15/42

(a) (b) (c) ....................................................

$

$

Wells

Fargo

Commercial

Mortgage

Trust

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

Series

2015-C30

,

Class

A4

,

.66

%

,

9/15/58

,

Callable

8/15/25

@

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

Series

2015-C31

,

Class

A4

,

.70

%

,

11/15/48

,

Callable

11/15/25

@

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

750

747

Series

2015-P2

,

Class

A4

,

.81

%

,

12/15/48

,

Callable

12/15/25

@

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

532

530

Series

2016-NXS6

,

Class

A4

,

.92

%

,

11/15/49

,

Callable

10/15/26

@

...........

750

734

13,351

Private

CMO

Other

(0.0%):(d)

GSR

Mortgage

Loan

Trust

,

Series

2004-15F

,

Class

5A1

,

.50

%

,

1/25/20

,

Callable

1/25/20

@

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

Total

Collateralized

Mortgage

Obligations

(Cost

$17,676)

a

a

a

17,922

Corporate

Bonds

(28.2%)

Communication

Services

(0.2%):

TEGNA,

Inc.

,

.63

%

,

3/15/28

,

Callable

8/2/25

@

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

Consumer

Discretionary

(1.9%):

Daimler

Truck

Finance

North

America

LLC

,

.25

%

,

1/13/30

,

Callable

12/13/29

@

(a) (e) .

General

Motors

Financial

Co.,

Inc.

,

.05

%

,

4/4/28

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

Mattel,

Inc.

,

.88

%

,

12/15/27

,

Callable

8/2/25

@

101.47 (a) .........................

Nissan

Motor

Acceptance

Co.

LLC

,

.95

%

,

9/15/26

(a) ............................

500

504

Volkswagen

Group

of

America

Finance

LLC

,

.95

%

,

8/15/29

,

Callable

7/15/29

@

(a) ...

500

502

1,764

Consumer

Staples

(1.1%):

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC

,

.88

%

,

2/15/28

,

Callable

8/2/25

@

101.47 (a) ...........................................

Coty,

Inc.

,

.00

%

,

4/15/26

,

Callable

8/2/25

@

(a) .............................

Mars,

Inc.

,

.80

%

,

3/1/30

,

Callable

2/1/30

@

(a) ..............................

Sodexo,

Inc.

,

.15

%

,

8/15/30

,

Callable

7/15/30

@

(a) ..........................

1,058

Energy

(1.4%):

Energy

Transfer

LP

,

.63

%

,

5/1/27

,

Callable

7/18/25

@

(a) ......................

500

500

EQT

Corp.

,

.50

%

,

6/1/27

,

Callable

7/13/25

@

101.88 (a) ..........................

Helmerich

&

Payne,

Inc.

,

.65

%

,

12/1/27

,

Callable

11/1/27

@

(a) ..................

HF

Sinclair

Corp.

,

.00

%

,

2/1/28

,

Callable

7/13/25

@

101.25 .......................

1,317

Financials

(15.6%):

American

Express

Co.

,

.73

%

(SOFR

+

bps)

,

4/25/29

,

Callable

4/25/28

@

(b) .......

American

National

Group,

Inc.

,

.75

%

,

10/1/29

,

Callable

9/1/29

@

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

500

512

Ameriprise

Financial,

Inc.

,

.70

%

,

12/15/28

,

Callable

11/15/28

@

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

Athene

Global

Funding

,

.52

%

,

3/25/27

(a) .....................................

Aviation

Capital

Group

LLC

,

.75

%

,

10/25/28

,

Callable

9/25/28

@

(a) ..............

500

532

Bank

of

America

Corp.

,

.43

%

(SOFR

+

bps)

,

2/4/28

,

Callable

2/4/27

@

(b) ........

516

521

Citizens

Financial

Group,

Inc.

,

.65

%

(H15T5Y

+

531

bps)

,

Callable

10/6/25

@

(b) (f) ....

CNO

Global

Funding

,

.95

%

,

9/9/29

(a) .......................................

Corebridge

Global

Funding

,

.90

%

,

9/19/28

(a) ..................................

500

522

Cullen/Frost

Bankers,

Inc.

,

.50

%

,

3/17/27

,

Callable

2/17/27

@

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

Enact

Holdings,

Inc.

,

.25

%

,

5/28/29

,

Callable

4/28/29

@

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

500

519

F&G

Annuities

&

Life,

Inc.

,

.50

%

,

6/4/29

,

Callable

5/4/29

@

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

500

516

First

Horizon

Corp.

,

.51

%

(SOFR

+

bps)

,

3/7/31

,

Callable

3/7/30

@

(b) ...........

Ford

Motor

Credit

Co.

LLC

,

.82

%

,

11/2/27

,

Callable

8/2/27

@

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

500

GA

Global

Funding

Trust

,

.50

%

,

1/8/29

(a) ....................................

HAT

Holdings

I

LLC/HAT

Holdings

II

LLC

,

.00

%

,

6/15/27

,

Callable

3/15/27

@

(a) ....

JPMorgan

Chase

&

Co.

,

.59

%

(SOFR

+

bps)

,

2/24/28

,

Callable

2/24/27

@

(b) ......

500

504

Ladder

Capital

Finance

Holdings

LLLP/Ladder

Capital

Finance

Corp.

,

.00

%

,

7/15/31

,

Callable

7/15/27

@

103.5 (a) ...........................................

Metropolitan

Life

Global

Funding

I

,

.40

%

,

9/12/28

(a) ............................

500

518

New

York

Life

Global

Funding

,

.45

%

,

9/18/26

(a) ...............................

500

507

NMI

Holdings,

Inc.

,

.00

%

,

8/15/29

,

Callable

7/15/29

@

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

500

514

Penske

Truck

Leasing

Co.

LP/PTL

Finance

Corp.

,

.35

%

,

3/30/29

,

Callable

2/28/29

@

(a) 400

Victory

Portfolios

#### Victory

#### Low

#### Duration

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Protective

Life

Global

Funding

,

.47

%

,

12/8/28

(a) ...............................

$

$

Reliance

Standard

Life

Global

Funding

II

,

.75

%

,

1/21/27

(a) ........................

RGA

Global

Funding

,

.00

%

,

11/21/28

(a) .....................................

Rocket

Mortgage

LLC/Rocket

Mortgage

Co.-Issuer,

Inc.

,

.88

%

,

10/15/26

,

Callable

8/2/25

@

100.72 (a) .........................................................

500

Sammons

Financial

Group,

Inc.

,

.45

%

,

5/12/27

,

Callable

2/12/27

@

(a) .............

500

Santander

Holdings

USA,

Inc.

,

.47

%

(SOFR

+

bps)

,

3/20/29

,

Callable

3/20/28

@

(b) .

State

Street

Corp.

,

.75

%

(SOFR

+

bps)

,

11/4/26

,

Callable

11/4/25

@

(b) ..........

657

660

The

Bank

of

New

York

Mellon

Corp.

,

.41

%

(SOFR

+

bps)

,

7/24/26

,

Callable

7/24/25

@

(b) ...........................................................

The

Goldman

Sachs

Group,

Inc.

,

.29

%

(SOFR

+

bps)

,

3/15/28

,

Callable

3/15/27

@

(b) 500

508

Truist

Bank

,

.80

%

,

10/30/26

,

Callable

9/30/26

@

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

500

U.S.

Bancorp

,

.55

%

(SOFR

+

bps)

,

7/22/28

,

Callable

7/22/27

@

(b) .............

500

501

UL

Solutions,

Inc.

,

.50

%

,

10/20/28

,

Callable

9/20/28

@

(a) .....................

500

526

14,782

Health

Care

(2.2%):

Centene

Corp.

,

.25

%

,

12/15/27

,

Callable

7/18/25

@

100.71 ........................

621

612

Health

Care

Service

Corp.

A

Mutual

Legal

Reserve

Co.

,

.20

%

,

6/15/29

,

Callable

5/15/29

@

(a) ...........................................................

500

510

Lifespan

Corp.

,

.05

%

,

2/15/30

,

Callable

8/15/29

@

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

Universal

Health

Services,

Inc.

,

.65

%

,

9/1/26

,

Callable

8/1/26

@

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

687

663

2,089

Industrials

(2.0%):

American

Airlines

Pass

Through

Trust

,

.60

%

,

9/22/27

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

688

668

GXO

Logistics,

Inc.

,

.25

%

,

5/6/29

,

Callable

4/6/29

@

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

United

Airlines

Pass

Through

Trust

.00

%

,

4/11/26

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

.88

%

,

10/15/27

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

.45

%

,

12/1/27

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

Weir

Group,

Inc.

,

.35

%

,

5/6/30

,

Callable

4/6/30

@

(a) .........................

1,898

Information

Technology

(0.3%):

Keysight

Technologies,

Inc.

,

.35

%

,

7/30/30

,

Callable

6/30/30

@

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

Materials

(0.9%):

Chevron

Phillips

Chemical

Co.

LLC/Chevron

Phillips

Chemical

Co.

LP

,

.75

%

,

5/15/30

,

Callable

4/15/30

@

(a) ............................................

Fortitude

Group

Holdings

LLC

,

.25

%

,

4/1/30

,

Callable

1/1/30

@

(a) ...............

500

515

869

Real

Estate

(2.4%):

CBRE

Services,

Inc.

,

.80

%

,

6/15/30

,

Callable

5/15/30

@

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

EPR

Properties

,

.50

%

,

6/1/27

,

Callable

3/1/27

@

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

GLP

Capital

LP/GLP

Financing

II,

Inc.

,

.38

%

,

4/15/26

,

Callable

1/15/26

@

.........

500

500

Regency

Centers

LP

,

.90

%

,

11/1/25

,

Callable

8/2/25

@

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

694

691

SBA

Tower

Trust

,

.83

%

,

10/15/29

,

Callable

10/15/27

@

(a) .....................

500

501

2,242

Utilities

(0.2%):

The

Southern

Co.

,

.00

%

(H15T5Y

+

bps)

,

1/15/51

,

Callable

10/15/25

@

(b) ........

Total

Corporate

Bonds

(Cost

$26,302)

a

a

a

26,769

Yankee

Dollars

(11.5%)

Consumer

Discretionary

(0.3%):

Melco

Resorts

Finance

Ltd.

,

.25

%

,

4/26/26

,

Callable

8/2/25

@

(a) ................

Energy

(0.6%):

Var

Energi

ASA

,

.50

%

,

1/15/28

,

Callable

12/15/27

@

(a) .......................

500

530

Financials

(8.3%):

ABN

AMRO

Bank

NV

,

.34

%

(H15T1Y

+

bps)

,

9/18/27

,

Callable

9/18/26

@

(a) (b) ...

Aspen

Insurance

Holdings

Ltd.

,

.75

%

,

7/1/30

,

Callable

6/1/30

@

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

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand

,

.62

%

,

12/10/29

,

Callable

11/10/29

@

(a) ....................................

Victory

Portfolios

#### Victory

#### Low

#### Duration

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Bank

of

Montreal

,

.72

%

,

9/25/28

,

Callable

8/25/28

@

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

$

500

$

521

Barclays

PLC

,

.49

%

(SOFR

+

bps)

,

9/13/29

,

Callable

9/13/28

@

(b) .............

750

793

Canadian

Imperial

Bank

of

Commerce

,

.93

%

,

10/2/26

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

500

510

Danske

Bank

A/S

,

.26

%

(H15T1Y

+

bps)

,

9/22/26

,

Callable

9/22/25

@

(a) (b) ......

750

752

Deutsche

Bank

AG

,

.61

%

(SOFR

+

bps)

,

11/16/27

,

Callable

11/16/26

@

(b) .......

500

500

Enstar

Group

Ltd.

,

.95

%

,

6/1/29

,

Callable

3/1/29

@

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

500

503

Essent

Group

Ltd.

,

.25

%

,

7/1/29

,

Callable

6/1/29

@

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

Nationwide

Building

Society

,

.56

%

(SOFR

+

bps)

,

10/18/27

,

Callable

10/18/26

@

(a) (b) .........................................................

500

512

Phoenix

Group

Holdings

PLC

,

.38

%

,

7/6/27

,

MTN

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

500

502

Societe

Generale

SA

,

.52

%

(H15T1Y

+

bps)

,

1/19/28

,

Callable

1/19/27

@

(a) (b) ....

500

505

Svenska

Handelsbanken

AB

,

.50

%

,

6/15/28

(a) .................................

750

775

Swedbank

AB

,

.14

%

,

9/12/26

(a) ...........................................

500

511

UBS

Group

AG

,

.28

%

,

1/9/28

,

Callable

1/9/27

@

(a) ..........................

500

7,910

Industrials

(1.0%):

Air

Canada

Pass

Through

Trust

,

.75

%

,

12/15/27

(a) ..............................

Element

Fleet

Management

Corp.

,

.32

%

,

12/4/28

,

Callable

11/4/28

@

(a) ...........

500

527

Tyco

Electronics

Group

SA

,

.50

%

,

2/9/31

,

Callable

1/9/31

@

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

928

Information

Technology

(0.8%):

CGI,

Inc.

,

.95

%

,

3/14/30

,

Callable

2/14/30

@

(a) .............................

Open

Text

Corp.

,

.90

%

,

12/1/27

,

Callable

11/1/27

@

(a) ........................

500

518

771

Utilities

(0.5%):

Algonquin

Power

&

Utilities

Corp.

,

.37

%

,

6/15/26

(g) ............................

500

503

Total

Yankee

Dollars

(Cost

$10,595)

a

a

a

10,891

Municipal

Bonds

(0.7%)

Maryland

(0.3%):

Maryland

Economic

Development

Corp.

Revenue

,

.79

%

,

11/30/29

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

Massachusetts

(0.2%):

Massachusetts

Educational

Financing

Authority

Revenue

,

Series

A

,

.52

%

,

7/1/35

........

Ohio

(0.2%):

Columbus

Metropolitan

Housing

Authority

Revenue

,

.38

%

,

9/1/28

,

Continuously

Callable

@100

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

Total

Municipal

Bonds

(Cost

$650)

a

a

a

660

U.S.

Government

Agency

Mortgages

(2.6%)

Farm

Credit

Bank

of

Texas

Series

,

.70

%

(H15T5Y

+

542

bps)

(a) (b) (f) ................................

Federal

Home

Loan

Mortgage

Corporation

.00

%

,

9/1/38

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

.50

%

,

10/1/38

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

.00

%

,

8/1/40

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

641

Federal

National

Mortgage

Association

.00

%

,

2/1/37

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

.00

%

,

2/1/41

-

10/1/41

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

1,154

1,169

1,609

Total

U.S.

Government

Agency

Mortgages

(Cost

$2,623)

a

a

a

2,499

U.S.

Treasury

Obligations

(11.1%)

U.S.

Treasury

Notes

.50

%

,

9/15/25

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

.50

%

,

7/15/26

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

1,650

1,659

.13

%

,

10/31/26

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

.00

%

,

1/15/27

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

500

501

Victory

Portfolios

#### Victory

#### Low

#### Duration

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 3

.88

%

,

11/30/27

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

$

1,500

$

1,506

.00

%

,

6/30/28

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

1,000

1,008

.25

%

,

9/30/28

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

825

763

.75

%

,

5/31/29

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

1,600

1,543

.75

%

,

6/30/30

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

2,850

2,843

Total

U.S.

Treasury

Obligations

(Cost

$10,373)

a

a

a

10,483

Commercial

Paper

(2.5%)

Consumer

Staples

(0.5%):

Jbs

USA

Hold

Food

GRP

,

.90

%

,

7/1/25

(a) (h) ..................................

500

500

Industrials

(1.1%):

Global

Payments,

Inc.

,

.90

%

,

7/3/25

(a) (h) ....................................

1,000

999

Materials

(0.9%):

FMC

Corp.

,

.12

%

,

7/1/25

(a) (h) ............................................

900

900

Total

Commercial

Paper

(Cost

$2,400)

a

a

a

2,399

Shares

Collateral

for

Securities

Loaned

(0.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.23

%

(i) ........

13,344

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.27

%

(i) ............

13,344

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.29

%

(i) ................

13,344

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.24

%

(i) .

13,344

Total

Collateral

for

Securities

Loaned

(Cost

$53)

a

a

a

Total

Investments

(Cost

$92,858)

—

99.4%

94,192

Other

assets

in

excess

of

liabilities

— 0.6%

533

NET

ASSETS

-

100.00%

$

94,725

At

June

30,

2025,

the

Fund's

investments

in

foreign

securities

were

12.7%

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

June

30,

2025,

the

fair

value

of

these

securities

was

$43,946

(thousands)

and

amounted

to

46.4%

of

net

assets.

(b) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

June

30,

2025. (c) Security

is

interest

only.

(d) Amount

represents

less

than

0.05%

of

net

assets.

(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

June

30,

2025. (i) Rate

disclosed

is

the

daily

yield

on

June

30,

2025. ABS

—

Asset-Backed

Securities

bps

—

Basis

points

CLO

—

Collateralized

Loan

Obligations

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

June

30,

2025. H15T5Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

June

30,

2025. LLC

—

Limited

Liability

Company

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

June

30,

2025. TSFR1M

—

Month

Term

SOFR,

rate

disclosed

as

of

June

30,

2025. TSFR3M

—

Month

Term

SOFR,

rate

disclosed

as

of

June

30,

2025. Schedule

of

Portfolio

Investments

June

30,

2025

Victory

Portfolios

#### Victory

#### High

#### Yield

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Asset-Backed

Securities

(0.4%)

ABS

Other

(0.4%):

Frontier

Issuer

LLC,

Series

2023-1,

Class

C,

11.50%,

8/20/53,

Callable

7/20/26

@

100(a)

...

$

$

Total

Asset-Backed

Securities

(Cost

$487)

a

a

a

Shares

Common

Stocks

(0.9%)

Consumer

Discretionary

(0.3%):

Jo-Ann

Stores

LLC(b)(c)

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

3,118

—(d)

Men's

Wearhouse,

Inc.(b)(c)

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

20,063

Health

Care

(0.6%):

Air

Methods

Corp.(b)

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

11,817

739

Covis

Parent

SCA,

Class

A

Shares(b)(e)

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

1,622

—

Covis

Parent

SCA,

Class

B

Shares(b)(e)

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

1,622

—

Covis

Parent

SCA,

Class

C

Shares(b)(e)

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

1,622

—

Covis

Parent

SCA,

Class

D

Shares(b)(e)

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

1,622

—

Covis

Parent

SCA,

Class

E

Shares(b)(e)

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

1,622

—

739

Total

Common

Stocks

(Cost

$231)

a

a

a

1,140

Principal

Amount

(000) Senior

Secured

Loans

(7.5%)

Communication

Services

(0.7%):

AMC

Entertainment

Holdings,

Inc.,

Initial

Exchange

Term

Loans,

First

Lien,

11.32%

(SOFR01M+700bps),

1/4/29(f)

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

Zayo

Group

Holdings,

Inc.,

2022

Incremental

Term

Loans,

First

Lien,

8.58%

(SOFR01M+425bps),

3/9/27(f)

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

794

Consumer

Discretionary

(2.8%):

Fleet

Midco

I

Ltd.,

Term

Loan

B2,

First

Lien,

7.06%

(SOFR06M+275bps),

2/10/31

(f) ......

907

908

Getty

Images,

Inc.,

Dollar

Fixed

Rate

Term

Loans,

First

Lien,

2/14/30(g)

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

Great

Outdoors

Group

LLC,

Term

Loan

B,

First

Lien,

7.58%

(SOFR01M+325bps),

3/5/32(f)

.

Men's

Wearhouse,

Inc.,

Term

Loans,

First

Lien,

10.76%

(SOFR03M+650bps),

2/21/29(f)

...

Ontario

Gaming

GTA

LP,

Term

B

Loans,

First

Lien,

8.55%

(SOFR03M+425bps),

8/1/30(f)

..

Petco

Health

and

Wellness

Co.,

Inc.,

Initial

Term

Loans,

First

Lien,

7.81%

(SOFR03M+325bps),

2/25/28(f)

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

699

643

PetSmart,

Inc.,

Initial

Term

Loans,

First

Lien,

2/14/28(g)

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

Virgin

Media

Bristol

LLC,

N

Facility,

First

Lien,

.81%

(SOFR01M+250bps),

1/31/28,

Callable

8/2/25

@

100(f)

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

1,000

986

3,516

Energy

(0.0%):(h)

Hilcorp

Energy

I

LP,

Initial

Loan,

First

Lien,

6.31%

(SOFR01M+200bps),

2/5/30,

Callable

8/2/25

@

101(f)

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

Financials

(1.0%):

1261229

BC

Ltd.,

Initial

Term

Loans,

First

Lien,

10.56%

(SOFR01M+625bps),

10/8/30(f)

..

Central

Parent

LLC,

2024

Refinancing

Term

Loan,

First

Lien,

7.55%

(SOFR03M+325bps),

7/6/29(f)

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

CP

Atlas

Buyer,

Inc.,

Term

Loan,

First

Lien,

11/23/27(g)

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

Level

Financing,

Inc.,

Term

Commitment,

First

Lien,

3/22/32(g)

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

Pcf

Insurance

Services

of

The

West

LLC,

7.56%

(SOFR01M+325bps),

6/17/32(f)

.........

Polaris

Newco

LLC,

Dollar

Term

Loan,

First

Lien,

8.03%

(SOFR03M+375bps),

6/4/28(f)

...

Voyager

Parent

LLC,

Term

Loan

B,

First

Lien,

5/10/32(g)

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

1,190

Health

Care

(1.4%):

Bausch

+

Lomb

Corp.,

Third

Amendment

Term

Loan,

First

Lien,

12/18/30(g)

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

Covis

Pharma

Holdings

SARL,

Dollar

Term

B

Loans,

First

Lien,

2/18/27(g)

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

1,500

559

Victory

Portfolios

#### Victory

#### High

#### Yield

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) LifeScan

Global

Corporation,

Initial

Term

Loan,

First

Lien,

10.92%

(SOFR03M+650bps),

12/31/26(f)

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

$

1,496

$

951

1,660

Industrials

(1.6%):

Cotiviti,

Inc.,

Initial

Fixed

Rate

Term

Loans,

First

Lien,

4/30/31(g)

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

1,125

1,129

The

GEO

Group,

Inc.,

Term

Loan,

First

Lien,

9.58%

(SOFR01M+525bps),

4/14/29(f)

......

TKC

Holdings,

Inc.,

Closing

Date

Initial

Term

Loan,

First

Lien,

9.32%

(SOFR01M+500bps),

5/15/28(f)

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

Twitter,

Inc.,

Tranche

Loan,

First

Lien,

10.80%

(SOFR03M+650bps),

10/26/29(f)

......

1,899

Total

Senior

Secured

Loans

(Cost

$10,553)

a

a

a

9,109

Corporate

Bonds

(61.6%)

Communication

Services

(14.3%):

AMC

Networks,

Inc.

10.25%,

1/15/29

,

Callable

1/15/26

@

105.13(a)

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

10.50%,

7/15/32,

Callable

7/15/28

@

105.25(a)

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

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

4.25%,

1/15/34,

Callable

1/15/28

@

102.13(a)

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

1,535

1,366

Central

Parent

LLC/CDK

Global

II

LLC/CDK

Financing

Co.,

Inc.,

8.00%,

6/15/29,

Callable

8/2/25

@

104(a)

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

1,750

1,448

Clear

Channel

Outdoor

Holdings,

Inc.

7.50%,

6/1/29,

Callable

8/2/25

@

101.88(a)(i)

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

7.88%,

4/1/30

,

Callable

10/1/26

@

103.94(a)

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

1,200

1,239

Cogent

Communications

Group

LLC/Cogent

Finance,

Inc.,

6.50%,

7/1/32,

Callable

7/1/28

@

103.25(a)

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

Consolidated

Communications,

Inc.,

6.50%,

10/1/28,

Callable

7/13/25

@

103.25(a)

.......

CSC

Holdings

LLC

11.75%,

1/31/29,

Callable

1/31/26

@

105.88(a)

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

900

853

6.50%,

2/1/29,

Callable

7/13/25

@

102.17(a)

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

2,800

2,275

Cumulus

Media

New

Holdings,

Inc.,

8.00%,

7/1/29,

Callable

8/2/25

@

100(a)

...........

2,028

574

Directv

Financing

LLC/Directv

Financing

Co.-Obligor,

Inc.

5.88%,

8/15/27,

Callable

8/2/25

@

102.94(a)

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

10.00%,

2/15/31,

Callable

2/15/27

@

105(a)

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

558

542

DISH

Network

Corp.,

11.75%,

11/15/27,

Callable

8/2/25

@

105.88(a)

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

509

Dotdash

Meredith,

Inc.,

7.63%,

6/15/32,

Callable

6/15/28

@

103.81(a)

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

Echostar

Corp.,

10.75%,

11/30/29,

Callable

11/30/26

@

105.38 ......................

Frontier

Communications

Holdings

LLC

5.88%

,

10/15/27,

Callable

8/2/25

@

101.47(a)

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

1,750

1,751

6.75%,

5/1/29,

Callable

8/2/25

@

101.69(a)

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

Gray

Media,

Inc.

10.50%,

7/15/29,

Callable

7/15/26

@

105.25(a)

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

5.38%,

11/15/31,

Callable

11/15/26

@

102.69(a)(i)

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

Lamar

Media

Corp.,

3.63%,

1/15/31,

Callable

1/15/26

@

101.81 .....................

Match

Group

Holdings

II

LLC,

4.63%,

6/1/28,

Callable

7/13/25

@

100(a)

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

News

Corp.,

5.13%,

2/15/32,

Callable

2/15/27

@

102.56 (a) .........................

Scripps

Escrow

II,

Inc.

3.88%,

1/15/29,

Callable

8/2/25

@

100.97(a)

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

650

568

5.38%,

1/15/31,

Callable

1/15/26

@

102.69(a)

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

Sinclair

Television

Group,

Inc.

5.50%,

3/1/30,

Callable

8/2/25

@

102.75(a)

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

1,677

1,359

8.13%,

2/15/33,

Callable

2/15/28

@

104.06(a)

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

Uniti

Group

LP/Uniti

Group

Finance,

Inc./CSL

Capital

LLC,

8.63%,

6/15/32,

Callable

6/15/28

@

104.31(a)

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

Univision

Communications,

Inc.,

.38%,

6/30/30,

Callable

8/2/25

@

103.69(a)

...........

Warnermedia

Holdings,

Inc.,

5.05%,

3/15/42,

Callable

9/15/41

@

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

17,379

Consumer

Discretionary

(8.5%):

Amsted

Industries,

Inc.,

6.38%,

3/15/33

,

Callable

3/15/28

@

103.19(a)

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

533

542

Asbury

Automotive

Group,

Inc.,

5.00%,

2/15/32,

Callable

11/15/26

@

102.5(a)

..........

1,000

952

Victory

Portfolios

#### Victory

#### High

#### Yield

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Ashton

Woods

USA

LLC/Ashton

Woods

Finance

Co.,

4.63%,

4/1/30,

Callable

8/2/25

@

102.31(a)

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

$

565

$

537

Beazer

Homes

USA,

Inc.,

7.50%,

3/15/31,

Callable

3/15/27

@

103.75(a)

...............

650

660

Boyd

Gaming

Corp.,

4.75%,

6/15/31,

Callable

6/15/26

@

102.38(a)

...................

Boyne

USA,

Inc.,

4.75%,

5/15/29,

Callable

8/2/25

@

101.19(a)

......................

Caesars

Entertainment,

Inc.

8.13%,

7/1/27,

Callable

7/8/25

@

100(a)

..................................

713

713

6.50%,

2/15/32,

Callable

2/15/27

@

103.25(a)(i)

............................

882

904

CEC

Entertainment

LLC,

6.75%,

5/1/26,

Callable

8/2/25

@

100(a)

...................

Century

Communities,

Inc.,

3.88%,

8/15/29,

Callable

2/15/29

@

100(a)

................

Churchill

Downs,

Inc.,

6.75%,

5/1/31,

Callable

5/1/26

@

103.38(a)

...................

Fertitta

Entertainment

LLC/Fertitta

Entertainment

Finance

Co.,

Inc.,

6.75%,

1/15/30,

Callable

8/2/25

@

103.38(a)

.................................................

Group

Automotive,

Inc.,

6.38%,

1/15/30,

Callable

7/15/26

@

103.19(a)

...............

Hanesbrands,

Inc.,

9.00%,

2/15/31,

Callable

2/15/26

@

104.5(a)(i)

....................

Hilton

Domestic

Operating

Co.,

Inc.,

4.00%,

5/1/31,

Callable

5/1/26

@

102(a)

...........

Las

Vegas

Sands

Corp.,

6.20%,

8/15/34,

Callable

5/15/34

@

.....................

LBM

Acquisition

LLC,

6.25%,

1/15/29,

Callable

8/2/25

@

101.56(a)

..................

Light

&

Wonder

International,

Inc.,

7.00%,

5/15/28,

Callable

7/18/25

@

100(a)

..........

Lithia

Motors,

Inc.,

4.38%,

1/15/31,

Callable

10/15/25

@

102.19(a)

...................

1,592

1,513

M/I

Homes,

Inc.,

4.95%,

2/1/28,

Callable

7/18/25

@

101.24 ........................

Newell

Brands,

Inc.,

6.88%,

4/1/36,

Callable

10/1/35

@

100(i)

......................

Nordstrom,

Inc.,

4.38%,

4/1/30,

Callable

1/1/30

@

............................

PetSmart,

Inc./PetSmart

Finance

Corp.,

7.75%,

2/15/29,

Callable

8/2/25

@

101.94(a)

......

Resorts

World

Las

Vegas

LLC/RWLV

Capital,

Inc.,

4.63%,

4/6/31,

Callable

1/6/31

@

100(a)

.

Saks

Global

Enterprises

LLC,

11.00%,

12/15/29,

Callable

12/15/26

@

105.5(a)(i)

.........

Taylor

Morrison

Communities,

Inc.

5.75%,

1/15/28,

Callable

10/15/27

@

100(a)

...............................

5.13%,

8/1/30,

Callable

2/1/30

@

100(a)

..................................

Vail

Resorts,

Inc.,

6.50%,

5/15/32,

Callable

5/15/27

@

103.25(a)

.....................

ZF

North

America

Capital,

Inc.,

6.88%,

4/23/32,

Callable

2/23/32

@

100(a)

.............

10,371

Consumer

Staples

(4.0%):

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC,

6.50%,

2/15/28,

Callable

8/2/25

@

103.25 (a) ...........................................

1,000

1,024

Edgewell

Personal

Care

Co.,

4.13%,

4/1/29,

Callable

7/13/25

@

101.03(a)

..............

Goat

Holdco

LLC,

6.75%,

2/1/32,

Callable

2/1/28

@

103.38(a)

......................

Performance

Food

Group,

Inc.,

6.13%,

9/15/32,

Callable

9/15/27

@

103.06(a)

...........

750

768

Post

Holdings,

Inc.

6.25%,

2/15/32,

Callable

2/15/27

@

103.13(a)

..............................

1,087

1,118

6.38%,

3/1/33,

Callable

9/1/27

@

103.19(a)

................................

Quikrete

Holdings,

Inc.,

6.38%,

3/1/32,

Callable

3/1/28

@

103.19(a)

..................

558

574

U.S.

Foods,

Inc.,

5.75%,

4/15/33,

Callable

10/15/27

@

102.88(a)

.....................

724

725

4,852

Energy

(3.7%):

CITGO

Petroleum

Corp.,

8.38%,

1/15/29,

Callable

10/15/25

@

104.19(a)

...............

740

770

Civitas

Resources,

Inc.,

9.63%,

6/15/33,

Callable

6/15/28

@

104.81(a)

.................

Harvest

Midstream

I

LP,

7.50%,

5/15/32,

Callable

5/15/27

@

103.75(a)

................

Hilcorp

Energy

I

LP/Hilcorp

Finance

Co.,

7.25%,

2/15/35,

Callable

2/15/30

@

103.63(a)

...

Moss

Creek

Resources

Holdings,

Inc.,

8.25%,

9/1/31,

Callable

9/1/27

@

104.13(a)

........

Murphy

Oil

USA,

Inc.,

3.75%,

2/15/31,

Callable

2/15/26

@

101.88(a)

.................

Permian

Resources

Operating

LLC

.88%,

7/1/29,

Callable

8/2/25

@

101.47(a)

................................

6.25%,

2/1/33,

Callable

8/1/27

@

103.13(a)

................................

Sunoco

LP

7.25%,

5/1/32,

Callable

5/1/27

@

103.63(a)

................................

6.25%,

7/1/33,

Callable

7/1/28

@

103.13(a)

................................

Tallgrass

Energy

Partners

LP

/

Tallgrass

Energy

Finance

Corp.,

7.38%,

2/15/29,

Callable

2/15/26

@

103.69(a)

................................................

Venture

Global

LNG,

Inc.,

9.88%,

2/1/32,

Callable

2/1/27

@

104.94(a)

................

Venture

Global

Plaquemines

LNG

LLC,

7.75%,

5/1/35,

Callable

12/1/34

@

100(a)

........

Viper

Energy,

Inc.,

7.38%,

11/1/31,

Callable

11/1/26

@

103.69(a)

....................

Victory

Portfolios

#### Victory

#### High

#### Yield

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Vital

Energy,

Inc.,

7.88%,

4/15/32,

Callable

4/15/27

@

103.94(a)(i)

...................

$

$

4,476

Financials

(4.4%):

Acrisure

LLC/Acrisure

Finance,

Inc.,

7.50%,

11/6/30,

Callable

5/15/26

@

103.75(a)

.......

Arsenal

AIC

Parent

LLC,

8.00%,

10/1/30,

Callable

10/1/26

@

104(a)

..................

875

934

BCPE

Flavor

Debt

Merger

Sub

LLC

and

BCPE

Flavor

Issuer,

Inc.,

9.50%,

7/1/32,

Callable

7/1/28

@

104.75(a)

.................................................

Beach

Acquisition

Bidco

LLC,

10.00%,

7/15/33,

Callable

7/15/28

@

103(a)

.............

Boost

Newco

Borrower

LLC,

7.50%,

1/15/31,

Callable

1/15/27

@

103.75(a)

............

500

531

Credit

Acceptance

Corp.,

6.63%,

3/15/30,

Callable

3/15/27

@

103.31(a)

................

Enstar

Finance

LLC,

5.75%

(H15T5Y+547bps),

9/1/40,

Callable

9/1/25

@

100(f)

.........

EZCORP,

Inc.,

7.38%,

4/1/32,

Callable

4/1/28

@

103.69(a)

.........................

Ford

Motor

Credit

Co.

LLC,

6.13%,

3/8/34,

Callable

12/8/33

@

..................

Level

Financing,

Inc.

3.75%,

7/15/29,

Callable

8/2/25

@

100.94(a)(i)

.............................

3.88%,

10/15/30,

Callable

7/13/25

@

101.81(a)

.............................

6.88%,

6/30/33,

Callable

6/30/28

@

103.44(a)

..............................

Mobius

Merger

Sub,

Inc.,

9.00%,

6/1/30,

Callable

6/1/26

@

104.5(a)

..................

NCR

Atleos

Corp.,

9.50%,

4/1/29,

Callable

10/1/26

@

104.75(a)

.....................

NESCO

Holdings

II,

Inc.,

5.50%,

4/15/29,

Callable

8/2/25

@

101.38(a)

................

1,050

1,021

Park

Intermediate

Holdings

LLC/PK

Domestic

Property

LLC/PK

Finance

Co.-Issuer,

4.88%,

5/15/29,

Callable

8/2/25

@

101.22(a)(i)

...................................

PRA

Group,

Inc.,

8.88%,

1/31/30,

Callable

6/1/26

@

104.44(a)

......................

Shift4

Payments

LLC/Shift4

Payments

Finance

Sub,

Inc.,

6.75%,

8/15/32,

Callable

8/15/27

@

103.38(a)

.........................................................

Starwood

Property

Trust,

Inc.,

7.25%

,

4/1/29,

Callable

10/1/28

@

100(a)

...............

Voyager

Parent

LLC,

9.25%,

7/1/32,

Callable

7/1/28

@

104.63(a)

....................

5,382

Health

Care

(4.0%):

Acadia

Healthcare

Co.,

Inc.,

7.38%,

3/15/33,

Callable

3/15/28

@

103.69 (a)(i) ............

CHS/Community

Health

Systems,

Inc.,

10.88%,

1/15/32,

Callable

2/15/27

@

105.44(a)

....

CVS

Health

Corp.,

7.00%

(H15T5Y+289bps),

3/10/55,

Callable

12/10/29

@

100(f)

.......

DENTSPLY

SIRONA,

Inc.,

8.37%

(H15T5Y

+438bps),

9/12/55,

Callable

6/12/30

@

100(f)

..

Embecta

Corp.,

5.00%,

2/15/30,

Callable

2/15/27

@

101.25(a)(i)

.....................

1,000

903

Encompass

Health

Corp.,

4.63%,

4/1/31,

Callable

4/1/26

@

102.31 ...................

Medline

Borrower

LP,

.88%,

4/1/29,

Callable

8/2/25

@

101.94(a)

...................

Medline

Borrower

LP/Medline

Co.-Issuer,

Inc.,

6.25%,

4/1/29,

Callable

4/1/26

@

103.13(a)

.

Organon

&

Co./Organon

Foreign

Debt

Co.-Issuer

BV,

5.13%,

4/30/31,

Callable

4/30/26

@

102.56(a)

.........................................................

700

608

Pediatrix

Medical

Group,

Inc.,

5.38%,

2/15/30,

Callable

8/2/25

@

102.69(a)

.............

500

Prestige

Brands,

Inc.,

3.75%,

4/1/31,

Callable

4/1/26

@

101.88(a)

....................

570

525

Prime

Healthcare

Services,

Inc.,

9.38%,

9/1/29,

Callable

9/1/26

@

104.69(a)

............

Tenet

Healthcare

Corp.

5.13%,

11/1/27,

Callable

7/18/25

@

..................................

556

555

6.13%,

10/1/28,

Callable

8/2/25

@

101.53 .................................

U.S.

Acute

Care

Solutions

LLC,

9.75%,

5/15/29

,

Callable

5/15/26

@

104.88(a)

..........

4,848

Industrials

(10.0%):

Alta

Equipment

Group,

Inc.,

9.00%,

6/1/29,

Callable

6/1/26

@

104.5(a)(i)

..............

American

Airlines,

Inc.

7.25%,

2/15/28,

Callable

8/2/25

@

103.63(a)

...............................

8.50%,

5/15/29,

Callable

11/15/25

@

104.25(a)

.............................

500

524

American

Airlines,

Inc./AAdvantage

Loyalty

IP

Ltd.,

5.75%,

4/20/29(a)

................

Axon

Enterprise,

Inc.,

6.25%,

3/15/33,

Callable

3/15/28

@

103.13(a)

..................

Beacon

Mobility

Corp.,

7.25%,

8/1/30,

Callable

8/1/27

@

103.63(a)

..................

BlueLinx

Holdings,

Inc.,

6.00%,

11/15/29,

Callable

8/2/25

@

103(a)

..................

Brightline

East

LLC,

11.00%,

1/31/30,

Callable

5/9/27

@

105.5(a)(i)

..................

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.,

7.50%,

2/1/32,

Callable

2/1/28

@

103.75(a)

Builders

FirstSource,

Inc.,

6.38%,

3/1/34,

Callable

3/1/29

@

103.19(a)

.................

BWX

Technologies,

Inc.,

4.13%,

4/15/29,

Callable

7/18/25

@

101.03(a)

...............

Cornerstone

Building

Brands,

Inc.,

9.50%,

8/15/29,

Callable

8/15/26

@

104.75(a)

.........

514

EMRLD

Borrower

LP/Emerald

Co-Issuer,

Inc.,

6.75%,

7/15/31,

Callable

7/15/27

@

103.38(a)

Victory

Portfolios

#### Victory

#### High

#### Yield

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Enpro,

Inc.,

6.13%,

6/1/33,

Callable

6/1/28

@

103.06(a)

...........................

$

$

Esab

Corp.,

6.25%,

4/15/29,

Callable

4/15/26

@

103.13(a)

.........................

Genesee

&

Wyoming,

Inc.,

6.25%,

4/15/32,

Callable

4/15/27

@

103.13(a)

..............

Herc

Holdings,

Inc.,

7.25%,

6/15/33,

Callable

6/15/28

@

103.63(a)

...................

JetBlue

Airways

Corp./JetBlue

Loyalty

LP,

9.88%,

9/20/31,

Callable

8/27/27

@

104.94(a)

...

Masterbrand,

Inc.,

7.00%,

7/15/32,

Callable

7/15/27

@

103.5(a)

.....................

OneSky

Flight

LLC,

8.88%,

12/15/29,

Callable

12/15/26

@

104.44(a)

.................

QXO

Building

Products,

Inc.,

6.75%,

4/30/32,

Callable

4/30/28

@

103.38(a)

............

Rand

Parent

LLC,

8.50%,

2/15/30,

Callable

2/15/26

@

104.25 (a)(i) ...................

Resideo

Funding,

Inc.,

6.50%,

7/15/32,

Callable

7/15/27

@

103.25(a)

.................

Sensata

Technologies,

Inc.,

6.63%,

7/15/32,

Callable

7/15/27

@

103.31(a)

..............

Spirit

AeroSystems,

Inc.

9.38%,

11/30/29

,

Callable

11/30/25

@

104.69(a)

............................

625

665

9.75%,

11/15/30,

Callable

11/15/26

@

104.88(a)

............................

967

1,068

Standard

Industries,

Inc.

4.38%,

7/15/30,

Callable

8/2/25

@

102.19(a)

...............................

825

781

3.38%,

1/15/31,

Callable

8/2/25

@

101.69 (a) ...............................

1,000

898

Star

Leasing

Co.

LLC,

7.63%,

2/15/30,

Callable

2/15/27

@

103.81(a)

.................

The

GEO

Group,

Inc.,

8.63%,

4/15/29,

Callable

4/15/26

@

104.31 ....................

The

Hertz

Corp.,

12.63%,

7/15/29,

Callable

7/15/27

@

106.31(a)

(i) ...................

TKC

Holdings,

Inc.,

10.50%,

5/15/29,

Callable

8/2/25

@

102.63(a)

...................

TransDigm,

Inc.,

6.00%,

1/15/33,

Callable

9/15/27

@

103(a)

........................

TriNet

Group,

Inc.,

7.13%,

8/15/31,

Callable

8/15/26

@

103.56(a)

....................

United

Rentals

North

America,

Inc.,

6.13%,

3/15/34,

Callable

3/15/29

@

103.06(a)

........

855

882

Waste

Pro

USA,

Inc.,

7.00%,

2/1/33,

Callable

2/1/28

@

103.5(a)

.....................

WESCO

Distribution,

Inc.,

7.25%,

6/15/28,

Callable

8/2/25

@

101.21(a)

...............

XPO,

Inc.,

7.13%,

6/1/31,

Callable

6/1/26

@

103.56(a)

............................

12,244

Information

Technology

(4.0%):

Block,

Inc.,

6.50%,

5/15/32,

Callable

5/15/27

@

103.25 ...........................

992

1,024

Cloud

Software

Group,

Inc.

6.50%,

3/31/29,

Callable

9/30/25

@

103.25(a)

..............................

9.00%,

9/30/29,

Callable

9/30/25

@

104.5(a)

...............................

CoreWeave,

Inc.,

9.25%,

6/1/30,

Callable

6/1/27

@

104.63(a)

.......................

Diebold

Nixdorf,

Inc.,

7.75%,

3/31/30,

Callable

12/18/26

@

103.88(a)

.................

Ellucian

Holdings,

Inc.,

6.50%,

12/1/29,

Callable

12/1/26

@

103.25(a)

.................

EquipmentShare.com,

Inc.,

8.00%,

3/15/33,

Callable

9/15/27

@

104(a)

................

575

603

Gen

Digital,

Inc.

7.13%,

9/30/30,

Callable

9/30/25

@

103.56(a)

..............................

6.25%,

4/1/33,

Callable

4/1/28

@

103.13(a)

................................

Neptune

Bidco

US,

Inc.,

9.29%,

4/15/29,

Callable

10/15/25

@

104.65(a)

...............

544

530

Open

Text

Holdings,

Inc.,

4.13%,

12/1/31,

Callable

12/1/26

@

102.06(a)

...............

Rocket

Software,

Inc.,

9.00%,

11/28/28,

Callable

7/13/25

@

103(a)

...................

S&S

Holdings

LLC,

8.38%,

10/1/31,

Callable

10/1/27

@

104.19(a)

...................

Sabre

GLBL,

Inc.,

11.13%,

7/15/30,

Callable

7/15/27

@

105.56(a)

....................

UKG,

Inc.,

6.88%,

2/1/31,

Callable

2/1/27

@

103.44(a)

............................

500

519

Zebra

Technologies

Corp.,

6.50%,

6/1/32,

Callable

6/1/27

@

103.25(a)

................

4,884

Materials

(4.9%):

AAR

Escrow

Issuer

LLC,

6.75%,

3/15/29,

Callable

3/15/26

@

103.38(a)

...............

AmeriTex

HoldCo

Intermediate

LLC,

10.25%,

10/15/28,

Callable

10/15/25

@

105.13(a)(i)

..

879

933

ATI,

Inc.,

5.13%,

10/1/31,

Callable

10/1/26

@

102.56 .............................

Avient

Corp.,

6.25%,

11/1/31,

Callable

9/15/27

@

103.13(a)

........................

Axalta

Coating

Systems

LLC,

3.38%,

2/15/29,

Callable

8/2/25

@

100.84(a)

.............

Cleveland-Cliffs,

Inc.,

7.00%,

3/15/32,

Callable

3/15/27

@

103.5(a)(i)

.................

Clydesdale

Acquisition

Holdings,

Inc.,

6.75%,

4/15/32,

Callable

4/15/28

@

103.38(a)

......

Compass

Minerals

International,

Inc.,

8.00%,

7/1/30,

Callable

7/1/27

@

104(a)

...........

Dcli

Bidco

LLC,

7.75%,

11/15/29,

Callable

11/15/26

@

103.88(a)

....................

Knife

River

Corp.,

7.75%,

5/1/31,

Callable

5/1/26

@

103.88(a)

......................

Louisiana-Pacific

Corp.,

3.63%,

3/15/29,

Callable

8/2/25

@

100.91(a)

.................

Novelis

Corp.,

6.88%,

1/30/30,

Callable

1/30/27

@

103.44(a)

.......................

Sasol

Financing

USA

LLC,

8.75%,

5/3/29,

Callable

3/3/29

@

100(a)

..................

Victory

Portfolios

#### Victory

#### High

#### Yield

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Sealed

Air

Corp.,

6.50%,

7/15/32,

Callable

7/15/27

@

103.25(a)

.....................

$

$

Smyrna

Ready

Mix

Concrete

LLC,

8.88%,

11/15/31,

Callable

11/15/26

@

104.44(a)

.......

The

Chemours

Co.,

8.00%,

1/15/33,

Callable

1/15/28

@

104(a)

......................

1,159

1,085

5,928

Real

Estate

(2.1%):

Anywhere

Real

Estate

Group

LLC

/

Realogy

Co-Issuer

Corp.,

9.75%,

4/15/30,

Callable

4/15/27

@

104.88(a)

................................................

Cushman

&

Wakefield

U.S.

Borrower

LLC,

8.88%,

9/1/31,

Callable

9/1/26

@

104.44(a)

....

Forestar

Group,

Inc.,

6.50%,

3/15/33,

Callable

3/15/28

@

103.25(a)

...................

GLP

Capital

LP/GLP

Financing

II,

Inc.,

5.63%,

9/15/34,

Callable

6/15/34

@

.........

RHP

Hotel

Properties

LP/RHP

Finance

Corp.

4.50%,

2/15/29,

Callable

8/2/25

@

101.5(a)

................................

6.50%,

4/1/32,

Callable

4/1/27

@

103.25(a)

................................

Service

Properties

Trust,

8.63%,

11/15/31,

Callable

11/15/26

@

104.31(a)

..............

The

Howard

Hughes

Corp.,

4.38%,

2/1/31,

Callable

2/1/26

@

102.19(a)

................

819

756

Uniti

Group

LP/Uniti

Group

Finance,

Inc./CSL

Capital

LLC,

10.50%,

2/15/28,

Callable

9/15/25

@

105.25(a)

................................................

2,517

Utilities

(1.7%):

Calpine

Corp.,

5.13%,

3/15/28,

Callable

8/2/25

@

100.85(a)

........................

1,625

1,624

NRG

Energy,

Inc.,

5.75%,

7/15/29,

Callable

7/13/25

@

102.88(a)

....................

Vistra

Operations

Co.

LLC,

6.88%,

4/15/32,

Callable

4/15/27

@

103.44(a)

..............

2,081

Total

Corporate

Bonds

(Cost

$76,086)

a

a

a

74,962

Yankee

Dollars

(16.1%)

Communication

Services

(0.5%):

Bell

Telephone

Co.

of

Canada

or

Bell

Canada,

6.87%

(H15T5Y+239bps),

9/15/55,

Callable

6/15/30

@

100(f)

...................................................

Rogers

Communications,

Inc.,

7.00%

(H15T5Y+265bps),

4/15/55,

Callable

2/14/30

@

100(f)

Telecom

Italia

Capital

SA,

7.20%,

7/18/36

.....................................

Virgin

Media

Finance

PLC,

5.00%,

7/15/30,

Callable

8/2/25

@

102.5(a)

................

Vmed

O2

UK

Financing

I

PLC,

4.75%,

7/15/31,

Callable

7/15/26

@

102.38(a)

...........

536

Consumer

Discretionary

(6.2%):

Carnival

Corp.

6.00%,

5/1/29,

Callable

8/2/25

@

103(a)

..................................

1,000

1,010

6.13%,

2/15/33

,

Callable

2/15/28

@

103.06(a)(i)

............................

Flutter

Treasury

DAC,

5.88%,

6/4/31,

Callable

4/15/27

@

102.94(a)

..................

Global

Auto

Holdings

Ltd./AAG

FH

UK

Ltd.

11.50%,

8/15/29,

Callable

11/15/26

@

105.75(a)

............................

8.75%,

1/15/32,

Callable

1/15/27

@

104.38(a)

..............................

Great

Canadian

Gaming

Corp./Raptor

LLC,

8.75%,

11/15/29,

Callable

11/15/26

@

104.38(a)

IHO

Verwaltungs

GmbH,

8.00%,

11/15/32,

Callable

11/15/27

@

104(a)(j)

..............

850

868

International

Game

Technology

PLC

6.25%,

1/15/27,

Callable

7/15/26

@

100(a)

................................

5.25%,

1/15/29,

Callable

8/2/25

@

101.31(a)

...............................

1,250

1,239

Mattamy

Group

Corp.,

4.63%,

3/1/30,

Callable

8/2/25

@

102.31(a)

...................

Melco

Resorts

Finance

Ltd.,

5.38%,

12/4/29,

Callable

8/2/25

@

102.69(a)

..............

NCL

Corp.

Ltd.

5.88%,

3/15/26,

Callable

12/15/25

@

100(a)

...............................

6.75%,

2/1/32,

Callable

2/1/28

@

103.38(a)

................................

762

778

Royal

Caribbean

Cruises

Ltd.

5.63%,

9/30/31,

Callable

9/30/27

@

102.81(a)

..............................

6.25%,

3/15/32,

Callable

3/15/27

@

103.13(a)

..............................

6.00%,

2/1/33,

Callable

8/1/27

@

103(a)

..................................

1,055

1,075

Viking

Cruises

Ltd.,

9.13%,

7/15/31,

Callable

7/15/26

@

104.56(a)

...................

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

2/15/29,

Callable

8/2/25

@

101.41(a)

........

7,556

Victory

Portfolios

#### Victory

#### High

#### Yield

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Energy

(1.0%):

Baytex

Energy

Corp.,

7.38%,

3/15/32,

Callable

3/15/27

@

103.69(a)(i)

................

$

$

TechnipFMC

PLC,

6.50%,

2/1/26,

Callable

8/2/25

@

100(a)

........................

800

799

Vallourec

SACA,

7.50%,

4/15/32,

Callable

4/15/27

@

103.75(a)

.....................

Vermilion

Energy,

Inc.,

7.25%,

2/15/33,

Callable

2/28/28

@

103.63(a)

.................

1,266

Financials

(1.7%):

1261229

BC

Ltd.,

10.00%,

4/15/32,

Callable

4/15/28

@

105(a)

......................

Ardonagh

Finco

Ltd.,

7.75%,

2/15/31,

Callable

2/15/27

@

103.88(a)

..................

Belron

UK

Finance

PLC,

.75%,

10/15/29,

Callable

10/15/26

@

102.88(a)

..............

GGAM

Finance

Ltd.,

5.88%,

3/15/30,

Callable

9/15/26

@

102.94(a)

..................

Opal

Bidco

SAS,

6.50%,

3/31/32,

Callable

3/31/28

@

103.25(a)

.....................

UniCredit

SpA,

5.86%

(USISOA05+370bps),

6/19/32,

Callable

6/19/27

@

100(a)(f)

.......

725

730

2,104

Health

Care

(0.1%):

Perrigo

Finance

Unlimited

Co.,

6.13%,

9/30/32,

Callable

9/30/27

@

103.06 .............

Industrials

(4.3%):

ATS

Corp.,

4.13%,

12/15/28,

Callable

8/2/25

@

101.03(a)

..........................

Avianca

Midco

PLC,

9.63%,

2/14/30,

Callable

2/14/27

@

104.81(a)

.................

Azorra

Finance

Ltd.,

7.75%,

4/15/30,

Callable

10/15/26

@

103.88(a)

..................

1,385

1,442

Bombardier,

Inc.

7.88%,

4/15/27,

Callable

8/2/25

@

100(a)

.................................

8.75%,

11/15/30,

Callable

11/15/26

@

104.38(a)

............................

875

948

7.25%,

7/1/31,

Callable

7/1/27

@

103.63(a)

................................

Cimpress

PLC,

7.38%,

9/15/32,

Callable

9/15/27

@

103.69(a)

.......................

Fibercop

SpA,

7.20%,

7/18/36,

Callable

4/18/36

@

100(a)

.........................

Grupo

Aeromexico

SAB

de

CV,

8.63%,

11/15/31,

Callable

11/15/27

@

104.31(a)

.........

506

Latam

Airlines

Group

SA,

7.88%,

4/15/30

,

Callable

10/15/26

@

103.94(a)(i)

............

Seaspan

Corp.,

5.50%,

8/1/29,

Callable

8/4/25

@

101.38(a)

.........................

VistaJet

Malta

Finance

PLC/Vista

Management

Holding,

Inc.,

6.38%,

2/1/30,

Callable

8/2/25

@

103.19(a)(i)

.....................................................

608

569

5,258

Information

Technology

(0.6%):

Seagate

HDD

Cayman

8.50%,

7/15/31,

Callable

7/15/26

@

104.25 ................................

9.63%,

12/1/32

....................................................

661

Materials

(1.7%):

Alcoa

Nederland

Holding

BV,

7.13%

,

3/15/31,

Callable

3/15/27

@

103.56(a)

............

Aris

Mining

Corp.,

8.00%,

10/31/29,

Callable

10/31/26

@

104(a)

....................

Endeavour

Mining

PLC,

7.00%,

5/28/30,

Callable

5/28/27

@

103.5(a)

.................

Ivanhoe

Mines

Ltd.,

7.88%,

1/23/30,

Callable

1/23/27

@

103.94(a)

...................

Mineral

Resources

Ltd.,

9.25%,

10/1/28,

Callable

10/1/25

@

104.63(a)

................

NOVA

Chemicals

Corp.

9.00%,

2/15/30,

Callable

8/15/26

@

104.5(a)

...............................

1,150

1,242

7.00%,

12/1/31

,

Callable

12/1/27

@

103.5(a)

...............................

2,084

Total

Yankee

Dollars

(Cost

$19,126)

a

a

a

19,591

Commercial

Paper

(7.3%)

Consumer

Staples

(1.5%):

CVS

Health

Corp.,

4.85%,

7/7/25(a)(k)

.......................................

1,100

1,099

JBS

USA

Food

Group

Holdings,

Inc.,

4.90%,

7/1/25(a)(k)

..........................

800

800

1,899

Energy

(0.9%):

Canadian

Natural

Resources

Ltd.,

4.95%,

7/15/25(a)(k)

............................

1,100

1,098

Health

Care

(1.0%):

HCA,

Inc.

Victory

Portfolios

#### Victory

#### High

#### Yield

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 4.82%,

7/2/25(a)(k)

.................................................

$

$

4.89%,

7/17/25(a)(k)

................................................

750

748

1,198

Industrials

(2.7%):

Air

Lease

Corp.,

4.70%,

7/8/25(a)(k)

.........................................

1,100

1,099

Global

Payments,

Inc.

,

4.90%,

7/2/25(a)(k)

....................................

1,100

1,099

Sonoco

Products

Co.,

5.03%,

7/1/25(a)(k)

.....................................

1,100

1,100

3,298

Materials

(0.9%):

FMC

Corp.,

5.12%,

7/1/25(a)(k)

............................................

1,100

1,100

Technology

(0.3%):

Jabil,

Inc.,

.11%,

7/2/25(a)(k)

.............................................

Total

Commercial

Paper

(Cost

$8,954)

a

a

a

8,953

Shares

Exchange-Traded

Funds

(4.8%)

iShares

BB

Rated

Corporate

Bond

ETF(i)

.....................................

73,000

3,431

SPDR

Portfolio

High

Yield

Bond

ETF

........................................

100,000

2,380

Total

Exchange-Traded

Funds

(Cost

$5,588)

a

a

a

5,811

Collateral

for

Securities

Loaned

(3.8%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

4.23%(l)

........

1,149,502

1,149

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

4.27%(l)

............

1,149,502

1,149

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

4.29%(l)

................

1,149,502

1,150

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

4.24%(l)

.

1,149,502

1,150

Total

Collateral

for

Securities

Loaned

(Cost

$4,598)

a

a

a

4,598

Total

Investments

(Cost

$125,623)

—

102.4%

124,648

Liabilities

in

excess

of

other

assets

— (2.4)%

(2,920)

NET

ASSETS

-

100.00%

$

121,728

At

June

30,

2025,

the

Fund's

investments

in

foreign

securities

were

17.6%

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

June

30,

2025,

the

fair

value

of

these

securities

was

$98,567

(thousands)

and

amounted

to

81.0%

of

net

assets.

(b) Non-income

producing

security.

(c) 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) Rounds

to

less

than

$1

thousand.

(e) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

0.0%

of

net

assets

as

of

June

30,

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) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

June

30,

2025. (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) All

or

a

portion

of

this

security

is

on

loan.

(j) Up

to

8.75%

of

the

coupon

may

be

PIK.

(k) Rate

represents

the

effective

yield

at

June

30,

2025. (l) Rate

disclosed

is

the

daily

yield

on

June

30,

2025. ABS

—

Asset-Backed

Securities

bps

—

Basis

points

ETF

—

Exchange-Traded

Fund

H15T5Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

June

30,

2025. ICE

—

Intercontinental

Exchange,

Inc.

Victory

Portfolios

#### Victory

#### High

#### Yield

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

IBA

—

ICE

Benchmark

Administration

Limited

LLC

—

Limited

Liability

Company

LP

—

Limited

Partnership

PIK

—

Payment-in-Kind

PLC

—

Public

Limited

Company

SOFR

—

Secured

Overnight

Financing

Rate

SOFR01M

—

Month

SOFR,

rate

disclosed

as

of

June

30,

2025. SOFR03M

—

Month

SOFR,

rate

disclosed

as

of

June

30,

2025. SOFR06M

—

Month

SOFR,

rate

disclosed

as

of

June

30,

2025. USISOA05

—

ICE

IBA

-

USD

SOFR

Spread-Adjusted

ICE

Year

Swap

Rate,

rate

disclosed

as

of

June

30,

2025. Schedule

of

Portfolio

Investments

June

30,

2025

Victory

Portfolios

#### Victory

#### Tax-Exempt

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Municipal

Bonds

(100.0%)

Alabama

(2.3%):

Mobile

County

IDA

Revenue

AMT

,

Series

A

,

.00

%

,

6/1/54

,

Continuously

Callable

@100

..

$

$

Southeast

Energy

Authority

A

Cooperative

District

Revenue

,

Series

A

,

.00

%

,

1/1/56

......

500

509

747

Arizona

(1.6%):

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

AMT

,

Series

B

,

.00

%

,

7/1/44

,

Continuously

Callable

@100

...........................................

540

536

Arkansas

(2.1%):

Arkansas

Development

Finance

Authority

Revenue

,

.20

%

,

12/1/49

,

Continuously

Callable

@100

...........................................................

750

523

University

of

Central

Arkansas

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

A

,

.00

%

,

11/1/49

,

Continuously

Callable

@100

............................

705

California

(1.3%):

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

Revenue

AMT

,

Series

A

,

.00

%

,

5/1/52

,

Continuously

Callable

@100

....................

500

Colorado

(5.0%):

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

,

.50

%

,

7/1/53

,

Continuously

Callable

@100

.....................................................

500

Colorado

Health

Facilities

Authority

Revenue

,

Series

A

,

.00

%

,

12/1/50

,

Continuously

Callable

@103

...........................................................

750

608

Gold

Hill

Mesa

Metropolitan

District

No.

2,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

A

,

.50

%

,

12/1/47

,

Continuously

Callable

@100

........................

585

598

1,655

Florida

(11.4%):

Capital

Trust

Agency,

Inc.

Revenue

,

.00

%

,

8/1/55

,

Continuously

Callable

@100

.........

City

of

Pompano

Beach

Revenue

,

.00

%

,

9/1/50

,

Continuously

Callable

@103

...........

500

County

of

Broward

Airport

System

Revenue

AMT

,

Series

A

,

.00

%

,

10/1/49

,

Continuously

Callable

@100

.....................................................

500

County

of

Broward

Port

Facilities

Revenue

AMT

,

Series

B

,

.00

%

,

9/1/49

,

Continuously

Callable

@100

.....................................................

500

County

of

Lee

Airport

Revenue

AMT

,

.25

%

,

10/1/54

,

Continuously

Callable

@100

.......

500

502

County

of

Miami-Dade

Seaport

Department

Revenue

AMT

,

Series

,

.00

%

,

10/1/50

,

Continuously

Callable

@100

...........................................

500

Florida

Development

Finance

Corp.

Revenue

,

Series

A

,

.00

%

,

6/15/55

,

Continuously

Callable

@100

...........................................................

500

Hillsborough

County

IDA

Revenue

,

.00

%

,

8/1/50

,

Continuously

Callable

@100

.........

500

St.

Johns

County

IDA

Revenue

,

.00

%

,

8/1/55

,

Continuously

Callable

@103

............

500

3,754

Georgia

(4.9%):

Private

Colleges

&

Universities

Authority

Revenue

,

.25

%

,

10/1/51

,

Continuously

Callable

@100

...........................................................

500

515

The

Development

Authority

of

Burke

County

Revenue

,

Series

,

.80

%

,

7/1/49

,

Continuously

Callable

@100

(a) ...................................................

1,100

1,100

1,615

Guam

(3.0%):

Port

Authority

of

Guam

Revenue

,

Series

A

,

.00

%

,

7/1/48

,

Continuously

Callable

@100

....

1,000

993

Illinois

(12.9%):

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Revenue

,

.00

%

,

4/1/46

,

Continuously

Callable

@100

...........................................

1,275

1,298

City

of

Chicago

Wastewater

Transmission

Revenue

,

Series

A

,

.00

%

,

1/1/47

,

Continuously

Callable

@100

.....................................................

1,000

1,001

Sales

Tax

Securitization

Corp.

Revenue

,

Series

C

,

.00

%

,

1/1/43

,

Continuously

Callable

@100

1,500

1,508

State

of

Illinois,

GO

,

Series

B

,

.50

%

,

5/1/48

,

Continuously

Callable

@100

.............

500

4,254

Indiana

(1.5%):

Indiana

Finance

Authority

Revenue

,

Series

A

,

.50

%

,

7/1/52

,

Continuously

Callable

@100

..

500

501

Iowa

(1.2%):

Iowa

Finance

Authority

Revenue

,

Series

,

.00

%

,

5/15/55

,

Continuously

Callable

@103

.

500

Victory

Portfolios

#### Victory

#### Tax-Exempt

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Maryland

(0.8%):

City

of

Gaithersburg

Revenue

,

.13

%

,

1/1/42

,

Continuously

Callable

@103

.............

$

$

Massachusetts

(1.3%):

University

of

Massachusetts

Building

Authority

Revenue

,

Series

2021-1

,

.00

%

,

11/1/39

,

Continuously

Callable

@100

...........................................

Michigan

(2.9%):

City

of

Detroit,

GO

,

Series

C

,

.00

%

,

5/1/43

,

Continuously

Callable

@100

..............

Michigan

Finance

Authority

Revenue

.00

%

,

2/15/50

,

Continuously

Callable

@100

...............................

500

.00

%

,

12/1/51

,

Continuously

Callable

@100

...............................

954

Missouri

(3.0%):

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

,

.25

%

,

12/1/42

,

Continuously

Callable

@100

(b) ........................................

1,150

1,003

New

Hampshire

(1.5%):

New

Hampshire

Business

Finance

Authority

Revenue

,

Series

A

,

.25

%

,

7/1/48

,

Continuously

Callable

@103

.....................................................

500

New

Jersey

(2.2%):

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Series

A

,

12/15/38

(c) ................................................

1,000

557

Series

BB

,

.50

%

,

6/15/46

,

Continuously

Callable

@100

......................

712

New

York

(12.0%):

Build

NYC

Resource

Corp.

Revenue

,

.75

%

,

6/15/53

,

Continuously

Callable

@100

.......

City

of

Dunkirk,

GO

,

.50

%

,

7/24/25

(b) ......................................

Metropolitan

Transportation

Authority

Dedicated

Tax

Fund

Revenue

,

Series

,

.00

%

,

11/15/56

,

Continuously

Callable

@100

...................................

1,545

1,489

Metropolitan

Transportation

Authority

Revenue

,

Series

,

.00

%

,

11/15/49

,

Continuously

Callable

@100

.....................................................

500

New

York

Counties

Tobacco

Trust

II

Revenue

,

.75

%

,

6/1/43

,

Continuously

Callable

@100

.

New

York

State

Dormitory

Authority

Revenue

,

.00

%

,

7/1/40

,

Continuously

Callable

@100

.

Schenectady

County

Capital

Resource

Corp.

Revenue

,

.25

%

,

7/1/52

,

Continuously

Callable

@100

...........................................................

TSASC,

Inc.

Revenue

,

Series

A

,

.00

%

,

6/1/41

,

Continuously

Callable

@100

............

1,000

974

3,965

North

Carolina

(2.0%):

North

Carolina

Medical

Care

Commission

Revenue

Series

A

,

.00

%

,

9/1/50

,

Continuously

Callable

@100

.........................

500

Series

A

,

.00

%

,

10/1/50

,

Continuously

Callable

@103

........................

651

Ohio

(9.4%):

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

,

Series

,

.00

%

,

6/1/55

,

Continuously

Callable

@100

...........................................

900

764

County

of

Franklin

Revenue

,

Series

B

,

.00

%

,

7/1/45

,

Continuously

Callable

@103

.......

500

County

of

Hardin

Revenue

,

.00

%

,

5/1/30

,

Continuously

Callable

@103

...............

Logan

Elm

Local

School

District,

GO

,

.00

%

,

11/1/55

,

Continuously

Callable

@100

......

1,500

1,251

Ohio

Higher

Educational

Facility

Commission

Revenue

,

.00

%

,

9/1/47

,

Continuously

Callable

@100

...........................................................

3,098

Pennsylvania

(2.5%):

Pennsylvania

Economic

Development

Financing

Authority

Revenue

,

Series

,

.00

%

,

5/15/53

,

Continuously

Callable

@100

....................................

1,000

831

South

Carolina

(1.5%):

Charleston

County

Airport

District

Revenue

AMT

,

Series

A

,

.25

%

,

7/1/54

,

Continuously

Callable

@100

.....................................................

500

507

Texas

(8.1%):

Arlington

Higher

Education

Finance

Corp.

Revenue

(NBGA

-

Texas

Permanent

School

Fund)

,

.13

%

,

8/15/54

,

Continuously

Callable

@100

...............................

500

City

of

Arlington

Tax

Allocation

,

.00

%

,

8/15/50

,

Continuously

Callable

@100

..........

500

Victory

Portfolios

#### Victory

#### Tax-Exempt

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Clifton

Higher

Education

Finance

Corp.

Revenue

(NBGA

-

Texas

Permanent

School

Fund)

,

.25

%

,

4/1/53

,

Continuously

Callable

@100

...............................

$

750

$

664

Port

of

Port

Arthur

Navigation

District

Revenue

Series

A

,

.05

%

,

4/1/40

,

Continuously

Callable

@100

(a) .......................

Series

C

,

.00

%

,

4/1/40

,

Continuously

Callable

@100

(a) .......................

1,100

1,100

2,671

Utah

(4.4%):

Military

Installation

Development

Authority

Revenue

,

Series

,

.00

%

,

6/1/41

,

Continuously

Callable

@103

.....................................................

Utah

Charter

School

Finance

Authority

Revenue

,

Series

A

,

.63

%

,

6/15/42

,

Continuously

Callable

@100

(b) ...................................................

Utah

Infrastructure

Agency

Revenue

,

Series

A

,

.00

%

,

10/15/40

,

Continuously

Callable

@100

1,000

984

1,447

Wisconsin

(1.2%):

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

,

.00

%

,

1/1/47

,

Continuously

Callable

@103

.....................................................

500

Total

Municipal

Bonds

(Cost

$36,535)

a

a

a

32,974

Total

Investments

(Cost

$36,535)

—

100.0%

32,974

Other

assets

in

excess

of

liabilities

— (0.0)%(d)

NET

ASSETS

-

100.00%

$

32,983

(a) Variable

Rate

Demand

Notes

that

provide

the

rights

to

sell

the

security

at

face

value

on

either

that

day

or

within

the

rate-reset

period.

The

interest

rate

is

reset

on

the

put

date

at

a

stipulated

daily,

weekly,

monthly,

quarterly,

or

other

specified

time

interval

to

reflect

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

(b) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

June

30,

2025,

the

fair

value

of

these

securities

was

$1,500

(thousands)

and

amounted

to

4.5%

of

net

assets.

(c) Zero-coupon

bond.

(d) Amount

represents

less

than

0.05%

of

net

assets.

AMT

—

Alternative

Minimum

Tax

Continuously

callable

—

Investment

is

continuously

callable

or

will

be

continuously

callable

on

any

date

after

the

first

call

date

until

its

maturity.

GO

—

General

Obligation

IDA

—

Industrial

Development

Authority

Credit

Enhancements

—Adds

the

financial

strength

of

the

provider

of

the

enhancement

to

support

the

issuer's

ability

to

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

be

provided

by

a

high-quality

bank,

insurance

company

or

other

corporation,

or

a

collateral

trust.

The

enhancements

do

not

guarantee

the

market

values

of

the

securities.

INS—Principal

and

interest

payments

are

insured

by

the

name

listed.

Although

bond

insurance

reduces

the

risk

of

loss

due

to

default

by

an

issuer,

such

bonds

remain

subject

to

the

risk

that

value

may

fluctuate

for

other

reasons,

and

there

is

no

assurance

that

the

insurance

company

will

meet

its

obligations.

NBGA—Principal

and

interest

payments

or,

under

certain

circumstances,

underlying

mortgages

are

guaranteed

by

a

nonbank

guarantee

agreement

from

the

name

listed.

Schedule

of

Portfolio

Investments

June

30,

2025

Victory

Portfolios

#### Victory

#### High

#### Income

#### Municipal

#### Bond

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Municipal

Bonds

(98.6%)

Alabama

(5.8%):

Mobile

County

IDA

Revenue

AMT

,

Series

A

,

.00

%

,

6/1/54

,

Continuously

Callable

@100

..

$

$

Southeast

Energy

Authority

A

Cooperative

District

Revenue

Series

A

,

.00

%

,

1/1/56

,

(Put

Date

6/1/35)

(a) ...............................

1,000

1,018

Series

B

,

.25

%

,

3/1/55

,

(Put

Date

1/1/33)

(a) ...............................

1,000

1,045

2,301

Arizona

(7.2%):

Arizona

IDA

Revenue

.00

%

,

12/15/51

,

Continuously

Callable

@100

(b) ............................

700

524

Series

A

,

.00

%

,

7/15/51

,

Continuously

Callable

@100

(b) ......................

500

La

Paz

County

IDA

Revenue

,

.00

%

,

2/15/51

,

Continuously

Callable

@100

.............

Maricopa

County

IDA

Revenue

AMT

,

.00

%

,

10/15/47

,

Continuously

Callable

@104

(b) ....

500

The

County

of

Pima

IDA

Revenue

.00

%

,

6/15/51

,

Continuously

Callable

@100

(b) ............................

500

Series

A

,

.88

%

,

11/15/52

,

Continuously

Callable

@103

(b) .....................

The

IDA

of

the

City

of

Phoenix

Revenue

,

.00

%

,

12/1/51

,

Continuously

Callable

@100

(b) ..

1,000

676

2,849

California

(0.1%):

California

County

Tobacco

Securitization

Agency

Revenue

,

Series

,

.00

%

,

6/1/49

,

Continuously

Callable

@100

...........................................

Colorado

(3.2%):

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

,

Series

,

.88

%

,

2/1/59

,

Continuously

Callable

@100

(b) ........................................

1,000

1,011

Denver

Health

&

Hospital

Authority

Revenue

,

Series

A

,

.13

%

,

12/1/50

,

Continuously

Callable

@100

...........................................................

1,259

Delaware

(0.9%):

Delaware

State

Economic

Development

Authority

Revenue

,

.00

%

,

6/1/52

,

Continuously

Callable

@100

.....................................................

500

Florida

(6.7%):

Capital

Trust

Agency,

Inc.

Revenue

,

.38

%

,

5/1/53

,

Continuously

Callable

@100

(b) .......

Escambia

County

Health

Facilities

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

.00

%

,

8/15/50

,

Continuously

Callable

@100

.........................

1,000

689

Florida

Development

Finance

Corp.

Revenue

.00

%

,

7/1/55

,

Continuously

Callable

@100

...............................

500

.25

%

,

10/1/56

,

Continuously

Callable

@100

(b) ............................

500

Pinellas

County

Educational

Facilities

Authority

Revenue

,

Series

A

,

.00

%

,

6/1/46

,

Continuously

Callable

@100

(b) ........................................

500

Seminole

County

IDA

Revenue

,

Series

A

,

.00

%

,

6/15/56

,

Continuously

Callable

@100

(b) ..

705

532

2,678

Georgia

(2.3%):

The

Burke

County

Development

Authority

Revenue

(NBGA

-

Southern

Co.)

,

Series

GA

,

.80

%

,

11/1/52

,

Continuously

Callable

@100

(c) .............................

600

600

The

Development

Authority

of

Burke

County

Revenue

,

Series

,

.80

%

,

7/1/49

,

Continuously

Callable

@100

(c) ...................................................

900

Indiana

(3.6%):

Indiana

Finance

Authority

Revenue

Series

A

,

.13

%

,

12/1/26

.............................................

1,000

1,005

Series

A

,

.00

%

,

7/1/55

,

Continuously

Callable

@100

.........................

500

1,451

Iowa

(2.1%):

Iowa

Finance

Authority

Revenue

Series

A

,

.00

%

,

5/15/48

,

Continuously

Callable

@100

........................

500

Series

,

.00

%

,

5/15/55

,

Continuously

Callable

@103

......................

500

857

Kentucky

(1.2%):

Louisville/Jefferson

County

Metropolitan

Government

Revenue

,

Series

A

,

.00

%

,

5/15/52

,

Continuously

Callable

@100

...........................................

500

Victory

Portfolios

#### Victory

#### High

#### Income

#### Municipal

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Maryland

(0.4%):

Maryland

Economic

Development

Corp.

Revenue

,

.25

%

,

7/1/50

,

Continuously

Callable

@100

...........................................................

$

$

Massachusetts

(3.7%):

Massachusetts

Development

Finance

Agency

Revenue

.00

%

,

10/1/32

,

Continuously

Callable

@103

(b) ............................

.00

%

,

7/1/47

,

Continuously

Callable

@100

...............................

.25

%

,

7/1/55

,

Continuously

Callable

@100

...............................

1,000

956

1,484

Minnesota

(0.8%):

City

of

Woodbury

Revenue

,

.00

%

,

7/1/51

,

Continuously

Callable

@103

...............

Missouri

(1.1%):

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

,

.25

%

,

12/1/42

,

Continuously

Callable

@100

(b) ........................................

500

New

Hampshire

(1.0%):

New

Hampshire

Business

Finance

Authority

Revenue

,

.00

%

,

1/1/51

,

Continuously

Callable

@103

...........................................................

500

New

Jersey

(2.1%):

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

,

Series

A

,

12/15/38

(d) ..........

1,500

835

New

Mexico

(2.2%):

New

Mexico

Hospital

Equipment

Loan

Council

Revenue

,

Series

A

,

.00

%

,

7/1/49

,

Continuously

Callable

@102

...........................................

500

Winrock

Town

Center

Tax

Increment

Development

District

No.

Tax

Allocation

,

.25

%

,

5/1/40

,

Continuously

Callable

@103

(b) ...................................

500

891

New

York

(11.7%):

Build

NYC

Resource

Corp.

Revenue

.75

%

,

6/1/52

,

Continuously

Callable

@100

(b) .............................

.75

%

,

6/1/62

,

Continuously

Callable

@100

(b) .............................

Series

A

,

.00

%

,

6/15/51

,

Continuously

Callable

@100

(b) ......................

500

Series

A

,

.00

%

,

6/15/51

,

Continuously

Callable

@100

(b) ......................

Build

NYC

Resource

Corp.

Revenue

AMT

,

.50

%

,

7/1/55

,

Continuously

Callable

@100

....

City

of

Dunkirk,

GO

,

.50

%

,

7/24/25

(b) ......................................

500

501

Metropolitan

Transportation

Authority

Revenue

Series

,

.00

%

,

11/15/45

,

(Put

Date

5/15/30)

(a) ...........................

Series

,

.00

%

,

11/15/49

,

Continuously

Callable

@100

.....................

500

Monroe

County

Industrial

Development

Corp.

Revenue

,

.00

%

,

12/1/46

,

Continuously

Callable

@100

.....................................................

600

587

New

York

State

Dormitory

Authority

Revenue

.00

%

,

7/1/40

,

Continuously

Callable

@100

...............................

.00

%

,

7/1/40

,

Continuously

Callable

@100

...............................

1,000

873

Onondaga

Civic

Development

Corp.

Revenue

,

.00

%

,

10/1/40

,

Continuously

Callable

@100

.

Western

Regional

Off-Track

Betting

Corp.

Revenue

,

.13

%

,

12/1/41

,

Continuously

Callable

@100

(b) .........................................................

500

4,648

North

Carolina

(0.6%):

North

Carolina

Medical

Care

Commission

Revenue

,

.00

%

,

10/1/50

,

Continuously

Callable

@103

...........................................................

North

Dakota

(2.4%):

City

of

Grand

Forks

Revenue

,

.00

%

,

12/1/36

,

Continuously

Callable

@100

............

1,000

968

Ohio

(4.4%):

County

of

Hardin

Revenue

,

.50

%

,

5/1/50

,

Continuously

Callable

@103

...............

500

Northeast

Ohio

Medical

University

Revenue

,

Series

A

,

.00

%

,

12/1/45

,

Continuously

Callable

@100

...........................................................

Ohio

Higher

Educational

Facility

Commission

Revenue

.00

%

,

9/1/47

,

Continuously

Callable

@100

...............................

Series

2025

,

.50

%

,

10/1/50

,

Continuously

Callable

@100

.....................

865

861

1,759

Victory

Portfolios

#### Victory

#### High

#### Income

#### Municipal

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Oklahoma

(0.7%):

Tulsa

Municipal

Airport

Trust

Trustees

Revenue

AMT

,

.25

%

,

12/1/40

,

Continuously

Callable

@100

...........................................................

$

$

Oregon

(1.9%):

Clackamas

County

Hospital

Facility

Authority

Revenue

Series

A

,

.00

%

,

11/15/52

,

Continuously

Callable

@102

.......................

500

Series

A

,

.38

%

,

11/15/55

,

Continuously

Callable

@102

.......................

Yamhill

County

Hospital

Authority

Revenue

,

Series

A

,

.00

%

,

11/15/51

,

Continuously

Callable

@103

...........................................................

740

Pennsylvania

(2.7%):

Bucks

County

IDA

Revenue

,

.00

%

,

7/1/54

,

Continuously

Callable

@100

..............

500

Chester

County

IDA

Revenue

,

.00

%

,

10/15/52

,

Continuously

Callable

@100

(b) .........

500

Philadelphia

IDA

Revenue

,

Series

DB-8161

,

.15

%

,

7/1/61

,

Callable

8/6/26

@

(b) (c) ...

1,065

South

Carolina

(4.8%):

County

of

Lancaster

Special

Assessment

,

Series

A

,

.00

%

,

12/1/37

,

Continuously

Callable

@100

...........................................................

1,675

1,675

County

of

Richland

Special

Assessment

,

.63

%

,

11/1/31

,

Continuously

Callable

@103

(b) ...

1,927

Texas

(4.6%):

City

of

Houston

Airport

System

Revenue

AMT

,

.00

%

,

7/15/41

,

Continuously

Callable

@100

750

644

Mission

Economic

Development

Corp.

Revenue

AMT

,

.00

%

,

12/1/64

,

(Put

Date

6/1/30)

(a) .

Port

of

Port

Arthur

Navigation

District

Revenue

Series

B

,

.05

%

,

4/1/40

,

Continuously

Callable

@100

(c) .......................

Series

C

,

.00

%

,

4/1/40

,

Continuously

Callable

@100

(c) .......................

600

600

1,852

Utah

(5.4%):

Military

Installation

Development

Authority

Revenue

Series

,

.00

%

,

6/1/41

,

Continuously

Callable

@103

.......................

Series

,

.00

%

,

6/1/52

,

Continuously

Callable

@103

.......................

Utah

Charter

School

Finance

Authority

Revenue

.75

%

,

4/15/50

,

Continuously

Callable

@100

...............................

525

Series

A

,

.63

%

,

6/15/42

,

Continuously

Callable

@100

(b) ......................

Utah

Infrastructure

Agency

Revenue

,

Series

A

,

.38

%

,

10/15/40

,

Continuously

Callable

@100

1,150

1,159

2,142

Vermont

(3.8%):

Vermont

Economic

Development

Authority

Revenue

,

.00

%

,

5/1/45

,

Continuously

Callable

@103

...........................................................

500

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

.00

%

,

10/15/46

,

Continuously

Callable

@100

..............................

750

656

.00

%

,

10/1/52

,

Continuously

Callable

@100

(b) ............................

500

1,494

Virginia

(0.6%):

Salem

Economic

Development

Authority

Revenue

,

.00

%

,

4/1/50

,

Continuously

Callable

@100

...........................................................

West

Virginia

(3.0%):

Monongalia

County

Commission

Excise

Tax

District

Revenue

,

Series

A

,

.75

%

,

6/1/43

,

Continuously

Callable

@100

(b) ........................................

1,000

1,003

West

Virginia

Economic

Development

Authority

Revenue

AMT

,

.45

%

,

1/1/55

,

(Put

Date

3/27/35)

(a) (b) .....................................................

1,207

Wisconsin

(7.6%):

Public

Finance

Authority

Revenue

.00

%

,

4/1/52

,

Continuously

Callable

@100

(b) .............................

500

Series

A

,

.25

%

,

12/1/51

,

Continuously

Callable

@100

(b) ......................

500

Series

A

,

.88

%

,

6/1/52

,

Continuously

Callable

@100

(b) ......................

Series

A

,

.25

%

,

3/1/55

,

Continuously

Callable

@100

(b) ......................

500

Series

A

,

.00

%

,

7/1/55

,

Continuously

Callable

@100

(b) ......................

500

Series

,

.00

%

,

7/1/51

,

Continuously

Callable

@100

(b) .....................

500

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

.00

%

,

1/1/47

,

Continuously

Callable

@103

...............................

500

Victory

Portfolios

#### Victory

#### High

#### Income

#### Municipal

#### Bond

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 4

.00

%

,

12/1/51

,

Continuously

Callable

@100

...............................

$

500

$

3,031

Total

Municipal

Bonds

(Cost

$44,165)

a

a

a

39,260

Total

Investments

(Cost

$44,165)

—

98.6%

39,260

Other

assets

in

excess

of

liabilities

— 1.4%

540

NET

ASSETS

-

100.00%

$

39,800

(a) Put

Bond.

(b) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

June

30,

2025,

the

fair

value

of

these

securities

was

$13,393

(thousands)

and

amounted

to

33.7%

of

net

assets.

(c) Variable

Rate

Demand

Notes

that

provide

the

rights

to

sell

the

security

at

face

value

on

either

that

day

or

within

the

rate-reset

period.

The

interest

rate

is

reset

on

the

put

date

at

a

stipulated

daily,

weekly,

monthly,

quarterly,

or

other

specified

time

interval

to

reflect

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

(d) Zero-coupon

bond.

AMT

—

Alternative

Minimum

Tax

Continuously

callable

—

Investment

is

continuously

callable

or

will

be

continuously

callable

on

any

date

after

the

first

call

date

until

its

maturity.

GO

—

General

Obligation

IDA

—

Industrial

Development

Authority

Credit

Enhancements

—Adds

the

financial

strength

of

the

provider

of

the

enhancement

to

support

the

issuer's

ability

to

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

be

provided

by

a

high-quality

bank,

insurance

company

or

other

corporation,

or

a

collateral

trust.

The

enhancements

do

not

guarantee

the

market

values

of

the

securities.

INS—Principal

and

interest

payments

are

insured

by

the

name

listed.

Although

bond

insurance

reduces

the

risk

of

loss

due

to

default

by

an

issuer,

such

bonds

remain

subject

to

the

risk

that

value

may

fluctuate

for

other

reasons,

and

there

is

no

assurance

that

the

insurance

company

will

meet

its

obligations.

NBGA—Principal

and

interest

payments

or,

under

certain

circumstances,

underlying

mortgages

are

guaranteed

by

a

nonbank

guarantee

agreement

from

the

name

listed.

Schedule

of

Portfolio

Investments

June

30,

2025

Victory

Portfolios

#### Victory

#### Floating

#### Rate

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Collateralized

Loan

Obligations

(0.9%)

Cash

Flow

CLO

(0.9%):

CIFC

Funding

Ltd.,

Series

2020-4A,

Class

DR,

7.06%

(TSFR3M+280bps),

1/15/40,

Callable

1/15/27

@

100(a)(b)

.................................................

$

1,375

$

1,354

Magnetite

XXX

Ltd.,

Series

2021-30A,

Class

D2R,

8.28%

(TSFR3M+400bps),

10/25/37,

Callable

10/25/26

@

100(a)(b)

.........................................

1,375

1,388

Magnetite

XXXIX

Ltd.,

Series

2023-39A,

Class

E2R,

9.53%

(TSFR3M+525bps),

1/25/37,

Callable

1/25/26

@

100(a)(b)

..........................................

1,000

997

3,739

Total

Collateralized

Loan

Obligations

(Cost

$3,821)

a

a

a

3,739

Shares

Common

Stocks

(1.9%)

Communication

Services

(0.4%):

Entercom

Media

Corp.(c)

.................................................

147,854

1,774

Consumer

Discretionary

(0.2%):

Jo-Ann

Stores

LLC(c)(d)

.................................................

38,650

—

Men's

Wearhouse,

Inc.(c)(d)

...............................................

32,607

652

652

Health

Care

(1.3%):

Air

Methods

Corp.(c)

....................................................

79,744

4,984

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)(d)

............................................

241,726

5,008

Total

Common

Stocks

(Cost

$5,022)

a

a

a

7,434

Principal

Amount

(000) Senior

Secured

Loans

(79.7%)

Communication

Services

(8.1%):

Audacy

Capital

LLC,

Tranche

A

Term

Loan,

F

irst

Lien,

11.44%

(SOFR01M+700bps),

9/30/28(a)

........................................................

Audacy

Capital

LLC,

Tranche

B

Term

Loan,

First

Lien,

10.44%

(SOFR01M+600bps),

10/1/29(a)(f)

......................................................

3,863

3,143

CSC

Holdings

LLC,

Term

Loan

2022,

First

Lien,

8.81%

(SOFR01M+450bps),

1/18/28(a)

...

3,855

3,798

Cumulus

Media

New

Holdings,

Inc.,

Incremental

Term

Loan

Facility,

First

Lien,

9.26%

(SOFR03M+500bps),

3/31/26(a)

........................................

14,406

3,515

Dotdash

Meredith,

Inc.,

Term

Loan,

7.82%

(SOFR01M+350bps),

6/7/32(a)

..........

720

719

Frontier

Communications

Holdings

LLC,

Initial

Term

Loans,

First

Lien,

6.79%

(SOFR06M+250bps),

7/1/31(a)

.........................................

3,284

3,279

Gray

Television,

Inc.,

Term

D

Loan,

First

Lien,

7.44%

(SOFR01M+300bps),

12/1/28(a)

....

4,143

4,002

iHeartCommunications,

Inc.,

Second

Amendment

Incremental

Term

Loan,

First

Lien,

10.22%

(SOFR01M+578bps),

5/1/29(a)

.........................................

3,582

2,909

River

Rock

Entertainment

Authority,

6/25/31(g)

.................................

860

834

Virgin

Media

Bristol

LLC,

N

Facility,

First

Lien,

7.37%

(SOFR06M+318bps),

3/31/31(a)

...

4,250

4,191

Ziggo

Financing

Partnership,

Term

Loan

I

Facility,

First

Lien,

6.93%

(SOFR01M+250bps),

4/30/28(a)

........................................................

6,000

5,857

32,704

Consumer

Discretionary

(15.6%):

19th

Holdings

Golf

LLC,

Initial

Term

Loans,

First

Lien,

7.66%

(SOFR01M+325bps),

2/7/29(a)

2,196

2,161

Caesars

Entertainment,

Inc.,

2023

Incremental

Term

B

Loan,

First

Lien,

6.58%

(SOFR01M+225bps),

2/6/30(a)

.........................................

4,789

4,779

Carnival

Corp.,

2025

Repricing

Advance,

First

Lien,

6.31%

(SOFR01M+200bps),

10/18/28(a)

4,607

4,602

Carnival

Corp.,

2025

Repricing

Advance,

First

Lien,

6.31%

(SOFR01M+200bps),

8/9/27(a)

.

Cengage

Learning,

Inc.,

2024

Refinancing

Term

Loan,

First

Lien,

7.83%

(SOFR03M+350bps),

3/24/31(a)

........................................................

3,950

3,956

Entain

PLC,

Facility

B

(USD)

Loan,

First

Lien,

6.67%

(SOFR03M+250bps),

3/29/27(a)

....

1,915

1,916

Victory

Portfolios

#### Victory

#### Floating

#### Rate

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Fitness

International

LLC,

Term

B

Loan,

First

Lien,

9.58%

(SOFR01M+525bps),

2/12/29(a)

.

$

4,444

$

4,448

Fleet

Midco

I

Ltd.,

Term

Loan

B2,

First

Lien,

7.06%

(SOFR06M+275bps),

2/10/31(a)

.....

2,722

2,725

Flutter

Financing

B.V.,

Refinancing

Term

B

Loan,

First

Lien,

6.05%

(SOFR03M+175bps),

11/30/30(a)

.......................................................

4,925

4,907

Graham

Packaging

Co.,

Inc.,

Initial

Term

Loan,

First

Lien,

6.83%

(SOFR01M+250bps),

8/4/27(a)

.........................................................

2,343

2,347

Hanesbrands,

Inc.,

Initial

Trance

B

Term

Loan,

First

Lien,

7.08%

(SOFR01M+275bps),

3/8/32(a)

.........................................................

1,359

1,361

Harbor

Freight

Tools

USA,

Inc.,

Replacement

Term

Loan,

6.58%

(SOFR01M+225bps),

6/11/31(a)

........................................................

1,000

978

Hilton

Grand

Vacations

Borrower

LLC,

Amendment

No.

Term

Loans,

First

Lien,

6.33%

(SOFR01M+200bps),

1/17/31(a)

........................................

1,448

1,445

Holley

Purchaser,

Inc.,

Initial

Term

Loan,

First

Lien,

8.19%

(SOFR01M+375bps),

11/10/28(a)

4,087

3,777

Houghton

Mifflin

Harcourt

Co.,

Term

B

Loans,

First

Lien,

9.63%

(SOFR01M+525bps),

4/7/29(a)

.........................................................

3,286

3,205

LBM

Acquisition

LLC,

Initial

Term

Loan,

First

Lien,

8.18%

(SOFR01M+375bps),

12/20/27(a)

4,552

4,482

Marriott

Ownership

Resorts,

Inc.,

2024

Incremental

Term

Loans,

First

Lien,

6.58%

(SOFR01M+225bps),

4/1/31(a)

.........................................

4,950

4,950

McGraw-Hill

Education,

Inc.,

2024

Term

Loans,

First

Lien,

7.58%

(SOFR03M+325bps),

8/6/31(a)

.........................................................

4,019

4,030

Petco

Health

and

Wellness

Co.,

Inc.,

Initial

Term

Loans,

First

Lien,

7.81%

(SOFR03M+325bps),

2/25/28(a)

........................................

3,377

3,103

RVR

Dealership

Holdings

LLC,

2/8/28(g)

.....................................

1,995

1,821

Travel

+

Leisure

Co.,

Term

Loan

B,

First

Lien,

6.83%

(SOFR03M+250bps),

12/14/29(a)

....

2,173

2,174

63,329

Consumer

Staples

(2.1%):

B&G

Foods,

Inc.,

Tranche

Term

Loans,

First

Lien,

7.83%

(SOFR01M+350bps),

10/10/29(a)

.......................................................

6,401

5,814

First

Brands

Group

LLC,

2021

Term

Loans,

First

Lien,

9.54%

(SOFR03M+500bps),

3/24/27(a)

2,266

2,137

Goat

Holdco

LLC,

Term

Loan

B,

First

Lien,

7.08%

(SOFR01M+275bps),

12/9/31(a)

......

635

636

8,587

Energy

(3.7%):

Ai

Aqua

Merger

Sub,

Inc.,

2025

Refinancing

Term

B

Loans,

First

Lien,

7.32%

(SOFR01M+300bps),

7/31/28(a)

........................................

996

997

Constellation

Renewables

LLC,

Term

Loans,

First

Lien,

6.58%

(SOFR03M+225bps),

12/15/27(a)

.......................................................

2,744

2,750

Delek

U.S.

Holdings,

Inc.,

Initial

Term

Loan,

First

Lien,

7.93%

(SOFR01M+350bps),

11/19/29(a)

.......................................................

3,816

3,744

NorthRiver

Midstream

Finance

LP,

Initial

Term

B,

First

Lien,

6.55%

(SOFR03M+225bps),

8/16/30(a)

........................................................

3,026

3,037

Traverse

Midstream

Partners

LLC,

Advance,

First

Lien,

7.28%

(SOFR03M+300bps),

2/16/28(a)

........................................................

4,014

4,019

14,547

Financials

(11.9%):

Acrisure,

LLC,

Term

B6,

First

Lien,

7.58%

(SOFR01M+325bps),

6/7/32(a)

.............

1,290

1,288

AIP

RD

Buyer

Corp.,

12/23/30(g)

...........................................

Allspring

Buyer

LLC,

Term

Loan

B,

First

Lien,

7.31%

(SOFR01M+300bps),

11/1/30(a)

....

978

982

Arsenal

AIC

Parent

LLC,

2024

Refinancing

Term

B

Loans,

First

Lien,

7.08%

(SOFR03M+275bps),

8/18/30(a)

........................................

4,422

4,412

Asurion

LLC,

9/19/30(g)

.................................................

1,000

971

BW

NHHC

Holdco,

Inc.,

Term

Loan

Lien

2,

Second

Lien,

13.33%

(SOFR03M+900bps),

5/15/26(a)

........................................................

3,000

600

Camelot

US

Acquisition

LLC,

1/31/31(g)

......................................

892

892

Central

Parent

LLC,

2024

Refinancing

Term

Loan,

First

Lien,

7.55%

(SOFR03M+325bps),

7/6/29(a)

.........................................................

993

826

Chariot

Buyer

LLC,

Initial

Term

Loans,

First

Lien,

7.68%

(SOFR01M+325bps),

11/3/28(a)

..

3,764

3,768

Clydesdale

Acquisition

Holdings,

Inc.,

Term

B

Loans,

First

Lien,

7.50%

(SOFR01M+318bps),

4/13/29(a)

........................................................

2,397

2,391

DS

Parent,

Inc.,

Term

Loan

B,

9.80%

(SOFR03M+550bps),

1/31/31(a)

................

1,995

1,783

Fortress

Intermediate

3,

Inc.,

Tranche

B

Term

Loan,

7.32%,

8/4/25

...................

GIP

Pilot

Acquisition

Partners

LP,

2024

Term

Loan

B,

First

Lien,

6.28%

(SOFR03M+200bps),

10/4/30(a)

........................................................

2,770

2,772

Victory

Portfolios

#### Victory

#### Floating

#### Rate

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Gloves

Buyer,

Inc.,

Term

Loan,

First

Lien,

1/17/32(g)

.............................

$

1,218

$

1,192

Hamilton

Projects

Acquiror

LLC,

5/30/31(g)

...................................

750

752

IXS

Holdings,

Inc.,

3/5/27(g)

..............................................

2,992

2,904

LSF12

Badger

Bidco

LLC,

7/10/30(g)

........................................

1,995

1,935

Neptune

BidCo

US,

Inc.,

Dollar

Term

B

Loan,

First

Lien,

9.33%

(SOFR03M+500bps),

4/11/29(a)

........................................................

2,240

2,113

Novae

LLC,

Tranche

B

Term

Loan,

9.45%

(SOFR03M+500bps),

12/22/28(a)

............

2,000

1,880

Oldcastle

BuildingEnvelope,

Inc.,

Term

B

Loans,

First

Lien,

8.55%

(SOFR06M+425bps),

4/29/29(a)

........................................................

6,304

5,789

Orion

U.S.

Finco,

5/20/32(g)

...............................................

1,503

1,508

Sedgwick

Claims

Management

Services,

Inc.,

2024

Term

Loans,

First

Lien,

7.33%

(SOFR03M+300bps),

2/24/28(a)

........................................

2,645

2,653

Shift4

Payments

LLC/Shift4

Payments

Finance

Sub,

Inc.,

5/10/32(g)

..................

500

504

VOYAGER

PARENT

LLC,

Term

Loan

B,

First

Lien,

5/9/32(g)

......................

1,000

989

WestJet

Loyalty

LP,

Initial

Term

Loan,

First

Lien,

7.55%

(SOFR03M+325bps),

2/14/31(a)

..

4,938

4,935

48,750

Health

Care

(12.6%):

Amneal

Pharmaceuticals

LLC,

Initial

Term

Loan,

First

Lien,

9.83%

(SOFR01M+550bps),

5/4/28(a)

.........................................................

6,410

6,509

Covis

Pharma

Holdings

SARL,

Dollar

Term

B

Loans,

First

Lien,

2/18/27(g)

.............

9,275

3,455

Embecta

Corp.,

Initial

Term

Loan,

First

Lien,

7.33%

(SOFR01M+300bps),

4/2/29(a)

......

4,229

4,205

Global

Medical

Response,

Inc.,

2024

Extended

Term

Loan,

First

Lien,

9.08%

(SOFR01M+475bps),

10/2/28(a)

........................................

5,860

5,863

Knight

Health

Holdings

LLC,

Term

B

Loans,

First

Lien,

9.69%

(SOFR01M+525bps),

12/26/28(a)

.......................................................

22,666

8,926

LifePoint

Health,

Inc.,

2024-1

Refinancing

Term

Loan,

First

Lien,

8.01%

(SOFR03M+375bps),

5/14/31(a)

........................................................

4,919

4,861

LifeScan

Global

Corporation,

Initial

Term

Loan,

First

Lien,

10.92%

(SOFR03M+650bps),

12/31/26(a)

.......................................................

8,440

5,365

LifeScan

Global

Corporation,

Term

Loan,

Second

Lien

(SOFR03M+950bps),

12/31/27(a)(g)

.

3,750

563

Perrigo

Investments

LLC,

2024

Refinancing

Term

B

Loan,

First

Lien,

6.33%

(SOFR01M+200bps),

4/20/29(a)

........................................

2,996

2,995

Radiology

Partners,

Inc.,

Term

B

Loans,

First

Lien,

8.09%

(SOFR03M+350bps),

7/9/25(a)

..

Rising

Tide

Holdings,

Inc.,

Tranche

B

Term

Loan,

First

Lien,

6/13/28(g)

...............

3,730

2,201

Surgery

Center

Holdings,

Inc.,

2024

Refinancing

Term

Loans,

First

Lien,

7.08%

(SOFR01M+275bps),

12/19/30(a)

.......................................

1,980

1,986

Team

Health

Holdings,

Inc.,

Facility

Extended

Trem

Loan,

First

Lien,

9.53%

(SOFR03M+525bps),

2/2/27(a)

.........................................

3,859

3,834

50,807

Industrials

(14.6%):

AAdvantage

Loyality

IP

Ltd.

(American

Airlines,

Inc.),

2025

Replacement

Term

Loan,

6.52%

(SOFR01M+225bps),

4/20/28(a)

........................................

3,292

3,267

American

Auto

Auction

Group

LLC,

5/24/32(g)

.................................

556

558

Arches

Buyer,

Inc.,

Refinancing

Term

Loan,

First

Lien,

7.68%

(SOFR01M+325bps),

12/6/27(a)

........................................................

1,969

1,943

AZZ,

Inc.,

Initial

Term

Loan,

First

Lien,

6.83%

(SOFR01M+250bps),

5/13/29(a)

.........

1,824

1,835

Chart

Industries,

Inc.,

Amendment No.

Term

Loan,

First

Lien,

6.79%

(SOFR03M+250bps),

3/18/30(a)

........................................................

2,432

2,435

Core

&

Main

LP,

Term

Loan

B,

First

Lien,

6.27%

(SOFR01M+200bps),

2/10/31(a)

........

4,197

4,199

Cornerstone

Building

Brands,

Inc.,

Tranche

B

Term

Loan,

First

Lien,

7.66%

(SOFR01M+325bps),

4/12/28(a)

........................................

3,348

2,979

Delta

Air

Lines,

Inc.

and

SkyMiles

IP

Ltd.,

Initial

Term

Loan,

First

Lien,

8.02%

(SOFR03M+375bps),

10/20/27(a)

.......................................

3,412

3,429

First

Advantage

Holdings

LLC,

10/31/31(g)

....................................

1,500

1,500

Gates

Global

LLC,

Initial

Dollar

Term

Loans,

First

Lien,

6.08%

(SOFR01M+175bps),

6/4/31(a)

.........................................................

5,950

5,945

Harsco

Corp.,

Term

Loans,

First

Lien,

6.69%

(SOFR01M+225bps),

3/10/28(a)

........

3,863

3,816

Hertz

Corp.,

Initial

Term

B

Loans,

First

Lien,

8.04%

(SOFR01M+350bps),

6/30/28(a)

......

1,024

848

Hertz

Corp.,

Initial

Term

C

Loan,

First

Lien,

8.04%

(SOFR01M+350bps),

6/30/28(a)

......

Innio

North

America

Holding,

Inc.,

Term

Loan

B,

First

Lien,

6.76%

(SOFR03M+250bps),

11/6/28(a)

........................................................

3,620

3,624

Victory

Portfolios

#### Victory

#### Floating

#### Rate

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Janus

International

Group

LLC,

Term

Loan

B,

First

Lien,

6.78%

(SOFR01M+250bps),

8/5/30(a)

.........................................................

$

3,546

$

3,531

Karman

Holdings

Inc.,

Initial

Term

Loan,

7.80%

(SOFR03M+350bps),

4/1/32(a)

.........

825

826

LS

Group

OpCo.

Acquistion

LLC,

Term

Loan

B,

First

Lien,

6.83%

(SOFR01M+250bps),

4/23/31(a)

........................................................

4,665

4,656

Madison

IAQ

LLC,

Initial

Term

Loans,

First

Lien,

6.76%

(SOFR06M+250bps),

6/16/28(a)

..

2,988

2,988

Rising

Tide

Holdings,

Inc.,

Term

Loan

A,

First

Lien,

6/13/28(g)

......................

1,411

1,404

The

Dun

&

Bradstreet

Corp.,

2022

Incremental

Term

Loan,

First

Lien,

6.57%

(SOFR01M+225bps),

1/18/29(a)

........................................

2,459

2,457

Vestis

Corp.,

Term

Loan,

First

Lien,

6.58%

(SOFR03M+225bps),

2/24/31(a)

.........

2,494

2,385

WireCo

WorldGroup,

Inc.,

Term

Loan

B,

First

Lien,

8.02%

(SOFR03M+375bps),

11/13/28(a)

(d) .............................................................

3,738

3,532

58,326

Information

Technology

(4.5%):

Cloud

Software

Group,

Inc.,

Seventh

Amendment

Tranche

Term

Loan,

First

Lien,

7.80%

(SOFR03M+350bps),

3/29/29(a)

........................................

4,890

4,893

Commscope

LLC,

12/17/29(g)

.............................................

1,500

1,516

McAfee

Corp.,Term

Loan

B,

First

Lien,

7.32%

(SOFR01M+300bps),

3/1/29(a)

..........

2,960

2,870

MH

SUB

I

LLC,

Term

Loan,

First

Lien,

8.58%

(SOFR01M+425bps),

5/3/28(a)

..........

2,352

2,204

MH

SUB

I

LLC,

Term

Loan,

First

Lien,

8.58%

(SOFR01M+425bps),

12/31/31(a)

........

1,592

1,379

Project

Alpha

Intermediate

Holding,

Inc.,

Second

Amendment

Refinancing

Term

Loan,

First

Lien,

7.55%

(SOFR03M+325bps),

10/28/30(a)

..............................

997

1,002

Proofpoint,

Inc.,

Term

Loan,

First

Lien,

7.33%

(SOFR01M+300bps),

8/31/28(a)

..........

2,216

2,216

Sandisk

Corporation,

Term

B

Loan,

First

Lien,

7.32%

(SOFR03M+300bps),

12/13/31(a)

....

1,425

1,416

17,496

Materials

(5.8%):

Ahlstrom

Holding

Oy,

5/23/30(g)

..........................................

1,927

1,920

Anchor

Packaging

LLC,

Term

Loan,

First

Lien,

7.56%

(SOFR01M+325bps),

7/18/29(a)

....

3,967

3,986

Bakelite

US

Holdco,

Inc.,

Term

Loan

B,

First

Lien,

8.05%

(SOFR03M+375bps),

12/16/31(a)

1,965

1,937

IMC

Financing

LLC,

Term

Loan

B,

7.81%

(SOFR03M+350bps),

6/2/32(a)

.............

689

692

Ineos

U.S.

Finance

LLC,

2030

Dollar

Term

Loans,

First

Lien,

7.58%

(SOFR01M+325bps),

2/16/30(a)

........................................................

3,886

3,717

Light

&

Wonder

International,

Inc.,

Term

Loans,

First

Lien,

6.56%

(SOFR01M+225bps),

4/16/29(a)

........................................................

4,829

4,826

White

Cap

Supply

Holdings

LLC,

Tranche

C

Term

Facility,

First

Lien,

7.58%

(SOFR01M+325bps),

10/19/29(a)

.......................................

6,130

6,087

23,165

Real

Estate

(0.8%):

RealPage,

Inc.,

Initial

Term

Loan,

First

Lien,

7.56%

(SOFR03M+300bps),

4/22/28(a)

......

3,387

3,361

Total

Senior

Secured

Loans

(Cost

$360,819)

a

a

a

321,072

Corporate

Bonds

(7.3%)

Communication

Services

(1.5%):

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

4.75%,

2/1/32,

Callable

2/1/27

@

102.38(b)

1,260

1,194

Clear

Channel

Outdoor

Holdings,

Inc.,

7.88%,

4/1/30,

Callable

10/1/26

@

103.94(b)

.......

1,560

1,610

CSC

Holdings

LLC,

11.75%,

1/31/29,

Callable

1/31/26

@

105.88(b)

..................

1,000

948

Cumulus

Media

New

Holdings,

Inc.,

8.00%,

7/1/29,

Callable

8/2/25

@

100(b)

...........

2,315

655

Windstream

Services

LLC/Windstream

Escrow

Finance

Corp.,

8.25%,

10/1/31,

Callable

10/1/27

@

104.13(b)

................................................

1,700

1,780

6,187

Consumer

Discretionary

(0.5%):

Scientific

Games

Holdings

LP/Scientific

Games

US

FinCo,

Inc.,

6.63%,

3/1/30,

Callable

8/2/25

@

103.31(b)

......................................................

2,000

1,927

Energy

(0.7%):

Alpha

Generation

LLC,

6.75%,

10/15/32,

Callable

10/15/27

@

103.38(b)

...............

1,000

1,032

CQP

Holdco

LP/BIP-V

Chinook

Holdco

LLC,

7.50%,

12/15/33,

Callable

12/15/28

@

103.75(b)

........................................................

1,500

1,627

2,659

Financials

(1.4%):

Hudson

River

Trading

LLC,

7.33%,

3/18/30

....................................

1,685

1,681

Victory

Portfolios

#### Victory

#### Floating

#### Rate

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Olympus

Water

US

Holding

Corp.,

9.75%,

11/15/28,

Callable

8/2/25

@

104.88(b)

........

$

1,000

$

1,053

Shift4

Payments

LLC/Shift4

Payments

Finance

Sub,

Inc.,

6.75%,

8/15/32,

Callable

8/15/27

@

103.38(b)

........................................................

1,500

1,559

Stagwell

Global

LLC,

5.63%,

8/15/29,

Callable

8/2/25

@

102.81(b)

...................

1,500

1,435

5,728

Health

Care

(0.9%):

AdaptHealth

LLC,

5.13%,

3/1/30,

Callable

7/13/25

@

102.56(b)

.....................

1,000

951

CHS/Community

Health

Systems,

Inc.,

6.13%,

4/1/30,

Callable

8/2/25

@

103.06(b)

.......

1,000

738

Owens

&

Minor,

Inc.,

6.63%,

4/1/30,

Callable

8/2/25

@

103.31(b)

....................

1,000

940

U.S.

Acute

Care

Solutions

LLC,

9.75%,

5/15/29,

Callable

5/15/26

@

104.88(b)

..........

1,140

1,176

3,805

Information

Technology

(0.8%):

Cloud

Software

Group,

Inc.,

6.50%,

3/31/29,

Callable

9/30/25

@

103.25(b)

.............

1,500

1,514

EquipmentShare.com,

Inc.,

8.00%,

3/15/33,

Callable

9/15/27

@

104(b)

................

1,455

1,525

3,039

Materials

(1.1%):

Allied

Universal

Holdco

LLC,

7.88%,

2/15/31,

Callable

2/15/27

@

103.94(b)

............

1,000

1,045

Methanex

US

Operations,

Inc.,

6.25%,

3/15/32,

Callable

9/15/31

@

100(b)

.............

1,000

997

Novelis

Corp.,

3.88%,

8/15/31,

Callable

8/15/26

@

101.94(b)

.......................

1,000

897

Tronox,

Inc.,

4.63%,

3/15/29,

Callable

8/2/25

@

101.16(b)

.........................

1,500

1,294

4,233

Real

Estate

(0.2%):

Uniti

Group

LP/Uniti

Group

Finance,

Inc./CSL

Capital

LLC,

10.50%,

2/15/28,

Callable

9/15/25

@

105.25(b)

................................................

784

831

Utilities

(0.2%):

Clearway

Energy

Operating

LLC,

3.75%,

2/15/31,

Callable

2/15/26

@

101.88(b)

.........

1,000

918

Total

Corporate

Bonds

(Cost

$31,210)

a

a

a

29,327

Yankee

Dollars

(1.0%)

Financials

(0.7%):

Diamond

Foreign

Asset

Co./Diamond

Finance

LLC,

8.50%,

10/1/30,

Callable

10/1/26

@

104.25(b)

........................................................

1,250

1,301

GGAM

Finance

Ltd.,

8.00%,

6/15/28,

Callable

12/15/27

@

100(b)

...................

1,500

1,587

2,888

Materials

(0.3%):

First

Quantum

Minerals

Ltd.,

8.63%,

6/1/31,

Callable

6/1/26

@

104.31(b)

..............

1,000

1,037

Total

Yankee

Dollars

(Cost

$3,817)

a

a

a

3,925

Shares

Exchange-Traded

Funds

(4.1%)

Invesco

Senior

Loan

ETF

.................................................

400,000

8,368

SPDR

Blackstone

Senior

Loan

ETF

..........................................

200,000

8,318

Total

Exchange-Traded

Funds

(Cost

$16,825)

a

a

a

16,686

Total

Investments

(Cost

$421,514)

—

94.9%

382,183

Other

assets

in

excess

of

liabilities

— 5.1%

20,442

NET

ASSETS

-

100.00%

$

402,625

At

June

30,

2025,

the

Fund's

investments

in

foreign

securities

were

9.3%

of

net

assets.

(a) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

June

30,

2025. (b) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

June

30,

2025,

the

fair

value

of

these

securities

was

$35,312

(thousands)

and

amounted

to

8.8%

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

0.0%

of

net

assets

as

of

June

30,

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.

Victory

Portfolios

#### Victory

#### Floating

#### Rate

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

(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.

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

June

30,

2025. SOFR03M

—

Month

SOFR,

rate

disclosed

as

of

June

30,

2025. SOFR06M

—

Month

SOFR,

rate

disclosed

as

of

June

30,

2025. TSFR3M

—

Month

Term

SOFR,

rate

disclosed

as

of

June

30,

2025. Statements

of

Assets

and

Liabilities

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

Low

Duration

Bond

Fund

Victory

High

Yield

Fund

Victory

Tax-Exempt

Fund

Assets:

Investments,

at

value

(Cost

$92,858,

$125,623

and

$36,535)

$

94,192

(a) $

124,648

(b) $

32,974

Cash

504

Receivables:

Dividends,

interest,

and

securities

lending

income

621

2,035

Capital

shares

issued

Investments

sold

—

1,697

—

From

Adviser

Prepaid

expenses

Total

Assets

95,349

128,993

33,555

Liabilities:

Payables:

Collateral

received

on

loaned

securities

4,598

—

Distributions

Investments

purchased

2,270

509

Capital

shares

redeemed

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

Transfer

agent

fees

—

(c) Sub-Transfer

agent

fees

Compliance

fees

—

(c) —

(c) —

(c) Trustees'

fees

—

—

—

(c) 12b-1

fees

Other

accrued

expenses

Total

Liabilities

624

7,265

572

Commitments

and

contingencies

(Note

4)

Net

Assets:

Capital

127,405

190,036

38,266

Total

accumulated

earnings

(loss)

(32,680)

(68,308)

(5,283)

Net

Assets

$

94,725

$

121,728

$

32,983

Net

Assets:

Class

A

$

50,833

$

22,104

$

20,637

Class

C

3,436

19,607

Class

R

—

1,282

—

Class

Y

40,456

78,735

12,040

Total

$

94,725

$

121,728

$

32,983

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

5,097

3,994

2,576

Class

C

3,533

Class

R

—

—

Class

Y

4,056

14,291

1,503

Total

9,497

22,047

4,117

Net

asset

value,

offering

and

redemption

price

per

share:

(d) Class

A

$

.97

$

.53

$

.01

Class

C(e)

.98

.55

.01

Class

R

—

.60

—

Class

Y

.98

.51

.01

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

$

.20

$

.66

$

.20

(a) Includes

$51

thousand

of

securities

on

loan.

(b) Includes

$4,416

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

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

High

Income

Municipal

Bond

Fund

Victory

Floating

Rate

Fund

Assets:

Investments,

at

value

(Cost

$44,165

and

$421,514)

$

39,260

$

382,183

Cash

13,948

Receivables:

Dividends,

interest,

and

securities

lending

income

3,447

Capital

shares

issued

Investments

sold

—

28,502

From

Adviser

Prepaid

expenses

Total

Assets

39,916

428,703

Liabilities:

Payables:

Distributions

Investments

purchased

—

23,753

Capital

shares

redeemed

1,592

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

Transfer

agent

fees

Sub-Transfer

agent

fees

Compliance

fees

—

(a) —

(a) 12b-1

fees

Other

accrued

expenses

Total

Liabilities

26,078

Commitments

and

contingencies

(Note

4)

Net

Assets:

Capital

45,876

900,910

Total

accumulated

earnings

(loss)

(6,076)

(498,285)

Net

Assets

$

39,800

$

402,625

Net

Assets:

Class

A

$

14,793

$

133,248

Class

C

23,899

Class

Y

20,394

240,792

Member

Class

4,477

4,686

Total

$

39,800

$

402,625

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

1,603

16,918

Class

C

3,032

Class

Y

2,212

30,555

Member

Class

595

Total

4,316

51,100

Net

asset

value,

offering

and

redemption

price

per

share:

(b) Class

A

$

.22

$

.88

Class

C(c)

.22

.88

Class

Y

.22

.88

Member

Class

.22

.87

Maximum

Sales

Charge

—

Class

A

.25

%

.25

%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

.43

$

.06

(a) Rounds

to

less

than

$1

thousand.

(b) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

(c) Redemption

price

per

share

varies

by

the

length

of

time

shares

are

held.

Statements

of

Operations

For

the

Six

Months

Ended

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands)

(Unaudited)

Victory

Low

Duration

Bond

Fund

Victory

High

Yield

Fund

Victory

Tax-Exempt

Fund

Investment

Income:

Dividends

$

—

$

$

—

Interest

2,544

4,803

743

Securities

lending

(net

of

fees)

—

Total

Income

2,545

4,971

743

Expenses:

Investment

advisory

fees

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) —

(a) Transfer

agent

fees

—

Class

R

—

—

(a) —

Transfer

agent

fees

—

Class

Y

—

(a) —

(a) —

(a) Sub-Transfer

agent

fees

—

Class

A

Sub-Transfer

agent

fees

—

Class

C

—

(a) Sub-Transfer

agent

fees

—

Class

R

—

—

Sub-Transfer

agent

fees

—

Class

Y

Trustees'

fees

Compliance

fees

—

(a) 1

—

(a) Legal

and

audit

fees

State

registration

and

filing

fees

Interfund

lending

fees

—

—

Printing

fees

Other

expenses

Total

Expenses

682

Expenses

waived/reimbursed

by

Adviser

(62)

(101)

(56)

Net

Expenses

581

Net

Investment

Income

(Loss)

2,163

4,390

612

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

(1,524)

(50)

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

701

3,777

(1,615)

Net

realized/unrealized

gains

(losses)

on

investments

747

2,253

(1,665)

Change

in

net

assets

resulting

from

operations

$

2,910

$

6,643

$

(1,053)

(a) Rounds

to

less

than

$1

thousand.

Statements

of

Operations

For

the

Six

Months

Ended

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands)

(Unaudited)

Victory

High

Income

Municipal

Bond

Fund

Victory

Floating

Rate

Fund

Investment

Income:

Dividends

$

$

564

Interest

857

21,772

Total

Income

875

22,336

Expenses:

Investment

advisory

fees

1,377

Administration

fees

Sub-Administration

fees

12b-1

fees

—

Class

A

12b-1

fees

—

Class

C

Custodian

fees

Transfer

agent

fees

—

Class

A

—

(a) 3

Transfer

agent

fees

—

Class

C

—

(a) —

(a) Transfer

agent

fees

—

Class

Y

—

(a) —

(a) Transfer

agent

fees

—

Member

Class

Sub-Transfer

agent

fees

—

Class

A

Sub-Transfer

agent

fees

—

Class

C

—

(a) 15

Sub-Transfer

agent

fees

—

Class

Y

Trustees'

fees

Compliance

fees

—

(a) 2

Legal

and

audit

fees

State

registration

and

filing

fees

Line

of

credit

fees

—

Interfund

lending

fees

—

—

(a) Printing

fees

Other

expenses

Total

Expenses

2,388

Expenses

waived/reimbursed

by

Adviser

(73)

(454)

Net

Expenses

1,934

Net

Investment

Income

(Loss)

748

20,402

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

(7,636)

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

(1,268)

(786)

Net

realized/unrealized

gains

(losses)

on

investments

(1,244)

(8,422)

Change

in

net

assets

resulting

from

operations

$

(496)

$

11,980

(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

Tax-Exempt

Fund

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

2,163

$

4,775

$

4,390

$

13,485

$

612

$

1,213

Net

realized

gains

(losses)

(255)

(1,524)

(9,582)

(50)

(35)

Net

change

in

unrealized

appreciation/depreciation

701

1,576

3,777

10,281

(1,615)

(233)

Change

in

net

assets

resulting

from

operations

2,910

6,096

6,643

14,184

(1,053)

945

Distributions

to

Shareholders:

Class

A

(1,137)

(2,110)

(761)

(1,914)

(423)

(917)

Class

C

(62)

(81)

(566)

(1,530)

(5)

(16)

Class

R

—

(10)

(a) (42)

(935)

—

—

Class

Y

(1,031)

(2,616)

(3,163)

(8,504)

(258)

(437)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(2,230)

(4,817)

(4,532)

(12,883)

(686)

(1,370)

Change

in

net

assets

resulting

from

capital

transactions

(8,329)

(35,132)

(25,054)

(34,239)

(1,428)

Change

in

net

assets

(7,649)

(33,853)

(22,943)

(32,938)

(3,167)

(233)

Net

Assets:

Beginning

of

period

102,374

136,227

144,671

177,609

36,150

36,383

End

of

period

$

94,725

$

102,374

$

121,728

$

144,671

$

32,983

$

36,150

(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

Tax-Exempt

Fund

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

1,757

$

9,959

$

3,562

$

4,870

$

511

$

759

Distributions

reinvested

1,037

1,919

635

1,339

864

Cost

of

shares

redeemed

(5,068)

(15,127)

(3,676)

(13,493)

(1,503)

(4,422)

Converted

from

Class

R

—

1,210

—

—

—

—

Total

Class

A

$

(2,274)

$

(2,039)

$

521

$

(7,284)

$

(590)

$

(2,799)

Class

C

Proceeds

from

shares

issued

$

$

1,808

$

3,620

$

7,463

$

$

Distributions

reinvested

566

1,528

Cost

of

shares

redeemed

(222)

(673)

(1,477)

(15,312)

(45)

(406)

Total

Class

C

$

(125)

$

1,212

$

2,709

$

(6,321)

$

(4)

$

(377)

Class

R

Proceeds

from

shares

issued

$

—

$

(a) $

$

$

—

$

—

Distributions

reinvested

—

(a) 42

934

—

—

Cost

of

shares

redeemed

—

(3)

(a) (108)

(16,262)

—

—

Converted

into

Class

A

—

(1,210)

—

—

—

—

Total

Class

R

$

—

$

(1,156)

$

$

(15,075)

$

—

$

—

Class

Y

Proceeds

from

shares

issued

$

7,339

$

16,314

$

16,327

$

48,536

$

843

$

9,439

Distributions

reinvested

927

2,028

3,159

8,488

Cost

of

shares

redeemed

(14,196)

(51,491)

(47,784)

(62,583)

(1,932)

(6,501)

Total

Class

Y

$

(5,930)

$

(33,149)

$

(28,298)

$

(5,559)

$

(834)

$

3,368

Change

in

net

assets

resulting

from

capital

transactions

$

(8,329)

$

(35,132)

$

(25,054)

$

(34,239)

$

(1,428)

$

Share

Transactions:

Class

A

Issued

1,007

653

898

Reinvested

Redeemed

(510)

(1,533)

(676)

(2,475)

(183)

(521)

Converted

from

Class

R

—

—

—

—

—

Total

Class

A

(230)

(209)

(1,330)

(73)

(329)

Class

C

Issued

662

1,373

Reinvested

Redeemed

(23)

(68)

(270)

(2,793)

(5)

(49)

Total

Class

C

(13)

(1,139)

—

(b) (45)

Class

R

Issued

—

(a) 15

—

—

Reinvested

—

(a) 8

—

—

Redeemed

—

—

(a) (c) (20)

(2,966)

—

—

Converted

into

Class

A

—

(124)

—

—

—

—

Total

Class

R

—

(118)

(2,748)

—

—

Class

Y

Issued

740

1,656

3,017

9,020

1,107

Reinvested

581

1,572

Redeemed

(1,429)

(5,215)

(8,857)

(11,621)

(235)

(769)

Total

Class

Y

(596)

(3,353)

(5,259)

(1,029)

(102)

Change

in

Shares

(839)

(3,558)

(4,668)

(6,246)

(175)

(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.

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

High

Income

Municipal

Bond

Fund

Victory

Floating

Rate

Fund

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

796

$

1,449

$

20,402

$

61,054

Net

realized

gains

(losses)

(7,636)

(53,724)

Net

change

in

unrealized

appreciation/depreciation

(1,314)

786

(786) 44,226

Change

in

net

assets

resulting

from

operations

(496) 2,317

11,980

51,556

Distributions

to

Shareholders:

Class

A

(328) (727) (6,804)

(15,164)

Class

C

(3) (13) (1,154)

(2,825)

Class

R

—

—

—

(6)(a)

Class

Y

(366) (650) (12,934)

(41,518)

Member

Class

(99) (153) (230) (385) Change

in

net

assets

resulting

from

distributions

to

shareholders

(796) (1,543)

(21,122)

(59,898)

Change

in

net

assets

resulting

from

capital

transactions

5,018

(1,200)

(54,681)

(278,077)

Change

in

net

assets

3,726

(426) (63,823)

(286,419)

Net

Assets:

Beginning

of

period

36,074

36,500

466,448

752,867

End

of

period

$

39,800

$

36,074

$

402,625

$

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

High

Income

Municipal

Bond

Fund

Victory

Floating

Rate

Fund

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

$

679

$

5,285

$

21,772

Distributions

reinvested

682

6,100

13,224

Cost

of

shares

redeemed

(1,928)

(3,504)

(20,803)

(75,386)

Converted

from

Class

R

—

—

—

Total

Class

A

$

(1,269)

$

(2,143)

$

(9,418)

$

(40,083)

Class

C

Proceeds

from

shares

issued

$

$

$

$

1,540

Distributions

reinvested

1,026

2,542

Cost

of

shares

redeemed

(102) (291) (4,751)

(18,073)

Total

Class

C

$

(96) $

(249) $

(3,249)

$

(13,991)

Class

R

Proceeds

from

shares

issued

$

—

$

—

$

—

$

21(a)

Distributions

reinvested

—

—

—

6(a)

Cost

of

shares

redeemed

—

—

—

—(a)

Converted

into

Class

A

—

—

—

(306) Total

Class

R

$

—

$

—

$

—

$

(279) Class

Y

Proceeds

from

shares

issued

$

9,273

$

9,115

$

33,428

$

185,504

Distributions

reinvested

644

11,365

31,329

Cost

of

shares

redeemed

(3,712)

(9,545)

(87,218)

(440,928)

Total

Class

Y

$

5,924

$

$

(42,425)

$

(224,095)

Member

Class

Proceeds

from

shares

issued

$

1,002

$

1,854

$

$

1,302

Distributions

reinvested

Cost

of

shares

redeemed

(642) (1,029)

(246) (1,316)

Total

Member

Class

$

$

978

$

$

Change

in

net

assets

resulting

from

capital

transactions

$

5,018

$

(1,200)

$

(54,681)

$

(278,077)

Share

Transactions:

Class

A

Issued

665

2,694

Reinvested

768

1,640

Redeemed

(205) (370) (2,619)

(9,346)

Converted

from

Class

R

—

—

—

Total

Class

A

(136) (228) (1,186)

(4,974)

Class

C

Issued

—(b)

Reinvested

—(b)

Redeemed

(10) (30) (598) (2,240)

Total

Class

C

(10) (26) (409) (1,735)

Class

R

Issued

—

—

—

3(a)

Reinvested

—

—

—

1(a)

Redeemed

—

—

—

—(a)(b)

Converted

into

Class

A

—

—

—

(37) Total

Class

R

—

—

—

(33) Class

Y

Issued

997

955

4,207

22,906

Reinvested

1,430

3,882

Redeemed

(396) (1,009)

(10,958)

(54,699)

Total

Class

Y

640

(5,321)

(27,911)

Member

Class

Issued

Reinvested

Redeemed

(69) (109) (31) (163) Total

Member

Class

Change

in

Shares

541

(138) (6,865)

(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. Victory

Portfolios

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Low

Duration

Bond

Fund

Class

A

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$9.90

$9.80

$9.64

$10.16

$10.20

$9.99

Investment

Activities:

Net

investment

income

(loss)(a)

0.21 0.39 0.24 0.12 0.09 0.14 Net

realized

and

unrealized

gains

(losses)

0.08 0.10 0.20 (0.49)

(0.02)

0.24 Total

from

Investment

Activities

0.29 0.49 0.44 (0.37)

0.07 0.38 Distributions

to

Shareholders

from:

Net

investment

income

(0.22)

(0.39)

(0.28)

(0.15)

(0.11)

(0.14)

Return

of

capital

—

—

—

—

—

(0.03)

Total

Distributions

(0.22)

(0.39)

(0.28)

(0.15)

(0.11)

(0.17)

Net

Asset

Value,

End

of

Period

$9.97

$9.90

$9.80

$9.64

$10.16

$10.20

Total

Return(b)(c)

2.94%

5.11%

4.65%

(3.62)%

0.71%

3.85%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.85%

0.85%

0.85%

0.85%

0.85%

0.85%

Net

Investment

Income

(Loss)(d)

4.32%

3.95%

2.52%

1.18%

0.87%

1.39%

Gross

Expenses(d)(e)

0.98%

0.98%

0.96%

0.96%

0.95%

0.95%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$50,833

$52,752

$54,266

$70,419

$76,901

$70,357

Portfolio

Turnover(b)(f)

12%

38%

58%

81%

58%

85%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(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

Low

Duration

Bond

Fund

Class

C

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$9.91

$9.81

$9.65

$10.16

$10.20

$9.99

Investment

Activities:

Net

investment

income

(loss)(a)

0.17 0.32 0.17 0.04 0.01 0.08 Net

realized

and

unrealized

gains

(losses)

0.08 0.09 0.20 (0.47)

(0.02)

0.22 Total

from

Investment

Activities

0.25 0.41 0.37 (0.43)

(0.01)

0.30 Distributions

to

Shareholders

from:

Net

investment

income

(0.18)

(0.31)

(0.21)

(0.08)

(0.03)

(0.07)

Return

of

capital

—

—

—

—

—

(0.02)

Total

Distributions

(0.18)

(0.31)

(0.21)

(0.08)

(0.03)

(0.09)

Net

Asset

Value,

End

of

Period

$9.98

$9.91

$9.81

$9.65

$10.16

$10.20

Total

Return(b)(c)

2.52%

4.29%

3.85%

(4.26)%

(0.07)%

3.05%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.62%

1.62%

1.62%

1.62%

1.62%

1.62%

Net

Investment

Income

(Loss)(d)

3.55%

3.20%

1.74%

0.37%

0.10%

0.76%

Gross

Expenses(d)(e)

2.03%

2.28%

2.04%

1.91%

1.91%

1.72%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$3,436

$3,536

$2,307

$3,841

$5,528

$23,504

Portfolio

Turnover(b)(f)

12%

38%

58%

81%

58%

85%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(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

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Low

Duration

Bond

Fund

Class

Y

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$9.91

$9.81

$9.65

$10.16

$10.20

$9.99

Investment

Activities:

Net

investment

income

(loss)(a)

0.22 0.41 0.27 0.14 0.11 0.17 Net

realized

and

unrealized

gains

(losses)

0.08 0.11 0.19 (0.47)

(0.01)

0.23 Total

from

Investment

Activities

0.30 0.52 0.46 (0.33)

0.10 0.40 Distributions

to

Shareholders

from:

Net

investment

income

(0.23)

(0.42)

(0.30)

(0.18)

(0.14)

(0.15)

Return

of

capital

—

—

—

—

—

(0.04)

Total

Distributions

(0.23)

(0.42)

(0.30)

(0.18)

(0.14)

(0.19)

Net

Asset

Value,

End

of

Period

$9.98

$9.91

$9.81

$9.65

$10.16

$10.20

Total

Return(b)(c)

3.06%

5.47%

4.78%

(3.30)%

0.94%

4.08%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.62%

0.62%

0.62%

0.62%

0.62%

0.62%

Net

Investment

Income

(Loss)(d)

4.55%

4.15%

2.75%

1.40%

1.10%

1.64%

Gross

Expenses(d)(e)

0.72%

0.70%

0.68%

0.65%

0.67%

0.68%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$40,456

$46,086

$78,500

$105,653

$133,644

$165,330

Portfolio

Turnover(b)(f)

12%

38%

58%

81%

58%

85%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(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

High

Yield

Fund

Class

A

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$5.43

$5.40

$5.26

$6.79

$6.83

$6.73

Investment

Activities:

Net

investment

income

(loss)(a)

0.19 0.41 0.42 0.40 0.36 0.37 Net

realized

and

unrealized

gains

(losses)

0.10 0.01 0.17 (1.52)

(0.03)

0.10 Total

from

Investment

Activities

0.29 0.42 0.59 (1.12)

0.33 0.47 Distributions

to

Shareholders

from:

Net

investment

income

(0.19)

(0.39)

(0.45)

(0.41)

(0.37)

(0.37)

Total

Distributions

(0.19)

(0.39)

(0.45)

(0.41)

(0.37)

(0.37)

Net

Asset

Value,

End

of

Period

$5.53

$5.43

$5.40

$5.26

$6.79

$6.83

Total

Return(b)(c)

5.52%

8.07%

11.69%

(16.87)%

4.86%

7.61%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.00%

1.00%

1.00%

1.00%

1.00%

1.00%

Net

Investment

Income

(Loss)(d)

7.03%

7.56%

7.88%

6.68%

5.22%

5.85%

Gross

Expenses(d)(e)

1.14%

1.11%

1.09%

1.08%

1.08%

1.12%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$22,104

$21,188

$28,258

$28,508

$49,271

$38,735

Portfolio

Turnover(b)(f)

33%

88%

46%

47%

67%

124%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(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

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

High

Yield

Fund

Class

C

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$5.44

$5.42

$5.28

$6.81

$6.85

$6.75

Investment

Activities:

Net

investment

income

(loss)(a)

0.17 0.37 0.38 0.36 0.31 0.33 Net

realized

and

unrealized

gains

(losses)

0.11 —(b)

0.17 (1.52)

(0.03)

0.10 Total

from

Investment

Activities

0.28 0.37 0.55 (1.16)

0.28 0.43 Distributions

to

Shareholders

from:

Net

investment

income

(0.17)

(0.35)

(0.41)

(0.37)

(0.32)

(0.33)

Total

Distributions

(0.17)

(0.35)

(0.41)

(0.37)

(0.32)

(0.33)

Net

Asset

Value,

End

of

Period

$5.55

$5.44

$5.42

$5.28

$6.81

$6.85

Total

Return(c)(d)

5.32%

7.10%

10.87%

(17.41)%

4.11%

6.84%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.70%

1.70%

1.70%

1.70%

1.70%

1.70%

Net

Investment

Income

(Loss)(e)

6.29%

6.83%

7.16%

6.03%

4.51%

5.14%

Gross

Expenses(e)(f)

1.88%

1.84%

1.81%

1.80%

1.78%

1.81%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$19,607

$16,541

$22,618

$23,976

$32,889

$25,957

Portfolio

Turnover(c)(g)

33%

88%

46%

47%

67%

124%

(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) 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.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(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

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

High

Yield

Fund

Class

R

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$5.50

$5.42

$5.28

$6.81

$6.85

$6.75

Investment

Activities:

Net

investment

income

(loss)(a)

0.18 0.39 0.40 0.38 0.34 0.35 Net

realized

and

unrealized

gains

(losses)

0.10 0.05 0.17 (1.52)

(0.03)

0.10 Total

from

Investment

Activities

0.28 0.44 0.57 (1.14)

0.31 0.45 Distributions

to

Shareholders

from:

Net

investment

income

(0.18)

(0.36)

(0.43)

(0.39)

(0.35)

(0.35)

Total

Distributions

(0.18)

(0.36)

(0.43)

(0.39)

(0.35)

(0.35)

Net

Asset

Value,

End

of

Period

$5.60

$5.50

$5.42

$5.28

$6.81

$6.85

Total

Return(b)(c)

5.26%

8.41%

11.29%

(17.07)%

4.55%

7.24%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.35%

1.35%

1.31%

1.29%

1.28%

1.33%

Net

Investment

Income

(Loss)(d)

6.57%

7.18%

7.53%

6.46%

4.93%

5.51%

Gross

Expenses(d)(e)

2.44%

1.36%

1.31%

1.29%

1.28%

1.33%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,282

$1,244

$16,109

$15,267

$19,243

$19,248

Portfolio

Turnover(b)(f)

33%

88%

46%

47%

67%

124%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(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

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

High

Yield

Fund

Class

Y

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$5.41

$5.38

$5.24

$6.76

$6.80

$6.70

Investment

Activities:

Net

investment

income

(loss)(a)

0.20 0.42 0.43 0.41 0.38 0.39 Net

realized

and

unrealized

gains

(losses)

0.10 0.01 0.17 (1.51)

(0.04)

0.10 Total

from

Investment

Activities

0.30 0.43 0.60 (1.10)

0.34 0.49 Distributions

to

Shareholders

from:

Net

investment

income

(0.20)

(0.40)

(0.46)

(0.42)

(0.38)

(0.39)

Total

Distributions

(0.20)

(0.40)

(0.46)

(0.42)

(0.38)

(0.39)

Net

Asset

Value,

End

of

Period

$5.51

$5.41

$5.38

$5.24

$6.76

$6.80

Total

Return(b)(c)

5.68%

8.37%

12.02%

(16.58)%

5.15%

7.88%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.76%

0.76%

0.76%

0.76%

0.76%

0.76%

Net

Investment

Income

(Loss)(d)

7.31%

7.84%

8.21%

7.00%

5.49%

6.11%

Gross

Expenses(d)(e)

0.92%

0.87%

0.89%

0.86%

0.84%

0.90%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$78,735

$105,698

$110,624

$177,376

$237,385

$168,677

Portfolio

Turnover(b)(f)

33%

88%

46%

47%

67%

124%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(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

Tax-Exempt

Fund

Class

A

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$8.42

$8.51

$8.27

$9.78

$9.94

$9.84

Investment

Activities:

Net

investment

income

(loss)(a)

0.14 0.29 0.28 0.27 0.27 0.29 Net

realized

and

unrealized

gains

(losses)

(0.39)

(0.06)

0.28 (1.41)

0.12 0.23 Total

from

Investment

Activities

(0.25)

0.23 0.56 (1.14)

0.39 0.52 Distributions

to

Shareholders

from:

Net

investment

income

(0.16)

(0.32)

(0.32)

(0.31)

(0.32)

(0.32)

Net

realized

gains

—

—

—

(0.06)

(0.23)

(0.10)

Total

Distributions

(0.16)

(0.32)

(0.32)

(0.37)

(0.55)

(0.42)

Net

Asset

Value,

End

of

Period

$8.01

$8.42

$8.51

$8.27

$9.78

$9.94

Total

Return(b)(c)

(2.98)%

2.90%

6.89%

(11.70)%

3.94%

5.39%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.80%(f)

0.80%(f)

0.80%(g)

0.80%

0.80%

0.80%

Net

Investment

Income

(Loss)(d)

3.55%

3.37%

3.44%

3.08%

2.74%

3.00%

Gross

Expenses(d)(e)

1.14%(f)

1.14%(f)

1.12%(g)

1.07%

1.03%

1.04%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$20,637

$22,310

$25,328

$24,745

$35,312

$32,001

Portfolio

Turnover(b)(h)

2%

18%

15%

13%

6%

44%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(g) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

0.01%.

(h) 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

Tax-Exempt

Fund

Class

C

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$8.42

$8.50

$8.27

$9.78

$9.94

$9.84

Investment

Activities:

Net

investment

income

(loss)(a)

0.11 0.22 0.22 0.20 0.20 0.22 Net

realized

and

unrealized

gains

(losses)

(0.39)

(0.05)

0.27 (1.41)

0.11 0.22 Total

from

Investment

Activities

(0.28)

0.17 0.49 (1.21)

0.31 0.44 Distributions

to

Shareholders

from:

Net

investment

income

(0.13)

(0.25)

(0.26)

(0.24)

(0.24)

(0.24)

Net

realized

gains

—

—

—

(0.06)

(0.23)

(0.10)

Total

Distributions

(0.13)

(0.25)

(0.26)

(0.30)

(0.47)

(0.34)

Net

Asset

Value,

End

of

Period

$8.01

$8.42

$8.50

$8.27

$9.78

$9.94

Total

Return(b)(c)

(3.36)%

2.09%

6.05%

(12.40)%

3.13%

4.56%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.60%(f)

1.60%(f)

1.60%(g)

1.60%

1.60%

1.60%

Net

Investment

Income

(Loss)(d)

2.75%

2.58%

2.64%

2.23%

2.01%

2.28%

Gross

Expenses(d)(e)

5.48%(f)

4.76%(f)

3.23%(g)

2.58%

2.38%

1.91%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$306

$323

$707

$927

$2,037

$6,497

Portfolio

Turnover(b)(h)

2%

18%

15%

13%

6%

44%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(g) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

0.01%.

(h) 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

Tax-Exempt

Fund

Class

Y

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$8.42

$8.50

$8.27

$9.78

$9.94

$9.84

Investment

Activities:

Net

investment

income

(loss)(a)

0.15 0.29 0.29 0.28 0.29 0.30 Net

realized

and

unrealized

gains

(losses)

(0.39)

(0.04)

0.27 (1.41)

0.11 0.23 Total

from

Investment

Activities

(0.24)

0.25 0.56 (1.13)

0.40 0.53 Distributions

to

Shareholders

from:

Net

investment

income

(0.17)

(0.33)

(0.33)

(0.32)

(0.33)

(0.33)

Net

realized

gains

—

—

—

(0.06)

(0.23)

(0.10)

Total

Distributions

(0.17)

(0.33)

(0.33)

(0.38)

(0.56)

(0.43)

Net

Asset

Value,

End

of

Period

$8.01

$8.42

$8.50

$8.27

$9.78

$9.94

Total

Return(b)(c)

(2.93)%

3.02%

7.01%

(11.60)%

4.06%

5.51%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.69%(f)

0.69%(f)

0.69%(g)

0.69%

0.69%

0.69%

Net

Investment

Income

(Loss)(d)

3.66%

3.46%

3.55%

3.19%

2.85%

3.12%

Gross

Expenses(d)(e)

0.92%(f)

0.97%(f)

0.98%(g)

0.87%

0.89%

0.85%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$12,040

$13,517

$10,348

$10,826

$13,969

$22,998

Portfolio

Turnover(b)(h)

2%

18%

15%

13%

6%

44%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(g) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

0.01%.

(h) 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

Income

Municipal

Bond

Fund

Class

A

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$9.55

$9.33

$9.07

$11.09

$10.84

$10.75

Investment

Activities:

Net

investment

income

(loss)(a)

0.18 0.37 0.37 0.36 0.36 0.42 Net

realized

and

unrealized

gains

(losses)

(0.32)

0.25 0.29 (1.95)

0.27 0.15 Total

from

Investment

Activities

(0.14)

0.62 0.66 (1.59)

0.63 0.57 Distributions

to

Shareholders

from:

Net

investment

income

(0.19)

(0.40)

(0.40)

(0.40)

(0.38)

(0.39)

Net

realized

gains

—

—

—

(0.03)

—

(0.09)

Total

Distributions

(0.19)

(0.40)

(0.40)

(0.43)

(0.38)

(0.48)

Net

Asset

Value,

End

of

Period

$9.22

$9.55

$9.33

$9.07

$11.09

$10.84

Total

Return(b)(c)

(1.45)%

6.83%

7.41%

(14.48)%

5.91%

5.52%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.80%

0.80%(f)

0.80%(g)

0.80%

0.80%

0.80%

Net

Investment

Income

(Loss)(d)

3.92%

3.92%

4.08%

3.74%

3.22%

3.95%

Gross

Expenses(d)(e)

1.14%

1.16%(f)

1.13%(g)

1.04%

1.04%

1.10%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$14,793

$16,624

$18,357

$21,747

$34,352

$26,330

Portfolio

Turnover(b)(h)

7%

8%

11%

23%

19%

74%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(g) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

0.01%.

(h) 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

Income

Municipal

Bond

Fund

Class

C

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$9.55

$9.32

$9.07

$11.09

$10.84

$10.75

Investment

Activities:

Net

investment

income

(loss)(a)

0.15 0.30 0.30 0.29 0.28 0.33 Net

realized

and

unrealized

gains

(losses)

(0.32)

0.25 0.28 (1.96)

0.27 0.16 Total

from

Investment

Activities

(0.17)

0.55 0.58 (1.67)

0.55 0.49 Distributions

to

Shareholders

from:

Net

investment

income

(0.16)

(0.32)

(0.33)

(0.32)

(0.30)

(0.31)

Net

realized

gains

—

—

—

(0.03)

—

(0.09)

Total

Distributions

(0.16)

(0.32)

(0.33)

(0.35)

(0.30)

(0.40)

Net

Asset

Value,

End

of

Period

$9.22

$9.55

$9.32

$9.07

$11.09

$10.84

Total

Return(b)(c)

(1.82)%

6.02%

6.59%

(15.14)%

5.12%

4.72%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.57%

1.57%(f)

1.57%(g)

1.57%

1.57%

1.57%

Net

Investment

Income

(Loss)(d)

3.15%

3.17%

3.30%

2.94%

2.50%

3.11%

Gross

Expenses(d)(e)

7.84%

6.12%(f)

3.14%(g)

2.56%

2.20%

1.90%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$136

$238

$475

$1,259

$2,192

$9,378

Portfolio

Turnover(b)(h)

7%

8%

11%

23%

19%

74%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(g) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

0.01%.

(h) 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

Income

Municipal

Bond

Fund

Class

Y

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$9.56

$9.33

$9.07

$11.09

$10.84

$10.75

Investment

Activities:

Net

investment

income

(loss)(a)

0.19 0.39 0.39 0.38 0.38 0.44 Net

realized

and

unrealized

gains

(losses)

(0.33)

0.26 0.29 (1.95)

0.28 0.16 Total

from

Investment

Activities

(0.14)

0.65 0.68 (1.57)

0.66 0.60 Distributions

to

Shareholders

from:

Net

investment

income

(0.20)

(0.42)

(0.42)

(0.42)

(0.41)

(0.42)

Net

realized

gains

—

—

—

(0.03)

—

(0.09)

Total

Distributions

(0.20)

(0.42)

(0.42)

(0.45)

(0.41)

(0.51)

Net

Asset

Value,

End

of

Period

$9.22

$9.56

$9.33

$9.07

$11.09

$10.84

Total

Return(b)(c)

(1.44)%

7.07%

7.77%

(14.29)%

6.16%

5.76%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.57%

0.57%(f)

0.57%(g)

0.57%

0.57%

0.57%

Net

Investment

Income

(Loss)(d)

4.16%

4.14%

4.31%

3.94%

3.40%

4.14%

Gross

Expenses(d)(e)

0.90%

1.01%(f)

0.89%(g)

0.87%

0.85%

0.93%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$20,394

$15,021

$14,528

$12,548

$14,087

$9,682

Portfolio

Turnover(b)(h)

7%

8%

11%

23%

19%

74%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(g) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

0.01%.

(h) 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

Income

Municipal

Bond

Fund

Member

Class

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

November

3,

2020(a)

through

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$9.56

$9.33

$9.07

$11.09

$10.84

$10.56

Investment

Activities:

Net

investment

income

(loss)(b)

0.19 0.39 0.38 0.38 0.34 0.12 Net

realized

and

unrealized

gains

(losses)

(0.33)

0.25 0.29 (1.96)

0.31 0.31 Total

from

Investment

Activities

(0.14)

0.64 0.67 (1.58)

0.65 0.43 Distributions

to

Shareholders

from:

Net

investment

income

(0.20)

(0.41)

(0.41)

(0.41)

(0.40)

(0.06)

Net

realized

gains

—

—

—

(0.03)

—

(0.09)

Total

Distributions

(0.20)

(0.41)

(0.41)

(0.44)

(0.40)

(0.15)

Net

Asset

Value,

End

of

Period

$9.22

$9.56

$9.33

$9.07

$11.09

$10.84

Total

Return(c)(d)

(1.48)%

7.10%

7.57%

(14.35)%

6.07%

4.12%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.65%

0.65%(g)

0.65%(h)

0.65%

0.65%

0.65%

Net

Investment

Income

(Loss)(e)

4.07%

4.05%

4.22%

3.93%

3.04%

6.78%

Gross

Expenses(e)(f)

1.19%

1.36%(g)

1.17%(h)

1.33%

2.61%

42.32%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$4,477

$4,191

$3,140

$3,976

$2,853

$140

Portfolio

Turnover(c)(i)

7%

8%

11%

23%

19%

74%

(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) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(h) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

0.01%.

(i) 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

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$8.04

$8.13

$8.19

$9.33

$9.34

$9.42

Investment

Activities:

Net

investment

income

(loss)(a)

0.38 0.73 0.76 0.48 0.36 0.49 Net

realized

and

unrealized

gains

(losses)

(0.15)

(0.10)

(0.03)

(1.13)

—(b)

(0.08)

Total

from

Investment

Activities

0.23 0.63 0.73 (0.65)

0.36 0.41 Distributions

to

Shareholders

from:

Net

investment

income

(0.39)

(0.72)

(0.79)

(0.49)

(0.37)

(0.49)

Total

Distributions

(0.39)

(0.72)

(0.79)

(0.49)

(0.37)

(0.49)

Net

Asset

Value,

End

of

Period

$7.88

$8.04

$8.13

$8.19

$9.33

$9.34

Total

Return(c)(d)

2.90%

8.08%

9.30%

(7.01)%

3.89%

4.81%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.00%

1.00%

1.00%

1.01%(g)

1.00%

1.00%

Net

Investment

Income

(Loss)(e)

9.57%

9.05%

9.25%

5.52%

3.88%

5.54%

Gross

Expenses(e)(f)

1.23%

1.15%

1.12%

1.11%

1.12%

1.17%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$133,248

$145,626

$187,617

$252,904

$349,706

$164,864

Portfolio

Turnover(c)(h)

12%

52%

36%

35%

35%

54%

(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) 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.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Includes

impact

of

Interfund

lending

fees.

With

these

Interfund

lending

fees,

the

net

expense

ratio

would

have

been

at

the

contractual

expense

cap.

(h) 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

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$8.05

$8.13

$8.20

$9.33

$9.34

$9.42

Investment

Activities:

Net

investment

income

(loss)(a)

0.35 0.67 0.69 0.41 0.29 0.43 Net

realized

and

unrealized

gains

(losses)

(0.16)

(0.10)

(0.04)

(1.12)

(0.01)

(0.09)

Total

from

Investment

Activities

0.19 0.57 0.65 (0.71)

0.28 0.34 Distributions

to

Shareholders

from:

Net

investment

income

(0.36)

(0.65)

(0.72)

(0.42)

(0.29)

(0.42)

Total

Distributions

(0.36)

(0.65)

(0.72)

(0.42)

(0.29)

(0.42)

Net

Asset

Value,

End

of

Period

$7.88

$8.05

$8.13

$8.20

$9.33

$9.34

Total

Return(b)(c)

2.37%

7.32%

8.30%

(7.66)%

3.05%

3.96%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.80%

1.80%

1.80%

1.81%(f)

1.80%

1.80%

Net

Investment

Income

(Loss)(d)

8.76%

8.25%

8.44%

4.73%

3.09%

4.81%

Gross

Expenses(d)(e)

2.03%

1.95%

1.88%

1.87%

1.89%

1.94%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$23,899

$27,700

$42,099

$58,606

$81,109

$94,885

Portfolio

Turnover(b)(g)

12%

52%

36%

35%

35%

54%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Includes

impact

of

Interfund

lending

fees.

With

these

Interfund

lending

fees,

the

net

expense

ratio

would

have

been

at

the

contractual

expense

cap.

(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

Floating

Rate

Fund

Class

Y

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$8.05

$8.13

$8.20

$9.33

$9.35

$9.43

Investment

Activities:

Net

investment

income

(loss)(a)

0.38 0.75 0.77 0.49 0.38 0.51 Net

realized

and

unrealized

gains

(losses)

(0.15)

(0.09)

(0.03)

(1.11)

(0.01)

(0.08)

Total

from

Investment

Activities

0.23 0.66 0.74 (0.62)

0.37 0.43 Distributions

to

Shareholders

from:

Net

investment

income

(0.40)

(0.74)

(0.81)

(0.51)

(0.39)

(0.51)

Total

Distributions

(0.40)

(0.74)

(0.81)

(0.51)

(0.39)

(0.51)

Net

Asset

Value,

End

of

Period

$7.88

$8.05

$8.13

$8.20

$9.33

$9.35

Total

Return(b)(c)

2.88%

8.45%

9.42%

(6.69)%

4.01%

5.03%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.78%

0.78%

0.78%

0.79%(f)

0.78%

0.78%

Net

Investment

Income

(Loss)(d)

9.76%

9.27%

9.45%

5.58%

4.08%

5.73%

Gross

Expenses(d)(e)

0.98%

0.88%

0.86%

0.85%

0.86%

0.93%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$240,792

$288,749

$518,827

$939,244

$1,768,900

$403,852

Portfolio

Turnover(b)(g)

12%

52%

36%

35%

35%

54%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(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) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Includes

impact

of

Interfund

lending

fees.

With

these

Interfund

lending

fees,

the

net

expense

ratio

would

have

been

at

the

contractual

expense

cap.

(g) 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

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

November

3,

2020(a)

through

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$8.04

$8.13

$8.19

$9.33

$9.34

$9.02

Investment

Activities:

Net

investment

income

(loss)(b)

0.38 0.74 0.77 0.52 0.38 0.08 Net

realized

and

unrealized

gains

(losses)

(0.16)

(0.10)

(0.03)

(1.15)

(0.01)

0.32 Total

from

Investment

Activities

0.22 0.64 0.74 (0.63)

0.37 0.40 Distributions

to

Shareholders

from:

Net

investment

income

(0.39)

(0.73)

(0.80)

(0.51)

(0.38)

(0.08)

Total

Distributions

(0.39)

(0.73)

(0.80)

(0.51)

(0.38)

(0.08)

Net

Asset

Value,

End

of

Period

$7.87

$8.04

$8.13

$8.19

$9.33

$9.34

Total

Return(c)(d)

2.85%

8.25%

9.47%

(6.87)%

4.04%

4.41%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.85%

0.85%

0.85%

0.86%(g)

0.85%

0.85%

Net

Investment

Income

(Loss)(e)

9.73%

9.20%

9.42%

5.94%

4.02%

5.46%

Gross

Expenses(e)(f)

1.34%

1.40%

1.27%

1.36%

3.64%

56.41%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$4,686

$4,373

$4,045

$4,350

$2,122

$62

Portfolio

Turnover(c)(h)

12%

52%

36%

35%

35%

54%

(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) Includes

impact

of

Interfund

lending

fees.

With

these

Interfund

lending

fees,

the

net

expense

ratio

would

have

been

at

the

contractual

expense

cap.

(h) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Notes

to

Financial

Statements

June

30,

2025

Victory

Portfolios

(Unaudited)

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 32

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

and

Liquidity

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.

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

Tax-Exempt

Fund

Tax-Exempt

Fund

A,

C,

and

Y

Victory

High

Income

Municipal

Bond

Fund

High

Income

Municipal

Bond

Fund

A,

C,

Y,

and

Member

Class

Victory

Floating

Rate

Fund\*

Floating

Rate

Fund

A,

C,

Y,

and

Member

Class

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

(Unaudited)

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.

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

the

Funds'

NAV to

be

more

reliable

than

it

otherwise

would

be.

A

summary

of

the

valuations

as

of

June

30,

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):

Level

Level

Level

Total

Low

Duration

Bond

Fund

Asset-Backed

Securities

.........................................

$

—

$

22,228

$

—

$

22,228

Collateralized

Loan

Obligations

...................................

—

—

Collateralized

Mortgage

Obligations

................................

—

17,922

—

17,922

Corporate

Bonds

..............................................

—

26,769

—

26,769

Yankee

Dollars

...............................................

—

10,891

—

10,891

Municipal

Bonds

..............................................

—

660

—

660

U.S.

Government

Agency

Mortgages

................................

—

2,498

—

2,498

U.S.

Treasury

Obligations

........................................

—

10,483

—

10,483

Commercial

Paper

.............................................

—

2,399

—

2,399

Collateral

for

Securities

Loaned

...................................

—

—

Total

.......................................................

$

$

94,139

$

—

$

94,192

High

Yield

Fund

Asset-Backed

Securities

.........................................

—

—

Common

Stocks

...............................................

—

739

1,140

Senior

Secured

Loans

...........................................

—

9,109

—

9,109

Corporate

Bonds

..............................................

—

74,962

—

74,962

Yankee

Dollars

...............................................

—

19,591

—

19,591

Commercial

Paper

.............................................

—

8,953

—

8,953

Exchange-Traded

Funds

.........................................

5,811

—

—

5,811

Collateral

for

Securities

Loaned

...................................

4,598

—

—

4,598

Total

.......................................................

$

10,409

$

113,838

$

$

124,648

Tax-Exempt

Fund

Municipal

Bonds

..............................................

—

32,974

—

32,974

Total

.......................................................

$

—

$

32,974

$

—

$

32,974

High

Income

Municipal

Bond

Fund

Municipal

Bonds

..............................................

—

39,260

—

39,260

Total

.......................................................

$

—

$

39,260

$

—

$

39,260

Floating

Rate

Fund

Collateralized

Loan

Obligations

...................................

—

3,739

—

3,739

Common

Stocks

...............................................

—

6,757

677

7,434

Senior

Secured

Loans

...........................................

—

317,127

3,532

320,659

Corporate

Bonds

..............................................

—

29,740

—

29,740

Yankee

Dollars

...............................................

—

3,925

—

3,925

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

(Unaudited)

As

of June

30,

2025,

there

were

no

significant transfers

into/out

of

Level

3. 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

temporarily

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.

Municipal

Obligations:

The

values

of

municipal

obligations

can

fluctuate

and

may

be

affected

by

adverse

tax,

legislative,

or

political

changes,

and

by

financial

developments

affecting

municipal

issuers.

Payments

of

municipal

obligations

may

depend

on

a

relatively

limited

source

of

revenue,

resulting

in

greater

credit

risk.

Future

changes

in

federal

tax

laws

or

the

activity

of

an

issuer

may

adversely

affect

the

tax-exempt

status

of

municipal

obligations.

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.

Level

Level

Level

Total

Floating

Rate

Fund,

continued

Exchange-Traded

Funds

.........................................

$

16,686

$

—

$

—

$

16,686

Total

.......................................................

$

16,686

$

361,288

$

4,209

$

382,183

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

(Unaudited)

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.

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

June

30,

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.

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

(Unaudited)

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

period 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

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

June

30,

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

June

30,

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

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

Low

Duration

Bond

Fund

...........................................

$

$

—

$

High

Yield

Fund

.................................................

4,416

—

4,598

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

(Unaudited)

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

six

months

ended

June

30,

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.

3. #### Purchases

#### and

#### Sales:
Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

six

months

ended

June

30,

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.

Excluding

U.S.

Government

Securities

U.S.

Government

Securities

Purchases

Sales

Purchases

Sales

Low

Duration

Bond

Fund

..........................................

$

9,940

$

18,591

$

1,920

$

2,336

High

Yield

Fund

................................................

38,300

58,076

—

—

Tax-Exempt

Fund

................................................

509

3,285

—

—

High

Income

Municipal

Bond

Fund

...................................

6,825

2,319

—

—

Floating

Rate

Fund

...............................................

47,722

96,118

—

—

Flat

Rate

Low

Duration

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.45%

High

Yield

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.60%

Tax-Exempt

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.50%

High

Income

Municipal

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.50%

Floating

Rate

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.65%

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

(Unaudited)

Amounts

incurred

and

paid

to

VCM

for

the

six

months ended

June

30,

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,

Victory

Variable

Insurance

Funds

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

six

months

ended

June

30,

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 six

months

ended

June

30,

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,

Victory

Variable

Insurance

Funds,

and

Victory

Portfolios

II,

in

the

aggregate,

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the six

months

ended

June

30,

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

six

months ended

June

30,

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

six

months ended

June

30,

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

six

months ended

June

30,

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

of

Class

A,

Class

C,

and

Class

R. Amounts

incurred

for

the

six

months

ended

June

30,

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

six

months

ended

June

30,

2025,

the

Distributor

received

the

following

from

commissions

earned

in

connection with

sales

of

Class

A

(amounts

in

thousands):

Net

Assets

Up

to

$15

billion

$15

billion

—

$30

billion

Over

$30

billion

0.08%,

plus

0.05%,

plus

0.04%

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%

Tax-Exempt

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

N/A

High

Income

Municipal

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

N/A

Floating

Rate

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

N/A

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

(Unaudited)

Other

Fees:

Citibank

serves

as

the

Funds'

custodian.

The

Funds

pay

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the six

months

ended

June

30,

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

June

30,

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

June

30,

2025. As

of June

30,

2025,

the

following 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

six

months ended

June

30,

2025,

the

Adviser

voluntarily

waived

the

following

amounts:

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.

The

risk

descriptions

below

provide

a

more

detailed

explanation

of

the

principal

investment

risks.

The

Funds

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

Amount

Low

Duration

Bond

Fund

...............................................................................

$

High

Yield

Fund

.....................................................................................

Tax-Exempt

Fund

.....................................................................................

High

Income

Municipal

Bond

Fund

........................................................................

Floating

Rate

Fund

....................................................................................

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

Tax-Exempt

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.80%

1.60%

N/A

0.69%

N/A

High

Income

Municipal

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.80%

1.57%

N/A

0.57%

0.65%

Floating

Rate

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.00%

1.80%

N/A

0.78%

0.85%

Expires

2025

Expires

2026

Expires

2027

Expires

2028

Total

Low

Duration

Bond

Fund

...................................

$

$

$

$

$

High

Yield

Fund

.........................................

667

Tax-Exempt

Fund

.........................................

High

Income

Municipal

Bond

Fund

............................

Floating

Rate

Fund

........................................

704

909

762

2,829

Amount

Low

Duration

Bond

Fund

...............................................................................

$

---

| | |
|:---|:---|
| **Victory Portfolios**<br>| **Notes to Financial Statements** *— continued*<br> June 30, 2025 |
|  | *(Unaudited)* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Low Duration Bond Fund | High Yield Fund | Tax-Exempt Fund | High Income Municipal Bond Fund | Floating Rate Fund |
| General Market Risk | X | X | X | X | X |
| Debt Securities Risk | X | X | X | X | X |
| High-Yield/Junk Bond Risk | X | X | X | X | X |
| Municipal Obligations Risk | | | X | X | |
| Floating Rate Loan Risk | | X | | | X |

---

**<u>General Market Risk</u>** — 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.

**<u>Debt Securities Risk</u>** — 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.

**<u>High-Yield/Junk Bond Risk</u>** — 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.

**<u>Municipal Obligations Risk</u>** — The values of municipal obligations that depend on a specific revenue source to fund their payment obligations may fluctuate as a result of changes in the cash flows generated by the revenue source or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source. Changes in the financial health of a municipality or other issuer, or an insurer of municipalities, may make it difficult to pay interest and principal when due and may affect the overall municipal securities market. Municipal obligations concentrated in a particular geographic region may make the Fund's (or Funds') investments more susceptible to economic, political, regulatory, or other factors affecting issuers in those geographic areas and may increase the volatility of the Fund's (or Funds') net asset value. In addition, changes in federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Loss of tax-exempt status may cause interest received and distributed to shareholders by the Fund(s) to be taxable and may result in a significant decline in the values of such municipal obligations.

**<u>Floating Rate Loan Risk</u>** — 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.

**6. Borrowing and Interfund Lending** **:**

**<u>Line of Credit:</u>**

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 Variable Insurance Funds, Victory Portfolios II, and Victory Portfolios III (collectively, the "Victory

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

(Unaudited)

Funds

Complex"),

in

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 six

months

ended

June

30,

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

six

months

ended

June

30,

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

six

months

ended

June

30,

2025,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

six

months

ended

June

30,

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.

The

tax

character

of

current

year

distributions

paid

and

the

tax

basis

of

the

current

components

of

accumulated

earnings

(loss)

will

be

determined

at

the

end

of

the

current

tax

year.

As

of

the

tax

year

ended December

31,

2024,

the

following

Funds had

net

capital

loss

carryforwards as shown

in

the

table

below.

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

(amounts

in

thousands):

Borrower

or

Lender

Amount

Outstanding

at

June

30,

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

Tax-Exempt

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Daily

Monthly

High

Income

Municipal

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Daily

Monthly

Floating

Rate

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Daily

Monthly

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

(Unaudited)

8. #### Segment

#### Reporting:
In

this

reporting

period,

the

Funds

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures.

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

each

Fund's

financial

position

or

the

results

of

its

operations.

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.

Short-Term

Amount

Long-Term

Amount

Total

Low

Duration

Bond

Fund

................................................

$

(13,255)

$

(20,689)

$

(33,944)

High

Yield

Fund

......................................................

(7,402)

(58,092)

(65,494)

Tax-Exempt

Fund

......................................................

(57) (847) (904) High

Income

Municipal

Bond

Fund

.........................................

(85) (796) (881) Floating

Rate

Fund

.....................................................

(79,748)

(370,583)

(450,331)

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-SAR

(6/25)

(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.** 

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16. Controls and Procedures.**

(a) The Registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.** 

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached hereto.](ex99.htm)

(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) <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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

By (Signature and Title)<u>&nbsp;&nbsp;&nbsp;&nbsp; /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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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, Treasurer and Principal Financial Officer

Date:<u>&nbsp;&nbsp;&nbsp;&nbsp; September 4, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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)<u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ 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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp; Thomas Dusenberry, President and Principal Executive Officer

Date:<u>&nbsp;&nbsp;&nbsp;&nbsp; September 4, 2025</u>

By (Signature and Title)<u>&nbsp;&nbsp;&nbsp;&nbsp; /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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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, Treasurer and Principal Financial Officer

Date:<u>&nbsp;&nbsp;&nbsp;&nbsp; September 4, 2025</u>

## 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>September 4, 2025&nbsp;&nbsp;&nbsp;&nbsp; _______</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Thomas Dusenberry________________</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)

&nbsp;&nbsp;&nbsp;&nbsp; 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)

&nbsp;&nbsp;&nbsp;&nbsp; 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>_ September 4, 2025&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; <u>/s/ Carol D. Trevino_____________________</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;&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

## 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 June 30, 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>September 4, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Date

<u>/s/ 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;</u> 

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;</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.